Bank of America profits slide 18%

Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC) posted first-quarter net income available to common shareholders of $2.2 billion, an 18 percent decrease compared to $2.7 billion a year earlier.

The holding company of five Bank of America branches in Springfield posted diluted share earnings of 21 cents, a 4-cent decrease, according to a news release.

First-quarter financial notes:
    •    Revenue declined 7 percent to $19.5 billion from $20.9 billion in the same quarter of 2015.
    •    Net interest income dropped 2.5 percent to $9.2 billion from $9.4 billion.
    •    Noninterest expense was reduced by 6.4 percent to $14.8 billion.

As of March 31, Bank of America’s assets were $2.2 trillion, deposits were $1.2 trillion, and loans and leases were $893 billion, according to the release.

BAC shares were trading at $14.19 as of 10:38 a.m., compared to a 52-week range of $10.99 to $18.48.