Bank of America Corporation
 (BAC)

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  • 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.
    • Press Release
    | 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
  • Jul. 15, 2015, 7:01 AM
    • Bank of America (NYSE:BAC): Q2 EPS of $0.41 beats by $0.05.
    • Revenue of $22.34B (+1.7% Y/Y) beats by $1.02B.
    | Jul. 15, 2015, 7:01 AM | 28 Comments
  • Jul. 14, 2015, 5:30 PM
    | Jul. 14, 2015, 5:30 PM | 3 Comments
  • Jul. 14, 2015, 4:49 AM
    • The nation's largest banks report their second-quarter results this week, beginning with JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) today.
    • Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) are due to report later in the week, along with private equity firm Blackstone (NYSE:BX) and asset manager BlackRock (NYSE:BLK).
    • Despite the stable economy in the U.S., analysts are expecting relatively ho-hum results.
    | Jul. 14, 2015, 4:49 AM
  • Apr. 15, 2015, 7:23 AM
    • Q1 net income of $3.4B or $0.27 per share vs. a loss of $276M and $0.05 one year ago. This year's results include $0.09 per share in charges for annual retirement-eligible costs and market-related net interest income adjustments.
    • Excluding litigation costs of $370M this year vs. $6B one year ago, noninterest expense of $15.3B fell 6% from a year ago.
    • Consumer Banking net income of $1.475B vs. $1.468B a year ago. Average deposit balances of $531.4B up 5%. Client brokerage assets of $118.5B up 18%. Mobile banking customers of 16.9M up 13%, with 13% of deposit transactions done through mobile up 10% Y/Y. $13.7B in mortgages originated and $3.2B of home equity loans vs. $8.9B and $2B one year ago.
    • Global Wealth and Investment Management net income of $651M vs. $729M a year ago. Revenue was stable at $4.5B. AUM of $917B vs. $842B.
    • Global Banking net income of $1.365B vs. $1.291B a year ago.
    • Global Markets net income of $945M vs. $1.313B a year ago, with revenue of $4.6B down 8%. FICC revenue fell 7%.
    • Legacy Assets and Servicing (LAS) loss of $238M vs. a loss of $4.9B a year ago.
    • Tangible book value per share of $14.79 vs. $13.81 one year ago. CET 1 ratio of 10.3%.
    • Conference call at 8:30 ET.
    • Previously: Bank of America beats by $0.07, misses on revenue (April 15)
    • BAC flat premarket
    | Apr. 15, 2015, 7:23 AM | 15 Comments
  • Apr. 15, 2015, 7:08 AM
    • Bank of America (NYSE:BAC): Q1 EPS of $0.36 beats by $0.07.
    • Revenue of $21.42B (-5.9% Y/Y) misses by $80M.
    • Shares +0.19% PM.
    | Apr. 15, 2015, 7:08 AM | 36 Comments
  • Apr. 14, 2015, 5:30 PM
    | Apr. 14, 2015, 5:30 PM | 10 Comments
  • Jan. 15, 2015, 9:19 AM
    • "FICC trading tends to do best in a rising rate environment when activity levels rise as rates rise," says Bank of America (NYSE:BAC) CFO Bruce Thompson on the earnings call. In other words, volatility for its own sake isn't necessarily good for FICC as new issuance slips when credit markets back off. "That's what I would characterize as bad volatility."
    • Webcast and presenation
    • Earlier, the bank reported FICC revenue of $1.5B in Q4, down from $1.9B from last year's already weak level.
    • In the meantime, Bank of America remains a cost-cutting play, and CEO Brian Moynihan's "New BAC" had the bank cutting another 300 branches in 2014 to 4,855, and another 18.4K employees to 223.7K. Helping is mobile, with the number of mobile customers up 15% Y/Y, and 12% of deposits done with mobile vs. 9% a year ago.
    • Shares -2.9% premarket and now off nearly 15% YTD.
    • Previously: BofA off 2% after Q4 results (Jan. 15)
    • Previously: Bank of America EPS of $0.25 (Jan. 15)
    | Jan. 15, 2015, 9:19 AM | 3 Comments
Company Description
Bank of America Corporation is a bank holding and a financial holding company. Through its subsidiaries, it provides banking and non-banking financial services and products throughout the United States and in selected international markets.