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 April 15, 2015, announcing financial results for the first quarter ended March 31, 2015, reporting first quarter net income of $3.4 billion or $0.27 per diluted share, for the first quarter of 2015, compared to a loss of $276 million, or $0.05 per share, in the year-ago period.
Results include $1.0 billion ($0.06 per share) in annual retirement-eligible incentive costs and $0.5 billion ($0.03 per share) in charges to revenue for market-related net interest income adjustments.
Revenue, net of interest expense, on a fully taxable-equivalent (FTE) basis, declined $1.3 billion from the first quarter of 2014 to $21.4 billion.
Continued Business Momentum
- Period-end Deposit Balances Increased to Record $1.15 Trillion
- Originated $17 Billion in First-lien Residential Mortgage Loans and Home Equity Loans
- Issued 1.2 Million New Credit Cards With 66 Percent Going to Existing Relationship Customers
- Merrill Edge Brokerage Assets Increased 18 Percent From Q1-14 to $118 Billion
- Wealth Management Asset Management Fees up 10 Percent From Q1-14 to $2.1 Billion
- Global Banking Increased Period-end Loans by $6 Billion From Q1-14 to $296 Billion
- Bank of America Merrill Lynch Firmwide Investment Banking Fees at $1.5 Billion, With Highest Advisory Fees Since the Merrill Lynch Merger
Continued Progress on Expense Management; Credit Quality Remains Strong
- Reduced Noninterest Expense Excluding Litigation and Annual Retirement-eligible Incentive Costs by 6 Percent From Q1-14 to $14.3 Billion
- Number of 60+ Days Delinquent First Mortgage Loans Serviced by Legacy Assets and Servicing Down 45 Percent From Q1-14 to 153,000 Loans
- Credit Quality Improved With Adjusted Net Charge-offs Down 28 Percent From Q1-14
Record Capital and Liquidity Levels
- Estimated Common Equity Tier 1 Ratio Under Basel 3 (Standardized Approach, Fully Phased-in) 10.3 Percent; Advanced Approaches 10.1 Percent
- Estimated Supplementary Leverage Ratios Above 2018 Required Minimums, With Bank Holding Company at 6.3 Percent and Primary Bank at 7.1 Percent
- Record Global Excess Liquidity Sources of $478 Billion, up $51 Billion From Q1-14; Time-to-required Funding at 37 Months
- Consolidated Liquidity Coverage Ratio Exceeds 2017 Requirements
- Tangible Book Value per Share Increased 7 Percent From Q1-14 to $14.79 per Share
- Book Value per Share Increased 4 Percent From Q1-14 to $21.66 per Share
Bank of America Corporation makes available all of its SEC filings on its website: http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-irhome.
The SEC maintains a website that contains reports, proxy statements and other information regarding issuers that file electronically with the SEC. These materials may be obtained electronically by accessing the SEC's website at http://www.sec.gov. A copy of the document will also be available on the National Storage Mechanism's website at: http://www.morningstar.co.uk/uk/NSM.
Contacts:
Bank of America
Michael Pressman, Assistant General Counsel
+1 980-386-5083
