Bank of America Corporation (NYSE:BAC) 2023 BofA Securities Financial Services Conference February 14, 2023 8:00 AM ET Company Participants Brian Moynihan - Chairman and Chief Executive Officer Conference Call Participants Ebrahim Poonawala - BofA Global Research Ebrahim Poonawala Good morning. I’m Ebrahim Poonawala, Head of North America Bank’s Research of Bank of America. On behalf of my colleagues in research, Craig Siegenthaler, Josh Shanker, [Meer] (PH) Bhatia, Brandon Berman. I would like to welcome y ...

Bank of America Corporation (NYSE:BAC) Q4 2022 Results Conference Call January 13, 2023 9:30 AM ET Company Participants Lee McEntire - IR Brian Moynihan - CEO Alastair Borthwick - CFO Conference Call Participants Glenn Schorr - Evercore Gerard Cassidy - RBC Mike Mayo - Wells Fargo John McDonald - Autonomous Research Erika Najarian - UBS Ken Usdin - Jefferies Matt O’Connor - Deutsche Bank Betsy Graseck - Morgan Stanley Vivek Juneja - JP Morgan Operator Good day, everyone, and welcome to today’s Bank of Ameri ...

Bank of America Corporation. (NYSE:BAC) Goldman Sachs 2022 US Financial Services Conference December 6, 2022 9:20 AM ET Company Participant Brian Moynihan - Chief Executive Officer Conference Call Participant Richard Ramsden - Goldman Sachs Richard Ramsden One minute if everybody could take their seats. Excited to welcome our next presenter who is Brian Moynihan, our Chairman and CEO. He has been at Bank of America now I think for 30 years. Brian Moynihan 29 years. Richard Ramsden 29 years. And this is the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-6523 Exact name of registrant as specified in its charter: Bank of America Corporation State or other jurisdiction of incorpo ...

Financial Data and Key Metrics Changes - Bank of America reported a net income of $7.1 billion or $0.81 per diluted share, with an 8% year-over-year revenue growth [7] - The common equity tier 1 (CET1) ratio improved by nearly 50 basis points to 11%, exceeding current minimums by 60 basis points [8] - The efficiency ratio dropped to 62%, and without litigation costs, it would have been 61% [9] Business Line Data and Key Metrics Changes - Consumer Banking earned $3.1 billion with a 12% year-over-year revenue growth, driven by organic growth in checking and credit card accounts [44] - Wealth Management produced $1.2 billion in earnings, with a 2% year-over-year revenue growth despite market volatility [48] - Global Banking earned $2 billion, with a 7% revenue growth, although investment banking fees declined over 40% [49] Market Data and Key Metrics Changes - Consumer spending year-to-date reached $3.1 trillion, up 12% compared to last year, with September showing a 10% growth [15] - Average consumer deposits remained at high levels, unchanged from the previous year, indicating strong customer liquidity [16] - Delinquencies for consumer loans remain well below pre-pandemic levels, with early-stage delinquencies gradually increasing [17][40] Company Strategy and Development Direction - The company continues to focus on responsible growth, investing in technology, marketing, and physical infrastructure while maintaining operational excellence [9][39] - Bank of America aims to enhance customer experience through digital capabilities, with 48% of sales in Q3 being digital, a 36% year-over-year increase [10] - The company is positioned to manage capital effectively while supporting organic growth and increasing shareholder returns through dividends and share buybacks [20][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued loan growth and net interest income (NII) growth, anticipating a $1.25 billion increase in NII for Q4 [36][55] - The company remains vigilant regarding macroeconomic conditions, with a focus on maintaining asset quality despite potential economic challenges [41][68] - Management highlighted the resilience of consumer spending and the strong financial health of customers, which supports future growth [14][15] Other Important Information - The company recorded $354 million in litigation expenses related to a settlement from the 2008 financial crisis, impacting overall expenses [22] - The balance sheet declined by $38 billion to $3.07 trillion, driven by a decrease in deposits and securities [23] - The effective tax rate increased to over 14% due to changes in tax credits related to solar energy investments [53] Q&A Session Summary Question: On NII trajectory for next year - Management believes NII will continue to grow next year due to expected future rate hikes, good loan growth, and opportunities to restrike the balance sheet at higher rates [55] Question: On expense growth expectations - Management indicated that while they continue to invest heavily, they expect expense growth to remain disciplined at 1% to 2% in the coming years [58][60] Question: On buyback activity and CET1 levels - Management confirmed that buybacks will continue to increase, even as they build capital above the required CET1 levels [62] Question: On RWA mitigation and loan production - Management discussed ongoing RWA optimization efforts, including loan sales and replacing lower-yielding securities with higher-yielding treasuries [64][66]

Bank of America Corporation (NYSE:BAC) BofA 27th Annual Financials CEO Conference Call September 20, 2022 8:15 AM ET Company Participants Alastair Borthwick - Chief Financial Officer Conference Call Participants Alastair Ryan - Bank of America Alastair Ryan Ladies and gentlemen, thank you for making it speedily back from lunch those of you that have so far and I guess there will be some struggles coming in. We are going to press on. I am disappointed to be the less successful, Alistair on stage. Use connect ...

Summary of Bank of America Corporation (NYSE:BAC) Conference Call Company Overview - **Company**: Bank of America Corporation (BAC) - **Event**: Barclays Global Financial Services Conference - **Date**: September 12, 2022 Key Points Industry Positioning and Competitive Advantage - Bank of America serves a diverse clientele, including global enterprises, mass market consumers, and small businesses, establishing a lifelong relationship with clients [3][4] - The bank has achieved significant digital engagement, reporting 1 billion digital interactions in a single month [4] - The Merrill Edge platform has reached $300 billion in assets, with a consistent addition of 250,000 to 300,000 customers annually [5] Financial Performance and Growth - In August 2022, consumer spending increased by 10% compared to August 2021, indicating strong consumer activity [19] - The bank's loan growth is expected to outpace economic growth, with a focus on maintaining a judicious approach to risk-weighted assets (RWA) [24] - The bank has seen a consistent increase in core checking accounts, with 14 consecutive quarters of net new account growth [33] Credit Quality and Risk Management - Credit quality remains strong, with delinquencies below pre-pandemic levels and charge-offs significantly reduced [58][60] - The bank's reserve setting methodology assumes a conservative 5% unemployment rate, reflecting a cautious approach to potential economic downturns [59] Capital Management and Shareholder Returns - Bank of America maintains a robust capital position, with plans to increase share repurchases as capital levels stabilize [64][65] - The bank aims to achieve operating leverage, with expectations of revenue growth outpacing expense growth in the coming quarters [55] ESG Initiatives - The bank emphasizes a dual focus on profits and purpose, committing to sustainable financing and community investment [13][15] - Bank of America has hired 10,000 individuals from low-to-moderate income (LMI) communities, exceeding its initial target [14] Market Outlook and Economic Conditions - The bank anticipates continued consumer spending, driven by employment growth and wage increases that outpace inflation [20][22] - The investment banking sector is facing pressure, but the bank's pipeline remains strong, with optimism about future deal flow once market stability is achieved [41] Cost Management - Bank of America has successfully reduced its cost structure while investing in technology and digital services, maintaining flat expenses despite inflationary pressures [47][50] - The bank's workforce has been streamlined significantly, reducing headcount while increasing service capacity [49][50] Legal and Regulatory Considerations - Ongoing litigation related to past practices is being managed with appropriate reserves, although specific details are not disclosed publicly [72][73] Conclusion Bank of America is positioned strongly within the financial services industry, demonstrating resilience through effective risk management, a focus on customer service, and a commitment to sustainable growth. The bank's proactive approach to capital management and cost control, combined with a robust consumer spending outlook, suggests a positive trajectory moving forward.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-6523 Exact name of registrant as specified in its charter: Bank of America Corporation State or other jurisdiction of incorporatio ...