10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BANK OF AMERICA CORP /DE/ | |||
Ticker: BAC Fiscal Year: 2011 | |||
Consolidated Statement of Income | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 23, 2012) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Interest income | |||
| Loans and leases | $ 44,966 | 50,996 | 48,703 |
| Debt securities | 9,521 | 11,667 | 12,947 |
| Federal funds sold and securities borrowed or purchased under agreements to resell | 2,147 | 1,832 | 2,894 |
| Trading account assets | 5,961 | 6,841 | 7,944 |
| Other interest income | 3,641 | 4,161 | 5,428 |
| Total interest income | 66,236 | 75,497 | 77,916 |
| Interest expense | |||
| Deposits | 3,002 | 3,997 | 7,807 |
| Short-term borrowings | 4,599 | 3,699 | 5,512 |
| Trading account liabilities | 2,212 | 2,571 | 2,075 |
| Long-term debt | 11,807 | 13,707 | 15,413 |
| Total interest expense | 21,620 | 23,974 | 30,807 |
| Net interest income | 44,616 | 51,523 | 47,109 |
| Noninterest income | |||
| Card income | 7,184 | 8,108 | 8,353 |
| Service charges | 8,094 | 9,390 | 11,038 |
| Investment and brokerage services | 11,826 | 11,622 | 11,919 |
| Investment banking income | 5,217 | 5,520 | 5,551 |
| Equity investment income | 7,360 | 5,260 | 10,014 |
| Trading account profits | 6,697 | 10,054 | 12,235 |
| Mortgage banking income (loss) | (8,830) | 2,734 | 8,791 |
| Insurance income | 1,346 | 2,066 | 2,760 |
| Gains on sales of debt securities | 3,374 | 2,526 | 4,723 |
| Other income (loss) | 6,869 | 2,384 | (14) |
| Total other-than-temporary impairment losses | (360) | (2,174) | (3,508) |
| Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income | 61 | 1,207 | 672 |
| Net impairment losses recognized in earnings on available-for-sale debt securities | (299) | (967) | (2,836) |
| Total noninterest income | 48,838 | 58,697 | 72,534 [1] |
| Total revenue, net of interest expense | 93,454 | 110,220 | 119,643 |
| Provision for credit losses | 13,410 | 28,435 | 48,570 |
| Noninterest expense | |||
| Personnel | 36,965 | 35,149 | 31,528 |
| Occupancy | 4,748 | 4,716 | 4,906 |
| Equipment | 2,340 | 2,452 | 2,455 |
| Marketing | 2,203 | 1,963 | 1,933 |
| Professional fees | 3,381 | 2,695 | 2,281 |
| Amortization of intangibles | 1,509 | 1,731 | 1,978 |
| Data processing | 2,652 | 2,544 | 2,500 |
| Telecommunications | 1,553 | 1,416 | 1,420 |
| Other general operating | 21,101 | 16,222 | 14,991 |
| Goodwill impairment | 3,184 | 12,400 | 0 |
| Merger and restructuring charges | 638 | 1,820 | 2,721 |
| Total noninterest expense | 80,274 | 83,108 | 66,713 |
| Income (loss) before income taxes | (230) | (1,323) | 4,360 |
| Income tax expense (benefit) | (1,676) | 915 | (1,916) |
| Net income (loss) | 1,446 | (2,238) | 6,276 |
| Preferred stock dividends and accretion | 1,361 | 1,357 | 8,480 |
| Net income (loss) applicable to common shareholders | 85 | (3,595) | (2,204) |
| Per common share information | |||
| Earnings (loss) | 0.01 | (0.37) | (0.29) |
| Diluted earnings (loss) | 0.01 | (0.37) | (0.29) |
| Dividends paid | 0.04 | 0.04 | 0.04 |
| Average common shares issued and outstanding (in thousands) | 10,142,625 | 9,790,472 | 7,728,570 |
| Average diluted common shares issued and outstanding (in thousands) | 10,254,824 | 9,790,472 | 7,728,570 |
| [1] There were no material intersegment revenues. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BANK OF AMERICA CORP /DE/ | |||
Ticker: BAC Fiscal Year: 2011 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 23, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Operating activities | |||
| Net income (loss) | $ 1,446 | (2,238) | 6,276 |
| Reconciliation of net income (loss) to net cash provided by operating activities: | |||
| Provision for credit losses | 13,410 | 28,435 | 48,570 |
| Goodwill impairment | 3,184 | 12,400 | 0 |
| Gains on sales of debt securities | (3,374) | (2,526) | (4,723) |
| Depreciation and premises improvements amortization | 1,976 | 2,181 | 2,336 |
| Amortization of intangibles | 1,509 | 1,731 | 1,978 |
| Deferred income taxes | (1,949) | 608 | 370 |
| Net decrease in trading and derivative instruments | 20,230 | 20,775 | 59,822 |
| Net decrease in other assets | 50,230 | 5,213 | 28,553 |
| Net increase (decrease) in accrued expenses and other liabilities | (18,124) | 14,069 | (16,601) |
| Other operating activities, net | (4,048) | 1,946 | 3,150 |
| Net cash provided by operating activities | 64,490 | 82,594 | 129,731 |
| Investing activities | |||
| Net (increase) decrease in time deposits placed and other short-term investments | 105 | (2,154) | 19,081 |
| Net (increase) decrease in federal funds sold and securities borrowed or purchased under agreements to resell | (1,567) | (19,683) | 31,369 |
| Proceeds from sales of available-for-sale debt securities | 120,125 | 100,047 | 164,155 |
| Proceeds from paydowns and maturities of available-for-sale debt securities | 56,732 | 70,868 | 59,949 |
| Purchases of available-for-sale debt securities | (99,536) | (199,159) | (185,145) |
| Proceeds from maturities of held-to-maturity debt securities | 602 | 11 | 2,771 |
| Purchases of held-to-maturity debt securities | (35,552) | (100) | (3,914) |
| Proceeds from sales of loans and leases | 2,409 | 8,046 | 7,592 |
| Other changes in loans and leases, net | (6,059) | (2,550) | 21,257 |
| Net purchases of premises and equipment | (1,307) | (987) | (2,240) |
| Proceeds from sales of foreclosed properties | 2,532 | 3,107 | 1,997 |
| Cash received upon acquisition, net | 0 | 0 | 31,804 |
| Cash received due to impact of adoption of consolidation guidance | 0 | 2,807 | 0 |
| Other investing activities, net | 13,945 | 9,400 | 9,249 |
| Net cash provided by (used in) investing activities | 52,429 | (30,347) | 157,925 |
| Financing activities | |||
| Net increase in deposits | 22,611 | 36,598 | 10,507 |
| Net decrease in federal funds purchased and securities loaned or sold under agreements to repurchase | (30,495) | (9,826) | (62,993) |
| Net decrease in commercial paper and other short-term borrowings | (24,264) | (31,698) | (126,426) |
| Proceeds from issuance of long-term debt | 26,001 | 52,215 | 67,744 |
| Retirement of long-term debt | (101,814) | (110,919) | (101,207) |
| Proceeds from issuance of preferred stock and warrants | 5,000 | 0 | 49,244 |
| Repayment of preferred stock | 0 | 0 | (45,000) |
| Proceeds from issuance of common stock | 0 | 0 | 13,468 |
| Cash dividends paid | (1,738) | (1,762) | (4,863) |
| Other financing activities, net | 3 | 5 | (42) |
| Net cash provided by (used in) financing activities | (104,696) | (65,387) | (199,568) |
| Effect of exchange rate changes on cash and cash equivalents | (548) | 228 | 394 |
| Net increase (decrease) in cash and cash equivalents | 11,675 [1] | (12,912) [2] | 88,482 [3] |
| Cash and cash equivalents at January 1 | 108,427 | 121,339 | 32,857 |
| Cash and cash equivalents at December 31 | 120,102 | 108,427 | 121,339 |
| Supplemental cash flow disclosures | |||
| Interest paid | 25,207 | 21,166 | 37,602 |
| Income taxes paid | 1,653 | 1,465 | 2,964 |
| Income taxes refunded | (781) | (7,783) | (31) |
| [1] During 2011, the Corporation entered into an agreement with Assured Guaranty Ltd. and subsidiaries which resulted in non-cash increases to loans of $2.2 billion, other assets of $82 million and long-term debt of $2.3 billion.During 2011, the Corporation exchanged preferred stock, with a carrying value of $1.1 billion, for 92 million common shares valued at $522 million and senior notes valued at $360 million.During 2011, the Corporation exchanged trust preferred securities for 308 million common shares valu | |||
| [2] During 2010 and 2009, the Corporation securitized $2.4 billion and $14.0 billion of residential mortgage loans into mortgage-backed securities which were retained by the Corporation. There were no residential mortgage loans securitized into mortgage-backed securities which were retained by the Corporation during 2011.During 2010, the Corporation sold First Republic Bank in a non-cash transaction that reduced assets and liabilities by $19.5 billion and $18.1 billion. | |||
| [3] During 2009, the Corporation exchanged $14.8 billion of preferred stock by issuing approximately 1.0 billion in shares of common stock valued at $11.5 billion.During 2009, the Corporation exchanged credit card loans of $8.5 billion and the related allowance for loan and lease losses of $750 million for a $7.8 billion held-to-maturity debt security that was issued by the Corporations U.S. credit card securitization trust and retained by the Corporation.The acquisition-date fair values of non-cash assets acq | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BANK OF AMERICA CORP /DE/ | ||
Ticker: BAC Fiscal Year: 2011 | ||
Consolidated Balance Sheet | ||
Period Ending Dec 31, 2011 10-K (Filed: Feb 23, 2012) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2011 | Dec 31, 2010 | |
| Assets | ||
| Cash and cash equivalents | $ 120,102 | 108,427 |
| Time deposits placed and other short-term investments | 26,004 | 26,433 |
| Federal funds sold and securities borrowed or purchased under agreements to resell (includes $87,453 and $78,599 measured at fair value) | 211,183 | 209,616 |
| Trading account assets (includes $80,130 and $89,165 pledged as collateral) | 169,319 | 194,671 |
| Derivative assets (includes $58,891 and $58,297 pledged as collateral) | 73,023 | 73,000 |
| Debt securities: | ||
| Available-for-sale (includes $69,021 and $99,925 pledged as collateral) | 276,151 | 337,627 |
| Held-to-maturity, at cost (fair value - $35,442 and $427; $24,009 pledged as collateral in 2011) | 35,265 | 427 |
| Total debt securities | 311,416 | 338,054 |
| Loans and leases (includes $8,804 and $3,321 measured at fair value and $73,463 and $91,730 pledged as collateral) | 926,200 | 940,440 |
| Allowance for loan and lease losses | (33,783) | (41,885) |
| Loans and leases, net of allowance | 892,417 | 898,555 |
| Premises and equipment, net | 13,637 | 14,306 |
| Mortgage servicing rights (includes $7,378 and $14,900 measured at fair value) | 7,510 | 15,177 |
| Goodwill | 69,967 | 73,861 |
| Intangible assets | 8,021 | 9,923 |
| Loans held-for-sale (includes $7,630 and $25,942 measured at fair value) | 13,762 | 35,058 |
| Customer and other receivables | 66,999 | 85,704 |
| Other assets (includes $37,084 and $70,531 measured at fair value) | 145,686 | 182,124 |
| Total assets | 2,129,046 | 2,264,909 |
| Liabilities | ||
| Deposits in U.S. offices: | ||
| Noninterest-bearing | 332,228 | 285,200 |
| Interest-bearing (includes $3,297 and $2,732 measured at fair value) | 624,814 | 645,713 |
| Deposits in Non-U.S. offices: | ||
| Noninterest-bearing | 6,839 | 6,101 |
| Interest-bearing | 69,160 | 73,416 |
| Total Deposits | 1,033,041 | 1,010,430 |
| Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $34,235 and $37,424 measured at fair value) | 214,864 | 245,359 |
| Trading account liabilities | 60,508 | 71,985 |
| Derivative Liabilities | 59,520 | 55,914 |
| Commercial paper and other short-term borrowings (includes $6,558 and $7,178 measured at fair value) | 35,698 | 59,962 |
| Accrued expenses and other liabilities (includes $15,743 and $33,229 measured at fair value and $714 and $1,188 of reserve for unfunded lending commitments) | 123,049 | 144,580 |
| Long-term Debt | 372,265 | 448,431 |
| Total liabilities | 1,898,945 | 2,036,661 |
| Commitments and contingencies (Note 8 Securitizations and Other Variable Interest Entities, Note 9 Representations and Warranties Obligations and Corporate Guarantees and Note 14 Commitments and Contingencies) | ||
| Shareholders equity | ||
| Preferred stock, $0.01 par value; authorized 100,000,000 shares; issued and outstanding 3,689,084 and 3,943,660 shares | 18,397 | 16,562 |
| Common stock and additional paid-in capital, $0.01 par value; authorized 12,800,000,000 shares; issued and outstanding 10,535,937,957 and 10,085,154,806 shares | 156,621 | 150,905 |
| Retained earnings | 60,520 | 60,849 |
| Accumulated other comprehensive income (loss) | (5,437) | (66) |
| Other | 0 | (2) |
| Total shareholders equity | 230,101 | 228,248 |
| Total liabilities and shareholders equity | 2,129,046 | 2,264,909 |
| Variable Interest Entities by Classification of Entity | ||
| Consolidated VIEs | ||
| Trading account assets (includes $80,130 and $89,165 pledged as collateral) | 8,595 | 19,627 |
| Derivative assets (includes $58,891 and $58,297 pledged as collateral) | 1,634 | 2,027 |
| Available-for-sale (includes $69,021 and $99,925 pledged as collateral) | 0 | 2,601 |
| Loans and leases (includes $8,804 and $3,321 measured at fair value and $73,463 and $91,730 pledged as collateral) | 140,194 | 145,469 |
| Allowance for loan and lease losses | (5,066) | (8,935) |
| Loans and leases, net of allowance | 135,128 | 136,534 |
| Loans held-for-sale (includes $7,630 and $25,942 measured at fair value) | 1,635 | 1,953 |
| Other assets (includes $37,084 and $70,531 measured at fair value) | 4,769 | 7,086 |
| Total assets | 151,761 | 169,828 |
| Commercial paper and other short-term borrowings (includes $6,558 and $7,178 measured at fair value) | 5,777 | 6,742 |
| Long-term Debt | 49,054 | 71,013 |
| All other liabilities (includes $225 and $382 of non-recourse liabilities) | 1,116 | 9,141 |
| Total liabilities | 55,947 | 86,896 |
| External Links | |
| BANK OF AMERICA CORP /DE/ (BAC) Fiscal Year 2011 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |