Three Months Ended Six Months Ended
Performance Ratios June 30 June 30
------------------- ------------------- -----------------
2009 2008 2009 2008
---- ---- ---- ----
Return on average assets 0.53% 0.78% 0.61% 0.53%
Return on average common
shareholders' equity 5.59 9.25 6.31 6.06
Three Months Ended Six Months Ended
Credit Quality June 30 June 30
-------------- ------------------- -----------------
2009 2008 2009 2008
---- ---- ---- ----
Total net charge-offs $8,701 $3,619 $15,643 $6,334
Annualized net charge-
offs as a % of average
loans and leases
outstanding (1) 3.64% 1.67% 3.24% 1.46%
Provision for
credit losses $13,375 $5,830 $26,755 $11,840
Total consumer
credit card
managed net losses 5,047 2,751 8,841 5,123
Total consumer credit
card managed net
losses as a % of
average managed credit
card receivables 11.73% 5.96% 10.16% 5.58%
June 30
---------------
2009 2008
---- ----
Total nonperforming
assets $30,982 $9,749
Nonperforming assets as
a % of total loans,
leases and foreclosed
properties (1) 3.31% 1.13%
Allowance for loan
and lease losses $33,785 $17,130
Allowance for loan and
lease losses as a % of
total loans and leases
outstanding (1) 3.61% 1.98%
Capital Management June 30
------------------ ---------------
2009 2008
---- ----
Risk-based capital
ratios:
Tier 1 11.93% 8.25%
Tier 1 common 6.90 4.78
Total 15.99 12.60
Tangible equity ratio (2) 7.39 4.72
Tangible common equity
ratio (3) 4.67 3.24
Period-end common
shares issued and
outstanding 8,651,459 4,452,947
Three Months Ended Six Months Ended
June 30 June 30
------------------- -----------------
2009 2008 2009 2008
---- ---- ---- ----
Shares issued (4) 2,250,509 137 3,634,024 15,062
Average common
shares issued and
outstanding 7,241,515 4,435,719 6,808,262 4,431,870
Average diluted common
shares issued and
outstanding 7,269,518 4,444,098 6,836,972 4,445,428
Dividends paid per
common share $0.01 $0.64 $0.02 $1.28
June 30
Summary End of Period ---------------
Balance Sheet 2009 2008
--------------------- ---- ----
Total loans and leases $942,248 $870,464
Total debt securities 267,238 249,859
Total earning assets 1,721,618 1,458,796
Total assets 2,254,394 1,716,875
Total deposits 970,742 784,764
Total shareholders'
equity 255,152 162,691
Common shareholders'
equity 196,492 138,540
Book value per share of
common stock $22.71 $31.11
----------------------------------------------------------
(1) Ratios do not include loans measured at fair value in accordance
with SFAS 159 at and for the three and six months ended June 30,
2009 and 2008.
(2) Tangible equity ratio equals 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.
(3) Tangible common equity ratio equals common 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) 2009 amounts include approximately 1.375 billion shares issued in the
Merrill Lynch acquisition.
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 June 30
Global Card Home Loans
Deposits Services (1, 2) & Insurance
-------------- --------------- -------------
2009 2008 2009 2008 2009 2008
---- ---- ---- ---- ---- ----
Total revenue,
net of
interest
expense (3) $3,495 $4,400 $7,337 $7,500 $4,461 $1,261
Provision for
credit losses 96 89 7,741 4,259 2,726 2,034
Noninterest
expense 2,649 2,324 1,976 2,375 2,829 732
Net income
(loss) 505 1,238 (1,618) 582 (725) (948)
Efficiency
ratio (3) 75.80% 52.82% 26.93% 31.67% 63.41% 58.02%
Return on
average
equity 8.58 20.30 n/m 6.01 n/m n/m
Average - total
loans and
leases n/m n/m $220,365 $238,918 $131,509 $91,199
Average -
total
deposits $417,114 $337,253 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) $8,658 $4,455 $4,452 $1,378 $4,196 $2,295
Provision for
credit losses 2,584 400 (1) (38) 238 119
Noninterest
expense 2,232 1,747 2,559 951 3,304 1,244
Net income 2,487 1,433 1,377 298 441 581
Efficiency
ratio (3) 25.78% 39.24% 57.46% 69.04% 78.74% 54.21%
Return on
average
equity 16.50 11.85 17.81 9.90 9.45 19.84
Average - total
loans and
leases $323,217 $315,282 n/m n/m $101,748 $87,574
Average -
total
deposits 199,879 169,738 n/m n/m 214,111 157,113
All Other (1, 4)
----------------
2009 2008
---- ----
Total revenue,
net of
interest
expense (3) $487 $(563)
Provision for
credit losses (9) (1,033)
Noninterest
expense 1,471 286
Net income 757 226
Average - total
loans and
leases $159,142 $117,504
Average -
total
deposits 108,079 96,998
--------------------------------------------------
(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.
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.
(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
