Bank of America posts 165% year-end earnings increase

Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC), the holding company for seven Bank of America branches in Springfield, recorded year-end profits of $1.45 billion, a 165 percent increase compared to a net loss of $2.24 billion in 2010.

"We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company," Bank of America CEO Brian Moynihan said in a news release. "We built our capital ratios to record levels during 2011 on the strength of our core businesses and by shedding those that are not core to serving customers and clients."

Financial highlights:

• Bank of America generated $34 billion in proceeds from the sale of noncore assets and businesses in 2011, reducing its risk-weighted assets by $29 billion.
• The company cut nearly 7,000 jobs during the fourth quarter. As of Dec. 31, the company had 281,791 full-time employees.
• The company's long-term debt declined to $372 billion as of Dec. 31, compared to $448 billion at the same time in 2010.

In the fourth quarter, Bank of America reported earnings of $1.99 billion, up 260 percent compared to a net loss of $1.24 billion in fourth-quarter 2010. Its diluted earnings per share were 15 cents, compared to a loss per share of 16 cents in the prior fourth quarter.

Bank of America has roughly 57 million customers and a network of approximately 5,700 branches and 17,750 automated teller machines, the release said.

As of 10:49 a.m., the company's shares were trading at $7.03, compared to its 52-week range of $4.92 to $14.95. Its low point came in the fourth quarter on Dec. 19, while its 52-week high was on Feb. 14, 2011.[[In-content Ad]]