Bank of America (BAC) Posts Q1 EPS of 20c/Share, Missing Expectations

(Updated - April 14, 2016 6:48 AM EDT)

Bank of America (NYSE: BAC) reported Q1adjusted EPS of $0.20, versus the analyst estimate of $0.21. Revenue was $19.7 billion, with the consensus at $20.3 billion.

NOTE: EPS includes negative NII adjustment of 7 cents per share. Excluding market-related net interest income (NII) adjustments, revenue (FTE basis) was $20.9 billion, compared to $21.6 billion in Q1-15.

"This quarter, we benefited from good consumer and commercial banking activity. Our business segments earned $4.5 billion, up 16 percent from the year-ago quarter. This was partially offset by valuation adjustments from lower long-term interest rates and annual compensation expenses. Despite volatile markets, our Global Markets business produced solid earnings. As always, we are focused on loan and deposit growth and managing expenses. By doing that, we continue to improve on what we do best: helping consumers live their financial lives and helping businesses grow and employ more people," said Brian Moynihan, Chief Executive Officer.

Balance Sheet, Capital and Liquidity

• Total deposit balances grew $64.1 billion to $1.2 trillion
• Total loan balances grew $28.4 billion to $901.1 billion
• Common equity tier 1 capital (transition) of $162.7 billion; common equity tier 1 capital (fully phased-in) of $157.5 billion(B)
• Global Excess Liquidity Sources increased $47 billion to record $525 billion; time to required funding at 36 months(C)
• Return on average assets 0.50%; return on average common equity 3.8%; return on average tangible common equity 5.4%(D)
  • Excluding NII adjustments and annual retirement-eligible incentive costs, return on average assets 0.73% and return on average tangible common equity 8.4%(D)
• Tangible book value per share(E) increased 9% to $16.17; book value per share increased 7% to $23.12
• Repurchased $1.0 billion in common stock and paid $0.5 billion in common stock dividends

For earnings history and earnings-related data on Bank of America (BAC) click here.

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