Bank of America | Annual Report (2006) | Financial Review | Consolidated Financial Statements and Notes

The following tables present the Parent Company Only financial information:

Condensed Statement of Income
	Year Ended December 31
(Dollars in millions)	2006	2005	2004
Income
Dividends from subsidiaries:
Bank subsidiaries	$ 15,950	$ 10,400	$ 8,100
Other subsidiaries	111	63	133
Interest from subsidiaries	3,944	2,581	1,085
Other income	2,346	1,719	2,463
Total income	22,351	14,763	11,781
Expense
Interest on borrowed funds	5,799	3,843	2,876
Noninterest expense	3,019	2,636	2,057
Total expense	8,818	6,479	4,933
Income before income taxes and equity in undistributed earnings of subsidiaries	13,533	8,284	6,848
Income tax benefit	1,002	791	360
Income before equity in undistributed earnings of subsidiaries	14,535	9,075	7,208
Equity in undistributed earnings of subsidiaries:
Bank subsidiaries	5,613	6,518	6,165
Other subsidiaries	985	872	574
Total equity in undistributed earnings of subsidiaries	6,598	7,390	6,739
Net income	$ 21,133	$ 16,465	$ 13,947
Net income available to common shareholders	$ 21,111	$ 16,447	$ 13,931

Condensed Balance Sheet
	December 31
(Dollars in millions)	2006	2005
Assets
Cash held at bank subsidiaries	$ 54,989	$ 49,670
Securities	2,932	2,285
Receivables from subsidiaries:
Bank subsidiaries	17,063	14,581
Other subsidiaries	20,661	18,766
Investments in subsidiaries:
Bank subsidiaries	162,291	119,210
Other subsidiaries	6,488	2,472
Other assets	19,118	13,685
Total assets	$ 283,542	$ 220,669
Liabilities and shareholders' equity
Commercial paper and other short-term borrowings	$ 31,852	$ 19,333
Accrued expenses and other liabilities	9,929	7,228
Payables to subsidiaries:
Bank subsidiaries	857	1,824
Other subsidiaries	76	2,479
Long-term debt	105,556	88,272
Shareholders' equity	135,272	101,533
Total liabilities and shareholders' equity	$ 283,542	$ 220,669

Condensed Statement of Cash Flows
	Year Ended December 31
(Dollars in millions)	2006	2005	2004
Operating activities
Net income	$ 21,133	$ 16,465	$ 13,947
Reconciliation of net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(6,598)	(7,390)	(6,739)
Other operating activities, net	2,159	(1,035)	(1,487)
Net cash provided by operating activities	16,694	8,040	5,721
Investing activities
Net (purchases) sales of securities	(705)	403	(1,348)
Net payments from (to) subsidiaries	(13,673)	(3,145)	821
Other investing activities, net	(1,300)	(3,001)	3,348
Net cash provided by (used in) investing activities	(15,678)	(5,743)	2,821
Financing activities
Net increase (decrease) in commercial paper and other short-term borrowings	12,519	(292)	15,937
Proceeds from issuance of long-term debt	28,412	20,477	19,965
Retirement of long-term debt	(15,506)	(11,053)	(9,220)
Proceeds from issuance of preferred stock	2,850	—	—
Redemption of preferred stock	(270)	—	—
Proceeds from issuance of common stock	3,117	2,846	3,712
Common stock repurchased	(14,359)	(5,765)	(6,286)
Cash dividends paid	(9,661)	(7,683)	(6,468)
Other financing activities, net	(2,799)	1,705	520
Net cash provided by financing activities	4,303	235	18,160
Net increase in cash held at bank subsidiaries	5,319	2,532	26,702
Cash held at bank subsidiaries at January 1	49,670	47,138	20,436
Cash held at bank subsidiaries at December 31	$ 54,989	$ 49,670	$ 47,138