BAC 8-K Current Reports
BANK OF AMERICA CORP /DE/ - 623 current reports
BANK OF AMERICA CORP /DE/ 8-K Report, Shareholder Vote Results (May 6, 2026)
This 8-K filing from Bank of America Corporation (BAC) reports the outcomes of its 2026 Annual Meeting of Shareholders, held on May 4, 2026. The key takeaways for investors concern the shareholder votes on several critical matters. Shareholders overwhelmingly re-elected all director nominees and approved the advisory vote on executive compensation, indicating continued confidence in the company's leadership and compensation practices. Additionally, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2026 was ratified. However, two shareholder proposals did not receive majority support. These proposals related to requesting an independent board chair and requesting a report on board oversight of risks related to animal welfare. The strong support for director re-election and executive compensation approval, juxtaposed with the rejection of these specific shareholder initiatives, provides insight into the general sentiment of the shareholder base regarding corporate governance and operational oversight.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Apr 15, 2026)
Bank of America Corporation (BAC) has filed a Current Report (8-K) on April 15, 2026, disclosing its financial results for the first quarter ended March 31, 2026. The company reported a net income of $8.6 billion, translating to $1.11 per diluted share. This filing provides key financial performance indicators for the quarter and includes a press release with detailed results, as well as presentation and supplemental information made available to investors. These materials are accessible on the company's website. In conjunction with the results release, Bank of America is holding an investor conference call and webcast on April 15, 2026, to further discuss its Q1 2026 financial performance and other relevant corporate matters. Investors are encouraged to review the provided exhibits, including the press release, presentation materials, and supplemental information, which offer a comprehensive overview of the company's financial condition and strategic updates. The filing emphasizes that while the results of operations are deemed 'filed' under Section 18 of the Exchange Act, the supplemental information and presentation materials are furnished and not considered 'filed' in the same regard, nor are they incorporated by reference into other SEC filings.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Feb 13, 2026)
Bank of America Corporation (BAC) announced on February 12, 2026, that its Board of Directors has approved the 2025 total compensation for Chair and CEO Brian T. Moynihan, setting it at $41,000,000. This represents an increase from his 2024 total compensation of $35,000,000. The Board cited Mr. Moynihan's leadership in driving significant shareholder growth, as well as his contributions to community and employee support, as key factors in this decision. The executive compensation is structured with a base salary of $1.5 million remaining unchanged, and no cash bonus. The majority of his compensation, $39.5 million, is in the form of equity incentives. This includes a mix of time-based restricted stock units (RSUs) and performance RSUs, with a significant portion tied to future performance targets for 2026-2028. The performance-based awards have increased performance standards and an opportunity for up to 150% payout for exceptional future results, emphasizing the company's focus on long-term, responsible growth and alignment with shareholder interests.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jan 14, 2026)
Bank of America Corporation (BAC) has filed an 8-K report detailing its financial results for the fourth quarter and full year ended December 31, 2025. The company reported a fourth quarter net income of $7.6 billion, translating to $0.98 per diluted share. For the full year, BAC achieved a net income of $30.5 billion, or $3.81 per diluted share. These results are significant for investors as they provide a snapshot of the company's profitability and operational performance over the most recent reporting periods. The filing also indicates that BAC will host an investor conference call and webcast on January 14, 2026, to discuss these results. Accompanying the press release are additional presentation and supplemental information materials made available on the company's website. Investors should note that while the results of operations are deemed 'filed', the supplemental and presentation materials, although incorporated by reference, are generally furnished and not considered 'filed' for Section 18 purposes, meaning they carry less legal weight regarding forward-looking statements under that specific section.
BANK OF AMERICA CORP /DE/ 8-K Report, Regulation FD Disclosure (Jan 6, 2026)
Bank of America Corporation (BAC) has announced a change in its accounting methods for certain tax-related equity investments, specifically those in affordable housing, eligible wind renewable energy, and solar renewable energy projects. The company is shifting from the equity method to the proportional amortization method (PAM) for its affordable housing and wind energy investments, and changing its recognition of investment tax credits (ITCs) for solar energy investments. These changes are intended to better align financial statement presentation with the economic impact of these investments, primarily resulting in reclassifications between income statement line items rather than a material impact on net income on an annualized basis. While the core net income is largely unaffected, these accounting adjustments have led to a retrospective decrease in retained earnings by $1.7 billion as of September 30, 2025. Importantly, the company notes that it is not required to revise previously filed regulatory capital ratios. However, the cumulative impact would have hypothetically decreased Common Equity Tier 1 (CET1) capital by an estimated $2.1 billion, reducing the CET1 ratio by 13 basis points as of the same date. The effective tax rate for Q3 2025 would also have been higher under the new method.
BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Nov 26, 2025)
This 8-K filing from Bank of America Corporation (BAC) announces a change in the designation of certain senior management personnel. Effective December 31, 2025, four individuals – Lindsay D. Hans, Kathleen A. Knox, Matthew M. Koder, and Eric A. Schimpf – will no longer be designated as "executive officers" as defined by SEC rules. This change follows the earlier announcement of Dean C. Athanasia and James P. DeMare's appointment as Co-Presidents, responsible for the Corporation's business lines. While not an indication of departure from the company, this reclassification streamlines the reporting structure and may align with the new Co-President roles. Investors should note that these individuals, including Matthew M. Koder who was a named executive officer in the prior proxy statement, will maintain their current leadership positions. The filing primarily serves to update the Corporation's list of official executive officers for regulatory purposes, ensuring transparency in reporting key management personnel.
BANK OF AMERICA CORP /DE/ 8-K Report, Exhibit Filing (Oct 16, 2025)
This 8-K filing by Bank of America Corporation (BAC) primarily concerns the registration of new debt securities under its existing Form S-3 shelf registration statement. Specifically, it includes legal opinions from Sidley Austin LLP regarding the validity of "Medium-Term Notes, Series P" offered by Bank of America Corporation and "Medium Term Notes, Series A" offered by BofA Finance LLC, along with the Corporation's guarantees for the latter. This filing does not disclose new financial results, operational changes, or material events impacting the company's performance. Instead, it serves as a procedural update related to its ongoing debt issuance capabilities.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Oct 15, 2025)
Bank of America Corporation (BAC) has filed an 8-K report detailing its third quarter 2025 financial results. The company announced a net income of $8.5 billion, or $1.06 per diluted share, for the quarter ended September 30, 2025. This filing serves as the official notification of these results, with a press release attached as an exhibit for further detail. Investors should note that this information is considered "filed" for regulatory purposes. In addition to the earnings release, BAC is also providing supplemental materials and presentation slides related to its Q3 2025 performance and other relevant corporate information. These materials will be discussed during an investor conference call and webcast scheduled for October 15, 2025. While the press release is formally filed, the supplemental information and presentation materials are furnished, meaning they are not considered "filed" under Section 18 of the Securities Exchange Act of 1934.
BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Sep 15, 2025)
Bank of America Corporation (BAC) has announced significant executive leadership changes effective immediately as of September 12, 2025. The company has appointed Dean C. Athanasia, currently President of Regional Banking, and James P. DeMare, President of Global Markets, to serve as Co-Presidents of the Corporation. This move elevates two key leaders to a more prominent, unified leadership role, suggesting a potential strategic shift towards integrated management across major business segments. Additionally, Alastair M. Borthwick, who has been serving as the Chief Financial Officer since November 2021, has been appointed as Executive Vice President while retaining his CFO responsibilities. These appointments reflect the company's ongoing efforts to strengthen its senior management team and ensure continuity and strategic direction at the highest levels. Investors should monitor how this new co-presidency structure impacts operational efficiency and future strategic decisions.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Sep 12, 2025)
Bank of America Corporation (BAC) announced significant leadership changes in an 8-K filing dated September 12, 2025. The company has appointed Dean C. Athanasia, formerly President of Regional Banking, and James P. DeMare, formerly President of Global Markets, as Co-Presidents of the Corporation. This move consolidates key operational leadership under two senior executives, potentially signaling a strategic focus on integrated growth across the bank's core business segments. Furthermore, Alastair M. Borthwick, the current Chief Financial Officer, has been assigned the additional title of Executive Vice President. These appointments are effective immediately as of the filing date. Investors should monitor how these leadership transitions impact strategic direction and operational execution in the coming quarters.
BANK OF AMERICA CORP /DE/ 8-K Report, Rights Modification (Jul 24, 2025)
Bank of America Corporation (BAC) has filed an 8-K report detailing the issuance and sale of a new series of preferred stock, specifically the 6.250% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series UU. This filing primarily concerns the establishment of the terms and conditions of this new series, including its par value, liquidation preference, and dividend rate. Importantly, the issuance of this Series UU Preferred Stock introduces restrictions on the company's ability to pay dividends on, or repurchase, its common stock or other parity or junior preferred stock if it fails to meet its dividend obligations on the new Series UU Preferred Stock. This aims to protect the rights of the Series UU Preferred Stock holders by prioritizing their dividend payments. In addition to establishing the Series UU Preferred Stock, Bank of America has also sold 2,500,000 Depositary Shares, each representing a fractional interest in the Series UU Preferred Stock. This transaction, conducted under a prospectus supplement, allows investors to gain exposure to the Series UU Preferred Stock through more accessible units. The filing includes various exhibits such as the underwriting agreement, certificate of designations, deposit agreement, and legal opinions, providing a comprehensive view of the transaction's legal and financial underpinnings.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jul 23, 2025)
Bank of America Corporation (BAC) has announced significant capital return initiatives through an 8-K filing dated July 23, 2025. The company's Board of Directors has authorized a new $40 billion common stock repurchase program, set to commence on August 1, 2025. This program will replace the existing repurchase plan, which expires on the same date. This substantial buyback authorization signals management's confidence in the company's financial position and its commitment to enhancing shareholder value.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jul 16, 2025)
Bank of America Corporation (BAC) has filed an 8-K report detailing its second quarter 2025 financial results, which concluded on June 30, 2025. The company announced a net income of $7.1 billion for the quarter, translating to $0.89 per diluted share. This report primarily serves to officially announce these results and provide investors with access to the related press release, presentation materials, and supplemental financial information. Investors should note that while the core financial figures are presented, this 8-K is an informational filing. A conference call and webcast are scheduled for July 16, 2025, to further discuss these results. Additional details and context will be provided during this investor event, and it's recommended that stakeholders review the attached exhibits for a comprehensive understanding of the quarter's performance.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jul 1, 2025)
Bank of America Corporation (BAC) has filed an 8-K report detailing two significant announcements: a planned increase in its quarterly common stock dividend and updated information regarding its capital ratios following the Federal Reserve's 2025 Comprehensive Capital Analysis and Review (CCAR). The planned dividend increase, subject to Board approval, signals management's confidence in the company's financial stability and its commitment to returning capital to shareholders. Investors should note that this increase is expected to take effect starting in the third quarter of 2025. The CCAR results indicate an improvement in Bank of America's capital position. The preliminary stress capital buffer (SCB) is projected to improve by 70 basis points to 2.5%, setting a new CET1 minimum requirement of 10.0% effective October 1, 2025. Furthermore, should proposed modifications to the SCB calculation be adopted, the company's CET1 minimum ratio could be 10.2% effective January 1, 2026. These capital levels remain well above the current minimums, demonstrating the bank's robust capital adequacy.
BANK OF AMERICA CORP /DE/ 8-K Report, Rights Modification (Apr 29, 2025)
Bank of America Corporation (BAC) has filed an 8-K report detailing significant actions related to its preferred stock. On April 29, 2025, the company formally issued 120,000 shares of its Series OO Preferred Stock. This issuance is accompanied by a Certificate of Designations, which establishes the specific terms and conditions of this new class of preferred stock, including its liquidation preference of $25,000 per share and a fixed dividend rate of 6.625%. Crucially, the terms of the Series OO Preferred Stock impose restrictions on BAC's ability to pay dividends on or repurchase its common stock and other parity or junior preferred stock if it fails to make full dividend payments on the Series OO Preferred Stock. This filing also notes the sale of 3,000,000 Depositary Shares, each representing a fractional interest in the Series OO Preferred Stock, indicating a completed offering of this new capital instrument to investors.
BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Apr 24, 2025)
This 8-K filing from Bank of America Corporation (BAC) details the outcomes of its 2025 Annual Meeting of Shareholders held on April 22, 2025. The most significant event for investors is the shareholder approval of the amendment and restatement of the Bank of America Corporation Equity Plan. Key changes to the plan include an increase in the number of shares available for grant by 100 million, a new limit of $1 million in annual share and cash compensation for non-employee directors (with exceptions), and an extension of the plan's expiration date to April 21, 2035. Additionally, the filing confirms that shareholders re-elected all director nominees, approved the advisory vote on executive compensation ('Say on Pay'), and ratified the appointment of PricewaterhouseCoopers LLP as the independent auditor. Several shareholder proposals concerning director nomination practices, animal welfare risk oversight, lobbying alignment with climate goals, and energy financing ratios were not approved by the shareholders.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Apr 15, 2025)
Bank of America Corporation (BAC) has filed an 8-K report detailing its first quarter 2025 financial results. The company reported a net income of $7.4 billion, translating to $0.90 per diluted share for the quarter ended March 31, 2025. This filing serves as a notification of these results and provides access to the official press release, presentation materials, and supplemental information. Investors should note that the company will host an investor conference call and webcast on April 15, 2025, to further discuss these quarterly results and other related matters. The supplemental materials, including historical and forward-looking information, are available on the company's website and furnished as exhibits to this report. While the press release information is deemed 'filed,' the supplemental materials are furnished and do not carry the same 'filed' status under Section 18 of the Exchange Act.
BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Feb 28, 2025)
Bank of America Corporation (BAC) has announced a change in its Chief Accounting Officer role, effective March 1, 2025. Rudolf A. Bless will be stepping down from this position but will remain with the company to facilitate the transition of his successor, Johnbull Okpara. Johnbull Okpara, who joined BAC in November 2024 as Incoming Chief Accounting Officer, has been officially appointed as the new Chief Accounting Officer. Mr. Okpara brings extensive experience from his previous roles, including Chief Accounting Officer and Controller at Citigroup Inc. and senior financial positions at Morgan Stanley. His compensation package for the 2025 performance year includes an annual salary of $600,000 and an incentive award of at least $5,400,000, pending Compensation and Human Capital Committee approval.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Feb 7, 2025)
Bank of America Corporation announced the 2024 total compensation for its Chair and CEO, Brian T. Moynihan, has been approved at $35 million, an increase from $29 million in 2023. This decision by the Board of Directors reflects the company's "Responsible Growth" achievements in 2024, including a 30% increase in share price and $27.1 billion in net income. The compensation is structured entirely as equity incentives, with no cash bonus, comprising time-based and performance-based restricted stock units, subject to stock ownership and clawback policies. The company highlighted strong financial and operational performance in 2024. Key drivers included a 3% revenue growth to nearly $102 billion, stable credit costs, and significant organic loan and deposit growth outpacing industry averages. Bank of America also returned $21 billion to shareholders through dividends and repurchases, a 75% increase from the prior year, and expanded its investment in technology and talent. Client growth was robust, with one million net new consumer checking accounts and record sales and trading revenue in Global Markets.
BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Jan 29, 2025)
Bank of America Corporation (BAC) announced a significant addition to its Board of Directors with the appointment of Maria N. Martinez, effective January 29, 2025. Ms. Martinez brings extensive experience as the former executive vice president and chief operating officer of Cisco Systems, Inc., a background that is likely to be valuable for the company's strategic direction and governance. Her appointment strengthens the Board's expertise in key areas, as she will also serve on the Corporate Governance, ESG, and Sustainability Committee and the Enterprise Risk Committee. Investors should note that Ms. Martinez will be compensated according to the standard non-employee director program, which includes restricted stock and cash awards. The exact amount will be prorated based on her start date relative to the next annual shareholders' meeting. This move signals a commitment to robust board oversight and potentially enhances the company's focus on critical governance and risk management issues.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jan 16, 2025)
Bank of America Corporation (BAC) has filed an 8-K report disclosing its financial results for the fourth quarter and the full year ended December 31, 2024. For the fourth quarter, the company reported net income of $6.7 billion, or $0.82 per diluted share. The full-year net income reached $27.1 billion, translating to $3.21 per diluted share. These results were formally announced on January 16, 2025, and are detailed in an accompanying press release (Exhibit 99.1). In addition to the financial results, BAC announced an investor conference call and webcast to further discuss these earnings and other corporate matters on January 16, 2025. The company has also made available presentation materials and supplemental financial information on its website, providing further historical and forward-looking data. Investors should refer to these exhibits and the press release for a comprehensive understanding of the company's performance and outlook.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Oct 15, 2024)
Bank of America Corporation (BAC) has filed an 8-K report announcing its financial results for the third quarter ended September 30, 2024. The company reported a net income of $6.9 billion, translating to $0.81 per diluted share. This filing primarily serves to incorporate by reference the press release detailing these results, along with supplemental investor presentation materials and additional financial information. These materials, including a press release (Exhibit 99.1), presentation materials (Exhibit 99.2), and supplemental information (Exhibit 99.3), were made available on October 15, 2024. The company also scheduled an investor conference call and webcast to discuss these results. Investors should refer to the attached exhibits for a comprehensive understanding of BAC's third-quarter performance and outlook.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jul 24, 2024)
Bank of America Corporation (BAC) announced on July 24, 2024, a significant update to its capital return strategy through a press release filed with the SEC. The Board of Directors has authorized a new $25 billion common stock repurchase program, set to commence on August 1, 2024. This new program will supersede the existing one, which was originally adopted in October 2021 and modified in September 2023, and is set to expire on the same date the new program begins. In addition to the substantial share buyback authorization, the Board also declared the regular quarterly cash dividend on its common stock, maintaining it at $0.26 per share. A quarterly dividend of $1.75 per share was also declared for the 7% Cumulative Redeemable Preferred Stock, Series B. These actions demonstrate the company's commitment to returning capital to shareholders through both buybacks and consistent dividend payments.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jul 16, 2024)
Bank of America Corporation (BAC) has filed an 8-K report on July 16, 2024, announcing its financial results for the second quarter ended June 30, 2024. The company reported a net income of $6.9 billion, or $0.83 per diluted share, for the quarter. This report primarily serves to formally disclose these results, which were also detailed in a press release incorporated by reference as Exhibit 99.1. In addition to the earnings announcement, BAC will hold an investor conference call and webcast on July 16, 2024, to discuss these results and other company matters. The company has also made available supplementary presentation materials and additional financial information on its website, furnished as Exhibits 99.2 and 99.3. Investors should note that while the earnings press release (Exhibit 99.1) is deemed "filed" for Section 18 purposes, the presentation and supplemental information (Exhibits 99.2 and 99.3) are furnished and not considered "filed" in the same manner, though they are incorporated by reference.
BANK OF AMERICA CORP /DE/ 8-K Report, Bylaw Amendment (Jun 28, 2024)
This 8-K filing from Bank of America Corporation (BAC) reports on amendments made to the company's Bylaws by its Board of Directors on June 26, 2024. The changes are primarily focused on clarifying and updating governance procedures related to stockholder meetings, director nominations, and proposed business. Key amendments enhance the Board's discretion and clarify requirements for stockholders seeking to propose business or nominate directors, including provisions for remote meetings, voting thresholds, and proxy access.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jun 28, 2024)
Bank of America Corporation (BAC) has announced plans to increase its quarterly common stock dividend to $0.26 per share from $0.24 per share, effective in the third quarter of 2024, subject to Board of Directors approval. This move signals confidence in the company's financial stability and commitment to returning capital to shareholders. Additionally, the company disclosed its results from the Federal Reserve's 2024 Comprehensive Capital Analysis and Review (CCAR). Based on these results, BAC's stress capital buffer (SCB) will be set at 3.2% and its CET1 minimum requirement will be 10.7% upon finalization, effective from October 1, 2024, through September 30, 2025. The company's current CET1 ratio of 11.9% as of March 31, 2024, comfortably exceeds its existing regulatory minimum, indicating robust capital adequacy.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jun 21, 2024)
Bank of America Corporation (BAC) has filed an 8-K report to announce a significant change in its debt instrument referencing mechanisms. Effective after June 28, 2024, the Canadian dollar Bankers' Acceptance Rate (CDOR) for a three-month tenor will be replaced by the Fallback Rate (CORRA) as the base rate for certain outstanding floating-rate and fixed-to-floating rate debt securities. This transition is mandated by the cessation of CDOR publication by its administrator, Refinitiv Benchmark Services (UK) Limited, with the final publication scheduled for June 28, 2024. In addition to the benchmark replacement, the Corporation also indicated its intention to redeem a specific series of fixed-to-floating rate debt securities that currently reference Three-Month CDOR. Investors holding these affected debt securities should carefully review the details provided in the press release, which is attached as an exhibit to this filing, for specific information regarding the securities impacted and the upcoming redemption process. The company will issue a separate, formal notice of redemption in accordance with the terms of the debt securities and governing indentures.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (May 10, 2024)
Bank of America Corporation (BAC) has filed an 8-K to disclose a response to an unsolicited "mini-tender" offer from Tutanota LLC. Tutanota is offering to purchase up to 1,000,000 shares of BAC common stock at $40.00 per share. This offer is contingent on the closing stock price exceeding $40.00 on the last trading day before the offer expires, which is scheduled for May 31, 2024. The corporation explicitly states it does not endorse this mini-tender offer and strongly recommends that its shareholders do not tender their shares. Bank of America is not affiliated with Tutanota or its offer. The number of shares Tutanota seeks to acquire represents a very small fraction (approximately 0.01%) of BAC's outstanding common stock, indicating this is unlikely to have any material impact on the company or its shareholders. Investors who have already tendered shares are advised they can withdraw them before the offer's expiration.
BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Apr 26, 2024)
This 8-K filing from Bank of America Corporation (BAC) details the outcomes of its 2024 Annual Meeting of Shareholders held on April 24, 2024. The most significant event for investors is the shareholder approval to amend and restate the Bank of America Corporation Equity Plan, which includes an increase in the number of shares available for grant by 100 million. This action is crucial for the company's ability to attract and retain talent through equity-based compensation in the future. Furthermore, the filing confirms that shareholders elected all director nominees, approved the advisory "Say on Pay" vote regarding executive compensation, and ratified the appointment of PricewaterhouseCoopers LLP as the independent auditor for 2024. Several shareholder proposals were voted down, indicating a divergence of opinion between management and a portion of the shareholder base on specific governance and policy matters.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Apr 16, 2024)
Bank of America Corporation (BAC) has filed an 8-K report detailing its first-quarter 2024 financial results. The company reported a net income of $6.7 billion, translating to $0.76 per diluted share. This filing serves as the official announcement of these results, with the detailed press release incorporated by reference. In addition to the earnings release, BAC also announced an investor conference call and webcast to discuss these results and other relevant matters. The company has also made available supplementary presentation materials and financial information on its website, providing investors with further insights into its performance and outlook. Investors should refer to the press release (Exhibit 99.1) for comprehensive details on the quarter's financial condition and results of operations.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Feb 2, 2024)
Bank of America Corporation (BAC) announced in an 8-K filing that its Board of Directors approved 2023 total compensation for Chair and CEO Brian T. Moynihan of $29,000,000, a slight decrease from $30,000,000 in 2022. This decision was based on the Board's evaluation of the company's performance and Mr. Moynihan's leadership amidst economic uncertainty, under the "Responsible Growth" operating model. The company reported $26.5 billion in net income for 2023, which included significant pre-tax charges totaling $3.7 billion related to the FDIC special assessment and a Bloomberg Short-Term Bank Yield Index cessation. Excluding these items, net income was $29.3 billion, a 6% increase year-over-year, reflecting strong organic growth and diligent expense management.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jan 12, 2024)
Bank of America Corporation (BAC) has filed an 8-K report detailing its fourth quarter and full-year 2023 financial results, announced on January 12, 2024. For the fourth quarter, the company reported a net income of $3.1 billion, translating to $0.35 per diluted share. For the full fiscal year 2023, BAC achieved a net income of $26.5 billion, or $3.08 per diluted share. These results are further elaborated in the accompanying press release and additional supplemental information made available by the company.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jan 8, 2024)
This 8-K filing from Bank of America Corporation (BAC) discloses a significant one-time, non-cash, pre-tax charge of approximately $1.6 billion recognized in the fourth quarter of 2023. This charge is a result of accounting adjustments related to the transition away from the London Interbank Offered Rate (LIBOR) and its successor, the Bloomberg Short-Term Bank Yield Index (BSBY). The cessation of BSBY necessitated the de-designation of certain interest rate swaps used in cash flow hedges for BSBY-indexed loans, leading to the reclassification of amounts from accumulated other comprehensive income into earnings. While this charge impacts reported earnings for the fourth quarter of 2023 and temporarily reduced the Common Equity Tier 1 (CET1) ratio by eight basis points, the company emphasizes that it is non-cash and that the economics of the underlying loans are not fundamentally altered. The $1.6 billion is expected to be recognized back into interest income over subsequent periods, largely through 2026, as the loans transition to the Secured Overnight Financing Rate (SOFR). Investors should note that the company will officially report its full fourth-quarter 2023 financial results on January 12, 2024.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Oct 17, 2023)
Bank of America Corporation (BAC) has filed an 8-K report detailing its financial results for the third quarter ended September 30, 2023. The company reported a net income of $7.8 billion, translating to $0.90 per diluted share. This filing incorporates by reference the press release announcing these results, which is available on the company's website and will be further discussed during an investor conference call and webcast on October 17, 2023. In addition to the press release, BAC has also made available presentation materials and supplemental information regarding its third-quarter performance. These materials, furnished as exhibits, provide further details and context for investors. While the press release information is considered "filed" for regulatory purposes, the presentation and supplemental materials are furnished and do not carry the same "filed" status, meaning the company does not undertake to update this information.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Sep 29, 2023)
This 8-K filing from Bank of America Corporation (BAC) reports a significant event: the passing of a long-standing member of its Board of Directors, Frank P. Bramble, Sr. Mr. Bramble had been a director since 2006, indicating a substantial tenure and likely deep involvement in the company's strategic decisions and governance over the years. While this news pertains to the composition of the Board, it does not directly relate to the company's financial performance or operational results. Investors should note this change in board membership as it may lead to future board restructuring or the appointment of a new director. However, the immediate impact on BAC's financial standing or business operations is not detailed in this specific filing.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jul 18, 2023)
Bank of America Corporation (BAC) filed an 8-K on July 18, 2023, to report its financial results for the second quarter ended June 30, 2023. The company announced a net income of $7.4 billion, or $0.88 per diluted share for the quarter. This filing primarily serves to attach the press release detailing these results and to provide information regarding an investor conference call and webcast scheduled to discuss these results. Investors should note that while the press release itself is incorporated by reference and deemed "filed" for the purposes of Section 18 of the Securities Exchange Act, additional presentation materials and supplemental information furnished in this report (Exhibits 99.2 and 99.3) are not considered "filed" and do not carry the same legal implications. The company also indicated that it has no obligation to update any information provided in these furnished exhibits.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jul 5, 2023)
Bank of America Corporation (BAC) announced on July 5, 2023, its intention to increase its quarterly common stock dividend. The proposed dividend is set to rise from $0.22 per share to $0.24 per share, effective from the third quarter of 2023. This dividend increase is a positive signal to shareholders, indicating management's confidence in the company's financial health and its ability to generate sufficient returns to reward investors. The announcement suggests that BAC anticipates continued profitability and stability, supporting a higher payout to its owners. While the press release was issued on July 5, 2023, and the filing made on the same day, the increase is contingent upon the approval of the Corporation's Board of Directors. Investors should monitor for official board approval to confirm the dividend hike. This planned increase in dividend payout is a key piece of information for income-focused investors and signals a potential for enhanced shareholder returns in the near term.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jun 26, 2023)
Bank of America Corporation (BAC) has filed an 8-K report detailing an important update regarding its outstanding debt securities and certificates of deposit that are linked to USD LIBOR ICE Swap Rate benchmarks. Following the cessation of LIBOR, interest rates and payments for these specific financial instruments will be determined by established fallback provisions after June 30, 2023. This action is a proactive measure to ensure continued functionality and clarity for these securities as the financial markets transition away from LIBOR. Investors holding these particular debt securities or certificates of deposit should pay close attention to the information released. The company has provided a press release, incorporated by reference, which lists the affected CUSIP numbers and other pertinent details. This announcement is crucial for understanding how the interest and amounts payable on these instruments will be calculated moving forward, ensuring transparency and compliance with evolving regulatory standards.
BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Apr 28, 2023)
This 8-K filing from Bank of America (BAC) details the outcomes of its 2023 Annual Meeting of Shareholders, held on April 25, 2023. The primary focus for investors is the shareholder approval of the amended and restated Bank of America Corporation Equity Plan. This amendment significantly increases the number of shares available for equity awards by 75 million, extends the plan's expiration date to 2033, and reintroduces the ability to use shares withheld for tax purposes for future grants, while also clarifying dividend payout conditions. These changes are designed to ensure the company can continue to incentivize and retain key employees through equity compensation. Additionally, the filing confirms the election of all director nominees and the ratification of PricewaterhouseCoopers LLP as the independent auditor. Shareholders also approved the "Say on Pay" resolution, supporting the company's executive compensation, and voted in favor of holding these advisory votes annually. Most shareholder proposals, particularly those related to environmental and social governance (ESG) matters and board structure, did not pass. The overwhelming support for the equity plan and annual "Say on Pay" votes signals shareholder confidence in the company's governance and executive compensation framework.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Apr 18, 2023)
Bank of America Corporation (BAC) filed an 8-K on April 18, 2023, reporting its first quarter 2023 financial results. The company announced a net income of $8.2 billion, or $0.94 per diluted share. This report includes a press release detailing these results, as well as presentation materials and supplemental information made available to investors. These materials are available on the company's website and were discussed during an investor conference call and webcast held on the same day. Investors should note that while the press release (Exhibit 99.1) is considered "filed" for purposes of Section 18 of the Securities Exchange Act, the presentation materials and supplemental information (Exhibits 99.2 and 99.3) are furnished and not deemed "filed." This distinction is important for understanding the regulatory treatment of the information provided. The report serves as a primary source for BAC's Q1 2023 financial performance and related investor communications.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Mar 31, 2023)
Bank of America Corporation (BAC) has announced a significant transition for a portion of its outstanding debt and preferred stock, moving away from the soon-to-be-discontinued U.S. dollar LIBOR. Effective after June 30, 2023, the company will replace LIBOR with CME Term SOFR, plus an applicable spread, as the new reference rate for specific floating rate and fixed-to-floating rate debt securities, preferred stock, and trust preferred securities. This transition applies to securities governed by New York or Delaware law and issued by BAC, BofA Finance LLC, and certain other affiliated entities.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Feb 3, 2023)
Bank of America Corporation (BAC) filed an 8-K on February 3, 2023, to announce the compensation for its Chair and CEO, Brian T. Moynihan, for the year 2022. Mr. Moynihan's total compensation was set at $30 million, a decrease from the $32 million awarded in 2021. This decision by the Board of Directors reflects an evaluation of the company's "Responsible Growth" performance throughout 2022, considering financial results, shareholder returns, and support for clients, communities, and employees. The report details strong financial performance, with net income reaching $27.5 billion, marking the third-highest in the company's history. Revenue grew 7% year-over-year, outpacing expense growth. The company returned $12 billion to shareholders through dividends and buybacks. Despite a 26% decline in its stock price, consistent with industry trends, BAC highlighted its robust balance sheet with over $273 billion in shareholders' equity and $881 billion in liquidity.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jan 13, 2023)
Bank of America Corporation (BAC) announced its financial results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported a net income of $7.1 billion, or $0.85 per diluted share. For the full year, BAC's net income was $27.5 billion, or $3.19 per diluted share. These results provide investors with a key update on the company's profitability and operational performance during the reporting periods. The filing also indicates that BAC will hold an investor conference call and webcast on January 13, 2023, to discuss these results in more detail. Additionally, presentation materials and supplemental information related to the financial performance have been made available on the company's website, offering further insights for investors seeking a comprehensive understanding of BAC's financial condition.
BANK OF AMERICA CORP /DE/ 8-K Report, Bylaw Amendment (Dec 16, 2022)
Bank of America Corporation (BAC) has filed an 8-K report detailing amendments to its Corporate Bylaws, effective December 14, 2022. These amendments, approved by the Board of Directors, aim to clarify and streamline procedural and disclosure requirements for stockholders intending to propose business or nominate directors at company meetings. The revisions are largely in response to recent SEC rule changes, specifically the "universal proxy card" rules, and updates to Delaware corporate law. Key changes include enhanced clarity on the process for beneficial owners to participate in calling special meetings, stricter information requirements for stockholder proposals (aligning with annual meeting notifications), and updated provisions for meeting adjournments and stockholder list access. The amendments also introduce more comprehensive disclosure obligations for stockholders conducting proxy solicitations, including those utilizing universal proxy cards, and require them to disclose potential control-related plans. Additionally, the Bylaws now specify procedural requirements for proxy solicitations, such as using a non-white proxy card color.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Oct 17, 2022)
Bank of America Corporation (BAC) filed an 8-K on October 17, 2022, to report its financial results for the third quarter ended September 30, 2022. The company announced a net income of $7.1 billion, which translates to $0.81 per diluted share. This filing serves to formally announce these results, which were detailed in a press release (Exhibit 99.1) also furnished with the report. Investors should note that this press release is incorporated by reference into Item 2.02 of the 8-K and is considered "filed" under Section 18 of the Securities Exchange Act of 1934. Additionally, the company announced its intention to hold an investor conference call and webcast on the same day to discuss these third-quarter results and other related matters. Supplemental information and presentation materials were also made available on the company's website and furnished as exhibits (99.2 and 99.3). These materials provide further detail on the company's financial performance and outlook, although they are furnished, not filed, and do not create an obligation for the company to update the information presented.
BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Oct 7, 2022)
Bank of America Corporation (BAC) has announced a significant resolution to longstanding litigation with Ambac Assurance Corporation. On October 5, 2022, the company and its subsidiaries entered into a settlement agreement, paying $1.84 billion to Ambac. This agreement aims to resolve all pending lawsuits filed by Ambac against Bank of America and its legacy entities, primarily related to bond insurance policies issued before the 2008 financial crisis. The total damages initially claimed by Ambac in these lawsuits exceeded $3 billion. This settlement provides clarity and finality regarding a material contingent liability that has been disclosed in previous SEC filings. While the settlement payment is substantial, Bank of America had previously accrued for a portion of these potential costs. The company anticipates incurring a pre-tax expense of approximately $354 million in the third quarter of 2022 related to this settlement, which translates to an after-tax impact of roughly $0.03 per share. This resolution removes a significant overhang for investors and allows the company to put these legacy legal issues behind it.
BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Sep 14, 2022)
Bank of America Corporation (BAC) announced a significant addition to its Board of Directors with the appointment of Mr. José (Joe) E. Almeida, effective immediately as of September 14, 2022. Mr. Almeida brings extensive leadership experience, currently serving as the chairman, president, and chief executive officer of Baxter International Inc. This appointment is a key development for the company's governance structure, bringing in a seasoned executive to contribute to strategic oversight. Mr. Almeida has also been appointed to two critical board committees: the Audit Committee and the Compensation and Human Capital Committee. This dual role underscores the board's confidence in his expertise and the value they expect him to bring to these vital areas of corporate oversight. As a non-employee director, Mr. Almeida will receive compensation in line with Bank of America's established program, including prorated restricted stock and cash awards.
BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jul 18, 2022)
Bank of America Corporation (BAC) filed an 8-K on July 18, 2022, announcing its second quarter 2022 financial results. The company reported a net income of $6.2 billion, or $0.73 per diluted share, for the quarter ended June 30, 2022. This filing incorporates by reference the press release detailing these results, along with additional presentation and supplemental materials made available for an investor conference call and webcast. While the press release information is deemed "filed" under the Securities Exchange Act, the supplemental and presentation materials are furnished and not considered filed, meaning they do not carry the same legal implications regarding forward-looking statements under Section 18 of the Exchange Act. Investors should refer to the exhibits for a full understanding of the company's performance and forward-looking disclosures.
BANK OF AMERICA CORP /DE/ 8-K Report, Shareholder Vote Results (Apr 27, 2022)
This 8-K filing from Bank of America Corporation details the outcomes of their 2022 Annual Meeting of Shareholders, which took place on April 26, 2022. The key takeaway for investors is the strong shareholder support for the company's governance and management, as evidenced by the overwhelming approval of director nominees and the advisory vote on executive compensation. Additionally, the appointment of PricewaterhouseCoopers LLP as the independent auditor was ratified, and a Delaware Exclusive Forum Provision in the company's bylaws was also approved. Notably, all shareholder proposals presented at the meeting failed to gain approval. These proposals included requests for a civil rights and nondiscrimination audit, a policy to cease financing new fossil fuel supplies, and a report on charitable donations. The results indicate that while shareholders are supportive of the current leadership and corporate structure, they did not endorse the specific environmental, social, and governance (ESG) initiatives proposed by certain shareholder groups during this meeting.
BANK OF AMERICA CORP /DE/ 8-K Report, Rights Modification (Apr 22, 2022)
Bank of America Corporation (BAC) filed an 8-K on April 22, 2022, to report the issuance and sale of 80,000 shares of its Series TT Preferred Stock. This preferred stock, with a liquidation preference of $25,000 per share, is offered through 2,000,000 Depositary Shares, each representing a 1/25th interest in a share of the Series TT Preferred Stock. The terms of this new preferred stock, including its dividend rights and liquidation preference, have been formally established through a Certificate of Designations filed with Delaware. An important investor consideration is that the terms of the Series TT Preferred Stock include restrictions on the company's ability to pay dividends or repurchase common stock if it fails to meet its obligations on this new preferred stock. This filing indicates a capital raise activity by Bank of America through the issuance of preferred equity, which could impact its capital structure and financial flexibility.