Bank of America 2007 Annual Report Download - page 175
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Note 23 – Parent Company Information
The following tables present the Parent Company Only financial information:
Condensed Statement of Income
Year Ended December 31
(Dollars in millions)
2007
2006 2005
Income
Dividends from subsidiaries:
Bank holding companies and related subsidiaries
$20,615
$15,950 $10,400
Nonbank companies and related subsidiaries
181
111 63
Interest from subsidiaries
4,939
3,944 2,581
Other income
3,319
2,346 1,719
Total income
29,054
22,351 14,763
Expense
Interest on borrowed funds
7,834
5,799 3,843
Noninterest expense
3,127
3,019 2,636
Total expense
10,961
8,818 6,479
Income before income taxes and equity in undistributed earnings of subsidiaries
18,093
13,533 8,284
Income tax benefit
1,136
1,002 791
Income before equity in undistributed earnings of subsidiaries
19,229
14,535 9,075
Equity in undistributed earnings (losses) of subsidiaries:
Bank holding companies and related subsidiaries
(4,497)
5,613 6,518
Nonbank companies and related subsidiaries
250
985 872
Total equity in undistributed earnings (losses) of subsidiaries
(4,247)
6,598 7,390
Net income
$14,982
$21,133 $16,465
Net income available to common shareholders
$14,800
$21,111 $16,447
Condensed Balance Sheet
December 31
(Dollars in millions)
2007
2006
Assets
Cash held at bank subsidiaries
$ 51,953
$ 54,989
Debt securities
3,198
2,932
Receivables from subsidiaries:
Bank holding companies and related subsidiaries
30,032
17,063
Nonbank companies and related subsidiaries
33,637
20,661
Investments in subsidiaries:
Bank holding companies and related subsidiaries
181,248
162,291
Nonbank companies and related subsidiaries
6,935
6,488
Other assets
30,919
19,118
Total assets
$337,922
$283,542
Liabilities and shareholders’ equity
Commercial paper and other short-term borrowings
$ 40,667
$ 31,852
Accrued expenses and other liabilities
13,226
9,929
Payables to subsidiaries:
Bank holding companies and related subsidiaries
1,464
857
Nonbank companies and related subsidiaries
–
76
Long-term debt
135,762
105,556
Shareholders’ equity
146,803
135,272
Total liabilities and shareholders’ equity
$337,922
$283,542
Bank of America 2007
173