Bank of America 1998 Annual Report Download - page 28

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Year ended December 31
1998 1997 1996
Interest income
Interest and fees on loans and leases $ 28,331 $ 29,085 $ 26,439
Interest and dividends on securities 4,502 3,283 2,797
Federal funds sold and securities purchased under agreements to resell 1,828 1,516 1,371
Trading account securities 2,626 2,582 2,229
Other interest income 1,301 867 800
Total interest income 38,588 37,333 33,636
Interest expense
Deposits 10,811 10,684 9,600
Borrowed funds 5,239 4,105 3,699
Trading account liabilities 895 975 880
Long-term debt 3,345 3,137 2,503
Total interest expense 20,290 18,901 16,682
Net interest income 18,298 18,432 16,954
Provision for credit losses 2,920 1,904 1,645
Net credit income 15,378 16,528 15,309
Gains on sales of securities 1,017 271 147
Noninterest income
Service charges on deposit accounts 3,396 3,373 2,822
Mortgage servicing and other mortgage-related income 115 401 340
Investment banking income 2,009 1,476 1,028
Trading account profits and fees 171 976 885
Brokerage income 728 355 259
Other nondeposit-related service fees 652 680 520
Asset management and fiduciary service fees 973 990 744
Credit card income 1,448 1,231 899
Other income 2,697 2,274 2,107
Total noninterest income 12,189 11,756 9,604
Merger and restructuring items expense, net 1,795 374 398
Other noninterest expense
Personnel 9,412 8,703 7,501
Occupancy, net 1,643 1,576 1,476
Equipment 1,404 1,408 1,229
Marketing 581 655 589
Professional fees 843 763 634
Amortization of intangibles 902 855 544
Data processing 765 626 551
Telecommunications 563 491 413
Other general operating 2,044 2,059 1,998
General administrative and miscellaneous 584 489 416
Total other noninterest expense 18,741 17,625 15,351
Income before income taxes 8,048 10,556 9,311
Income tax expense 2,883 4,014 3,498
Net income $ 5,165 $ 6,542 $ 5,813
Net income available to common shareholders $ 5,140 $ 6,431 $ 5,611
Per-share information (1)
Earnings per common share $ 2.97 $ 3.71 $ 3.42
Diluted earnings per common share $ 2.90 $ 3.61 $ 3.36
Dividends per common share $ 1.59 $ 1.37 $ 1.20
Average common shares issued (in thousands) (1) 1,732,057 1,733,194 1,638,382
( 1) Share and per-share data reflect a 2-for-1 stock split on February 27, 1997.
Refer to the BankAmerica 1998 Annual Report on Form 10-K for a complete set of consolidated financial statements.
26
Consolidated statement of income
BankAmerica Corporation and Subsidiaries
( Dollars in millions except per-share information)