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Get filing alertsrevenue $30.3B, net income $8.58B. Bank of America Q1 profit jumps 17% to on higher rates, fees; dividend raised 8%
Filed May 1, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 30, 2025 · ~1 min read
Key Financials
SEC XBRL| Metric | PriorMar 31, 2025 | CurrentMar 31, 2026 | Δ |
|---|---|---|---|
| Revenue (prior restated) | $28.2B | $30.3B | ▲ +7.2% |
| Net income (to common) (prior restated) | $6.95B | $8.21B | ▲ +18.1% |
| Diluted EPS | $0.89 | $1.11 | ▲ +24.7% |
| Cash & equivalents | $273.6B | $242.5B | ▼ -11.4% |
| Long-term debt | $304.1B | $326.0B | ▲ +7.2% |
| Total assets | $3,349.0B | $3,496.2B | ▲ +4.4% |
As reported in XBRL by the filer · 10-Q vs 10-Q. Income figures cover the fiscal quarter (not year-to-date); cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Number Changes
Prior filing · verify on EDGAR →
Net income was $7.4 billion, or $0.90 per diluted share, for the three months ended March 31, 2025 compared to $6.7 billion, or $0.76 per diluted share, for the same period in 2024.
Current filing · verify on EDGAR →
Net income was $8.6 billion, or $1.11 per diluted share, for the three months ended March 31, 2026 compared to $7.4 billion, or $0.89 per diluted share, for the same period in 2025.
Prior filing · verify on EDGAR →
Net interest income increased $411 million to $14.4 billion for the three months ended March 31, 2025 compared to the same period in 2024. Net interest yield on a fully taxable-equivalent (FTE) basis was 1.99 percent, unchanged from the same period a year ago.
Current filing · verify on EDGAR →
Net interest income increased $1.3 billion to $15.7 billion for the three months ended March 31, 2026 compared to the same period in 2025. Net interest yield on a fully taxable-equivalent (FTE) basis increased eight basis points (bps) to 2.07 percent for the three months ended March 31, 2026.
Prior filing · verify on EDGAR →
Noninterest income increased $1.1 billion to $12.9 billion for the three months ended March 31, 2025 compared to the same period in 2024.
Current filing · verify on EDGAR →
Noninterest income increased $723 million to $14.5 billion for the three months ended March 31, 2026 compared to the same period in 2025.
Prior filing · verify on EDGAR →
Investment and brokerage services increased $626 million primarily driven by higher asset management fees due to higher average equity market valuations and the impact of positive assets under management (AUM) flows.
Current filing · verify on EDGAR →
Investment and brokerage services increased $728 million primarily driven by higher asset management fees reflecting higher market valuations and the impact of strong assets under management (AUM) flows, as well as higher brokerage fees due to increased transactional volume, partially offset by the impact of lower AUM pricing.
Prior filing · verify on EDGAR →
Investment banking fees 1,523 1,568
Current filing · verify on EDGAR →
Investment banking fees increased $318 million driven by higher advisory fees, equity issuance and debt issuance fees.
Prior filing · verify on EDGAR →
The provision for credit losses increased $161 million to $1.5 billion for the three months ended March 31, 2025 compared to the same period in 2024. The provision for credit losses for the current year was primarily driven by credit card loans. Compared to the same period a year ago, the provision for credit losses was primarily driven by credit card loans and the commercial real estate office portfolio.
Current filing · verify on EDGAR →
The provision for credit losses decreased $143 million to $1.3 billion for the three months ended March 31, 2026 compared to the same period in 2025.
Prior filing · verify on EDGAR →
Noninterest expense increased $533 million to $17.8 billion for the three months ended March 31, 2025 compared to the same period in 2024. The increase was primarily driven by investments in people, revenue-related expenses, technology, and operations. Additionally, the prior-year period included a $700 million accrual for the increase in the Corporation’s share of the Federal Deposit Insurance Corporation (FDIC) special assessment.
Current filing · verify on EDGAR →
Noninterest expense increased $761 million to $18.5 billion for the three months ended March 31, 2026 compared to the same period in 2025. The increase was primarily driven by higher revenue-related expenses, as well as continued investments in the business, including people and technology.
Prior filing · verify on EDGAR →
The effective tax rates (ETR) for the three months ended March 31, 2025 and 2024 were primarily driven by our recurring tax preference benefits, which mainly consisted of tax credits from investments in affordable housing and renewable energy. Absent these credits and discrete items of $1.4 billion (17 percentage points) for the three months ended March 31, 2025 and $1.3 billion (18 percentage points) for the three months ended March 31, 2024, the adjusted ETR would have been approximately 26 percent for both periods.
Current filing · verify on EDGAR →
The effective tax rate decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher benefits related to the vesting of employee share-based awards in the current-year period.
Prior filing · verify on EDGAR →
Total assets increased $87.9 billion from December 31, 2024 to $3.3 trillion primarily driven by higher securities borrowed or purchased under agreements to resell to support Global Markets client activity, higher trading account assets and debt securities, and loan growth.
Current filing · verify on EDGAR →
Total assets increased $84.4 billion from December 31, 2025 to $3.5 trillion primarily driven by higher securities borrowed or purchased under agreements to resell and higher derivative assets to support Global Markets client activity, higher loans and leases due to growth in commercial loans, and higher cash and cash equivalents due to deposit inflows, partially offset by lower debt securities due to sales and maturities.
Prior filing · verify on EDGAR →
Total liabilities increased $87.9 billion from December 31, 2024 to $3.1 trillion primarily driven by higher securities loaned or sold under agreements to repurchase to support Global Markets client activity, higher deposits due to seasonal deposit inflows and client activity, and long-term debt issuances.
Current filing · verify on EDGAR →
Total liabilities increased $87.0 billion from December 31, 2025 to $3.2 trillion primarily driven by higher trading account liabilities, customer trade payables and securities loaned or sold under agreements to repurchase to support Global Markets client activity, higher deposits in Consumer Banking and Global Banking, as well as higher short-term borrowings and long-term debt issuances for liquidity positioning.
Prior filing · verify on EDGAR →
Shareholders’ equity was $295.6 billion at March 31, 2025, relatively unchanged compared to December 31, 2024, as net income and market value increases on derivatives were largely offset by returns of capital to shareholders through common stock repurchases and common and preferred stock dividends, as well as preferred stock redemptions.
Current filing · verify on EDGAR →
Shareholders’ equity decreased $2.6 billion from December 31, 2025 primarily due to returns of capital to shareholders through common stock repurchases and common and preferred stock dividends, as well as a preferred stock redemption and a decrease in accumulated other comprehensive income (OCI), partially offset by net income.
Prior filing · verify on EDGAR →
On April 23, 2025, the Corporation’s Board of Directors (the Board) declared a quarterly common stock dividend of $0.26 per share, payable on June 27, 2025 to shareholders of record as of June 6, 2025.
Current filing · verify on EDGAR →
On April 23, 2026, the Corporation’s Board of Directors (Board) declared a quarterly common stock dividend of $0.28 per share, payable on June 26, 2026 to shareholders of record as of June 5, 2026.
Prior filing · verify on EDGAR →
Our GWIM businesses, with client balances of $4.2 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products.
Current filing · verify on EDGAR →
Our GWIM businesses, with client balances of $4.6 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products.
Prior filing · verify on EDGAR →
At March 31, 2025, the Corporation had $3.3 trillion in assets and a headcount of approximately 213,000 employees.
Current filing · verify on EDGAR →
At March 31, 2026, the Corporation had $3.5 trillion in assets and a headcount of approximately 212,000 employees.
Prior filing · verify on EDGAR →
Our retail banking footprint covers all major markets in the U.S., and we serve approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with approximately 49 million active users, including approximately 40 million active mobile users.
Current filing · verify on EDGAR →
Our retail banking footprint covers all major markets in the U.S., and we serve approximately 69 million consumer and small business clients with approximately 3,500 retail financial centers, approximately 15,000 automated teller machines (ATMs), and leading digital banking platforms (www.bankofamerica.com) with approximately 50 million active users, including approximately 42 million active mobile users.
Key Changes
-
high
Net income rose 17% year-over-year to $8.6 billion ($1.11/share) driven by $1.3B increase in net interest income, higher investment banking and brokerage fees, and lower credit provisions.
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high
Net interest income climbed 9% to $15.7B as net interest margin expanded 8 basis points to 2.07%, reflecting deposit/loan growth and fixed-asset repricing despite lower rates.
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high
Provision for credit losses fell $143M to $1.3B, signaling improved asset quality in credit card portfolio versus prior-year deterioration in card and commercial real estate office.
-
high
Quarterly dividend increased 8% to $0.28/share (from $0.26), reflecting stronger earnings and capital position; total assets grew $84B to $3.5 trillion.
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medium
Investment banking fees rose $318M on higher advisory, equity, and debt issuance activity, reversing prior-year decline; wealth client balances grew 10% to $4.6 trillion.
Summary
Bank of America delivered strong first-quarter results, with net income up 17% to $8.6 billion as the bank benefited from higher net interest income, robust fee growth, and improving credit quality. Net interest margin expanded 8 basis points to 2.07% despite a lower-rate environment, driven by deposit and loan growth plus repricing of fixed assets.
Investment banking rebounded sharply with a $318 million increase in fees, while wealth management client balances surged 10% to $4.6 trillion on market gains and net inflows. Credit provisions declined $143 million as card portfolio quality improved, a notable reversal from the prior year's deterioration in card and commercial real estate office exposures.
The board raised the quarterly dividend 8% to $0.28 per share, signaling confidence in capital generation. Noninterest expense rose 4% to $18.5 billion on revenue-related costs and continued technology investments, but the increase was manageable given the revenue growth. The bank continues to shift toward digital channels, closing 200 retail branches while adding 2 million active mobile users. Watch next quarter for sustainability of the net interest margin expansion and whether investment banking momentum persists amid market volatility.
Section-by-Section Diff
MD&A
Q1 2026 net income rose 17% YoY to $8.6B on higher NII, fees, and lower credit costs; assets +$84B to $3.5T; capital returned via buybacks and dividends.
Previous filing · verify on EDGAR →
Net income was $7.4 billion, or $0.90 per diluted share, for the three months ended March 31, 2025 compared to $6.7 billion, or $0.76 per diluted share, for the same period in 2024.
Current filing · verify on EDGAR →
Net income was $8.6 billion, or $1.11 per diluted share, for the three months ended March 31, 2026 compared to $7.4 billion, or $0.89 per diluted share, for the same period in 2025.
Net income increased $1.2 billion (17%) year-over-year to $8.6 billion in Q1 2026, driven by higher net interest income, higher noninterest income, and lower provision for credit losses, partially offset by higher noninterest expense. Diluted EPS rose from $0.89 to $1.11, reflecting both higher earnings and a smaller share count due to buybacks.
Previous filing · verify on EDGAR →
Net interest income increased $411 million to $14.4 billion for the three months ended March 31, 2025 compared to the same period in 2024. Net interest yield on a fully taxable-equivalent (FTE) basis was 1.99 percent, unchanged from the same period a year ago.
Current filing · verify on EDGAR →
Net interest income increased $1.3 billion to $15.7 billion for the three months ended March 31, 2026 compared to the same period in 2025. Net interest yield on a fully taxable-equivalent (FTE) basis increased eight basis points (bps) to 2.07 percent for the three months ended March 31, 2026.
Net interest income rose $1.3 billion (9%) to $15.7 billion in Q1 2026, with net interest yield expanding 8 bps to 2.07%. The increase was driven by higher net interest income from Global Markets activity, deposit and loan growth, and fixed-asset repricing, partially offset by lower interest rates. This compares to a $411 million increase and flat yield in the prior-year period.
Previous filing · verify on EDGAR →
Noninterest income increased $1.1 billion to $12.9 billion for the three months ended March 31, 2025 compared to the same period in 2024.
Current filing · verify on EDGAR →
Noninterest income increased $723 million to $14.5 billion for the three months ended March 31, 2026 compared to the same period in 2025.
Noninterest income grew $723 million (6%) to $14.5 billion in Q1 2026, driven by higher investment and brokerage services (+$728M), higher investment banking fees (+$318M), and higher service charges (+$113M), partially offset by lower other income (-$464M). The prior-year period saw a larger $1.1 billion increase to $12.9 billion.
Previous filing · verify on EDGAR →
Investment and brokerage services increased $626 million primarily driven by higher asset management fees due to higher average equity market valuations and the impact of positive assets under management (AUM) flows.
Current filing · verify on EDGAR →
Investment and brokerage services increased $728 million primarily driven by higher asset management fees reflecting higher market valuations and the impact of strong assets under management (AUM) flows, as well as higher brokerage fees due to increased transactional volume, partially offset by the impact of lower AUM pricing.
Investment and brokerage services revenue rose $728 million in Q1 2026 (vs. $626 million in Q1 2025), driven by higher asset management fees from market valuations and strong AUM flows, plus higher brokerage fees from increased transactional volume. The current period also notes the offsetting impact of lower AUM pricing, a detail not present in the prior-year comparison.
Previous filing · verify on EDGAR →
Investment banking fees 1,523 1,568
Current filing · verify on EDGAR →
Investment banking fees increased $318 million driven by higher advisory fees, equity issuance and debt issuance fees.
Investment banking fees increased $318 million in Q1 2026, driven by higher advisory, equity issuance, and debt issuance fees. The prior-year period showed a slight decline in investment banking fees ($1,523M in Q1 2025 vs. $1,568M in Q1 2024), making the current-year increase a notable reversal.
Previous filing · verify on EDGAR →
Other income increased $686 million primarily due to gains on leveraged finance positions and certain valuation adjustments.
Current filing · verify on EDGAR →
Other income decreased $464 million primarily due to gains recorded on leveraged finance activities in the prior-year period.
Other income swung from a $686 million increase in Q1 2025 (driven by leveraged finance gains and valuation adjustments) to a $464 million decrease in Q1 2026, as the prior-year gains did not recur. This reflects the episodic nature of leveraged finance and valuation-driven income.
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The provision for credit losses increased $161 million to $1.5 billion for the three months ended March 31, 2025 compared to the same period in 2024. The provision for credit losses for the current year was primarily driven by credit card loans. Compared to the same period a year ago, the provision for credit losses was primarily driven by credit card loans and the commercial real estate office portfolio.
Current filing · verify on EDGAR →
The provision for credit losses decreased $143 million to $1.3 billion for the three months ended March 31, 2026 compared to the same period in 2025.
The provision for credit losses decreased $143 million to $1.3 billion in Q1 2026, reflecting improved asset quality in credit card. This contrasts with the prior-year period, which saw a $161 million increase to $1.5 billion driven by credit card and commercial real estate office portfolio deterioration.
Previous filing · verify on EDGAR →
Noninterest expense increased $533 million to $17.8 billion for the three months ended March 31, 2025 compared to the same period in 2024. The increase was primarily driven by investments in people, revenue-related expenses, technology, and operations. Additionally, the prior-year period included a $700 million accrual for the increase in the Corporation’s share of the Federal Deposit Insurance Corporation (FDIC) special assessment.
Current filing · verify on EDGAR →
Noninterest expense increased $761 million to $18.5 billion for the three months ended March 31, 2026 compared to the same period in 2025. The increase was primarily driven by higher revenue-related expenses, as well as continued investments in the business, including people and technology.
Noninterest expense rose $761 million (4%) to $18.5 billion in Q1 2026, driven by higher revenue-related expenses and continued investments in people and technology. The prior-year period saw a $533 million increase to $17.8 billion, which included a $700 million FDIC special assessment accrual that did not recur in Q1 2026.
Previous filing · verify on EDGAR →
Total assets increased $87.9 billion from December 31, 2024 to $3.3 trillion primarily driven by higher securities borrowed or purchased under agreements to resell to support Global Markets client activity, higher trading account assets and debt securities, and loan growth.
Current filing · verify on EDGAR →
Total assets increased $84.4 billion from December 31, 2025 to $3.5 trillion primarily driven by higher securities borrowed or purchased under agreements to resell and higher derivative assets to support Global Markets client activity, higher loans and leases due to growth in commercial loans, and higher cash and cash equivalents due to deposit inflows, partially offset by lower debt securities due to sales and maturities.
Total assets increased $84.4 billion to $3.5 trillion in Q1 2026, driven by higher securities borrowed/purchased under agreements to resell, higher derivative assets, commercial loan growth, and higher cash from deposit inflows, partially offset by lower debt securities. The prior-year period saw a similar $87.9 billion increase to $3.3 trillion, driven by securities borrowed/purchased, trading account assets, debt securities, and loan growth.
Previous filing · verify on EDGAR →
Total liabilities increased $87.9 billion from December 31, 2024 to $3.1 trillion primarily driven by higher securities loaned or sold under agreements to repurchase to support Global Markets client activity, higher deposits due to seasonal deposit inflows and client activity, and long-term debt issuances.
Current filing · verify on EDGAR →
Total liabilities increased $87.0 billion from December 31, 2025 to $3.2 trillion primarily driven by higher trading account liabilities, customer trade payables and securities loaned or sold under agreements to repurchase to support Global Markets client activity, higher deposits in Consumer Banking and Global Banking, as well as higher short-term borrowings and long-term debt issuances for liquidity positioning.
Total liabilities increased $87.0 billion to $3.2 trillion in Q1 2026, driven by higher trading account liabilities, securities loaned/sold under agreements to repurchase, deposits in Consumer Banking and Global Banking, and higher short-term borrowings and long-term debt for liquidity positioning. The prior-year period saw a similar $87.9 billion increase to $3.1 trillion, driven by securities loaned/sold, seasonal deposit inflows, and long-term debt issuances.
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Shareholders’ equity was $295.6 billion at March 31, 2025, relatively unchanged compared to December 31, 2024, as net income and market value increases on derivatives were largely offset by returns of capital to shareholders through common stock repurchases and common and preferred stock dividends, as well as preferred stock redemptions.
Current filing · verify on EDGAR →
Shareholders’ equity decreased $2.6 billion from December 31, 2025 primarily due to returns of capital to shareholders through common stock repurchases and common and preferred stock dividends, as well as a preferred stock redemption and a decrease in accumulated other comprehensive income (OCI), partially offset by net income.
Shareholders' equity decreased $2.6 billion in Q1 2026 due to capital returns (buybacks, dividends, preferred redemption) and a decrease in accumulated OCI, partially offset by net income. The prior-year period saw equity remain relatively unchanged as net income and derivative gains offset capital returns.
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On April 23, 2025, the Corporation’s Board of Directors (the Board) declared a quarterly common stock dividend of $0.26 per share, payable on June 27, 2025 to shareholders of record as of June 6, 2025.
Current filing · verify on EDGAR →
On April 23, 2026, the Corporation’s Board of Directors (Board) declared a quarterly common stock dividend of $0.28 per share, payable on June 26, 2026 to shareholders of record as of June 5, 2026.
The quarterly common stock dividend increased from $0.26 per share in April 2025 to $0.28 per share in April 2026, an 8% increase, reflecting the company's improved earnings and capital position.
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Our GWIM businesses, with client balances of $4.2 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products.
Current filing · verify on EDGAR →
Our GWIM businesses, with client balances of $4.6 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products.
GWIM client balances increased from $4.2 trillion at March 31, 2025 to $4.6 trillion at March 31, 2026, a $400 billion (10%) increase, driven by market appreciation and net client flows.
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Our retail banking footprint covers all major markets in the U.S., and we serve approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with approximately 49 million active users, including approximately 40 million active mobile users.
Current filing · verify on EDGAR →
Our retail banking footprint covers all major markets in the U.S., and we serve approximately 69 million consumer and small business clients with approximately 3,500 retail financial centers, approximately 15,000 automated teller machines (ATMs), and leading digital banking platforms (www.bankofamerica.com) with approximately 50 million active users, including approximately 42 million active mobile users.
The number of retail financial centers decreased from approximately 3,700 at March 31, 2025 to approximately 3,500 at March 31, 2026, a reduction of 200 centers (5%), while digital banking active users increased from 49 million to 50 million and active mobile users rose from 40 million to 42 million, reflecting the ongoing shift to digital channels.
Show 6 minor / wording changes
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The effective tax rates (ETR) for the three months ended March 31, 2025 and 2024 were primarily driven by our recurring tax preference benefits, which mainly consisted of tax credits from investments in affordable housing and renewable energy. Absent these credits and discrete items of $1.4 billion (17 percentage points) for the three months ended March 31, 2025 and $1.3 billion (18 percentage points) for the three months ended March 31, 2024, the adjusted ETR would have been approximately 26 percent for both periods.
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The effective tax rate decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher benefits related to the vesting of employee share-based awards in the current-year period.
The effective tax rate decreased to 17.5% in Q1 2026 from 18.2% in Q1 2025 (and 8.9% in Q1 2025 vs. 8.1% in Q1 2024), primarily due to higher benefits from employee share-based award vesting. The prior-year disclosure provided an adjusted ETR of ~26% excluding tax credits and discrete items; the current-year disclosure does not provide this adjusted figure.
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At March 31, 2025, the Corporation had $3.3 trillion in assets and a headcount of approximately 213,000 employees.
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At March 31, 2026, the Corporation had $3.5 trillion in assets and a headcount of approximately 212,000 employees.
Headcount decreased from approximately 213,000 employees at March 31, 2025 to approximately 212,000 at March 31, 2026, a modest 1,000-employee reduction, while assets grew from $3.3 trillion to $3.5 trillion.
Removed from previous filing · verify on EDGAR →
Additionally, the prior-year period included a $700 million accrual for the increase in the Corporation’s share of the Federal Deposit Insurance Corporation (FDIC) special assessment.
The Q1 2025 noninterest expense included a $700 million accrual for the FDIC special assessment related to the 2023 bank failures. This one-time charge did not recur in Q1 2026, contributing to the year-over-year expense comparison.
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Absent these credits and discrete items of $1.4 billion (17 percentage points) for the three months ended March 31, 2025 and $1.3 billion (18 percentage points) for the three months ended March 31, 2024, the adjusted ETR would have been approximately 26 percent for both periods. Adjusted ETR is a non-GAAP financial measure.
The Q1 2025 MD&A provided an adjusted effective tax rate (adjusted ETR) of approximately 26% excluding tax credits and discrete items, and identified adjusted ETR as a non-GAAP measure. The Q1 2026 MD&A does not provide this adjusted ETR figure or the underlying discrete-item quantification, reducing transparency into the tax rate drivers.
Removed from previous filing · verify on EDGAR →
Climate risk is divided into two major categories, both of which span the seven key risk types discussed in Managing Risk on page 16: (1) Physical Risk: risks related to the physical impacts of climate change, driven by extreme weather events such as hurricanes and floods, as well as chronic longer-term shifts such as rising average global temperatures and sea levels, and (2) Transition Risk: risks related to the transition to a low-carbon economy, which may entail extensive policy, legal, technology and market changes. Physical risks of climate change, such as more frequent and severe extreme weather events, can increase the Corporation’s risks, including credit risk by diminishing borrowers’ repayment capacity or collateral values, and operational risk by negatively impacting the Corporation’s facilities, employees, or third parties. Transition risks of climate change may amplify credit risks through the financial impacts of changes in policy, technology or the market on the Corporation or our counterparties. Unanticipated market changes can lead to sudden price adjustments and give rise to heightened market risk. Our approach to managing climate risk is consistent with our risk management governance structure, from senior management to our Board and its committees, including the ERC and the Corporate Governance Committee (CGC) of the Board, which regularly discuss climate-related topics. The ERC oversees climate risk as set forth in our Risk Framework and Risk Appetite Statement. The CGC is responsible for overseeing the Corporation’s environmental sustainability-related activities and practices, and regularly reviews the Corporation’s related initiatives and policies. Our Climate Risk Council consists of leaders across risk, Front Line Unit (FLU) and control functions, and meets routinely to discuss our approach to managing climate-related risks. The Corporation has a Climate and Environmental Risk Management function that is responsible for overseeing climate risk management. They are responsible for establishing the Climate Risk Framework (described below) and governance structure, and providing an independent assessment of enterprise-wide climate risks. Based on the Corporation’s Risk Framework, we created our internal Climate Risk Framework, which addresses various global climate-related laws, rules, regulations and guidance. The framework describes how the Corporation identifies, measures, monitors and controls climate risk by enhancing existing risk management processes, includes examples of how climate risk manifests across the seven risk types, and details the roles and responsibilities for climate risk management across our three lines of defense (i.e., FLUs, Global Risk Management and Corporate Audit). For more information on our governance framework, see the Managing Risk section in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K. For more information on climate risk, see Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K. For more information on climate- and sustainability-related matters and their importance in supporting our customers and clients, see the Corporation’s website, including its 2024 Sustainability at Bank of America document. The contents of the Corporation’s website, including the 2024 Sustainability at Bank of America document, are not incorporated by reference into this Quarterly Report on Form 10-Q or the Corporation’s 2024 Annual Report on Form 10-K.
The Q1 2025 MD&A included a standalone "Climate Risk" section describing physical and transition risks, governance structure, the Climate Risk Council, and the Climate Risk Framework. This entire section is absent from the Q1 2026 MD&A. Climate risk is a multi-year, ongoing exposure; its removal from the quarterly MD&A may reflect a decision to consolidate climate-risk disclosure in the annual 10-K rather than repeat it quarterly, but the absence reduces visibility into any quarterly updates to climate risk management or governance.
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Complex Accounting Estimates
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Critical Accounting Estimates
The section title changed from "Complex Accounting Estimates" in Q1 2025 to "Critical Accounting Estimates" in Q1 2026. Both sections reference the same content in the annual 10-K and Note 1, so the substantive disclosure is unchanged; the title shift may reflect updated SEC or internal terminology preferences.
Financial Statements
Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML face. Not generated by the model.
Consolidated Statement of Income
(In millions, except per share information)
| Description | Three months ended March 31 2026 | Three months ended March 31 2025 |
|---|---|---|
| Net interest income | ||
| Interest income | 33,359 | 34,066 |
| Interest expense | 17,614 | 19,623 |
| Net interest income | 15,745 | 14,443 |
| Noninterest income | ||
| Fees and commissions | 10,549 | 9,415 |
| Market making and similar activities | 3,637 | 3,584 |
| Other income (loss) | 341 | 805 |
| Total noninterest income | 14,527 | 13,804 |
| Total revenue, net of interest expense | 30,272 | 28,247 |
| Provision for credit losses | 1,337 | 1,480 |
| Noninterest expense | ||
| Compensation and benefits | 11,334 | 10,889 |
| Information processing and communications | 2,018 | 1,894 |
| Occupancy and equipment | 1,900 | 1,856 |
| Product delivery and transaction related | 1,126 | 914 |
| Professional fees | 583 | 652 |
| Marketing | 533 | 506 |
| Other general operating | 1,037 | 1,059 |
| Total noninterest expense | 18,531 | 17,770 |
| Income before income taxes | 10,404 | 8,997 |
| Income tax expense | 1,820 | 1,637 |
| Net income | 8,584 | 7,360 |
| Preferred stock dividends and other | 429 | 406 |
| Net income applicable to common shareholders | 8,155 | 6,954 |
| Per common share information | ||
| Earnings | 1.12 | 0.91 |
| Diluted earnings | 1.11 | 0.89 |
| Average common shares issued and outstanding | 7,256.1 | 7,677.9 |
| Average diluted common shares issued and outstanding | 7,417.5 | 7,770.8 |
Consolidated Balance Sheet
(Dollars in millions)
| Description | March 31 2026 | December 31 2025 |
|---|---|---|
| Assets | ||
| Cash and due from banks | 27,125 | 28,595 |
| Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 215,354 | 203,250 |
| Cash and cash equivalents | 242,479 | 231,845 |
| Time deposits placed and other short-term investments | 7,386 | 7,474 |
| Federal funds sold and securities borrowed or purchased under agreements to resell (includes $228,013 and $185,491 measured at fair value) | 383,264 | 316,578 |
| Trading account assets (includes $185,980 and $185,869 pledged as collateral) | 364,221 | 366,954 |
| Derivative assets | 48,315 | 40,881 |
| Debt securities: | ||
| Carried at fair value | 386,389 | 402,975 |
| Held-to-maturity, at amortized cost (fair value $433,611 and $442,430) | 514,738 | 522,660 |
| Total debt securities | 901,127 | 925,635 |
| Loans and leases (includes $3,757 and $3,498 measured at fair value) | 1,205,035 | 1,185,700 |
| Allowance for loan and lease losses | (13,148) | (13,203) |
| Loans and leases, net of allowance | 1,191,887 | 1,172,497 |
| Premises and equipment, net | 12,539 | 12,516 |
| Goodwill | 69,021 | 69,021 |
| Loans held-for-sale (includes $5,431 and $2,271 measured at fair value) | 10,944 | 5,165 |
| Customer and other receivables | 96,082 | 98,186 |
| Other assets (includes $12,107 and $9,058 measured at fair value) | 168,921 | 164,986 |
| Total assets | 3,496,186 | 3,411,738 |
| Liabilities | ||
| Deposits in U.S. offices: | ||
| Noninterest-bearing | 529,194 | 517,834 |
| Interest-bearing (includes $1,783 and $1,223 measured at fair value) | 1,372,969 | 1,361,177 |
| Deposits in non-U.S. offices: | ||
| Noninterest-bearing | 14,924 | 14,216 |
| Interest-bearing | 120,576 | 125,502 |
| Total deposits | 2,037,663 | 2,018,729 |
| Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $227,301 and $223,067 measured at fair value) | 353,020 | 344,716 |
| Trading account liabilities | 129,833 | 105,996 |
| Derivative liabilities | 43,938 | 42,076 |
| Short-term borrowings (includes $11,444 and $8,051 measured at fair value) | 57,630 | 48,088 |
| Accrued expenses and other liabilities (includes $10,825 and $8,996 measured at fair value and $1,161 and $1,177 of reserve for unfunded lending commitments) | 247,470 | 231,074 |
| Long-term debt (includes $79,274 and $72,591 measured at fair value) | 325,964 | 317,816 |
| Total liabilities | 3,195,518 | 3,108,495 |
| Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities and Note 10 – Commitments and Contingencies) | ||
| Shareholders’ equity | ||
| Preferred stock, $0.01 par value; authorized 100,000,000 shares; issued and outstanding – 3,951,164 and 3,991,164 shares | 24,996 | 25,992 |
| Common stock and additional paid-in capital, $0.01 par value; authorized 12,800,000,000 shares; issued and outstanding – 7,129,908,032 and 7,212,464,345 shares | 18,885 | 26,084 |
| Retained earnings | 267,765 | 261,693 |
| Accumulated other comprehensive income (loss) | (10,978) | (10,526) |
| Total shareholders’ equity | 300,668 | 303,243 |
| Total liabilities and shareholders’ equity | 3,496,186 | 3,411,738 |
| Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities) | ||
| Trading account assets | 7,184 | 7,139 |
| Loans and leases | 16,936 | 17,875 |
| Allowance for loan and lease losses | (855) | (871) |
| Loans and leases, net of allowance | 16,081 | 17,004 |
| All other assets | 701 | 709 |
| Total assets of consolidated variable interest entities | 23,966 | 24,852 |
| Liabilities of consolidated variable interest entities included in total liabilities above | ||
| Short-term borrowings (includes $0 and $0 of non-recourse short-term borrowings) | 6,403 | 5,779 |
| Long-term debt (includes $6,319 and $6,847 of non-recourse debt) | 6,319 | 6,847 |
| All other liabilities (includes $21 and $18 of non-recourse liabilities) | 21 | 18 |
| Total liabilities of consolidated variable interest entities | 12,743 | 12,644 |
Consolidated Statement of Cash Flows
(Dollars in millions)
| Description | Three months ended March 31 2026 | Three months ended March 31 2025 |
|---|---|---|
| Operating activities | ||
| Net income | 8,584 | 7,360 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 1,337 | 1,480 |
| (Gains) losses on sales of debt securities | (3) | 2 |
| Depreciation and amortization | 605 | 565 |
| Net accretion of discount/premium on debt securities | (200) | (85) |
| Deferred income taxes | 101 | (40) |
| Amortization of stock-based compensation | 1,032 | 999 |
| Net change in: | ||
| Trading and derivative assets/liabilities | 20,230 | (10,970) |
| Loans held-for-sale | (5,763) | 2,599 |
| Other assets | 1,068 | 4,198 |
| Accrued expenses and other liabilities | 14,541 | (8,308) |
| Other operating activities, net | 238 | 16 |
| Net cash provided by (used in) operating activities | 41,770 | (2,184) |
| Investing activities | ||
| Net change in: | ||
| Time deposits placed and other short-term investments | 88 | (910) |
| Federal funds sold and securities borrowed or purchased under agreements to resell | (66,686) | (53,656) |
| Debt securities carried at fair value: | ||
| Proceeds from sales | 69,557 | 26,392 |
| Proceeds from paydowns and maturities | 27,061 | 20,719 |
| Purchases | (82,182) | (72,075) |
| Held-to-maturity debt securities: | ||
| Proceeds from paydowns and maturities | 7,652 | 7,666 |
| Loans and leases: | ||
| Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | 2,717 | 2,232 |
| Purchases | (1,666) | (9,379) |
| Other changes in loans and leases, net | (21,705) | (9,200) |
| Other investing activities, net | (1,287) | (799) |
| Net cash used in investing activities | (66,451) | (89,010) |
| Financing activities | ||
| Net change in: | ||
| Deposits | 18,934 | 24,097 |
| Federal funds purchased and securities loaned or sold under agreements to repurchase | 8,304 | 44,312 |
| Short-term borrowings | 10,551 | (1,921) |
| Long-term debt: | ||
| Proceeds from issuance | 35,520 | 33,640 |
| Retirement | (24,777) | (16,333) |
| Preferred stock: | ||
| Redemption | (1,000) | (2,669) |
| Common stock repurchased | (7,240) | (4,521) |
| Cash dividends paid | (2,626) | (2,552) |
| Other financing activities, net | (1,751) | (1,221) |
| Net cash provided by financing activities | 35,915 | 72,832 |
| Effect of exchange rate changes on cash and cash equivalents | (600) | 1,827 |
| Net increase (decrease) in cash and cash equivalents | 10,634 | (16,535) |
| Cash and cash equivalents at January 1 | 231,845 | 290,114 |
| Cash and cash equivalents at March 31 | 242,479 | 273,579 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share information); (Dollars in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 14, 2026 · How we verify