Bank of America 2007 Annual Report Download - page 58
Download and view the complete annual report
Please find page 58 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.-
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
 |
 |
Global Wealth and Investment Management
2007
(Dollars in millions) Total U.S. Trust
(1)
Columbia
Management
Premier
Banking and
Investments
ALM/
Other
Net interest income
(2)
$ 3,857
$ 1,036 $ 15 $ 2,655 $151
Noninterest income:
Investment and brokerage services
4,210 1,226 1,857 950 177
All other income
(144) 57 (366) 146 19
Total noninterest income
4,066 1,283 1,491 1,096 196
Total revenue, net of interest expense
7,923 2,319 1,506 3,751 347
Provision for credit losses
14 (14) – 27 1
Noninterest expense
4,635 1,592 1,196 1,700 147
Income before income taxes
3,274 741 310 2,024 199
Income tax expense
(2)
1,179 274 114 749 42
Net income
$ 2,095 $ 467 $ 196 $ 1,275 $157
Net interest yield
(2)
3.06% 2.69% n/m 2.70% n/m
Return on average equity
(3)
18.87 17.25 11.29% 72.44 n/m
Efficiency ratio
(2)
58.50 68.67 79.39 45.31 n/m
Period end – total assets
(4)
$157,157 $51,044 $2,617 $113,329 n/m
2006
(Dollars in millions) Total U.S. Trust
(1)
Columbia
Management
Premier
Banking and
Investments
ALM/
Other
Net interest income
(2)
$ 3,671 $ 902 $ (37) $ 2,552 $254
Noninterest income:
Investment and brokerage services 3,383 914 1,532 778 159
All other income 303 80 44 125 54
Total noninterest income 3,686 994 1,576 903 213
Total revenue, net of interest expense 7,357 1,896 1,539 3,455 467
Provision for credit losses (39) (52) – 12 1
Noninterest expense 3,867 1,233 1,014 1,560 60
Income before income taxes 3,529 715 525 1,883 406
Income tax expense
(2)
1,306 265 194 697 150
Net income $ 2,223 $ 450 $ 331 $ 1,186 $256
Net interest yield
(2)
3.50% 2.94% n/m 2.98% n/m
Return on average equity
(3)
22.28 30.43 20.42% 70.57 n/m
Efficiency ratio
(2)
52.57 65.04 65.88 45.15 n/m
Period end – total assets
(4)
$125,287 $33,648 $3,082 $ 93,992 n/m
(1) In July 2007, the operations of the acquired U.S. Trust Corporation were combined with the former Private Bank creating U.S. Trust, Bank of America Private Wealth Management. The results of the combined business were
reported for periods beginning on July 1, 2007. Prior to July 1, 2007, the results solely reflect that of the former Private Bank.
(2) FTE basis
(3) Average allocated equity for GWIM was $11.1 billion and $10.0 billion in 2007 and 2006.
(4) Total assets include asset allocations to match liabilities (i.e., deposits).
n/m = not meaningful
56
Bank of America 2007