Bank of America Corp. on Wednesday reported net income of $2.1 million, or 19 cents a share, in its second quarter, beating analysts’ estimates by a nickel.
The Charlotte, N.C.-based bank, parent of Bank of America N.A. in the Rochester market, had reported a loss of $9.1 million to shareholders, or 90 cents a share, in the second quarter of 2011.
Excluding special items, the bank posted net income of nearly $2.5 million, or 19 cents a share.
Bank of America absorbed $20.7 million in losses in the second quarter of last year because of mortgage-related issues and other charges.
“In a challenging global economy, we still see opportunities to do more with our customers and clients,” CEO Brian Moynihan said in a statement.
“Lending to commercial businesses increased for the sixth straight quarter, with small business lending and commitments up 23 percent in a year, and consumer credit is in the best shape in years.”
Bank of America ranks sixth in the Rochester market with local deposits of $722.7 million, the most recent data from the Federal Deposit Insurance Corp. shows.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.
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