The Bank of New York Mellon Corporation (NYSE:BK) reported its earnings before opening bell this morning, posting first-quarter losses due to a tax-related charge and missing on operating earnings per share. The bank posted losses of $253 million or 23 cents per common share and earnings per share of 50 cents excluding the tax charge it took during the quarter.

Bank Of New York Mellon Corporation (BK) Posts Q1 Losses

Analysts were already expecting poor results from the bank, so the report is no shock to investors. Consensus was for earnings of 52 cents per share on revenue of $3.59 billion. The Bank’s revenue fell .9 percent to $3.61 billion—still coming out just ahead of consensus.

The tax charge taken by the bank during the first quarter was $854 million, and it was in connection with a ruling handed down by the U.S. Tax Court. The court ruled in favor of the Internal Revenue Service in a case involving the way the bank used foreign tax credits in 2001 and 2001. The bank plans to appeal and said it expects to be well-capitalized after taking that charge.

The Bank of New York Mellon Corporation (NYSE:BK) announced a capital plan which includes $1.35 billion in share buybacks, which is a 16 percent increase from the authorization granted by the bank’s board last year. It also announced a 15 percent increase in its quarterly dividend, which will go to 15 cents per share starting in the current quarter.

Shares of The Bank of New York Mellon Corporation (NYSE:BK) rose 1.57 percent in trading on Tuesday and were inactive in pre-market trades as of the moment of this writing.