8-KEarnings & ResultsRegulation FDOther Events+1

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jan 19, 2021)

Filed January 19, 2021For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

Bank of America Corporation (BAC) filed an 8-K on January 19, 2021, to report its fourth quarter and full-year 2020 financial results. For the fourth quarter, the company reported a net income of $5.5 billion, or $0.59 per diluted share. For the full year 2020, net income stood at $17.9 billion, or $1.87 per diluted share. These results were detailed in an earnings press release that is incorporated by reference into the filing. Beyond the core financial performance, the filing also disclosed key capital return actions. The Board of Directors declared a regular quarterly cash dividend of $0.18 per share, with a payment date of March 26, 2021. Furthermore, the company announced an authorization for common stock repurchases totaling $2.9 billion through March 31, 2021, plus an estimated $0.3 billion to offset equity-based compensation awards. These capital return initiatives signal a commitment to shareholder value.

Key Highlights

  • 1Reported Q4 2020 net income of $5.5 billion ($0.59 per diluted share).
  • 2Reported full-year 2020 net income of $17.9 billion ($1.87 per diluted share).
  • 3Announced a regular quarterly cash dividend of $0.18 per share, payable March 26, 2021.
  • 4Authorized $2.9 billion in common stock repurchases through March 31, 2021.
  • 5Additionally authorized approximately $0.3 billion in repurchases to offset equity awards.

Frequently Asked Questions

Bank of America reported a net income of $5.5 billion, or $0.59 per diluted share, for the fourth quarter ended December 31, 2020.

For the full year ended December 31, 2020, Bank of America reported a net income of $17.9 billion, or $1.87 per diluted share.

The company announced a quarterly cash dividend of $0.18 per share and authorized $2.9 billion in common stock repurchases through March 31, 2021, plus an additional estimated $0.3 billion to offset equity compensation.

The filing incorporates by reference the Earnings Press Release (Exhibit 99.1) and Dividend and Repurchase Press Release (Exhibit 99.4), which contain more comprehensive details. Additional presentation and supplemental materials are also available on the company's website.