Bank of America 1999 Annual Report Download - page 30

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Bank of America Corporation and Subsidiaries
(Dollars in millions, except per share information)
Year ended December 31
1999 1998 1997
Interest income
Interest and fees on loans and leases $
$27,569 $28,331 $29,085
Interest and dividends on securities 4,826 4,502 3,283
Federal funds sold and securities purchased under agreements to resell 1,666 1,828 1,516
Trading account assets 2,087 2,626 2,582
Other interest income 1,175 1,301 867
Total interest income 37,323 38,588 37,333
Interest expense
Deposits 9,002 10,811 10,684
Short-term borrowings 5,826 5,239 4,105
Trading account liabilities 658 895 975
Long-term debt 3,600 3,345 3,137
Total interest expense 19,086 20,290 18,901
Net interest income 18,237 18,298 18,432
Provision for credit losses 1,820 2,920 1,904
Net interest income after provision for credit losses 16,417 15,378 16,528
Gains on sales of securities 240 1,017 271
Noninterest income
Service charges on deposit accounts 3,645 3,396 3,373
Mortgage servicing income 673 389 543
Investment banking income 2,244 2,009 1,476
Trading account profits and fees 1,495 171 976
Brokerage income 724 728 355
Nondeposit-related service fees 554 652 680
Asset management and fiduciary service fees 1,023 973 990
Credit card income 1,791 1,448 1,231
Other income 1,920 2,423 2,132
Total noninterest income 14,069 12,189 11,756
Merger-related charges, net 525 1,795 374
Other noninterest expense
Personnel 9,308 9,412 8,703
Occupancy 1,627 1,643 1,576
Equipment 1,346 1,404 1,408
Marketing 537 581 655
Professional fees 630 843 763
Amortization of intangibles 888 902 855
Data processing 763 765 626
Telecommunications 549 563 491
Other general operating 1,820 2,044 2,059
General administrative and other 518 584 489
Total other noninterest expense 17,986 18,741 17,625
Income before income taxes 12,215 8,048 10,556
Income tax expense 4,333 2,883 4,014
Net income $
$7,882 $ 5,165 $ 6,542
Net income available to common shareholders $
$7,876 $ 5,140 $ 6,431
Per share information(1)
Earnings per common share $
$4.56 $ 2.97 $ 3.71
Diluted earnings per common share $
$4.48 $ 2.90 $ 3.61
Dividends per common share $
$1.85 $ 1.59 $ 1.37
Average common shares issued and outstanding (in thousands)(1) 1,726,006 1,732,057 1,733,194
(1) Share and per share data reflect a 2-for-1stock split on February 27, 1997.
Refer to the Bank of America Corporation 1999 Annual Report on Form 10-K for a complete set of consolidated financial statements.
28
Consolidated statement of income