Investing.com -- Bank of America Corp (NYSE: BAC) shares are down more than 3% premarket after the company reported third-quarter adjusted earnings per share of $1.08, missing analyst estimates of $1.10, as the bank took a $1.2 billion regulatory settlement charge that weighed on results.

The bank posted revenue of $30.0 billion, up 3% YoY, driven by net interest income of $16.4 billion, which rose 8% from the prior year on higher loan and deposit balances and fixed-rate asset repricing.

The results included a regulatory settlement charge of $1.2 billion, or $0.17 per share, which reduced GAAP net income to $6.9 billion, or $0.91 per share, down from $8.3 billion, or $1.04 per share, in the year-ago quarter.

Average loans and leases grew 6% to $1.23 trillion, marking the 10th consecutive quarter of sequential average growth, with increases across every business segment. Average deposits rose 2% to $2.02 trillion.

"The team delivered organic growth, deepening client relationships and adding new ones," said Chair and CEO Brian Moynihan. "While investment banking and sales and trading revenues were lower, commercial lending grew in every client segment."

Investment banking fees declined 11% to $1.8 billion, while sales and trading revenue fell 5% to $5.1 billion. Fixed income revenue dropped 17% to $2.6 billion, though equities revenue rose 11% to $2.5 billion.

The bank's provision for credit losses totaled $1.3 billion, relatively flat compared to the year-ago quarter, while net charge-offs decreased to $1.3 billion from $1.4 billion a year earlier.

The bank's common equity tier 1 ratio stood at 10.9%, well above regulatory minimums.

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