(Updated - January 13, 2017 6:49 AM EST)

Bank of America (NYSE: BAC) reported Q4 EPS of $0.40, $0.02 better than the analyst estimate of $0.38. Revenue for the quarter came in at $20 billion versus the consensus estimate of $20.87 billion.

Increases Planned Common Stock Repurchases for First-Half 2017 by $1.8 Billion to $4.3 Billion

• Net interest income (NII) increased 6% to $10.3 billion, reflecting benefits from higher interest rates as well as growth in loans and deposits, partially offset by $0.2 billion in market-related debt hedge ineffectiveness
• Excluding adjustments for certain trust preferred securities in Q4-15, NII was relatively flat
• Noninterest income decreased 2% to $9.7 billion from $9.9 billion
• Provision for credit losses declined to $774 million from $810 million. Net charge-offs declined to $880 million from $1.1 billion; net charge-off ratio improved to a historic low of 0.39%
• Noninterest expense declined 6%, or $849 million, to $13.2 billion
• Pretax earnings up 27% to $6.1 billion
• Net income increased 43% to $4.7 billion, and EPS increased 48% to $0.40, compared to $3.3 billion and $0.27, respectively
• Loan balances increased $19 billion to $915.9 billion.3 Deposit balances increased $64 billion to $1.26 trillion
• Return on average assets 0.85%; return on average common equity 7.0%; return on average tangible common equity 9.9%
• Book value per share rose 7% to $24.04; tangible book value per share(C) rose 9% to $16.95
• Repurchased $5.1 billion in common stock and paid $2.6 billion in common stock dividends in 2016

"Strong client activity and good expense discipline created solid operating leverage again this quarter. While the recent rise in interest rates came too late to impact fourth-quarter results, we expect to see a significant increase in net interest income in the first quarter of 2017. We remain focused on delivering value to our shareholders as evidenced by today's announcement to increase our planned repurchases for the first half of this year from $2.5 billion to $4.3 billion." - Paul M. Donofrio, Chief Financial Officer.

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