Bank Of America Corp.

Core performance strong; diversified franchise powering growth (but Markets/IB weaker): - Reported Q3 net income $6.9B and EPS $0.91. - Excluding a $1.2B non-tax deductible regulatory settlement charge (~$0.17/share), adjusted net income $8.1B (~$1.08/share), up vs. last year. - Management emphasized Main Street strength: higher loans and deposits, strong wealth management flows, and higher NII with better credit. - Offsetting headwinds: sales & trading / investment banking revenues lower, though equities trading delivered a record quarter.

NII and guidance: improving trend; 2026 and 2027 expectations reiterated at higher levels: - Net interest income (FTE) $16.6B, +8% YoY, + $450M QoQ; NII yield 2.16%, +15 bps YoY and +8 bps QoQ, moving toward 2.3% medium-term target. - Deposit mix remains favorable (non-interest-bearing > 75% of YoY deposit growth) and deposit pricing discipline cited (deposit rate +3 bps to 1.49%). - Outlook: expects NII to improve sequentially in Q4 and through 2027 (assumes modest loan/deposit growth and fixed-rate repricing). - 2026 revised guidance: ~8% full-year NII growth (raised earlier in 2026 from 7%, then to 8%). - 2027 outlook: NII growth ~8% or more; management said this does not assume that the Investor Day +200–300 bps operating leverage framework changes.

Balance sheet and capital: loans up; CET1 stable but distributions still continuing (including buybacks/dividends): - Loans +$34B QoQ to $1.25T; 10 consecutive quarters of loan growth (commercial broadly strong; card balances ~+5%). - Deposits $2.0T: + $14B QoQ / above $2T; funded loan growth by reducing securities balances and using higher deposits to cut short-term wholesale funding. - Liquidity strong ($914B). - CET1: 10.9%, down ~35 bps QoQ (impacts include higher funded/unfunded loans and $3B CET1 capital reduction), with TCE ratio stable. - Capital return: $8.3B to shareholders in Q3 via dividends and $6B share repurchases (noted distributions exceeded net income due to the regulatory settlement).