Bank of America Corporation

Hello and welcome, everyone, joining today's Bank of America earnings announcement. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing star 1 on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Lee McEntire of Bank of America.

Thank you, Leo. Good morning, everyone, and thanks for joining us to talk through our third quarter results. I'm joined by Brian Moynihan, our chair and CEO, and Alastair Borthwick, our CFO. As always, the earnings release and presentation are posted on the investor relations section of bankofamerica.com, and we'll reference those materials during the call. Before we begin, a quick reminder, during the call, we may make forward-looking statements and refer to non-GAAP financial measures. These reflect management's current views and are subject to risk and uncertainties. Those are outlined along with the relevant gap reconciliations in our earnings materials and SEC filings on our website. With that, I'll turn it over to you, Brian.

Brian Thomas Moynihan Good morning and thank you for joining us today. Our third quarter results show the importance of a diversified company. The businesses closest to customers Wealth clients and commercial clients, the Main Street businesses showed continued strength. Higher loans and deposits, strong wealth management flows, higher NII, and better credit drove solid earnings, while the sales and trading revenue and investment banking revenue were lower. We reported net income of $6.9 billion after tax and earnings per share of $0.91. On slide two, we've adjusted those results to take into account the non-tax deductible regulatory settlement charge of $1.2 billion. which is a 17 cents per share impact. Three points to understand about the settlement. We understand the seriousness of compliance and we are responsible for getting it right. Second, we have invested billions of dollars in technology and dedicated thousands of employees to combat financial crime. The team is far along with and committed to completing the work required to be addressed by the regulators. Third, we have committed the resources and the ongoing cost remediation is embedded in our company's expense base. Excluding the regulatory settlement charge, our net income was $8.1 billion or approximately $1.08 per share up from last year. Our leadership across our businesses and products and geographies allows us to meet more of each client's needs, deepen relationships and drive growth across our company. The connectivity between business units is strong and continues to be a competitive advantage. Now we will think about our results. It starts with the health and activity of our clients, which brings us to slide three. We believe at Bank of America, our clearest economic signal comes from the daily activity of the 70 million clients and thousands of businesses at the bank with us. And the message has been consistent. Consumers continue to spend. With year-to-date money moving up 5% from 2025, and you can see that in slide three, and that's similar to what it was for the third quarter and similar to what has shown up so far in early October. Our business clients invested and hired selectively, supported solid growth in jobs and wages across various income levels in our customer base. Wealth clients remain engaged and continue to seek advice, while commercial clients use more of our lending, treasury, and payments capabilities. Payment volumes, digital activity, loan demand, and wealth flows all remained healthy and you can see the digital activity in the slides in the appendix as we always put in our results. The economic uncertainty that prevails and the geopolitical instability are always present, but what our clients are actually doing is continuing to point to a resilient and growing economy in the United States. That activity has produced organic growth across our company coupled with great quality and we show that in slide four. Slide four shows an addition of organic growth for the quarter. In quarter three, once again, we grew through both client acquisition and doing more with our current client customers. We added another $200,000 in the quarter of net new core consumer checking accounts. We now have 39 million checking account customers. It's been nearly eight straight years of quarterly progress and growth. That's quite a flywheel. We opened more than 1 million new card accounts and importantly grew our card balances nearly 5% consistent with our medium-term goals disclosed at Investor Day. The focus on investment in that card product is producing results. Our wealth clients generated approximately $41 billion of flows during the quarter. We continue to add affluent and high net worth relationships across global wealth and consumer investments. Across those businesses, clients entrust us with more than $5.7 trillion of their families' balances. Commercial loans grew across every single segment, from small business to business banking, to global commercial banking, to global corporate investment banking. That's from small businesses to largest companies in the world. Our treasury services, i.e. cash managed relationships, also expanded. This bodes well for our loan growth that we'll talk about later, but also shows you The strength in the economy as these commercial customers continue to be active. Growth that you see on this page reflects the investments in our people, our technology, our capabilities in digital, and our physical network. These deep relations support earnings, balance sheet growth, and long-term shareholder value. With that overview, let me turn over to Alastair for more detail on the quarter.