Bank of America 2012 Annual Report Download - page 18

16 Bank of America 2012 Annual Report16 Bank of America 2012 Annual Report
Bank of America Corporation — Financial Highlights
Bank of America Corporation (NYSE: BAC) is headquartered in Charlotte, N.C. As of December 31, 2012, we operated
in all 50 states, the District of Columbia and more than 40 countries. Through our banking and various nonbanking
subsidiaries throughout the United States and in international markets, we provide a diversifi ed range of banking and
nonbanking fi nancial services and products through fi ve business segments: Consumer and Business Banking, Consumer
Real Estate Services, Global Banking, Global Markets and Global Wealth and Investment Management.
Financial Highlights (in millions, except per share information)
For the year 2012 2011 2010
Revenue, net of interest expense (FTE basis)1 $ 84,235 $ 94,426 $ 111,390
Net income (loss) 4,188 1,446 (2,238)
Net income, excluding goodwill impairment charges1 4,188 4,630 10,162
Earnings (loss) per common share 0.26 0.01 (0.37)
Diluted earnings (loss) per common share 0.25 0.01 (0.37)
Diluted earnings per common share, excluding goodwill impairment charges1 0.25 0.32 0.86
Dividends paid per common share 0.04 0.04 0.04
Return on average assets 0.19% 0.06% n/m
Return on average tangible shareholders’ equity1 2.60 0.96 n/m
Effi ciency ratio (FTE basis)1 85.59 85.01 74.61
Average diluted common shares issued and outstanding 10,841 10,255 9,790
At year-end 2012 2011 2010
Total loans and leases $ 907,819 $ 926,200 $ 940,440
Total assets 2,209,974 2,129,046 2,264,909
Total deposits 1,105,261 1,033,041 1,010,430
Total shareholders’ equity 236,956 230,101 228,248
Book value per common share 20.24 20.09 20.99
Tangible book value per common share1 13.36 12.95 12.98
Market price per common share 11.61 5.56 13.34
Common shares issued and outstanding 10,778 10,536 10,085
Tier 1 common capital ratio 11.06% 9.86% 8.60%
Tangible common equity ratio1 6.74 6.64 5.99
1 Represents a non-GAAP fi nancial measure. Net income (loss) and diluted earnings (loss) per common share have been calculated excluding goodwill impairment charges of
$3.2 billion in 2011 and $12.4 billion in 2010. There were no goodwill impairment charges in 2012. For additional information on these measures and ratios, and a correspond-
ing reconciliation to GAAP fi nancial measures, see Supplemental Financial Data on page 31 and Statistical Table XV on page 141 of the 2012 Financial Review section.
n/m=not meaningful
2 This graph compares the yearly change in the Corporation’s total cumulative shareholder return
on its common stock with (i) the Standard & Poor’s 500 Index and (ii) the KBW Bank Index for
the years ended December 31, 2008 through 2012. The graph assumes an initial investment of
$100 at the end of 2007 and the reinvestment of all dividends during the years indicated.
December 31 2007 2008 2009 2010 2011 2012
BAC BANK OF AMERICA CORP $100 $37 $40 $35 $15 $31
SPX S&P 500 COMP $100 $63 $80 $92 $94 $109
BKX KBW BANK INDEX $100 $53 $52 $64 $49 $65
Total cumulative shareholder return2
$0
$20
$40
$60
$80
$100
$120
201220112010200920082007
HIGH $45.03 $18.59 $19.48 $15.25 $11.61
LOW 11.25 3.14 10.95 4.99 5.80
CLOSE 14.08 15.06 13.34 5.56 11.61
BAC fi ve-year stock performance
$0
$10
$20
$30
$40
$50
2012
2011201020092008
BAC stock price and credit default
swap spread3
12/31/11
100
0
200
300
400
500
$4
$2
$0
$6
$8
$10
$12
3/31/12 6/30/12 9/30/12 12/31/12
CDS (bps)
Stock Price
STOCK PRICE BAC 5Y CDS
3 Credit default swap spreads are calculated off of 5-year LIBOR.