Bank of America 2015 Annual Report Download - page 132
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130 Bank of America 2015
Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(Dollars in millions, except per share information) 2015 2014 2013
Interest income
Loans and leases $ 32,070 $ 34,307 $ 36,470
Debt securities 9,319 8,021 9,749
Federal funds sold and securities borrowed or purchased under agreements to resell 988 1,039 1,229
Trading account assets 4,397 4,561 4,706
Other interest income 3,026 2,958 2,866
Total interest income 49,800 50,886 55,020
Interest expense
Deposits 861 1,080 1,396
Short-term borrowings 2,387 2,578 2,923
Trading account liabilities 1,343 1,576 1,638
Long-term debt 5,958 5,700 6,798
Total interest expense 10,549 10,934 12,755
Net interest income 39,251 39,952 42,265
Noninterest income
Card income 5,959 5,944 5,826
Service charges 7,381 7,443 7,390
Investment and brokerage services 13,337 13,284 12,282
Investment banking income 5,572 6,065 6,126
Equity investment income 261 1,130 2,901
Trading account profits 6,473 6,309 7,056
Mortgage banking income 2,364 1,563 3,874
Gains on sales of debt securities 1,091 1,354 1,271
Other income (loss) 818 1,203 (49)
Total noninterest income 43,256 44,295 46,677
Total revenue, net of interest expense 82,507 84,247 88,942
Provision for credit losses 3,161 2,275 3,556
Noninterest expense
Personnel 32,868 33,787 34,719
Occupancy 4,093 4,260 4,475
Equipment 2,039 2,125 2,146
Marketing 1,811 1,829 1,834
Professional fees 2,264 2,472 2,884
Amortization of intangibles 834 936 1,086
Data processing 3,115 3,144 3,170
Telecommunications 823 1,259 1,593
Other general operating 9,345 25,305 17,307
Total noninterest expense 57,192 75,117 69,214
Income before income taxes 22,154 6,855 16,172
Income tax expense 6,266 2,022 4,741
Net income $ 15,888 $ 4,833 $ 11,431
Preferred stock dividends 1,483 1,044 1,349
Net income applicable to common shareholders $ 14,405 $ 3,789 $ 10,082
Per common share information
Earnings $1.38 $ 0.36 $ 0.94
Diluted earnings 1.31 0.36 0.90
Dividends paid 0.20 0.12 0.04
Average common shares issued and outstanding (in thousands) 10,462,282 10,527,818 10,731,165
Average diluted common shares issued and outstanding (in thousands) 11,213,992 10,584,535 11,491,418
See accompanying Notes to Consolidated Financial Statements.