Bank of America 2001 Annual Report Download - page 62

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BANK OF AMERICA 2001 ANNUAL REPORT
60
Table 14 Allowance For Credit Losses
(Dollars in millions)
2001 2000 1999 1998 1997
Balance, January 1 $6,838 $ 6,828 $ 7,122 $ 6,778 $ 6,316
Loans and leases charged off
Commercial – domestic (2,120) (1,412) (820) (714) (328)
Commercial – foreign (249) (117) (161) (262) (54)
Commercial real estate – domestic (46) (31) (19) (21) (59)
Commercial real estate – foreign –(1) (1) – –
Total commercial (2,415) (1,561) (1,001) (997) (441)
Residential mortgage (39) (36) (35) (33) (50)
Home equity lines (32) (29) (24) (27) (36)
Direct/Indirect consumer (522) (502) (545) (562) (582)
Consumer finance(1) (1,006) (420) (387) (561) (426)
Bankcard (753) (392) (571) (857) (1,043)
Other consumer domestic (71) (51) 1 – (12)
Foreign consumer (6) (4) (20) (13) (13)
Total consumer (2,429) (1,434) (1,581) (2,053) (2,162)
Total loans and leases charged off (4,844) (2,995) (2,582) (3,050) (2,603)
Recoveries of loans and leases previously charged off
Commercial – domestic 171 125 109 97 226
Commercial – foreign 41 31 172025
Commercial real estate – domestic 718 25 21 59
Commercial real estate – foreign –3–––
Total commercial 219 177 151 138 310
Residential mortgage 13 9745
Home equity lines 13 91210 9
Direct/Indirect consumer 173 178 175 157 146
Consumer finance 77 154 158 178 155
Bankcard 81 54 76 93 124
Other consumer – domestic 23 13–––
Foreign consumer 11332
Total consumer 381 418 431 445 441
Total recoveries of loans and leases previously charged off 600 595 582 583 751
Net charge-offs (4,244) (2,400) (2,000) (2,467) (1,852)
Provision for credit losses(2) 4,287 2,535 1,820 2,920 1,904
Other, net (6) (125) (114) (109) 410
Balance, December 31 $6,875 $ 6,838 $ 6,828 $ 7,122 $ 6,778
Loans and leases outstanding at December 31 $ 329,153 $ 392,193 $370,662 $357,328 $ 342,140
Allowance for credit losses as a percentage of loans and leases
outstanding at December 31 2.09% 1.74% 1.84% 1.99% 1.98%
Average loans and leases outstanding during the year $ 365,447 $392,622 $362,783 $347,840 $ 343,151
Net charge-offs as a percentage of average outstanding loans and
leases during the year 1.16% .61% .55% .71% .54%
Allowance for credit losses as a percentage of nonperforming
loans at December 31 152.58 131.30 224.48 287.01 321.03
Ratio of the allowance for credit losses at December 31 to net charge-offs 1.62 2.85 3.41 2.89 3.66
(1) Includes $635 million related to the exit of the subprime real estate lending business in 2001.
(2) Includes $395 million related to the exit of the subprime real estate lending business in 2001.