8-KOther Events

BANK OF AMERICA CORP /DE/ 8-K Report (Oct 15, 2001)

Filed October 15, 2001For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

This 8-K filing by Bank of America Corporation (BAC) on October 15, 2001, reports its financial results for the third quarter ended September 30, 2001. The company announced operating earnings of $2.09 billion, or $1.28 per diluted share, indicating a strong operational performance for the period. However, net income was significantly lower at $841 million, or $0.51 per diluted share. This divergence between operating and net income suggests that the company may have incurred significant non-operating expenses or one-time charges that impacted its bottom line. Investors should pay close attention to the difference between operating earnings and net income, as detailed in the accompanying press release (Exhibit 99.1) and supplemental information (Exhibit 99.2). The filing also notes that the company held an investor conference and webcast to discuss these results, providing further context and details. The information presented is as of October 15, 2001, and the company has not committed to updating it post-filing.

Key Highlights

  • 1Reported third quarter 2001 operating earnings of $2.09 billion.
  • 2Reported third quarter 2001 diluted operating earnings per common share of $1.28.
  • 3Reported third quarter 2001 net income of $841 million.
  • 4Reported third quarter 2001 diluted net income per common share of $0.51.
  • 5Filed a press release (Exhibit 99.1) detailing Q3 2001 financial results.
  • 6Filed supplemental information (Exhibit 99.2) for an investor conference/webcast on Q3 2001 results.
  • 7Held an investor conference and webcast on October 15, 2001, to discuss financial results.

Frequently Asked Questions

Bank of America reported operating earnings of $2.09 billion, or $1.28 per diluted share, for the third quarter ended September 30, 2001. However, net income for the same period was $841 million, or $0.51 per diluted share.

The filing does not explicitly detail the reasons for the difference between operating earnings and net income. Investors should refer to the attached press release (Exhibit 99.1) and supplemental information (Exhibit 99.2) for potential explanations, which may include non-operating expenses, one-time charges, or other factors impacting the 'bottom line'.

More detailed information is available in Exhibit 99.1 (Press Release dated October 15, 2001) and Exhibit 99.2 (Supplemental Information prepared for use on October 15, 2001), which are incorporated by reference into this filing.

Yes, the company held an investor conference and webcast on October 15, 2001, to disclose its third quarter financial results, and supplemental information was provided for this event.