Bank of America’s Q4 earnings push annual gains

Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC) reported $4.7 billion in fourth-quarter net income, contributing to a positive year for the 4,600-branch financial institution.

The operator of five Bank of America branches in Springfield posted a fourth-quarter earnings increase of 43 percent. Diluted share earnings rose 13 cents to 40 cents per share, according to a news release.

For the year ended Dec. 31, earnings totaled $17.9 billion, a 13 percent bump from $15.8 million in 2015.

“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,” Bank of America Chief Financial Officer Paul Donofrio said in the release.

2016 financial notes:
    •    Revenue, net of interest expense, improved by nearly 1 percent to $83.7 billion.
    •    The company ended the year down 147 branches compared with Dec. 31, 2015.
    •    Employee count dropped to 208,024 from 213,280 a year earlier.

As of Dec. 31, Bank of America held $2.2 trillion in assets and $1.3 trillion in deposits, according to the release.

BAC shares were trading at $23.12 as of 10:56 a.m., near the company’s 52-week high of $23.41. The 52-week low is $10.99.

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