Popular Stock Reports Net Income of $367M in 4Q

Los Angelas, CA -- (SBWIRE) -- 01/17/2013 -- Bank of America Corp. (NYSE:BAC) on Thursday reported $367 million in net income for common shareholders, or about 3 cents per share, for the fourth quarter of 2012, down from net income of $1.6 billion for the same period a year earlier.

Analysts had estimated net income of about 2 cents per share in the latest quarter, after Charlotte, N.C.-based Bank of America reported multiple legal settlements and accounting charges that offset gains in some businesses. Altogether, it was a noisy quarter, with one-time items, legal deals and asset sales clouding the company’s core performance.

For the full year, the bank (BAC) reported net income of $2.8 billion, or 25 cents per diluted share, in 2012. That’s up from $85 million, or 1 cent per share, from the year before. Overall, revenue at the bank continued to decline, though capital ratios kept improving during the latest period.

Bank of America is Central Florida's second-largest bank, with $6.9 billion in local deposits and 66 branches.

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