Bank of America 1998 Annual Report Download - page 2

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Financial highlights
BankAmerica Corporation and Subsidiaries
( Dollars in millions except per-share information)
Contents Message to shareholders 2
Discussion of earnings 7
Building the bank of the future 8
Products and services 24
Consolidated financial statements 26
Principal Officers and Board of Directors 28
Corporate information 29
1998 1997
Net income $ 6,490 $ 6,806
Earnings per common share 3.73 3.86
Diluted earnings per common share 3.64 3.76
Cash dividends paid per common share 1.59 1.37
Return on average assets 1.11% 1.25 %
Return on average common shareholders’ equity 14.54 15.88
Efficiency ratio 61.2 58.1
Average common shares issued (in millions) 1,732 1,733
Earnings per common share $ 4.25 $ 4.36
Diluted earnings per common share 4.15 4.24
Return on average tangible assets 1.30% 1.45 %
Return on average tangible common shareholders’ equity 25.24 27.77
Efficiency ratio 58.2 55.3
Total assets $617,679 $570,983
Total loans and leases 357,328 342,140
Total deposits 357,260 346,297
Total shareholders’ equity 45,938 44,584
Common shareholders’ equity 45,866 43,907
Per common share 26.60 25.49
Market price per share of common stock 60.1250 60.8125
Common shares issued (in millions) 1,724 1,723
For the year
Operating results ( 1) ( 2)
For the year
Cash basis
Financial data (1)(2)(3)
At year end ( 2)
( 1) Excludes merger and restructuring items.
( 2) Shares and per-share data reflect a 2-for-1 stock split on February 27, 1997.
( 3) Cash basis calculations exclude intangible assets and the related amortization expense.