BAC 8-K: Details on Preferred Stock & Financial Instruments

Ticker: BACRP · Form: 8-K · Filed: Jan 12, 2024 · CIK: 70858

Bank Of America CORP /De/ 8-K Filing Summary
FieldDetail
CompanyBank Of America CORP /De/ (BACRP)
Form Type8-K
Filed DateJan 12, 2024
Risk Levellow
Pages4
Reading Time5 min
Key Dollar Amounts$0.01, $3.1 b, $0.35, $26.5 b, $3.08
Sentimentneutral

Complexity: simple

Sentiment: neutral

Topics: capital-structure, preferred-stock, debt-instruments, regulation-fd

TL;DR

**BAC just filed an 8-K detailing its preferred stock and other financial instruments, giving a peek into its capital structure.**

AI Summary

Bank of America Corp (BAC) filed an 8-K on January 12, 2024, primarily to disclose information related to its various preferred stock series and other financial instruments, including Series E, GG, HH, L, 1, 2, 4, 5, KK, LL, NN, PP, QQ, and SS Preferred Stock, as well as Floating Rate Preferred Hybrid Income Term Securities and Income Capital Obligation Notes. This filing, under Items 2.02 (Results of Operations and Financial Condition) and 7.01 (Regulation FD Disclosure), indicates that the bank is providing updated or reaffirming existing financial instrument details. For investors, this matters because it provides transparency on the structure of the bank's capital and its obligations to preferred shareholders, which can influence the perceived stability and risk profile of the common stock.

Why It Matters

This filing provides transparency into Bank of America's capital structure, specifically its preferred stock and other debt instruments, which is crucial for assessing the company's financial health and obligations.

Risk Assessment

Risk Level: low — This filing is informational and does not indicate any immediate negative financial event or significant change in the company's operations.

Analyst Insight

Investors should review the details of these financial instruments to understand Bank of America's capital structure and potential obligations, especially if they hold or are considering preferred shares. For common stock investors, this filing provides foundational information about the company's financial architecture.

Key Players & Entities

FAQ

What is the purpose of this 8-K filing by Bank of America Corp?

The 8-K filing by Bank of America Corp on January 12, 2024, serves to disclose information under Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure), specifically detailing various preferred stock series and other financial instruments.

Which specific preferred stock series are mentioned in this filing?

The filing mentions numerous preferred stock series, including Series E, GG, HH, L, 1, 2, 4, 5, KK, LL, NN, PP, QQ, and Series SS Preferred Stock.

Besides preferred stock, what other financial instruments are disclosed in this 8-K?

In addition to preferred stock, the filing discloses Floating Rate Preferred Hybrid Income Term Securities, A5.63 Fixed to Floating Rate Preferred Hybrid Income Term Securities, Income Capital Obligation Notes, and Senior Medium Term Notes Series A Step Up Callable Notes.

What is the filing date of this 8-K?

The filing date of this 8-K is January 12, 2024, as indicated by the 'FILED AS OF DATE: 20240112'.

Under which SEC Act was this 8-K filed?

This 8-K was filed under the 1934 Act, as stated in the 'SEC ACT: 1934 Act' section of the filing values.

Filing Stats: 1,199 words · 5 min read · ~4 pages · Grade level 11.5 · Accepted 2024-01-12 06:45:43

Key Financial Figures

Filing Documents

02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On January 12, 2024 , Bank of America Corporation (the "Corporation") announced financial results for the fourth quarter and year ended December 31, 2023, reporting fourth quarter net income of $3.1 billion, or $0.35 per diluted share, and net income for the year of $26.5 billion, or $3.08 per diluted share. A copy of the press release announcing the Corporation's results for the fourth quarter and year ended December 31, 2023 (the "Press Release") is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The Press Release is available on the Corporation's website. The information provided in Item 2.02 of this report, including Exhibit 99.1, shall be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

01. REGULATION FD DISCLOSURE

ITEM 7.01. REGULATION FD DISCLOSURE. On January 12, 2024 , the Corporation will hold an investor conference call and webcast to discuss financial results for the fourth quarter and year ended December 31, 2023, including the Press Release and other matters relating to the Corporation. The Corporation has also made available on its website presentation materials containing certain historical and forward-looking information relating to the Corporation (the "Presentation Materials") and materials that contain additional information about the Corporation's financial results for the fourth quarter and year ended December 31, 2023 (the "Supplemental Information"). The Presentation Materials and the Supplemental Information are furnished herewith as Exhibit 99.2 and Exhibit 99.3, respectively, and are incorporated by reference in this Item 7.01. All information in Exhibits 99.2 and 99.3 is presented as of the particular date or dates referenced therein, and the Corporation does not undertake any obligation to, and disclaims any duty to, update any of the information provided. The information provided in Item 7.01 of this report, including Exhibits 99.2 and 99.3, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the information or Exhibits 99.2 or 99.3 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.

01. FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit 99.1 is filed herewith. Exhibits 99.2 and 99.3 are furnished herewith. EXHIBIT NO. DESCRIPTION OF EXHIBIT 99.1 The Press Release 99.2 The Presentation Materials 99.3 The Supplemental Information 104 Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BANK OF AMERICA CORPORATION By: /s/ Rudolf A. Bless Rudolf A. Bless Chief Accounting Officer Dated: January 12, 2024

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