Redemption

  
Bank of America Corporation and Subsidiaries

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| Consolidated Statement of Cash Flows |  |  |  |  |
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|  |  |  |  |  |  |  | Nine Months Ended September 30 |
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| (Dollars in millions) |  |  |  |  |  |  | 2022 |  | 2021 |
| Operating activities |  |  |  |  |  |  |  |  |  |
| Net income |  |  |  |  |  |  | $ | 20,396  |  |  | $ | 24,965  |  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
| Provision for credit losses |  |  |  |  |  |  | 1,451  |  |  | (4,105) |  |
| Gains on sales of debt securities |  |  |  |  |  |  | (37) |  |  | (4) |  |
| Depreciation and amortization |  |  |  |  |  |  | 1,476  |  |  | 1,403  |  |
| Net amortization of premium/discount on debt securities |  |  |  |  |  |  | 1,862  |  |  | 4,534  |  |
| Deferred income taxes |  |  |  |  |  |  | 620  |  |  | (1,151) |  |
| Stock-based compensation |  |  |  |  |  |  | 2,235  |  |  | 2,031  |  |
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| Loans held-for-sale: |  |  |  |  |  |  |  |  |  |
| Originations and purchases |  |  |  |  |  |  | (18,736) |  |  | (27,003) |  |
| Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities |  |  |  |  |  |  | 27,260  |  |  | 24,852  |  |
| Net change in: |  |  |  |  |  |  |  |  |  |
| Trading and derivative assets/liabilities |  |  |  |  |  |  | (106,322) |  |  | (55,310) |  |
| Other assets |  |  |  |  |  |  | 7,623  |  |  | (34,337) |  |
| Accrued expenses and other liabilities |  |  |  |  |  |  | 23,869  |  |  | 8,713  |  |
| Other operating activities, net |  |  |  |  |  |  | 978  |  |  | 3,568  |  |
| Net cash used in operating activities |  |  |  |  |  |  | (37,325) |  |  | (51,844) |  |
| Investing activities |  |  |  |  |  |  |  |  |  |
| Net change in: |  |  |  |  |  |  |  |  |  |
| Time deposits placed and other short-term investments |  |  |  |  |  |  | (305) |  |  | 28  |  |
| Federal funds sold and securities borrowed or purchased under agreements to resell |  |  |  |  |  |  | (24,527) |  |  | 42,124  |  |
| Debt securities carried at fair value: |  |  |  |  |  |  |  |  |  |
| Proceeds from sales |  |  |  |  |  |  | 58,888  |  |  | 3,732  |  |
| Proceeds from paydowns and maturities |  |  |  |  |  |  | 90,161  |  |  | 124,149  |  |
| Purchases |  |  |  |  |  |  | (114,027) |  |  | (174,517) |  |
| Held-to-maturity debt securities: |  |  |  |  |  |  |  |  |  |
| Proceeds from paydowns and maturities |  |  |  |  |  |  | 53,340  |  |  | 94,437  |  |
| Purchases |  |  |  |  |  |  | (24,059) |  |  | (340,425) |  |
| Loans and leases: |  |  |  |  |  |  |  |  |  |
| Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities |  |  |  |  |  |  | 20,544  |  |  | 7,767  |  |
| Purchases |  |  |  |  |  |  | (4,618) |  |  | (3,363) |  |
| Other changes in loans and leases, net |  |  |  |  |  |  | (69,267) |  |  | (5,866) |  |
| Other investing activities, net |  |  |  |  |  |  | (3,039) |  |  | (2,450) |  |
| Net cash used in investing activities |  |  |  |  |  |  | (16,909) |  |  | (254,384) |  |
| Financing activities |  |  |  |  |  |  |  |  |  |
| Net change in: |  |  |  |  |  |  |  |  |  |
| Deposits |  |  |  |  |  |  | (126,434) |  |  | 169,324  |  |
| Federal funds purchased and securities loaned or sold under agreements to repurchase |  |  |  |  |  |  | 23,298  |  |  | 37,105  |  |
| Short-term borrowings |  |  |  |  |  |  | (2,709) |  |  | 957  |  |
| Long-term debt: |  |  |  |  |  |  |  |  |  |
| Proceeds from issuance |  |  |  |  |  |  | 55,202  |  |  | 65,459  |  |
| Retirement |  |  |  |  |  |  | (24,390) |  |  | (38,787) |  |
| Preferred stock: |  |  |  |  |  |  |  |  |  |
| Proceeds from issuance |  |  |  |  |  |  | 4,426  |  |  | 902  |  |
| Redemption |  |  |  |  |  |  | —  |  |  | (1,971) |  |
| Common stock repurchased |  |  |  |  |  |  | (4,075) |  |  | (17,593) |  |
| Cash dividends paid |  |  |  |  |  |  | (6,471) |  |  | (6,090) |  |
| Other financing activities, net |  |  |  |  |  |  | (501) |  |  | (696) |  |
| Net cash provided by (used in) financing activities |  |  |  |  |  |  | (81,654) |  |  | 208,610  |  |
| Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (7,357) |  |  | (2,991) |  |
| Net decrease in cash and cash equivalents |  |  |  |  |  |  | (143,245) |  |  | (100,609) |  |
| Cash and cash equivalents at January 1 |  |  |  |  |  |  | 348,221  |  |  | 380,463  |  |
| Cash and cash equivalents at September 30 |  |  |  |  |  |  | $ | 204,976  |  |  | $ | 279,854  |  |
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See accompanying Notes to Consolidated Financial Statements.

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|  |  | Bank of America  52 |


