Bank of America boosts 1Q income by over 1,000%

Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC) posted first-quarter earnings of $3.4 billion, a 1,316 percent increase compared to a net loss of $276 million in the same quarter a year earlier.

In the quarter ended March 31, 2014, the bank holding company was negatively impacted by $6 billion in litigation expenses related to a settlement with the Federal Housing Finance Agency, the regulator and conservator of Fannie Mae and Freddie Mac, according to Springfield Business Journal archives.

Bank of America - which operates five branches in Springfield - reported diluted share earnings of 27 cents for the first quarter this year, a 32-cent increase from the same three-month period of 2014, according to a news release.

First-quarter financial notes:

• Net interest income declined 6 percent to $9.7 billion from $10.3 billion a year earlier.
• The company issued 1.2 million new credit cards, up 13 percent.
• Mobile banking increased by 16.9 million customers.

As of March 31, Bank of America’s assets were $2.1 trillion, deposits were $1.1 trillion, and loans and leases were $872.4 billion. The company counts roughly 48 million customers at 4,800 retail centers and 15,900 ATMs, according to the release.

BAC shares were trading at $15.73 as of 10:24 a.m., compared to a 52-week range of $14.37 to $18.21.