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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Bank Of America Posts Net Loss 0 comments
    Apr 16, 2014 11:32 AM | about stocks: BAC

    Originally published at

    Bank of America Corporation (NYSE:BAC) announced its first fiscal quarter 2014 financial results, swinging to a net loss from a year-ago profit. The second-largest U.S. bank's revenue dipped slightly from last year to $22.76B, but was still above $22.33B analyst expectations. Earnings swung from $1.5B and $0.10 per share to a net loss of $276M and $0.05 losses per share. Adjusted earnings of $0.35 per share surpassed analyst predictions of $0.27 per share. Bank of America had a $6B pre-tax expense related to mortgage litigation from the 2007 financial crisis. Furthermore, in March the bank paid $9.3B in a settlement related to risky mortgages it marketed to Fannie Mae and Freddie Mac. Bank of America also made a $15M settlement with the New York State Attorney General regarding its purchase of Merrill Lynch back in 2009. CEO Brian Moynihan commented that the costs related to settling mortgage issues had a steep impact to earnings but that the company is better positioned for the remainder of the year.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: BAC
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