Bank of America reported Q4/14 net income of $3.1 billion compared to $3.4 billion in the year-ago period. Revenue, net of interest expense, on an FTE basis was $19.0 billion, compared to $21.7 billion in Q4/13.

The bank said approximately $720 million of the decline from the fourth quarter of 2013 was due to lower gains from the sales of debt securities and equity investment income, and the remainder was attributable to lower mortgage banking income and lower trading account profits.

For the full year, net income was $4.8 billion compared to $11.4 billion in 2013. Revenue, net of interest expense, on an FTE basis was $85.1 billion in 2014, compared to $89.8 billion in 2013. Noninterest expense was $75.1 billion, compared to $69.2 billion in 2013. Excluding litigation expense of $16.4 billion in 2014 and $6.1 billion in 2013, noninterest expense was $58.7 billion in 2014, down $4.4 billion, or 7% from 2013. The provision for credit losses of $2.3 billion was 36% or $1.28 billion lower than the $3.6 billion reported in 2013.

Full-year net interest income and noninterest income of $40.0 billion and $44.3 billion, respectively was down from $42.3 billion and $46.7 billion in 2013.

“In 2014, we continued to invest in our businesses while reducing expenses and resolving our most significant litigation matters,” said CEO Brian Moynihan. “Last quarter, consumer deposits and loan originations were solid; wealth management client balances grew to $2.5 trillion; we increased lending to middle-market and large companies; and we retained a leadership position in investment banking. There’s more work and tremendous opportunity ahead as we improve on the platform we’ve built to serve our customers and clients, and we enter 2015 in good shape to manage both the opportunities and the challenges the markets and economy will offer.”

To view the full Bank of America news release, click here.