BAC · BANK OF AMERICA CORP /DE/

758 filings

BAC SEC Filings

BANK OF AMERICA CORP /DE/ - 758 total filings

Filing record · 2016–202610-K1110-Q328-K149

Showing 1–50 of 758 filings

BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Oct 21, 2026)

Bank of America Corporation (BAC) announced a significant change to its Board of Directors on October 21, 2026, via an 8-K filing. The company expanded its board from 12 to 14 directors and appointed two new independent directors: James Fitterling and William Thomas. Mr. Fitterling, former CEO and current Executive Chairman of Dow Inc., brings extensive experience in the materials science industry and public company governance. Mr. Thomas, former Global Chairman and CEO of KPMG International, offers deep expertise in audit, accounting, and financial reporting, having led a global network of professional services firms. These appointments are strategically significant as they bring seasoned leadership with diverse industry and functional backgrounds to Bank of America's oversight. Investors can view these additions as a move to strengthen the board's expertise in critical areas such as enterprise risk, compensation, audit, and corporate governance, potentially enhancing the company's long-term strategy and risk management capabilities. Both directors will receive standard non-employee director compensation, including restricted stock and cash awards.

Oct 21, 2026 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Oct 14, 2026)

Bank of America reported third-quarter 2026 net income of $6.9 billion, or $0.91 per diluted share, versus $8.3 billion, or $1.04, a year earlier. The results include a non-tax-deductible $1.2 billion regulatory settlement charge ($0.17 per share) tied to consent orders with the OCC and FinCEN over Bank Secrecy Act and anti-money laundering compliance. Excluding that charge, adjusted net income was $8.1 billion and adjusted EPS was $1.08. Revenue rose 3% year over year to $30.0 billion, driven by net interest income up 8% to $16.4 billion and asset management fees up 16%, partly offset by lower sales and trading and investment banking revenue. Adjusted noninterest expense was $18.5 billion, and the adjusted efficiency ratio was 62% versus a reported 66%. Credit quality remained stable to improving. The provision for credit losses was $1.3 billion, flat year over year, and net charge-offs fell to $1.3 billion from $1.4 billion. The net charge-off ratio was 0.44%, and the credit card charge-off rate improved to 3.22% from 3.46%. Average loans grew 6% sequentially and 8% year over year, and average deposits rose 2%. The CET1 ratio (Standardized) was 10.9%, down from 11.6% a year earlier, and the company returned $8.3 billion to shareholders, including $6.0 billion in buybacks. Book value per share rose 4% to $39.26 and tangible book value per share rose 3% to $29.14. The filing is a Form 8-K furnishing earnings materials. The main investor takeaways are the underlying strength of net interest income and wealth management, the one-time nature of the compliance charge, and the lower trading and investment banking revenue, which Global Markets management attributed partly to moderated capital markets activity. Management also noted robust investment banking pipelines. The figures are preliminary, and regulatory capital ratios as of September 30, 2026 are subject to revision.

Oct 14, 2026 10-Q

BANK OF AMERICA CORP /DE/ Quarterly Report for Q2 Ended Jun 30, 2026

Bank of America Corporation reported a strong financial performance for the second quarter and first half of 2026, with significant increases in net income compared to the prior year. Total revenue, net of interest expense, rose to $31.6 billion for the quarter and $61.8 billion for the six months, driven by robust growth in both net interest income and noninterest income. Net income reached $9.1 billion ($1.21 per diluted share) for the quarter and $17.7 billion ($2.31 per diluted share) for the six months. The provision for credit losses decreased, contributing to improved profitability, although noninterest expense also saw an increase due to ongoing business investments. The company demonstrated solid capital management, with a Common Equity Tier 1 (CET1) capital ratio of 11.2% under the Standardized approach, comfortably above regulatory minimums. The Board declared a quarterly common stock dividend of $0.32 per share, a 14% increase from the prior quarter, signaling confidence in the company's financial health. The company continued its share repurchase program, repurchasing $6 billion of common stock during the quarter. Key business segments, particularly Global Markets and Global Banking, showed significant revenue growth, driven by strong trading results and investment banking fees, respectively.

Jul 31, 2026 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jul 24, 2026)

Bank of America (NYSE: BAC) announced on July 24, 2026 that its Board of Directors declared a regular quarterly common stock dividend of $0.32 per share, up $0.04 (14%) from the prior quarter. The dividend is payable September 25, 2026 to shareholders of record as of September 4, 2026. The increase signals management's confidence in earnings strength, franchise durability, and its commitment to returning excess capital to shareholders, as described by Chair and CEO Brian Moynihan. The filing also updates capital return activity. Under a $40 billion share repurchase authorization in effect since August 1, 2025, the company repurchased $13.2 billion of common stock in the first half of 2026 and paid $4 billion in common dividends. As of June 30, 2026, roughly $17 billion remained under the current program. The release notes that repurchases remain subject to capital position, liquidity, regulatory requirements, and market conditions, and may be suspended at any time. The Board also declared a regular quarterly dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B, payable October 23, 2026 to holders of record as of October 9, 2026. The 8-K is a routine disclosure under Item 8.01 (Other Events) and contains no financial statements, so investors should look to the company's earnings releases and SEC periodic reports for operating results and detailed capital ratios.

Jul 24, 2026 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jul 14, 2026)

Bank of America reported strong second-quarter 2026 results, with net income of $9.1 billion, up 27% year over year, and diluted EPS of $1.21, up 34%. Revenue, net of interest expense, rose 15% to $31.6 billion, led by higher net interest income (up 9% to $16.0 billion), sales and trading revenue (up 33%), asset management fees (up 19%), and investment banking fees (up 50% excluding self-led deals). Every business segment grew net income by double digits. Operating leverage was 6.6% and the efficiency ratio improved about 360 basis points to 59%, while noninterest expense rose 8% to $18.6 billion. Credit quality remained stable. The provision for credit losses was $1.4 billion, down from $1.6 billion a year earlier and flat sequentially. Net charge-offs were $1.4 billion, and the net charge-off ratio was 0.47%. Nonperforming loans fell to $5.8 billion. Average deposits grew more than 2% to $2.02 trillion, and average loans rose 8% to $1.22 trillion. Capital remained strong, with a CET1 ratio of 11.2% (Standardized, preliminary) and $8.0 billion returned to shareholders, including $6.0 billion of buybacks. Book value per share rose 7% to $39.34. The filing is an 8-K furnishing the earnings press release (Exhibit 99.1, filed), along with presentation materials and supplemental information (Exhibits 99.2 and 99.3, furnished). Management highlighted strong near-term pipelines and rising commercial borrowing. Interest rate sensitivity shows NII of +$1.0 billion for a +100 bps parallel shift and -$2.2 billion for a -100 bps shift over 12 months.

Jul 14, 2026 8-K

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.

May 6, 2026 10-Q

BANK OF AMERICA CORP /DE/ Quarterly Report for Q1 Ended Mar 31, 2026

Bank of America Corporation reported a strong first quarter for 2026, with net income increasing to $8.6 billion, or $1.11 per diluted share, up from $7.4 billion, or $0.89 per diluted share, in the same period last year. This growth was primarily driven by a significant increase in net interest income and noninterest income, coupled with a lower provision for credit losses. Total revenue grew to $30.3 billion, reflecting robust performance across its key segments, particularly Global Wealth & Investment Management and Global Banking. The company's capital position remains robust, with a Common Equity Tier 1 (CET1) ratio of 11.2% under the Standardized approach at quarter-end. Bank of America also returned capital to shareholders through $7.2 billion in common stock repurchases and $2.0 billion in common stock dividends during the quarter.

May 1, 2026 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Apr 15, 2026)

Bank of America reported first-quarter 2026 net income of $8.6 billion, or $1.11 per diluted share, up 17% in net income and 25% in diluted EPS year over year (1Q25: $7.4 billion, $0.89). Total revenue, net of interest expense, rose 7% to $30.3 billion, led by net interest income of $15.7 billion (up 9%), sales and trading revenue (up 13%), asset management fees (up 15%) and investment banking fees (up 21% excluding self-led deals). Noninterest expense grew 4% to $18.5 billion, producing 2.9% operating leverage and an efficiency ratio of 61%, roughly 170 bps better than a year ago. Returns improved, with ROE of 12.0%, ROTCE of 16.0% and ROA of 0.99%. Credit quality remained stable. The provision for credit losses fell to $1.3 billion from $1.5 billion, and net charge-offs were $1.4 billion, or a 0.48% ratio, which is 6 bps better than a year ago but up sequentially on seasonal credit card losses. Nonperforming loans were $5.8 billion, and the allowance for loan and lease losses covered 1.09% of loans. Balance sheet growth was broad: average deposits reached $2.02 trillion (up 3%, the 11th straight quarter of sequential growth) and average loans rose 9% to $1.19 trillion. Capital remained strong, with a standardized CET1 ratio of 11.2% (down from 11.8% a year earlier and 11.4% in 4Q25, preliminary). The company returned $9.3 billion to shareholders, including $7.2 billion in buybacks, and book value per share rose 7% to $38.66. For investors, the key takeaways are solid earnings momentum driven by revenue growth outpacing expense growth, strong client activity in markets and wealth management, and a stable credit outlook. The main watch items are the gradual decline in the CET1 ratio as buybacks continue, and the sensitivity of net interest income to rate cuts. Management described the economy as resilient, while noting that it remains watchful of evolving risks.

Apr 15, 2026 10-K

BANK OF AMERICA CORP /DE/ Annual Report, Year Ended Dec 31, 2025

Bank of America Corporation (BAC) reported solid financial performance for the fiscal year ending December 31, 2025. Total revenue, net of interest expense, reached $113.1 billion, a notable increase from $105.9 billion in 2024, driven by higher net interest income and robust noninterest income. Net income for the year was $30.5 billion, or $3.81 per diluted share, up from $27.0 billion, or $3.19 per diluted share, in the prior year. This growth was primarily fueled by increased net interest income driven by higher rates and loan growth, alongside stronger performance in investment and brokerage services. The company's balance sheet also expanded, with total assets growing to $3.41 trillion, primarily due to an increase in loans and leases and trading account assets. Deposits saw a healthy rise, reaching $2.02 trillion, indicating continued client confidence and a strong funding base. BAC maintained strong capital ratios, with a Common Equity Tier 1 (CET1) ratio of 11.4% under the Standardized approach, exceeding regulatory requirements. The company also actively returned capital to shareholders through $8.1 billion in common stock dividends and $21.4 billion in common stock repurchases during 2025, reflecting a commitment to shareholder value.

Feb 25, 2026 8-K

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.

Feb 13, 2026 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jan 14, 2026)

Bank of America reported fourth-quarter 2025 net income of $7.6 billion, or $0.98 per diluted share, up 18% year over year from $0.83, on revenue of $28.4 billion, up 7%. Full-year 2025 net income was $30.5 billion, or $3.81 per diluted share, up 19% from $3.19. Growth was driven by net interest income of $15.8 billion, up 10% year over year, reflecting Global Markets activity, fixed-rate asset repricing and higher deposit and loan balances, along with higher asset management fees and sales and trading revenue. Noninterest expense rose 4% to $17.4 billion, and the efficiency ratio improved to 61%. Credit quality was stable, with net charge-offs of $1.3 billion (0.44% ratio) and a provision of $1.3 billion, flat sequentially. The balance sheet remained strong. Average deposits reached $2.01 trillion, and average loans grew 8% to $1.17 trillion. The CET1 ratio (Standardized) was 11.4%, down from 11.6% in the prior quarter, and the company returned $8.4 billion to shareholders through dividends and buybacks. Book value per share rose 8% to $38.44 and tangible book value per share rose 9% to $28.73. Management guided to roughly 200 bps of operating leverage in 2026, FY26 NII (FTE) growth of 5% to 7%, and an effective tax rate of about 20%. Results reflect an accounting method change for certain tax-related equity investments, applied retrospectively. Prior periods were revised, and the 8-K furnished on January 6, 2026 provides further detail. Investors should note that the change affects presentation and the CET1 ratio by about 12 bps, and that Global Markets results were volatile, with the quarter's efficiency ratio at 74%.

Jan 14, 2026 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Regulation FD Disclosure (Jan 6, 2026)

On January 6, 2026, Bank of America (BAC) furnished an 8-K under Item 7.01 (Regulation FD) announcing a change in accounting methods for its tax-related equity investments in affordable housing, eligible wind renewable energy, and solar renewable energy. Affordable housing and wind investments move from the equity method to the proportional amortization method (PAM), with costs now recorded in income tax expense rather than noninterest income. Solar investment tax credits are now recognized over the productive life of the facilities rather than when placed in service, and are reported in noninterest income against the related equity investment expense. The changes are retrospective, and the filing includes revised supplemental financial information (Exhibit 99.1) for 2023, 2024 and the 2025 quarters. The change is primarily a reclassification between income statement lines. Total noninterest income is restated higher by $3.97 billion for full-year 2024 (from $45.8 billion to $49.8 billion) and by $4.19 billion for 2023, while income tax expense rises by $4.13 billion for 2024 (from $2.12 billion to $6.25 billion) and by $4.40 billion for 2023. Net income is essentially unchanged on an annualized basis. Retained earnings as of September 30, 2025 fall by $1.7 billion as a cumulative timing adjustment, which is expected to reverse over the remaining life of the investments. The effective tax rate for Q3 2025 would have been about 20.0% versus 10.4% previously reported. Revised numbers show a meaningfully higher reported effective tax rate and higher total revenue for the affected periods. For regulatory capital, the change is not required to be applied to previously filed ratios, so BAC will not restate them. Had it been applied, the cumulative impact would have reduced Common Equity Tier 1 capital by an estimated $2.1 billion, lowering the CET1 ratio by about 13 basis points as of September 30, 2025. Investors should note that the headline revenue increase is accounting presentation, not new economic earnings, but the higher tax expense and lower CET1 are relevant for capital and tax-rate comparisons. The information is preliminary.

Jan 6, 2026 8-K

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.

Nov 26, 2025 10-Q

BANK OF AMERICA CORP /DE/ Quarterly Report for Q3 Ended Sep 30, 2025

Bank of America Corporation (BAC) reported a strong third quarter of 2025, demonstrating robust financial performance across its key segments. Net income increased significantly year-over-year, driven by higher net interest income and noninterest income, coupled with a lower provision for credit losses. Total assets grew, supported by increased loans and leases, while deposits also saw a healthy rise, underscoring a stable funding base. The company maintained solid capital ratios, exceeding regulatory minimums, and continued to return capital to shareholders through dividends and share repurchases. The Consumer Banking segment showed notable growth in net income, benefiting from higher revenue and lower credit loss provisions. Global Wealth & Investment Management also delivered solid results, with increased revenue primarily from asset management fees, reflecting positive market valuations and client flows. Global Banking experienced higher revenue driven by investment banking fees and treasury services, although net interest income saw a slight decline due to lower interest rates. Global Markets reported increased net income driven by higher sales and trading revenue. Overall, the results indicate a resilient business model and effective management of various market conditions.

Oct 31, 2025 8-K

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.

Oct 16, 2025 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Oct 15, 2025)

Bank of America reported third-quarter 2025 net income of $8.5 billion, or $1.06 per diluted share, up from $6.9 billion and $0.81 a year earlier, with diluted EPS up 31%. Total revenue, net of interest expense, rose 11% year over year to $28.1 billion, led by record net interest income of $15.2 billion (up 9%), stronger investment banking fees (up 43% excluding self-led deals to $2.0 billion), and higher sales and trading and asset management fee revenue. Management highlighted operating leverage of 5.6% and an efficiency ratio of 62%, improved from 65% a year earlier. Return on average common equity was 11.5% and return on average tangible common equity was 15.4%. Credit quality improved. The provision for credit losses fell to $1.3 billion from $1.6 billion in the prior quarter, net charge-offs declined to $1.4 billion, the net charge-off ratio dropped to 0.47%, and nonperforming loans fell to $5.3 billion. Balance sheet metrics also strengthened: average loans grew 9% to $1.15 trillion, average deposits rose 4% to $1.99 trillion, and the CET1 ratio (Standardized) reached 11.6%. The company returned $7.4 billion to shareholders, including $5.3 billion in buybacks, and raised its quarterly common dividend 8%. Book value per share rose 7% to $37.95 and tangible book value per share rose 8% to $28.39. The filing is a Form 8-K furnishing earnings materials under Items 2.02 and 7.01. Management guided to fourth-quarter 2025 NII (FTE) of $15.6 billion to $15.7 billion, up about 8% year over year, and expects positive operating leverage in the fourth quarter. The quarter's effective tax rate was about 10%, or roughly 23% excluding tax credits and discrete items. Regulatory capital ratios are preliminary.

Oct 15, 2025 8-K

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.

Sep 15, 2025 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Sep 12, 2025)

On September 12, 2025, Bank of America (NYSE: BAC) announced a senior leadership reshuffle under Chair and CEO Brian Moynihan. Dean Athanasia (President, Regional Banking) and Jim DeMare (President, Global Markets) were named Co-Presidents of the Corporation, with responsibility for enterprise-wide initiatives and oversight of the company's eight lines of business, whose leaders remain unchanged. Alastair Borthwick, who has served as CFO for the past four years, was named Executive Vice President in addition to his CFO role, and is also taking on responsibility for the company's global real estate portfolio. For investors, the filing is primarily a governance and management-structure disclosure rather than a financial event. It contains no new financial results, guidance, capital actions, or changes to the Management Team beyond these appointments, and management states that the broader Management Team and the business heads otherwise remain unchanged. The move is framed as a way to increase capacity and intensity on growth, market share, returns, expense management, and AI-driven innovation, and to build a stronger bench for succession and investor engagement. The key items to watch are execution and succession clarity. Co-Presidents with overall responsibility for the business lines could add a senior layer of operating oversight, so investors may look for evidence in future disclosures of how decision rights are divided and whether expense discipline and returns targets are maintained. Borthwick's expanded role, which keeps him as CFO while adding investor-positioning and real estate responsibilities, is also worth monitoring for any future changes to finance-function leadership.

Sep 12, 2025 10-Q

BANK OF AMERICA CORP /DE/ Quarterly Report for Q2 Ended Jun 30, 2025

Bank of America Corporation (BAC) reported solid financial results for the second quarter of 2025, with net income increasing year-over-year driven by higher net interest income and noninterest income across its key business segments. The company's total assets grew to $3.4 trillion, supported by increased securities and loan balances. Profitability metrics such as Return on Average Tangible Common Shareholders' Equity remained robust, reflecting effective operational management. Capital management remains a focus, with the company maintaining strong capital ratios that exceed regulatory minimums. The bank also continues to return capital to shareholders through dividends and share repurchases, demonstrating confidence in its financial health and future prospects. Investors should note the slight increase in provision for credit losses, primarily linked to the credit card portfolio amidst a dampened macroeconomic outlook, though overall asset quality appears stable.

Jul 31, 2025 8-K

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.

Jul 24, 2025 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jul 23, 2025)

Bank of America Corporation (NYSE: BAC) disclosed in an 8-K filed July 23, 2025 that its Board authorized a new $40 billion common stock repurchase program, effective August 1, 2025, replacing the current program that expires on that date. As of June 30, 2025, the existing program had approximately $9.1 billion of repurchases remaining, so the new authorization substantially expands the capacity for buybacks going forward. The filing is a routine capital-return announcement rather than a change in operations or financial results, and the release does not provide new earnings, revenue, or capital ratio figures. On the dividend side, the Board declared a regular quarterly common stock dividend of $0.28 per share, an increase of $0.02 (about 8%) from the prior quarter. The common dividend is payable September 26, 2025 to holders of record as of September 5, 2025. The Board also declared a quarterly dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B, payable October 24, 2025 to holders of record as of October 10, 2025. The company explicitly ties its capital returns to maintaining regulatory capital above minimum requirements, and notes that repurchases can be suspended at any time and depend on capital position, liquidity, financial performance, stock price, regulatory requirements, and market conditions. Investors should view the announcement as a signal of confidence in capital generation and a commitment to returning excess capital, while recognizing that actual buyback pace and dividend levels remain subject to regulatory and business conditions.

Jul 23, 2025 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jul 16, 2025)

Bank of America reported second-quarter 2025 net income of $7.1 billion, or $0.89 per diluted share, versus $6.9 billion, or $0.83, a year earlier. Revenue net of interest expense rose 4% year over year to $26.5 billion, driven by net interest income up 7% to $14.7 billion, higher sales and trading revenue, and asset management fees, partially offset by lower investment banking fees. Quarter over quarter, net income and EPS dipped slightly from $7.4 billion and $0.90, as revenue fell 3% on lower Global Markets and All Other results, though noninterest expense also declined 3% after seasonal payroll tax costs rolled off. Credit quality was broadly stable. Provision for credit losses rose to $1.6 billion, net charge-offs were flat at $1.5 billion (a 0.55% ratio), and nonperforming loans declined to $6.0 billion. Average deposits grew 3% sequentially to $1.97 trillion and average loans rose 7% year over year to $1.13 trillion. The CET1 ratio (Standardized) was 11.5%, down from 11.8% in the prior quarter, and the company returned $7.3 billion to shareholders, including $5.3 billion in buybacks. Management also announced plans to raise the quarterly common dividend 8% beginning in 3Q25, subject to board approval. For investors, the quarter shows steady earnings growth supported by net interest income recovery and strong wealth and markets activity, with book value per share up 8% and tangible book value per share up 9% year over year. Guidance for 4Q25 net interest income of roughly $15.5 billion to $15.7 billion and an expected return to operating leverage in 2H25 point to continued momentum, while the lower capital ratio and a slightly higher adjusted effective tax rate of 24% warrant monitoring.

Jul 16, 2025 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jul 1, 2025)

On July 1, 2025, Bank of America (BAC) announced it plans to raise its quarterly common stock dividend 8%, from $0.26 to $0.28 per share, beginning in the third quarter of 2025, subject to Board of Directors approval. The announcement follows the Federal Reserve's 2025 Comprehensive Capital Analysis and Review (CCAR), in which the bank's modeled capital depletion improved 100 bps to 170 bps. Under current Federal Reserve rules, the preliminary stress capital buffer (SCB) would fall 70 bps to 2.5%, lowering the CET1 minimum requirement to 10.0%, effective October 1, 2025. The Federal Reserve has also proposed changes to the SCB calculation; if adopted as proposed, the 2025 results would imply an SCB of 2.7% and a CET1 minimum of 10.2%, effective January 1, 2026. As of March 31, 2025, the bank held $201 billion of regulatory CET1 capital, a CET1 ratio of 11.8%, comfortably above the current requirement. For investors, the filing signals strong capital positioning and a commitment to shareholder returns. The dividend increase and lower buffer requirement give management more flexibility for future capital returns, though the proposed rule change would raise the effective requirement, so its final form is a key item to watch.

Jul 1, 2025 10-Q

BANK OF AMERICA CORP /DE/ Quarterly Report for Q1 Ended Mar 31, 2025

Bank of America Corporation (BAC) reported a solid first quarter of 2025, with net income increasing to $7.4 billion, or $0.90 per diluted share, up from $6.7 billion, or $0.76 per diluted share, in the same period last year. This growth was driven by higher net interest income and noninterest income, reflecting strong performance across key business segments, particularly Global Wealth & Investment Management and Global Markets. The company maintained robust capital levels, with a Common Equity Tier 1 (CET1) capital ratio of 11.8% under the Standardized approach, exceeding regulatory minimums. Total assets grew to $3.3 trillion, supported by increases in securities borrowed/sold under agreements to resell and trading account assets, alongside loan growth. Total deposits also saw a healthy increase. The company announced a quarterly common stock dividend of $0.26 per share, underscoring its commitment to returning capital to shareholders. While the bank demonstrated strong operational performance, investors should note the increase in provision for credit losses, primarily driven by the credit card portfolio, and the rise in noninterest expense, partly due to investments in people, technology, and operations. The company's risk management framework remains robust, with all major capital ratios well above regulatory requirements. The report also highlights the bank's strategic focus on digital engagement and network optimization, evidenced by increased active mobile banking users and a continued, though modest, reduction in physical financial centers and ATMs.

Apr 30, 2025 8-K

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.

Apr 29, 2025 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Apr 24, 2025)

On April 22, 2025, Bank of America held its 2025 Annual Meeting, where shareholders approved an amendment and restatement of the Bank of America Corporation Equity Plan. The amendment adds 100 million shares available for grant (bringing the pool to roughly 185 million estimated as of March 3, 2025), caps annual value of non-employee director compensation (equity plus cash fees) at $1 million with certain exceptions, and extends the Plan's expiration from April 24, 2033 to April 21, 2035. Management estimates the additional shares would support current grant practices for about one year, with incremental overhang of roughly 1.2% and total plan overhang of approximately 6.0%. All 14 director nominees were elected, with each receiving large majorities of 'For' votes, though Maria N. Martinez (about 5.59 billion for) and Thomas D. Woods (about 5.56 billion for) drew the most support while Brian T. Moynihan (about 5.18 billion for, 451 million against) and Maria T. Zuber (about 5.25 billion for, 377 million against) drew the most opposition. Shareholders approved the advisory Say-on-Pay vote and ratified PricewaterhouseCoopers LLP as auditor for 2025. The Say-on-Pay result was notably less lopsided, with about 4.13 billion for versus 1.48 billion against, and the Equity Plan amendment passed with about 4.26 billion for versus 1.36 billion against. All four shareholder proposals (on director nomination thresholds, animal welfare oversight, lobbying alignment with climate goals, and disclosure of an energy financing ratio) were defeated, with each receiving under 1 billion votes in favor. For investors, the filing is primarily governance housekeeping: it secures the equity pipeline used for deferred pay, including Sharing Success awards, while adding a director pay guardrail.

Apr 24, 2025 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Apr 15, 2025)

Bank of America reported first-quarter 2025 net income of $7.4 billion, or $0.90 per diluted share, up from $6.7 billion ($0.76) a year earlier, on total revenue net of interest expense of $27.4 billion, up 6% year over year. Growth was broad-based: noninterest income rose about 10% to $12.9 billion, with gains in every business segment, and net interest income rose 3% to $14.4 billion. Sales and trading delivered its 12th consecutive quarter of year-over-year revenue growth, and Equities revenue hit a record $2.2 billion. Noninterest expense rose 3% to $17.8 billion, partly offset by the absence of the $0.7 billion FDIC special assessment that weighed on 1Q24 results. Credit quality was stable. Provision for credit losses was $1.5 billion, up from $1.3 billion a year earlier but flat sequentially, and net charge-offs were $1.5 billion, with a net charge-off ratio of 0.54%. The allowance for loan and lease losses stood at 1.20% of loans. Deposits and lending both grew: average deposits reached $1.96 trillion (up 3%, seven consecutive quarters of growth) and average loans and leases reached $1.09 trillion (up 4%). Capital remained strong, with a CET1 ratio of 11.8% (Standardized), roughly 100 bps above the 10.7% regulatory minimum, and the company returned $6.5 billion to shareholders through $2.0 billion in dividends and $4.5 billion in buybacks. The Corporation also guided to 2025 net interest income of roughly $15.5-15.7 billion (FTE), a range that assumes 25 bp rate cuts in May, July, September and December. Management flagged that a 100 bp parallel decline in rates would reduce NII by about $2.2 billion over the next 12 months. Book value per share rose 8% to $36.39 and tangible book value per share rose 9% to $27.12. The 8-K itself is a routine Item 2.02/7.01 filing that furnishes the earnings release and presentation materials. The filing contains no new litigation, restatement or leadership change.

Apr 15, 2025 8-K

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.

Feb 28, 2025 10-K

BANK OF AMERICA CORP /DE/ Annual Report, Year Ended Dec 31, 2024

Bank of America Corporation (BAC) reported its financial results for the fiscal year ending December 30, 2024. The company demonstrated resilience, with total revenue reaching $101.9 billion, an increase from $98.6 billion in the prior year. Net income rose to $27.1 billion, or $3.21 per diluted share, compared to $26.5 billion, or $3.08 per diluted share, in 2023. This growth was primarily driven by a significant increase in noninterest income, particularly from investment and brokerage services and investment banking fees, which more than offset a decrease in net interest income and higher provision for credit losses. The balance sheet remained robust, with total assets growing to $3.3 trillion. Deposits increased by $41.6 billion, reflecting growth in commercial client balances and time deposits. Capital management remained a focus, with BAC maintaining strong capital ratios above regulatory minimums. The company continued its capital return strategy, repurchasing $13.1 billion of common stock during the year and declaring a quarterly dividend of $0.26 per share. Despite an increase in provision for credit losses driven by loan growth and some asset quality deterioration, particularly in the commercial real estate office and credit card portfolios, overall credit metrics remained manageable.

Feb 25, 2025 8-K

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.

Feb 7, 2025 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Jan 29, 2025)

On January 29, 2025, Bank of America's Board of Directors appointed Maria N. Martinez as a non-employee director, effective immediately, and assigned her to the Corporate Governance, ESG, and Sustainability Committee and the Enterprise Risk Committee. Martinez is a former Cisco Systems executive vice president and chief operating officer, with more than four decades of technology and telecommunications experience. The filing reports a board governance change rather than a financial result, so it contains no new earnings, guidance, capital, or balance sheet information. From a compensation standpoint, Martinez will receive the standard non-employee director package described in the company's March 11, 2024 proxy statement. She will receive restricted stock and cash awards on January 29, 2025, prorated from her appointment date to the next annual shareholders' meeting. The amounts are not disclosed in this filing, and the cost is not expected to be material to the company's overall financials. For investors, the appointment is primarily a signal about board composition. Adding a director with deep operating experience in cybersecurity, networking, and large-scale operations may support oversight of the bank's technology, cyber risk, and operational resilience, which are increasingly important areas for large banks. Lead independent director Lionel Nowell III and CEO Brian Moynihan both publicly endorsed the addition. The filing does not describe any change to strategy, outlook, or management structure.

Jan 29, 2025 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jan 16, 2025)

Bank of America reported fourth-quarter 2024 net income of $6.7 billion, or $0.82 per diluted share, up from $3.1 billion ($0.35) in 4Q23, which was depressed by the FDIC special assessment and BSBY cessation charges. Full-year 2024 net income was $27.1 billion, or $3.21 per diluted share, versus $26.5 billion ($3.08) in 2023. Revenue net of interest expense rose 15% year over year to $25.3 billion, driven by higher asset management fees, investment banking fees, and sales and trading revenue, while noninterest expense fell 5% to $16.8 billion because the prior-year FDIC charge did not recur. Excluding the 4Q23 charges, revenue grew 8%, and the company returned to positive operating leverage in the quarter. Balance sheet and capital metrics were stable. The CET1 ratio (Standardized) was 11.9%, above the 10.7% regulatory minimum, and the company returned $5.5 billion to shareholders in the quarter ($2.0 billion in dividends and $3.5 billion in buybacks) and $21 billion for the full year. Book value per share rose 7% to $35.79 and tangible book value per share rose 9% to $26.58. Average deposits grew 3% year over year to $1.96 trillion, and average loans grew 3% to $1.08 trillion. Credit quality was healthy, with a net charge-off ratio of 0.54% and a net reserve release of $14 million, although nonperforming loans rose to $6.0 billion. Management's 2025 outlook calls for net interest income growth through the year, with 1Q25 NII guided to $14.5–14.6 billion (FTE) and 4Q25 to roughly $15.5–15.7 billion. Full-year 2025 noninterest expense is expected to be 2–3% above 2024, a full-year net charge-off ratio of 50–60 bps, and an effective tax rate of about 11–13%. The filing itself is a routine earnings disclosure under Items 2.02 and 7.01. It is furnished with the press release and investor presentation rather than a new material event, so the substantive information is in the exhibits.

Jan 16, 2025 10-Q

BANK OF AMERICA CORP /DE/ Quarterly Report for Q3 Ended Sep 30, 2024

Bank of America Corporation (BAC) reported its financial results for the period ending September 29, 2024. The company experienced a decrease in net income for both the three and nine-month periods compared to the prior year, primarily driven by higher noninterest expenses and a greater provision for credit losses. Total revenue remained relatively stable for the three-month period, but saw a slight decrease year-to-date. The company's capital position remains strong, with a Common Equity Tier 1 (CET1) capital ratio of 11.8% under the Standardized approach, exceeding regulatory requirements. Key business segments showed varied performance. Global Markets saw an increase in net income due to higher revenue, while Global Banking experienced a decrease driven by higher provision for credit losses and lower revenue. Consumer Banking and Global Wealth & Investment Management (GWIM) also reported decreases in net income due to higher expenses and, in Consumer Banking's case, lower revenue. The company continued its capital return strategy, authorizing a $25 billion common stock repurchase program and declaring a quarterly dividend. Investors should note the ongoing focus on managing credit risk, particularly within the commercial real estate office portfolio and credit card loans, which contributed to the increased provision for credit losses.

Oct 29, 2024 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Oct 15, 2024)

Bank of America reported third-quarter 2024 net income of $6.9 billion, or $0.81 per diluted share, versus $7.8 billion, or $0.90, in 3Q23. Revenue net of interest expense was $25.3 billion, roughly flat year over year (up about 1%), as higher asset management fees, investment banking fees and sales and trading revenue offset a 3% decline in net interest income to $14.0 billion. Noninterest expense rose 4% to $16.5 billion, and the provision for credit losses was $1.5 billion, flat sequentially and up from $1.2 billion a year earlier. Return on average common equity was 9.4% and return on average tangible common equity was 12.8%. The balance sheet and capital position remained solid. Average deposits were $1.92 trillion, up 2% sequentially and the fifth consecutive quarter of sequential average deposit growth, though consumer deposits fell 4% year over year. The CET1 ratio was 11.8% on the Standardized approach, 112 basis points above the new regulatory minimum effective October 1, 2024. The company returned $5.6 billion to shareholders through $2.0 billion in dividends and $3.5 billion in buybacks. Book value per share rose 8% to $35.37 and tangible book value per share rose 10% to $26.25. Credit quality was stable on a linked-quarter basis. Net charge-offs were $1.5 billion, flat versus 2Q24, with a net charge-off ratio of 0.58%, and nonperforming loans rose modestly to $5.6 billion. The reserve build was minimal at $8 million, and management highlighted fee growth, a 10th consecutive quarter of year-over-year sales and trading growth, and a strong investment banking pipeline. The filing itself is a routine Item 2.02 and 7.01 furnishing of earnings materials with no new material events beyond the results.

Oct 15, 2024 10-Q

BANK OF AMERICA CORP /DE/ Quarterly Report for Q2 Ended Jun 30, 2024

Bank of America Corporation (BAC) reported its second quarter 2024 financial results, revealing a mixed performance characterized by a slight decrease in net income driven by increased expenses and provisions for credit losses. While total revenue saw a modest increase, net interest income experienced a decline due to higher deposit costs. Conversely, noninterest income benefited from growth in investment and brokerage services and investment banking fees. The company's capital position remains strong, with its Common Equity Tier 1 (CET1) ratio exceeding regulatory requirements. BAC also announced a new $25 billion common stock repurchase program and a 8% increase in its quarterly dividend, signaling confidence in its financial health and commitment to returning capital to shareholders. Management highlighted increased client balances in Global Wealth & Investment Management and growth in credit card purchase volumes, though some segments like Consumer Banking and Global Banking showed revenue declines, partly due to higher provision for credit losses, especially in the commercial real estate office portfolio. Looking ahead, the company is navigating a dynamic economic environment with elevated interest rates and inflationary pressures, which are impacting net interest margins and increasing credit loss provisions. Despite these headwinds, BAC's diversified business model, strong liquidity position, and ongoing capital management actions, including the announced share repurchase program and dividend increase, provide a solid foundation. Investors should monitor the impact of interest rate sensitivity on net interest income and the ongoing management of credit risk, particularly in vulnerable sectors like commercial real estate.

Jul 30, 2024 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jul 24, 2024)

Bank of America (NYSE: BAC) announced on July 24, 2024 two capital return actions. First, the Board raised the regular quarterly common stock dividend 8% to $0.26 per share from $0.24, payable September 27, 2024 to holders of record as of September 6, 2024. Second, the Board authorized a new $25 billion common stock repurchase program effective August 1, 2024, replacing the current program that expires on that date. As of June 30, 2024, the expiring program had approximately $6.7 billion remaining. The filing also declared a regular quarterly dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B, payable October 25, 2024 to holders of record as of October 11, 2024. The company states that capital distributions depend on maintaining regulatory capital above minimum requirements, and that repurchase timing and amount depend on capital position, liquidity, financial performance, stock price, regulatory requirements and market conditions, and may be suspended at any time. For investors, the announcement signals confidence in capital generation and a continued commitment to return excess capital. The new authorization is roughly four times the remaining capacity under the expiring program, which provides flexibility, but it is an authorization rather than a commitment to specific repurchase volumes. The filing itself contains no new financial results.

Jul 24, 2024 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jul 16, 2024)

Bank of America (BAC) reported second-quarter 2024 net income of $6.9 billion, or $0.83 per diluted share, versus $7.4 billion, or $0.88 per diluted share, in 2Q23. Revenue net of interest expense was $25.4 billion, up about 1% year over year, led by higher asset management and investment banking fees and sales and trading revenue, partly offset by a 3% decline in net interest income to $13.7 billion as deposit costs rose faster than asset yields. Noninterest expense rose 2% to $16.3 billion, and the provision for credit losses increased to $1.5 billion, driven by higher credit card net charge-offs and commercial real estate office losses. Compared with 1Q24, earnings improved on the absence of the $0.7 billion FDIC special assessment accrual recorded in the prior quarter. Capital and shareholder returns were a focus. The CET1 ratio (Standardized) was 11.9%, flat versus 1Q24 and 122 bps above the regulatory minimum taking effect October 1, 2024. Book value per share rose 7% year over year to $34.39, and tangible book value per share rose 9% to $25.37. The company returned $5.4 billion to shareholders through $1.9 billion in common dividends and $3.5 billion in buybacks. Management announced a proposed 8% increase in the quarterly common dividend to $0.26 per share, subject to Board approval. ROTCE was 13.6%, and ROE was 10.0%. Segment performance was mixed. Consumer Banking earned $2.6 billion despite revenue falling 3% on lower deposit balances, and it added a record 37.2 million checking accounts. Global Wealth & Investment Management earned $1.0 billion on record client balances above $4 trillion. Global Banking earned $2.1 billion, and Global Markets earned $1.4 billion with sales and trading revenue up 9%. Management guided that 4Q24 net interest income will be about $14.5 billion (FTE), up from $13.9 billion in 2Q24, supported by fixed-rate asset repricing and Global Markets activity, partly offset by the expected impact of 25 bp of rate cuts. These are forward-looking statements.

Jul 16, 2024 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jun 28, 2024)

Bank of America announced on June 28, 2024 that it plans to raise its quarterly common stock dividend 8%, from $0.24 to $0.26 per share, beginning in the third quarter of 2024. The increase is subject to approval by the Board of Directors. The announcement follows the Federal Reserve's 2024 Comprehensive Capital Analysis and Review (CCAR), the annual stress test that sets each bank's capital requirements. Based on the CCAR results, Bank of America's stress capital buffer (SCB) will be 3.2%, and its CET1 minimum requirement will be 10.7% once finalized. The new SCB applies from October 1, 2024 through September 30, 2025. As of March 31, 2024, the bank held $197 billion of regulatory CET1 capital, a CET1 ratio of 11.9%, comfortably above its current 10.0% regulatory minimum. The 8-K itself is brief; its financial substance is in the dividend plan and the capital disclosures, and the filing contains no new earnings or operating results. For investors, the key takeaways are a meaningful dividend increase backed by a well-capitalized balance sheet and a stress test result that signals the regulatory capital hurdle is manageable. Because the buffer and minimum are set by regulators and the dividend still needs board approval, investors should treat the increase as a planned, not yet final, shareholder return.

Jun 28, 2024 8-K

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.

Jun 28, 2024 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jun 21, 2024)

On June 21, 2024, Bank of America (NYSE: BAC) filed an 8-K under Item 8.01 (Other Events) attaching a press release that addresses the discontinuation of the Canadian Dollar Offered Rate (CDOR) for certain outstanding debt securities. The CDOR administrator, Refinitiv Benchmark Services (UK), will permanently cease publication of all remaining CDOR tenors, including Three-Month CDOR, after its final publication on Friday, June 28, 2024. For the securities covered, Three-Month Fallback Rate (CORRA), calculated by Bloomberg Index Services Limited, will replace Three-Month CDOR as the base rate for floating-rate interest periods commencing on or after the CDOR Replacement Date (the first Toronto banking day after June 28, 2024). The filing is administrative in nature and does not involve financial results, new capital actions, or a change in the Corporation's financial condition. The securities are divided into three categories. Annex 1 notes (four series) have fallback provisions that let the calculation agent, Merrill Lynch Canada Inc., select CORRA as the alternative rate. Annex 2 notes (two series) contain CARR-recommended fallback language, and BAC has determined that an index cessation event occurs on the replacement date. Annex 3 covers a single series, the 3.407% Fixed/Floating Rate Senior Notes due September 2025 (CUSIP 060505FG4), whose contractual fallbacks are considered non-workable. BAC therefore intends to redeem that series before its floating-rate period begins. The press release states that it is not a formal notice of redemption, which will be issued separately under the indenture. For holders, the key implications are a change in the reference rate and a modified calculation methodology. CORRA is compounded in arrears and is applied with a fixed spread adjustment of 0.32138%, so coupon amounts will be known only near the end of each interest period rather than at its start. Holders of the Annex 3 notes should expect early redemption, which could create reinvestment risk. The filing is a routine, disclosure-driven update with limited direct impact on BAC's overall financial profile, though it is relevant to holders of these specific debt securities.

Jun 21, 2024 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (May 10, 2024)

Bank of America (NYSE: BAC) filed this 8-K to disclose an unsolicited "mini-tender" offer from Tutanota LLC, received on May 3, 2024, to buy up to 1,000,000 shares of BAC common stock at $40.00 per share. The shares sought represent roughly 0.01% of the company's outstanding common stock, so the offer is immaterial in size. The offer is conditional: it only pays out if BAC's closing price exceeds $40.00 on the last trading day before expiration, meaning tendering shareholders would receive a below-market price in the scenario where the condition is met. The offer is scheduled to expire at 5:00 p.m. New York time on May 31, 2024, unless Tutanota extends it. In the accompanying press release (Exhibit 99.1), BAC states it does not endorse the offer, is not affiliated with Tutanota, and recommends shareholders not tender their shares. The company notes that the offer is subject to numerous additional conditions, including Tutanota obtaining financing, and that there is no guarantee those conditions will be satisfied. BAC also warns that Tutanota can extend the offer in successive periods of 45 to 180 days, which would delay payment, and points out that Tutanota made a similar offer for BAC stock in 2021. For investors, this is a routine, non-financial event with no direct impact on BAC's earnings, capital position, dividends, or operations. The filing does not contain financial statements or new guidance. Its main significance is as a shareholder advisory: investors who are approached by mini-tender solicitations should obtain current market quotes, consult a financial advisor, and be cautious about tendering at a below-market price.

May 10, 2024 10-Q

BANK OF AMERICA CORP /DE/ Quarterly Report for Q1 Ended Mar 31, 2024

Bank of America Corporation (BAC) reported its first-quarter 2024 results, showing a net income of $6.7 billion, or $0.76 per diluted share, a decrease from $8.2 billion, or $0.94 per diluted share, in the first quarter of 2023. This decline was attributed to higher noninterest expense, lower revenue, and an increased provision for credit losses. Total assets grew to $3.3 trillion, driven by trading account assets and securities, while total deposits also saw an increase to $1.95 trillion, supported by time deposit growth and seasonal inflows. Key factors impacting profitability included a $700 million charge for the FDIC special assessment related to bank failures in the previous year, which contributed significantly to the rise in noninterest expense. Net interest income experienced a slight decrease year-over-year, impacted by higher deposit and funding costs, though this was partially offset by higher asset yields and Global Markets activity. Fee and commission income saw growth, primarily from investment and brokerage services and investment banking, but this was largely offset by a decrease in market-making activities. From a capital management perspective, Bank of America maintained strong regulatory capital ratios, with its Common Equity Tier 1 (CET1) ratio at 11.9% under the Standardized approach, exceeding regulatory requirements. The company also declared a quarterly common stock dividend of $0.24 per share, signaling continued commitment to returning capital to shareholders. Despite the year-over-year decrease in net income, the bank demonstrated resilience through its diversified business segments and robust capital position.

Apr 30, 2024 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Apr 26, 2024)

At its April 24, 2024 Annual Meeting, Bank of America's shareholders approved an amendment and restatement of the Bank of America Corporation Equity Plan (BACEP) that increases the number of shares available for grant by 100 million. The plan's other terms are substantially unchanged. Per the proxy materials, about 67 million shares were available for grant as of March 1, 2024, and the company expects the additional 100 million to last roughly one year at current grant practices. Shareholders approved the plan with about 78% of votes cast (excluding broker non-votes), and the estimated incremental overhang from the increase is about 1.3%, with total fully diluted overhang of about 5.3%. The other matters on the ballot went as management recommended. All 13 director nominees were elected, though Maria T. Zuber received the most against votes (about 348 million). The advisory say-on-pay resolution passed with roughly 91% of votes cast in favor, and PricewaterhouseCoopers LLP was ratified as the independent auditor for 2024 with about 95% support. Shareholders rejected all ten shareholder proposals. The most supported was the request for an independent board chair, at about 31% of votes cast, followed by the lobbying-alignment proposal at about 27%. For investors, this 8-K is a governance and compensation event rather than a financial disclosure. It contains no earnings, capital, or guidance information. The key takeaways are that the equity plan expansion is primarily a dilution and compensation-tool decision, that the company positions it as necessary to keep paying variable compensation in deferred stock rather than cash, and that shareholder dissatisfaction on ESG and governance topics did not reach majority support.

Apr 26, 2024 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Apr 16, 2024)

Bank of America reported first-quarter 2024 net income of $6.7 billion, or $0.76 per diluted share, versus $8.2 billion, or $0.94, in Q1 2023. Results include a $700 million pretax accrual for the FDIC special assessment tied to the Silicon Valley Bank and Signature Bank failures. Excluding that charge, adjusted net income was $7.2 billion and adjusted EPS was $0.83. Total revenue, net of interest expense, was $25.8 billion, down 2% year over year, as net interest income fell 3% to $14.0 billion. Higher deposit costs more than offset higher asset yields and modest loan growth, and fee income from investment banking and asset management rose. Credit quality weakened modestly. The provision for credit losses rose to $1.3 billion from $931 million a year earlier, and net charge-offs reached $1.5 billion, a 0.58% ratio up from 0.32%. Driving the increase were credit cards (3.62% loss rate) and commercial real estate office. Nonperforming loans rose to $5.9 billion. Capital remained strong, with a CET1 ratio of 11.8% on the standardized approach, 184 bps above the regulatory minimum. The bank returned $4.4 billion to shareholders through dividends and buybacks, and tangible book value per share rose 9% to $24.79. Segment results were mixed. Global Wealth and Investment Management posted record revenue of $5.6 billion, and Global Markets sales and trading revenue was flat at $5.1 billion, with the best first quarter in over a decade. Consumer Banking revenue fell 5% on lower deposit balances, and Global Banking revenue fell 4%, though investment banking fees rose 35%. Management emphasized continued organic growth, including 21 consecutive quarters of consumer checking account growth.

Apr 16, 2024 10-K

BANK OF AMERICA CORP /DE/ Annual Report, Year Ended Dec 31, 2023

Bank of America Corporation (BAC) reported a solid financial performance for the fiscal year ended December 30, 2023, characterized by increased net interest income, reflecting benefits from higher interest rates and loan growth. Despite a slight decrease in net income compared to the prior year, primarily due to higher noninterest expenses and provisions for credit losses, the company maintained a strong capital position. Key developments during the period included a substantial FDIC special assessment charge and a non-cash charge related to the cessation of the BSBY index. The company continued its capital return strategy through dividends and share repurchases, underscoring its commitment to shareholder value while navigating a dynamic economic environment marked by elevated interest rates and geopolitical uncertainties.

Feb 20, 2024 8-K

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.

Feb 2, 2024 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Jan 12, 2024)

Bank of America reported fourth-quarter 2023 net income of $3.1 billion, or $0.35 per diluted share, and full-year 2023 net income of $26.5 billion, or $3.08 per diluted share. Results were depressed by two notable pretax items: a $2.1 billion FDIC special assessment (about $0.20 per share) and a $1.6 billion charge tied to the BSBY benchmark cessation (about $0.15 per share). Excluding these, Q4 adjusted net income was $5.9 billion ($0.70 per share) and full-year adjusted net income was $29.3 billion ($3.42 per share), with adjusted ROTCE of 11.7% for the quarter and 15.0% for the year. Revenue fell 10% year over year to $22.0 billion, or 4% excluding the BSBY charge, as higher deposit costs and lower deposit balances offset higher asset yields. Net interest income declined 5%, while adjusted noninterest expense was roughly flat at $15.6 billion. Credit quality showed modest deterioration: net charge-offs rose to $1.2 billion (a 0.45% ratio, up 19 bps from a year earlier), driven by credit cards and commercial real estate office loans, and nonperforming loans increased to $5.5 billion. Capital remained solid, with a CET1 ratio of 11.8% (181 bps above the regulatory minimum effective January 1, 2024), and the company returned $2.7 billion to shareholders in the quarter. The filing is largely a routine earnings disclosure furnishing the press release and presentation materials. Investors should focus on the underlying trend: the headline GAAP decline is largely explained by one-time charges, but the core revenue pressure from deposit repricing and the rising credit card loss rate are the operating issues to monitor into 2024.

Jan 12, 2024 8-K

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.

Jan 8, 2024 10-Q

BANK OF AMERICA CORP /DE/ Quarterly Report for Q3 Ended Sep 30, 2023

Bank of America Corporation (BAC) reported solid financial results for the third quarter of 2023. Net income increased year-over-year, driven by higher net interest income and noninterest income, although partially offset by increased provision for credit losses and noninterest expense. The company's total assets grew, supported by higher cash and securities financing activities. Deposits saw a slight decline, attributed to customer spending, debt payments, and a shift to higher-yielding investments. Capital ratios remain strong, with the Common Equity Tier 1 (CET1) capital ratio exceeding regulatory minimums. Key performance indicators highlight improved profitability metrics, with return on average tangible common shareholders' equity increasing compared to the prior year. The company continues to manage its risk framework effectively, maintaining robust capital and liquidity positions. Management highlighted the impact of higher interest rates on net interest income, while also noting increased funding costs. The company's diversified business segments, including Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets, all contributed to the overall financial performance.

Oct 31, 2023 8-K

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Results (Oct 17, 2023)

Bank of America reported third-quarter 2023 net income of $7.8 billion, or $0.90 per diluted share, up 10% from $7.1 billion ($0.81) a year earlier. Total revenue, net of interest expense, rose 3% to $25.2 billion, led by net interest income up 4% to $14.4 billion on higher rates and loan growth. Noninterest income of $10.8 billion was up modestly, as sales and trading and asset management fees offset lower other income. Noninterest expense rose 3% to $15.8 billion, and the efficiency ratio was 63%. Credit costs moved higher. The provision for credit losses rose to $1.2 billion from $0.9 billion, and net charge-offs of $931 million (a 0.35% ratio) increased year over year, though they remained below pre-pandemic Q4-19 levels. Nonperforming loans rose $707 million quarter over quarter to $4.8 billion, driven mainly by commercial real estate. Credit card loss rates also edged up. Management still characterized credit as manageable, and the allowance for loan and lease losses stood at 1.27% of loans. Capital and returns remained a key strength. The Common Equity Tier 1 ratio under the Standardized approach was 11.9%, up 29 basis points from the prior quarter and 240 basis points above the 9.5% regulatory minimum effective October 1, 2023. Book value per share rose 9% to $32.65 and tangible book value per share rose 12% to $23.79. The company returned $2.9 billion to shareholders through dividends and buybacks, and the quarterly dividend was raised 9%. Investors should note that the filing includes a 4% effective tax rate, which was driven by discrete items, and management guided to a full-year 2023 rate of roughly 9-10% excluding the FDIC special assessment. The company also flagged a possible approximately $1.9 billion FDIC special assessment accrual in Q4 2023.

Oct 17, 2023