Bank of America Corporation Filed a Form 8-K

CHARLOTTE, N.C.--(BUSINESS WIRE)--Bank of America Company (the "Corporation") informed its securities holders that it has filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission ("SEC") on April 16, 2018, announcing financial results for the first quarter ended March 31, 2018, reporting first quarter net income of $6.9 billion, or $0.62 per diluted share.

Q1-18 Financial Highlights¹ (compare to the year-ago quarter unless noted)

• Pretax income up 15% to $8.4 billion
• Net income up 30% to a record $6.9 billion
• Diluted earnings per share up 38% to $0.62
• Revenue, net of interest expense, increased 4% to $23.1 billion
  • Net interest income (NII) increased $550 million, or 5%, to $11.6 billion, reflecting benefits from higher interest rates, as well as loan and deposit growth
  • Noninterest income increased $327 million, or 3%, to $11.5 billion, reflecting strength in Equities and higher assets management fees
• Provision for credit losses stable at $834 million
• Noninterest expense declined $196 million, or 1%, to $13.9 billion; efficiency ratio improved to 60%
• The Tax Cuts and Jobs Act (the Tax Act) resulted in an ongoing reduction to the effective tax rate of approximately 9 percentage points
• Average loan balances in business segments rose $45 billion, or 5%, to $864 billion
• Average deposit balances rose $41 billion, or 3%, to a record $1.3 trillion, led by Consumer Banking
• Solid financial returns
  • Return on average assets 1.21%
  • Return on average common shareholders' equity 10.8%
  • Return on average tangible common shareholders' equity 15.3%

Q1-18 Business Segment Highlights (compare to the year-ago quarter unless noted)

Consumer Banking

• Revenue rose 9% to $9.0 billion
• Loans up 8%; deposits up 6%
• Merrill Edge brokerage assets up 18%
• Active mobile banking users increased 12% to 24.8 million
• Combined credit/debit spend up 9% to $137 billion

Global Wealth and Investment Management

• Revenue rose 6% to $4.9 billion
• Total client balances increased $140 billion to $2.7 trillion
• Loans increased 7% to $159 billion
• Record pretax margin of 29%

Global Banking

• Revenue of $4.9 billion
• Loans increased 3% to $352 billion, driven by international and domestic C&I lending
• Deposits increased 6% to $324 billion
• Efficiency ratio remained low at 44%

Global Markets

• Sales and trading revenue of $4.1 billion, including negative net debit valuation adjustment (DVA) of $64 million
• Excluding net DVA, sales and trading revenue up 1% to $4.1 billion
  • Equities up 38% to $1.5 billion
  • FICC down 13% to $2.5 billion vs. strong year-ago quarter

Bank of America Corporation makes available all of its SEC filings on its website: http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-irhome.

The SEC maintains a website that contains reports, proxy statements and other information regarding issuers that file electronically with the SEC. These materials may be obtained electronically by accessing the SEC’s website at http://www.sec.gov. A copy of the document will also be available on the National Storage Mechanism's website at: http://www.morningstar.co.uk/uk/NSM.

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¹ Financial Highlights and Business Segment Highlights compare to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted.