Bank of America (BAC) Stock Drops as $1.2 Billion Fine Hits Earnings Day

Bank of America (BAC) stock slipped about 2% in extended trading Tuesday after U.S. regulators announced a $1.21 billion penalty. BAC was also down 1.14% in the latest quote. The news landed just before the bank’s third-quarter report , which came out before the open today. Timing, as they say, is everything. Bank of America reported net income of $6.9 billion, or 91 cents per diluted share. That compares with $8.3 billion, or $1.04 per share, a year earlier. Analysts had expected earnings of $1.10 per share. The penalty explains most of the gap. Revenue came in at $30.0 billion, up 3% from last year. Analysts had pointed to about $30.69 billion before the fine. Excluding the settlement charge, adjusted net income was $8.1 billion, or $1.08 per share.

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