NEW YORK - BAC reported a net loss of $1.2 billion excluding goodwill impairment charges they recorded a gain of $756 million. Also in the results was a provision for $4.1 billion for mortgage putbacks which limited gains. Putbacks is a mortgage that BAC sold to another institution that the government is now forcing them to buy back due to some sort of problem.
Without all of these one time items BAC reported a profit of around $3.4 billion or 34 cents a share well above the estimates. The tier 1 common ratio rose to 8.6% from 7.8% last year. Nonperforming loans dropped to $32 billion from $34 billion.
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