Summary Box: Bank of America earnings

AP News
Posted: Apr 19, 2012 1:39 PM
Summary Box: Bank of America earnings

LOAN PROVISION FALLS: Bank of America's customers are paying back their loans on time. The bank said it put aside $2.4 billion for bad loans, the least since the third quarter of 2007, a year before the financial crisis.

BEAT ESTIMATES: The bank earned $653 million in the first quarter, or 3 cents per share. That included an accounting charge of 28 cents per share because the value of Bank of America's debt rose. Without the accounting charge, Bank of America beat Wall Street estimates.

MORTGAGE STILL HURTS: The bank's mortgage business is still hurting because the government is forcing the bank to buy back soured home loans. But losses narrowed to $1.1 billion from $2.4 billion last year.