Bank of America Corp. (NYSE: BAC) reported fourth-quarter and full-year 2015 results before markets opened Tuesday. The big bank posted diluted earnings per share (EPS) for the quarter of $0.28 on revenue of $19.8 billion. In the same period a year ago, it reported EPS of $0.25 on revenue of $18.96 billion. Fourth-quarter results also compare to the consensus estimates for EPS of $0.26 on revenue of $19.78 billion. The bank reports revenues net of interest expense.

For the full year, the bank reported EPS of $1.31 on revenues of $82.51 billion, compared with EPS of $0.36 on revenues of $85.12 billion in 2014. Consensus estimates called for EPS of $1.35 on revenues of $84.02 billion.

Credit loss provisions totaled $810 million in the quarter, up from $219 million in the same period last year. Net charge-offs increased by 23%, from $879 million to $1.15 billion. The increase in charge-offs was attributed to losses in the energy sector. The fourth-quarter 2015 reserve release amounted to $334 million, compared with the year-ago total of $660 million. On an adjusted basis, the reserve release in the fourth quarter totaled $195 million, compared with $509 million in the year-ago quarter.

Non-interest expense dropped 2% to $13.9 billion. Litigation expenses rose from $393 million in the fourth quarter of last year to $428 million. Excluding litigation expenses, non-interest expenses fell 3%.

The bank did not provide guidance in its earnings release. The consensus estimate for first-quarter 2016 EPS is $0.32 on revenues of $21.96 billion. For the full year, the consensus calls for EPS of $1.55 on revenues of $87.69 billion.

Net interest income fell for the full year from $39.95 billion to $39.25 billion. Year over year, net interest rose 1.7% for the fourth quarter, from $9.66 billion to $9.8 billion.

Brian Moynihan, the bank’s CEO, said:

The 2015 results were our highest earnings in nearly a decade, reflecting the work we’ve done to develop a straightforward operating model focused on responsible growth and doing more business with each customer and client. We saw solid customer activity in loan growth, deposits, and wealth management asset flows, and we returned more capital to our shareholders.

Bank of America decreased its estimated Basel III Tier 1 transition common ratio from 12.3% in the fourth quarter of 2014 and 11.6% in the third quarter of 2015 to 10.2% in the fourth quarter. The bank also raised its tangible book value per share by $1.19 to $15.62.

Shares traded higher by about 1.3% in the premarket Tuesday, at $14.65. The current 52-week range is $14.13 to $18.48, and the low was posted last Friday. Thomson Reuters had a consensus analyst price target of $18.88 before the results were announced.

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