Note 20
Bank of America Corporation (Parent Company Only)
The following tables present the Parent Company Only financial information:
Condensed Statement of Income
| |
Year Ended December 31, 2004 |
Year Ended December 31, 2003 |
Year Ended December 31, 2002 |
| |
Year Ended December 31 |
|
 |
(Dollars in millions) |
2004 |
2003 |
2002 |
|
|
| Income |
| Dividends from subsidiaries: |
| Bank subsidiaries |
$ 8,100 |
$ 8,950 |
$11,100 |
| Other subsidiaries |
133 |
34 |
10 |
| Interest from subsidiaries |
1,085 |
610 |
775 |
| Other income |
1,351 |
2,140 |
1,138 |
|
| Total income |
10,669 |
11,734 |
13,023 |
|
| Expense |
| Interest on borrowed funds |
1,861 |
1,391 |
1,700 |
| Noninterest expense |
1,797 |
2,181 |
1,361 |
|
| Total expense |
3,658 |
3,572 |
3,061 |
|
| Income before income taxes and equity in undistributed earnings of subsidiaries |
7,011 |
8,162 |
9,962 |
| Income tax (expense) benefit |
(122) |
461 |
1,154 |
|
| Income before equity in undistributed earnings of subsidiaries |
6,889 |
8,623 |
11,116 |
| Equity in undistributed earnings of subsidiaries: |
| Bank subsidiaries |
6,680 |
2,093 |
(1,607) |
| Other subsidiaries |
574 |
94 |
(260) |
|
| Total equity in undistributed earnings (losses) of subsidiaries |
7,254 |
2,187 |
(1,867) |
|
| Net income |
$14,143 |
$10,810 |
$ 9,249 |
|
| Net income available to common shareholders |
$14,127 |
$10,806 |
$ 9,244 |
|
Condensed Balance Sheet
| |
December 31, 2004 |
December 31, 2003 |
| |
December 31 |
|
|
(Dollars in millions) |
2004 |
2003 |
|
|
| Assets |
| Cash held at bank subsidiaries |
$ 47,138 |
$ 20,436 |
| Securities |
2,694 |
1,441 |
| Receivables from subsidiaries: |
| Bank subsidiaries |
10,546 |
10,042 |
| Other subsidiaries |
19,897 |
15,103 |
| Investments in subsidiaries: |
| Bank subsidiaries |
114,868 |
59,085 |
| Other subsidiaries |
1,499 |
818 |
| Other assets |
13,859 |
13,459 |
|
| Total assets |
$210,501 |
$120,384 |
|
| Liabilities and shareholders' equity |
| Commercial paper and other short-term borrowings |
$ 20,774 |
$ 3,333 |
| Accrued expenses and other liabilities |
7,124 |
7,469 |
| Payables to subsidiaries: |
| Bank subsidiaries |
76 |
173 |
| Other subsidiaries |
13 |
29 |
| Long-term debt |
82,869 |
61,400 |
| Shareholders' equity |
99,645 |
47,980 |
|
| Total liabilities and shareholders' equity |
$210,501 |
$120,384 |
|
Condensed Statement of Cash Flows
| |
Year Ended December 31, 2004 |
Year Ended December 31, 2003 |
Year Ended December 31, 2002 |
| |
Year Ended December 31 |
|
|
(Dollars in millions) |
2004 |
2003 |
2002 |
|
|
| Operating activities |
| Net income |
$14,143 |
$10,810 |
$ 9,249 |
| Reconciliation of net income to net cash provided by operating activities: |
| Equity in undistributed earnings (losses) of subsidiaries |
(7,254) |
(2,187) |
1,867 |
| Other operating activities, net |
(1,168) |
40 |
(2,537) |
|
| Net cash provided by operating activities |
5,721 |
8,663 |
8,579 |
|
| Investing activities |
| Net purchases of securities |
(1,348) |
(59) |
(428) |
| Net payments from (to) subsidiaries |
821 |
(1,160) |
(2,025) |
| Other investing activities, net |
3,348 |
(1,597) |
(158) |
|
| Net cash provided by (used in) investing activities |
2,821 |
(2,816) |
(2,611) |
|
| Financing activities |
| Net increase (decrease) in commercial paper and other short-term borrowings |
16,332 |
2,482 |
(7,505) |
| Proceeds from issuance of long-term debt |
19,965 |
14,713 |
8,753 |
| Retirement of long-term debt |
(9,220) |
(5,928) |
(1,464) |
| Proceeds from issuance of common stock |
3,939 |
4,249 |
2,632 |
| Common stock repurchased |
(6,286) |
(9,766) |
(7,466) |
| Cash dividends paid |
(6,468) |
(4,281) |
(3,709) |
| Other financing activities, net |
(102) |
276 |
(338) |
|
| Net cash provided by (used in) financing activities |
18,160 |
1,745 |
(9,097) |
|
| Net increase (decrease) in cash held at bank subsidiaries |
26,702 |
7,592 |
(3,129) |
| Cash held at bank subsidiaries at January 1 |
20,436 |
12,844 |
15,973 |
|
| Cash held at bank subsidiaries at December 31 |
$47,138 |
$20,436 |
$12,844 |
|
|
