Investors May Contact:
Kevin Stitt, Bank of America, +1-704-386-5667
Lee McEntire, Bank of America, +1-704-388-6780
Reporters May Contact:
Scott Silvestri, Bank of America, +1-980-388-9921
scott.silvestri@bankofamerica.com
Bank of America Corporation and Subsidiaries
Selected Financial Data
-----------------------
(Dollars in millions, except per share data; shares in thousands)
Three Months Ended March
Summary Income Statement 31
------------------------ -------------------------
2010 2009
---- ----
Net interest income $13,749 $12,497
Noninterest income 18,220 23,261
------ ------
Total revenue, net of interest expense 31,969 35,758
Provision for credit losses 9,805 13,380
Noninterest expense, before merger and
restructuring charges 17,254 16,237
Merger and restructuring charges 521 765
--- ---
Income before income taxes 4,389 5,376
Income tax expense 1,207 1,129
Net income $3,182 $4,247
====== ======
Preferred stock dividends and
accretion (1) 348 1,433
Net income applicable to common
shareholders $2,834 $2,814
====== ======
Earnings per common share $0.28 $0.44
Diluted earnings per common share 0.28 0.44
Three Months Ended March
Summary Average Balance Sheet 31
----------------------------- -------------------------
2010 2009
---- ----
Total loans and leases $991,615 $994,121
Debt securities 311,136 286,249
Total earning assets 1,933,060 1,912,483
Total assets 2,509,760 2,519,134
Total deposits 981,015 964,081
Shareholders' equity 229,891 228,766
Common shareholders' equity 200,380 160,739
Three Months Ended March
Performance Ratios 31
------------------ -------------------------
2010 2009
---- ----
Return on average assets 0.51% 0.68%
Return on average common shareholders'
equity 5.73 7.10
Three Months Ended March
Credit Quality 31
-------------- -------------------------
2010 2009
---- ----
Total net charge-offs $10,797 $6,942
Annualized net charge-offs as a % of
average loans and leases outstanding
(2) 4.44% 2.85%
Provision for credit losses $9,805 $13,380
Total consumer credit card managed net
losses n/a 3,794
Total consumer credit card managed net
losses as a % of average managed
credit card receivables n/a 8.62%
March 31
-------------------------
2010 2009
---- ----
Total nonperforming loans, leases and
foreclosed properties $35,925 $25,632
Nonperforming loans, leases and
foreclosed properties as a % of total
loans, leases and foreclosed
properties (2) 3.69% 2.64%
Allowance for loan and lease losses $46,835 $29,048
Allowance for loan and lease losses as
a % of total loans and leases
outstanding (2) 4.82% 3.00%
Capital Management March 31
------------------ -------------------------
2010 2009
---- ----
Risk-based capital:
Tier 1 common equity ratio 7.60% 4.49%
Tier 1 capital ratio 10.23 10.09
Total capital ratio 14.47 14.03
Tier 1 leverage ratio 6.46 7.07
Tangible equity ratio (3) 6.05 6.42
Tangible common equity ratio (4) 5.24 3.13
Period-end common shares issued and
outstanding 10,032,001 6,400,950
Three Months Ended March
31
-------------------------
2010 2009
---- ----
Shares issued (5) 1,381,757 1,383,514
Average common shares issued and
outstanding 9,177,468 6,370,815
Average diluted common shares issued
and outstanding 10,005,254 6,393,407
Dividends paid per common share $0.01 $0.01
Summary End of Period Balance Sheet March 31
----------------------------------- -------------------------
2010 2009
---- ----
Total loans and leases $976,042 $977,008
Total debt securities 316,360 262,638
Total earning assets 1,818,432 1,714,460
Total assets 2,333,200 2,321,963
Total deposits 976,102 953,508
Total shareholders' equity 229,823 239,549
Common shareholders' equity 211,859 166,272
Book value per share of common stock
(6) $21.12 $25.98
Tangible book value per share of
common stock (6) 11.70 10.88
(1) Fourth quarter 2009 includes $4.0 billion of accelerated
accretion from redemption of preferred stock issued to the U.S.
Treasury.
(2) Ratios do not include loans measured at fair value under the fair
value option at and for the three months ended March 31, 2010 and
2009.
(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 any 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.
(5) 2009 amounts include approximately 1.375 billion shares issued in
the Merrill Lynch acquisition.
(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 any 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 shares.
n/m = not meaningful
n/a = not applicable
Certain prior period amounts have been reclassified to conform to
current period presentation.
Bank of America Corporation and Subsidiaries
Business Segment Results
------------------------
(Dollars in millions)
For the three months ended March 31
Global Card
Deposits Services (1, 2)
------------------- ---------------------
2010 2009 2010 2009
Total revenue, net
of interest expense
(3) $3,632 $3,372 $6,804 $7,448
Provision for credit
losses 37 88 3,535 8,221
Noninterest expense 2,505 2,323 1,751 2,039
Net income (loss) 683 600 952 (1,752)
Efficiency ratio (3) 68.97% 68.89% 25.74% 27.38%
Return on average
equity 11.49 10.39 8.94 n/m
Average -total
loans and leases n/m n/m 189307 224013
Average -total
deposits $414,167 $376,287 n/m n/m
Home Loans &
Insurance
---------------------
2010 2009
Total revenue, net of interest
expense (3) $3,624 $5,235
Provision for credit losses 3,600 3,372
Noninterest expense 3,328 2,655
Net income (loss) (2,071) (494)
Efficiency ratio (3) 91.81% 50.72%
Return on average equity n/m n/m
Average -total loans and
leases 133745 125544
Average - total deposits n/m n/m
Global Commercial Global Banking &
Banking Markets
------- -------
2010 2009 2010 2009
---- ---- ---- ----
Total revenue, net
of interest expense
(3) $3,007 $2,683 $9,776 $8,981
Provision for credit
losses 916 1,765 256 347
Noninterest expense 954 961 4,386 4,724
Net income (loss) 713 (30) 3,218 2,509
Efficiency ratio (3) 31.71% 35.77% 44.86% 52.6%
Return on average
equity 6.82 n/m 23.64 22.05
Average -total
loans and leases $211,683 $235,386 $101,185 $123,061
Average -total
deposits 143,357 118,489 104,126 104,029
Global Wealth &
Investment Management
-----------
2010 2009
---- ----
Total revenue, net of interest
expense (3) $4,409 $4,346
Provision for credit losses 242 254
Noninterest expense 3,374 3,322
Net income (loss) 497 479
Efficiency ratio (3) 76.52% 76.45%
Return on average equity 8.83 11.10
Average -total loans and
leases $99,063 $110,535
Average - total deposits 224,514 250,913
All Other (1, 4)
----------------
2010 2009
---- ----
Total revenue, net
of interest expense
(3) $1,038 $4,015
Provision for credit
losses 1,219 (667)
Noninterest expense 1,477 978
Net income (loss) (810) 2,935
Average -total
loans and leases $256,126 $174,730
Average -total
deposits 70,417 91,674
(1) Global Card Services is presented in accordance with new
accounting guidance on consolidation of VIEs and transfers of
financial assets. Prior periods are presented on a managed basis.
(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.
n/m = not meaningful
Certain prior period amounts have been reclassified to conform to
current period presentation.
Bank of America Corporation and Subsidiaries
Supplemental Financial Data
---------------------------
(Dollars in millions)
Fully taxable-equivalent basis Three Months Ended March
data (1) 31
------------------------------ --------------------------
2010 2009
---- ----
Net interest income $14,070 $12,819
Total revenue, net of interest
expense 32,290 36,080
Net interest yield 2.93% 2.70%
Efficiency ratio 55.05 47.12
Other Data March 31
---------- -------------------------
2010 2009
---- ----
Full-time equivalent employees 283,914 286,625
Number of banking centers -
domestic 5,939 6,145
Number of branded ATMs -
domestic 18,135 18,532
(1) FTE basis is a non-GAAP measure. 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. (See Reconciliation to
GAAP Financial Measures on page 4).
Certain prior period amounts have been reclassified to conform to
current period presentation.
(CONTINUA)
