Bank of America

(BAC) - Get Report

posted third-quarter earnings $1.31 a share, beating the 25-analyst estimate of $1.29 and up from earnings of $1.23 a share a year ago.

The figure includes a $257 million pretax charge related to the deterioration of auto lease residual values, but excludes a $346 million after-tax charge primarily to cover severance costs related to growth initiatives announced in July. Including those charges, the earnings were $1.10 a share.

TheStreet Recommends