Plain English Meaning
How far the wings are tilted away from level, measured in degrees. A wings-level airplane has zero bank; a steeply banked airplane has its wings tilted well off horizontal.
Full Definition
The angle between an airplane's lateral axis (wingtip to wingtip) and the horizon, measured in degrees, when the airplane is rolled to one side during a turn or maneuver.
Context Anchor
You see this term when learning and practicing turns, especially level turns, where the airplane must be tilted to turn while holding altitude.
Derivation
Bank' comes from the old sense of a sloped or tilted (like a banked road or river bank). When an airplane rolls, its wings form a sloped surface to the horizon -- so pilots speak of the airplane being 'banked.'