Bank of America 2000 Annual Report Download - page 32

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Consolidated Statement of Income
Bank of America Corporation and Subsidiaries
30
Year Ended December 31
(Dollars in millions, except per share information) 2000 1999 1998
Interest income
Interest and fees on loans and leases $ 31,872 $ 27,569 $ 28,331
Interest and dividends on securities 5,045 4,826 4,502
Federal funds sold and securities purchased under agreements to resell 2,354 1,666 1,828
Trading account assets 2,725 2,087 2,626
Other interest income 1,262 1,175 1,301
Total interest income 43,258 37,323 38,588
Interest expense
Deposits 11,010 9,002 10,811
Short-term borrowings 7,957 5,826 5,239
Trading account liabilities 892 658 895
Long-term debt 4,957 3,600 3,345
Total interest expense 24,816 19,086 20,290
Net interest income 18,442 18,237 18,298
Provision for credit losses 2,535 1,820 2,920
Net interest income after provision for credit losses 15,907 16,417 15,378
Gains on sales of securities 25 240 1,017
Noninterest income
Consumer service charges 2,654 2,550 2,632
Corporate service charges 1,946 1,849 1,694
Total service charges 4,600 4,399 4,326
Consumer investment and brokerage services 1,466 1,334 1,238
Corporate investment and brokerage services 463 414 464
Total investment and brokerage services 1,929 1,748 1,702
Mortgage servicing income 560 673 389
Investment banking income 1,512 1,411 1,430
Equity investment gains 1,054 833 579
Card income 2,229 2,006 1,569
Trading account profits 1,830 1,495 171
Other income 775 1,504 2,023
Total noninterest income 14,489 14,069 12,189
Merger and restructuring charges 550 525 1,795
Other noninterest expense
Personnel 9,400 9,308 9,412
Occupancy 1,682 1,627 1,643
Equipment 1,173 1,346 1,404
Marketing 621 537 581
Professional fees 452 630 843
Amortization of intangibles 864 888 902
Data processing 667 763 765
Telecommunications 527 549 563
Other general operating 2,114 1,820 2,044
General administrative and other 583 518 584
Total other noninterest expense 18,083 17,986 18,741
Income before income taxes 11,788 12,215 8,048
Income tax expense 4,271 4,333 2,883
Net income $ 7,517 $ 7,882 $ 5,165
Net income available to common shareholders $ 7,511 $ 7,876 $ 5,140
Per share information
Earnings per common share $ 4.56 $ 4.56 $ 2.97
Diluted earnings per common share $ 4.52 $ 4.48 $ 2.90
Dividends per common share $ 2.06 $ 1.85 $ 1.59
Average common shares issued and outstanding (in thousands) 1,646,398 1,726,006 1,732,057
Refer to the Bank of America Corporation 2000 Annual Report on Form 10-K, which will be issued in March 2001, for a complete set of consolidated financial statements.