Bank of America reports yearly net income loss

The country's largest financial institution reported a loss in net income after factoring in the repayment of federal stimulus money.

Charlotte, N.C.-based Bank of America Corp. posted 2009 full-year net income of $6.3 billion, up from $4 billion in 2008. But after including stock dividends and the impact from repayment of the federal government's $45 billion stock investment as part of the Troubled Asset Relief Program, the company lost $2.2 billion, or 29 cents per diluted share.

That's down from 2008 net income of 54 cents per diluted share.

For the fourth quarter, the company's net loss was $194 million, compared to a loss of $1.8 billion in fourth-quarter 2008. After factoring in TARP repayments, income was a net loss of $5.2 billion for the quarter, or 60 cents per share.

"While it's disappointing to report a loss for the fourth quarter, there were a number of important accomplishments worth noting," CEO and President Brian T. Moynihan said in the earnings release. "First, we repaid the American taxpayer, with interest, for the TARP investment. Second, we have taken steps to strengthen our balance sheet through successful securities offerings. And third, all of our non-credit businesses recorded positive contributions to our results."

Shares of Bank of America (NYSE: BAC) closed Wednesday at $16.49, compared to a 52-week range of $2.53-$19.10.