Bank of America Corporation

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  • Registration date 15 jan 2015 - 19:23
  • Statutory name Bank of America Corporation
  • Comments CHARLOTTE, N.C.– (BUSINESS WIRE) – January 15, 2015 – Bank of America Company (the “Corporation”) today informed its securities holders that it has filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission ("SEC") on January 15, 2015, announcing financial results for the fourth quarter and year ended December 31, 2014, reporting fourth quarter net income of $3.1 billion, or $0.25 per diluted share, and net income for the year of $4.8 billion, or $0.36 per diluted share.. Revenue, net of interest expense, on a fully taxable-equivalent (FTE) basis was $19.0 billion, compared to $21.7 billion in the fourth quarter of 2013. Results for the most recent quarter include three adjustments that, in aggregate, reduced revenue in the fourth quarter of 2014 by $1.2 billion (pretax) and lowered earnings per share by $0.07. Noninterest expense declined from $17.3 billion in the fourth quarter of 2013 to $14.2 billion in the fourth quarter of 2014, the lowest quarterly expense reported by the company since the Merrill Lynch merger. Credit quality also continued to improve, with the provision for credit losses declining from $336 million in the fourth quarter of 2013 to $219 million in the fourth quarter of 2014, while the charge-off ratio was the lowest in a decade. Continued Business Momentum • Originated $15 Billion in Residential Mortgage Loans and Home Equity Loans in Q4-14, Helping Approximately 41,000 Home Owners Purchase a Home or Refinance a Mortgage • Issued 1.2 Million New Credit Cards in Q4-14, With 67 Percent Going to Existing Relationship Customers • Delivered Record Asset Management Fees in Global Wealth and Investment Management of $2.1 Billion; Pretax Margin of 25 Percent in Q4-14 • Global Banking Increased Loans by $3.1 Billion, or 1.2 Percent, From Q4-13 to $273 Billion • Reduced Noninterest Expense to $14.2 Billion in Q4-14, Lowest Quarterly Expense Level Since Merrill Lynch Merger • Excluding Litigation, Noninterest Expense Down $1.2

Related downloads

201501150000000014_BofA - Notice re Form 8-K January 15 2015 (FR NL LU)-1296871-v2-NYCDMS.pdf

Date last update: 21 January 2022

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