Bank of America 2014 Annual Report Download - page 264

262 Bank of America 2014
NOTE 25 Parent Company Information
The following tables present the Parent Company-only financial information. This financial information is presented in accordance with
bank regulatory reporting requirements and, accordingly, the information for 2012 has not been restated for the 2013 merger of Merrill
Lynch & Co., Inc. into Bank of America Corporation.
Condensed Statement of Income
(Dollars in millions) 2014 2013 2012
Income
Dividends from subsidiaries:
Bank holding companies and related subsidiaries $ 12,400 $ 8,532 $ 16,213
Nonbank companies and related subsidiaries 149 357 542
Interest from subsidiaries 1,836 2,087 627
Other income (loss) 72 233 (304)
Total income 14,457 11,209 17,078
Expense
Interest on borrowed funds 7,213 8,109 6,147
Noninterest expense 4,471 10,938 10,872
Total expense 11,684 19,047 17,019
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries 2,773 (7,838) 59
Income tax benefit (4,079)(7,227) (5,883)
Income (loss) before equity in undistributed earnings of subsidiaries 6,852 (611) 5,942
Equity in undistributed earnings (losses) of subsidiaries:
Bank holding companies and related subsidiaries 3,613 14,150 1,072
Nonbank companies and related subsidiaries (5,632)(2,108) (2,826)
Total equity in undistributed earnings (losses) of subsidiaries (2,019)12,042 (1,754)
Net income $ 4,833 $ 11,431 $ 4,188
Net income applicable to common shareholders $ 3,789 $ 10,082 $ 2,760
Condensed Balance Sheet
December 31
(Dollars in millions) 2014 2013
Assets
Cash held at bank subsidiaries (1) $ 100,304 $ 98,679
Securities 932 747
Receivables from subsidiaries:
Bank holding companies and related subsidiaries 23,356 23,558
Banks and related subsidiaries 2,395 1,682
Nonbank companies and related subsidiaries 52,251 46,577
Investments in subsidiaries:
Bank holding companies and related subsidiaries 270,441 268,234
Nonbank companies and related subsidiaries 2,139 1,818
Other assets 14,599 19,073
Total assets $ 466,417 $ 460,368
Liabilities and shareholders’ equity
Short-term borrowings $46 $ 181
Accrued expenses and other liabilities 16,872 15,428
Payables to subsidiaries:
Banks and related subsidiaries 2,559 1,991
Nonbank companies and related subsidiaries 17,698 15,980
Long-term debt 185,771 194,103
Total liabilities 222,946 227,683
Shareholders’ equity 243,471 232,685
Total liabilities and shareholders’ equity $ 466,417 $ 460,368
(1) Balance includes third-party cash held of $29 million and $33 million at December 31, 2014 and 2013.