Bank of America 2004 Annual Report Download - page 122

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BANK OF AMERICA 2004 121
At December 31, 2004, the scheduled maturities for total time
deposits were as follows:
(Dollars in millions)
Due in 2005 $152,317
Due in 2006 9,206
Due in 2007 6,810
Due in 2008 2,033
Due in 2009 2,828
Thereafter 1,334
Total $ 174,528
Note 11
Short-term Borrowings and Long-term Debt
Short-term Borrowings
Bank of America Corporation and certain other subsidiaries issue
commercial paper in order to meet short-term funding needs.
Commercial paper outstanding at December 31, 2004 was $25.4 bil-
lion compared to $7.6 billion at December 31, 2003.
Bank of America, N.A. maintains a domestic program to offer up
to a maximum of $60.0 billion, at any one time, of bank notes with
fixed or floating rates and maturities of at least seven days from the
date of issue. Short-term bank notes outstanding under this program
totaled $9.6 billion at December 31, 2004 compared to $3.3 billion
at December 31, 2003. These short-term bank notes, along with
Treasury tax and loan notes, term federal funds purchased and com-
mercial paper, are reflected in Commercial Paper and Other Short-
term Borrowings on the Consolidated Balance Sheet.
Long-term Debt
The following table presents Long-term Debt at December 31, 2004
and 2003:
December 31
(Dollars in millions) 2004 2003
Notes issued by
Bank of America Corporation(1,2)
Senior notes:
Fixed, ranging from 1.62% to 7.25%,
due 2005 to 2028 $ 4,102 $ 8,219
Floating, ranging from 0.20% to 8.33%,
due 2005 to 2043 46,641 28,669
Subordinated notes:
Fixed, ranging from 3.95% to 8.63%,
due 2005 to 2029 2,866 2,299
Floating, ranging from 1.63% to 5.25%,
due 2005 to 2037 19,683 16,742
Junior subordinated notes
(related to trust preferred securities):
Fixed, ranging from 6.00% to 11.45%,
due 2026 to 2033 2,498 2,127
Floating, ranging from 2.07% to 3.56%,
due 2026 to 2034 7,079 3,344
Total notes issued by
Bank of America Corporation 82,869 61,400
Notes issued by Bank of America, N.A.
and other subsidiaries(1,2)
Senior notes:
Fixed, ranging from 0% to 8.50%,
due 2005 to 2073 406 606
Floating, ranging from 0% to 3.51%,
due 2005 to 2051 6,090 3,491
Subordinated notes:
Fixed, ranging from 5.75% to 8.63%,
due 2005 to 2009 2,186 300
Floating, 2.56%, due 2019 88
Total notes issued by Bank of America, N.A.
and other subsidiaries 8,690 4,405
Notes issued by NB Holdings Corporation(1,2)
Junior subordinated notes
(related to trust preferred securities):
Fixed –515
Floating, ranging from 2.40% to 3.19%
due 2026 to 2027 773 258
Total notes issued by
NB Holdings Corporation 773 773
Other debt
Advances from the
Federal Home Loan Bank – Georgia 2,750 2,750
Advances from the
Federal Home Loan Bank – Oregon 2,081 5,989
Advances from the
Federal Home Loan Bank – Massachusetts 868 –
Other 47 26
Total other debt 5,746 8,765
Total $ 98,078 $75,343
(1) Certain fixed-rate and floating-rate classifications as well as interest rates include the effect of
interest rate swap contracts.
(2) Rates and maturity dates reflect outstanding debt at December 31, 2004.