Bank of America (BAC) Earnings Report

Bank of America reported earnings on July 15th, Pre-market. BAC posted an EPS of $0.41, which beat the street's forecast by $0.05, and posted revenue of $22.34B which beat the street's forecast by $1.02B. Bank of America's net interest income and non-interest income slipped from one year ago. However Bank of America's non-interest expenses fell 6% from last year. Over the quarter BAC returned $1.3 Billion to shareholders through share repurchases and common dividends. Net Charge offs were down from the first quarter from 1.2 B to now 1.1 B. Bank of America has been closing branches as consumers are switching to primarily card and mobile banking. Based on the good earnings, Bank of America is still trading at a 20% discount to total book value per share. There also is continued growth in loans and deposits which represents consumers continued use of Bank of America. BAC is currently at $18.10, and was at 17.17 prior to earnings.