Bank of America 2001 Annual Report Download - page 120

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BANK OF AMERICA 2001 ANNUAL REPORT
118
Note 20 Bank of America Corporation (Parent Company Only)
The following tables present the Parent Company Only financial information:
Year Ended December 31
(Dollars in millions)
2001 2000 1999
Condensed Statement of Income
Income
Dividends from subsidiaries:
Bank subsidiaries $ 5,000 $ 6,902 $ 7,700
Other subsidiaries 32 18 171
Interest from subsidiaries 1,746 2,756 2,197
Other income 1,772 1,053 987
8,550 10,729 11,055
Expense
Interest on borrowed funds 2,564 3,359 2,626
Noninterest expense 2,082 1,238 1,155
4,646 4,597 3,781
Income before income tax benefit and equity in undistributed earnings of subsidiaries 3,903 6,132 7,274
Income tax benefit 385 456 494
Income before equity in undistributed earnings of subsidiaries 4,288 6,588 7,768
Equity in undistributed earnings of subsidiaries:
Bank subsidiaries 2,653 583 10
Other subsidiaries (149) 346 104
2,504 929 114
Net income $6,792 $ 7,517 $ 7,882
Net income available to common shareholders $ 6,787 $ 7,511 $ 7,876
December 31
(Dollars in millions)
2001 2000
Condensed Balance Sheet
Assets
Cash held at bank subsidiaries $ 15,973 $ 20,233
Temporary investments 663 677
Receivables from subsidiaries:
Bank subsidiaries 9,813 13,336
Other subsidiaries 13,076 7,331
Investments in subsidiaries:
Bank subsidiaries 58,968 52,711
Other subsidiaries 794 2,248
Other assets 3,675 4,157
Total assets $102,962 $100,693
Liabilities and Shareholders’ Equity
Commercial paper and other notes payable $1,593 $ 6,747
Accrued expenses and other liabilities 3,328 2,767
Payables to subsidiaries:
Bank subsidiaries 297 83
Other subsidiaries 4,948 4,422
Long-term debt 44,276 39,046
Shareholders’ equity 48,520 47,628
Total liabilities and shareholders’ equity $102,962 $100,693
Year Ended December 31
(Dollars in millions)
2001 2000 1999
Condensed Statement of Cash Flows
Operating Activities
Net income $6,792 $ 7,517 $ 7,882
Reconciliation of net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries (2,504) (929) (114)
Other operating activities 1,768 798 (191)
Net cash provided by operating activities 6,056 7,386 7,577
Investing Activities
Net (increase) decrease in temporary investments (24) 87 (274)
Net payments from (to) subsidiaries (3,330) 237 9,192
Net cash provided by (used in) investing activities (3,354) 324 8,918
Financing Activities
Net increase (decrease) in commercial paper and other notes payable (5,154) (399) 1,600
Proceeds from issuance of long-term debt 10,762 6,335 5,912
Retirement of long-term debt (6,106) (2,993) (3,760)
Proceeds from issuance of common stock 1,121 294 1,158
Common stock repurchased (4,716) (3,256) (4,858)
Cash dividends paid (3,632) (3,388) (3,199)
Other financing activities 763 (2) (485)
Net cash used in financing activities (6,962) (3,409) (3,632)
Net increase (decrease) in cash held at bank subsidiaries (4,260) 4,301 12,863
Cash held at bank subsidiaries at January 1 20,233 15,932 3,069
Cash held at bank subsidiaries at December 31 $ 15,973 $20,233 $15,932