Bank of America Corporation (NYSE:BAC) Q4 2022 Earnings Call Transcript

These are things that stick with you and be good no matter what the scenario.

Vivek Juneja: Another — a different question slightly. You gave the $2,000 to $5,000 deposit cohort, Brian, in terms of where they are in the deposit balances. In the past, you’ve also given a cohort below that, like $1,000 type cohort. Where does — how is that doing? Can you give any numbers on that?

Brian Moynihan: It’s similar. It’s — they’re all moving down very slightly, that average balance for that same group of customers taken out. I’d say — so it’s in the same sort of — different sizing, but it’s the same thing. I don’t have it right in front of me, but — I’ll have Lee get it to you. But I don’t — but it’s moving down slightly. The interesting part of that, Vivek, obviously, is in the highest average balances. You actually have seen them down from pre-pandemic, which means you saw them reposition that in the market. So going to the early question, we may have seen a lot of that already take place. But I think of it as being down slightly quarter-over-quarter in that cohort.

Operator: We have no further questions in queue at this time. I’d like to turn the program back over to Brian Moynihan for any additional or closing remarks.

Brian Moynihan: Thank all of you. Good quarter to finish 2022, and thank you to our teammates for producing it. We continue to grow earnings year-over-year. We have good organic growth and operating leverage for the sixth straight quarter. Those will continue in 2023. The asset quality in the company continues to remain at historic lows relative to any normalized time period in the company’s history, including the strong credit performance we had just leading into the pandemic. So, our job is now to drive what we can control, which is the organic growth of the franchise, the investments that we make are bearing fruit and also to keep the expenses in good control, and we plan to do that in 2023. Thank you. And we look forward to talking to you next quarter.

Operator: This does conclude today’s program. Thank you for your participation. You may disconnect at any time.