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Bank of America Corporation
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Earlier this week, BofA announced that it will repay TARP funds using $26.2 billion in available cash and $18.8 billion in proceeds from the sale of the common equivalent securities. However, the proceeds raised from the securities are 2.6% more than $18.8 billion the company had originally planned.
Initially, BofA received $25 billion under TARP. The bank then received an additional $20 billion in January 2009 after its acquisition of Merrill Lynch, which had billions of dollars in losses unanticipated to BofA.
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BofA’s third quarter 2009 loss came in at 26 cents per share, substantially worse than the Zacks Consensus estimated loss of 10 cents. This compares unfavorably with earnings of 15 cents in the prior-year quarter.
Results were hurt primarily by continued weakness in the overall economy as well as stress on the consumers, resulting in high credit costs and loan loss. Though earnings benefited from the profit generated by its wealth management business, the company experienced continued net interest yield compression and credit quality deterioration.
Additionally, the company is facing problems over new CEO appointment and litigation issues over the Merrill Lynch acquisition. Revenues are also expected to be negatively affected by the new credit card regulation. However, we anticipate continued synergies from the company’s large scale operation and balance sheet restructuring.
Read the full analyst report on "BAC"
Zacks Investment Research
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.