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Bank of America Corporation (BAC)

- NYSE
  • Wed, Jul. 15, 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)
    | 8 Comments
  • Wed, Jul. 15, 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
    | 20 Comments
  • Wed, Jul. 15, 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.
    • Press Release
    | 28 Comments
  • Tue, Jul. 14, 5:30 PM
  • Tue, Jul. 14, 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.
    | Comment!
  • Wed, Apr. 15, 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
    | 15 Comments
  • Wed, Apr. 15, 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.
    • Press Release
    | 36 Comments
  • Tue, Apr. 14, 5:30 PM
  • Thu, Jan. 15, 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)
    | 3 Comments
  • Thu, Jan. 15, 7:26 AM
    • The headline revenue figure of $18.73B missed estimates by a wide margin, but included $1.2B in negative FVA and DVA adjustments. Headline EPS of $0.25 missed by $0.07, but those same adjustments lowered EPS by $0.07.
    • Consumer and Business Banking net income of $1.758B vs. $1.992B a year ago on revenue of $7.541B vs. $7.496B. Provision for credit losses of $670M vs. $4427M. Noninterest expense of $4.015B about flat from last year. Average deposit balances up 4% to $550.4B. Number of mobile banking customers up 15% to 16.5M, with 12% of deposits done through mobile vs. 9% a year ago.
    • Consumer Real Estate Services loss of $397M vs. a loss of $1.035B a year ago on revenue of $1.174B vs. $1.712B. Noninterest expense of $1.945B vs. $3.752B thanks to lower litigation and staffing costs. $11.6B in mortgages and $3.4B in HELOCs vs. $11.7B and $3.2B a year ago.
    • Global Wealth and Investment Management net income of $706M vs. $778M a year ago on revenue of $4.602B vs. $4.479B. Client balances of $2.5T up 6% Y/Y.
    • Global Banking net income of $1.433B vs. $1.255B a year ago on revenue of $4.057B vs. $4.303B.
    • Global Markets loss of $72M vs. a loss of $47M a year ago on revenue of $2.990B vs. $3.816B (after DVA adjustment). FICC revenue of $1.5B vs. $1.9B a year ago, driven by declines in credit and mortgages, partially offset by stronger forex and rates results (similar to what JPMorgan reported yesterday).
    • Book value per share of $21.32 vs. $20.71 a year earlier. Common equity tier 1 capital ratio of 10% vs. 9.5% the previous quarter.
    • Conference call at 8:30 ET
    • Previously: Bank of America EPS of $0.25 (Jan. 15)
    • BAC -2% premarket
    | 7 Comments
  • Thu, Jan. 15, 7:05 AM
    • Bank of America (NYSE:BAC): Q4 EPS of $0.25 may not be comparable to consensus of $0.32.
    • Revenue of $18.73B (-12.8% Y/Y) misses by $2.21B.
    • Press Release
    | 16 Comments
  • Wed, Jan. 14, 5:30 PM
  • Oct. 15, 2014, 9:29 AM
    • We listen to what the market is telling us, says Bank of America (NYSE:BAC) management on the earnings call, responding to a question from Mike Mayo about whether the bank is changing its interest rate assumptions given the sharp drop in yields of late (the 10-year Treasury yield is now down a whopping 17 bps today to 2.03%).
    • Webcast live and recorded (later) in available on Seeking Alpha.
    • Presentation slides
    • Getting into more detail, Mayo asks what would happen to the bank's earnings and ROE targets in 2015 if, in fact, rates do not go higher. CEO Moynihan: We'll do what we're doing now - that is trying to grow the business where it can. He notes core earnings in Consumer & Business Banking rose 15% from a year ago, Wealth Management up 3%, Global Banking up 8%, and Global Markets up 10%.
    • Previously: Bank of America +1.2% after earnings beat
    • Previously: Treasury yields tumble after weak data; S&P futures down 1%
    • Shares now lower by 1.8% as the broader markets tumble again.
    | 4 Comments
  • Oct. 15, 2014, 7:22 AM
    • Net income of $168M includes a $5.3B or $0.43 per share pre-tax legal charge for global mortgage settlement. Earnings one year ago were $2.5B, or $0.20 per share.
    • Net interest income of $10.4B flat from a year ago.
    • Noninterest income gained 2% Y/Y, when excluding DVA adjustments. Net charge-offs of $1B fell 38%. Net charge-off ratio of 0.46 compares to 0.73 one year ago.
    • Noninterest expense of $19.7B vs. $16.4B a year ago. Excluding litigation expense, noninterest expense of $14.2B fell 7% Y/Y, thanks to sizable personnel cutbacks (mostly in legacy mortgage).
    • Consumer and Business Banking net income of $1.856B vs. $1.787B a year ago. Average deposit balances up 4%. Mobile banking customers up 15% to 16.1M - 11% of deposits were made via mobile vs. 8% a year ago.
    • Consumer Real Estate Services net loss of $5.184B vs. loss of $990M a year ago, thanks to the mortgage settlement. $11.7B of mortgages originated and $3.2B of home-equity loans vs. $22.6B and $1.8B a year ago.
    • Global Wealth and Investment Management net income of $813M vs. $720M a year ago.
    • Global Banking net income of $1.414B vs. $1.137B a year ago.
    • Global Markets net income of $769M vs. a loss of $875M a year ago. FICC revenue of $2.2B gains 11% Y/Y, driven by currencies as volatility returned late in the quarter.
    • Tangible book value per share of $14.13 vs. $13.62 one year ago.
    • Conference call at 8:30 ET
    • Previously: Bank of America beats by $0.08, beats on revenue
    • BAC +1.2% premarket
    | 10 Comments
  • Oct. 15, 2014, 7:08 AM
    • Bank of America (NYSE:BAC): Q3 EPS of -$0.01 beats by $0.08.
    • Revenue of $21.43B (-1.4% Y/Y) beats by $70M.
    • Press Release
    | 3 Comments
  • Oct. 14, 2014, 5:30 PM
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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.