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Banking, finance, and taxes

Bank of America Skates by Earnings Estimates

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By Jon C. Ogg Updated Published
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Bank of America Corp. (NYSE: BAC) has reported earnings of $0.00 per share, or $340 million in net income, after items on revenue of $20.43 billion. Thomson Reuters estimates were -$0.07 per share and $21.89 billion in revenue. We would note that there were some previously announced items that took away $0.28 in EPS and also total revenue on a debit valuation adjustment and fair value option basis was listed as $22.529 billion.

The bank still trades at an incredible discount to its book value and that book value rose in the quarter. Tangible book value per share rose to $13.48 versus $13.22 one quarter ago; the stated book value per share was $20.40 versus $20.16 one quarter ago.

Regulatory capital ratios increased in the quarter. Tier 1 common capital ratio under Basel 1 rose to 11.41% and its Tier 1 common capital ratio under Basel 3 on a fully phased-in basis was estimated at 8.97%. Global Excess Liquidity Sources totaled $380 billion at the end of the third quarter, up from $378 billion at the end of the prior quarter and $363 billion a year ago. Long-term debt fell to $287 billion at the end of the third quarter from $302 billion at the end of the prior quarter and $399 billion a year ago. Total average deposit balances rose by $17 billion or about 6% annualized.

Bank of America shares closed at $9.46 on Tuesday and shares are trading up 2% at $9.68 this morning.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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