Bank of America 2007 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 of the 2007 Bank of America annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 179

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179

Bank of America Corporation (NYSE: BAC) is a publicly traded company headquartered in Charlotte, NC, that operates throughout the
United States and in more than 30 foreign countries. The corporation provides a diverse range of banking and nonbanking financial services and
products domestically and internationally through three business segments: Global Consumer & Small Business Banking, Global Corporate &
Investment Banking and Global Wealth & Investment Management. Bank of America is now a member of the Dow Jones Industrial Average.
At year end 2007 2006
Total assets $1,715,746 $1,459,737
Total loans and leases 876,344 706,490
Total deposits 805,177 693,497
Total shareholders’ equity 146,803 135,272
Book value per common share 32.09 29.70
Market price per share
of common stock 41.26 53.39
Common shares issued and
outstanding (in millions) 4,438 4,458
About Bank of America Corporation
*Fully taxable-equivalent basis
**All Other includes Equity Investments businesses, Asset and Liability Management process
(including gains on sales of debt securities), funds transfer pricing allocation methodologies,
merger and restructuring charges, the securitization offset to present our Global Consumer & Small
Business Banking business on a managed basis and intersegment eliminations. For additional
details, please refer to the All Other discussion in the Management Discussion and Analysis.
For the year 2007 2006
Revenue* $68,068 $73,804
Net income 14,982 21,133
Earnings per common share 3.35 4.66
Diluted earnings per common share 3.30 4.59
Dividends paid per common share 2.40 2.12
Return on average assets 0.94% 1.44%
Return on average common
shareholders’ equity 11.08% 16.27%
Efficiency ratio* 54.37% 48.23%
Average diluted common shares
issued and outstanding (in millions) 4,480 4,596
Financial Highlights
(Dollars in millions, except per share information)
Total Cumulative Shareholder Return*** 5-Year Stock Performance
*** The graph compares the yearly change in the Corporation’s cumulative total stockholders’ return on its common stock with (i) Standard & Poor’s 500 Index and (ii) Standard & Poor’s 500 Commercial Banks
Index for the years 2003 through 2007. The graph assumes an initial investment of $100 at the end of 2002 and the reinvestment of all dividends during the years indicated.
2 Bank of America 2007
Net Income
(in millions)
Revenue*
(in millions)
0
$30
$40
$50
High $41.77 $47.44 $47.08 $54.90 $54.05
Low 32.82 38.96 41.57 43.09 41.10
Close 40.22 46.99 46.15 53.39 41.26
$60
2003 2004 2005 2006 2007
Bank of America Corporation
S & P 500 CM BANK INDUSTRY
S & P 500 COMP-LTD
2002 2003 2004 2005 2006 2007
$100
$125
$150
$175
$200
Global
Consumer &
Small Business
Banking
Global
Corporate &
Investment
Banking
Global
Wealth &
Investment
Management
All Other**
$9,430
63%
$538
4%
$2,095
14%
$2,919
19%
Global
Consumer &
Small Business
Banking
Global
Corporate &
Investment
Banking
Global
Wealth &
Investment
Management All Other**
$47,682
70%
$13,417
20% $7,923
11%
($954)
(1%)