Bank of America 2002 Annual Report Download - page 70

68 BANK OF AMERICA 200268 BANK OF AMERICA 200268 BANK OF AMERICA 2002
TABLE XVIII Quarterly Average Balances and Interest Rates – Taxable-Equivalent Basis
Fourth Quarter 2002
Interest
Average Income/ Yield/
(Dollars in millions) Balance Expense Rate
Earning assets
Time deposits placed and other short-term investments $ 8,853 $ 56 2.49%
Federal funds sold and securities purchased under agreements to resell 49,169 208 1.68
Trading account assets 84,181 994 4.71
Securities(1) 83,751 1,078 5.15
Loans and leases(2):
Commercial – domestic 105,333 1,777 6.70
Commercial – foreign 20,538 180 3.48
Commercial real estate – domestic 20,359 245 4.77
Commercial real estate – foreign 426 4 3.93
Total commercial 146,656 2,206 5.97
Residential mortgage 108,019 1,699 6.28
Home equity lines 23,347 300 5.10
Direct/Indirect consumer 30,643 523 6.76
Consumer finance 8,943 174 7.75
Credit card 23,535 613 10.33
Foreign consumer 1,956 17 3.48
Total consumer 196,443 3,326 6.74
Total loans and leases 343,099 5,532 6.41
Other earning assets 32,828 417 5.07
Total earning assets(3) 601,881 8,285 5.48
Cash and cash equivalents 21,242
Other assets, less allowance for credit losses 72,345
Total assets $695,468
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings $ 22,142 $ 35 0.63%
NOW and money market deposit accounts 137,229 325 0.94
Consumer CDs and IRAs 66,266 728 4.36
Negotiable CDs, public funds and other time deposits 3,400 17 1.97
Total domestic interest-bearing deposits 229,037 1,105 1.91
Foreign interest-bearing deposits(4):
Banks located in foreign countries 15,286 104 2.70
Governments and official institutions 1,737 7 1.68
Time, savings and other 17,929 76 1.68
Total foreign interest-bearing deposits 34,952 187 2.12
Total interest-bearing deposits 263,989 1,292 1.94
Federal funds purchased, securities sold under agreements to
repurchase and other short-term borrowings 123,434 558 1.79
Trading account liabilities 30,445 289 3.77
Long-term debt and trust preferred securities 65,702 609 3.71
Total interest-bearing liabilities(3) 483,570 2,748 2.26
Noninterest-bearing sources:
Noninterest-bearing deposits 117,392
Other liabilities 46,432
Shareholders’ equity 48,074
Total liabilities and shareholders’ equity $695,468
Net interest spread 3.22
Impact of noninterest-bearing sources 0.44
Net interest income/yield on earning assets $ 5,537 3.66%
(1) The average balance and yield on securities are based on the average of historical amortized cost balances.
(2) Nonperforming loans are included in the respective average loan balances. Income on such nonperforming loans is recognized on a cash basis.
(3) Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $517, $397, $509 and $560 in the fourth, third, second
and first quarters of 2002 and $473 in the fourth quarter of 2001, respectively. These amounts were substantially offset by corresponding decreases in the income earned on the underlying
assets. Interest expense includes the impact of interest rate risk management contracts, which (increased) decreased interest expense on the underlying liabilities $(62), $(69), $(65) and $55 in
the fourth, third, second and first quarters of 2002 and $(40) in the fourth quarter of 2001, respectively. These amounts were substantially offset by corresponding decreases or increases in the
interest paid on the underlying liabilities. For further information on interest rate contracts, see Interest Rate Risk Management.
(4) Primarily consists of time deposits in denominations of $100,000 or more.