Springfield, MO

Bank of America produces 15% earnings growth

Posted online

Charlotte, North Carolina-based Bank of America Corp. (NYSE: BAC) reported third-quarter net income available to common shareholders of $5.1 billion, a 15 percent increase from $4.5 billion a year earlier.

The operator of five Bank of America branches in Springfield posted diluted earnings per share of 48 cents, a 7-cent uptick, according to a news release.

"Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results,” CEO Brian Moynihan said in the release. “Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading. We delivered positive operating leverage year over year for the 11th consecutive quarter while continuing to invest in improved capabilities.”

Third-quarter financial notes:
    •    Revenue, net of interest income, moved up 1 percent to $21.8 billion compared with third-quarter 2016.
    •    The company bought back $7.9 billion worth of its common stock.
    •    Net interest income rose 9.4 percent to $11.2 billion.

In the Springfield market, Bank of America ranked fourth in deposits — up from fifth in 2016 — according to the Federal Deposit Insurance Corp.’s deposit market share report for the Springfield metropolitan statistical area. As of June 30, the company had $706 million in local deposits, or 7.2 percent of the five-county market.

As of Sept. 30, the bank holding company’s overall assets were $2.3 trillion and deposits were $1.3 trillion. Bank of America operates 4,500 branches in all 50 states, Washington, D.C., Puerto Rico, the U.S. Virgin Islands and more than 35 other countries, according to the release.

BAC shares were trading at $26.22 as of 8:48 a.m., just under a 52-week high of $26.30. Its 52-week low is $15.90.


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