Bank of America 2008 Annual Report Download - page 118
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Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
Year Ended December 31
(Dollars in millions, except per share information) 2008 2007 2006
Interest income
Interest and fees on loans and leases
$ 56,017
$ 55,681 $ 48,274
Interest on debt securities
13,146
9,784 11,655
Federal funds sold and securities purchased under agreements to resell
3,313
7,722 7,823
Trading account assets
9,057
9,417 7,232
Other interest income
4,151
4,700 3,601
Total interest income
85,684
87,304 78,585
Interest expense
Deposits
15,250
18,093 14,480
Short-term borrowings
12,362
21,967 19,837
Trading account liabilities
2,774
3,444 2,640
Long-term debt
9,938
9,359 7,034
Total interest expense
40,324
52,863 43,991
Net interest income
45,360
34,441 34,594
Noninterest income
Card income
13,314
14,077 14,290
Service charges
10,316
8,908 8,224
Investment and brokerage services
4,972
5,147 4,456
Investment banking income
2,263
2,345 2,317
Equity investment income
539
4,064 3,189
Trading account profits (losses)
(5,911)
(4,889) 3,358
Mortgage banking income
4,087
902 541
Insurance premiums
1,833
761 437
Gains (losses) on sales of debt securities
1,124
180 (443)
Other income (loss)
(5,115)
897 1,813
Total noninterest income
27,422
32,392 38,182
Total revenue, net of interest expense
72,782
66,833 72,776
Provision for credit losses
26,825
8,385 5,010
Noninterest expense
Personnel
18,371
18,753 18,211
Occupancy
3,626
3,038 2,826
Equipment
1,655
1,391 1,329
Marketing
2,368
2,356 2,336
Professional fees
1,592
1,174 1,078
Amortization of intangibles
1,834
1,676 1,755
Data processing
2,546
1,962 1,732
Telecommunications
1,106
1,013 945
Other general operating
7,496
5,751 4,776
Merger and restructuring charges
935
410 805
Total noninterest expense
41,529
37,524 35,793
Income before income taxes
4,428
20,924 31,973
Income tax expense
420
5,942 10,840
Net income
$ 4,008
$ 14,982 $ 21,133
Preferred stock dividends
1,452
182 22
Net income available to common shareholders
$ 2,556
$ 14,800 $ 21,111
Per common share information
Earnings
$ 0.56
$ 3.35 $ 4.66
Diluted earnings
0.55
3.30 4.59
Dividends paid
2.24
2.40 2.12
Average common shares issued and outstanding (in thousands)
4,592,085
4,423,579 4,526,637
Average diluted common shares issued and outstanding (in thousands)
4,612,491
4,480,254 4,595,896
See accompanying Notes to Consolidated Financial Statements.
116
Bank of America 2008