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Bank of America Corp

BAC · 8-K · Filed Apr 15 · 10:440000070858-26-000222Read the filing ›Open on SEC EDGAR

8-K

bac-20260415.htm

Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

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On April 15, 2026 , Bank of America Corporation (the “Corporation”) announced financial results for the first quarter ended March 31, 2026, reporting first quarter net income of $8.6 billion, or $1.11 per diluted share. A copy of the press release announcing the Corporation’s results for the first quarter ended March 31, 2026 (the “Press Release”) is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The Press Release is available on the Corporation’s website.

The information provided in Item 2.02 of this report, including Exhibit 99.1, shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

ITEM 7.01. REGULATION FD DISCLOSURE.

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On April 15, 2026 , the Corporation will hold an investor conference call and webcast to discuss financial results for the first quarter ended March 31, 2026, including the Press Release and other matters relating to the Corporation.

The Corporation has also made available on its website presentation materials containing certain historical and forward-looking information relating to the Corporation (the “Presentation Materials”) and materials that contain additional information about the Corporation’s financial results for the first quarter ended March 31, 2026 (the “Supplemental Information”). The Presentation Materials and the Supplemental Information are furnished herewith as Exhibit 99.2 and Exhibit 99.3, respectively, and are incorporated by reference in this Item 7.01. All information in Exhibits 99.2 and 99.3 is presented as of the particular date or dates referenced therein, and the Corporation does not undertake any obligation to, and disclaims any duty to, update any of the information provided.

The information provided in Item 7.01 of this report, including Exhibits 99.2 and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the information or Exhibits 99.2 or 99.3 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.

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Exhibit 99.1

bac03312026ex991.htm

EX-99.1 bac03312026ex991.htm

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THE PRESS RELEASE bac03312026ex991 1 1Q26 Financial Highlights3(B) 1Q26 Business Segment Highlights1,3,4(B) Consumer Banking • Net income of $3.1 billion • Revenue of $11.0 billion, up 5% • Average deposits of $951 billion were modestly higher and up 32% from pre-pandemic levels (4Q19); #1 in U.S. Consumer Deposits5 • Average loans and leases of $322 billion, up $7 billion, or 2% • Average Small Business loans grew 5%; #1 Small Business Lender for 19 consecutive quarters5 • Combined credit / debit card spend of $245 billion, up 7% • Client Highlights – Added ~100K net new consumer checking accounts; completed 29 consecutive quarters of net growth – 38.5 million consumer checking accounts; 91% are primary6 – 4.1 million small business checking accounts – $573 billion in consumer investment assets, up 15%7 – $1.1 trillion in payments, up 5%8 – 4.3 billion digital logins; 71% of total sales were digitally-enabled Global Wealth and Investment Management • Net income of $1.3 billion • Revenue of $6.7 billion, up 12%. The increase was driven primarily by higher asset management fees, up 15% to $4.2 billion, reflecting higher market valuations and strong assets under management (AUM) flows • Client balances of $4.6 trillion, up 10%, driven by higher market valuations and positive net client flows • Average loans and leases of $262 billion, up $30 billion, or 13% • Client Highlights – $2.1 trillion of AUM balances, up 14% – Added ~4K net new $500K+ relationships across Merrill and Private Bank – 88% of Merrill and Private Bank clients digitally active Global Banking • Net income of $2.1 billion • Total Corporation investment banking fees (excl. self-led) of $1.8 billion, up 21% • $648 billion in average deposits, up 13% • Average loans and leases increased 5%, with growth across corporate, commercial and business banking • 10% improvement in treasury service charges Global Markets • Net income of $2.0 billion • Sales and trading revenue of $6.4 billion, up 13%, incl. net debit valuation adjustment (DVA) gains of $63 million. Excl. net DVA, up 12%.(E) 16th consecutive quarter of year-over-year growth – Equities revenue up 30% to $2.8 billion, incl. and excl. net DVA(E) – Fixed Income, Currencies and Commodities (FICC) revenue up 2% to $3.5 billion. Excl. net DVA, up 1%(E) From Chair and CEO Brian Moynihan: Earnings per share rose 25% year-over-year, starting 2026 with strong momentum. Net income of $8.6 billion reflected the team’s disciplined execution. The team produced 290 basis points of operating leverage. This resulted in strong year-over- year improvement in returns on equity and assets. Revenue growth of 7% year-over-year included net interest income that was better than we expected, up 9%, as well as double-digit growth in sales and trading revenue, investment banking fees and asset management fees. We remain watchful of evolving risks. However, we saw healthy client activity, including solid consumer spending and stable asset quality, indicating a resilient American economy. Bank of America Reports 1Q26 Net Income of $8.6 Billion; EPS of $1.11, Up 25% YoY 1Q26 Revenue Up 7% YoY to $30.3 Billion,1 Net Interest Income Grew 9% YoY to $15.7 Billion ($15.9 Billion FTE)(A) Operating Leverage of 2.9%2 See page 10 for endnotes. Amounts may not total due to rounding. Revenue, net of interest expense. Operating leverage calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. Financial Highlights and Business Segment Highlights are compared to the year-ago quarter unless noted. The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Source: Federal Financial Institutions Examination Council (FFIEC) Call Reports, 4Q25. Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). End of period. Consumer investment assets include client brokerage assets, deposit sweep balances, brokered CDs, and AUM in Consumer Banking. Total payments represent payments made from Bank of America accounts using credit card, debit card, ACH, wires, billpay, person-to-person, cash and checks. Return on average tangible common shareholders’ equity ratio represents a non-GAAP financial measure. For more information, see page 18. Tangible book value per common share represents a non-GAAP financial measure. For more information, see page 18. • Net income of $8.6 billion compared to $7.4 billion, up 17% – Diluted earnings per share of $1.11 compared to $0.89, up 25% • Revenue, net of interest expense, of $30.3 billion ($30.4 billion FTE),(A) up 7%, reflected higher net interest income (NII), sales and trading revenue, asset management fees and investment banking fees – NII of $15.7 billion ($15.9 billion FTE),(A) up 9%, driven by higher NII related to Global Markets activity, higher deposit and loan balances, and fixed-rate asset repricing, partially offset by the impact of lower interest rates • Provision for credit losses of $1.3 billion decreased from $1.5 billion in 1Q25 and was relatively flat to 4Q25 – Net charge-offs of $1.4 billion decreased from $1.5 billion in 1Q25 and increased from $1.3 billion in 4Q25, due largely to credit card seasonality • Noninterest expense of $18.5 billion, up 4%, driven by higher revenue- related expenses, as well as investments in people and technology – Efficiency ratio improved ~170 bps to 61% – Operating leverage of 2.9% • Return on average common shareholders' equity ratio of 12.0%; return on average tangible common shareholders' equity ratio of 16.0%9 • Return on average assets of 0.99% • Balance Sheet Remained Strong – Average deposit balances of $2.02 trillion increased 3%; 11th consecutive quarter of sequential growth – Average loans and leases of $1.19 trillion increased 9%, with growth across every business segment – Average Global Liquidity Sources of $960 billion(C) – Common equity tier 1 (CET1) capital of $200 billion decreased $1.7 billion from 4Q25 – CET1 ratio of 11.2% (Standardized);(D) well above the regulatory minimum – Returned $9.3 billion to shareholders (~$2.0 billion through common stock dividends and ~$7.2 billion in share repurchases) • Book value per common share rose 7% to $38.66; tangible book value per common share rose 7% to $28.8410

2 From Executive Vice President and CFO Alastair Borthwick: With our efficiency ratio improving nearly 170 basis points year-over-year to 61%, we once again demonstrated our flexibility to invest for growth, while practicing good expense discipline. Average deposits of more than $2 trillion grew for the 11th consecutive quarter, while loans were up 9% year-over-year, improving across every segment. In addition, our strong liquidity, and CET1 capital comfortably above regulatory requirements, helped enable us to return more than $9 billion to shareholders through common stock dividends and share repurchases. We believe our diversified business model, durable balance sheet and commitment to Responsible Growth continue to be sources of strength. Bank of America Financial Highlights ($ in billions, except per share data) 1Q26 4Q25 1Q25 Total revenue, net of interest expense $30.3 $28.4 $28.2 Provision for credit losses 1.3 1.3 1.5 Noninterest expense 18.5 17.4 17.8 Pretax income 10.4 9.6 9.0 Pretax, pre-provision income1(F) 11.7 10.9 10.5 Income tax expense 1.8 2.0 1.6 Net income 8.6 7.6 7.4 Diluted earnings per share $1.11 $0.98 $0.89 Return on average assets 0.99 % 0.89 % 0.89 % Return on average common shareholders’ equity 12.0 10.4 10.4 Return on average tangible common shareholders’ equity1 16.0 14.0 14.0 Efficiency ratio 61 61 63 1 Pretax, pre-provision income and return on average tangible common shareholders’ equity represent non-GAAP financial measures. For more information, see page 18. Net Interest Income (FTE) $14.6 $14.8 $15.4 $15.9 $15.9 $14.4 $14.7 $15.2 $15.8 $15.7 Net interest income (GAAP) FTE adjustment 1Q25 2Q25 3Q25 4Q25 1Q26 Average Deposits $1,958 $1,974 $1,991 $2,013 $2,017 1Q25 2Q25 3Q25 4Q25 1Q26 Spotlight on Average Deposits and Net Interest Income ($B) (A)

3 Consumer Banking1(B) Financial Results Three months ended ($ in millions) 3/31/2026 12/31/2025 3/31/2025 Total revenue2 $11,049 $11,201 $10,493 Provision for credit losses 1,132 1,066 1,292 Noninterest expense 5,837 5,729 5,826 Pretax income 4,080 4,406 3,375 Income tax expense 1,020 1,102 844 Net income $3,060 $3,304 $2,531 Business Highlights(B) Three months ended ($ in billions) 3/31/2026 12/31/2025 3/31/2025 Average deposits $950.8 $945.4 $947.6 Average loans and leases 322.2 322.7 315.0 Consumer investment assets5 573.3 599.1 497.7 Active mobile banking users (MM) 41.8 41.4 40.5 Number of financial centers 3,540 3,628 3,681 Efficiency ratio 53 % 51 % 56 % Return on average allocated capital 27 30 23 Total Consumer Credit Card3 Average credit card outstanding balances $103.1 $103.0 $100.2 Total credit / debit spend 244.9 254.7 228.4 Risk-adjusted margin 6.7 % 7.0 % 6.7 % • Net income of $3.1 billion • Revenue of $11.0 billion,2 up 5%, driven primarily by higher NII • Provision for credit losses of $1.1 billion, down 12% – Net reserve release of $76 million vs. net reserve build of $30 million(G) – Net charge-offs of $1.2 billion decreased $54 million • Noninterest expense of $5.8 billion was relatively flat – Efficiency ratio of 53% • Return on average allocated capital of 27% Business Highlights1,3(B) • Average deposits of $951 billion were modestly higher – 59% of deposits in checking accounts; 91% are primary4 • Average loans and leases of $322 billion increased 2% • Combined credit / debit card spend of $245 billion increased 7% • Consumer investment assets of $573 billion, up 15%,5 driven by higher market valuations and $20 billion of net client flows from new and existing clients • 11.4 million clients enrolled in Preferred Rewards, up 3%6 Strong Digital Usage Continued in the Quarter1 • 79% of overall households actively using digital platforms7 • 50 million active digital banking users, up 1 million • 2 million digitally-enabled sales, representing 71% of total sales • 4.3 billion digital logins, up 8% • 25 million active Zelle® users, up 5%; sent and received 460 million transactions worth $147 billion, up 11% and 13%, respectively8 • 21.3 million active Erica® users, up 7%9 Continued Business Leadership • No. 1 in U.S. Consumer Deposits(a) • No. Small Business Lender(a) • No. 1 in Retail Banking Advice Satisfaction(b) • No. 1 in Banking Mobile App Satisfaction(c) • Merrill Edge Self-Directed No. 1 for Bank Brokerage(d) See page 11 for Business Leadership sources. Comparisons are to the year-ago quarter unless noted. Revenue, net of interest expense. The consumer credit card portfolio includes Consumer Banking and GWIM. Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). End of period. Consumer investment assets includes client brokerage assets, deposit sweep balances, brokered CDs, and AUM in Consumer Banking. As of February 2026. Includes clients in Consumer, Small Business and GWIM. Household adoption represents households with consumer bank login activities in a 90-day period, as of February 2026. Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle® users represent 90-day active users. Represents mobile and online activity across client facing platforms powered by Erica®.

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Thaler Agent

“On April 15, 2026 , Bank of America Corporation (the “Corporation”) announced financial results for the first quarter ended March 31, 2026, reporting first quarter net income of $8.6 billion, or $1.11 per diluted share.”

Bank of America reported first-quarter net income of $8.6 billion, or $1.11 per diluted share, for the quarter ended March 31, 2026.¶1

Revenue, net of interest expense, was $30.3 billion, up 7%, while net interest income was $15.7 billion, up 9%.¶2

It returned $9.3 billion to shareholders, including ~$2.0 billion through common stock dividends and ~$7.2 billion in share repurchases.¶2

The Corporation said it would hold an investor conference call and webcast on April 15, 2026, to discuss first-quarter results and related matters.¶3

Net income: $8.6 billion first quarter ended March 31, 2026¶1
Diluted earnings per share: $1.11 first quarter ended March 31, 2026¶1
Revenue, net of interest expense: $30.3 billion 1Q26; up 7% year-over-year¶2

3 of 10 passages found in the filing

Thaler Agent · checked against the filing

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Net interest income

$15.7 billion 1Q26; up 9% year-over-year¶2Copied

Returned to shareholders

$9.3 billion 1Q26¶2Copied

Compared with earlier periods

Q1 FY2026

Net income$8.6 billion

Q1 FY2025$7.36B+16.6%Q3 FY2025$8.47B+1.4%

Diluted earnings per share$1.11

Q1 FY2025$0.89+24.7%Q3 FY2025$1.06+4.7%

Revenue, net of interest expense$30.3 billion

Q1 FY2025$28.25B+7.2%Q3 FY2025$28.09B+7.8%

Filing figures are from this filing. Earlier figures are from past filings.