Bank of America 2006 Annual Report Download - page 102
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Consolidated Statement of Income
Bank of America Corporation and Subsidiaries
Year Ended December 31
(Dollars in millions, except per share information) 2006 2005 2004
Interest income
Interest and fees on loans and leases
$ 48,274
$ 34,843 $ 28,051
Interest and dividends on securities
11,655
10,937 7,256
Federal funds sold and securities purchased under agreements to resell
7,823
5,012 1,940
Trading account assets
7,232
5,743 4,016
Other interest income
3,601
2,091 1,690
Total interest income
78,585
58,626 42,953
Interest expense
Deposits
14,480
9,492 5,921
Short-term borrowings
19,840
11,615 4,072
Trading account liabilities
2,640
2,364 1,317
Long-term debt
7,034
4,418 3,683
Total interest expense
43,994
27,889 14,993
Net interest income
34,591
30,737 27,960
Noninterest income
Card income
14,293
5,753 4,592
Service charges
8,224
7,704 6,989
Investment and brokerage services
4,456
4,184 3,614
Investment banking income
2,317
1,856 1,886
Equity investment gains
3,189
2,212 1,024
Trading account profits
3,166
1,763 1,013
Mortgage banking income
541
805 414
Other income
2,246
1,077 1,473
Total noninterest income
38,432
25,354 21,005
Total revenue
73,023
56,091 48,965
Provision for credit losses
5,010
4,014 2,769
Gains (losses) on sales of debt securities
(443)
1,084 1,724
Noninterest expense
Personnel
18,211
15,054 13,435
Occupancy
2,826
2,588 2,379
Equipment
1,329
1,199 1,214
Marketing
2,336
1,255 1,349
Professional fees
1,078
930 836
Amortization of intangibles
1,755
809 664
Data processing
1,732
1,487 1,330
Telecommunications
945
827 730
Other general operating
4,580
4,120 4,457
Merger and restructuring charges
805
412 618
Total noninterest expense
35,597
28,681 27,012
Income before income taxes
31,973
24,480 20,908
Income tax expense
10,840
8,015 6,961
Net income
$ 21,133
$ 16,465 $ 13,947
Net income available to common shareholders
$ 21,111
$ 16,447 $ 13,931
Per common share information
Earnings
$ 4.66
$ 4.10 $ 3.71
Diluted earnings
$ 4.59
$ 4.04 $ 3.64
Dividends paid
$ 2.12
$ 1.90 $ 1.70
Average common shares issued and outstanding (in thousands)
4,526,637
4,008,688 3,758,507
Average diluted common shares issued and outstanding (in thousands)
4,595,896
4,068,140 3,823,943
See accompanying Notes to Consolidated Financial Statements.
100
Bank of America 2006