Bank of America 2002 Annual Report Download - page 112

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NOTE 21 Bank of America Corporation (Parent Company Only)
The following tables present the Parent Company Only financial information:
Year Ended December 31
(Dollars in millions)
2002 2001 2000
Condensed Statement of Income
Income
Dividends from subsidiaries:
Bank subsidiaries $ 11,100 $ 5,000 $ 6,902
Other subsidiaries 10 32 18
Interest from subsidiaries 775 1,746 2,756
Other income 1,138 1,772 1,053
Total income 13,023 8,550 10,729
Expense
Interest on borrowed funds 1,700 2,564 3,359
Noninterest expense 1,361 2,083 1,238
Total expense 3,061 4,647 4,597
Income greater than dividends from subsidiaries 9,962 3,903 6,132
Income tax benefit 1,154 385 456
Income before equity in undistributed earnings of subsidiaries 11,116 4,288 6,588
Equity in undistributed earnings of subsidiaries:
Bank subsidiaries (1,607) 2,653 583
Other subsidiaries (260) (149) 346
Total equity in undistributed earnings of subsidiaries (1,867) 2,504 929
Net income $ 9,249 $ 6,792 $ 7,517
Net income available to common shareholders $ 9,244 $ 6,787 $ 7,511
December 31
(Dollars in millions)
2002 2001
Condensed Balance Sheet
Assets
Cash held at bank subsidiaries $ 12,844 $ 15,973
Temporary investments 989 663
Receivables from subsidiaries:
Bank subsidiaries 7,802 9,813
Other subsidiaries 16,682 13,076
Investments in subsidiaries:
Bank subsidiaries 58,662 58,968
Other subsidiaries 654 794
Other assets 8,420 3,675
Total assets $ 106,053 $ 102,962
Liabilities and shareholders’ equity
Commercial paper and other notes payable $ 453 $ 1,593
Accrued expenses and other liabilities 3,095 3,328
Payables to subsidiaries:
Bank subsidiaries 193 297
Other subsidiaries 5,479 4,948
Long-term debt 46,514 44,276
Shareholders’ equity 50,319 48,520
Total liabilities and shareholders’ equity $ 106,053 $ 102,962
Year Ended December 31
(Dollars in millions)
2002 2001 2000
Condensed Statement of Cash Flows
Operating activities
Net income $ 9,249 $ 6,792 $ 7,517
Reconciliation of net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries 1,867 (2,504) (929)
Other operating activities (2,537) 1,768 798
Net cash provided by operating activities 8,579 6,056 7,386
Investing activities
Net (increase) decrease in temporary investments (428) (24) 87
Net payments from (to) subsidiaries (2,025) (3,330) 237
Other investing activities (158) ––
Net cash provided by (used in) investing activities (2,611) (3,354) 324
Financing activities
Net decrease in commercial paper and other notes payable (7,505) (5,154) (399)
Proceeds from issuance of long-term debt 8,753 10,762 6,335
Retirement of long-term debt (1,464) (6,106) (2,993)
Proceeds from issuance of common stock 2,632 1,121 294
Common stock repurchased (7,466) (4,716) (3,256)
Cash dividends paid (3,709) (3,632) (3,388)
Other financing activities (338) 763 (2)
Net cash used in financing activities (9,097) (6,962) (3,409)
Net increase (decrease) in cash held at bank subsidiaries (3,129) (4,260) 4,301
Cash held at bank subsidiaries at January 1 15,973 20,233 15,932
Cash held at bank subsidiaries at December 31 $ 12,844 $ 15,973 $ 20,233
110 BANK OF AMERICA 2002