It's bonus and compensation disclosure filing time, or as they call it in Brian Moynihan's house, "Passover."
Wait, what's that, SEC filing?
Bank of America Corporation (“Bank of America” or the “Company”) today announced that its Board of Directors has awarded 2016 incentive compensation for Bank of America’s executive officers, including Chairman and Chief Executive Officer Brian T. Moynihan.
BriMo! You did it!
During 2016, Bank of America’s responsible growth strategy produced earnings of $17.9 billion, 13% higher than 2015 and the second highest earnings in Company history. Revenue growth combined with expense decline increased operating leverage across the enterprise. The Company also achieved historically low credit losses. Total shareholder return was 33.3% in 2016 and was above the primary peer group on 1-, 3-, and 5-year bases, and Bank of America returned $6.6 billion in capital to its common shareholders in 2016. The Company also made progress on its long-term return on assets, return on tangible common equity and efficiency goals.
You're gettin' a raise, boy-o!
Mr. Moynihan’s compensation continues to be composed of base salary, time-based restricted stock units (“RSUs”), and performance RSUs that will be paid only if Bank of America meets specific financial goals.
Mr. Moynihan’s annual base salary remains unchanged at $1.5 million. The aggregate value of his 2016 equity incentive award is $18.5 million - 50% of which is performance RSUs. Consistent with prior years, he received no cash bonus for 2016.
Man, even when BriMo gets money, it's worded to look like he isn't.
Mr. Moynihan’s time-based RSUs consist of cash-settled RSUs that will vest monthly over the next 12 months (30% of the equity incentive award), and stock-settled RSUs that will vest annually over the next three years (20% of the equity incentive award).
Additionally, Mr. Moynihan’s equity incentive awards are subject to Bank of America’s stock ownership and retention requirements. Specifically, 50% of the net after-tax shares he receives from equity awards must be retained until one year after his retirement. These equity awards also are subject to Bank of America’s clawback policies.
So, it's basically a 25% raise...if he can keep it.