(REUTERS) -- Bank of America Corp reported a fourth-quarter profit, reversing a year-earlier loss, boosted by one-time items and lower expenses for bad loans.

The second-largest U.S. bank by assets on Thursday said net income applicable to common shareholders was $1.58 billion, or 15 cents per share, compared with a loss of $1.6 billion, or 16 cents per share, a year earlier.

(Reporting By Rick Rothacker; editing by John Wallace)