Bank of America Earns $3.2 Billion in First Quarter

This article was last updated on April 16, 2022

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Bank of America Corporation today reported first-quarter 2010 net income of $3.2 billion compared with a net loss of $194 million in the fourth quarter and net income of $4.2 billion a year earlier. After preferred dividends, the company earned $0.28 per diluted share in the first quarter, up from a loss of $0.60 per share in the fourth quarter and earnings of $0.44 per share in the first quarter of 2009.

Two factors primarily drove results in the first quarter:

— Provision for credit losses fell by $3.6 billion from the year-ago period, reflecting an improvement in credit quality.

— Strong capital markets activity, including record sales and trading driven by industry-leading corporate and investment banking positions, helped drive results for Global Banking and Markets.

"With each day that passes, the 2010 story appears to be one of continuing credit recovery, and our results reflect a gradually improving economy," said Chief Executive Officer and President Brian T. Moynihan. "Our customers – individuals, companies, and institutional investors – increasingly see the value of our integrated capabilities. We also are seeing ample indications that those integrated capabilities hold promise for long-term shareholder value."

First-Quarter 2010 Business Highlights

— Bank of America Merrill Lynch ranked No. 1 in both global high-yield debt and leveraged loans and No. 2 in overall global and U.S. net investment banking revenues with a 7 percent market share, according to Dealogic first-quarter 2010 league tables.

— Average retail deposits during the quarter increased $15.2 billion, or 2 percent, from a year earlier, paced by strong organic growth in Merrill Lynch Global Wealth Management as momentum in the affluent customer base continued.

— Consumer referrals and sales to Merrill Lynch Global Wealth Management clients accelerated in the first quarter. Approximately 60,000 lending and deposit products were sold to Merrill Lynch clients. Referrals between Global Wealth and Investment Management and the company’s commercial and corporate businesses increased 56 percent compared with the fourth quarter of 2009.

— During the quarter, Bank of America extended $150 billion in credit, according to preliminary data. Credit extensions included $70 billion in first mortgages, $56 billion in commercial non-real estate, $10 billion in commercial real estate, $3 billion in domestic consumer and small business card, $2 billion in home equity products and $9 billion in other consumer credit. Commercial credit extensions include a significant number of credit renewals.

— Bank of America funded $69.5 billion in first mortgages, helping more than 320,000 people either purchase homes or refinance existing mortgages. This funding included $17.4 billion in mortgages made to nearly 115,000 low- and moderate-income borrowers. Approximately 37 percent of first mortgages were for home purchases.

Initiatives to Help Customers

— Bank of America introduced several initiatives during the quarter to help customers. The company will eliminate debit point-of-sale  transactions that would result in an overdraft if a customer does not have enough funds in their account.

— The company introduced an earned principal forgive eness approach tomodifying certain types of mortgages that are severely underwater to expand the company’s existing aggressive homeowner retention programs. 

— Bank of America was the first to extend credit card assistance programs to small businesses.

— Since the start of 2008, Bank of America and previously Countrywide have provided home ownership retention opportunities to customers for approximately 819,000 home loan modification transactions. This includes 569,000 loan modifications and approximately 251,000 consumers who were in trial-period modifications under the government’s Making
Home Affordable program at March 31, 2010. During the quarter, 77,000 loan modifications were completed with total unpaid principal balances of $17.8 billion, including 33,000 customers who converted from trial-period to permanent modifications under the government’s Making Home Affordable program.

— Bank of America Home Loans expanded its default management staff by nearly 7 percent to more than 16,000 during the quarter to help customers experiencing difficulty with their home loans.

— Bank of America issued clarity statements on a number of consumer products to help customers better understand the products they use.

— Bank of America helped more than 200,000 Global Card Services account holders by reducing their interest rates and providing more affordable payment terms during the quarter.

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  1. Forget about Bank of America Earns $3.2 Billion in First Quarter

    BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled “Piggies” I invite you to listen to this song on youtube and see if it appropriately fits:

    Have you seen the little piggies
    Crawling in the dirt
    And for all the little piggies
    Life is getting worse
    Always having dirt to play around in.

    Have you seen the bigger piggies
    In their starched white shirts
    You will find the bigger piggies
    Stirring up the dirt
    Always have clean shirts to play around in.

    In their ties with all their backing
    They don’t care what goes on around
    In their eyes there’s something lacking
    What they need’s a damn good whacking.

    Info on John Wright vs. Bank of America or Class Action Suit at:

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