Bank of America Corporation (BAC) SEC Filings & Earnings Calls

Dividend restrictions on common stock and junior preferred if Series WW dividends are not paid.

“Under the terms of the Series WW Preferred Stock, the ability to declare or pay dividends on common stock or parity/junior preferred is restricted if full dividends on Series WW are not paid.”

Provision for credit losses increased, indicating potential credit quality deterioration.

“Provision for credit losses $1,269M vs $1,295M prior year”

Higher Effective Tax Rate

“The effective tax rate increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 driven by lower tax preference items, primarily related to lower renewable energy tax credits.” · word for word

Noninterest Expense Growth

“Noninterest expense increased $1.4 billion to $18.6 billion ... primarily driven by higher revenue-related expenses during both periods, as well as continued investments in the business.” · word for word

Credit Risk from Commercial Real Estate

“The provision for credit losses decreased $62 million to $215 million primarily driven by improved asset quality within the commercial real estate portfolio.” · word for word

Provision for credit losses increased slightly QoQ, indicating potential credit quality concerns

“Provision for credit losses $1,366M vs $1,337M prior quarter”

Credit loss cycle risk

“the possibility that future credit losses may be higher than currently expected, including due to changes in economic assumptions, which may include unemployment rates, real estate prices, gross domestic product levels and corporate bond spreads” · word for word

Interest rate sensitivity

“the impact of U.S. and global interest rates (including the potential for ongoing fluctuations in interest rates), inflation, currency exchange rates, economic conditions, trade policies and tensions” · word for word

Geopolitical risk

“the impact of natural disasters, extreme weather events, military conflicts (including the Russia/Ukraine conflict, the conflicts in the Middle East, the possible expansion of such conflicts and potential geopolitical and economic consequences)” · word for word

Credit loss provision remains elevated but stable; net charge-off ratio lower.

“Provision for credit losses $1.34B; net charge-off ratio improved.”

Competition and Technology Disruption

“We operate in a highly competitive environment and experience intense competition from local and global bank and nonbank financial institutions and new market entrants.” · word for word

Model Risk

“Our models may not be sufficiently predictive of future results, including from limited historical patterns, extreme or unanticipated market movements or clients’ behavior and liquidity, especially during severe market downturns or stress events.” · word for word

Cybersecurity and Data Privacy

“Cybersecurity incidents and information and security breaches affecting us and our employees, clients and third parties, which have occurred and are expected to continue with increasing frequency and severity.” · word for word

Regulatory and Compliance Risk

“We are subject to complex and evolving LRRs and interpretations, including regarding fair lending activity, UDAAP, electronic funds transfers, know-your-customer requirements, data protection and privacy.” · word for word

Climate Risk

“Climate-related matters present short-, medium- and long-term risks. This includes physical risks such as extreme weather events and natural disasters.” · word for word

No material risk signals; compensation disclosure is routine.

“Standard compensation disclosure with performance metrics.”

Provision for credit losses remains elevated.

“Provision for credit losses $5,675 million”

Management transition risk; loss of key executives in wealth management and investment banking.

“Four officers removed from executive officer list, including heads of Merrill Wealth Management, Private Bank, and Global Corporate & Investment Banking.”

Credit loss cycle risk

“The possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, which may include unemployment rates, real estate prices, gross domestic product levels and corporate bond spreads.” · word for word

Interest rate risk

“The impact of U.S. and global interest rates (including the potential for ongoing fluctuations in interest rates), inflation, currency exchange rates, economic conditions, trade policies and tensions.” · word for word

Geopolitical risk

“Geopolitical instability; the risks related to the discontinuation of reference rates, including increased expenses and litigation and the effectiveness of hedging strategies.” · word for word