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2006 Annual Report
 

Consolidated Statement of Income

Bank of America Corporation and Subsidiaries

Year Ended December 31
(Dollars in millions, except per share information) 2006 2005 2004
Interest income
Interest and fees on loans and leases
$
48,274
$
34,843
$
28,051
Interest and dividends on securities 11,655 10,937 7,256
Federal funds sold and securities purchased under agreements to resell 7,823 5,012 1,940
Trading account assets 7,232 5,743 4,016
Other interest income 3,601 2,091 1,690
Total interest income
 78,585 58,626 42,953
Interest expense
Deposits
$
14,480
$
9,492
$
5,921
Short-term borrowings 19,840 11,615 4,072
Trading account liabilities 2,640 2,364 1,317
Long-term debt 7,034 4,418 3,683
Total interest expense
 43,994 27,889 14,993
Net interest income 34,591 30,737 27,960
Noninterest income
Card income 14,293 5,753 4,592
Service charges 8,224 7,704 6,989
Investment and brokerage services 4,456 4,184 3,614
Investment banking income 2,317 1,856 1,886
Equity investment gains 3,189 2,212 1,024
Trading account profits 3,166 1,763 1,013
Mortgage banking income 541 805 414
Other income 2,246 1,077 1,473
Total noninterest income
 38,432 25,354 21,005
Total revenue 73,023 56,091 48,965
Provision for credit losses 5,010 4,014 2,769
Gains (losses) on sales of debt securities (443) 1,084 1,724
Noninterest expense
Personnel 18,211 15,054 13,435
Occupancy 2,826 2,588 2,379
Equipment 1,329 1,199 1,214
Marketing 2,336 1,255 1,349
Professional fees 1,078 930 836
Amortization of intangibles 1,755 809 664
Data processing 1,732 1,487 1,330
Telecommunications 945 827 730
Other general operating 4,580 4,120 4,457
Merger and restructuring charges 805 412 618
Total noninterest expense
 35,597 28,681 27,012
Income before income taxes 31,973 24,480 20,908
Income tax expense 10,840 8,015 6,961
Net income
$
21,133
$
16,465
$
13,947
Net income available to common shareholders
$
21,111
$
16,447
$
13,931
Per common share information
Earnings
$
4.66
$
4.10
$
3.71
Diluted earnings
$
4.59
$
4.04
$
3.64
Dividends paid
$
2.12
$
1.90
$
1.70
Average common shares issued and outstanding (in thousands) 4,526,637 4,008,688 3,758,507
Average diluted common shares issued and outstanding (in thousands) 4,595,896 4,068,140 3,823,943


See accompanying Notes to Consolidated Financial Statements.

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