Bank of America 2012 Annual Report Download - page 138

136 Bank of America 2012
Table XII Selected Quarterly Financial Data
2012 Quarters 2011 Quarters
(In millions, except per share information) Fourth Third Second First Fourth Third Second First
Income statement
Net interest income $ 10,324 $ 9,938 $ 9,548 $ 10,846 $ 10,701 $ 10,490 $ 11,246 $ 12,179
Noninterest income 8,336 10,490 12,420 11,432 14,187 17,963 1,990 14,698
Total revenue, net of interest expense 18,660 20,428 21,968 22,278 24,888 28,453 13,236 26,877
Provision for credit losses 2,204 1,774 1,773 2,418 2,934 3,407 3,255 3,814
Goodwill impairment —— — — 581 — 2,603 —
Merger and restructuring charges —— — — 101 176 159 202
All other noninterest expense (1) 18,360 17,544 17,048 19,141 18,840 17,437 20,094 20,081
Income (loss) before income taxes (1,904) 1,110 3,147 719 2,432 7,433 (12,875) 2,780
Income tax expense (benefit) (2,636) 770 684 66 441 1,201 (4,049) 731
Net income (loss) 732 340 2,463 653 1,991 6,232 (8,826) 2,049
Net income (loss) applicable to common shareholders 367 (33) 2,098 328 1,584 5,889 (9,127) 1,739
Average common shares issued and outstanding 10,777 10,776 10,776 10,651 10,281 10,116 10,095 10,076
Average diluted common shares issued and outstanding (2) 10,885 10,776 11,556 10,762 11,125 10,464 10,095 10,181
Performance ratios
Return on average assets 0.13% 0.06% 0.45% 0.12% 0.36% 1.07% n/m 0.36%
Four quarter trailing return on average assets (3) 0.19 0.25 0.51 n/m 0.06 n/m n/m n/m
Return on average common shareholders’ equity 0.67 n/m 3.89 0.62 3.00 11.40 n/m 3.29
Return on average tangible common shareholders’ equity (4) 1.01 n/m 5.95 0.95 4.72 18.30 n/m 5.28
Return on average tangible shareholders’ equity (4) 1.77 0.84 6.16 1.67 5.20 17.03 n/m 5.54
Total ending equity to total ending assets 10.72 11.02 10.92 10.66 10.81 10.37 9.83% 10.15
Total average equity to total average assets 10.79 10.86 10.73 10.63 10.34 9.66 10.05 9.87
Dividend payout 29.33 n/m 5.60 34.97 6.60 1.73 n/m 6.06
Per common share data
Earnings (loss) $ 0.03 $ 0.00 $ 0.19 $ 0.03 $ 0.15 $ 0.58 $ (0.90) $ 0.17
Diluted earnings (loss) (2) 0.03 0.00 0.19 0.03 0.15 0.56 (0.90) 0.17
Dividends paid 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Book value 20.24 20.40 20.16 19.83 20.09 20.80 20.29 21.15
Tangible book value (4) 13.36 13.48 13.22 12.87 12.95 13.22 12.65 13.21
Market price per share of common stock
Closing $ 11.61 $ 8.83 $ 8.18 $ 9.57 $ 5.56 $ 6.12 $ 10.96 $ 13.33
High closing 11.61 9.55 9.68 9.93 7.35 11.09 13.72 15.25
Low closing 8.93 7.04 6.83 5.80 4.99 6.06 10.50 13.33
Market capitalization $ 125,136 $ 95,163 $ 88,155 $ 103,123 $ 58,580 $ 62,023 $ 111,060 $ 135,057
(1) Excludes goodwill impairment charges and merger and restructuring charges.
(2) Due to a net loss applicable to common shareholders for the third quarter of 2012 and the second quarter of 2011, the impact of antidilutive equity instruments was excluded from diluted earnings
(loss) per share and average diluted common shares.
(3) Calculated as total net income (loss) for four consecutive quarters divided by annualized average assets for four consecutive quarters.
(4) Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. Other companies may define or calculate these measures differently. For additional
information on these ratios and for corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 31 and Statistical Table XVII.
(5) For more information on the impact of the PCI loan portfolio on asset quality, see Consumer Portfolio Credit Risk Management on page 76.
(6) Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
(7) Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Nonperforming Consumer
Loans and Foreclosed Properties Activity on page 89 and corresponding Table 37, and Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 97 and corresponding
Table 46.
(8) Primarily includes amounts allocated to the U.S. credit card and unsecured consumer lending portfolios in CBB, PCI loans and the non-U.S. credit card portfolio in All Other.
(9) Net charge-offs exclude $1.1 billion and $1.7 billion of write-offs in the Countrywide home equity PCI loan portfolio for the fourth and third quarters of 2012. These write-offs decreased the PCI
valuation allowance included as part of the allowance for loan and lease losses. For information on PCI write-offs, see Countrywide Purchased Credit-impaired Loan Portfolio on page 86.
(10) There were no write-offs of PCI loans in the second and first quarters of 2012, and in each of the quarters in 2011.
n/m = not meaningful