Accessible Banking InformationSkip global navigational links.Go to site map.Bank of America Higher Standards Home
Download a printable version of the Annual Report
Download a printable supplement on the FleetBoston merger
Chairman's Letter CFO's Letter Raising the Bar Financial Review Officers & Directors Corporate Information

2003 Annual Report: Financial Review: Statistical Financial Information: Table I Average Balances and Interest - Fully Taxable-equivalent Basis

Table I

Average Balances and Interest Rates - Fully Taxable-equivalent Basis

2003 2002 2001
(Dollars in millions) Average
Balance		 Interest Income/
Expense		 Yield/Rate Average
Balance		 Interest Income/
Expense		 Yield/Rate Average
Balance		 Interest Income/
Expense		 Yield/Rate
Earning Assets
Time deposits placed and other short-term investments $ 9,056 $ 172 1.90 % $ 10,038 $ 243 2.42 % $ 6,723 $ 318 4.73 %
Federal funds sold and securities purchased under agreements to resell 78,857 1,373 1.74 45,640 870 1.91 35,202 1,414 4.02
Trading account assets 97,222 3,993 4.11 79,562 3,860 4.85 66,418 3,653 5.50
Debt securities 72,267 3,223 4.46 75,298 4,100 5.44 60,372 3,761 6.23
Loans and leases(1):
     Commercial - domestic 99,000 6,971 7.04 109,724 7,370 6.72 133,569 9,879 7.40
     Commercial - foreign 17,489 613 3.50 21,287 824 3.87 26,492 1,567 5.90
     Commercial real estate - domestic 19,740 850 4.31 21,161 1,043 4.93 24,607 1,700 6.91
     Commercial real estate - foreign 302 12 3.99 408 17 4.23 348 20 6.08
          Total commercial 136,531 8,446 6.19 152,580 9,254 6.06 185,016 13,166 7.12
     Residential mortgage 127,059 6,872 5.41 97,204 6,423 6.61 81,472 5,920 7.27
     Home equity lines 22,890 1,040 4.55 22,807 1,213 5.32 22,013 1,625 7.38
     Direct/Indirect consumer 32,593 1,964 6.03 30,264 2,145 7.09 30,374 2,466 8.12
     Consumer finance 6,888 520 7.54 10,533 856 8.12 27,709 2,242 8.09
     Credit card 28,210 2,886 10.23 21.410 2,195 10.25 16,641 1,879 11.29
     Foreign consumer 1,977 68 3.43 2,021 74 3.68 2,222 127 5.80
          Total consumer 219,617 13,350 6.08 184,239 12,906 7.01 180,431 14,259 7.90
               Total loans and leases 356,148 21,796 6.12 336,819 22,160 6.58 365,447 27,425 7.50
Other earning assets 43,953 1,729 3.94 26,164 1,517 5.80 26,154 2,065 7.90
          Total earning assets(2) 657,503 32,286 4.91 573,521 32,750 5.71 560,316 38,636 6.90
Cash and cash equivalents 22,637 21,166 22,542
Other assets, less allowance for loan and lease losses 83,992 68,256 67,225
          Total assets $ 764,132 $ 662,943 $ 650,083
Interest-bearing liabilities
Domestic interest-bearing deposits:
     Savings $ 24,538 $ 108 0.44 % $ 21,691 $ 138 0.64 % $ 20,208 $ 213 1.05 %
     NOW and money market deposit accounts 148,896 1,236 0.83 131,841 1,369 1.04 114,657 2,498 2.18
     Consumer CDs and IRAs 70,246 2,784 3.96 67,695 2,968 4.39 74,458 3,853 5.17
     Negotiable CDs, public funds and other time deposits 7,627 130 1.70 4,237 128 3.03 5,848 290 4.96
          Total domestic interest-bearing deposits 251,307 4,258 1.69 225,464 4,603 2.04 215,171 6,854 3.19
Foreign interest-bearing deposits(3):
     Banks located in foreign countries 13,959 403 2.89 15,464 442 2.86 23,397 1,053 4.49
     Governments and official institutions 2,218 31 1.40 2,316 43 1.86 3,615 152 4.21
     Time, savings and other 19,027 216 1.14 18,769 346 1.84 22,940 827 3.62
     Total foreign interest-bearing deposits 35,204 650 1.85 36,549 831 2.27 49,952 2,032 4.07
          Total interest-bearing deposits 286,511 4,908 1.71 262,013 5,434 2.07 265,123 8,886 3.35
Federal funds purchased, securities sold under agreements
     to repurchase and other short-term borrowings 147,580 1,951 1.32 104,153 2,089 2.01 92,476 4,167 4.51
Trading account liabilities 37,176 1,286 3.46 31,600 1,261 3.99 29,995 1,155 3.85
Long-term debt(4) 68,432 2,034 2.97 66,045 2,455 3.72 69,622 3,795 5.45
          Total interest-bearing liabilities(2) 539,699 10,179 1.89 463,811 11,239 2.42 457,216 18,003 3.94
Noninterest-bearing sources:
     Noninterest-bearing deposits 119,722 109,466 97,529
     Other liabilities 55,507 42,053 46,660
     Shareholders' equity 49,204 47,613 48,678
          Total liabilities and shareholders' equity $ 764,132 $ 662,943 $ 650,083
Net interest spread 3.02 3.29 2.96
Impact of noninterest-bearing sources 0.34 0.46 0.72
          Net interest income/yield on earning assets $ 22,107 3.36 % $ 21,511 3.75 % $ 20,633 3.68 %
(1)  Nonperforming loans are included in the respective average loan balances. Income on such nonperforming loans is recognized on a cash basis.
(2)  Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $2,972, $1,983 and $978 in 2003, 2002 and 2001, respectively. These amounts were substantially offset by corresponding decreases in the income earned on the underlying assets. Interest expense includes the impact of interest rate risk management contracts, which (increased) decreased interest expense on the underlying liabilities $(305), $(141) and $63 in 2003, 2002 and 2001, respectively. These amounts were substantially offset by corresponding decreases or increases in the interest paid on the underlying liabilities. For further information on interest rate contracts, see "Interest Rate Risk Management" in the Market Risk Management section.
(3)  Primarily consists of time deposits in denominations of $100,000 or more.
(4)  Includes long-term debt related to Trust Securities.


^ Top of Page
<< Previous | Next: Table II Analysis of Changes in Net Interest Income - Fully Taxable-equivalent Basis >>
© 2004 Bank of America Corporation. All rights reserved.