Bank of America Corporation Net Stable Funding Ratio (December 31, 2024)

Pillar 3 U.S. Net Stable Funding Ratio (NSFR) Disclosure

For the quarters ended September 30, 2024 and December 31, 2024

Bank of America - Pillar 3 U.S. Net Stable Funding Ratio Disclosures

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Bank of America - Pillar 3 U.S. Net Stable Funding Ratio Disclosures

Important Presentation Information

These disclosures are required by the Net Stable Funding 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. Net Stable Funding Ratio (NSFR) Final Rule (NSFR Rule). Information contained in this report is presented in accordance with the NSFR Rule, and follows the Net Stable Funding 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 and requirements of the NSFR 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 Forms 10-Q and 10-K, as the case may be, filed with the U.S. Securities and Exchange Commission. This Pillar 3 report should be read in conjunction with the aforementioned reports as information regarding liquidity and risk management is largely contained in those filings. The table below indicates the location of such disclosures.

DISCLOSURE MAP

EXECUTIVE SUMMARY

Bank of America Corporation (together, with its consolidated subsidiaries, Bank of America, "the Corporation", "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.

NSFR REQUIREMENTS AND DISCLOSURES

The objective of the NSFR is to promote a more resilient banking sector and financial system by reducing the likelihood of disruptions to a banking organization's regular sources of funding that could compromise its liquidity position over a one-year period. The NSFR is intended to support the ability of banks to lend to households and businesses in both normal and adverse economic conditions and is complementary to the Liquidity Coverage Ratio (LCR), which focuses on short-term liquidity risks. The NSFR is calculated as the amount of a financial institution's available stable funding (ASF) over its required stable funding (RSF), expressed as a percentage. In compliance with the NSFR rule, this disclosure utilizes simple daily averages of the NSFR. The NSFR requires banking organizations to maintain minimum ASF to support their assets, commitments, and derivatives exposures (RSF) over a one-year period. The NSFR will fluctuate due to normal business flows from customer activity.

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Bank of America - Pillar 3 U.S. Net Stable Funding Ratio Disclosures

THE MAIN DRIVERS OF THE NSFR

The main drivers of the Corporation's U.S. NSFR include ASF of Capital and Securities, Retail Funding, Wholesale Funding, and Other Liabilities. Drivers of the Corporation's RSF include total High Quality Liquid Assets (HQLA), Loans and Securities, and Other Assets.

For the quarterly period that began July 1, 2024 and ended September 30, 2024 the Corporation's average daily U.S. NSFR was 120.8 percent. This ratio is the result of the average of the daily reported NSFRs throughout the quarter. The weighted ASF averaged $1.8 trillion and the weighted RSF averaged $1.5 trillion. The Corporation's average daily NSFR increased from the prior quarter primarily driven by a decrease in secured lending, equity securities and margin loans in the RSF.

Note: Disclosure line 15 excludes excess available stable funding held at certain subsidiaries.

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Bank of America - Pillar 3 U.S. Net Stable Funding Ratio Disclosures

For the quarterly period that began October 1, 2024 and ended December 31, 2024, the Corporation's average daily U.S. NSFR was 119.0 percent. This ratio is the result of the average of the daily reported NSFRs throughout the quarter. The weighted ASF averaged $1.8 trillion and the weighted RSF averaged $1.5 trillion. The Corporation's average daily NSFR decreased from the prior quarter primarily driven by a decrease in debt and secured funding in the ASF and an increase in securities and margin loans in the RSF.

Note: Disclosure line 15 excludes excess available stable funding held at certain subsidiaries.

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Bank of America - Pillar 3 U.S. Net Stable Funding Ratio Disclosures

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 dependable source of funding. Our long-term unsecured debt is 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. Trading activities in our broker-dealer entities are primarily funded on a secured basis through securities lending and repurchase agreements. 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 economical. For additional information on funding sources for the third and fourth quarters of 2024, refer to Liquidity Risk - Diversified Funding Sources 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 and the December 31, 2024, Form 10-K, respectively.

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.

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. For additional information on funding sources for the third and fourth quarters of 2024, refer to Liquidity Risk - Funding and Liquidity Risk Management within the MD&A section of the September 30, 2024, Form 10-Q and the December 31, 2024, Form 10-K.

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