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Delinquency Decline Helps Bank of America Reach $3.4 Billion Q4 Net Income

first_imgHome / Daily Dose / Delinquency Decline Helps Bank of America Reach $3.4 Billion Q4 Net Income Tagged with: Bank of America Bank Profits Earnings Statements Mortgage Delinquencies Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News In its Q1 2015 earnings report released Wednesday, Bank of America reported a net income of $3.4 billion, or 27 cents per diluted share, in part due to an increase in mortgage originations and a decline in the number of 60-plus day delinquent mortgages.The megabank, headquartered in Charlotte, North Carolina, originated $17 billion worth of first-lien residential mortgage loans and home equity loans in Q1. The number of first mortgage loans serviced by the bank’s Legacy Assets unit that were 60 or more days delinquent declined year-over-year by 45 percent in Q1, down to 153,000 loans.”Continuing the trend from last quarter, we saw core loan and deposit growth, higher mortgage originations, and increased wealth management client balances,” Bank of America CEO Brian Moynihan said. “We retained a top position in investment banking as our team generated the highest advisory fees since the Merrill Lynch merger. We see continued encouraging signs in customer and client activity, with consumer spending increasing and utilization of credit by our commercial customers rising. This should bode well for the near-term economic outlook. At a time of continued low interest rates, we had good expense control as we focus on responsible growth with a balanced platform to create long-term value for customers and shareholders.”The bank’s net revenue for Q1 was reported at $21.4 billion, which was a decline of $1.3 billion from Q1 2014. The decline can be attributed to a reduction of $757 in equity investment income and $211 million related to additional market-related adjustments on the bank’s debt securities portfolio, due to long-term lower interest rates’ impact. Without those two items and net debt valuation adjustments, the bank’s revenue declined by just 1 percent in Q1, down to $21.9 billion (from $22.1 billion in the same quarter a year earlier).Credit quality improved in Q1 for the bank with adjusted net charge-offs down 28 percent year-over-year, from the record capital and liquidity levels established in Q1 2014.”We continued to strengthen an already strong and liquid balance sheet this quarter,” CFO Bruce Thompson said. “We improved our liquidity, accreted capital, and tightly managed expenses in a challenging interest rate environment. Meanwhile, credit quality remained strong, reflecting both the economic environment and our risk underwriting.” Bank of America Bank Profits Earnings Statements Mortgage Delinquencies 2015-04-15 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Delinquency Decline Helps Bank of America Reach $3.4 Billion Q4 Net Income Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago April 15, 2015 1,121 Views Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily center_img  Print This Post Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Previous: DS News Webcast: Thursday 04/16/15 Next: Q1 Net Revenues for Goldman Sachs Hit Four-Year High; Citi Profits Despite Lower Revenues The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more