Bank of America 2002 Annual Report Download - page 66

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64 BANK OF AMERICA 2002
TABLE XI Allowance for Credit Losses
(Dollars in millions)
2002 2001 2000 1999 1998
Balance, January 1 $ 6,875 $ 6,838 $ 6,828 $ 7,122 $ 6,778
Loans and leases charged off
Commercial – domestic (1,793) (2,120) (1,412) (820) (714)
Commercial – foreign (566) (249) (117) (161) (262)
Commercial real estate – domestic (45) (46) (31) (19) (21)
Commercial real estate – foreign –– (1) (1) –
Total commercial (2,404) (2,415) (1,561) (1,001) (997)
Residential mortgage (56) (39) (36) (35) (33)
Home equity lines (40) (32) (29) (24) (27)
Direct/Indirect consumer (355) (389) (395) (434) (486)
Consumer finance(1) (333) (1,137) (512) (445) (594)
Credit card (1,210) (753) (392) (571) (857)
Other consumer domestic (57) (73) (66) (52) (43)
Foreign consumer (5) (6) (4) (20) (13)
Total consumer (2,056) (2,429) (1,434) (1,581) (2,053)
Total loans and leases charged off (4,460) (4,844) (2,995) (2,582) (3,050)
Recoveries of loans and leases previously charged off
Commercial – domestic 322 171 125 109 97
Commercial – foreign 45 41 31 17 20
Commercial real estate – domestic 87182521
Commercial real estate – foreign ––3––
Total commercial 375 219 177 151 138
Residential mortgage 14 13974
Home equity lines 14 13 9 12 10
Direct/Indirect consumer 145 139 149 150 138
Consumer finance 78 111 178 170 186
Credit card 116 81 54 76 93
Other consumer domestic 21 23 18 13 11
Foreign consumer –1133
Total consumer 388 381 418 431 445
Total recoveries of loans and leases previously charged off 763 600 595 582 583
Net charge-offs (3,697) (4,244) (2,400) (2,000) (2,467)
Provision for credit losses(2) 3,697 4,287 2,535 1,820 2,920
Other, net (24) (6) (125) (114) (109)
Balance, December 31 $ 6,851 $ 6,875 $ 6,838 $ 6,828 $ 7,122
Loans and leases outstanding at December 31 $ 342,755 $ 329,153 $ 392,193 $ 370,662 $ 357,328
Allowance for credit losses as a percentage of
loans and leases outstanding at December 31 2.00% 2.09% 1.74% 1.84% 1.99%
Average loans and leases outstanding during the year $ 336,819 $ 365,447 $ 392,622 $ 362,783 $ 347,840
Net charge-offs as a percentage of average
outstanding loans and leases during the year 1.10% 1.16% 0.61% 0.55% 0.71%
Allowance for credit losses as a percentage of
nonperforming loans at December 31 136.01 152.58 131.30 224.48 287.01
Ratio of the allowance for credit losses at
December 31 to net charge-offs 1.85 1.62 2.85 3.41 2.89
(1) Includes $635 related to the exit of the subprime real estate lending business in 2001.
(2) Includes $395 related to the exit of the subprime real estate lending business in 2001.