Bank of America (BAC) issued $685 billion in credit to individuals and businesses in 2010, outpacing earlier projections for the fiscal year, and allowing thousands of borrowers to refinance into new mortgages. The Charlotte, N.C.-based bank issued $92 billion in credit to small and medium-sized businesses in 2010, which is about $6 billion more than projected. In the fourth quarter alone, Bank of America extended $188 billion in credit, a 4.5% jump from 4Q of 2009 and the highest level reached since mid-2009. During 4Q, the bank extended enough credit to allow 370,000 individuals to either buy a new home or refinance an existing mortgage. In addition, 76,000 home loan modifications were completed during the fourth-quarter period. BofA reported a net loss of $1.2 billion, or 16 cents per share, in the fourth quarter of 2010 as it braced for outstanding mortgage repurchase claims. The lender also extended $15 billion in credit to nonprofits and government institutions. Write to Kerri Panchuk