Annual report pursuant to Section 13 and 15(d)

Parent Company Information

v2.4.1.9
Parent Company Information
12 Months Ended
Dec. 31, 2014
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. This financial information is presented in accordance with bank regulatory reporting requirements and, accordingly, the information for 2012 has not been restated for the 2013 merger of Merrill Lynch & Co., Inc. into Bank of America Corporation.
 
 
 
 
 
 
Condensed Statement of Income
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2014
 
2013
 
2012
Income
 

 
 

 
 

Dividends from subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
$
12,400

 
$
8,532

 
$
16,213

Nonbank companies and related subsidiaries
149

 
357

 
542

Interest from subsidiaries
1,836

 
2,087

 
627

Other income (loss)
72

 
233

 
(304
)
Total income
14,457

 
11,209

 
17,078

Expense
 

 
 

 
 

Interest on borrowed funds
7,213

 
8,109

 
6,147

Noninterest expense
4,471

 
10,938

 
10,872

Total expense
11,684

 
19,047

 
17,019

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries
2,773

 
(7,838
)
 
59

Income tax benefit
(4,079
)
 
(7,227
)
 
(5,883
)
Income (loss) before equity in undistributed earnings of subsidiaries
6,852

 
(611
)
 
5,942

Equity in undistributed earnings (losses) of subsidiaries:
 

 
 

 
 

Bank holding companies and related subsidiaries
3,613

 
14,150

 
1,072

Nonbank companies and related subsidiaries
(5,632
)
 
(2,108
)
 
(2,826
)
Total equity in undistributed earnings (losses) of subsidiaries
(2,019
)
 
12,042

 
(1,754
)
Net income
$
4,833

 
$
11,431

 
$
4,188

Net income applicable to common shareholders
$
3,789

 
$
10,082

 
$
2,760


 
 
 
 
Condensed Balance Sheet
 
 
 
 
 
 
 
 
December 31
(Dollars in millions)
2014
 
2013
Assets
 

 
 

Cash held at bank subsidiaries (1)
$
100,304

 
$
98,679

Securities
932

 
747

Receivables from subsidiaries:
 
 
 

Bank holding companies and related subsidiaries
23,356

 
23,558

Banks and related subsidiaries
2,395

 
1,682

Nonbank companies and related subsidiaries
52,251

 
46,577

Investments in subsidiaries:
 

 
 

Bank holding companies and related subsidiaries
270,441

 
268,234

Nonbank companies and related subsidiaries
2,139

 
1,818

Other assets
14,599

 
19,073

Total assets
$
466,417

 
$
460,368

Liabilities and shareholders’ equity
 

 
 

Short-term borrowings
$
46

 
$
181

Accrued expenses and other liabilities
16,872

 
15,428

Payables to subsidiaries:
 

 
 

Banks and related subsidiaries
2,559

 
1,991

Nonbank companies and related subsidiaries
17,698

 
15,980

Long-term debt
185,771

 
194,103

Total liabilities
222,946

 
227,683

Shareholders’ equity
243,471

 
232,685

Total liabilities and shareholders’ equity
$
466,417

 
$
460,368


(1) 
Balance includes third-party cash held of $29 million and $33 million at December 31, 2014 and 2013.
 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2014
 
2013
 
2012
Operating activities
 

 
 

 
 

Net income
$
4,833

 
$
11,431

 
$
4,188

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

 
 

 
 

Equity in undistributed (earnings) losses of subsidiaries
2,019

 
(12,042
)
 
1,754

Other operating activities, net
2,143

 
(10,422
)
 
(3,432
)
Net cash provided by (used in) operating activities
8,995

 
(11,033
)
 
2,510

Investing activities
 

 
 

 
 

Net sales (purchases) of securities
(142
)
 
459

 
13

Net payments from (to) subsidiaries
(5,902
)
 
39,336

 
12,973

Other investing activities, net
19

 
3

 
445

Net cash provided by (used in) investing activities
(6,025
)
 
39,798

 
13,431

Financing activities
 

 
 

 
 

Net increase (decrease) in short-term borrowings
(55
)
 
178

 
(616
)
Net increase (decrease) in other advances
1,264

 
(14,378
)
 
10,100

Proceeds from issuance of long-term debt
29,324

 
30,966

 
17,176

Retirement of long-term debt
(33,854
)
 
(39,320
)
 
(63,851
)
Proceeds from issuance of preferred stock
5,957

 
1,008

 
667

Redemption of preferred stock

 
(6,461
)
 

Common stock repurchased
(1,675
)
 
(3,220
)
 

Cash dividends paid
(2,306
)
 
(1,677
)
 
(1,909
)
Other financing activities, net

 

 
(668
)
Net cash used in financing activities
(1,345
)
 
(32,904
)
 
(39,101
)
Net increase (decrease) in cash held at bank subsidiaries
1,625

 
(4,139
)
 
(23,160
)
Cash held at bank subsidiaries at January 1
98,679

 
102,818

 
124,991

Cash held at bank subsidiaries at December 31
$
100,304

 
$
98,679

 
$
101,831