NEW YORK - Charlotte Headquartered Bank of America announced adjusted net income of 33 cents a share or $3.7 billion. The company lost 90 cents a share when including one time losses or $8.8 billion.
Consumer real estate lost $14.5 billion while the rest of the company made $5.7 billion. The bank has now settled nearly all of the legacy Country Wide Financial claims. The company bought Country Wide Financial in early 2008 and has already cost the company way more than its original price.
The company now has tangible book value of $12.65 a share, down from $13.1 in the prior quarter. Nonperforming loans dropped to $30 billion from $32 billion. The tier 1 common ratio dropped to 8.2% from 8.6% due its one time loss in its real estate portfolio.
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