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BAC > SEC Filings for BAC > Form 8-K on 6-May-2013All Recent SEC Filings

Show all filings for BANK OF AMERICA CORP /DE/ | Request a Trial to NEW EDGAR Online Pro



Results of Operations and Financial Condition, Other Events, Financial

ITEM 2.02 Results of Operations and Financial Condition.

On May 6, 2013, Bank of America Corporation (the "Corporation") issued a news release (the "News Release") announcing a comprehensive settlement (the "Settlement Agreement") with MBIA Inc. and certain of its affiliates ("MBIA") to resolve all outstanding representations and warranties claims and all other claims between the parties. The Settlement Agreement requires certain approvals of the New York State Department of Financial Services, which are expected to be received, at which point the parties will execute the Settlement Agreement and promptly close the transactions contemplated therein. Pursuant to the Settlement Agreement, the Corporation will make certain payments to and terminate certain credit default swap protection agreements and other trades with MBIA, MBIA will issue warrants to the Corporation to acquire MBIA common stock, and the Corporation will provide a senior secured credit facility to MBIA.

In accordance with U.S. generally accepted accounting principles, the Corporation is required to reflect the impact of the Settlement Agreement, which is a subsequent event, in its financial statements for the first quarter of 2013 since it is related to conditions that existed at the balance sheet date of March 31, 2013. As a result, the Corporation will record $1.6 billion in additional pretax charges for the first quarter of 2013, of which $1.3 billion is related to the settlement and the remainder is related to other monolines. The after-tax effect of the additional charges will reduce the Corporation's first-quarter 2013 net income to $1.5 billion, or $0.10 per diluted common share, from the $2.6 billion, or $0.20 per diluted common share reported on April 17, 2013. The additional charges will be reflected in the Corporation's financial statements to be included in the Corporation's Quarterly Report on Form 10-Q for the period ended March 31, 2013, which will be filed with the Securities and Exchange Commission on or prior to May 10, 2013.

The information in the preceding paragraph shall be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended, and shall be incorporated by reference in any filing under the Securities Act of 1933, as amended.

ITEM 8.01 Other Events.

The News Release announcing the Settlement Agreement is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 8.01.

ITEM 9.01. Financial Statement and Exhibits.

(d) Exhibits.

The following exhibit is included herewith.
99.1 News Release dated May 6, 2013

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