Bank of America has said that its fourth-quarter earnings shrank as it cleaned up old problems from its mortgage unit.
The bank made $367m in the last three months of 2012, down from $1.6 billion in the same period a year ago. The earnings were equivalent to 3 cents per share.
The bank had warned that it expected earnings to be only "modestly positive."
It took big charges related to a settlement with the government backed mortgage lender Fannie Mae.
Bank of America also agreed a separate deal in which it and other banks settled accusations of wrongful foreclosure practices.
The bank's earnings were still better than the expectations of analysts polled by FactSet, who predicted 2 cents a share.
Revenue was $19.6 billion after stripping out an accounting charge, down from $26.4 billion. That missed expectations for $21.2 billion.
