Bank of America Corporation (BAC) - NYSE
  • Mon, Jul. 18, 7:22 AM
    • Q2 net income of $4.23B or $0.36 per share vs. $5.13B and $0.45 one year ago. This year's result included $0.06 per share of negative market-related adjustments.  Expectations were for $0.39, so a sizable beat despite the Y/Y decline in profits.
    • ROA of 0.78%, ROE of 6.5%, ROTCE of 9.2% (or 10.9% excluding adjustments). Tangible book value per share up 11% Y/Y to $16.68. $1.4B of stock bought back and $500M of dividends paid.
    • Consumer Banking income of $1.718B vs. $1.662B a year ago. NII of $5.276B vs. $5.043B. Noninterest income of $2.588B vs. $2.714B. Provisions of $726M vs. $470M. Noninterest expense of $4.416B vs. $4.637B. Efficiency ratio improves to 56% from 60%. Mobile banking users up 15% to 20.2M.
    • Global Wealth & Investment Management income of $722M vs. $669M.
    • Global Banking income of $1.491B vs. $1.236B.
    • Global Markets income of $1.116B vs. $786B, with sales and trading revenue of $3.7B up 12%; FICC revenue up 22%; equities down 8%.
    • Net reserve release this quarter of $9M vs. $71M in Q1 and $288M a year ago. Energy exposure down 3% Q/Q and 6% Y/Y to $21.2B, with exposure of $7.6B in higher-risk subsectors down 1% and representing less than 1% of total corporate loans and leases. Energy reserves unchanged Q/Q at $1B.
    • CC at 8:30 ET
    • Previously: Bank of America beats by $0.03, revenue in-line (July 18)
    • BAC +0.4% premarket
    | Mon, Jul. 18, 7:22 AM | 20 Comments
  • Mon, Jul. 18, 6:48 AM
    • Bank of America (NYSE:BAC): Q1 EPS of $0.36 beats by $0.03.
    • Revenue of $20.4B (-7.1% Y/Y) in-line.
    • Shares +0.3% PM.
    • Press Release
    | Mon, Jul. 18, 6:48 AM | 26 Comments
  • Sun, Jul. 17, 5:30 PM
    | Sun, Jul. 17, 5:30 PM | 11 Comments
  • Thu, Apr. 14, 7:13 AM
    • Consumer banking net income of $1.785B up 22% Y/Y. Net interest income of $5.185B vs. $4.872B. Noninterest income of $2.463B vs. $2.534B. Noninterest expense of $4.266B vs. $4.367B. Provisions of $560M vs. $716M. Deposits up 8%; average loan balances up 8%. Mortgage production down 3%. Branches of 4,689 down from 4,835. Efficiency ratio of 56% improves by 300 basis points.
    • Global Wealth and Investment Management net income of $740M vs.652M a year ago.
    • Global Banking net income of $1.066B vs. $1.367B a year ago. Provisions of $553M up from $96M thanks to energy.
    • Global Markets net income (excl. DVA) of $889M vs. $926M a year ago. Excluding litigation, noninterest expense fell 9% as revenue (excl. DVA) fell to $3.797B from $4.592B. Sales and trading revenue fell 16% to $3.3B, with FICC down 17% and equities down 11%.
    • Legacy Assets and Servicing net loss of $40M vs. loss of $237M a year ago. Noninterest expense down to $860M from $1.2B. Litigation expense down to $131M from $179M.
    • Utilized energy exposure of $21.8B down $300M from a year ago. Exploration and production and oil field services exposure of $7.7B down slightly and representing less than 1% of total corporate loans. Energy reserves of $1B up $525M during the quarter.
    • Tangible book value per share of $16.17 vs. $15.62 three months earlier. CET1 ratio of 11% using standardized approach; 10.1% using advanced.
    • Conference call at 8:30 ET
    • Previously: Bank of America EPS in-line, misses on revenue (April 14)
    • BAC -1.3% premarket
    | Thu, Apr. 14, 7:13 AM | 26 Comments
  • Thu, Apr. 14, 6:52 AM
    • Bank of America (NYSE:BAC): Q1 EPS of $0.21 in-line.
    • Revenue of $19.7B (-8.0% Y/Y) misses by $600M.
    • Press Release
    | Thu, Apr. 14, 6:52 AM | 33 Comments
  • Wed, Apr. 13, 5:30 PM
    | Wed, Apr. 13, 5:30 PM | 26 Comments
  • Tue, Mar. 15, 8:45 AM
    • "Our overall Q1 results reflect an exceptionally volatile and turbulent market environment during our first fiscal quarter," says Jefferies (NYSE:LUK) CEO Richard Handler. "A quiet December was followed by an extremely challenging January and first few weeks of February."
    • The investment bank posted a loss of $166.8M in Q1 vs. a profit of $12.9M a year ago. Revenue of $299M fell a full 49%, led by an 82% plunge in trading revenue to $58.8M. Of this, fixed-income revenue fell to $56.8M from $126M. Equity trading revenue fell to just $1.7M from $203.5M thanks to markdowns on two equity block trades.
    • Good times ahead: Not only have markets stabilized, says management, they've "aggressively snapped back" in the early part of Q2.
    • Coming one month ahead of the rest of the Wall Street banks, Jefferies results are often seen as a bellwether of what to expect. It sounds like Goldman (NYSE:GS), Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC), CItigroup (NYSE:C), and JPMorgan (NYSE:JPM) have the month of March to make up for what was a very lame start to the quarter.
    • ETFs: IAI, KCE, KBWC
    | Tue, Mar. 15, 8:45 AM | 31 Comments
  • Tue, Jan. 19, 7:41 AM
    • Consumer Banking net income of $1.799B vs. $1.654B a year ago. Net interest income of $5.059B vs. $4.967B. Noninterest income of $2.733B vs. $2.792B, with lower mortgage banking income a drag. Noninterest expense of $4.343B vs. $4.419B. Provision for credit loss of $654M flat.
    • Global Wealth and Investment Management net income of $614M vs. $705M a year ago.
    • Global Banking net income of $1.378B vs. $1.520B a year ago.
    • Global Markets net income of $185M vs. a loss of $75M a year ago. Sales and trading revenue of $2.4B up from $1.7B, with notable improvements in rates and credit products.
    • Legacy Assets and Servicing net loss of $351M vs. $379M a year ago. Delinquent loans down 46% to 103K. Number of employees down 35% to 11.2K.
    • Total provision for credit loss of $810M vs. $219M a year ago. Net charge-offs of $1.144B vs. $879M. Net charge-off ratio of 0.51% up 11 basis pints. Energy is the culprit. Adjusted net reserve release this quarter of $195M vs. $509M a year ago.
    • CET 1 ratio of 10.8% up 80 basis points Y/Y.
    • Earnings call at 8:30 ET
    • Previously: Bank of America beats by $0.02, misses on revenue (Jan. 19)
    • BAC +1.8% premarket amid a general rally is U.S. stocks ahead of the open.
    | Tue, Jan. 19, 7:41 AM | 33 Comments
  • Tue, Jan. 19, 6:59 AM
    • Bank of America (NYSE:BAC): Q4 EPS of $0.28 beats by $0.02.
    • Revenue of $19.53B (+4.3% Y/Y) misses by $250M.
    | Tue, Jan. 19, 6:59 AM | 11 Comments
  • Mon, Jan. 18, 5:30 PM
    | Mon, Jan. 18, 5:30 PM | 12 Comments
  • Oct. 14, 2015, 7:18 AM
    • Excluding market-related adjustments, net interest income of $10.3B slipped from $10B in Q2 and $10.54B a year ago. Noninterest income of $11.171B fell from $11.629B in Q2, and rose from $10.99B a year ago.
    • Excluding litigation, noninterest expense of $13.6B fell 4%. LAS noninterest expense excluding litigation of $900M fell 32%.
    • Tangible book value per share of $15.50 up 10%. ROA of 0.82%, ROTCE of 10%. Fully phased-in CET 1 ratio of 11% up 60 basis points.
    • Consumer Banking net income of $1.759B vs. $1.669B a year ago, on revenue of $7.832B vs. $7.749B. $13.7B of mortgages originated vs. $11.7B. Client brokerage assets of $117.2B up 8%.
    • Global Wealth and Investment Management net income of $656M vs. $812M a year ago, on revenue of $4.468B vs. $4.666B.
    • Global Banking net income of $1.277B vs. $1.521B a year ago, on revenue of $4.191B vs. $4.345B.
    • Global Markets net income of $1.008B vs. $371M a year ago, on revenue of $4.071B vs. $4.161B. The boost is income is thanks to lower noninterest expense thanks to lower litigation cost. FICC revenue excluding net DCA fell 11% from one year ago. Equities excluding net DVA increased 12%.
    • Conference call at 8:30 ET
    • Previously: Bank of America beats by $0.04, beats on revenue (Oct. 14)
    • BAC +1.4% premarket
    | Oct. 14, 2015, 7:18 AM | 17 Comments
  • Oct. 14, 2015, 7:02 AM
    • Bank of America (NYSE:BAC): Q3 EPS of $0.37 beats by $0.04.
    • Revenue of $20.91B (-2.4% Y/Y) beats by $140M.
    | Oct. 14, 2015, 7:02 AM | 12 Comments
  • Oct. 13, 2015, 5:30 PM
    | Oct. 13, 2015, 5:30 PM | 5 Comments
  • Jul. 15, 2015, 9:58 AM
    • Consumers continue to shift  away from branches toward self-service, says Bank of America (BAC +2.7%) CFO Bruce Thompson. CEO Brian Moynihan says to expect more branch cuts over time, but warns about upsetting clients if closings are pushed too hard.
    • Full-time equivalent employees at BofA of 216,679 fell from 219,658 at the end of Q1 and 233,201 one year ago. Branch count of 4,789 fell from 4,835 at the end of Q1 and 5,023 one year ago. ATM count of 15,992 stands against 15,903 at the end of Q1 and 15,973 one year ago.
    • The "application of technology" is allowing the cutting of some workers, says Moynihan, while at the same time the bank is hiring "customer-facing" employees. "We continue to work expenses," he says.
    • Earnings call webcast and presentation
    • Live coverage from The Charlotte Observer's Deon Roberts
    • Previously: Bank of America +2.5% after earnings beat (July 15)
    • Previously: Bank of America beats by $0.05, beats on revenue (July 15)
    | Jul. 15, 2015, 9:58 AM | 8 Comments
  • Jul. 15, 2015, 7:16 AM
    • Q2 net income (after adjustment) of $4.6B or $0.41 per share vs. $2.3B and $0.19 one year ago. The year-ago result included significant litigation expense related to the mortgage settlement.
    • Adjusted net interest income of $10B vs. $10.4B one year ago.
    • Noninterest income of $11.6B slips $105M from a year ago.
    • Excluding those litigation costs, noninterest expense of $13.6B still fell 6% Y/Y.
    • Consumer Banking net income of $1.7B vs. $1.63B a year ago. Mortgage originations of $16B vs. $11.1B. 1.3M new consumer credit cards issued, the highest number since Q3 of 2008. Mobile banking customers up to 17.6M, with 13% of all deposits done by mobile vs. 10% a year ago.
    • Global Wealth and Investment Management net income of $690M vs. $726M a year ago. Average loans and leases of $130.3M vs. $118.5M. AUM of $930M vs. $879M. Total client balances of $2.52B vs. $2.478B.
    • Global Banking net income of $1.25B vs. $1.44B a year ago.
    • Global Markets net income of $993M vs. $1.1B a year ago. FICC revenue slips 9%, roughly inline with what was likely expected.
    • Legacy Assets and Servicing period-end loans and leases of $30B vs. $36B a year ago. 60+ days delinquent first mortgages serviced by LAS fell to 132K, off 50% from a year ago.
    • CET 1 ratio of 10.3% flat from last quarter. Tangible book value per share of $15.02 vs. $14.79.
    • Conference call at 8:30 ET
    • Previously: Bank of America beats by $0.05, beats on revenue (July 15)
    • BAC +2.5% premarket
    | Jul. 15, 2015, 7:16 AM | 20 Comments
Company Description
Bank of America Corp. operates as a bank holding company, which provides banking and nonbanking financial services and products through its banking and various nonbanking subsidiaries throughout the U. S. and in certain international markets. It operates through five segments: Consumer and... More
Sector: Financial
Industry: Regional - Mid-Atlantic Banks
Country: United States