Credit Quality Three Months Ended Year Ended
December 31 December 31
2009 2008 2009 2008
---- ---- ---- ----
Total net charge-offs $8,421 $5,541 $33,688 $16,231
Annualized net
charge-offs as a % of
average loans and
leases outstanding (2) 3.71% 2.36% 3.58% 1.79%
Provision for credit
losses $10,110 $8,535 $48,570 $26,825
Total consumer credit
card managed net
losses 4,867 3,263 19,185 11,382
Total consumer credit
card managed net
losses as a % of
average managed credit
card receivables 11.88% 7.16% 11.25% 6.18%
December 31
2009 2008
---- ----
Total nonperforming
assets $35,747 $18,212
Nonperforming assets
as a % of total loans,
leases and foreclosed
properties (2) 3.98% 1.96%
Allowance for loan and
lease losses $37,200 $23,071
Allowance for loan and
lease losses as a % of
total loans and leases
outstanding (2) 4.16% 2.49%
Capital Management December 31
2009 2008
---- ----
Risk-based capital
ratios:
Tier 1 common equity 7.81% 4.80%
Tier 1 capital 10.40 9.15
Total capital 14.66 13.00
Tier 1 leverage ratio 6.91 6.44
Tangible equity ratio (3) 6.42 5.11
Tangible common equity
ratio (4) 5.57 2.93
Period-end common
shares issued and
outstanding 8,650,244 5,017,436
Three Months Ended Year Ended
December 31 December 31
2009 2008 2009 2008
---- ---- ---- ----
Shares issued (5) n/a 455,381 3,632,808 579,551
Average common shares
issued and
outstanding 8,634,565 4,957,049 7,728,570 4,592,085
Average diluted
common shares issued
and outstanding 8,634,565 4,957,049 7,728,570 4,596,428
Dividends paid per
common share $0.01 $0.32 $0.04 $2.24
Summary End of Period
Balance Sheet
December 31
2009 2008
---- ----
Total loans and
leases $900,128 $931,446
Total debt
securities 311,441 277,589
Total earning
assets 1,726,489 1,536,198
Total assets 2,223,299 1,817,943
Total deposits 991,611 882,997
Total shareholders'
equity 231,444 177,052
Common shareholders'
equity 194,236 139,351
Book value per share
of common stock (6) $21.48 $27.77
Tangible book value
per share of common
stock (6) 11.94 10.11
(1) Includes $4.0 billion of accelerated accretion from redemption of preferred stock issued to the U.S. Treasury in the fourth quarter of 2009.
(2) Ratios do not include loans measured at fair value under the fair value option at and for the three months and year ended December 31, 2009 and 2008.
(3) Tangible equity ratio represents shareholders' equity less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities.
(4) Tangible common equity ratio represents common shareholders' equity plus Common Equivalent Securities less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities.
CHARLOTTE, North Carolina, January 20 /PRNewswire/ --
(5) 2009 amounts include approximately 1.375 billion shares issued in the Merrill Lynch acquisition.
CHARLOTTE, North Carolina, January 20 /PRNewswire/ --
(6) Book value per share of common stock includes the impact of the conversion of common equivalent shares to common shares. Tangible book value per share of common stock represents ending common shareholders' equity plus Common Equivalent Securities less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities divided by ending common shares outstanding plus the number of common shares issued upon conversion of Common Equivalent Securities.
n/m = not meaningful
n/a = not applicable
Certain prior period amounts have been reclassified to conform to current period presentation.
Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the Merrill Lynch acquisition. Prior periods have not been restated.
This information is preliminary and based on company data available at the time of the presentation.
Bank of America Corporation and Subsidiaries
Business Segment Results
(Dollars in millions)
For the three months ended December 31
Global Card Home Loans
Deposits Services (1, 2) & Insurance
2009 2008 2009 2008 2009 2008
---- ---- ---- ---- ---- ----
Total revenue, net
of interest
expense (3) $3,448 $4,657 $7,161 $8,018 $3,793 $3,253
Provision for
credit losses 91 107 6,924 5,851 2,249 1,623
Noninterest expense 2,374 2,215 1,936 2,179 3,165 2,752
Net income (loss) 595 1,563 (1,028) (9) (993) (707)
Efficiency ratio (3) 68.86% 47.58% 27.05% 27.18% 83.43% 84.58%
Return on average
equity 9.79 25.39 n/m n/m n/m n/m
Average - total
loans and leases n/m n/m $204,748 $233,427 $132,326 $122,065
Average - total
deposits $416,464 $377,987 n/m n/m n/m n/m
Global Wealth &
Investment
Global Banking Global Markets Management
2009 2008 2009 2008 2009 2008
---- ---- ---- ---- ---- ----
Total revenue,
net of interest
expense (3) $4,932 $4,059 $3,443 $(4,555) $5,508 $1,991
Provision for
credit losses 2,063 1,402 252 13 54 152
Noninterest expense 2,409 1,179 2,078 1,105 3,330 1,069
Net income (loss) 264 1,032 1,184 (3,653) 1,331 515
Efficiency
ratio (3) 48.83% 29.05% 60.33% n/m 60.45% 53.70%
Return on average
equity 1.73 7.65 14.45 n/m 26.76 17.40
Average - total
loans and leases $297,488 $331,115 n/m n/m $100,264 $88,876
Average - total
deposits 228,995 199,465 n/m n/m 223,056 172,435
All Other (1, 4)
2009 2008
---- ----
Total revenue,
net of interest
expense (3) $(2,872) $(1,443)
Provision for
credit losses (1,523) (613)
Noninterest
expense 1,093 448
Net loss (1,547) (530)
Average - total
loans and leases $146,185 $145,241
Average - total
deposits 91,775 110,471
(1) Global Card Services is presented on a managed basis with a corresponding offset recorded in All Other.
(2) Provision for credit losses represents provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.
(3) Fully taxable-equivalent (FTE) basis. FTE basis is a performance measure used by management in operating the business that management believes provides investors with a more accurate picture of the interest margin for comparative purposes.
(4) Provision for credit losses represents provision for credit losses in All Other combined with the Global Card Services securitization offset.
CHARLOTTE, North Carolina, January 20 /PRNewswire/ --
n/m = not meaningful
Certain prior period amounts have been reclassified to conform to current period presentation.
Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the Merrill Lynch acquisition. Prior periods have not been restated.
This information is preliminary and based on company data available at the time of the presentation.
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