The United States' second-largest bank by assets posted fourth-quarter earnings of 25 cents per share, down from 29 cents a share in the year-earlier period.
Revenue totaled $18.73 billion.
Wall Street had expected Bank of America to deliver quarterly earnings per share of 31 cents on $20.94 billion in revenue, according to a consensus estimate from Thomson Reuters.
The bank's third-quarter results were marred by its $16.65 billion mortgage settlement with the United States government. CEO Brian Moynihan tempered expectations for fourth-quarter trading revenues at a recent investor conference, CNBC reported this week.
Bank of America shares have fallen nearly 4 percent in the last year.
Reuters contributed to this report.