Annual report pursuant to Section 13 and 15(d)

Parent Company Information

v2.4.0.8
Parent Company Information
12 Months Ended
Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Parent Company Information
 Parent Company Information
The following tables present the Parent Company-only financial information. On October 1, 2013, the merger of Merrill Lynch & Co., Inc. into Bank of America Corporation was completed; however, the Parent Company-only financial information is presented in accordance with bank regulatory reporting requirements and as such prior periods have not been restated.
 
 
 
 
 
 
Condensed Statement of Income
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2013
 
2012
 
2011
Income
 

 
 

 
 

Dividends from subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
$
8,532

 
$
16,213

 
$
10,277

Nonbank companies and related subsidiaries
357

 
542

 
553

Interest from subsidiaries
2,087

 
627

 
869

Other income (loss) (1)
233

 
(304
)
 
10,603

Total income
11,209

 
17,078

 
22,302

Expense
 

 
 

 
 

Interest on borrowed funds
6,379

 
5,376

 
6,234

Noninterest expense (2)
12,668

 
11,643

 
11,861

Total expense
19,047

 
17,019

 
18,095

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries
(7,838
)
 
59

 
4,207

Income tax benefit
(7,227
)
 
(5,883
)
 
(2,783
)
Income (loss) before equity in undistributed earnings of subsidiaries
(611
)
 
5,942

 
6,990

Equity in undistributed earnings (losses) of subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
14,150

 
1,072

 
6,650

Nonbank companies and related subsidiaries
(2,108
)
 
(2,826
)
 
(12,194
)
Total equity in undistributed earnings (losses) of subsidiaries
12,042

 
(1,754
)
 
(5,544
)
Net income
$
11,431

 
$
4,188

 
$
1,446

Net income applicable to common shareholders
$
10,082

 
$
2,760

 
$
85

(1) 
Includes $753 million and $6.5 billion of gains related to the sale of the Corporation’s investment in CCB in 2013 and 2011.
(2) 
Includes, in aggregate, $1.3 billion, $4.1 billion and $6.9 billion in 2013, 2012 and 2011 of representations and warranties provision, which is presented as a component of mortgage banking income on the Consolidated Statement of Income, litigation expense and in 2012 an expense related to an agreement with the Federal Reserve and the OCC to cease the Independent Foreclosure Review and replace it with an accelerated remediation process.
 
 
 
 
Condensed Balance Sheet
 
 
 
 
 
 
 
 
December 31
(Dollars in millions)
2013
 
2012
Assets
 

 
 

Cash held at bank subsidiaries
$
98,679

 
$
101,831

Securities
747

 
1,959

Receivables from subsidiaries:
 
 
 

Bank holding companies and related subsidiaries
23,558

 
33,481

Banks and related subsidiaries
1,682

 

Nonbank companies and related subsidiaries
46,577

 
3,861

Investments in subsidiaries:
 

 
 

Bank holding companies and related subsidiaries
268,234

 
185,803

Nonbank companies and related subsidiaries
1,818

 
65,300

Other assets
19,073

 
15,208

Total assets
$
460,368

 
$
407,443

Liabilities and shareholders’ equity
 

 
 

Short-term borrowings
$
181

 
$
100

Accrued expenses and other liabilities
15,428

 
34,364

Payables to subsidiaries:
 

 
 

Bank holding companies and related subsidiaries

 
1,396

Banks and related subsidiaries
1,991

 

Nonbank companies and related subsidiaries
15,980

 
688

Long-term debt
194,103

 
133,939

Total liabilities
227,683

 
170,487

Shareholders’ equity
232,685

 
236,956

Total liabilities and shareholders’ equity
$
460,368

 
$
407,443

 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2013
 
2012
 
2011
Operating activities
 

 
 

 
 

Net income
$
11,431

 
$
4,188

 
$
1,446

Reconciliation of net income to net cash provided by (used in) operating activities:
 

 
 

 
 

Equity in undistributed (earnings) losses of subsidiaries
(12,042
)
 
1,754

 
5,544

Other operating activities, net
(10,422
)
 
(3,432
)
 
6,716

Net cash provided by (used in) operating activities
(11,033
)
 
2,510

 
13,706

Investing activities
 

 
 

 
 

Net sales of securities
459

 
13

 
8,444

Net payments from subsidiaries
39,336

 
12,973

 
5,780

Other investing activities, net
3

 
445

 
(8
)
Net cash provided by investing activities
39,798

 
13,431

 
14,216

Financing activities
 

 
 

 
 

Net increase (decrease) in short-term borrowings
178

 
(616
)
 
(13,172
)
Net increase (decrease) in other advances
(14,378
)
 
10,100

 
(4,449
)
Proceeds from issuance of long-term debt
30,966

 
17,176

 
16,047

Retirement of long-term debt
(39,320
)
 
(63,851
)
 
(21,742
)
Proceeds from issuance of preferred stock and warrants
1,008

 
667

 
5,000

Redemption of preferred stock
(6,461
)
 

 

Common stock repurchased
(3,220
)
 

 

Cash dividends paid
(1,677
)
 
(1,909
)
 
(1,738
)
Other financing activities, net

 
(668
)
 
(1
)
Net cash used in financing activities
(32,904
)
 
(39,101
)
 
(20,055
)
Net increase (decrease) in cash held at bank subsidiaries
(4,139
)
 
(23,160
)
 
7,867

Cash held at bank subsidiaries at January 1
102,818

 
124,991

 
117,124

Cash held at bank subsidiaries at December 31
$
98,679

 
$
101,831

 
$
124,991