Bank of America Corporation Liquidity Coverage Ratio (September 30, 2024)

Pillar 3 U.S. Liquidity Coverage Ratio (LCR) Disclosures

For the quarter ended September 30, 2024

Bank of America - Pillar 3 U.S. Liquidity Coverage Ratio Disclosures

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Bank of America - Pillar 3 U.S. Liquidity Coverage Ratio Disclosures

Important Presentation Information

These disclosures are required by the Liquidity Coverage Ratio: Public Disclosure Requirements Final Rule published by the Board of Governors of the Federal Reserve System in alignment with the Basel 3 liquidity framework and U.S. Liquidity Coverage Ratio (LCR) Final Rule (LCR Rule). Information contained in this report is presented in accordance with the LCR Rule, and follows the Liquidity Coverage Ratio: Public Disclosure Requirements Final Rule for the quantitative and qualitative presentation of data. Information presented herein may differ from similar information presented in the Consolidated Financial Statements and other publicly available disclosures. Unless specified otherwise, all amounts and information are presented in conformity with the definitions, rules and requirements of the LCR Rule.

U.S. banking regulators permit certain Pillar 3 disclosure requirements to be addressed by their inclusion in the Consolidated Financial Statements of the Corporation. In such instances, incorporation into this report is made by reference to the relevant section(s) of the most recent Form 10-Q filed with the U.S. Securities and Exchange Commission. This Pillar 3 report should be read in conjunction with the aforementioned report as information regarding liquidity and risk management is largely contained in this filing. The table below indicates the location of such disclosure.

DISCLOSURE MAP

CORPORATE OVERVIEW

Bank of America Corporation (together, with its consolidated subsidiaries, Bank of America, "we", "us" or "our") is a Delaware corporation, a bank holding company and a financial holding company. When used in this report, "the Corporation" may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries or certain of Bank of America Corporation's subsidiaries or affiliates. Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services. Our principal executive offices are located in the Bank of America Corporate Center, 100 North Tryon Street, Charlotte, North Carolina 28255.

LCR REQUIREMENTS AND DISCLOSURES

The objective of the LCR is to promote the short-term resilience of the liquidity risk profile of financial institutions by requiring banks to hold high-quality liquid assets (HQLA) that can be easily monetized to meet their liquidity needs for a 30 calendar-day liquidity stress scenario. The LCR is intended to improve the banking sector's ability to absorb shocks arising from financial and economic stress. The LCR is calculated as the amount of a financial institution's HQLA relative to the prescribed net cash outflows the institution could encounter over a 30 calendar-day period of significant liquidity stress, expressed as a percentage.

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Bank of America - Pillar 3 U.S. Liquidity Coverage Ratio Disclosures

THE MAIN DRIVERS OF THE LCR

The main drivers of the Corporation's U.S. LCR include changes in total HQLA and composition of Level 1 and Level 2 assets, as well as changes in net cash outflows related to, but not limited to, deposits, commitment facilities, securities financing and client brokerage and collateralized derivatives.

For the quarterly period ended September 30, 2024, the Corporation's average daily U.S. LCR was 115.2 percent. The ratio is the average of the daily reported LCRs throughout the quarter. The weighted HQLA averaged $610 billion and net cash outflows over a 30 calendar- day period averaged $529 billion. The Corporation's average daily LCR increased compared to the prior quarter primarily driven by an increase in HQLA outside of the banking entities.

1 The amounts reported in this column may not equal the calculation of those amounts using component amounts reported in rows 1-28 due to technical factors such as the application of the level 2 liquid asset caps, the total inflow cap, and for depository institution holding companies subject to subpart G, the application of the modification to total net cash outflows.

Note: Eligible HQLA reported in rows 1-4 in the table above exclude excess liquidity held at certain subsidiaries.

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Bank of America - Pillar 3 U.S. Liquidity Coverage Ratio Disclosures

THE COMPOSITION OF ELIGIBLE HQLA

Under the LCR Rule, HQLA is classified into three categories: Level 1, Level 2A and Level 2B. Level 1 assets include central bank reserves (less reserve requirements) and certain marketable securities backed by sovereigns and central banks. Level 2A assets, subject to a 15 percent haircut, include certain U.S. government-sponsored enterprise securities and government or central bank securities not eligible for Level 1. Level 2B assets, subject to a 50 percent haircut, include certain corporate debt securities (including commercial paper), municipal bonds and publicly traded common equities. Level 2 assets (both Level 2A and Level 2B combined) are limited to 40 percent of total HQLA and Level 2B assets are limited to 15 percent of total HQLA. For additional information, refer to Liquidity Risk - Global Liquidity Sources and Other Unencumbered Assets within the Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) section of the September 30, 2024, Form 10-Q.

Average weighted amount

In millions of U.S. Dollars

ELIGIBLE HQLA

1 Central bank reserves

2 Per the LCR rule, HQLA securities are represented at fair value which may differ from the accounting treatment under GAAP

CONCENTRATION OF FUNDING SOURCES

We fund our assets primarily with a mix of deposits and secured and unsecured liabilities through a centralized, globally coordinated funding approach diversified across products, programs, markets, currencies and investor groups. We consider a substantial portion of our deposits to be a stable, low-cost and consistent source of funding. Our long-term unsecured debt is primarily issued in a variety of maturities and currencies to achieve cost-efficient funding, to maintain an appropriate maturity profile and to ensure that we maintain global capital market access. Our trading activities in our broker-dealer entities are primarily funded on a secured basis through securities lending and repurchase agreements and these amounts will vary based on customer activity and market conditions. We believe funding these activities in the secured financing markets is less sensitive to changes in our credit ratings than unsecured financing, and more cost-efficient. For additional information on funding sources refer to Liquidity Risk - Diversified Funding Sources within the MD&A section of the September 30, 2024, Form 10-Q.

DERIVATIVE EXPOSURES AND POTENTIAL COLLATERAL CALLS

We enter into derivative transactions with customers to help them manage different types of risk, including risks that they may face given changes in interest rates, currency relationships, securities prices or commodities prices. In addition, we enter into derivative transactions with third parties and between affiliate legal entities to enable management of risk across the enterprise. Risk factors in derivatives activities impacting liquidity include: contractual margin asymmetries, cash and collateral outflows related to changes in the financial condition of the Corporation, counterparty behavior and valuation changes.

CURRENCY MISMATCH IN THE LCR

Given the nature of our business, our HQLA and net cash outflows are primarily in U.S. dollars. Additional amounts are primarily held in G7 currencies. We maintain and monitor concentrations within our funding profile, such as maturities, currencies and counterparties, and access foreign exchange markets to supplement local currency holdings to meet outflows.

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Bank of America - Pillar 3 U.S. Liquidity Coverage Ratio Disclosures

CENTRALIZED LIQUIDITY MANAGEMENT FUNCTION

We manage our liquidity position through line of business and asset-liability management activities, as well as through our legal entity funding strategy, on both a forward and current (including intraday) basis under both expected and stressed conditions. We believe that a centralized approach to funding and liquidity management enhances our ability to monitor liquidity requirements, maximizes access to funding sources, minimizes borrowing costs and facilitates timely responses to liquidity events.

We provide centralized funding and liquidity management through a variety of activities, including monitoring of established limits, assessing exposures under both normal and stressed conditions and reviewing liquidity risk management processes and controls. Global Risk Management (GRM) provides oversight of liquidity management across the Corporation, including front-line units and legal entities. GRM oversees the liquidity risk management governance structure, establishes liquidity risk policies, and provides independent review and challenge of the Corporation's liquidity risk management processes. The Board, its risk committee and various management committees oversee the Corporation's liquidity risk activities. The Board and/or ERC approve our liquidity risk policy, Financial Contingency and Recovery Plan and liquidity risk appetite limits. Management committees responsible for liquidity governance include the Corporation's Management Risk Committee, Asset and Liability Governance Committee, Liquidity Risk Committee and Asset and Liability Management Investment Committee.

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