Bank of America Comments on Revised Stress Test Results

CHARLOTTE, N.C., July 27, 2023 /PRNewswire/ -- Bank of America today commented on the revised results of the Federal Reserve's 2023 Comprehensive Capital Analysis and Review (CCAR).

Based on the revised 2023 CCAR results, Bank of America's Stress Capital Buffer will be 2.5%, which is the minimum requirement.  As a result, Bank of America's minimum Common Equity Tier 1 (CET1) ratio requirement will be 9.5%, effective October 1, 2023.  At June 30, 2023, Bank of America's CET1 ratio was 11.6% with $190 billion of CET1 capital.  As previously announced, on January 1, 2024, Bank of America's minimum CET1 requirement will increase 50 basis points, aligned with planned growth in the global systemically important bank surcharge.   

Earlier this month, the company's board of directors declared a quarterly common stock dividend of $0.24 per share payable on September 29, 2023, to shareholders of record as of September 1, 2023, a 9 percent increase from the second quarter common stock dividend of $0.22 per share. As of June 30, 2023, the company had $14.1 billion remaining in a previously communicated $25 billion share repurchase program authorized in October 2021.

Forward-Looking Statements
Certain statements contained in this news release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the current expectations, plans or forecasts of Bank of America based on available information. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like "expects," "anticipates," "believes," "estimates," "targets," "intends," "plans," "predict," "goal" and other similar expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could." Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

Forward-looking statements represent Bank of America's current expectations, plans or forecasts of its future results, revenues, expenses, dividends, efficiency ratio, capital measures, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any forward-looking statements due to a variety of factors. You should not place undue reliance on any forward-looking statement and should consider all of the precautionary statements, uncertainties and risks discussed in Bank of America's filings with the Securities and Exchange Commission, including in Bank of America's Current Report on Form 8-K dated October 20, 2021, announcing Bank of America's common stock repurchase program, under Item 1A. "Risk Factors" of Bank of America's Annual Report on Form 10-K for the year ended December 31, 2022, and in any of Bank of America's other subsequent Securities and Exchange Commission filings.

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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Investors May Contact:
Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com

Jonathan G. Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com

Reporters May Contact:
Bill Halldin, Bank of America
Phone: 1.916.724.0093
william.halldin@bofa.com

Christopher P. Feeney, Bank of America
Phone: 1.980.386.6794
christopher.feeney@bofa.com

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SOURCE Bank of America Corporation