Bank of America Corporation (NYSE:BAC) Q4 2023 Earnings Call Transcript January 12, 2024 11:00 AM ET

Company Participants

Lee McEntire - IR

Brian Moynihan - CEO

Alastair Borthwick - CFO

Conference Call Participants

Jim Mitchell - Seaport Global

Erika Najarian - UBS

John McDonald - Autonomous Research

Mike Mayo - Wells Fargo

Matt O'Connor - Deutsche Bank

Glenn Schorr - Evercore

Ken Usdin - Jefferies

Ryan Kenny - Morgan Stanley

Gerard Cassidy - RBC

Operator

Good day, everyone, and welcome to Bank of America's Earnings Announcement. At this time, all participants are in a listen-only mode. Later, you'll have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note this call may be recorded. I'll be standing by if you should need any assistance.

It is now my pleasure to turn the conference over to Lee McEntire.

Lee McEntire

Good morning. Welcome, and thank you for joining the call to review our fourth quarter and full year results. We know it's a busy day for all of you. As usual, our earnings release documents are available on the Investor Relations section of bankofamerica.com website, and they include the earnings presentation that we will be referring to during this call. I trust everybody's had a chance to review the documents.

I'll first turn the call over to our CEO, Brian Moynihan, for some opening comments before, Alastair Borthwick, our CFO, discusses the details of the quarter.

Let me just remind you that we may make forward-looking statements and refer to non-GAAP financial measures during the call. Forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties. Factors that may cause our actual results to materially differ from those expectations are detailed and our earnings materials and the SEC filings that are available on our website. Information about our non-GAAP financial measures, including reconciliations to US GAAP can also be found in our earnings materials and our website.

So with that, I'll turn the call over to you, Brian. Thank you very much.

Brian Moynihan

Thank you, and Happy New Year to everyone. Good morning. Thank you for joining us. I'm starting on Slide 2 of the earnings presentation. Here at Bank of America, our teammates finished 2023 with a solid fourth quarter. Reported EPS was $0.35, but that included two notable items that Alastair will describe in more detail. Adjusted for those two items, net income was $5.9 billion after tax or $0.70 per share.