Exhibit No. 99.2
Bank Of America
Supplemental Information
Third Quarter 2001
October 15, 2001
This information is preliminary and based on company data available at the time
of the presentation. It speaks only as of the particular date or dates included
in the accompanying pages. Bank of America does not undertake an obligation to,
and disclaims any duty to, correct or update any of the information provided.
Any forward-looking statements in this information are subject to the
forward-looking language contained in Bank of America's reports filed with the
SEC pursuant to the Securities Exchange Act of 1934, which are available at the
SEC's website (www.sec.gov) or at Bank of America's website
(www.bankofamerica.com). Bank of America's future financial performance is
subject to risks and uncertainties as described in its SEC filings.
Bank of America
Consolidated Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions, except per share information; shares in thousands)
Third Second First Fourth Third
Quarter Quarter Quarter Quarter Quarter
2001 2001 2001 2000 2000
-----------------------------------------------------------------------
Operating Basis/(1)/
Income statement (taxable-equivalent basis)
Total revenue $ 8,719 $ 8,858 $ 8,501 $ 8,086 $ 8,317
Provision for credit losses 856 800 835 1,210 435
Gains (losses) on sales of securities 97 (7) (8) 2 11
Other noninterest expense 4,606 4,821 4,654 4,637 4,410
Income tax expense 1,263 1,207 1,134 856 1,308
Net income 2,091 2,023 1,870 1,385 2,175
Average diluted common shares issued and outstanding 1,634,063 1,632,964 1,631,099 1,638,863 1,661,031
Diluted earnings per common share $ 1.28 $ 1.24 $ 1.15 $ 0.85 $ 1.31
Performance ratios
Return on average assets 1.29 % 1.24 % 1.17 % 0.81 % 1.26 %
Return on average common shareholders' equity 16.87 16.67 15.86 11.57 18.15
Efficiency ratio 52.82 54.44 54.73 57.35 53.01
Shareholder value added $ 824 $ 791 $ 679 $ 164 $ 953
Cash basis financial data/(2)/
Earnings 2,310 2,246 2,093 1,599 2,390
Diluted earnings per common share 1.41 1.38 1.28 0.98 1.44
Return on average assets 1.43 % 1.37 % 1.31 % 0.94 % 1.39 %
Return on average common shareholders' equity 18.64 18.52 17.75 13.36 19.94
Efficiency ratio 50.32 51.92 52.11 54.70 50.43
==================================================================================================================================
As Reported
Income statement (taxable-equivalent basis)
Total revenue $ 8,719 $ 8,858 $ 8,501 $ 8,086 $ 8,317
Provision for credit losses 1,251 800 835 1,210 435
Gains (losses) on sales of securities 97 (7) (8) 2 11
Business exit costs 1,305 - - - -
Restructuring charges - - - - 550
Other noninterest expense 4,606 4,821 4,654 4,637 4,410
Income tax expense 813 1,207 1,134 856 1,104
Net income 841 2,023 1,870 1,385 1,829
Diluted earnings per common share 0.51 1.24 1.15 0.85 1.10
Cash dividends paid per common share 0.56 0.56 0.56 0.56 0.50
Performance ratios
Return on average assets 0.52 % 1.24 % 1.17 % 0.81 % 1.06 %
Return on average common shareholders' equity 6.78 16.67 15.86 11.57 15.25
Net interest yield 3.78 3.61 3.39 3.21 3.10
Book value per share $ 31.66 $ 30.75 $ 30.47 $ 29.47 $ 28.69
Cash basis financial data/(2)/
Earnings 1,060 2,246 2,093 1,599 2,044
Diluted earnings per common share 0.65 1.38 1.28 0.98 1.23
Return on average assets 0.65 % 1.37 % 1.31 % 0.94 % 1.18 %
Return on average common shareholders' equity 8.55 18.52 17.75 13.36 17.01
==================================================================================================================================
Market price per share of common stock:
High for the period $ 65.54 $ 62.18 $ 55.94 $ 54.75 $ 57.63
Low for the period 50.25 48.65 45.00 36.31 43.63
Closing price 58.40 60.03 54.75 45.88 52.38
Market capitalization 92,396 96,116 87,709 74,033 85,423
Number of banking centers 4,274 4,275 4,339 4,390 4,419
Number of ATM's 13,009 12,883 12,866 12,921 12,840
Full-time equivalent employees 143,824 144,287 143,584 142,724 146,346
(1) Operating basis excludes the following: provision for credit losses of $395
million and noninterest expense of $1.3 billion related to the exit of
certain consumer finance businesses in the third quarter of 2001 and
restructuring charges of $550 million in the third quarter of 2000.
(2) Cash basis calculations exclude goodwill and other intangible amortization
expense.
Certain prior period amounts have been reclassified to conform to current period
classifications.
1
[GRAPHIC]
Business Segment Cash Basis Operating Earnings /(1)/
Third Quarter 2001
(Dollars in millions)
Business Segment
----------------------------------------------------------------------
Consumer & Commercial Banking $1,414 61 %
Asset Management $ 163 7 %
Global Corporate & Investment Banking $ 512 22 %
Equity Investments $ (56) (2)%
Corporate Other $ 277 12 %
--------------------------------
Total Corporation $2,310 100 %
================================
Consumer & Commercial Banking
----------------------------------------------------------------------
Banking Regions $ 827 59 %
Consumer Products $ 344 24 %
Commercial Banking $ 243 17 %
--------------------------------
Total CCB $1,414 100 %
================================
Global Corporate & Investment Banking
----------------------------------------------------------------------
Global Investment Banking $ 209 41 %
Global Credit Products $ 208 41 %
Global Treasury Services $ 95 18 %
--------------------------------
Total GCIB $ 512 100 %
================================
(1) Operating basis excludes the following: provision for credit losses of $395
million and noninterest expense of $1.3 billion related to the exit of
certain consumer finance businesses.
2
Consumer and Commercial Banking Segment
Consumer and Commercial Banking Segment Results
-----------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)
Quarterly Year-to-Date
------------------------------------------ -------------------------------
Key Measures /(1)/ 3 Qtr 01 2 Qtr 01 3 Qtr 00 2001 2000
------------ ------------- ------------- ----------- ------------ ---------------
Total Revenue $ 5,369 $ 5,242 $ 5,078 $ 15,675 $ 14,716
Provision for Credit Losses 433 388 211 1,230 786
Net Income 1,253 1,216 1,261 3,601 3,394
Cash Basis Earnings 1,414 1,377 1,422 4,084 3,882
Shareholder Value Added 828 802 831 2,348 2,099
Return on Average Equity 25.7% 25.4% 25.6% 24.9% 22.8%
Cash Basis Return on Average Equity 29.0 28.7 28.9 28.2 26.1
Efficiency Ratio 53.8 54.5 55.0 54.5 56.7
Cash Basis Efficiency Ratio 50.8 51.5 51.8 51.4 53.4
Selected Average Balance
Sheet Components
----------------
Total Loans and Leases $ 182,792 $ 182,414 $ 175,608 $ 181,567 $ 172,737
Total Deposits 266,351 264,674 256,725 263,618 256,456
Total Earning Assets 265,508 263,609 255,849 262,116 256,144
Consumer and Commercial Banking Sub-Segment Results
-----------------------------------------------------------------------------------------------------------------------------------
Quarterly Year-to-Date
------------------------------------------ -------------------------------
Key Measures /(1)/ 3 Qtr 01 2 Qtr 01 3 Qtr 00 2001 2000
------------ ------------- ------------- ----------- ------------ ---------------
Banking Regions
---------------
Total Revenue $ 3,158 $ 3,059 $ 3,053 $ 9,174 $ 8,912
Shareholder Value Added 489 445 472 1,333 1,225
Cash Basis Earnings 827 779 811 2,338 2,251
Cash Basis Efficiency Ratio 56.9% 58.1% 56.3% 58.0% 58.3%
Consumer Products
-----------------
Total Revenue $ 1,318 $ 1,282 $ 1,121 $ 3,823 $ 3,078
Shareholder Value Added 234 244 222 712 457
Cash Basis Earnings 344 352 328 1,036 780
Cash Basis Efficiency Ratio 40.1% 41.0% 43.4% 40.9% 47.1%
Commercial Banking
------------------
Total Revenue $ 893 $ 901 $ 904 $ 2,678 $ 2,726
Shareholder Value Added 105 113 137 303 417
Cash Basis Earnings 243 246 283 710 851
Cash Basis Efficiency Ratio 44.9% 43.7% 47.0% 43.7% 44.4%
-----------------------------------------------------------------------------------------------------------------------------------
(1) Cash basis calculations exclude goodwill and other intangible amortization
expense.
Certain prior period amounts have been reclassified between segments to conform
to the current period presentation.
3
Asset Management Segment
Asset Management Segment Results
------------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)
Quarterly Year-to-Date
----------------------------------------------- ---------------------------
Key Measures/(1)/ 3 Qtr 01 2 Qtr 01 3 Qtr 00 2001 2000
------------- ---------- ---------- ---------- ---------- ----------
Total Revenue $ 609 $ 625 $ 603 $ 1,842 $ 1,832
Provision for Credit Losses 16 63 - 87 9
Net Income 148 113 155 389 467
Cash Basis Earnings 163 127 163 432 490
Shareholder Value Added 96 61 113 234 341
Return on Average Equity 26.8 % 20.4 % 37.4 % 23.5 % 37.7 %
Cash Basis Return on Average Equity 29.4 23.0 39.2 26.1 39.6
Efficiency Ratio 59.5 62.1 58.2 62.1 58.2
Cash Basis Efficiency Ratio 57.2 59.8 57.0 59.8 57.0
Selected Average Balance
Sheet Components
----------------
Total Loans and Leases $ 24,631 $ 24,352 $ 23,221 $ 24,328 $ 22,302
Total Deposits 11,837 11,999 11,444 11,883 11,343
Total Earning Assets 25,820 25,563 24,300 25,515 23,361
Assets under Management (period end) 280,429 289,529 275,123 280,429 275,123
------------------------------------------------------------------------------------------------------------------------------------
(1) Cash basis calculations exclude goodwill and other intangible amortization
expense.
Certain prior period amounts have been reclassified between segments to conform
to the current period presentation.
4
Global Corporate and Investment Banking Segment
Global Corporate and Investment Banking Segment Results
------------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)
Quarterly Year-to-Date
---------------------------------------------- ---------------------------
Key Measures/(1)/ 3 Qtr 01 2 Qtr 01 3 Qtr 00 2001 2000
------------ ---------- ---------- ---------- ---------- ----------
Total Revenue $ 2,208 $ 2,334 $ 1,975 $ 6,916 $ 6,287
Provision for Credit Losses 284 252 118 780 270
Net Income 476 454 516 1,467 1,670
Cash Basis Earnings 512 491 550 1,576 1,774
Shareholder Value Added 169 139 151 521 595
Return on Average Equity 16.6 % 15.5 % 15.5 % 16.7 % 17.0 %
Cash Basis Return on Average Equity 17.9 16.8 16.5 17.9 18.1
Efficiency Ratio 53.7 58.4 55.4 55.5 55.5
Cash Basis Efficiency Ratio 52.0 56.8 53.7 53.9 53.9
Selected Average Balance
Sheet Components
----------------
Total Loans and Leases $ 76,643 $ 84,958 $ 97,298 $ 84,336 $ 94,260
Total Deposits 68,472 67,439 71,861 67,288 68,390
Total Earning Assets 190,149 195,698 196,338 193,790 188,089
Global Corporate and Investment Banking Sub-Segment Results
------------------------------------------------------------------------------------------------------------------------------------
Quarterly Year-to-Date
---------------------------------------------- ---------------------------
Key Measures/(1)/ 3 Qtr 01 2 Qtr 01 3 Qtr 00 2001 2000
------------ ---------- ---------- ---------- ---------- ----------
Global Investment Banking
-------------------------
Total Revenue $ 1,062 $ 1,275 $ 975 $ 3,710 $ 3,259
Shareholder Value Added 98 122 110 450 424
Cash Basis Earnings 209 227 215 766 731
Cash Basis Efficiency Ratio 69.7 % 72.0 % 67.8 % 67.8 % 66.7 %
Global Credit Products
----------------------
Total Revenue $ 746 $ 687 $ 657 $ 2,085 $ 2,014
Shareholder Value Added (8) (39) (11) (109) 29
Cash Basis Earnings 208 192 268 580 855
Cash Basis Efficiency Ratio 20.6 % 22.4 % 21.2 % 21.5 % 22.1 %
Global Treasury Services
------------------------
Total Revenue $ 400 $ 372 $ 343 $ 1,121 $ 1,014
Shareholder Value Added 79 56 52 180 142
Cash Basis Earnings 95 72 67 230 188
Cash Basis Efficiency Ratio 63.8 % 68.6 % 75.8 % 68.2 % 76.0 %
------------------------------------------------------------------------------------------------------------------------------------
(1) Cash basis calculations exclude goodwill and other intangible amortization
expense.
Certain prior period amounts have been reclassified between segments to conform
to the current period presentation.
5
Equity Investments Segment
Equity Investments Segment Results
------------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)
Quarterly Year-to-Date
-------------------------------------------------- -----------------------------------
Key Measures/(1)/ 3 Qtr 01 2 Qtr 01 3 Qtr 00 2001 2000
------------- -------------- ------------- ---------------- -------------- -----------------
Total Revenue ($54) $ 76 $ 346 $ 127 $ 955
Provision for Credit Losses - - - - 3
Net Income (58) 19 197 (2) 534
Cash Basis Earnings (56) 22 200 6 542
Shareholder Value Added (128) (51) 141 (206) 377
Return on Average Equity (9.4) % 3.1 % 40.1 % (0.1) % 38.8 %
Cash Basis Return on Average Equity (8.9) 3.5 40.6 0.4 39.4
Efficiency Ratio n/m 63.8 7.0 106.7 8.5
Cash Basis Efficiency Ratio n/m 60.4 6.3 100.5 7.7
Selected Average Balance
Sheet Components
----------------
Total Loans and Leases $ 468 $ 491 $ 450 $ 487 $ 428
Total Deposits - 15 18 17 13
Total Earning Assets 489 513 469 502 450
------------------------------------------------------------------------------------------------------------------------------------
(1) Cash basis calculations exclude goodwill and other intangible amortization
expense.
Certain prior period amounts have been reclassified between segments to conform
to the current period presentation.
6
Corporate Other /(1)/
Corporate Other Segment Results - Operating Basis /(2)/
-------------------------------------------------------------------------------------------------
(Dollars in millions)
Quarterly Year-to-Date
----------------------------------- ------------------------
Key Measures /(3)/ 3 Qtr 01 2 Qtr 01 3 Qtr 00 2001 2000
------------- ------------ ---------- ---------- -------- ----------
Total Revenue $ 587 $ 581 $ 315 $ 1,518 $ 1,378
Provision for Credit Losses 123 97 106 394 257
Operating net Income 272 221 46 529 413
Cash Basis Earnings 277 229 55 551 440
Shareholder Value Added (141) (160) (283) (604) (496)
Selected Average Balance
Sheet Components
----------------
Total Loans and Leases $73,192 $91,286 $106,186 $85,543 $100,569
Total Deposits 16,669 19,221 16,686 17,987 15,661
Total Earning Assets 75,142 82,245 120,292 80,115 112,985
-------------------------------------------------------------------------------------------------
(1) Corporate Other consists primarily of the functions associated with
managing the interest rate risk of the Corporation and the consumer
finance businesses exited in the third quarter of 2001.
(2) Operating basis excludes the following: provision for credit losses of $395
million and noninterest expense of $1.3 billion related to the exit of
certain consumer finance businesses in the third quarter of 2001 and
restructuring charges of $550 million in the third quarter of 2000.
(3) Cash basis calculations exclude goodwill and other intangible amortization
expense.
Certain prior period amounts have been reclassified between segments to conform
to the current period presentation.
7
Bank of America Corporation
Consolidated Statement of Income - Operating Basis/(1)/
----------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions, except per share information; shares in thousands)
Third Second First Fourth Third
Quarter Quarter Quarter Quarter Quarter
2001 2001 2001 2000 2000
-----------------------------------------------------------------------
Interest Income
Interest and fees on loan and leases $ 6,511 $ 7,201 $ 7,659 $ 8,224 $ 8,283
Interest and dividends on securities 891 894 846 1,177 1,251
Federal funds sold and securities purchased
under agreements to resell 321 405 435 551 633
Trading account assets 930 936 846 751 744
Other interest income 669 489 455 434 324
-----------------------------------------------------------------------
Total interest income 9,322 9,925 10,241 11,137 11,235
-----------------------------------------------------------------------
Interest expense
Deposits 2,097 2,363 2,713 2,924 2,868
Short-term borrowings 869 1,221 1,377 1,942 2,223
Trading account liabilities 285 312 290 285 237
Long-term debt 867 999 1,222 1,322 1,344
-----------------------------------------------------------------------
Total interest expense 4,118 4,895 5,602 6,473 6,672
-----------------------------------------------------------------------
Net interest income 5,204 5,030 4,639 4,664 4,563
Noninterest income
Consumer service charges 712 714 694 706 684
Corporate service charges 528 511 499 475 474
-----------------------------------------------------------------------
Total service charges 1,240 1,225 1,193 1,181 1,158
-----------------------------------------------------------------------
Consumer investment and brokerage services 386 399 379 358 357
Corporate investment and brokerage services 142 137 136 123 114
-----------------------------------------------------------------------
Total investment and brokerage services 528 536 515 481 471
-----------------------------------------------------------------------
Mortgage banking income 109 196 121 146 121
Investment banking income 305 455 346 366 376
Equity investment gains 22 171 147 (65) 422
Card income 618 601 573 595 594
Trading account profits/(2)/ 433 376 699 293 402
Other income 174 181 186 331 131
-----------------------------------------------------------------------
Total noninterest income 3,429 3,741 3,780 3,328 3,675
-----------------------------------------------------------------------
Total revenue 8,633 8,771 8,419 7,992 8,238
Provision for credit losses 856 800 835 1,210 435
Gains/(losses) on sales of securities 97 (7) (8) 2 11
Other noninterest expense
Personnel 2,304 2,534 2,401 2,257 2,298
Occupancy 448 428 433 434 419
Equipment 273 271 291 291 285
Marketing 165 174 177 223 147
Professional fees 144 141 126 154 100
Amortization of intangibles 219 223 223 214 215
Data processing 175 187 190 172 167
Telecommunications 121 128 119 136 127
Other general operating 613 574 545 585 509
General administrative 144 161 149 171 143
-----------------------------------------------------------------------
Total other noninterest expense 4,606 4,821 4,654 4,637 4,410
-----------------------------------------------------------------------
Operating income before income taxes 3,268 3,143 2,922 2,147 3,404
Income tax expense 1,177 1,120 1,052 762 1,229
-----------------------------------------------------------------------
Operating net income $ 2,091 $ 2,023 $ 1,870 $ 1,385 $ 2,175
-----------------------------------------------------------------------
Operating income available to common shareholders 2,089 2,022 1,869 1,383 2,174
-----------------------------------------------------------------------
Per share information
Operating earnings per common share 1.31 1.26 1.16 0.85 1.33
-----------------------------------------------------------------------
Diluted operating earnings per common share 1.28 1.24 1.15 0.85 1.31
-----------------------------------------------------------------------
Dividends per common share 0.56 0.56 0.56 0.56 0.50
-----------------------------------------------------------------------
Average common shares issued and outstanding 1,599,692 1,601,537 1,608,890 1,623,721 1,639,392
-----------------------------------------------------------------------
Average diluted common shares issued and outstanding 1,634,063 1,632,964 1,631,099 1,638,863 1,661,031
-----------------------------------------------------------------------
As reported
Net income $ 841 $ 2,023 $ 1,870 $ 1,385 $ 1,829
Net income available to common shareholders 839 2,022 1,869 1,383 1,828
Earnings per common share 0.52 1.26 1.16 0.85 1.11
Diluted earnings per common share 0.51 1.24 1.15 0.85 1.10
(1) Operating basis excludes the following: provision for credit losses of
$395 million and noninterest expense of $1.3 billion related to the exit
of certain consumer finance businesses in the third quarter of 2001 and
restructuring charges of $550 million in the third quarter of 2000.
(2) Trading account profits for the first quarter of 2001 included the $83
million transition adjustment loss resulting from adoption of Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities," on January 1, 2001.
Certain prior period amounts have been reclassified to conform to current period
classifications.
8
Bank of America Corporation
Consolidated Balance Sheet
---------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)
September 30 June 30 September 30
2001 2001 2000
---------------------------------------------------------------------------------------------------------------------------------
Assets
Cash and cash equivalents $ 23,280 $ 25,405 $ 24,395
Time deposits placed and other short-term investments 4,629 4,452 5,467
Federal funds sold and securities purchased under agreements to resell 26,450 28,317 33,408
Trading account assets 53,471 50,740 47,198
Derivative assets 23,816 16,881 15,398
Securities:
Available-for-sale 74,815 53,410 79,747
Held-to-maturity 1,149 1,167 1,356
---------------------------------------------------------------------------------------------------------------------------------
Total securities 75,964 54,577 81,103
---------------------------------------------------------------------------------------------------------------------------------
Loans and leases 339,018 380,425 402,592
Allowance for credit losses (6,665) (6,911) (6,739)
---------------------------------------------------------------------------------------------------------------------------------
Loans and leases, net of allowance for credit losses 332,353 373,514 395,853
---------------------------------------------------------------------------------------------------------------------------------
Premises and equipment, net 6,372 6,371 6,450
Interest receivable 3,355 3,593 4,620
Mortgage banking assets 3,477 4,337 4,029
Goodwill 11,028 11,864 11,803
Core deposits and other intangibles 1,330 1,392 1,554
Other assets 74,580 44,082 40,447
---------------------------------------------------------------------------------------------------------------------------------
Total assets $ 640,105 $ 625,525 $ 671,725
---------------------------------------------------------------------------------------------------------------------------------
Liabilities
Deposits in domestic offices:
Noninterest-bearing $ 98,881 $ 100,199 $ 92,050
Interest-bearing 215,569 213,036 207,801
Deposits in foreign offices:
Noninterest-bearing 1,854 1,490 1,515
Interest-bearing 43,566 48,761 52,622
---------------------------------------------------------------------------------------------------------------------------------
Total deposits 359,870 363,486 353,988
---------------------------------------------------------------------------------------------------------------------------------
Federal funds purchased and securities sold under agreements to repurchase 59,839 52,189 72,896
Trading account liabilities 22,575 20,866 25,354
Derivative liabilities 18,193 13,078 18,877
Commercial paper 2,544 3,156 10,330
Other short-term borrowings 20,396 32,348 45,271
Accrued expenses and other liabilities 40,369 22,902 23,783
Long-term debt 61,213 63,243 69,412
Trust preferred securities 4,955 4,955 4,955
---------------------------------------------------------------------------------------------------------------------------------
Total liabilities 589,954 576,223 624,866
---------------------------------------------------------------------------------------------------------------------------------
Shareholders' equity
Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and
outstanding 1,556,979; 1,587,066 and 1,732,349 shares 67 68 74
Common stock, $0.01 par value; authorized - 5,000,000,000 shares; issued and
outstanding 1,582,129,416; 1,601,126,336 and 1,630,823,577 shares 6,491 7,629 9,397
Retained earnings 41,857 41,912 39,338
Accumulated other comprehensive income/(loss) 1,731 (262) (1,808)
Other 5 (45) (142)
---------------------------------------------------------------------------------------------------------------------------------
Total shareholders' equity 50,151 49,302 46,859
---------------------------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $ 640,105 $ 625,525 $ 671,725
---------------------------------------------------------------------------------------------------------------------------------
9
Bank of America Corporation
Quarterly Average Balances and Interest Rates - Taxable-Equivalent Basis
====================================================================================================================================
(Dollars in millions)
Third Quarter 2001 Second Quarter 2001
----------------------------------- --------------------------------
Interest Interest
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
------------- --------- --------- ---------- --------- --------
Earning assets
Time deposits placed and other short-term investments $ 5,881 $ 71 4.84 % $ 7,085 $ 81 4.58 %
Federal funds sold and securities purchased under
agreements to resell 36,133 321 3.54 33,859 405 4.79
Trading account assets 68,258 937 5.46 67,311 944 5.62
Total securities/(1)/ 58,930 902 6.12 55,719 909 6.53
Loans and leases/(2)/
Commercial - domestic 129,673 2,343 7.17 139,096 2,585 7.45
Commercial - foreign 25,267 353 5.54 27,449 421 6.14
Commercial real estate - domestic 24,132 395 6.50 25,293 459 7.28
Commercial real estate - foreign 366 5 5.78 352 5 6.64
----------------------------- ------------------------------
Total commercial 179,438 3,096 6.85 $ 192,190 3,470 7.24
----------------------------- ------------------------------
Residential mortgage 80,526 1,457 7.22 84,346 1,546 7.34
Home equity lines 22,115 394 7.06 21,958 424 7.75
Direct/Indirect consumer 39,481 753 7.56 40,117 736 7.35
Consumer finance 16,358 359 8.77 26,843 608 9.06
Bankcard 17,632 493 11.11 15,755 445 11.32
Foreign consumer 2,176 28 5.28 2,291 35 6.20
----------------------------- ------------------------------
Total consumer 178,288 3,484 7.78 191,310 3,794 7.94
----------------------------- ------------------------------
Total loans and leases 357,726 6,580 7.31 383,500 7,264 7.59
----------------------------- ------------------------------
Other earning assets 30,180 597 7.89 20,154 409 8.11
----------------------------- ------------------------------
Total earning assets/(3)/ 557,108 9,408 6.72 567,628 10,012 7.07
----------------------------- ------------------------------
Cash and cash equivalents 20,753 23,232
Other assets, less allowance for credit losses 64,323 64,697
----------------------------- ------------------------------
Total assets $ 642,184 $ 655,557
============================= ==============================
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings $ 20,076 53 1.04 $ 20,222 57 1.14
NOW and money market deposit accounts 116,638 588 2.00 113,031 676 2.40
Consumer CDs and IRAs 73,465 918 4.95 74,777 969 5.20
Negotiable CDs, public funds and other time deposits 5,085 57 4.44 6,005 81 5.37
----------------------------- ------------------------------
Total domestic interest-bearing deposits 215,264 1,616 2.98 214,035 1,783 3.34
----------------------------- ------------------------------
Foreign interest-bearing deposits/(4)/
Banks located in foreign countries 24,097 257 4.22 24,395 294 4.82
Governments and official institutions 3,533 35 3.90 3,983 45 4.53
Time, savings, and other 23,847 189 3.16 23,545 241 4.13
----------------------------- ------------------------------
Total foreign interest-bearing deposits 51,477 481 3.71 51,923 580 4.49
----------------------------- ------------------------------
Total interest-bearing deposits 266,741 2,097 3.12 265,958 2,363 3.57
----------------------------- ------------------------------
Federal funds purchased, securities sold under agreements
to repurchase and other short-term borrowings 89,042 869 3.87 98,898 1,221 4.95
Trading account liabilities 30,913 285 3.66 30,710 312 4.07
Long-term debt/(5)/ 67,267 867 5.15 69,416 999 5.76
----------------------------- ------------------------------
Total interest-bearing liabilities/(6)/ 453,963 4,118 3.61 464,982 4,895 4.22
----------------------------- ------------------------------
Noninterest-bearing sources:
Noninterest-bearing deposits 96,587 97,390
Other liabilities 42,432 44,476
Shareholders' equity 49,202 48,709
----------------------------- ------------------------------
Total liabilities and shareholders' equity $ 642,184 $ 655,557
============================= ==============================
Net interest spread 3.11 2.85
Impact of noninterest-bearing sources .67 .76
----------------------------- ------------------------------
Net interest income/yield on earning assets $ 5,290 3.78 % $ 5,117 3.61 %
============================= ==============================
(1) The average balance and yield on securities are based on the average of
historical amortized cost balances.
(2) Nonperforming loans are included in the respective average loan balances.
Income on such nonperforming loans is recognized on a cash basis.
(3) Interest income includes taxable-equivalent basis adjustments of $86, $87
and $82 in the third, second and first quarters of 2001 and $94, and $79 in
the fourth, and third quarters of 2000, respectively. Interest income also
includes the impact of risk management interest rate contracts, which
increased (decreased) interest income on the underlying assets $284, $194
and $27 in the third, second and first quarters of 2001 and $(31), and $(13)
in the fourth and third quarters of 2000, respectively.
(4) Primarily consists of time deposits in denominations of $100,000 or more.
(5) Long-term debt includes trust preferred securities.
(6) Interest expense includes the impact of risk management interest rate
contracts, which (increased) decreased interest expense on the underlying
liabilities $31, $49 and $23 in the third, second and first quarters of 2001
and $(7), and $(16) in the fourth and third quarters of 2000, respectively.
10
----------------------------------------- ------------------------------------------------------------------------------------
First Quarter 2001 Fourth Quarter 2000 Third Quarter 2000
----------------------------------------- ---------------------------------------- --------------------------------------
Interest Interest Interest
Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate Balance Expense Rate
--------------- ------------- -------- --------------- -------------- -------- --------------- ------------ --------
$ 6,675 $ 102 6.17 % $ 5,663 $ 99 6.96 % $ 4,700 $ 83 6.97 %
31,903 435 5.48 37,936 551 5.79 40,763 633 6.20
62,491 852 5.49 53,251 758 5.68 53,793 749 5.55
55,221 860 6.26 79,501 1,205 6.05 83,728 1,276 6.08
144,404 2,813 7.90 147,336 3,034 8.19 151,903 3,151 8.26
29,540 515 7.06 30,408 560 7.32 29,845 555 7.39
25,989 530 8.27 27,220 622 9.09 26,113 597 9.09
300 6 7.82 264 6 8.44 235 5 8.30
-------------------------------------- ------------------------------------- -----------------------------------
200,233 3,864 7.82 205,228 4,222 8.18 208,096 4,308 8.24
-------------------------------------- ------------------------------------- -----------------------------------
82,710 1,532 7.43 92,679 1,733 7.47 94,380 1,759 7.45
21,744 467 8.71 21,117 483 9.11 20,185 466 9.18
40,461 784 7.86 40,390 843 8.30 41,905 848 8.06
25,947 589 9.08 25,592 570 8.91 25,049 559 8.93
14,464 443 12.41 12,295 384 12.43 10,958 344 12.49
2,330 43 7.54 2,248 48 8.49 2,190 48 8.79
-------------------------------------- ------------------------------------- -----------------------------------
187,656 3,858 8.29 194,321 4,061 8.34 194,667 4,024 8.25
-------------------------------------- ------------------------------------- -----------------------------------
387,889 7,722 8.05 399,549 8,283 8.26 402,763 8,332 8.24
-------------------------------------- ------------------------------------- -----------------------------------
17,248 352 8.28 14,828 335 9.00 11,501 241 8.39
-------------------------------------- ------------------------------------- -----------------------------------
561,427 10,323 7.42 590,728 11,231 7.58 597,248 11,314 7.55
-------------------------------------- ------------------------------------- -----------------------------------
23,020 23,458 24,191
64,251 63,272 63,578
-------------------------------------- ------------------------------------- -----------------------------------
$648,698 $677,458 $685,017
====================================== ===================================== ===================================
$ 20,406 61 1.21 $ 22,454 80 1.42 $ 23,195 78 1.33
107,015 808 3.06 101,376 788 3.09 99,710 740 2.96
77,772 1,068 5.57 78,298 1,105 5.62 77,864 1,083 5.53
7,137 108 6.16 7,570 127 6.68 8,598 140 6.46
-------------------------------------- ------------------------------------- -----------------------------------
212,330 2,045 3.91 209,698 2,100 3.98 209,367 2,041 3.88
-------------------------------------- ------------------------------------- -----------------------------------
24,358 332 5.53 26,223 424 6.43 18,845 286 6.03
3,993 52 5.27 5,884 61 4.14 11,182 177 6.30
22,506 284 5.11 24,064 339 5.62 25,972 364 5.58
-------------------------------------- ------------------------------------- -----------------------------------
50,857 668 5.32 56,171 824 5.84 55,999 827 5.87
-------------------------------------- ------------------------------------- -----------------------------------
263,187 2,713 4.18 265,869 2,924 4.38 265,366 2,868 4.30
-------------------------------------- ------------------------------------- -----------------------------------
94,792 1,377 5.89 122,680 1,942 6.30 136,007 2,223 6.51
28,407 290 4.14 27,548 285 4.13 24,233 237 3.88
73,752 1,222 6.63 73,041 1,322 7.24 74,022 1,344 7.26
-------------------------------------- ------------------------------------- -----------------------------------
460,138 5,602 4.92 489,138 6,473 5.27 499,628 6,672 5.32
-------------------------------------- ------------------------------------- -----------------------------------
92,431 91,685 91,368
48,263 48,996 46,286
47,866 47,639 47,735
-------------------------------------- ------------------------------------- -----------------------------------
$648,698 $677,458 $685,017
====================================== ===================================== ===================================
2.50 2.31 2.23
.89 .90 .87
-------------------------------------- ------------------------------------- -----------------------------------
$ 4,721 3.39 % $ 4,758 3.21 % $ 4,642 3.10 %
====================================== ===================================== ===================================
11
[GRAPHIC]
Loan Portfolio Diversity
September 30, 2001
$339 Billion Total Loan Portfolio
Commercial:
Real Estate 8%
Transportation 3%
Business services 2%
Media 2%
Equipment and General Manufacturing 2%
Agribusiness 2%
Health Care & Pharmaceuticals 2%
Telecom 2%
Autos 2%
Other Commercial less than 2% 27%
----------
Total commercial loans 52%
Consumer:
Residential Real Estate Secured 31%
Bank Card 5%
Other Consumer 12%
----------
Total consumer loans 48%
----------
100%
==========
. On balance sheet loan portfolio equally balanced between consumer and
commercial
. 65% of consumer portfolio is secured by residential real estate
. Largest concentration, at 31% of total portfolio, is residential real
estate secured loans
. Extremely diverse commercial portfolio, spread across many industry
sectors with the largest segment being commercial real estate at 8% of
total loans.
. No other commercial industry concentration is greater than 3% of total
loans
12
Average Managed Loans & Leases
(Dollars in million)
3Q00 4Q00 1Q01 2Q01 3Q01
------------- ------------ ------------ ----------- -----------
Commercial - Domestic $150,155 $146,444 $144,217 $140,589 $131,871
Commercial - Foreign 29,373 29,936 29,128 27,184 25,267
Commercial Real Estate - Domestic 25,748 26,326 25,989 25,293 24,132
Commercial Real Estate - Foreign 235 264 300 352 366
------------- ------------ ------------ ----------- -----------
Total Commercial 205,511 202,970 199,634 193,418 181,636
------------- ------------ ------------ ----------- -----------
Residential Mortgage 77,539 76,830 76,296 80,702 82,904
Home Equity Lines 20,185 21,117 21,744 21,958 22,115
Direct/Indirect Consumer 39,797 39,895 40,202 40,248 39,963
Consumer Finance 21,869 22,000 21,979 22,410 22,309
Bankcard 20,681 21,461 23,038 24,121 25,310
Consumer Foreign 2,190 2,248 2,330 2,291 2,176
------------- ------------ ------------ ----------- -----------
Total Consumer 182,261 183,551 185,589 191,730 194,777
------------- ------------ ------------ ----------- -----------
Total Managed Loans & Leases $387,772 $386,521 $385,223 $385,148 $376,413
============= ============ ============ =========== ===========
Annualized Growth Rate from previous quarter by loan type:
Total Commercial 11% (5)% (7)% (12)% (24)
Total Consumer (34) 3 5 13 6%
Total Managed Loans & Leases (11) (1) (1) 0 (9)
by Business Segment:
Consumer & Commercial Banking 0%
Asset Management 5
Global Corporate & Investment Banking (34)
Equity Investments (19)
Corporate Other (8)
Loans are classified as domestic or foreign based upon the domicile of the borrower.
Prior periods are restated for comparison (e.g. acquisitions, divestitures, sales and securitizations).
Managed Loans and Leases
[GRAPHIC]
3Q00 4Q00 1Q01 2Q01 3Q01
------------- ------------ ------------ ----------- -----------
Commercial and commercial real estate - domestic 45% 44% 44% 43% 41%
Commercial and commercial real estate - foreign 8% 8% 8% 7% 7%
Residential first mortgage 20% 20% 20% 21% 22%
Credit card 5% 6% 6% 6% 7%
Other consumer, home equity lines and consumer finance 22% 22% 22% 23% 23%
Net Charge-offs and Net Charge-off Ratios
(Dollars in millions)
3Q00 4Q00 1Q01 2Q01 3Q01
----------------- -------------------- ------------------ ---------------- ---------------
Amt Ratio Amt. Ratio Amt. Ratio Amt. Ratio Amt. Ratio
-------- ------- --------- -------- ------- ------ ------- ------- ------- -------
Commercial - domestic $ 185 0.48% $ 704 1.90% $ 415 1.17% $ 408 1.18% $ 412 1.26%
Commercial - foreign 23 0.30% 34 0.45% 34 0.46% 57 0.84% 57 0.89%
Commercial real estate -
domestic (2) - 3 - 6 - 12 0.18% 4 0.07%
Commercial real estate -
foreign -- - -- - -- - - - - -
-------- ------- ------- ------- -------
Total Commercial 206 0.39% 741 1.44% 455 0.92% 477 1.00% 473 1.05%
======== ======= ======= ======= =======
Residential mortgage 6 0.03% 13 0.05% 6 0.03% 7 0.03% 7 0.04%
Home equity lines 2 0.04% 12 0.24% 6 0.11% 4 0.07% 4 0.07%
Direct/indirect consumer 61 0.57% 111 1.10% 75 0.76% 65 0.65% 94 0.94%
Consumer finance/(1)/ 68 1.08% 82 1.27% 93 1.45% 67 1.00% 720 17.47%
Bankcard 79 2.89% 101 3.25% 125 3.51% 158 4.01% 181 4.08%
Other consumer domestic 12 n/m 14 n/m 11 n/m 8 n/m 11 n/m
Foreign consumer 1 0.20% 1 0.18% 1 0.19% 1 0.24% 1 0.21%
-------- ------- ------- ------- -------
Total Consumer/(1)/ 229 0.47% 334 0.69% 317 0.68% 310 0.65% 1,018 2.27%
-------- ------- ------- ------- -------
Total Net Charge-offs/(1)/ $ 435 0.43% $ 1,075 1.07% $ 772 0.81% $ 787 0.82% $ 1,491 1.65%
======== ======= ======= ======= =======
Managed bankcard information:
End of period receivables $ 21,024 $23,009 $23,185 $24,871 $25,501
Average receivables 20,681 21,461 23,038 24,121 25,310
Charge-offs 216 233 248 297 307
Charge-off ratio 4.16% 4.32% 4.37% 4.94% 4.81%
By Business Segment:
Consumer & Commercial
Banking $ 211 0.48% $ 424 0.95% $ 409 0.92% $ 388 0.85%$ 433 0.94%
Global Corporate &
Investment Banking 143 0.59% 505 2.12% 244 1.08% 252 1.19% 285 1.47%
Asset Management - - 38 0.62% 8 0.14% 63 1.03% 16 0.26%
Equity Investments - - 1 1.14% - - - - - -
Corporate Other/(1)/ 81 0.30% 107 0.41% 111 0.49% 84 0.38% 757 4.11%
-------- ------- ------- ------- -------
Total Net Charge-offs $ 435 0.43% $ 1,075 1.07% $ 772 0.81% $ 787 0.82% $ 1,491 1.65%
======== ======= ======= ======= =======
Loans are classified as domestic or foreign based upon the domicile of the
borrower.
/(1)/ Third quarter 2001 includes $635 million related to the exit of certain
consumer finance businesses. Excluding these net charge-offs, the ratios
would be 2.07% for Consumer Finance, 0.85% for Total Consumer, and 0.95%
for Total Net Charge-offs.
Net Charge-offs
[GRAPHIC]
3Q00 4Q00 1Q01 2Q01 3Q01
----------------------------------------------------
Total Net Charge-offs, incl. exited cons. fin. businesses $ 435 $1,075 $ 772 $ 787 $ 1,491
Charge-offs - exited consumer finance businesses $ 635
Total Net Charge-offs, excl. exited cons. fin. businesses $ 435 $1,075 $ 772 $ 787 $ 856
Net Charge-off Ratio, incl. exited cons. fin. businesses 0.43% 1.07% 0.81% 0.82% 1.65%
Net Charge-off Ratio, excl. exited cons. fin. businesses 0.43% 1.07% 0.81% 0.82% 0.95%
14
Nonperforming Assets
(Dollars in millions)
3Q00 4Q00 1Q01 2Q01 3Q01
---------- ---------- --------- --------- ---------
Commercial - domestic $1,950 $2,777 $3,110 $3,209 $2,705
Commercial - foreign 564 486 529 562 566
Commercial real estate - domestic 136 236 206 201 257
Commercial real estate - foreign 1 3 3 3 2
---------- ---------- --------- --------- ---------
Total Commercial 2,651 3,502 3,848 3,975 3,530
---------- ---------- --------- --------- ---------
Residential mortgage 502 551 553 573 491
Home equity lines 47 32 36 42 61
Direct/Indirect consumer 19 19 19 17 20
Consumer finance 951 1,095 1,153 1,234 9
Foreign consumer 7 9 11 8 8
---------- ---------- --------- --------- ---------
Total Consumer 1,526 1,706 1,772 1,874 589
---------- ---------- --------- --------- ---------
Total Nonperforming Loans 4,177 5,208 5,620 5,849 4,119
Foreclosed properties 226 249 277 346 404
---------- ---------- --------- --------- ---------
Total Nonperforming Assets/(1)/ $4,403 $5,457 $5,897 $6,195 $4,523
========== ========== ========= ========= =========
Loans past due 90 days or more and still accruing $ 503 $ 495 $ 527 $ 608 $ 691
Nonperforming Assets/Total Assets 0.65% 0.85% 0.97% 0.99% 0.71%
Nonperforming Assets/Total Loans, Leases and Forclosed Properties 1.09 1.39 1.54 1.63 1.33
Nonperforming Loans/Total Loans and Leases 1.04 1.33 1.47 1.54 1.22
Allowance for Loan Losses $6,739 $6,838 $6,900 $6,911 $6,665
Allowance/Total Loans 1.67% 1.74% 1.80% 1.82% 1.97%
Allowance/Total Nonperforming Loans 161 131 123 118 162
By Business Segment:
Consumer & Commercial Banking $1,058 $1,223 $1,446 $1,723 $1,846
Global Corporate & Investment Banking 1,839 2,376 2,433 2,325 1,806
Asset Management 36 166 235 228 210
Equity Investments 12 20 20 43 58
Corporate Other 1,458 1,672 1,763 1,876 603
---------- ---------- --------- --------- --------
Total Nonperforming Assets $4,403 $5,457 $5,897 $6,195 $4,523
========== ========== ========= ========= ========
Loans are classified as domestic or foreign based upon the domicile of the
borrower.
(1) Balances do not include $1.3 billion, $120 million, $144 million, $124
million and $95 million of loans held for sale, included in other assets at
September 30, 2001, June 30, 2001, March 31, 2001, December 31, 2000, and
September 30, 2000, respectively, which would have been classified as
nonperforming had they been included in loans. In the third quarter of 2001,
$1.2 billion of nonperforming subprime real estate loans were transferred to
loans held for sale as a result of the exit of certain consumer finance
businesses.
Total Allowance to Total Loans
[GRAPHIC]
Total Allowance to Total Loans 3Q00 4Q00 1Q01 2Q01 3Q01
------------------------------------------------------------
1.67% 1.74% 1.80% 1.82% 1.97%
Total Allowance to Total Nonperforming Loans
[GRAPHIC]
3Q00 4Q00 1Q01 2Q01 3Q01
------------------------------------------------------------
Total Allowance to Total Nonperforming Loans 161% 131% 123% 118% 162%
15
Additional Asset Quality Information
Third Quarter 2001
(Dollars in millions)
Net Charge-offs Provision
--------------- -----------------
Reported third quarter 2001 $ 1,491 $ 1,251
Impact of Consumer Finance business exits/(1)/ 635 395
--------------- ----------------
Adjusted for business exits $ 856/(2)/ $ 856
Allowance for
loan losses
---------------
Balance as of June 30, 2001 $ 6,911
Impact of Consumer Finance business exits/(1)/ 240
Other activity 6
---------------
Balance as of September 30, 2001 $ 6,665
(1) $240 million of reserve utilized as a result of exiting consumer real
estate subprime lending business as announced August 15, 2001.
(2) Includes $135 million in charge-offs related to loan sales.
16
Capital Management
(Dollars in millions)
3Q00 4Q00 1Q01 2Q01 3Q01
---------- ---------- ---------- ---------- ----------
Tier 1 capital $ 40,696 $ 40,667 $ 40,769 $ 41,794 $ 41,517
Total capital 60,063 59,826 63,102 63,967 63,311
Net risk-weighted assets 556,146 542,169 532,824 529,201 522,291
Tier 1 capital ratio 7.32 % 7.50 % 7.65 % 7.90 % 7.95 %
Total capital ratio 10.80 11.04 11.84 12.09 12.12
Ending equity / ending assets 6.98 7.42 8.02 7.88 7.83
Ending capital / ending assets 7.71 8.19 8.83 8.67 8.61
Average equity / average assets 6.97 7.03 7.38 7.43 7.66
Share Repurchase Program
-------------------------------------------------------------------------
24 million common shares were repurchased during the third quarter of
2001 as a part of ongoing share repurchase programs. In total, 199
million common shares have been repurchased since June 1999- returning
$11.1 billion of capital to shareholders.
31 million shares remain outstanding under current authorized programs.
Capital Management
(Shares in Million)
[GRAPHIC]
3Q00 4Q00 1Q01 2Q01 3Q01
----------------------------------------------------------------------------------------------
Shares outstanding at period end 1,630.8 1,613.6 1,602.0 1,601.1 1,582.1
Tier 1 capital ratio 7.32% 7.50% 7.65% 7.90% 7.95%
17
Balance Sheet Trends
(Dollars in billions)
Ending Total Assets
[GRAPHIC]
3Q00 4Q00 1Q01 2Q01 3Q01
------------- ------------- ------------- ------------- ------------
Ending Total Assets $ 672 $ 642 $ 610 $ 626 $ 640
----------------------------------------------------------------------------------------------------------------------
Ending Balances
---------------
3Q00 4Q00 1Q01 2Q01 3Q01
------------- ------------- ------------- ------------- ------------
Investment Securities $ 81 $ 66 $ 50 $ 55 $ 76
Trading Assets and Resales 81 71 66 79 80
Loans and Leases 403 392 383 380 339
Total Assets 672 642 610 626 640
----------------------------------------------------------------------------------------------------------------------
Average Total Assets
[GRAPHIC]
3Q00 4Q00 1Q01 2Q01 3Q01
------------- ------------- ------------- ------------- ------------
Average Total Assets $ 685 $ 677 $ 649 $ 656 $ 642
----------------------------------------------------------------------------------------------------------------------
Average Balances
----------------
3Q00 4Q00 1Q01 2Q01 3Q01
------------- ------------- ------------- ------------- ------------
Investment Securities $ 84 $ 80 $ 55 $ 56 $ 59
Trading Assets and Resales 95 91 94 101 104
Loans and Leases 403 400 388 384 358
Total Assets 685 677 649 656 642
E-Commerce & BankofAmerica.com
[GRAPHIC]
Active On-line Banking Subscribers (in thousands)
Bill-pay On-line Only Total
Sep-00 537 1,061 1,598
Dec-00 574 1,212 1,786
Mar-01 672 1,415 2,087
Jun-01 762 1,546 2,308
Sep-01 844 1,695 2,539
Online Banking Active Penetration of Total DDA Households
3Q00 12%
4Q00 14%
1Q01 16%
2Q01 17%
3Q01 18%
Bill Payment Volume (in millions)
$ Volume % Electronic
3Q00 2,776 73%
4Q00 2,934 73%
1Q01 3,326 73%
2Q01 3,614 73%
3Q01 E 4,169 74%
September 01 = Estimate
% Reduction in Attrition Rates
On-line vs. Off line customers
On-line Only Customers 48%
On-line & Bill-pay Customers 75%
Bank of America Direct Clients at period end
Companies Users
3Q00 3,215 17,461
4Q00 3,764 21,831
1Q01 4,312 26,679
2Q01 4,950 32,134
3Q01 5,770 38,614
Bank of America has the largest online banking
customer base with over 4 million subscribers
Even more important is being the bank with the
largest active subscriber base with nearly a 20%
customer penetration rate
Nearly 1 million active bill pay users pay over $4
billion worth of bills quarterly
Currently, over 130 bill payers are presenting nearly
400,000 e-bills per quarter
19
Banc of America Securities
League Table Rankings
(Percent share of volume)
[GRAPHIC]
High Yield
(Full Credit to Book - equal if joint)
YTD00 6% #8
YTD01 10% #5
High Grade
(Full Credit to Book)
YTD00 9% #5
YTD01 11% #4
Equity Underwriting
(Apportioned Credit to Book)
YTD00 3% #9
YTD01 4% #8
Loan Syndications
(Lead Arranger)
YTD00 23% #2
YTD01 18% #2
20