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Before I cross the decision to Paul to evaluate the fourth quarter, I need to hit a number of points. First, I wish to present some temporary commentary on 2020 for the complete year, then discuss what we see in the financial system as we enter 2021. Good day, everyone, and welcome to right now’s Bank of America fourth-quarter earnings announcements convention call. At this time, all participants are on a listen-only mode. Later you’ll have the opportunity to ask questions during the question-and-answer session. Please notice, right now’s call is being recorded and it is now my pleasure to turn the conference over to Lee McEntire.
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These costs have been all the time incurred as a web income discount of their joint venture accounting but now come by way of our expense line. Setting apart the elevated — internet elevated COVID-associated expense and a change in kind of merchant companies, our teams continue to do a great job managing prices and you may see that later when Paul talks about it. It maintains a give attention to utilizing productiveness gains to fund all of the investments we’re making across the franchise and including growing consumer flows.
When we take into consideration client spending, we think about all the methods shoppers take money and consume and spend it to do things. This is exterior of simply debit and credit spending habits, which tend to get all of the dialogue because they’re easy to trace, fairly frankly. As some of these funds have been depleted and ran off and the volumes in fact grew back to the high — regular levels, we noticed a slowdown within the — within the price of the restoration.
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And so, when that comes down over time, you’ll — you will see the reserve releases come away from that. The second thing is, as the length of the remainder of the disaster is available in, with extra certainty, i.e. more individuals vaccinated, you may also see the lifetime calculation embody the opposite facet of the river to greater — greater portion, and so that can drive it. But it is what gives you the arrogance of the place the path is. But most importantly, as you think about real reserve setting and lifelong reserves, is that the — the financial assumptions are clarifying and the top of the COVID period is clarifying with the vaccine. And as we see that, you will see the uncertainty come down pretty rapidly on the other facet of that, when that exhibits up in our assumption.
So you noticed this morning to be ending that in a separate press release that our board has permitted share repurchase in the first quarter of as much as $three.2 billion, including shares issued to employees. This is along with maintaining our quarterly dividend of $zero.18 per quarter, and that accounts for the return of one other $1.6 billion of capital. This is the maximum allowed on the Fed’s tips established for first — the first quarter .
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