-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Bseic6dHojCcUHUIrKy59oPqtOlN/gm+rWQXCM+lgHLKhWEtZy2jeup6naGmEbjI eCb/zeIea8tsleu1rFg9uA== 0000070858-00-000005.txt : 20000202 0000070858-00-000005.hdr.sgml : 20000202 ACCESSION NUMBER: 0000070858-00-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991231 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANK OF AMERICA CORP /DE/ CENTRAL INDEX KEY: 0000070858 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 560906609 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-06523 FILM NUMBER: 510348 BUSINESS ADDRESS: STREET 1: NATIONSBANK CORPORATE CENTER STREET 2: 100 N TRYON ST CITY: CHARLOTTE STATE: NC ZIP: 28255 BUSINESS PHONE: 7043865000 MAIL ADDRESS: STREET 1: NATIONALSBANK CORPORATE CENTER STREET 2: NC1007 19 04 CITY: CHARLOTTE STATE: NC ZIP: 28255 FORMER COMPANY: FORMER CONFORMED NAME: BANKAMERICA CORP/DE/ DATE OF NAME CHANGE: 19981022 FORMER COMPANY: FORMER CONFORMED NAME: NATIONSBANK CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NCNB CORP DATE OF NAME CHANGE: 19920107 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 18, 2000 BANK OF AMERICA CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 1-6523 (Commission File Number) 56-0906609 (IRS Employer Identification No.) 100 North Tryon Street Charlotte, North Carolina (Address of principal executive offices) 28255 (Zip Code) (704) 386-5000 (Registrant's telephone number, including area code) ITEM 5. OTHER EVENTS. Release of Fourth Quarter Earnings. On January 18, 2000, Bank of America Corporation, the registrant (the "Registrant"), announced financial results for the fourth quarter of fiscal 1999, reporting earnings of $1.90 billion and diluted earnings per common share of $1.10. A copy of the press release announcing the results of the Registrant's fiscal quarter ended December 31, 1999 is filed as Exhibit 99.1 to this Current Report on Form 8-K. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. The following exhibit is filed herewith: EXHIBIT NO. DESCRIPTION OF EXHIBIT 99.1 Press Release dated January 18, 2000 with respect to the Registrant's financial results for the fiscal quarter ended December 31, 1999. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BANK OF AMERICA CORPORATION By: /s/ Marc D. Oken ----------------------------------- Marc D. Oken Executive Vice President and Principal Financial Executive Dated: January 20, 2000 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION OF EXHIBIT 99.1 Press Release dated January 18, 2000 with respect to the Registrant's financial results for the fiscal quarter ended December 31, 1999. FOR IMMEDIATE RELEASE January 18, 2000 Contact: Investors Susan Carr (704-386-8059) or Kevin Stitt (704-386-5667) Media Bob Stickler or Sharon Tucker (704-386-8465) BANK OF AMERICA OPERATING EARNINGS PER SHARE RISE 35% TO $1.23 IN THE FOURTH QUARTER; 1999 OPERATING EARNINGS PER SHARE UP 29% TO $4.68 CHARLOTTE, NC, January 18, 2000 - Bank of America Corporation today reported that operating earnings per share increased 35 percent in the fourth quarter of 1999 to $1.23 (diluted) from $.91 a year earlier. Operating net income rose 32 percent to $2.12 billion from $1.60 billion. As previously disclosed, the company recorded a $213 million after-tax charge to cover costs associated with the merger of NationsBank and BankAmerica in the latest quarter compared to a $441 million after-tax charge a year earlier. As a result, net income for the fourth quarter of 1999 was $1.90 billion, or $1.10 per share, compared to $1.16 billion, or $.66 per share, a year earlier. Bank of America earned $2.15 billion, or $1.23 per share in the third quarter of 1999. For all of 1999, Bank of America's operating earnings rose 27 percent to $8.24 billion from $6.49 billion while operating earnings per share increased 29 percent to $4.68 from $3.64. Including merger-related charges, net income in 1999 was up 53 percent to $7.88 billion, or $4.48 per share, compared to $5.17 billion, or $2.90 per share, a year earlier. more "1999 was a significant step in the right direction," said Hugh L. McColl, Jr., Bank of America chairman and chief executive officer. "We delivered above-average earnings growth and either met or made progress toward our other financial targets. Our merger transition effort could not have gone more smoothly. We ended the year having consolidated all of our business lines, expanded our investment banking platform, and made substantial progress in our relationship-based strategies. Bank of America is now positioned to work to achieve our next goal, which is to become the most widely recognized and respected financial services brand." Fourth Quarter Earnings (compared to a year ago) - ------------------------------------------------ Revenue rose 11 percent, paced by significant improvements in every fee-based business, especially investment banking, trading, mortgage banking and card income. Meanwhile, expenses and provision expense were lower. The completion of annual tax planning strategies resulted in a lower effective tax rate. Operating earnings represented an 18 percent return on common equity. Net Interest Income - ------------------- Taxable-equivalent net interest income decreased 2 percent from a year earlier to $4.54 billion. Average managed loans and leases grew an annualized 8 percent, led by increases of more than 30 percent in residential real estate lending. Contributing to the reduction in net interest income were the cost of funding share repurchases and the decisions during the year to sell or securitize loans. Securitizations have the effect of transferring interest revenue to noninterest income. The net yield on earning assets declined 26 basis points to 3.32 percent, reflecting continued margin compression and higher levels of lower-yielding assets. Noninterest Income - ------------------- Noninterest income grew 35 percent to $3.60 billion. Investment banking and trading income were up sharply, in part due to the impact of market turbulence in the previous year as well as the build out of investment banking capabilities. Mortgage servicing income, card services fees and service charges on deposit accounts also had healthy gains. Other income was also up. Noninterest income has been increasing as a percentage of the company's revenues and reached 44 percent in the fourth quarter. Securities gains were $14 million, compared to $404 million a year earlier. more Efficiency - ---------- Noninterest expense decreased 3 percent to $4.55 billion, reflecting cost reductions resulting from recent mergers, somewhat offset by continued spending on technology-related projects associated with the merger of NationsBank and BankAmerica and higher incentive payments associated with the build out of the investment banking platform. The efficiency ratio was 56 percent, an improvement of 825 basis points. Credit Quality - -------------- Nonperforming assets were $3.20 billion, or .86 percent of loans, leases and foreclosed properties on December 31, 1999, compared to $2.76 billion, or .77 percent, a year earlier. The allowance for credit losses totaled $6.8 billion on December 31, 1999, equal to 224 percent of nonperforming loans and 1.84 percent of loans and leases. It was $7.1 billion, or 1.99 percent of loans and leases, a year earlier. The provision for credit losses in the fourth quarter was $350 million compared to $510 million a year earlier. Net charge-offs declined to $501 million, equal to an annualized .55 percent of average loans and leases, from $544 million, or .60 percent, a year earlier. The lower provision expense reflects the significant reduction in the risk and size of the company's emerging markets portfolio since September 1998. In addition, foreign losses in 1999 were lower than expected, as several Latin American and Asian economies have stabilized or progressed and their prospects improved. The company's credit outlook for 2000 remains favorable, driven by the expectation of continued healthy economic conditions and growth in loans with historically lower credit risk. Full-Year Earnings - ------------------ Results for the year also reflected favorable operating leverage created by a 6 percent increase in revenue combined with a 4 percent reduction in expenses and a lower tax rate. The return on equity rose more than 300 basis points to 18 percent. more Taxable-equivalent net interest income was virtually unchanged at $18.5 billion, as a 9 percent increase in average managed loans and core deposit growth was offset by securitizations, loan sales and spread compression. The net yield on earning assets declined 22 basis points to 3.47 percent. Noninterest income rose 15 percent, paced by strong increases in trading, deposit services, investment banking, mortgage banking and card income. Noninterest expense declined 4 percent to $18.0 billion, reflecting cost savings from recent mergers. The efficiency ratio for the year was 55 percent compared to 61 percent last year. The provision for credit losses was $1.82 billion, down from $2.92 billion a year earlier. Net charge-offs declined to $2.00 billion, equal to .55 percent of average net loans and leases, from $2.47 billion, or .71 percent, a year earlier. Capital Strength - ---------------- Total shareholders' equity was $44.4 billion at December 31, 1999. This represented 7.02 percent of period-end assets, compared to 7.44 percent on December 31, 1998. In June, the company initiated a share buyback program of up to 130 million shares. Through December, 78 million shares had been purchased, representing an investment in Bank of America stock of almost $5 billion. Business Segment Results - ------------------------ Consumer Banking, which serves individuals and small businesses, earned $3.9 billion for all of 1999 while Commercial Banking, which serves companies with from $10 million to $500 million in revenue, earned $878 million. Together, they represented 58 percent of the company's operating income. Global Corporate and Investment Banking, which serves large corporate customers, earned $2.3 billion, representing 27 percent of the company's earnings. Principal Investing and Asset Management, which encompasses the private bank, trust, investment management, mutual funds, retail brokerage and principal investing, earned $841 million, representing 10 percent. more Bank of America, with $633 billion in assets, is the largest bank in the United States. The company serves more than 30 million households and 2 million businesses across the country, offering customers the largest and most convenient delivery network from offices and ATMs to telephone and internet access. It also provides comprehensive international corporate financial services for clients doing business around the world. The company creates financial relationships featuring a wide array of financial services, from traditional banking products to investments and capital raising within the securities markets. Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange. Further investor information can be found at www.bankofamerica.com/investor. www.bankofamerica.com
Bank of America Corporation Three Months Twelve Months Ended December 31 Ended December 31 ------------------------------- ----------------------------- Financial Summary 1999 1998 1999 1998 - ------------------ ------------ -------------- ------------- --------- (In millions, except per-share data) Operating net income $ 2,115 $ 1,603 $ 8,240 $ 6,490 Operating earnings per common share 1.24 .92 4.77 3.73 Diluted operating earnings per common share 1.23 .91 4.68 3.64 Cash basis earnings (1) 2,334 1,825 9,128 7,391 Cash basis earnings per common share 1.37 1.05 5.28 4.25 Cash basis diluted earnings per common share 1.35 1.04 5.19 4.15 Dividends paid per common share .50 .45 1.85 1.59 Price per share of common stock at period end 50.19 60.13 50.19 60.13 Average common shares 1,701.092 1,731.314 1,726.006 1,732.057 Average diluted common shares 1,725.187 1,763.055 1,760.058 1,775.760 Summary Income Statement (Operating Basis) - ------------------------------------------- (Taxable-equivalent basis in millions) Net interest income $ 4,541 $ 4,650 $ 18,452 $ 18,461 Provision for credit losses (350) (510) (1,820) (2,920) Gains on sales of securities 14 404 240 1,017 Noninterest income 3,596 2,655 14,069 12,189 Other noninterest expense (4,550) (4,687) (17,986) (18,741) ------------ -------------- ------------- ---------- Income before income taxes 3,251 2,512 12,955 10,006 Income taxes - including FTE adjustment 1,136 909 4,715 3,516 ------------ -------------- ------------- ---------- Operating net income $ 2,115 $ 1,603 $ 8,240 $ 6,490 ============ ============== ============= ========== Summary Balance Sheet - ---------------------- (Average balances in billions) Loans and leases $ 364.210 $ 357.636 $362.783 $ 347.840 Managed loans and leases (2) 393.708 365.297 388.918 356.802 Securities 86.442 72.302 80.127 66.684 Earning assets 543.564 517.066 531.511 499.739 Total assets 630.743 606.541 616.838 584.487 Deposits 341.913 351.766 341.748 345.485 Shareholders' equity 46.792 45.051 46.601 44.829 Common shareholders' equity 46.714 44.989 46.527 44.467 Performance Indices (Operating Basis) - -------------------------------------- Return on average common shareholders' equity 17.95 % 14.12 % 17.70 % 14.54 % Return on average tangible common shareholders' equity 28.38 23.97 28.46 25.24 Return on average assets 1.33 1.05 1.34 1.11 Return on average tangible assets 1.50 1.22 1.52 1.30 Net interest yield 3.32 3.58 3.47 3.69 Efficiency ratio 55.91 64.16 55.30 61.15 Cash basis efficiency ratio 53.22 61.12 52.57 58.20 Net charge-offs (in millions) $ 501 $ 544 $ 2,000 $ 2,467 % of average loans and leases .55 % .60 % .55 % .71 % Managed bankcard net charge-offs as a % of average managed bankcard receivables 5.29 5.83 5.57 6.27 Reported Results (Including Merger-Related Charges) - ---------------------------------------------------- (In millions, except per-share data) Net income $ 1,902 $ 1,162 $ 7,882 $ 5,165 Earnings per common share 1.12 .67 4.56 2.97 Diluted earnings per common share 1.10 .66 4.48 2.90 Return on average common shareholders' equity 16.14 10.23 16.93 11.56 (1) Cash basis earnings equal operating net income excluding amortization of intangibles. (2) Prior periods are restated for comparison (e.g. acquisitions, divestitures and securitizations).
Bank of America Corporation - Continued December 31 ----------------------------------- 1999 1998 ----------------------------------- Balance Sheet Highlights - -------------------------- (In billions, except per-share data) Loans and leases $ 370.662 $ 357.328 Securities 83.069 80.587 Earning assets 544.940 525.149 Total assets 632.574 617.679 Deposits 347.273 357.260 Shareholders' equity 44.432 45.938 Common shareholders' equity 44.355 45.866 Per share 26.44 26.60 Total equity to assets ratio (period-end) 7.02 % 7.44 % Risk-based capital Tier 1 capital ratio 7.35 7.06 Total capital ratio 10.88 10.94 Leverage ratio 6.26 6.22 Common shares issued and outstanding (in millions) 1,677.273 1,724.484 Allowance for credit losses $ 6.828 $ 7.122 Allowance for credit losses as a % of loans and leases 1.84 % 1.99 % Allowance for credit losses as a % of nonperforming loans 224.48 287.01 Nonperforming loans $ 3.042 $ 2.482 Nonperforming assets 3.205 2.764 Nonperforming assets as a % of: Total assets .51 % .45 % Loans, leases and foreclosed properties .86 .77 Other Data - ----------- Full-time equivalent headcount 155,906 170,975 Banking centers 4,524 4,708 ATMs 14,019 14,327 BUSINESS SEGMENT RESULTS - Three Months Ended December 31, 1999 (In millions) Operating Average Loans Return on Average Total Revenue Net Income and Leases Equity ------------- ----------------- ----------------- ------------------- Consumer Banking $ 4,551 $ 951 $ 183,244 19% Commercial Banking 813 256 56,912 24 Global Corporate and Investment Banking 1,975 630 103,999 19 Principal Investing and Asset Management 704 214 20,165 26
Bank of America Corporation Consolidated Financial Highlights (Excludes Merger-Related Charges) - ------------------------------------------------------------------------------------------------------------------------------ (Dollars in Millions Except Per-Share Information, Shares in Millions) Fourth Third Second First Fourth Year-to-date Quarter Quarter Quarter Quarter Quarter 1999 1999 1999 1999 1999 1998 ----------------------------------------------------------------- Net income $ 8,240 $ 2,115 $ 2,151 $ 2,060 $ 1,914 $ 1,603 Cash basis earnings 9,128 2,334 2,373 2,285 2,136 1,825 Earnings per common share 4.77 1.24 1.25 1.18 1.10 .92 Diluted earnings per common share 4.68 1.23 1.23 1.15 1.08 .91 Cash basis earnings per common share 5.28 1.37 1.38 1.31 1.23 1.05 Cash basis diluted earnings per common share 5.19 1.35 1.35 1.28 1.20 1.04 Dividends per common share 1.85 .50 .45 .45 .45 .45 Average common shares issued and outstanding 1,726.006 1,701.092 1,722.307 1,743.503 1,737.562 1,731.314 Average diluted common shares issued and oustanding 1,760.058 1,725.187 1,755.146 1,786.844 1,779.708 1,763.055 Period-end common shares issued and outstanding 1,677.273 1,677.273 1,710.039 1,722.931 1,740.872 1,724.484 Period-end managed loans and leases* $ 400,164 $ 400,164 $ 384,197 $ 379,502 $ 374,103 $ 369,076 Average managed loans and leases* 388,918 393,708 381,560 377,482 373,368 365,297 *Prior periods restated for comparison (e.g. acquisitions, divestitures and securitizations). Performance ratios: Return on average assets 1.34 % 1.33 % 1.40 % 1.34 % 1.27 % 1.05 % Return on average tangible assets 1.52 1.50 1.58 1.53 1.46 1.22 Return on average common shareholders' equity 17.70 17.95 18.40 17.64 16.78 14.12 Return on average tangible common shareholders' equity 28.46 28.38 29.48 28.49 27.44 23.97 Efficiency ratio 55.30 55.91 54.34 54.44 56.59 64.16 Cash basis efficiency ratio 52.57 53.22 51.67 51.70 53.76 61.12 Net interest yield 3.47 3.32 3.46 3.53 3.58 3.58 Book value per common share $ 26.44 $ 26.44 $ 26.79 $ 26.44 $ 26.86 $ 26.60 Market price per share of common stock: High for the period 76 3/8 67 1/2 76 3/8 76 1/8 74 1/2 66 5/8 Low for the period 47 5/8 47 5/8 53 1/4 61 1/2 59 1/2 44 Closing price 50 3/16 50 3/16 55 11/16 73 5/16 70 5/8 60 1/8 Other data: Number of banking centers 4,524 4,524 4,535 4,531 4,676 4,708 Number of ATMs 14,019 14,019 14,042 14,051 14,229 14,327 Full-time equivalent employees 155,906 155,906 158,886 161,919 166,422 170,975 Business Segment Results - Fourth Quarter 1999 Average loans Return on Total revenue Net income and leases average equity ------------------ -------------------- -------------------- --------------------- Consumer Banking $ 4,551 56% $ 951 45% $ 183,244 50% 19% Commercial Banking 813 10 256 12 56,912 16 24 Global Corporate and Investment Banking 1,975 24 630 30 103,999 29 19 Principal Investing and Asset Management 704 9 214 10 20,165 6 26
Bank of America Corporation Consolidated Statement of Income (Operating Results excluding Merger-Related Charges) - ------------------------------------------------------------------------------------------------------------------------------------ (Dollars in Millions, Except Per-Share Information) Fourth Third Second First Fourth Year-to-date Quarter Quarter Quarter Quarter Quarter 1999 1999 1999 1999 1999 1998 --------------------------------------------------------------- Interest income Interest and fees on loans and leases $ 27,569 $ 7,063 $ 6,883 $ 6,853 $ 6,770 $ 7,030 Interest and dividends on securities 4,826 1,300 1,208 1,143 1,175 1,191 Federal funds sold and securities purchased under agreements to resell 1,666 458 440 387 381 486 Trading account assets 2,087 535 482 525 545 612 Other interest income 1,175 266 281 298 330 319 --------------------------------------------------------------- Total interest income 37,323 9,622 9,294 9,206 9,201 9,638 --------------------------------------------------------------- Interest expense Deposits 9,002 2,324 2,198 2,168 2,312 2,598 Short-term borrowings 5,826 1,638 1,437 1,396 1,355 1,422 Trading account liabilities 658 190 189 150 129 165 Long-term debt 3,600 995 920 880 805 844 --------------------------------------------------------------- Total interest expense 19,086 5,147 4,744 4,594 4,601 5,029 --------------------------------------------------------------- Net interest income 18,237 4,475 4,550 4,612 4,600 4,609 Provision for credit losses 1,820 350 450 510 510 510 --------------------------------------------------------------- Net interest income after provision for credit losses 16,417 4,125 4,100 4,102 4,090 4,099 Gains on sales of securities 240 14 44 52 130 404 Noninterest income Service charges on deposit accounts 3,645 948 942 900 855 881 Mortgage servicing income 673 210 206 125 132 103 Investment banking income 2,244 599 702 555 388 356 Trading account profits and fees 1,495 287 313 395 500 96 Brokerage income 724 180 168 192 184 162 Nondeposit-related service fees 554 159 136 123 136 150 Asset management and fiduciary service fees 1,023 256 250 274 243 229 Credit card income 1,791 487 496 448 360 398 Other income 1,920 470 515 510 425 280 --------------------------------------------------------------- Total noninterest income 14,069 3,596 3,728 3,522 3,223 2,655 --------------------------------------------------------------- Other noninterest expense Personnel 9,308 2,378 2,336 2,261 2,333 2,301 Occupancy 1,627 419 417 395 396 413 Equipment 1,346 336 313 339 358 384 Marketing 537 98 145 147 147 135 Professional fees 630 178 160 166 126 233 Amortization of intangibles 888 219 222 225 222 223 Data processing 763 195 164 214 190 205 Telecommunications 549 142 131 140 136 152 Other general operating 1,820 456 498 446 420 493 General administrative and other 518 129 140 124 125 148 --------------------------------------------------------------- Total other noninterest expense 17,986 4,550 4,526 4,457 4,453 4,687 --------------------------------------------------------------- Income before income taxes 12,740 3,185 3,346 3,219 2,990 2,471 Income tax expense 4,500 1,070 1,195 1,159 1,076 868 --------------------------------------------------------------- Net income $ 8,240 $ 2,115 $ 2,151 $ 2,060 $ 1,914 $ 1,603 --------------------------------------------------------------- Net income available to common shareholders $ 8,234 $ 2,114 $ 2,149 $ 2,059 $ 1,912 $ 1,602 --------------------------------------------------------------- Per-share information Earnings per common share $4.77 $1.24 $1.25 $1.18 $1.10 $ .92 --------------------------------------------------------------- Diluted earnings per common share $4.68 $1.23 $1.23 $1.15 $1.08 $ .91 --------------------------------------------------------------- Dividends per common share $1.85 $ .50 $ .45 $ .45 $ .45 $ .45 --------------------------------------------------------------- Average common shares issued and outstanding (in thousands) 1,726,006 1,701,092 1,722,307 1,743,503 1,737,562 1,731,314 --------------------------------------------------------------- Average diluted common shares issued and outstanding (in thousands) 1,760,058 1,725,187 1,755,146 1,786,844 1,779,708 1,763,055 ---------------------------------------------------------------
Bank of America Corporation Consolidated Balance Sheet - -------------------------------------------------------------------------------------------------------------------- December 31 September 30 December 31 (Dollars in Millions) 1999 1999 1998 - -------------------------------------------------------------------------------------------------------------------- Assets Cash and cash equivalents $26,989 $25,414 $28,277 Time deposits placed and other short-term investments 4,838 4,846 6,750 Federal funds sold and securities purchased under agreements to resell 37,928 40,369 27,146 Trading account assets 38,460 38,651 39,602 Securities: Available-for-sale 81,647 78,353 78,590 Held-for-investment 1,422 1,483 1,997 - -------------------------------------------------------------------------------------------------------------------- Total securities 83,069 79,836 80,587 - -------------------------------------------------------------------------------------------------------------------- Loans and leases 370,662 360,236 357,328 Allowance for credit losses (6,828) (7,076) (7,122) - -------------------------------------------------------------------------------------------------------------------- Loans and leases, net of allowance for credit losses 363,834 353,160 350,206 - -------------------------------------------------------------------------------------------------------------------- Premises and equipment, net 6,713 6,728 7,289 Customers' acceptance liability 1,869 2,066 2,671 Derivative-dealer assets 16,055 18,103 16,400 Interest receivable 3,777 3,838 3,734 Mortgage servicing rights 4,093 3,845 2,376 Goodwill 12,262 12,414 12,695 Core deposit and other intangibles 1,730 1,800 2,013 Other assets 30,957 29,582 37,933 - -------------------------------------------------------------------------------------------------------------------- Total assets $632,574 $620,652 $617,679 - -------------------------------------------------------------------------------------------------------------------- Liabilities Deposits in domestic offices: Noninterest-bearing $93,476 $87,292 $92,623 Interest-bearing 207,048 202,037 203,644 Deposits in foreign offices: Noninterest-bearing 1,993 1,981 1,713 Interest-bearing 44,756 45,701 59,280 - -------------------------------------------------------------------------------------------------------------------- Total deposits 347,273 337,011 357,260 - -------------------------------------------------------------------------------------------------------------------- Federal funds purchased and securities sold under agreements to repurchase 74,561 79,739 67,543 Trading account liabilities 20,958 18,239 14,170 Derivative-dealer liabilities 16,200 18,689 16,835 Commercial paper 7,331 7,826 6,749 Other short-term borrowings 40,340 32,893 24,742 Acceptances outstanding 1,869 2,066 2,671 Accrued expenses and other liabilities 19,169 18,993 30,929 Long-term debt 55,486 54,352 45,888 Trust preferred securities 4,955 4,955 4,954 - -------------------------------------------------------------------------------------------------------------------- Total liabilities 588,142 574,763 571,741 - -------------------------------------------------------------------------------------------------------------------- Shareholders' equity Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and outstanding 1,797,702; 1,828,702 and 1,952,039 shares 77 78 83 Common stock, $0.01 par value; authorized - 5,000,000,000 shares; issued and outstanding - 1,677,273,267; 1,710,039,286 and 1,724,484,305 shares 11,671 13,538 14,837 Retained earnings 35,681 34,631 30,998 Accumulated other comprehensive income (2,658) (1,929) 152 Other (339) (429) (132) - -------------------------------------------------------------------------------------------------------------------- Total shareholders' equity 44,432 45,889 45,938 - -------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $632,574 $620,652 $617,679 - --------------------------------------------------------------------------------------------------------------------
Bank of America Corporation Quarterly Taxable-Equivalent Data -------------------------------------------------------------------------------------------------------------------- (Dollars in Millions) Fourth Quarter 1999 Third Quarter 1999 ----------------------------------------------------- Interest Interest Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate -------- --------- ------ --------- -------- ------- Earning assets: Time deposits placed and other short-term investments $ 4,512 $ 73 6.33 % $ 5,018 $ 69 5.50 % Federal funds sold and securities purchased under agreements to resell 39,700 458 4.60 33,074 440 5.30 Trading account assets 38,453 544 5.63 37,453 483 5.14 Securities: Available-for-sale (1) 85,009 1,301 6.10 78,779 1,208 6.12 Held-for-investment 1,433 25 7.25 1,482 26 7.02 ----------------------------------------------------- Total securities 86,442 1,326 6.12 80,261 1,234 6.13 ----------------------------------------------------- Loans and leases (2): Commercial - domestic 140,674 2,707 7.64 136,149 2,488 7.25 Commercial - foreign 27,430 453 6.56 28,348 494 6.93 Commercial real estate - domestic 24,345 506 8.23 25,056 517 8.19 Commercial real estate - foreign 306 6 8.96 295 7 8.80 ----------------------------------------------------- Total commercial 192,755 3,672 7.56 189,848 3,506 7.33 ----------------------------------------------------- Residential mortgage 79,783 1,450 7.26 80,015 1,431 7.14 Home equity lines 16,882 345 8.12 16,316 321 7.79 Direct/Indirect consumer 42,442 888 8.30 42,740 875 8.13 Consumer finance 21,340 440 8.18 19,923 433 8.62 Bankcard 8,578 245 11.32 8,923 256 11.38 Foreign consumer 2,430 54 8.77 3,635 86 9.36 ----------------------------------------------------- Total consumer 171,455 3,422 7.94 171,552 3,402 7.89 ----------------------------------------------------- Total loans and leases 364,210 7,094 7.74 361,400 6,908 7.59 ----------------------------------------------------- Other earning assets 10,247 193 7.51 11,358 213 7.40 ----------------------------------------------------- Total earning assets (3) 543,564 9,688 7.09 528,564 9,347 7.03 ----------------------------------------------------- Cash and cash equivalents 25,467 25,905 Other assets, less allowance for credit losses 61,712 56,979 ----------------------------------------------------- Total assets $630,743 $611,448 ----------------------------------------------------- Interest-bearing liabilities: Domestic interest-bearing deposits: Savings $25,082 80 1.27 $26,037 82 1.25 NOW and money market deposit accounts 97,481 639 2.60 96,402 579 2.38 Consumer CDs and IRAs 74,653 932 4.95 73,429 898 4.85 Negotiated CDs, public funds and other time deposits 6,825 98 5.73 6,609 94 5.66 ----------------------------------------------------- Total domestic interest-bearing deposits 204,041 1,749 3.40 202,477 1,653 3.24 ----------------------------------------------------- Foreign interest-bearing deposits (4): Banks located in foreign countries 14,305 178 4.93 13,668 160 4.65 Governments and official institutions 7,121 99 5.53 7,185 90 4.99 Time, savings and other 24,993 298 4.72 25,500 295 4.57 ----------------------------------------------------- Total foreign interest-bearing deposits 46,419 575 4.91 46,353 545 4.66 ----------------------------------------------------- Total interest-bearing deposits 250,460 2,324 3.68 248,830 2,198 3.50 ----------------------------------------------------- Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings 120,858 1,638 5.38 114,934 1,437 4.96 Trading account liabilities 19,223 190 3.92 15,677 189 4.78 Long-term debt (5) 59,972 995 6.63 59,283 920 6.21 ----------------------------------------------------- Total interest-bearing liabilities (6) 450,513 5,147 4.54 438,724 4,744 4.30 ----------------------------------------------------- Noninterest-bearing sources: Noninterest-bearing deposits 91,453 88,168 Other liabilities 41,985 38,117 Shareholders' equity 46,792 46,439 ----------------------------------------------------- Total liabilities and shareholders' equity $630,743 $611,448 ----------------------------------------------------- Net interest spread 2.55 2.73 Impact of noninterest-bearing sources .77 .73 ----------------- ----------------------------------- Net interest income/yield on earning assets $4,541 3.32 % $4,603 3.46 % ----------------------------------------------------- (1) The average balance and yield on available-for-sale securities are based on the average of historical amortized cost balances. (2) Nonperforming loans are included in the respective average loan balances. Income on such nonperforming loans is recognized on a cash basis. (3) Interest income includes taxable-equivalent basis adjustments of $66, $53, $51 and $45 in the fourth, third, second and first quarters of 1999 and $41 in the fourth quarter of 1998, respectively. Interest income also includes the impact of risk management interest rate contracts, which increased interest income on the underlying assets $57, $103, $83 and $63 in the fourth, third, second and first quarters of 1999 and $70 in the fourth quarter of 1998, respectively. (4) Primarily consists of time deposits in denominations of $100,000 or more. (5) Long-term debt includes trust preferred securities. (6) Interest expense includes the impact of risk management interest rate contracts, which (increased) decreased interest expense on the underlying liabilities $(2), $6, $52 and $60 in the fourth, third, second and first quarters of 1999 and $27 in the fourth quarter of 1998, respectively.
- ---------------------------------------------------------------------------------- Second Quarter 1999 First Quarter 1999 Fourth Quarter 1998 - ---------------------------------------------------------------------------------- Interest Interest Interest Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate Balance Expense Rate - ----------- ------- -------- --------- ------- ------- -------- --------- ------- $ 5,159 $ 65 5.03 % $ 6,408 $ 88 5.58 % $ 6,702 $ 111 6.56 % 29,521 387 5.25 26,561 381 5.80 29,564 486 6.53 39,837 528 5.31 41,129 547 5.36 39,391 613 6.19 76,373 1,139 5.97 73,925 1,161 6.31 69,354 1,162 6.68 1,482 28 7.61 1,905 33 6.84 2,948 44 6.09 - ---------------------------------------------------------------------------------- 77,855 1,167 6.00 75,830 1,194 6.33 72,302 1,206 6.66 - ---------------------------------------------------------------------------------- 138,257 2,473 7.17 138,272 2,444 7.16 136,629 2,542 7.39 30,209 456 6.05 31,568 494 6.35 32,893 569 6.86 25,938 533 8.25 26,827 559 8.45 28,427 601 8.38 289 6 8.48 286 6 8.79 319 8 9.39 - ---------------------------------------------------------------------------------- 194,693 3,468 7.14 196,953 3,503 7.21 198,268 3,720 7.45 - ---------------------------------------------------------------------------------- 80,151 1,430 7.14 75,789 1,356 7.18 73,033 1,336 7.30 15,857 304 7.68 15,537 298 7.79 15,781 326 8.17 42,240 859 8.15 41,652 847 8.24 40,557 876 8.57 17,794 424 9.56 15,880 373 9.53 14,368 338 9.33 10,365 306 11.83 11,287 327 11.76 12,078 366 12.01 3,653 87 9.55 3,648 89 9.90 3,551 94 10.47 - ---------------------------------------------------------------------------------- 170,060 3,410 8.03 163,793 3,290 8.11 159,368 3,336 8.32 - ---------------------------------------------------------------------------------- 364,753 6,878 7.56 360,746 6,793 7.62 357,636 7,056 7.84 - ---------------------------------------------------------------------------------- 12,924 232 7.23 13,008 243 7.53 11,471 207 7.19 - ---------------------------------------------------------------------------------- 530,049 9,257 7.00 523,682 9,246 7.13 517,066 9,679 7.44 - ---------------------------------------------------------------------------------- 25,868 25,826 25,834 59,447 60,116 63,641 - ---------------------------------------------------------------------------------- $615,364 $609,624 $606,541 - ---------------------------------------------------------------------------------- $21,799 67 1.24 $21,637 71 1.33 $21,702 91 1.67 100,897 581 2.31 99,864 575 2.33 97,589 622 2.53 73,601 847 4.61 74,362 857 4.68 74,923 956 5.06 6,238 80 5.14 6,914 89 5.20 7,388 96 5.16 - ---------------------------------------------------------------------------------- 202,535 1,575 3.12 202,777 1,592 3.18 201,602 1,765 3.47 - ---------------------------------------------------------------------------------- 16,947 196 4.62 20,379 268 5.34 24,938 325 5.17 8,089 98 4.81 9,172 113 5.02 10,278 143 5.54 26,354 299 4.56 26,980 339 5.10 26,868 365 5.39 - ---------------------------------------------------------------------------------- 51,390 593 4.62 56,531 720 5.17 62,084 833 5.32 - ---------------------------------------------------------------------------------- 253,925 2,168 3.42 259,308 2,312 3.62 263,686 2,598 3.91 - ---------------------------------------------------------------------------------- 116,339 1,396 4.82 112,384 1,355 4.88 104,416 1,422 5.40 14,178 150 4.25 12,679 129 4.13 14,194 165 4.62 58,302 880 6.03 52,642 805 6.12 51,779 844 6.52 - ---------------------------------------------------------------------------------- 442,744 4,594 4.16 437,013 4,601 4.26 434,075 5,029 4.60 - ---------------------------------------------------------------------------------- 88,324 86,623 88,080 37,405 39,709 39,335 46,891 46,279 45,051 - ---------------------------------------------------------------------------------- $615,364 $609,624 $606,541 - ---------------------------------------------------------------------------------- 2.84 2.87 2.84 .69 .71 .74 - ---------------------------------------------------------------------------------- $4,663 3.53 % $4,645 3.58 % $4,650 3.58 % - ----------------------------------------------------------------------------------
Bank of America Corporation 12-Month Taxable-Equivalent Data - ---------------------------------------------------------------------------------------------------------------------------------- (Dollars in Millions) 1999 1998 ----------------------------------------------------------- Interest Interest Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate --------- ---------- ------- ---------- --------- ------- Earning assets: Time deposits placed and other short-term investments $ 5,268 $ 295 5.59 % $ 7,649 $ 514 6.72 % Federal funds sold and securities purchased under agreements to resell 32,252 1,666 5.17 27,288 1,828 6.70 Trading account assets 39,206 2,102 5.36 39,774 2,634 6.62 Securities: Available-for-sale (1) 78,552 4,809 6.12 62,571 4,286 6.85 Held-for-investment 1,575 112 7.16 4,113 282 6.88 ----------------------------------------------------------- Total securities 80,127 4,921 6.14 66,684 4,568 6.85 ----------------------------------------------------------- Loans and leases (2): Commercial - domestic 138,339 10,112 7.31 130,177 9,988 7.67 Commercial - foreign 29,374 1,897 6.46 31,015 2,246 7.24 Commercial real estate - domestic 25,533 2,115 8.28 28,418 2,503 8.81 Commercial real estate - foreign 294 25 8.76 330 33 10.05 ----------------------------------------------------------- Total commercial 193,540 14,149 7.31 189,940 14,770 7.78 ----------------------------------------------------------- Residential mortgage 78,948 5,667 7.18 70,842 4,880 6.89 Home equity lines 16,152 1,268 7.85 16,129 1,741 10.79 Direct/Indirect consumer 42,274 3,469 8.21 40,204 3,506 8.72 Consumer finance 18,752 1,670 8.91 14,368 1,529 10.64 Bankcard 9,778 1,134 11.59 12,960 1,638 12.64 Foreign consumer 3,339 316 9.45 3,397 357 10.51 ----------------------------------------------------------- Total consumer 169,243 13,524 7.99 157,900 13,651 8.65 ----------------------------------------------------------- Total loans and leases 362,783 27,673 7.63 347,840 28,421 8.17 ----------------------------------------------------------- Other earning assets 11,875 881 7.41 10,504 786 7.49 ----------------------------------------------------------- Total earning assets (3) 531,511 37,538 7.06 499,739 38,751 7.75 ----------------------------------------------------------- Cash and cash equivalents 25,766 24,907 Other assets, less allowance for credit losses 59,561 59,841 ----------------------------------------------------------- Total assets $616,838 $584,487 ----------------------------------------------------------- Interest-bearing liabilities: Domestic interest-bearing deposits: Savings $23,655 300 1.27 $22,692 421 1.86 NOW and money market deposit accounts 98,649 2,374 2.41 96,541 2,536 2.63 Consumer CDs and IRAs 74,010 3,534 4.78 74,655 3,915 5.24 Negotiated CDs, public funds and other time deposits 6,646 361 5.44 7,604 414 5.44 ----------------------------------------------------------- Total domestic interest-bearing deposits 202,960 6,569 3.24 201,492 7,286 3.62 ----------------------------------------------------------- Foreign interest-bearing deposits (4): Banks located in foreign countries 16,301 802 4.92 24,587 1,405 5.72 Governments and official institutions 7,884 400 5.08 10,517 590 5.61 Time, savings and other 25,949 1,231 4.74 24,261 1,530 6.30 ----------------------------------------------------------- Total foreign interest-bearing deposits 50,134 2,433 4.85 59,365 3,525 5.94 ----------------------------------------------------------- Total interest-bearing deposits 253,094 9,002 3.56 260,857 10,811 4.14 ----------------------------------------------------------- Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings 116,150 5,826 5.02 90,630 5,239 5.78 Trading account liabilities 15,458 658 4.26 17,472 895 5.12 Long-term debt (5) 57,574 3,600 6.25 49,969 3,345 6.69 ----------------------------------------------------------- Total interest-bearing liabilities (6) 442,276 19,086 4.32 418,928 20,290 4.84 ----------------------------------------------------------- Noninterest-bearing sources: Noninterest-bearing deposits 88,654 84,628 Other liabilities 39,307 36,102 Shareholders' equity 46,601 44,829 ----------------------------------------------------------- Total liabilities and shareholders' equity $616,838 $584,487 ----------------------------------------------------------- Net interest spread 2.74 2.91 Impact of noninterest-bearing sources .73 .78 ----------------------------------------------------------- Net interest income/yield on earning assets $18,452 3.47 % $18,461 3.69 % ----------------------------------------------------------- (1) The average balance and yield on available-for-sale securities are based on the average of historical amortized cost balances. (2) Nonperforming loans are included in the respective average loan balances. Income on such nonperforming loans is recognized on a cash basis. (3) Interest income includes taxable-equivalent basis adjustments of $215, $163 and $157 in 1999, 1998 and 1997, respectively. Interest income also includes the impact of risk management interest rate contracts, which increased interest income on the underlying assets $306, $174, and $159 in 1999, 1998 and 1997, respectively. (4) Primarily consists of time deposits in denominations of $100,000 or more. (5) Long-term debt includes trust preferred securities. (6) Interest expense includes the impact of risk management interest rate contracts, which decreased (increased) interest expense on the underlying liabilities $116, $(45) and $15 in 1999, 1998, and 1997, respectively.
Bank of America Corporation Credit Quality - Nonperforming Assets - --------------------------------------------------------------------------------------------------------------------------- (Dollars in Millions) December 31, September 30, June 30, March 31, December 31, 1999 1999 1999 1999 1998 --------------------------------------------------------------------------- Nonperforming loans: Commercial - domestic $1,163 $1,026 $1,085 $1,085 $ 812 Commercial - foreign 486 477 492 434 314 Commercial real estate - domestic 191 174 203 272 299 Commercial real estate - foreign 3 3 3 3 4 Residential mortgage 529 542 565 634 722 Home equity lines 46 44 44 41 50 Direct/Indirect consumer 19 16 17 20 21 Consumer finance 598 519 382 332 246 Foreign consumer 7 9 21 17 14 --------------------------------------------------------------------------- Total nonperforming loans 3,042 2,810 2,812 2,838 2,482 Foreclosed properties 163 228 258 282 282 --------------------------------------------------------------------------- Total nonperforming assets $3,205 $3,038 $3,070 $3,120 $2,764 --------------------------------------------------------------------------- Loans past due 90 days or more and not classified as nonperforming $ 521 $ 466 $ 631 $ 571 $ 611 Nonperforming assets as a percentage of: Total assets .51 % .49 % .50 % .51 % .45 % Loans, leases and foreclosed properties .86 .84 .84 .86 .77 - --------------------------------------------------------------------------------------------------------------------------- Total Nonperforming Assets by Business Segment: Consumer Banking $1,432 $1,399 $1,383 $1,347 $1,314 Commercial Banking 436 510 580 605 469 Global Corporate Investment Banking 1,291 1,086 1,066 1,099 937 Principal Investing and Asset Management 41 42 39 66 40 Other 5 1 2 3 4 --------------------------------------------------------------------------- Total nonperforming assets $3,205 $3,038 $3,070 $3,120 $2,764 ---------------------------------------------------------------------------
Bank of America Corporation Credit Quality - Loan Losses - ----------------------------------------------------------------------------------------------------------------------------------- (Dollars in Millions) Year-to-date Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter 1999 1999 1999 1999 1999 1998 ------------------------------------------------------------------------------------- Gross charge-offs: Commercial - domestic $ 820 $ 223 $ 213 $ 178 $ 206 $ 137 Commercial - foreign 161 29 14 88 30 66 Commercial real estate - domestic 19 6 6 5 2 3 Commercial real estate - foreign 1 - - 1 - - Residential mortgage 35 9 11 8 7 9 Home equity lines 24 7 4 7 6 6 Bankcard 571 112 120 167 172 185 Direct/Indirect consumer 545 153 125 127 140 153 Consumer finance 387 104 101 84 98 116 Other consumer domestic (1) - (1) - - (1) Foreign consumer 20 1 7 7 5 5 ------------------------------------------------------------------------------------- Total $ 2,582 $ 644 $ 600 $ 672 $ 666 $ 679 ------------------------------------------------------------------------------------- Net charge-offs: Commercial - domestic $ 711 $ 191 $ 192 $ 147 $ 181 $ 113 Commercial - foreign 144 22 9 84 29 65 Commercial real estate - domestic (6) 1 1 (6) (2) - Commercial real estate - foreign 1 - - 1 - - Residential mortgage 28 6 10 7 5 8 Home equity lines 12 4 1 3 4 3 Bankcard 495 94 93 153 155 164 Direct/Indirect consumer 370 110 82 83 95 113 Consumer finance 229 72 67 42 48 76 Other consumer domestic (1) - (1) - - (1) Foreign consumer 17 1 6 6 4 3 ------------------------------------------------------------------------------------- Total $ 2,000 $ 501 $ 460 $ 520 $ 519 $ 544 ------------------------------------------------------------------------------------- Loss ratios: Commercial - domestic .51 % .54 % .56 % .43 % .53 % .33 % Commercial - foreign .49 .32 .13 1.12 .37 .78 Commercial real estate - domestic (.02) .02 .03 (.11) (.02) - Commercial real estate - foreign .39 .44 .40 .10 - - Residential mortgage .04 .03 .05 .04 .03 .04 Home equity lines .07 .10 .01 .09 .10 .07 Bankcard** 5.08 4.34 4.11 5.94 5.63 5.49 Direct/Indirect consumer .88 1.02 .77 .78 .93 1.09 Consumer finance 1.22 1.33 1.35 .94 1.22 2.11 Other consumer domestic - - - - - - Foreign consumer .52 .25 .67 .65 .43 .42 Total .55 .55 .51 .57 .58 .60 Loss Ratios by Business Segment: Consumer Banking .76 % .93 % .64 % .70 % .76 % 1.01 % Commercial Banking .26 .31 .29 .26 .17 .40 Global Corporate and Investment Banking .46 .39 .32 .56 .55 .35 Principal Investing and Asset Management .44 .29 .89 .35 .24 .01 Other 18.83 n/m .76 1.30 (1.51) 56.99 Allowance for credit losses $ (6,828) $ (6,828) $ (7,076) $ (7,096) $ (7,123) $ (7,122) Allowance for credit losses as a percentage of loans and leases 1.84 % 1.84 % 1.96 % 1.95 % 1.96 % 1.99 % - ----------------------------------------------------------------------------------------------------------------------------------- * Managed Bankcard receivable net charge-offs $ 1,077 $ 257 $ 233 $ 294 $ 294 $ 301 ** Managed Bankcard portfolio loss ratios 5.57 % 5.29 % 4.83 % 6.13 % 6.01 % 5.83 % Average managed Bankcard receivables $19,358 $19,258 $19,162 $19,204 $19,814 $20,526 n/m = not meaningful
Bank of America Corporation Capital - ---------------------------------------------------------------------------------------------------------------------------- (Dollars in Millions) Fourth Third Second First Fourth Year-to-date Quarter Quarter Quarter Quarter Quarter 1999 1999 1999 1999 1999 1998 - ---------------------------------------------------------------------------------------------------------------------------- Beginning common equity $ 45,866 $ 45,811 $ 45,551 $ 46,761 $ 45,866 $ 47,245 Net income 7,882 1,902 2,151 1,915 1,914 1,162 Dividends (3,199) (852) (776) (787) (784) (778) Common stock issued 1,163 154 329 330 350 19 Common stock repurchased (4,858) (1,954) (1,182) (1,722) - (1,151) Change in FAS 115 adjustment-net unrealized gains (losses) (2,773) (726) (337) (1,007) (703) (625) Foreign currency translation adjustment and other 274 20 75 61 118 (6) - ---------------------------------------------------------------------------------------------------------------------------- Ending common equity 44,355 44,355 45,811 45,551 46,761 45,866 - ---------------------------------------------------------------------------------------------------------------------------- Preferred equity 77 77 78 80 70 72 - ---------------------------------------------------------------------------------------------------------------------------- Total shareholders' equity $ 44,432 $ 44,432 $ 45,889 $ 45,631 $ 46,831 $ 45,938 - ---------------------------------------------------------------------------------------------------------------------------- FAS 115 adjustment - end of period $(2,470) $(2,470) $(1,744) $(1,407) $ (400) $ 303 Total equity as a percentage of total assets 7.02 % 7.02 % 7.39 % 7.43 % 7.62 % 7.44 % Common equity as a percentage of total assets 7.01 7.01 7.38 7.42 7.61 7.43 Risk-based capital ratios: Tier 1 capital $38,651 $38,651 $39,380 $38,145 $38,522 $36,849 Tier 1 capital ratio 7.35 % 7.35 % 7.71 % 7.38 % 7.40 % 7.06 % Total capital $57,192 $57,192 $58,167 $57,365 $58,132 $57,055 Total capital ratio 10.88 % 10.88 % 11.39 % 11.09 % 11.17 % 10.94 % Leverage ratio 6.26 6.26 6.59 6.34 6.47 6.22 Risk-weighted assets, net $525,625 $525,625 $510,866 $517,130 $520,396 $521,637
Bank of America Corporation Consolidated Statement of Income (Operating Results including Merger-Related Charges) - ---------------------------------------------------------------------------------------------------------------------------------- (Dollars in Millions, Except Per-Share Information) Fourth Third Second First Fourth Year-to-date Quarter Quarter Quarter Quarter Quarter 1999 1999 1999 1999 1999 1998 ------------------------------------------------------------- Interest income Interest and fees on loans and leases $ 27,569 $ 7,063 $ 6,883 $ 6,853 $ 6,770 $ 7,030 Interest and dividends on securities 4,826 1,300 1,208 1,143 1,175 1,191 Federal funds sold and securities purchased under agreements to resell 1,666 458 440 387 381 486 Trading account assets 2,087 535 482 525 545 612 Other interest income 1,175 266 281 298 330 319 ------------------------------------------------------------- Total interest income 37,323 9,622 9,294 9,206 9,201 9,638 ------------------------------------------------------------- Interest expense Deposits 9,002 2,324 2,198 2,168 2,312 2,598 Short-term borrowings 5,826 1,638 1,437 1,396 1,355 1,422 Trading account liabilities 658 190 189 150 129 165 Long-term debt 3,600 995 920 880 805 844 ------------------------------------------------------------- Total interest expense 19,086 5,147 4,744 4,594 4,601 5,029 ------------------------------------------------------------- Net interest income 18,237 4,475 4,550 4,612 4,600 4,609 Provision for credit losses 1,820 350 450 510 510 510 ------------------------------------------------------------- Net interest income after provision for credit losses 16,417 4,125 4,100 4,102 4,090 4,099 Gains on sales of securities 240 14 44 52 130 404 Noninterest income Service charges on deposit accounts 3,645 948 942 900 855 881 Mortgage servicing income 673 210 206 125 132 103 Investment banking income 2,244 599 702 555 388 356 Trading account profits and fees 1,495 287 313 395 500 96 Brokerage income 724 180 168 192 184 162 Nondeposit-related service fees 554 159 136 123 136 150 Asset management and fiduciary service fees 1,023 256 250 274 243 229 Credit card income 1,791 487 496 448 360 398 Other income 1,920 470 515 510 425 280 ------------------------------------------------------------- Total noninterest income 14,069 3,596 3,728 3,522 3,223 2,655 ------------------------------------------------------------- Merger-related charges 525 325 - 200 - 600 Other noninterest expense Personnel 9,308 2,378 2,336 2,261 2,333 2,301 Occupancy 1,627 419 417 395 396 413 Equipment 1,346 336 313 339 358 384 Marketing 537 98 145 147 147 135 Professional fees 630 178 160 166 126 233 Amortization of intangibles 888 219 222 225 222 223 Data processing 763 195 164 214 190 205 Telecommunications 549 142 131 140 136 152 Other general operating 1,820 456 498 446 420 493 General administrative and other 518 129 140 124 125 148 ------------------------------------------------------------- Total other noninterest expense 17,986 4,550 4,526 4,457 4,453 4,687 ------------------------------------------------------------- Income before income taxes 12,215 2,860 3,346 3,019 2,990 1,871 Income tax expense 4,333 958 1,195 1,104 1,076 709 ------------------------------------------------------------- Net income $ 7,882 $ 1,902 $ 2,151 $ 1,915 $ 1,914 $ 1,162 ------------------------------------------------------------- Net income available to common shareholders $ 7,876 $ 1,901 $ 2,149 $ 1,914 $ 1,912 $ 1,161 ------------------------------------------------------------- Per-share information Earnings per common share $4.56 $1.12 $1.25 $1.10 $1.10 $ .67 ------------------------------------------------------------- Diluted earnings per common share $4.48 $1.10 $1.23 $1.07 $1.08 $ .66 ------------------------------------------------------------- Dividends per common share $1.85 $ .50 $ .45 $ .45 $ .45 $ .45 ------------------------------------------------------------- Average common shares issued and outstanding (in thousands) 1,726,006 1,701,092 1,722,307 1,743,503 1,737,562 1,731,314 ------------------------------------------------------------- Average diluted common shares issued and outstanding (in thousands) 1,760,058 1,725,187 1,755,146 1,786,844 1,779,708 1,763,055 -------------------------------------------------------------
Bank of America Corporation Country Risk Reporting - ----------------------------------------------------------------------------------------------------------------------------- Binding Exposure by Region, Country of Risk and Category (Dollars in Millions) Total Increase Increase Net Revaluation Binding (Decrease) (Decrease) Gains on Securities/ Exposure from from Trade Other Derivatives and Other December 31, September 30, December 31, Region/Country Finance (a) Financing (b) FX Products Investments 1999 1999 1997 - ----------------------------------------------------------------------------------------------------------------------------- Asia China $ 11 $ 253 $ 36 $ 56 $ 356 $ 10 $ (409) Hong Kong 176 3,871 35 237 4,319 (223) (1,312) India 51 1,584 60 289 1,984 (258) (515) Indonesia - 407 19 96 522 11 (988) Japan 86 1,458 411 1,846 3,801 376 (3,169) Korea (South) 433 1,098 212 395 2,138 276 (1,666) Malaysia 16 526 1 47 590 (42) (664) Pakistan 59 250 1 13 323 (55) (227) Philippines 35 378 3 87 503 14 (260) Singapore 5 1,089 37 161 1,292 (287) (1,120) Taiwan 16 882 37 26 961 (219) (1,477) Thailand 6 483 31 88 608 (117) (1,349) Other 19 129 - 2 150 (14) (47) - ----------------------------------------------------------------------------------------------------------------------------- Total 913 12,408 883 3,343 17,547 (528) (13,203) - ----------------------------------------------------------------------------------------------------------------------------- Central and Eastern Europe Russian Federation 4 8 - 6 18 (6) (429) Other 6 356 23 68 453 52 (245) - ----------------------------------------------------------------------------------------------------------------------------- Total 10 364 23 74 471 46 (674) - ----------------------------------------------------------------------------------------------------------------------------- Latin America Argentina 4 735 4 395 1,138 90 (505) Brazil 646 968 2 892 2,508 (103) (1,122) Chile 10 911 16 62 999 (256) (681) Colombia 22 439 1 30 492 (19) (293) Mexico 162 2,300 103 1,310 3,875 (283) (2,237) Venezuela 2 226 - 185 413 (54) (210) Other 141 125 3 78 347 (40) (96) - ----------------------------------------------------------------------------------------------------------------------------- Total 987 5,704 129 2,952 9,772 (665) (5,144) - ----------------------------------------------------------------------------------------------------------------------------- Total $1,910 $18,476 $1,035 $6,369 $27,790 $(1,147) $(19,021) - ----------------------------------------------------------------------------------------------------------------------------- (a) Includes extensions of credit with maturities of one year or less that are directly related to imports or exports and will be liquidated through the proceeds of international trade. Such extensions of credit may include acceptances, pre-export financing where there is a firm export sales order, commercial letters of credit, as well as other loans and advances directly related to international trade. (b) This category includes time deposits placed and extensions of credit that do not meet the criteria for Trade Finance.
-----END PRIVACY-ENHANCED MESSAGE-----