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 Bank of America Reports Q4-15 Net Income of $3.3B, EPS of $0.28
   Tuesday, January 19, 2016 6:50:02 AM ET

Bank of America (BAC ):

                             Financial Highlights(2)                                                                                                             Business Highlights(2)
                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                     Consumer Banking
? Revenue, net of interest expense, (FTE basis) up 4% to $19.8B(A)                                                                                                                                                                                                                                                                                                                      ? Loans up $12B, deposits up $48B(2)
                                                                                                                                                                                                                                                                                                                                                                                  ? Brokerage assets up 8%
? Net interest income (NII) (FTE basis) up 2% to $10.0B(A)                                                                                                                                                                                                                                                                                                                              ? Total mortgage production up 13%
                                                                                                                                                                                                                                                                                                                                                                                  ? Total U.S. credit card spending up 5%
- Excluding market-related NII and other adjustments(A),                                                                                                                                                                                                                                                                                                                                 
NII was $10.5B, compared to $10.3B in Q3-15 and $10.4B in Q4-14
 
? Noninterest income up 7% to $9.7B
 
? Provision for credit losses $0.8B, compared to $0.8B in Q3-15
and $0.2B in Q4-14
 
? Noninterest expense declined 2% to $13.9B; excluding litigation,
noninterest expense declined 3% to $13.4B(B)
 
? Net income up 9% to $3.3B; earnings per diluted share $0.28,
compared to $0.25
 
Previously Disclosed Q4-15 Items
 
? ($0.03) per share for reduction to NII for certain trust
preferred securities
 
? ($0.03) per share for negative impact of U.K. tax law changes
 
Balance Sheet, Capital and Liquidity
 
? Common equity tier 1 capital (transition) of $163.0B; Common
equity tier 1 capital (fully phased-in) of $154.1B(C)
 
? Global Excess Liquidity Sources increased $65B to record $504B;
time to required funding at 39 months(D)
 
? Total deposit balances up $78B to $1.2T
 
? Return on average assets 0.61%; return on average common equity
5.1%; return on average tangible common equity 7.3%(E)
 
? Tangible book value per share(F) increased 8% to
$15.62; book value per share increased 6% to $22.54
 
? Returned $4.5B in capital to shareholders in 2015 through common
stock repurchases and dividends
                                                                                                                                                                                                                                                                                                                       Global Wealth and Investment Management
                                                                                                                                                                                                                                                                                                                       ? Total client balances of nearly $2.5T
                                                                                                                                                                                                                                                                                                                       ? Long-term assets under management flows of $7B in Q4-15
                                                                                                                                                                                                                                                                                                                       ? Loans up $12B, deposits up $16B(2)
                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                       Global Banking
                                                                                                                                                                                                                                                                                                                       ? Loans up $37B, deposits up $16B(2)
                                                                                                                                                                                                                                                                                                                       ? No. 3 in Global Investment Banking fees(G)
                                                                                                                                                                                                                                                                                                                       ? Participated in 8 of top 10 debt deals and 7 of top 10
                                                                                                                                                                                                                                                                                                                       equity deals(G)
                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                       Global Markets
                                                                                                                                                                                                                                                                                                                       ? Excluding net DVA, sales and trading revenue up 11%(H)
                                                                                                                                                                                                                                                                                                                        - Fixed income up 20%(H)
                                                                                                                                                                                                                                                                                                                        - Equities down 3%(H)
                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                       Legacy Assets and Servicing
                                                                                                                                                                                                                                                                                                                       ? Noninterest expense down 16% to $1.1B; noninterest expense,
                                                                                                                                                                                                                                                                                                                       excluding litigation, down 28% to $795MM(I)
                                                                                                                                                                                                                                                                                                                       ? Number of 60+ days delinquent first mortgage loans down 46% to
                                                                                                                                                                                                                                                                                                                       103,000 units
                                                                                                                                                                                                                                                                                                                        
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1 2015 results include early adoption of new accounting guidance on the recognition and measurement of financial instruments. See endnote H for more information. 2 Financial Highlights and Business Highlights comparison to year-ago quarter unless noted. Loan and deposit balances are shown on an end-of-period basis. Fully taxable-equivalent (FTE) basis for the corporation is a non-GAAP financial measure. See endnote A for more information. Total revenue, net of interest expense, on a GAAP basis was $19.5B for Q4-15, and net interest income on a GAAP basis was $9.8B for Q4-15. Earnings per share on a fully diluted basis.

                                    CEO Commentary
Highest Annual Net Income in Nearly a Decade
 
"The 2015 results were our highest earnings in nearly a decade,
reflecting the work we’ve done to develop a straightforward
operating model focused on responsible growth and doing more
business with each customer and client. We saw solid customer
activity in loan growth, deposits, and wealth management asset
flows, and we returned more capital to our shareholders. As we
build on this progress, we will continue to invest in the future
and manage expenses."
- Brian Moynihan, Chief
Executive Officer
 
                          CFO Commentary
 
"Our results this quarter reflect our ongoing efforts to improve
operating leverage while continuing to invest in our business. We
increased net interest income, managed expenses tightly, and
returned $1.3 billion in capital to our shareholders this quarter
through common stock repurchases and dividends."
 
- Paul Donofrio, Chief Financial Officer
 
 
 
                                                                                                                 
Consumer Banking
                                                                                                                                                                                                                                                                                                                                                                                                  Three months ended
Financial Results(1)                                                                                                                                                                                                                                                                                                                                 ($ in millions)                12/31/2015            9/30/2015        12/31/2014
? Revenue up $33MM to $7.8B                                                                                                                                                                                                                                                                                                             Net interest income (FTE)      $  5,059             $  5,004             $  4,967
 
 - NII benefited from higher deposits and loans
 
 - Noninterest income down, due primarily to lower mortgage
banking income
 
? Noninterest expense down $76MM, due primarily to lower operating
expenses;
efficiency ratio improved to 56% from 57%
 
? Net income up 9% to $1.8B
                                                                                                                                                                                                                                                                                                              Noninterest income                                                2,733                2,828                2,792
                                                                                                                                                                                                                                                                                                              Total revenue (FTE)(2)                                            7,792                7,832                7,759
                                                                                                                                                                                                                                                                                                              Provision for credit losses                                         654                  648                  653
                                                                                                                                                                                                                                                                                                              Noninterest expense                                               4,343                4,435                4,419
                                                                                                                                                                                                                                                                                                              Net income                                                     $  1,799             $  1,759             $  1,654
                                                                                                                                                                                                                                                                                                              1 Comparisons are to the year-ago quarter unless noted.
                                                                                                                                                                                                                                                                                                              Revenue and net interest income are on an FTE basis.
                                                                                                                                                                                                                                                                                                              2 Revenue, net of interest expense.
                                                                                                                                                                                                                                                                                                                                                                                                  Three months ended
Business Highlights(1,2)                                                                                                                                                                                                                                                                                                                             ($ in billions)                12/31/2015            9/30/2015        12/31/2014
? No. 1 retail deposit market share(3)                                                                                                                                                                                                                                                                                                  Average deposits               $  557.3             $  548.9             $  517.6
 
? Average deposit balances grew $40B, or 8%
 
? Average loan balances grew $12B, or 6%
 
? Total mortgage and home equity production(4) grew $2B,
or 13%, to $17B
 
? Client brokerage assets grew $9B, or 8% to $123B
 
? Approximately 1.3MM new U.S. consumer credit cards issued
 
? 18.7MM mobile banking active users, up 13%
 
? 4,726 financial centers, including 9 new openings during the
quarter
 
? Combined credit/debit spending up $4B to $130B
                                                                                                                                                                                                                                                                                                              Average loans and leases                                          211.1                206.3                199.2
                                                                                                                                                                                                                                                                                                              Brokerage assets (EOP)                                            122.7                117.2                113.8
                                                                                                                                                                                                                                                                                                              Total mortgage production(4)                                       17.0                 16.9                 15.0
                                                                                                                                                                                                                                                                                                              Mobile banking users (MM)                                          18.7                 18.4                 16.5
                                                                                                                                                                                                                                                                                                              Number of financial centers                                       4,726                4,741                4,855
                                                                                                                                                                                                                                                                                                              Efficiency ratio (FTE)(1)                                            56 %                 57 %                 57 %
                                                                                                                                                                                                                                                                                                              Return on average allocated capital(J)                               25 %                 24 %                 22 %
                                                                                                                                                                                                                                                                                                              Total U.S. Consumer Credit Card
                                                                                                                                                                                                                                                                                                              New card accounts (MM)(2)                                           1.3                  1.3                  1.2
                                                                                                                                                                                                                                                                                                              Risk-adjusted margin(2)                                            9.81 %               9.54 %               9.96 %
                                                                                                                                                                                                                                                                                                              (1 Comparisons are to the year-ago quarter unless noted.
                                                                                                                                                                                                                                                                                                              Efficiency ratio is on an FTE basis.)
                                                                                                                                                                                                                                                                                                              (2 The U.S. card portfolio includes Consumer Banking and GWIM.)
                                                                                                                                                                                                                                                                                                              (3 Source: SNL branch data, U.S. retail deposit market share
                                                                                                                                                                                                                                                                                                              based on June 2015 FDIC deposit data, adjusted to remove
                                                                                                                                                                                                                                                                                                              commercial balances.)
                                                                                                                                                                                                                                                                                                              (4 Total mortgage production includes first mortgage and home
                                                                                                                                                                                                                                                                                                              equity originations in Consumer Banking and GWIM.)
                                                                                                                                                                                                                                                                                                              Amounts represent the unpaid principal balance of loans and in the
                                                                                                                                                                                                                                                                                                              case of home equity, the principal amount of the total line of
                                                                                                                                                                                                                                                                                                              credit.
                                                                                                                                                                                                                                                                                                                                                      
                                                                                                           
Global Wealth and Investment Management
                                                                                                                                                                                                                                                                                                       Three months ended
Financial Results(1)                                                                                                                                                                                                                            ($ in millions)           12/31/2015     9/30/2015    12/31/2014
? Revenue down $160MM to $4.4B                                                                                                                                                                                                     Net interest income(FTE)    $ 1,412                          $ 1,377                          $ 1,406
 
 - NII relatively flat, as the benefits from loan and deposit
growth were mostly offset
by the impact of the firm’s
allocation of asset liability management (ALM) activities
 
 - Noninterest income down, due to lower transactional activity
and lower market valuations
 
? Noninterest expense up $36MM, due primarily to higher
amortization of previously issued
stock awards and
investments in client-facing professionals, partially offset by
lower
revenue-related incentives
 
? Net income down 13% to $614MM
                                                                                                                                                                                                         Noninterest income                                             3,031                            3,091                            3,197
                                                                                                                                                                                                         Total revenue(FTE)(2)                                          4,443                            4,468                            4,603
                                                                                                                                                                                                         Provision for credit losses                                       15                               (2 )                             14
                                                                                                                                                                                                         Noninterest expense                                            3,478                            3,446                            3,442
                                                                                                                                                                                                         Net income                                                    $  614                           $  656                           $  705
                                                                                                                                                                                                         (1 Comparisons are to the year-ago quarter unless noted.
                                                                                                                                                                                                         Revenue and net interest income are on an FTE basis.)
                                                                                                                                                                                                         (2 Revenue, net of interest expense.)
                                                                                                                                                                                                                                                                                                       Three months ended
Business Highlights(1)                                                                                                                                                                                                                          ($ in billions)           12/31/2015                        9/30/2015                       12/31/2014
? Average deposit balances grew $12.5B, or 5%                                                                                                                                                                                      Average deposits            $ 251.3                          $ 244.0                          $ 238.8
 
? Average loans and leases grew $12.3B, or 10%
 
? Total client balances relatively unchanged at
nearly $2.5T
 
? Long-term assets under management (AUM) flows
of $7B were the 26th consecutive quarter of
positive flows
 
? Number of wealth advisors increased 5% to
18,167
                                                                                                                                                                                                         Average loans and leases                                       135.8                            133.2                            123.5
                                                                                                                                                                                                         Long-term AUM flows                                              6.7                              4.4                              9.4
                                                                                                                                                                                                         Liquidity AUM flows                                              4.8                             (3.2 )                           (0.3 )
                                                                                                                                                                                                         Pretax margin                                                     21 %                             23 %                             25 %
                                                                                                                                                                                                         Efficiency ratio (FTE)(1)                                         78 %                             77 %                             75 %
                                                                                                                                                                                                         Return on average allocated capital(J)                            20 %                             22 %                             23 %
                                                                                                                                                                                                         (1 Comparisons are to the year-ago quarter unless noted.
                                                                                                                                                                                                         Efficiency ratio is on an FTE basis.)
                                                                                                                                                                                                                                                 
                                                                                                        
Global Banking
                                                                                                                                                                                                                                  Three months ended
Financial Results(1)                                                                                                                                                                 ($ in millions)                12/31/2015            9/30/2015        12/31/2014
? Revenue up $39MM to $4.4B                                                                                                                                             Net interest income (FTE)      $  2,435             $  2,346             $  2,415
 
 - NII benefited from increased loan and deposit balances,
partially offset by the impact of the
firm’s allocation of
ALM activities, including liquidity costs, as well as loan spread
compression
 
 - Noninterest income increased, driven by improvements in leasing
and treasury services,
as well as a gain on the sale of a
foreclosed property, partially offset by lower investment
banking
fees
 
? Provision for credit losses increased $264MM, driven by higher
energy-related charge-offs, as
well as reserve builds for
loan growth and energy exposure
 
? Noninterest expense decreased, driven by lower litigation and
incentive compensation costs,
partially offset by investments
in client-facing professionals
 
? Net income down 9% to $1.4B, driven mostly by higher provision
for credit losses
                                                                                                                                             Noninterest income(2)                                              1,918                1,844                1,899
                                                                                                                                             Total revenue (FTE)(2,3)                                           4,353                4,190                4,314
                                                                                                                                             Provision for credit losses                                          233                  179                  (31 )
                                                                                                                                             Noninterest expense                                                1,938                2,018                1,969
                                                                                                                                             Net income                                                      $  1,378             $  1,277             $  1,520
                                                                                                                                             (1 Comparisons are to the year-ago quarter unless noted.
                                                                                                                                             Revenue and net interest income are on an FTE basis.)
                                                                                                                                             (2 Global Banking shares with Global Markets in certain deal
                                                                                                                                             economics from investment banking and loan origination activities.)
                                                                                                                                             (3 Revenue, net of interest expense.)
                                                                                                                                                                                                                                  Three months ended
Business Highlights(1)                                                                                                                                                               ($ in billions)                12/31/2015            9/30/2015        12/31/2014
? Average deposit balances grew $15.7B, or 5%                                                                                                                           Average deposits               $  307.8             $  296.3             $  292.1
 
? Average loans and leases grew $33.3B, or 12%
 
? Corporation-wide investment banking fees of $1.3B (excluding
self-led deals) declined 17%,
driven by lower leveraged
finance and equity issuance, partly offset by higher advisory fees
 
 - Ranked No. 3 globally in net investment banking fees(G)
 
 - Second-highest quarter in advisory fees since merger
 
 - Participated in 8 of top 10 debt deals and 7 of top
10 equity deals(G)
                                                                                                                                             Average loans and leases                                           320.3                310.0                287.0
                                                                                                                                             Total Corp. IB fees (excl. self-led)(2)                              1.3                  1.3                  1.5
                                                                                                                                             Global Banking IB fees(2)                                            0.7                  0.8                  0.8
                                                                                                                                             Business Lending revenue                                             2.0                  1.9                  1.9
                                                                                                                                             Global Transaction Services revenue                                  1.6                  1.6                  1.6
                                                                                                                                             Efficiency ratio (FTE)(1)                                             44 %                 48 %                 46 %
                                                                                                                                             Return on average allocated capital(J)                                16 %                 14 %                 18 %
                                                                                                                                             (1 Comparisons are to the year-ago quarter unless noted.
                                                                                                                                             Efficiency ratio is on an FTE basis.)
                                                                                                                                             (2 Global Banking shares with Global Markets in certain deal
                                                                                                                                             economics from investment banking and loan origination activities.)
                                                                                                                                                                                      
                                                                                            
Global Markets
                                                                                                                                                                                                                                                  Three months ended
Financial Results(1)                                                                                                                                                                            ($ in millions)                     12/31/2015            9/30/2015        12/31/2014
? Revenue up $741MM to $3.1B; excluding net DVA(4),                                                                                                                                Net interest income (FTE)           $  1,166             $  1,135             $  1,036
revenue up $313MM to $3.3B, driven primarily by improved sales and
trading results and a gain on an equity investment, partially
offset by lower investment banking fees
 
? Noninterest expense increased $232MM, due primarily to higher
revenue-related expenses
 
? Net income of $185MM, compared to a loss of $75MM; excluding
DVA, net income was $308MM, compared to $316MM(4)
                                                                                                                                                    Noninterest income(2)                                                       1,962                2,635                1,351
                                                                                                                                                    Total revenue(2,3)                                                          3,128                3,770                2,387
                                                                                                                                                    Net DVA(4)                                                                   (198 )                 12                 (626 )
                                                                                                                                                    Total revenue                                                               3,326                3,758                3,013
                                                                                                                                                    (excl. net DVA) (FTE)(2,3,4(H))
                                                                                                                                                    Provision for credit losses                                                    30                   42                   26
                                                                                                                                                    Noninterest expense                                                         2,754                2,683                2,522
                                                                                                                                                    Net income (loss)                                                        $    185             $    821             $    (75 )
                                                                                                                                                    (1 Comparisons are to the year-ago quarter unless noted.
                                                                                                                                                    Revenue and net interest income are on an FTE basis.)
                                                                                                                                                    (2 Global Banking shares with Global Markets in certain deal
                                                                                                                                                    economics from investment banking and loan origination activities.)
                                                                                                                                                    (3 Revenue, net of interest expense.)
                                                                                                                                                    (4 Revenue excluding net DVA is a non-GAAP financial measure.
                                                                                                                                                    In Q4-14, a funding valuation adjustment (FVA) charge of $497MM
                                                                                                                                                    was recorded and included in net DVA. In Q4-15, the Corporation
                                                                                                                                                    early adopted new accounting guidance on recognition and
                                                                                                                                                    measurement of financial instruments. See endnote H for additional
                                                                                                                                                    information.)
                                                                                                                                                                                                                                                  Three months ended
Business Highlights(1)                                                                                                                                                                          ($ in billions)                     12/31/2015            9/30/2015        12/31/2014
? Sales and trading revenue up $0.7B to $2.4B                                                                                                                                      Average trading-related assets      $  416.1             $  431.5             $  455.5
 
? Excluding net DVA, sales and trading revenue up 11% to $2.6B(H)
 
 - FICC increased 20%, reflecting improvement across
most products, notably in rates and credit-related products(H)
 
 - Equities down 3%, due to lower levels of client
activity(H)
 
? No. 1 global research firm for 5th consecutive year(2)
                                                                                                                                                    Average loans and leases                                                     68.8                 66.4                 58.1
                                                                                                                                                    Sales and trading revenue                                                     2.4                  3.2                  1.7
                                                                                                                                                    Sales and trading revenue(excl. net DVA)(H)                                   2.6                  3.2                  2.4
                                                                                                                                                    Global Markets IB fees                                                        0.5                  0.5                  0.7
                                                                                                                                                    Efficiency ratio (FTE)(1)                                                      88 %                 71 %                106 %
                                                                                                                                                    Return on average allocated capital(J)                                          2 %                  9 %                       n/m
                                                                                                                                                    n/m = not meaningful
                                                                                                                                                    (1 Comparisons are to the year-ago quarter unless noted.
                                                                                                                                                    Efficiency ratio is on an FTE basis.)
                                                                                                                                                    (2 Source: Institutional Investor magazine.)
                                                                                                                                                                                                 
                                                                                     
Legacy Assets and Servicing
                                                                                                                                                                                                                                           Three months ended
Financial Results(1)                                                                                                                                             ($ in millions)          12/31/2015      9/30/2015     12/31/2014
? Revenue down $50MM, driven by a decrease in NII on lower loan                                                                                     Net interest income(FTE)    $  347                                               $  382                                               $  390
balances, as well as a modest
decline in noninterest income,
as lower servicing fees and mortgage servicing rights performance,
net
of hedge results, were partially offset by lower representations
and warranties provision
 
? The benefit in the provision for credit losses was $103MM lower,
driven primarily by a slower pace
of portfolio improvement
 
? Noninterest expense down 16% to $1.1B; excluding litigation,
noninterest expense down
28% to $795MM, due mostly to lower
servicing costs(I)
 
? Number of 60+ days delinquent first mortgage loans serviced down
46% to 103,000 units
 
? Number of LAS employees(3) declined 35% to 11,200
 
? Net loss declined to $351MM from $379MM
                                                                                                                          Noninterest income                                               241                                                  458                                                  248
                                                                                                                          Total revenue (FTE)(2)                                           588                                                  840                                                  638
                                                                                                                          Provision for credit losses                                      (10 )                                                  6                                                 (113 )
                                                                                                                          Noninterest expense                                            1,148                                                1,142                                                1,360
                                                                                                                          Litigation expense                                               353                                                  228                                                  256
                                                                                                                          Noninterest expense (excl. litigation)                           795                                                  914                                                1,104
                                                                                                                          Net loss                                                      $ (351 )                                             $ (196 )                                             $ (379 )
                                                                                                                          (1 Comparisons are to the year-ago quarter unless noted.
                                                                                                                          Revenue and net interest income are on an FTE basis.)
                                                                                                                          (2 Revenue, net of interest expense.)
                                                                                                                          (3 Includes other FTEs supporting LAS (contractors).)
                                                                                                                                                                  
                                                                                                        
All Other
                                                                                                                                                                                                                                                          Three months ended
Financial Results(1)                                                                                                                                                     ($ in millions)             12/31/2015          9/30/2015         12/31/2014
? Revenue improved $201MM to ($545MM)                                                                                                                       Net interest income (FTE)    $ (387 )                                                 $ (502 )                                                 $ (349 )
 
 - NII impacted by $0.6B reduction for certain trust preferred
securities, as well as $0.1B positive
market-related
adjustments on debt securities
 - Noninterest income improved, driven primarily by the absence of
a provision for U.K. payment
protection insurance as well as
higher gains on sale of debt securities
 
? The benefit in the provision for credit losses of $112MM
declined, driven by lower recoveries
including those on the
sale of nonperforming loans
 
?Noninterest expense down $274MM, due primarily to
lower personnel and litigation costs, partially
offset by
higher professional fees
 
? Income tax includes the $290MM negative impact from U.K. tax law
changes
 
? Net loss declined to $289MM from $375MM
                                                                                                                                             Noninterest income                                    (158 )                                                     14                                                     (397 )
                                                                                                                                             Total revenue(FTE)(2)                                 (545 )                                                   (488 )                                                   (746 )
                                                                                                                                             Provision for credit losses                           (112 )                                                    (67 )                                                   (330 )
                                                                                                                                             Noninterest expense                                    210                                                       84                                                      484
                                                                                                                                             Net income (loss)                                   $ (289 )                                                 $    4                                                   $ (375 )
                                                                                                                                             (1 Comparisons are to the year-ago quarter unless noted.
                                                                                                                                             Revenue and net interest income are on an FTE basis.)
                                                                                                                                             (2 Revenue, net of interest expense.)

Note: All Other consists of ALM activities, equity investments, the international consumer card business, liquidating businesses, residual expense allocations and other. ALM activities encompass certain residential mortgages, debt securities, interest rate and foreign currency risk management activities including the residual net interest income allocation, the impact of certain allocation methodologies and accounting hedge ineffectiveness. Beginning with new originations in 2014, we retain certain residential mortgages in Consumer Banking, consistent with where the overall relationship is managed; previously such mortgages were in All Other. Additionally, certain residential mortgage loans that are managed by Legacy Assets and Servicing are held in All Other. The results of certain ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture as well as Global Principal Investments, which is comprised of a portfolio of equity, real estate and other alternative investments.

                                                                          
Credit Quality
                                                                                                                                                                                                                        Three months ended
Highlights(1)                                                                                                                           ($ in millions)              12/31/2015        9/30/2015       12/31/2014
? Credit quality remained strong, improving across all                                                                     Provision for credit losses      $  810                                                 $  806                                                 $  219
consumer portfolios, while the energy sector
of the
commercial portfolio experienced elevated charge-offs and
criticized levels
 
? Net charge-offs were $1.1B, compared to $0.9B
 
? Excluding losses associated with the August 2014 DoJ
settlement, collateral valuation adjustments,
and
nonperforming loan sale and other recoveries, net charge-offs were
$1B in both Q4-15 and the
year-ago quarter
 
? The net charge-off ratio increased to 0.51% from 0.40%.
Excluding the items noted above, the net
charge-off ratio was
0.45% in Q4-15, compared to 0.47%
 
? Provision for credit losses of $810MM was relatively
stable compared to the third quarter of 2015
and up from the
year-ago quarter due to lower consumer recoveries, a slower pace
of improvement in the consumer portfolio, and higher reserve
builds in the commercial portfolio, due to loan growth
and
energy sector exposure
 
? Net reserve release was $334MM, compared to $660MM; after
adjusting for certain items
reserved for in prior quarters,
the net reserve release was $195MM, compared to $509MM
 
? Criticized commercial exposures increased to $16.5B from
$13.6B in the prior quarter and
$11.6B in Q4-14, primarily
due to increases in the energy sector
 
                                                                         Net charge-offs                                                                             1,144                                                    932                                                    879
                                                                         Net charge-off ratio(2)                                                                      0.51 %                                                 0.42 %                                                 0.40 %
                                                                         At period-end
                                                                         Nonperforming loans, leases and foreclosed properties                                    $  9,836                                               $ 10,336                                               $ 12,629
                                                                         Nonperforming loans, leases and foreclosed properties ratio(3)                               1.10 %                                                 1.17 %                                                 1.45 %
                                                                         Allowance for loan and lease losses                                                      $ 12,234                                               $ 12,657                                               $ 14,419
                                                                         Allowance for loan and lease losses ratio(4)                                                 1.37 %                                                 1.44 %                                                 1.65 %
                                                                         (1 Comparisons are to the year-ago quarter unless noted.)
                                                                         (2 Net charge-off ratio is calculated as annualized net
                                                                         charge-offs divided by average outstanding loans and leases during
                                                                         the period.)
                                                                         (3 Nonperforming loans, leases and foreclosed properties ratio
                                                                         is calculated as nonperforming loans, leases and foreclosed
                                                                         properties divided by outstanding loans, leases and foreclosed
                                                                         properties at the end of the period.)
                                                                         (4 Allowance for loan and lease losses ratio is calculated as
                                                                         allowance for loan and lease losses divided by loans and leases
                                                                         outstanding at the end of the period.)
                                                                          
                                                                         Note: Ratios do not include loans accounted for under the
                                                                         fair value option.
                                                                                                                                         
 
Balance Sheet, Liquidity and Capital Highlights ($ in billions
unless noted)
Balance Sheet (end of period)                                                           Three months ended
                                                                        12/31/2015           9/30/2015          12/31/2014
Total assets                                                              $  2,144.3          $  2,153.0          $  2,104.5
Total loans and leases                                                         903.0               887.7               881.4
Total deposits                                                               1,197.3             1,162.0             1,118.9
Funding and Liquidity
Long-term debt                                                            $    236.8          $    237.3          $    243.1
Global Excess Liquidity Sources(D)                                               504                 499                 439
Time to required funding (months)(D)                                              39                  42                  39
Equity
Tangible common shareholders’ equity(1)        $  162,118          $  161,659          $  151,732
Tangible common equity ratio(1)                                                  7.8 %               7.8 %               7.5 %
Common shareholders’ equity                    $  233,932          $  233,632          $  224,162
Common equity ratio                                                             10.9 %              10.9 %              10.7 %
Per Share Data
Tangible book value per common share (F)                                  $    15.62          $    15.50          $    14.43
Book value per common share                                                    22.54               22.41               21.32
Common shares outstanding (in billions)                                        10.38               10.43               10.52
 
Regulatory Capital
Basel 3 Transition (as reported)(2,3)
Common equity tier 1 (CET1) capital                                       $    163.0          $    161.6          $    155.4
Risk-weighted assets                                                           1,602               1,392               1,262
Common equity tier 1 ratio                                                      10.2 %              11.6 %              12.3 %
Basel 3 Fully Phased-in(2,4)
Common equity tier 1 capital                                              $    154.1          $    153.1          $    141.2
Standardized approach
------------------------------------------------------------------
  Risk-weighted assets                                                    $    1,426          $    1,415          $    1,415
  CET1 ratio                                                                    10.8 %              10.8 %              10.0 %
Advanced approaches(5)
------------------------------------------------------------------
  Risk-weighted assets                                                    $    1,574          $    1,398          $    1,465
  CET1 ratio                                                                     9.8 %              11.0 %               9.6 %
Proforma risk-weighted assets                                                      n/a        $    1,570                   n/a
Proforma CET1 ratio                                                                n/a               9.7 %                 n/a
Supplementary leverage(K)
------------------------------------------------------------------
  Tier 1 capital                                                          $    175.8          $    174.6          $    160.5
  Bank holding company SLR                                                       6.4 %               6.4 %               5.9 %
  Bank SLR                                                                       6.9 %               7.0 %               7.0 %
Notes:
(1 Represents a non-GAAP financial measure. For
reconciliation, see pages 17-19 of this press release.)
(2 Regulatory capital ratios are preliminary. Common equity
tier 1 (CET1) capital, Tier 1 capital, risk-weighted assets (RWA),
CET1 ratio and bank holding company supplementary leverage ratio
(SLR) as shown on a fully phased-in basis are non-GAAP financial
measures. For a reconciliation of CET1 to fully phased-in, see
page 13 of this press release.)
(3 As previously disclosed, Bank of America received approval
to begin using the Advanced approaches capital framework to
determine risk-based capital and is now required to report
regulatory capital under both the Standardized and Advanced
approaches. The approach that yields the lower ratio is to be used
to assess capital adequacy and was the Advanced approaches in the
fourth quarter of 2015. Prior to exiting the parallel run, we were
required to report regulatory capital under the Standardized
approach only.)
(4 With the approval to exit parallel run, U.S. banking
regulators requested modifications to certain internal analytical
models including the wholesale (e.g., commercial) credit models,
which increased our risk-weighted assets in the fourth quarter of
2015. Proforma information for Q3-15 includes the impact of these
modifications as if effective at September 30, 2015.)
(5 Basel 3 fully phased-in Advanced approaches estimates
assume approval by U.S. banking regulators of our internal
analytical models, including approval of the internal models
methodology (IMM). As of December 31, 2015, BAC had not received
IMM approval.)
 
Endnotes  
          
A        Fully taxable-equivalent (FTE) basis for the Corporation is a
         non-GAAP financial measure. For reconciliation to GAAP financial
         measures, refer to pages 17-19 of this press release. Net interest
         income on a GAAP basis was $9.8 billion, $9.5 billion and $9.6
         billion for the three months ended December 31, 2015, September 30,
         2015 and December 31, 2014, respectively. Net interest income on an
         FTE basis, excluding market-related and other adjustments,
         represents a non-GAAP financial measure. Market-related adjustments
         of premium amortization expense and hedge ineffectiveness were $0.1
         billion, ($0.6) billion and ($0.6) billion for the three months
         ended December 31, 2015, September 30, 2015 and December 31, 2014,
         respectively. Other adjustments for the quarter ended December 31,
         2015 include $0.6 billion in negative adjustments on certain trust
         preferred securities. Total revenue, net of interest expense, on a
         GAAP basis was $19.5 billion, $20.4 billion and $18.7 billion for
         the three months ended December 31, 2015, September 30, 2015 and
         December 31, 2014, respectively. Net DVA gains (losses) were ($198)
         million, $12 million and ($626) million for the three months ended
         December 31, 2015, September 30, 2015 and December 31, 2014,
         respectively.
          
B        Noninterest expense, excluding litigation expense, is a non-GAAP
         financial measure. Noninterest expense on a GAAP basis was $13.9
         billion, $13.8 billion and $14.2 billion for the three months ended
         December 31, 2015, September 30, 2015 and December 31, 2014,
         respectively. Litigation expense was $428 million, $231 million and
         $393 million for the three months ended December 31, 2015, September
         30, 2015 and December 31, 2014, respectively.
          
C        Fully phased-in estimates are non-GAAP financial measures. For
         reconciliation to GAAP financial measures, refer to pages 17-19 of
         this press release. On January 1, 2014, the Basel 3 rules became
         effective, subject to transition provisions primarily related to
         regulatory deductions and adjustments impacting Common equity tier 1
         (CET1) capital and Tier 1 capital. Bank of America received approval
         to begin using the Advanced approaches capital framework to
         determine risk-based capital requirements beginning in the fourth
         quarter of 2015. As previously disclosed, with the approval to exit
         parallel run, U.S. banking regulators requested modifications to
         certain internal analytical models including the wholesale (e.g.,
         commercial) credit models, which increased our risk-weighted assets
         in the fourth quarter of 2015. Proforma information for Q3-15
         includes the impact of these modifications as if effective at
         September 30, 2015. Basel 3 Advanced approaches estimates on a fully
         phased-in basis assume approval by U.S. banking regulators of our
         internal analytical models, including approval of the internal
         models methodology (IMM). As of December 31, 2015, BAC had not
         received IMM approval.
          
D        Global Excess Liquidity Sources include cash and high-quality,
         liquid, unencumbered securities, limited to U.S. government
         securities, U.S. agency securities, U.S. agency MBS, and a select
         group of non-U.S. government and supranational securities, and are
         readily available to meet funding requirements as they arise. It
         does not include Federal Reserve Discount Window or Federal Home
         Loan Bank borrowing capacity. Transfers of liquidity from the bank
         or other regulated entities are subject to certain regulatory
         restrictions. Time to required funding is a debt coverage measure
         and is expressed as the number of months unsecured holding company
         obligations of Bank of America Corporation can be met using only the
         parent company’s Global Excess Liquidity Sources without issuing
         debt or sourcing additional liquidity. We define unsecured
         contractual obligations for purposes of this metric as maturities of
         senior or subordinated debt issued or guaranteed by Bank of America
         Corporation. For all periods shown, we have included in the amount
         of unsecured contractual obligations the liability, including
         estimated costs, for the previously announced BNY Mellon
         private-label securitization settlement. As of December 31, 2015,
         this amount was $8.5B.
          
E        Return on average tangible common equity is a non-GAAP financial
         measure. For more information, refer to pages 17-19 of this press
         release.
          
F        Tangible book value per share of common stock is a non-GAAP
         financial measure. For more information, refer to pages 17-19 of
         this press release.
          
G        Rankings per Dealogic as of January 5, 2016 for the quarter ended
         December 31, 2015.
          
H        In January 2016, the FASB issued new accounting guidance on
         recognition and measurement of financial instruments. The
         Corporation has early adopted, retrospective to January 1, 2015,
         the provision that requires the Corporation to present unrealized
         gains/losses resulting from changes in the Corporation’s own
         credit spreads on liabilities accounted for under the fair value
         option (referred to as debit valuation adjustments, or DVA) in
         accumulated OCI. The impact of the adoption was to reclassify, as
         of January 1, 2015, unrealized DVA losses of $2.0B pretax ($1.2B
         after tax) from January 1, 2015 retained earnings to accumulated
         OCI. Further, pretax unrealized DVA gains of $301 million, $301
         million and $420 million were reclassified from other income to
         accumulated OCI for Q3-15, Q2-15 and Q1-15, respectively. This had
         the effect of reducing net income as previously reported for the
         aforementioned quarters by $187 million, $186 million and $260
         million, or approximately $0.02 per quarter. This change is
         reflected in consolidated results and the Global Markets segment
         results. Results for 2014 were not subject to restatement under
         the provisions of the new accounting guidance.
          
         Revenue for all periods included net DVA on derivatives, as well
         as amortization of own credit portion of purchase discount and
         realized DVA on structured liabilities; periods prior to 2015 also
         included unrealized DVA on structured liabilities.
          
         Global Markets revenue, excluding net DVA, and sales and trading
         revenue, excluding net DVA, are non-GAAP financial measures. Net
         DVA losses were $198 million and $626 million for the three months
         ended December 31, 2015 and 2014, respectively. FICC net DVA
         losses were $190 million and $577 million for the three months
         ended December 31, 2015 and 2014, respectively. Equities net DVA
         losses were $8 million and $49 million for the three months ended
         December 31, 2015 and 2014.
          
I        Legacy Assets and Servicing (LAS) noninterest expense, excluding
         litigation, is a non-GAAP financial measure. LAS noninterest expense
         was $1.1 billion, $1.1 billion and $1.4 billion for the three months
         ended December 31, 2015, September 30, 2015 and December 31, 2014,
         respectively. LAS litigation expense was $353 million, $228 million
         and $256 million in the three months ended December 31, 2015,
         September 30, 2015 and December 31, 2014, respectively.
          
J        Return on average allocated capital is a non-GAAP financial measure.
         The company believes the use of this non-GAAP financial measure
         provides additional clarity in assessing the results of the
         segments. Other companies may define or calculate this measure
         differently. For reconciliation to GAAP financial measures, refer to
         pages 17-19 of this press release.
          
K        The estimated supplementary leverage ratio is measured using
         quarter-end Tier 1 capital as the numerator, calculated under Basel
         3 on a fully phased-in basis. The denominator is supplementary
         leverage exposure based on the daily average of the sum of
         on-balance sheet exposures less permitted Tier 1 deductions, as well
         as the simple average of certain off-balance sheet exposures, as of
         the end of each month in a quarter. Off-balance sheet exposures
         primarily include undrawn lending commitments, letters of credit,
         potential future derivative exposures and repo-style transactions.
         At December 31, 2015, the estimated SLR for the Bank Holding Company
         on a fully phased-in basis was 6.4 percent. Differences between
         fully phased-in and transitional supplementary leverage exposures
         are immaterial.
 
 
Contact Information and Investor Conference Call Invitation
 
                            Note: Chief Executive Officer Brian Moynihan and Chief Financial
                                               Officer Paul Donofrio will discuss fourth-quarter 2015 results in
                                               a conference call at 8:30 a.m. ET today. The presentation and
                                               supporting materials can be accessed on the Bank of America
                                               Investor Relations website at http://investor.bankofamerica.com .
                                                
                                               For a listen-only connection to the conference call, dial
                                               1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the
                                               conference ID is: 79795. Please dial in 10 minutes prior to the
                                               start of the call. A replay will also be available beginning at
                                               noon ET on January 19 through midnight, January 27 by telephone at
                                               1.800.753.8546 (U.S.) or 1.402.220.0685 (international).
 Investor Call Information
                                                
                                                               

About Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 32 million active users and approximately 19 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (BAC ) is listed on the New York Stock Exchange.

Forward-Looking Statements

Bank of America and its management may make certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "anticipates," "targets," "expects," "hopes," "estimates," "intends," "plans," "goals," "believes," "continue" and other similar expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could." Forward-looking statements represent Bank of America’s current expectations, plans or forecasts of its future results and revenues, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of Bank of America’s 2014 Annual Report on Form 10-K, and in any of Bank of America’s subsequent Securities and Exchange Commission filings: the Company’s ability to resolve representations and warranties repurchase and related claims, including claims brought by investors or trustees seeking to distinguish certain aspects of the ACE Securities Corp. v. DB Structured Products, Inc. (ACE) ruling or to assert other claims seeking to avoid the impact of the ACE ruling; the possibility that the Company could face related servicing, securities, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, other parties involved in securitizations, monolines or private-label and other investors; the possibility that future representations and warranties losses may occur in excess of the Company’s recorded liability and estimated range of possible loss for its representations and warranties exposures; the possibility that the Company may not collect mortgage insurance claims; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory proceedings, including the possibility that amounts may be in excess of the Company’s recorded liability and estimated range of possible losses for litigation exposures; the possibility that the European Commission will impose remedial measures in relation to its investigation of the Company’s competitive practices; the possible outcome of LIBOR, other reference rate and foreign exchange inquiries and investigations; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Company’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, currency exchange rates and economic conditions; the impact on the Company’s business, financial condition and results of operations of a potential higher interest rate environment; the impact on the Company’s business, financial condition and results of operations from a protracted period of lower energy prices; adverse changes to the Company’s credit ratings from the major credit rating agencies; estimates of the fair value of certain of the Company’s assets and liabilities; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements, including the potential adoption of total loss-absorbing capacity requirements; the potential for payment protection insurance exposure to increase as a result of Financial Conduct Authority actions; the possible impact of Federal Reserve actions on the Company’s capital plans; the impact of implementation and compliance with new and evolving U.S. and international regulations, including but not limited to recovery and resolution planning requirements, the Volcker Rule, and derivatives regulations; a failure in or breach of the Company’s operational or security systems or infrastructure, or those of third parties, including as a result of cyber attacks; and other similar matters.

Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

BofA Global Capital Management Group, LLC (BofA Global Capital Management) is an asset management division of Bank of America Corporation. BofA Global Capital Management entities furnish investment management services and products for institutional and individual investors.

Bank of America Merrill Lynch is the marketing name for the Global Banking and Global Markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, financial advisory and other investment banking activities are performed by investment banking affiliates of Bank of America Corporation (Investment Banking Affiliates), including Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are registered broker-dealers and members of FINRA and SIPC. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. Bank of America Corporation’s broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker-dealers are not obligations of their bank affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for securities sold, offered or recommended by the broker-dealers. The foregoing also applies to other non-bank affiliates.

For more Bank of America news, visit the Bank of America newsroom at http://newsroom.bankofamerica.com .

www.bankofamerica.com

Bank of America Corporation and Subsidiaries                                                                                                                                                                                                                                                          
Selected Financial Data                                                                                                                                                                                                                                                                                                                                                             
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- --------------------------------------
(Dollars in millions, except per share data; shares in thousands)
                                                                                                                                 
Summary Income Statement                                                                                                                                Year Ended                                                                                Fourth                                                                                                Third                                                                                               Fourth
                                                                                                                                                        December 31                                                                               Quarter                                                                                              Quarter                                                                                              Quarter
                                                                                                                                                                                                                                                   2015                                                                                                 2015                                                                                                 2014
----------------------------------------------------------------------------------------                      ----------------------------------------------------------------------------------------
                                                                                                                              2015                                                      2014
                                                                                                              -------------------------------------                     -------------------------------------                     -----------------------------------                                                                  -----------------------------------                                                                  -----------------------------------
Net interest income                                                                                                 $  39,251                                                 $  39,952                                                $     9,801                                                                                          $     9,511                                                                                          $     9,635
Noninterest income                                                                                                     43,256                                 44,295                                   9,727                                                                            10,870                                                                             9,090  
                                                                                                              ------------------------------------                      ------------------------------------                      -------------------------------------                                                                -------------------------------------                                                                -------------------------------------
  Total revenue, net of interest expense (1)                                                                           82,507                                                    84,247                                                     19,528                                                                                               20,381                                                                                               18,725
Provision for credit losses                                                                                             3,161                                                     2,275                                                        810                                                                                                  806                                                                                                  219
Noninterest expense                                                                                                    57,192                                 75,117                                  13,871                                                                            13,808                                                                            14,196  
                                                                                                              ------------------------------------                      ------------------------------------                      -------------------------------------                                                                -------------------------------------                                                                -------------------------------------
  Income before income taxes                                                                                           22,154                                                     6,855                                                      4,847                                                                                                5,767                                                                                                4,310
Income tax expense                                                                                                      6,266                                  2,022                                   1,511                                                                             1,446                                                                             1,260  
                                                                                                              ------------------------------------                      ------------------------------------                      -------------------------------------                                                                -------------------------------------                                                                -------------------------------------
  Net income (1)                                                                                                    $  15,888                              $   4,833                             $     3,336                                                                       $     4,321                                                                       $     3,050  
                                                                                                              ------- ------- --------------------                      ------- ------- --------------------                      ------ --------- --------------------                                                                ------ --------- --------------------                                                                ------ --------- --------------------
Preferred stock dividends                                                                                               1,483                                  1,044                                     330                                                                               441                                                                               312  
                                                                                                              ------------------------------------                      ------------------------------------                      -------------------------------------                                                                -------------------------------------                                                                -------------------------------------
  Net income applicable to common shareholders (1)                                                                  $  14,405                              $   3,789                             $     3,006                                                                       $     3,880                                                                       $     2,738  
                                                                                                              ======= ======= ====================                      ======= ======= ====================                      ====== ========= ====================                                                                ====== ========= ====================                                                                ====== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                             
Common shares issued                                                                                                    4,054                                                    25,866                                                         71                                                                                                   36                                                                                                  648
Average common shares issued and outstanding                                                                       10,462,282                                                10,527,818                                                 10,399,422                                                                                           10,444,291                                                                                           10,516,334
Average diluted common shares issued and outstanding                                                               11,213,992                                                10,584,535                                                 11,153,169                                                                                           11,197,203                                                                                           11,273,773
                                                                                                                                                                                                                                                                                                                                                                                                                                             
Summary Average Balance Sheet
----------------------------------------------------------------------------------------
Total debt securities                                                                                               $ 390,884                                                 $ 351,702                                                $   399,423                                                                                          $   394,420                                                                                          $   371,014
Total loans and leases                                                                                                882,183                                                   903,901                                                    891,861                                                                                              882,841                                                                                              884,733
Total earning assets                                                                                                1,830,342                                                 1,814,930                                                  1,852,958                                                                                            1,847,396                                                                                            1,802,121
Total assets                                                                                                        2,160,141                                                 2,145,590                                                  2,180,472                                                                                            2,168,993                                                                                            2,137,551
Total deposits                                                                                                      1,155,860                                                 1,124,207                                                  1,186,051                                                                                            1,159,231                                                                                            1,122,514
Common shareholders’ equity                                                                230,182                                                   223,072                                                    234,851                                                                                              231,620                                                                                              224,479
Total shareholders’ equity                                                                 251,990                                                   238,482                                                    257,125                                                                                              253,893                                                                                              243,454
                                                                                                                                                                                                                                                                                                                                                                                                                                             
Performance Ratios
----------------------------------------------------------------------------------------
Return on average assets (1)                                                                                             0.74                    %                                 0.23                    %                                  0.61                    %                                                                            0.79                    %                                                                            0.57                    %
Return on average tangible common shareholders’ equity (1, 2)                                 9.11                                                      2.52                                                       7.32                                                                                                 9.65                                                                                                 7.15
                                                                                                                                                                                                                                                                                                                                                                                                                                             
Per common share information
----------------------------------------------------------------------------------------
Earnings (1)                                                                                                        $    1.38                                                 $    0.36                                                $      0.29                                                                                          $      0.37                                                                                          $      0.26
Diluted earnings (1)                                                                                                     1.31                                                      0.36                                                       0.28                                                                                                 0.35                                                                                                 0.25
Dividends paid                                                                                                           0.20                                                      0.12                                                       0.05                                                                                                 0.05                                                                                                 0.05
Book value                                                                                                              22.54                                                     21.32                                                      22.54                                                                                                22.41                                                                                                21.32
Tangible book value (2)                                                                                                 15.62                                                     14.43                                                      15.62                                                                                                15.50                                                                                                14.43
                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                December 31                                                                                         September 30                                                                                          December 31
                                                                                                                                                                                                                                                   2015                                                                                                 2015                                                                                                 2014
                                                                                                                                                                                                                                  -----------------------------------                                                                  -----------------------------------                                                                  -----------------------------------
Summary Period-End Balance Sheet
----------------------------------------------------------------------------------------
Total debt securities                                                                                                                                                                                                                  $   407,005                                                                                          $   391,651                                                                                          $   380,461
Total loans and leases                                                                                                                                                                                                                     903,001                                                                                              887,689                                                                                              881,391
Total earning assets                                                                                                                                                                                                                     1,811,998                                                                                            1,826,310                                                                                            1,768,431
Total assets                                                                                                                                                                                                                             2,144,316                                                                                            2,153,006                                                                                            2,104,534
Total deposits                                                                                                                                                                                                                           1,197,259                                                                                            1,162,009                                                                                            1,118,936
Common shareholders’ equity                                                                                                                                                                                     233,932                                                                                              233,632                                                                                              224,162
Total shareholders’ equity                                                                                                                                                                                      256,205                                                                                              255,905                                                                                              243,471
Common shares issued and outstanding                                                                                                                                                                                                    10,380,265                                                                                           10,427,305                                                                                           10,516,542
                                                                                                                                                                                                                                                                                                                                                                                                                                             
Credit Quality                                                                                                                                          Year Ended                                                                                Fourth                                                                                                Third                                                                                               Fourth
                                                                                                                                                        December 31                                                                               Quarter                                                                                              Quarter                                                                                              Quarter
                                                                                                                                                                                                                                                   2015                                                                                                 2015                                                                                                 2014
----------------------------------------------------------------------------------------                      ----------------------------------------------------------------------------------------
                                                                                                                              2015                                                      2014
                                                                                                              -------------------------------------                     -------------------------------------                     -----------------------------------                                                                  -----------------------------------                                                                  -----------------------------------
Total net charge-offs                                                                                               $   4,338                                                 $   4,383                                                $     1,144                                                                                          $       932                                                                                          $       879
Net charge-offs as a percentage of average loans and leases                                                              0.50                    %                                 0.49                    %                                  0.51                    %                                                                            0.42                    %                                                                            0.40                    %
outstanding (3)
Provision for credit losses                                                                                         $   3,161                                                 $   2,275                                                $       810                                                                                          $       806                                                                                          $       219
                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                December 31                                                                                         September 30                                                                                          December 31
                                                                                                                                                                                                                                                   2015                                                                                                 2015                                                                                                 2014
                                                                                                                                                                                                                                  -----------------------------------                                                                  -----------------------------------                                                                  -----------------------------------
                                                                                                                                                                                                                                  -----------------------------------                                                                  -----------------------------------                                                                  -----------------------------------
Total nonperforming loans, leases and foreclosed properties (4)                                                                                                                                                                        $     9,836                                                                                          $    10,336                                                                                          $    12,629
Nonperforming loans, leases and foreclosed properties as a                                                                                                                                                                                    1.10                    %                                                                            1.17                    %                                                                            1.45                    %
percentage of total loans, leases and foreclosed properties (3)
Allowance for loan and lease losses                                                                                                                                                                                                    $    12,234                                                                                          $    12,657                                                                                          $    14,419
Allowance for loan and lease losses as a percentage of total loans                                                                                                                                                                            1.37                    %                                                                            1.44                    %                                                                            1.65                    %
and leases outstanding (3)
                                                                                                                                                                   
---------------------------------------------------------------------------------------- -------------------- --------------------------------------------------------- --------------------------------------------------------- ---------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------------- -------------------- -------------------- --------------------------------------
 
Bank of America Corporation and Subsidiaries
Selected Financial Data (continued)                                                                                                                                                                                                                                                                                                                                                 
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- --------------------------------------
(Dollars in millions)
                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                                                 Basel 3 Transition
                                                                                                                                                                                                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Capital Management                                                                                                                                                                                                                              December 31                                                                                         September 30                                                                                          December 31
                                                                                                                                                                                                                                                   2015                                                                                                 2015                                                                                                 2014
----------------------------------------------------------------------------------------                                                                                                                                          -----------------------------------                                                                  -----------------------------------                                                                  -----------------------------------
                                                                                                                                                                                                                                  -----------------------------------                                                                  -----------------------------------                                                                  -----------------------------------
Risk-based capital metrics (5, 6, 7):
  Common equity tier 1 capital                                                                                                                                                                                                         $   163,026                                                                                          $   161,649                                                                                          $   155,361
  Common equity tier 1 capital ratio                                                                                                                                                                                                          10.2                    %                                                                            11.6                    %                                                                            12.3                    %
  Tier 1 leverage ratio                                                                                                                                                                                                                        8.6                                                                                                  8.5                                                                                                  8.2
                                                                                                                                                                                                                                                                                                                                                                                                                                             
Tangible equity ratio (8)                                                                                                                                                                                                                      8.9                                                                                                  8.8                                                                                                  8.4
Tangible common equity ratio (8)                                                                                                                                                                                                               7.8                                                                                                  7.8                                                                                                  7.5
                                                                                                                                                                                                                                                                                                                                                                                                                                             
Regulatory Capital Reconciliations                                                                                                                                                                                                              December 31                                                                                         September 30                                                                                          December 31
(5, 7, 9)                                                                                                                                                                                                                                          2015                                                                                                 2015                                                                                                 2014
----------------------------------------------------------------------------------------
                                                                                                                                                                                                                                  -----------------------------------                                                                  -----------------------------------                                                                  -----------------------------------
Regulatory capital - Basel 3 transition to fully phased-in
Common equity tier 1 capital (transition) (6)                                                                                                                                                                                          $   163,026                                                                                          $   161,649                                                                                          $   155,361
  Deferred tax assets arising from net operating loss and tax credit                                                                                                                                                                        (5,151 )                                                                                             (5,554 )                                                                                             (8,905 )
  carryforwards phased in during transition
  Accumulated OCI phased in during transition                                                                                                                                                                                               (1,917 )                                                                                             (1,018 )                                                                                             (1,592 )
  Intangibles phased in during transition                                                                                                                                                                                                   (1,559 )                                                                                             (1,654 )                                                                                             (2,556 )
  Defined benefit pension fund assets phased in during transition                                                                                                                                                                             (568 )                                                                                               (470 )                                                                                               (599 )
  DVA related to liabilities and derivatives phased in during                                                                                                                                                                                  307                                                                                                  228                                                                                                  925
  transition
  Other adjustments and deductions phased in during transition                                                                                                                                                                                 (54 )                                                                                                (92 )                                                                                             (1,417 )
                                                                                                                                                                                                                                  -------------------------------------                                                                -------------------------------------                                                                -------------------------------------
Common equity tier 1 capital (fully phased-in)                                                                                                                                                                                         $   154,084                                                                       $   153,089                                                                       $   141,217  
                                                                                                                                                                                                                                  ====== ========= ====================                                                                ====== ========= ====================                                                                ====== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                             
Risk-weighted assets - As reported to Basel 3 (fully phased-in)
Basel 3 Standardized approach risk-weighted assets as reported (6)                                                                                                                                                                     $ 1,401,849                                                                                          $ 1,391,672                                                                                          $ 1,261,544
  Changes in risk-weighted assets from reported to fully phased-in                                                                                                                                                                          24,088                                                                            22,989                                                                           153,722  
                                                                                                                                                                                                                                  -------------------------------------                                                                -------------------------------------                                                                -------------------------------------
Basel 3 Standardized approach risk-weighted assets (fully                                                                                                                                                                              $ 1,425,937                                                                       $ 1,414,661                                                                         1,415,266  
phased-in)
                                                                                                                                                                                                                                  ====== ========= ====================                                                                ====== ========= ====================                                                                ===============  ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                             
Basel 3 Advanced approaches risk-weighted assets as reported                                                                                                                                                                           $ 1,602,070                                                                                                                       n/a                                                                                                  n/a
  Changes in risk-weighted assets from reported to fully phased-in                                                                                                                                                                         (27,690 )                                                                                                                     n/a                                                                                                  n/a
                                                                                                                                                                                                                                  -------------------------------------                                                                --------------------------------------                                                               --------------------------------------
Basel 3 Advanced approaches risk-weighted assets (fully                                                $ 1,574,380           $ 1,397,504      1,465,479  
phased-in) (10)
                                                                                                  ====== ========= ====================    ====== ========= ====================    ========  ====================
                                                                                                                                                                                     
Regulatory capital ratios
  Basel 3 Standardized approach common equity tier 1 (transition) (6)                                         11.6                    %                11.6                    %         12.3                    %
  Basel 3 Advanced approaches common equity tier 1 (transition)                                               10.2                                                           n/a                               n/a
  Basel 3 Standardized approach common equity tier 1 (fully phased-in)                                        10.8                                     10.8                              10.0
  Basel 3 Advanced approaches common equity tier 1 (fully phased-in) (10)                                      9.8                                     11.0                               9.6

(1) For information on the impact of early adoption of new accounting guidance on recognition and measurement of financial instruments, see page 9.

(2) Return on average tangible common shareholders’ equity and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation. Other companies may define or calculate non-GAAP financial measures differently. See Reconciliations to GAAP Financial Measures on pages 17-19.

(3) Ratios do not include loans accounted for under the fair value option during the period. Charge-off ratios are annualized for the quarterly presentation.

(4) Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the Federal Housing Administration 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; purchased credit-impaired loans even though the customer may be contractually past due; nonperforming loans held-for-sale; nonperforming loans accounted for under the fair value option; and nonaccruing troubled debt restructured loans removed from the purchased credit-impaired portfolio prior to January 1, 2010.

(5) Regulatory capital ratios are preliminary.

(6) Common equity tier 1 capital ratio at September 30, 2015 reflects the migration of the risk-weighted assets calculation from the general risk-based approach to the Basel 3 Standardized approach, and Common equity tier 1 capital includes the 2015 phase-in of regulatory capital transition provisions.

(7) Bank of America received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements beginning in the fourth quarter of 2015. With the approval to exit parallel run, Bank of America is now required to report regulatory capital under both the Standardized and Advanced approaches. The approach that yields the lower ratio is to be used to assess capital adequacy and was the Advanced approaches in the fourth quarter of 2015. Prior to exiting parallel run, we were required to report regulatory capital under the Standardized approach only.

(8) 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 these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation. Other companies may define or calculate non-GAAP financial measures differently. See Reconciliations to GAAP Financial Measures on pages 17-19.

(9) Fully phased-in estimates are non-GAAP financial measures. For reconciliations to GAAP financial measures, see above.

(10) Basel 3 fully phased-in Advanced approaches estimates assume approval by U.S. banking regulators of our internal analytical models, including approval of the internal models methodology (IMM). As of December 31, 2015, the Corporation had not received IMM approval.

n/a = not applicable

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

Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)
                                                                                                                                                      Fourth Quarter 2015
                                                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                  Consumer           GWIM           Global           Global          Legacy                All
                                                                                   Banking                                                                Banking                             Markets                           Assets &                                 Other
                                                                                                                                                                                                                                Servicing
                                                                               ------------                        -----------                        ------------                        -----------                        ------------                        ------------------
Total revenue, net of interest expense (FTE basis) (1)                           $   7,792                           $   4,443                          $   4,353                           $  3,128                           $    588                               $    (545 )
Provision for credit losses                                                            654                                  15                                233                                 30                                (10 )                                  (112 )
Noninterest expense                                                                  4,343                               3,478                              1,938                              2,754                              1,148                                     210
Net income (loss)                                                                    1,799                                 614                              1,378                                185                               (351 )                                  (289 )
Return on average allocated capital (2)                                                 25  %                               20 %                               16  %                               2  %                                 n/m                                       n/m
Balance Sheet
---------------------------------------------------------
Average
  Total loans and leases                                                         $ 211,126                           $ 135,839                          $ 320,290                           $ 68,835                           $ 27,223                               $ 128,548
  Total deposits                                                                   557,319                             251,306                            307,806                             37,454                                    n/m                              22,916
Allocated capital (2)                                                               29,000                              12,000                             35,000                             35,000                             24,000                                           n/m
Period end
  Total loans and leases                                                         $ 214,405                           $ 137,847                          $ 325,677                           $ 73,208                           $ 26,521                               $ 125,343
  Total deposits                                                                   572,739                             260,893                            296,162                             37,276                                    n/m                              22,898
                                                                                                                                                                                                                                                                  
                                                                                                                                                                         Third Quarter 2015
                                                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                  Consumer                              GWIM                              Global                              Global                             Legacy                                   All
                                                                                   Banking                                                                Banking                             Markets                           Assets &                                 Other
                                                                                                                                                                                                                                Servicing
                                                                               ------------                        -----------                        ------------                        -----------                        ------------                        ------------------
Total revenue, net of interest expense (FTE basis) (1, 3)                        $   7,832                           $   4,468                          $   4,190                           $  3,770                           $    840                               $    (488 )
Provision for credit losses                                                            648                                  (2 )                              179                                 42                                  6                                     (67 )
Noninterest expense                                                                  4,435                               3,446                              2,018                              2,683                              1,142                                      84
Net income (loss) (3)                                                                1,759                                 656                              1,277                                821                               (196 )                                     4
Return on average allocated capital (2)                                                 24  %                               22 %                               14  %                               9  %                                 n/m                                       n/m
Balance Sheet
---------------------------------------------------------
Average
  Total loans and leases                                                         $ 206,337                           $ 133,168                          $ 310,043                           $ 66,392                           $ 29,074                               $ 137,827
  Total deposits                                                                   548,897                             243,980                            296,321                             37,050                                    n/m                              22,603
  Allocated capital (2)                                                             29,000                              12,000                             35,000                             35,000                             24,000                                           n/m
Period end
  Total loans and leases                                                         $ 208,981                           $ 134,630                          $ 315,224                           $ 70,159                           $ 27,982                               $ 130,713
  Total deposits                                                                   551,541                             246,172                            297,644                             36,019                                    n/m                              21,769
                                                                                                                                                                                                                                                                  
                                                                                                                                                                         Fourth Quarter 2014
                                                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                  Consumer                              GWIM                              Global                              Global                             Legacy                                   All
                                                                                   Banking                                                                Banking                             Markets                           Assets &                                 Other
                                                                                                                                                                                                                                Servicing
                                                                               ------------                        -----------                        ------------                        -----------                        ------------                        ------------------
Total revenue, net of interest expense (FTE basis) (1)                           $   7,759                           $   4,603                          $   4,314                           $  2,387                           $    638                               $    (746 )
Provision for credit losses                                                            653                                  14                                (31 )                               26                               (113 )                                  (330 )
Noninterest expense                                                                  4,419                               3,442                              1,969                              2,522                              1,360                                     484
Net income (loss)                                                                    1,654                                 705                              1,520                                (75 )                             (379 )                                  (375 )
Return on average allocated capital (2)                                                 22  %                               23 %                               18  %                                n/m                                 n/m                                       n/m
Balance Sheet
---------------------------------------------------------
Average
  Total loans and leases                                                         $ 199,215                           $ 123,544                          $ 287,003                           $ 58,108                           $ 33,772                               $ 183,091
  Total deposits                                                                   517,581                             238,835                            292,096                             40,941                                    n/m                              22,162
Allocated capital (2)                                                               30,000                              12,000                             33,500                             34,000                             17,000                                           n/m
Period end
  Total loans and leases                                                         $ 202,000                           $ 125,431                          $ 288,905                           $ 59,388                           $ 33,055                               $ 172,612
  Total deposits                                                                   524,415                             245,391                            279,792                             40,746                                    n/m                              19,240

(1) Fully taxable-equivalent (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.

(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. Allocated capital and the related return are non-GAAP financial measures. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in assessing the results of the segments. Other companies may define or calculate these measures differently. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on pages 17-19.)

(3) For information on the impact of early adoption of new accounting guidance on recognition and measurement of financial instruments, see page 9.

n/m = not meaningful

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

Bank of America Corporation and Subsidiaries
Annual Results by Business Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)                                                                                                                         
                                                                                                                                                                    Year Ended December 31, 2015
                                                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                  Consumer                              GWIM                              Global                              Global                             Legacy                                   All
                                                                                   Banking                                                                Banking                             Markets                           Assets &                                 Other
                                                                                                                                                                                                                                Servicing
                                                                               ------------                        -----------                        ------------                        -----------                        ------------                        ------------------
Total revenue, net of interest expense (FTE basis) (1, 2)                        $  30,618                           $  18,001                          $  16,919                           $ 15,067                           $  3,430                               $    (619 )
Provision for credit losses                                                          2,524                                  51                                685                                 99                                144                                    (342 )
Noninterest expense                                                                 17,485                              13,843                              7,888                             11,310                              4,451                                   2,215
Net income (loss) (1)                                                                6,739                               2,609                              5,273                              2,496                               (740 )                                  (489 )
Return on average allocated capital (3)                                                 23  %                               22 %                               15  %                               7  %                                 n/m                                       n/m
Balance Sheet
---------------------------------------------------------
Average
  Total loans and leases                                                         $ 204,723                           $ 131,383                          $ 305,220                           $ 63,572                           $ 29,885                               $ 147,400
  Total deposits                                                                   545,839                             244,725                            294,733                             38,470                                    n/m                              21,862
  Allocated capital (3)                                                             29,000                              12,000                             35,000                             35,000                             24,000                                           n/m
Period end
  Total loans and leases                                                         $ 214,405                           $ 137,847                          $ 325,677                           $ 73,208                           $ 26,521                               $ 125,343
  Total deposits                                                                   572,739                             260,893                            296,162                             37,276                                    n/m                              22,898
                                                                                                                                                                                                                                                                  
                                                                                                                                                                    Year Ended December 31, 2014
                                                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                  Consumer                              GWIM                              Global                              Global                             Legacy                                   All
                                                                                   Banking                                                                Banking                             Markets                           Assets &                                 Other
                                                                                                                                                                                                                                Servicing
                                                                               ------------                        -----------                        ------------                        -----------                        ------------                        ------------------
Total revenue, net of interest expense (FTE basis) (2)                           $  30,809                           $  18,404                          $  17,607                           $ 16,188                           $  2,676                               $    (568 )
Provision for credit losses                                                          2,680                                  14                                322                                110                                127                                    (978 )
Noninterest expense                                                                 17,865                              13,654                              8,170                             11,862                             20,633                                   2,933
Net income (loss)                                                                    6,436                               2,969                              5,769                              2,705                            (13,110 )                                    64
Return on average allocated capital (3)                                                 21  %                               25 %                               17  %                               8  %                                 n/m                                       n/m
Balance Sheet
---------------------------------------------------------
Average
  Total loans and leases                                                         $ 197,115                           $ 119,775                          $ 286,484                           $ 62,073                           $ 35,941                               $ 202,513
  Total deposits                                                                   512,820                             240,242                            288,010                             40,813                                    n/m                              30,834
  Allocated capital (3)                                                             30,000                              12,000                             33,500                             34,000                             17,000                                           n/m
Period end
  Total loans and leases                                                         $ 202,000                           $ 125,431                          $ 288,905                           $ 59,388                           $ 33,055                               $ 172,612
  Total deposits                                                                   524,415                             245,391                            279,792                             40,746                                    n/m                              19,240

(1) For information on the impact of early adoption of new accounting guidance on recognition and measurement of financial instruments, see page 9.

(2) Fully taxable-equivalent (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.

(3) 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. Allocated capital and the related return are non-GAAP financial measures. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in assessing the results of the segments. Other companies may define or calculate these measures differently. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on pages 17-19.)

n/m = not meaningful

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

Bank of America Corporation and Subsidiaries
Supplemental Financial Data                                           
------------------------------------------ ----------------------------------------- ----------------------------------------- -------------------- ----------------------------------------- -------------------- -------------------- ----------------------------------------- -------------------- -------------------- ---------------------
(Dollars in millions)                                                                                                                           
Fully taxable-equivalent (FTE) basis data                            Year Ended                                                                            Fourth                                                                               Third                                                                              Fourth
(1)                                                                  December 31                                                                           Quarter                                                                             Quarter                                                                             Quarter
                                                                                                                                                            2015                                                                                2015                                                                                2014
------------------------------------------ --------------------------------------------------------
                                                   2015                                      2014
                                           ---------------------                     ---------------------                                          ------------------                                                                  ------------------                                                                  ------------------
Net interest income                             $ 40,160                                  $ 40,821                                                       $ 10,032                                                                            $  9,742                                                                            $  9,865
Total revenue, net of interest expense (2)        83,416                                    85,116                                                         19,759                                                                              20,612                                                                              18,955
Net interest yield                                  2.20      %                               2.25      %                                                    2.16      %                                                                         2.10      %                                                                         2.18      %
Efficiency ratio (2)                               68.56                                     88.25                                                          70.20                                                                               66.99                                                                               74.90
                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                             
Other Data                                                                                                                                               December 31                                                          September 30                                                           December 31
                                                                                                                                                            2015                                                                  2015                                                                  2014
------------------------------------------                                                                                                          ------------------                                             --------------------------------                               ----------------------------------------------
Number of financial centers - U.S.                                                                                                                          4,726                                                                               4,741                                                                               4,855
Number of branded ATMs - U.S.                                                                                                                              16,038                                                                              16,062                                                                              15,834
Ending full-time equivalent employees                                                                                                                     213,280                                                                             215,193                                                                             223,715

(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. See Reconciliations to GAAP Financial Measures on pages 17-19.

(2) For information on the impact of early adoption of new accounting guidance on recognition and measurement of financial instruments, see page 9.

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

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

The Corporation evaluates its business based on a fully taxable-equivalent basis, a non-GAAP financial measure. The Corporation believes managing the business with net interest income on a fully taxable-equivalent basis provides a more accurate picture of the interest margin for comparative purposes. Total revenue, net of interest expense, includes net interest income on a fully taxable-equivalent basis and noninterest income. The Corporation views related ratios and analyses (i.e., efficiency ratios and net interest yield) on a fully taxable-equivalent basis. To derive the fully taxable-equivalent basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, the Corporation uses the federal statutory tax rate of 35 percent. This measure ensures comparability of net interest income arising from taxable and tax-exempt sources. The efficiency ratio measures the costs expended to generate a dollar of revenue, and net interest yield measures the basis points the Corporation earns over the cost of funds.

The Corporation also 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.

In addition, the Corporation periodically reviews capital allocated to its businesses and allocates capital annually during the strategic and capital planning processes. We utilize a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. The Corporation’s internal risk-based capital models use a risk-adjusted methodology incorporating each segment’s credit, market, interest rate, business and operational risk components. 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. Allocated capital and the related return both represent non-GAAP financial measures. Allocated capital is reviewed periodically and refinements are made based on multiple considerations that include, but are not limited to, risk-weighted assets measured under Basel 3 Standardized and Advanced approaches, business segment exposures and risk profile, and strategic plans. As part of this process, in 2015, the Corporation adjusted the amount of capital being allocated to its business segments, primarily Legacy Assets & Servicing.

See the tables below and on pages 18-19 for reconciliations of these non-GAAP financial measures to financial measures defined by GAAP for the years ended December 31, 2015 and 2014, and the three months ended December 31, 2015, September 30, 2015 and December 31, 2014. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation. Other companies may define or calculate supplemental financial data differently.

                                                                                                                                                            Year Ended                                                        Fourth                                  Third                                   Fourth
                                                                                                                                                                               December 31                                                                                             Quarter                                                                                         Quarter                                                                                           Quarter
                                                                                                                                                                                                                                                                                        2015                                                                                            2015                                                                                              2014
                                                                                                                                         --------------------------------------------------------------------------------
                                                                                                                                                       2015                               2014
                                                                                                                                         ---------------------------------                     ---------------------------------                                          ------------------------------                                                                  ------------------------------                                                                  ---------------------------------
Reconciliation of net interest income to
net interest income on a fully taxable-equivalent basis
-------------------------------------------------------------------------------------------------------------------
Net interest income                                                                                                                        $  39,251                                             $  39,952                                                                  $   9,801                                                                                       $   9,511                                                                                          $   9,635
Fully taxable-equivalent adjustment                                                                                                              909                                869                                                     231                                                                          231                                                                             230  
                                                                                                                                         --------------------------------                      --------------------------------                                           --------------------------------                                                                --------------------------------                                                                -----------------------------------
  Net interest income on a fully taxable-equivalent basis                                                                                  $  40,160                          $  40,821                                               $  10,032                                                                    $   9,742                                                                       $   9,865  
                                                                                                                                         === ======= ====================                      === ======= ====================                                           === ======= ====================                                                                === ======= ====================                                                                ====== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Reconciliation of total revenue, net of
interest expense to total revenue, net of interest expense on a
fully taxable-equivalent basis
-------------------------------------------------------------------------------------------------------------------
Total revenue, net of interest expense (1)                                                                                                 $  82,507                                             $  84,247                                                                  $  19,528                                                                                       $  20,381                                                                                          $  18,725
Fully taxable-equivalent adjustment                                                                                                              909                                869                                                     231                                                                          231                                                                             230  
                                                                                                                                         --------------------------------                      --------------------------------                                           --------------------------------                                                                --------------------------------                                                                -----------------------------------
  Total revenue, net of interest expense on a fully                                                                                        $  83,416                          $  85,116                                               $  19,759                                                                    $  20,612                                                                       $  18,955  
  taxable-equivalent basis
                                                                                                                                         === ======= ====================                      === ======= ====================                                           === ======= ====================                                                                === ======= ====================                                                                ====== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Reconciliation of income tax expense to
income tax expense on a fully taxable-equivalent basis
-------------------------------------------------------------------------------------------------------------------
Income tax expense (1)                                                                                                                     $   6,266                                             $   2,022                                                                  $   1,511                                                                                       $   1,446                                                                                          $   1,260
Fully taxable-equivalent adjustment                                                                                                              909                                869                                                     231                                                                          231                                                                             230  
                                                                                                                                         --------------------------------                      --------------------------------                                           --------------------------------                                                                --------------------------------                                                                -----------------------------------
  Income tax expense on a fully taxable-equivalent basis                                                                                   $   7,175                          $   2,891                                               $   1,742                                                                    $   1,677                                                                       $   1,490  
                                                                                                                                         === ======= ====================                      === ======= ====================                                           === ======= ====================                                                                === ======= ====================                                                                ====== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Reconciliation of average common
shareholders’ equity to average tangible common shareholders’
equity
-------------------------------------------------------------------------------------------------------------------
Common shareholders’ equity                                                                                     $ 230,182                                             $ 223,072                                                                  $ 234,851                                                                                       $ 231,620                                                                                          $ 224,479
Goodwill                                                                                                                                     (69,772 )                                             (69,809 )                                                                  (69,761 )                                                                                       (69,774 )                                                                                          (69,782 )
Intangible assets (excluding mortgage servicing rights)                                                                                       (4,201 )                                              (5,109 )                                                                   (3,888 )                                                                                        (4,099 )                                                                                           (4,747 )
Related deferred tax liabilities                                                                                                               1,852                              2,090                                                   1,753                                                                        1,811                                                                           2,019  
                                                                                                                                         --------------------------------                      --------------------------------                                           --------------------------------                                                                --------------------------------                                                                -----------------------------------
  Tangible common shareholders’ equity                                                                          $ 158,061                          $ 150,244                                               $ 162,955                                                                    $ 159,558                                                                       $ 151,969  
                                                                                                                                         === ======= ====================                      === ======= ====================                                           === ======= ====================                                                                === ======= ====================                                                                ====== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Reconciliation of average shareholders’
equity to average tangible shareholders’ equity
-------------------------------------------------------------------------------------------------------------------
Shareholders’ equity                                                                                            $ 251,990                                             $ 238,482                                                                  $ 257,125                                                                                       $ 253,893                                                                                          $ 243,454
Goodwill                                                                                                                                     (69,772 )                                             (69,809 )                                                                  (69,761 )                                                                                       (69,774 )                                                                                          (69,782 )
Intangible assets (excluding mortgage servicing rights)                                                                                       (4,201 )                                              (5,109 )                                                                   (3,888 )                                                                                        (4,099 )                                                                                           (4,747 )
Related deferred tax liabilities                                                                                                               1,852                              2,090                                                   1,753                                                                        1,811                                                                           2,019  
                                                                                                                                         --------------------------------                      --------------------------------                                           --------------------------------                                                                --------------------------------                                                                -----------------------------------
  Tangible shareholders’ equity                                                                                 $ 179,869                          $ 165,654                                               $ 185,229                                                                    $ 181,831                                                                       $ 170,944  
                                                                                                                                         === ======= ====================                      === ======= ====================                                           === ======= ====================                                                                === ======= ====================                                                                ====== ======= ====================

(1) For information on the impact of early adoption of new accounting guidance on recognition and measurement of financial instruments, see page 9.

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

Bank of America Corporation and Subsidiaries                                                                                                                                                                                                                                                  
Reconciliations to GAAP Financial Measures (continued)                                                                  
---------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)
                                                                                                                                                                                      Year Ended                                                                                                    Fourth                                                                                               Third                                                                                               Fourth
                                                                                                                                                                                      December 31                                                                                                   Quarter                                                                                             Quarter                                                                                              Quarter
                                                                                                                                                                                                                                                                                                     2015                                                                                                2015                                                                                                 2014
                                                                                                                                            ----------------------------------------------------------------------------------------
                                                                                                                                                            2015                                                      2014
                                                                                                                                            -------------------------------------                     -------------------------------------                                          ----------------------------------                                                                  ----------------------------------                                                                  -----------------------------------
Reconciliation of period-end common
shareholders’ equity to period-end tangible common shareholders’
equity
----------------------------------------------------------------------------------------------------------------------
Common shareholders’ equity                                                                                          $   233,932                                               $   224,162                                                                    $   233,932                                                                                         $   233,632                                                                                          $   224,162
Goodwill                                                                                                                                            (69,761 )                                                 (69,777 )                                                                      (69,761 )                                                                                           (69,761 )                                                                                            (69,777 )
Intangible assets (excluding mortgage servicing rights)                                                                                              (3,768 )                                                  (4,612 )                                                                       (3,768 )                                                                                            (3,973 )                                                                                             (4,612 )
Related deferred tax liabilities                                                                                                                      1,716                                  1,960                                                       1,716                                                                            1,762                                                                             1,960  
                                                                                                                                            ------------------------------------                      ------------------------------------                                           ------------------------------------                                                                ------------------------------------                                                                -------------------------------------
  Tangible common shareholders’ equity                                                                               $   162,119                            $   151,733                                                 $   162,119                                                                      $   161,660                                                                       $   151,733  
                                                                                                                                            ===== ========= ====================                      ===== ========= ====================                                           ===== ========= ====================                                                                ===== ========= ====================                                                                ====== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Reconciliation of period-end
shareholders’ equity to period-end tangible shareholders’ equity
----------------------------------------------------------------------------------------------------------------------
Shareholders’ equity                                                                                                 $   256,205                                               $   243,471                                                                    $   256,205                                                                                         $   255,905                                                                                          $   243,471
Goodwill                                                                                                                                            (69,761 )                                                 (69,777 )                                                                      (69,761 )                                                                                           (69,761 )                                                                                            (69,777 )
Intangible assets (excluding mortgage servicing rights)                                                                                              (3,768 )                                                  (4,612 )                                                                       (3,768 )                                                                                            (3,973 )                                                                                             (4,612 )
Related deferred tax liabilities                                                                                                                      1,716                                  1,960                                                       1,716                                                                            1,762                                                                             1,960  
                                                                                                                                            ------------------------------------                      ------------------------------------                                           ------------------------------------                                                                ------------------------------------                                                                -------------------------------------
  Tangible shareholders’ equity                                                                                      $   184,392                            $   171,042                                                 $   184,392                                                                      $   183,933                                                                       $   171,042  
                                                                                                                                            ===== ========= ====================                      ===== ========= ====================                                           ===== ========= ====================                                                                ===== ========= ====================                                                                ====== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Reconciliation of period-end assets to
period-end tangible assets
----------------------------------------------------------------------------------------------------------------------
Assets                                                                                                                                          $ 2,144,316                                               $ 2,104,534                                                                    $ 2,144,316                                                                                         $ 2,153,006                                                                                          $ 2,104,534
Goodwill                                                                                                                                            (69,761 )                                                 (69,777 )                                                                      (69,761 )                                                                                           (69,761 )                                                                                            (69,777 )
Intangible assets (excluding mortgage servicing rights)                                                                                              (3,768 )                                                  (4,612 )                                                                       (3,768 )                                                                                            (3,973 )                                                                                             (4,612 )
Related deferred tax liabilities                                                                                                                      1,716                                  1,960                                                       1,716                                                                            1,762                                                                             1,960  
                                                                                                                                            ------------------------------------                      ------------------------------------                                           ------------------------------------                                                                ------------------------------------                                                                -------------------------------------
  Tangible assets                                                                                                                               $ 2,072,503                            $ 2,032,105                                                 $ 2,072,503                                                                      $ 2,081,034                                                                       $ 2,032,105  
                                                                                                                                            ===== ========= ====================                      ===== ========= ====================                                           ===== ========= ====================                                                                ===== ========= ====================                                                                ====== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Book value per share of common stock
----------------------------------------------------------------------------------------------------------------------
Common shareholders’ equity                                                                                          $   233,932                                               $   224,162                                                                    $   233,932                                                                                         $   233,632                                                                                          $   224,162
Ending common shares issued and outstanding                                                                                                      10,380,265                                                10,516,542                                                                     10,380,265                                                                                          10,427,305                                                                                           10,516,542
  Book value per share of common stock                                                                                                          $     22.54                                               $     21.32                                                                    $     22.54                                                                                         $     22.41                                                                                          $     21.32
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Tangible book value per share of common
stock
----------------------------------------------------------------------------------------------------------------------
Tangible common shareholders’ equity                                                                                 $   162,119                                               $   151,733                                                                    $   162,119                                                                                         $   161,660                                                                                          $   151,733
Ending common shares issued and outstanding                                                                                                      10,380,265                                                10,516,542                                                                     10,380,265                                                                                          10,427,305                                                                                           10,516,542
  Tangible book value per share of common stock                                                                                                 $     15.62                                               $     14.43                                                                    $     15.62                                                                                         $     15.50                                                                                          $     14.43

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

Bank of America Corporation and Subsidiaries                                                                                                                                                                                            
Reconciliations to GAAP Financial Measures (continued)                                                                                                                                              
--------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------- -------------------- ------------------------------------------------------- -------------------- -------------------- --------------------------------------------------------- -------------------- -------------------- -------------------------------------
(Dollars in millions)
                                                                                                                                Year Ended                                                                                                     Fourth                                                                                              Third                                                                                              Fourth
                                                                                                                                December 31                                                                                                    Quarter                                                                                            Quarter                                                                                             Quarter
                                                                                                                                                                                                                                                2015                                                                                               2015                                                                                                2014
                                                                                    --------------------------------------------------------------------------------------------
                                                                                                       2015                                                        2014
                                                                                    -------------------------------------------                     -----------------------------------                                          --------------------------------                                                                  ----------------------------------                                                                  ----------------------------------
Reconciliation of return on average
allocated capital (1)
--------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Consumer Banking
--------------------------------------------------------------
Reported net income                                                                          $      6,739                                                $  6,436                                                                     $  1,799                                                                                           $   1,759                                                                                           $   1,654
Adjustment related to intangibles (2)                                                                   4                                    4                                                         1                                                                                1                                                                                1  
                                                                                    ------------------------------------------                      ----------------------------------                                           ----------------------------------                                                                ------------------------------------                                                                ------------------------------------
                                                                                             $      6,743                             $  6,440                                                  $  1,800                                                                        $   1,760                                                                        $   1,655  
  Adjusted net income
                                                                                    ========== ========== ====================                      ====== ====== ====================                                           ====== ====== ====================                                                                ======= ======= ====================                                                                ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Average allocated equity (3)                                                                 $     59,319                                                $ 60,398                                                                     $ 59,296                                                                                           $  59,305                                                                                           $  60,367
Adjustment related to goodwill and a percentage of intangibles                                    (30,319 )                                               (30,398 )                                                                    (30,296 )                                                                                           (30,305 )                                                                                           (30,367 )
                                                                                    ------------------------------------------                      ----------------------------------                                           ----------------------------------                                                                ------------------------------------                                                                ------------------------------------
  Average allocated capital                                                                  $     29,000                             $ 30,000                                                  $ 29,000                                                                        $  29,000                                                                        $  30,000  
                                                                                    ========== ========== ====================                      ====== ====== ====================                                           ====== ====== ====================                                                                ======= ======= ====================                                                                ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Global Wealth & Investment Management
--------------------------------------------------------------
Reported net income                                                                          $      2,609                                                $  2,969                                                                     $    614                                                                                           $     656                                                                                           $     705
Adjustment related to intangibles (2)                                                                  11                                   13                                                         2                                                                                3                                                                                3  
                                                                                    ------------------------------------------                      ----------------------------------                                           ----------------------------------                                                                ------------------------------------                                                                ------------------------------------
  Adjusted net income                                                                        $      2,620                             $  2,982                                                  $    616                                                                        $     659                                                                        $     708  
                                                                                    ========== ========== ====================                      ====== ====== ====================                                           ====== ====== ====================                                                                ======= ======= ====================                                                                ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Average allocated equity (3)                                                                 $     22,130                                                $ 22,214                                                                     $ 22,115                                                                                           $  22,132                                                                                           $  22,186
Adjustment related to goodwill and a percentage of intangibles                                    (10,130 )                                               (10,214 )                                                                    (10,115 )                                                                                           (10,132 )                                                                                           (10,186 )
                                                                                    ------------------------------------------                      ----------------------------------                                           ----------------------------------                                                                ------------------------------------                                                                ------------------------------------
  Average allocated capital                                                                  $     12,000                             $ 12,000                                                  $ 12,000                                                                        $  12,000                                                                        $  12,000  
                                                                                    ========== ========== ====================                      ====== ====== ====================                                           ====== ====== ====================                                                                ======= ======= ====================                                                                ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Global Banking
--------------------------------------------------------------
Reported net income                                                                          $      5,273                                                $  5,769                                                                     $  1,378                                                                                           $   1,277                                                                                           $   1,520
Adjustment related to intangibles (2)                                                                   1                                    2                                                         1                                                                   --                                                                   --  
                                                                                    ------------------------------------------                      ----------------------------------                                           ----------------------------------                                                                ------------------------------------                                                                ------------------------------------
  Adjusted net income                                                                        $      5,274                             $  5,771                                                  $  1,379                                                                        $   1,277                                                                        $   1,520  
                                                                                    ========== ========== ====================                      ====== ====== ====================                                           ====== ====== ====================                                                                ======= ======= ====================                                                                ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Average allocated equity (3)                                                                 $     58,935                                                $ 57,429                                                                     $ 58,938                                                                                           $  58,947                                                                                           $  57,420
Adjustment related to goodwill and a percentage of intangibles                                    (23,935 )                                               (23,929 )                                                                    (23,938 )                                                                                           (23,947 )                                                                                           (23,920 )
                                                                                    ------------------------------------------                      ----------------------------------                                           ----------------------------------                                                                ------------------------------------                                                                ------------------------------------
  Average allocated capital                                                                  $     35,000                             $ 33,500                                                  $ 35,000                                                                        $  35,000                                                                        $  33,500  
                                                                                    ========== ========== ====================                      ====== ====== ====================                                           ====== ====== ====================                                                                ======= ======= ====================                                                                ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Global Markets
--------------------------------------------------------------
Reported net income (loss) (4)                                                               $      2,496                                                $  2,705                                                                     $    185                                                                                           $     821                                                                                           $     (75 )
Adjustment related to intangibles (2)                                                                  10                                    9                                                         2                                                                                4                                                                                2  
                                                                                    ------------------------------------------                      ----------------------------------                                           ----------------------------------                                                                ------------------------------------                                                                ------------------------------------
  Adjusted net income (loss)                                                                 $      2,506                             $  2,714                                                  $    187                                                                        $     825                                                                        $     (73 )
                                                                                    ========== ========== ====================                      ====== ====== ====================                                           ====== ====== ====================                                                                ======= ======= ====================                                                                ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Average allocated equity (3)                                                                 $     40,392                                                $ 39,394                                                                     $ 40,355                                                                                           $  40,351                                                                                           $  39,395
Adjustment related to goodwill and a percentage of intangibles                                     (5,392 )                                                (5,394 )                                                                     (5,355 )                                                                                            (5,351 )                                                                                            (5,395 )
                                                                                    ------------------------------------------                      ----------------------------------                                           ----------------------------------                                                                ------------------------------------                                                                ------------------------------------
  Average allocated capital                                                                  $     35,000                             $ 34,000                                                  $ 35,000                                                                        $  35,000                                                                        $  34,000  
                                                                                    ========== ========== ====================                      ====== ====== ====================                                           ====== ====== ====================                                                                ======= ======= ====================                                                                ======= ======= ====================

(1) There are no adjustments to reported net income (loss) or average allocated equity for Legacy Assets & Servicing.

(2) Represents cost of funds, earnings credits and certain expenses related to intangibles.

(3) Average allocated equity is comprised of average allocated capital plus capital for the portion of goodwill and intangibles specifically assigned to the business segment.

(4) For information on the impact of early adoption of new accounting guidance on recognition and measurement of financial instruments, see page 9.

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

This information is preliminary and based on company data available at the time of the presentation.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160119005701r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160119005701/en/

SOURCE: Bank of America"> <Property FormalName="PrimaryTwitterHandle" Value="@BofA_News

Investors May Contact: 
Lee McEntire, Bank of America, 1.980.388.6780 
Jonathan Blum, Bank of America (Fixed Income), 1.212.449.3112 

Reporters May Contact: 
Jerry Dubrowski, Bank of America, 1.980.388.2840 
jerome.f.dubrowski@bankofamerica.com


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