Bank of America Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bank of America Corp. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

BANK OF AMERICA CORP /DE/ (BACRP) filed a Annual Report (10-K) with the SEC on February 20, 2024. Bank of America Corp. filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 100 N Tryon St, Charlotte, NC. Bank of America Corp. was formerly known as NationsBank Corp and NCNB Corp. The filing includes references to various accounting standards and financial statement line items.

Why It Matters

For investors and stakeholders tracking BANK OF AMERICA CORP /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bank of America's financial health, strategic initiatives, and risk factors for investors and stakeholders. Understanding the details within this report is crucial for assessing the company's performance in the current economic climate and its future outlook.

Risk Assessment

Risk Level: medium — BANK OF AMERICA CORP /DE/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for a public company of this size and complexity, indicating a medium level of risk associated with the filing itself.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Bank of America's performance and strategic positioning.

Key Numbers

• 20231231 — Fiscal Year End (Period covered by the 10-K filing)
• 20240220 — Filing Date (Date the 10-K was filed with the SEC)
• 6021 — SIC Code (Standard Industrial Classification for National Commercial Banks)

Key Players & Entities

• BANK OF AMERICA CORP /DE/ (company) — Filer name
• 0000070858 (company) — Central Index Key
• 20231231 (date) — Fiscal year end
• 20240220 (date) — Filing date
• 100 N TRYON ST (address) — Business and mailing address
• CHARLOTTE (location) — City for business and mailing address
• NC (location) — State for business and mailing address
• NATIONSBANK CORP (company) — Former company name

FAQ

Industry Context

Bank of America operates within the national commercial banking industry, a sector characterized by significant regulatory oversight and sensitivity to economic conditions.

Regulatory Implications

As a major financial institution, Bank of America is subject to extensive regulation by federal and state authorities, including the Securities and Exchange Commission (SEC).

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements, including balance sheets, income statements, and cash flow statements.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Review the risk factors section to understand potential challenges and uncertainties facing Bank of America.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date Bank of America Corp. filed its 10-K with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, and does not have a direct comparison to a prior filing within this specific data extract.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share BAC New York Stock Exchange
• $38.3 billion — s compensation and benefits expense was $38.3 billion and $36.4 billion, or 58 percent and 59
• $36.4 b — benefits expense was $38.3 billion and $36.4 billion, or 58 percent and 59 percent, of
• $25 — nimum hourly wage for U.S. employees to $25 per hour by 2025. In October 2023, as a
• $23 — urly minimum wage for U.S. employees to $23 per hour. In addition, in January 2024,
• $50,000 — changed for teammates earning less than $50,000 for the eleventh year in a row and had
• $100,000 — or teammates earning from $50,000 up to $100,000 for the seventh year in a row. We provi

Filing Documents

• bac-20231231.htm (10-K) — 12560KB
• bac-1231202310xkex430.htm (EX-4.30) — 637KB
• bac-1231202310xkex21.htm (EX-21) — 45KB
• bac-1231202310xkex23.htm (EX-23) — 3KB
• bac-1231202310xkex24.htm (EX-24) — 28KB
• bac-1231202310xkex311.htm (EX-31.1) — 11KB
• bac-1231202310xkex312.htm (EX-31.2) — 11KB
• bac-1231202310xkex321.htm (EX-32.1) — 6KB
• bac-1231202310xkex322.htm (EX-32.2) — 6KB
• bac-1231202310xkex971.htm (EX-97.1) — 12KB
• bac-20231231_g1.jpg (GRAPHIC) — 105KB
• bac-20231231_g2.jpg (GRAPHIC) — 64KB
• bac-20231231_g3.jpg (GRAPHIC) — 47KB
• bac-20231231_g4.jpg (GRAPHIC) — 1125KB
• bac-20231231_g5.jpg (GRAPHIC) — 27KB
• bac-20231231_g6.jpg (GRAPHIC) — 46KB
• bac-20231231_g7.jpg (GRAPHIC) — 63KB
• pwcconsenta02a.jpg (GRAPHIC) — 63KB
• 0000070858-24-000122.txt (&nbsp;) — 62394KB
• bac-20231231.xsd (EX-101.SCH) — 247KB
• bac-20231231_cal.xml (EX-101.CAL) — 330KB
• bac-20231231_def.xml (EX-101.DEF) — 1621KB
• bac-20231231_lab.xml (EX-101.LAB) — 2592KB
• bac-20231231_pre.xml (EX-101.PRE) — 2007KB
• bac-20231231_htm.xml (XML) — 16143KB

Business

Business 2 Item 1A .

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 23

C

Item 1 C . Cybersecurity 23 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6. [Reserved] 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 86 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 86 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 172 Item 9A.

Controls and Procedures

Controls and Procedures 172 Item 9B. Other Information 172

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 172 Part III Item 10. Directors, Executive Officers and Corporate Governance 172 Item 11.

Executive Compensation

Executive Compensation 173 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 174 Item 13. Certain Relationships and Related Transactions, and Director Independence 174 Item 14. Principal Accounting Fees and Services 174 Part IV Item 15. Exhibits, Financial Statement Schedules 175 Item 16. Form 10-K Summary 178 1 Bank of America Part I Bank of America Corporation and Subsidiaries

Business

Item 1. Business Bank of America Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, "Bank of America," "the Corporation," "we," "us" and "our" 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. As part of our efforts to streamline the Corporation's organizational structure and reduce complexity and costs, the Corporation has reduced and intends to continue to reduce the number of its corporate subsidiaries, including through intercompany mergers. 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. Bank of America's website is www.bankofamerica.com, and the Investor Relations portion of our website is https://investor.bankofamerica.com. We use our website to distribute company information, including as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We routinely post and make accessible financial and other information, including environmental, social and governance (ESG) information, regarding the Corporation on our website. Investors should monitor our website, including the Investor Relations portion of our website, in addition to our press releases, U.S. Securities and Exchange Commission (SEC) filings, public conference calls and webcasts. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished purs

View Full Filing

View this 10-K filing on SEC EDGAR