Consolidated Statement of Income
Bank of America Corporation and Subsidiaries
| |
Year Ended December 31: 2004 |
Year Ended December 31: 2003 |
Year Ended December 31: 2002 |
(Dollars in millions, except per share information) |
Year Ended December 31 |
2004 |
2003 |
2002 |
| Interest income |
| Interest and fees on loans and leases |
$28,216 |
$21,668 |
$22,030 |
| Interest and dividends on securities |
7,265 |
3,068 |
3,941 |
| Federal funds sold and securities purchased under agreements to resell |
2,043 |
1,373 |
870 |
| Trading account assets |
4,016 |
3,947 |
3,757 |
| Other interest income |
1,687 |
1,507 |
1,456 |
| Total interest income |
43,227 |
31,563 |
32,054 |
| Interest expense |
| Deposits |
6,275 |
4,908 |
5,434 |
| Short-term borrowings |
4,434 |
1,871 |
1,982 |
| Trading account liabilities |
1,317 |
1,286 |
1,260 |
| Long-term debt |
2,404 |
2,034 |
2,455 |
| Total interest expense |
14,430 |
10,099 |
11,131 |
| Net interest income |
28,797 |
21,464 |
20,923 |
| Noninterest income |
| Service charges |
6,989 |
5,618 |
5,276 |
| Investment and brokerage services |
3,627 |
2,371 |
2,237 |
| Mortgage banking income |
414 |
1,922 |
761 |
| Investment banking income |
1,886 |
1,736 |
1,545 |
| Equity investment gains (losses) |
861 |
215 |
(280) |
| Card income |
4,588 |
3,052 |
2,620 |
| Trading account profits |
869 |
409 |
778 |
| Other income |
863 |
1,127 |
643 |
| Total noninterest income |
20,097 |
16,450 |
13,580 |
| Total revenue |
48,894 |
37,914 |
34,503 |
| Provision for credit losses |
2,769 |
2,839 |
3,697 |
| Gains on sales of debt securities |
2,123 |
941 |
630 |
| Noninterest expense |
| Personnel |
13,473 |
10,446 |
9,682 |
| Occupancy |
2,379 |
2,006 |
1,780 |
| Equipment |
1,214 |
1,052 |
1,124 |
| Marketing |
1,349 |
985 |
753 |
| Professional fees |
836 |
844 |
525 |
| Amortization of intangibles |
664 |
217 |
218 |
| Data processing |
1,325 |
1,104 |
1,017 |
| Telecommunications |
730 |
571 |
481 |
| Other general operating |
4,439 |
2,930 |
2,865 |
| Merger and restructuring charges |
618 |
- |
- |
| Total noninterest expense |
27,027 |
20,155 |
18,445 |
| Income before income taxes |
21,221 |
15,861 |
12,991 |
| Income tax expense |
7,078 |
5,051 |
3,742 |
| Net income |
$14,143 |
$10,810 |
$ 9,249 |
| Net income available to common shareholders |
$14,127 |
$10,806 |
$ 9,244 |
| Per common share information |
| Earnings |
$ 3.76 |
$ 3.63 |
$ 3.04 |
| Diluted earnings |
$ 3.69 |
$ 3.57 |
$ 2.95 |
| Dividends paid |
$ 1.70 |
$ 1.44 |
$ 1.22 |
| Average common shares issued and outstanding (in thousands) |
3,758,507 |
2,973,407 |
3,040,085 |
| Average diluted common shares issued and outstanding (in thousands) |
3,823,943 |
3,030,356 |
3,130,935 |
|
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