You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under Item 1A. "Risk Factors" of Bank of America's 2008 Annual Report on Form 10-K and in any of Bank of America's subsequent SEC filings: negative economic conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; the level and volatility of the capital markets, interest rates, currency values and other market indices; changes in consumer, investor and counterparty confidence in, and the related impact on, financial markets and institutions; Bank of America's credit ratings and the credit ratings of its securitizations; estimates of fair value of certain Bank of America assets and liabilities; legislative and regulatory actions in the United States (including the impact of Regulation E) and internationally; the impact of litigation and regulatory investigations, including costs, expenses, settlements and judgments; various monetary and fiscal policies and regulations of the U.S. and non-U.S. governments; changes in accounting standards, rules and interpretations (including SFAS 166 and 167) and the impact on Bank of America's financial statements; increased globalization of the financial services industry and competition with other U.S. and international financial institutions; Bank of America's ability to attract new employees and retain and motivate existing employees; mergers and acquisitions and their integration into Bank of America; Bank of America's reputation; and decisions to downsize, sell or close units or otherwise change the business mix of Bank of America. Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Columbia Management Group, LLC ("Columbia Management") is the primary investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds and Excelsior Funds are distributed by Columbia Management Distributors, Inc., member FINRA and SIPC. Columbia Management Distributors, Inc. is part of Columbia Management and an affiliate of Bank of America Corporation.
Investors should carefully consider the investment objectives, risks, charges and expenses of any Columbia Fund or Excelsior Fund before investing. Contact your Columbia Management representative for a prospectus, which contains this and other important information about the fund. Read it carefully before investing.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, financial advisory, and other investment banking activities are performed by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including Banc of America Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. Bank of America Corporation's broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker-dealers are not obligations of their bank or thrift affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for securities sold, offered or recommended by the broker-dealers. The foregoing also applies to our other non-bank, non-thrift affiliates.
www.bankofamerica.com
(All figures in financial tables are in US$)
Bank of America Corporation and Subsidiaries
Selected Financial Data
(Dollars in millions, except per share data; shares in thousands)
Summary Income Three Months Ended Nine Months Ended
-------------------------------------------
Statement September 30 September 30
--------------------- --------------------
2009 2008 2009 2008
Net interest income $11,423 $11,642 $35,550 $32,254
Noninterest income 14,612 7,979 59,017 24,848
-------- --------- --------- ---------
Total revenue, net of
interest expense 26,035 19,621 94,567 57,102
Provision for credit
losses 11,705 6,450 38,460 18,290
Noninterest expense,
before merger and
restructuring charges 15,712 11,413 48,140 29,953
Merger and restructuring
charges 594 247 2,188 629
-------- --------- --------- ---------
Income (loss) before
income taxes (1,976) 1,511 5,779 8,230
Income tax expense
(benefit) (975) 334 (691) 2,433
-------- --------- --------- ---------
Net income (loss) $(1,001) $1,177 $6,470 $5,797
======== ========= ========= =========
Preferred stock dividends 1,240 473 3,478 849
-------- --------- --------- ---------
Net income (loss)
applicable to common
shareholders $(2,241) $704 $2,992 $4,948
======== ========= ========= =========
Earnings (loss) per common
share $(0.26) $0.15 $0.39 $1.09
Diluted earnings (loss)
per common share (0.26) 0.15 0.39 1.09
Summary Average Balance Three Months Ended Nine Months Ended
-------------------------------------------
Sheet September 30 September 30
--------------------- --------------------
2009 2008 2009 2008
Total loans and leases $930,255 $946,914 $963,260 900,574
Debt securities 263,712 266,013 268,291 240,347
Total earning assets 1,790,000 1,622,466 1,837,706 1,544,617
Total assets 2,390,675 1,905,691 2,442,905 1,808,765
Total deposits 989,295 857,845 976,182 810,663
Shareholders' equity 255,983 166,454 242,638 160,890
Common shareholders'
equity 197,230 142,303 177,289 141,337
Performance Ratios Three Months Ended Nine Months Ended
-------------------------------------------
September 30 September 30
--------------------- --------------------
2009 2008 2009 2008
Return on average assets n/m 0.25% 0.35% 0.43%
Return on average common
shareholders' equity n/m 1.97 2.26 4.68
Credit Quality Three Months Ended Nine Months Ended
-------------------------------------------
September 30 September 30
--------------------- --------------------
2009 2008 2009 2008
Total net charge-offs $9,624 $4,356 $25,267 $10,690
Annualized net
charge-offs as a % of
average loans and leases
outstanding (1) 4.13% 1.84% 3.53% 1.59%
Provision for credit
losses $11,705 $6,450 $38,460 $18,290
Total consumer credit
card managed net losses 5,477 2,996 14,318 8,119
Total consumer credit card
managed net losses as a
% of average managed credit
card receivables 12.90% 6.40% 11.06% 5.85%
(CONTINUA)
Andalucía
Aragón
Cantabria
Castilla-La Mancha
Castilla y León
Catalunya
Extremadura
Galicia
Islas Canarias
Islas Baleares
Madrid
País Vasco
La Rioja
C. Valenciana
Navarra
Asturias
Murcia
Ceuta y Melilla
