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Bank of America 8-K 2012
Exhibit 99.3



Supplemental Information
Fourth Quarter 2011










This information is preliminary and based on company data available at the time of the earnings 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, 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 Corporation and Subsidiaries
 
Table of Contents
Page
 
 
 
Deposits
 
Card Services
 
Consumer Real Estate Services
 
Global Commercial Banking
 
Global Banking & Markets
 
Global Wealth & Investment Management
 
All Other
 
 
 
 
 
 
 




Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(Dollars in millions, except per share information; shares in thousands)
 
 
Year Ended
December 31
 
 
Fourth
Quarter
2011
 
Third
Quarter
2011
 
Second
Quarter
2011
 
First
Quarter
2011
 
Fourth
Quarter
2010
 
 
2011
 
2010
 
 
Income statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
$
44,616

 
$
51,523

 
 
$
10,701

 
$
10,490

 
$
11,246

 
$
12,179

 
$
12,439

Noninterest income
 
48,838

 
58,697

 
 
14,187

 
17,963

 
1,990

 
14,698

 
9,959

Total revenue, net of interest expense
 
93,454

 
110,220

 
 
24,888

 
28,453

 
13,236

 
26,877

 
22,398

Provision for credit losses
 
13,410

 
28,435

 
 
2,934

 
3,407

 
3,255

 
3,814

 
5,129

Goodwill impairment
 
3,184

 
12,400

 
 
581

 

 
2,603

 

 
2,000

Merger and restructuring charges
 
638

 
1,820

 
 
101

 
176

 
159

 
202

 
370

All other noninterest expense (1)
 
76,452

 
68,888

 
 
18,840

 
17,437

 
20,094

 
20,081

 
18,494

Income tax expense (benefit)
 
(1,676
)
 
915

 
 
441

 
1,201

 
(4,049
)
 
731

 
(2,351
)
Net income (loss)
 
1,446

 
(2,238
)
 
 
1,991

 
6,232

 
(8,826
)
 
2,049

 
(1,244
)
Preferred stock dividends
 
1,361

 
1,357

 
 
407

 
343

 
301

 
310

 
321

Net income (loss) applicable to common shareholders
 
85

 
(3,595
)
 
 
1,584

 
5,889

 
(9,127
)
 
1,739

 
(1,565
)
Diluted earnings (loss) per common share (2)
 
0.01

 
(0.37
)
 
 
0.15

 
0.56

 
(0.90
)
 
0.17

 
(0.16
)
Average diluted common shares issued and outstanding (2)
 
10,254,824

 
9,790,472

 
 
11,124,523

 
10,464,395

 
10,094,928

 
10,181,351

 
10,036,575

Dividends paid per common share
 
$
0.04

 
$
0.04

 
 
$
0.01

 
$
0.01

 
$
0.01

 
$
0.01

 
$
0.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
 
0.06
%
 
n/m

 
 
0.36
%
 
1.07
%
 
n/m

 
0.36
%
 
n/m

Return on average common shareholders' equity
 
0.04

 
n/m

 
 
3.00

 
11.40

 
n/m

 
3.29

 
n/m

Return on average tangible common shareholders' equity (3)
 
0.06

 
n/m

 
 
4.72

 
18.30

 
n/m

 
5.28

 
n/m

Return on average tangible shareholders' equity (3)
 
0.96

 
n/m

 
 
5.20

 
17.03

 
n/m

 
5.54

 
n/m

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At period end
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Book value per share of common stock
 
$
20.09

 
$
20.99

 
 
$
20.09

 
$
20.80

 
$
20.29

 
$
21.15

 
$
20.99

Tangible book value per share of common stock (3)
 
12.95

 
12.98

 
 
12.95

 
13.22

 
12.65

 
13.21

 
12.98

Market price per share of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Closing price
 
$
5.56

 
$
13.34

 
 
$
5.56

 
$
6.12

 
$
10.96

 
$
13.33

 
$
13.34

High closing price for the period
 
15.25

 
19.48

 
 
7.35

 
11.09

 
13.72

 
15.25

 
13.56

Low closing price for the period
 
4.99

 
10.95

 
 
4.99

 
6.06

 
10.50

 
13.33

 
10.95

Market capitalization
 
58,580

 
134,536

 
 
58,580

 
62,023

 
111,060

 
135,057

 
134,536

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of banking centers - U.S.
 
5,702

 
5,856

 
 
5,702

 
5,715

 
5,742

 
5,805

 
5,856

Number of branded ATMs - U.S.
 
17,756

 
17,926

 
 
17,756

 
17,752

 
17,817

 
17,886

 
17,926

Full-time equivalent employees
 
284,635

 
288,471

 
 
284,635

 
290,509

 
287,839

 
288,062

 
288,471

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 
Excludes merger and restructuring charges and goodwill impairment charges.
(2) 
Due to a net loss applicable to common shareholders for the second quarter of 2011, the fourth quarter of 2010 and for the year ended December 31, 2010, no dilutive potential common shares were included in the calculations of diluted earnings per share and average diluted common shares because they were antidilutive.
(3) 
Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on pages 45-47.)

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.












This information is preliminary and based on company data available at the time of the presentation.    2


Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions, except per share information)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fully taxable-equivalent basis data (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31
 
 
Fourth
Quarter
2011
 
Third
Quarter
2011
 
Second
Quarter
2011
 
First
Quarter
2011
 
Fourth
Quarter
2010
 
 
2011
 
2010
 
 
Net interest income
 
$
45,588

 
$
52,693

 
 
$
10,959

 
$
10,739

 
$
11,493

 
$
12,397

 
$
12,709

Total revenue, net of interest expense
 
94,426

 
111,390

 
 
25,146

 
28,702

 
13,483

 
27,095

 
22,668

Net interest yield (2)
 
2.48
%
 
2.78
%
 
 
2.45
%
 
2.32
%
 
2.50
%
 
2.67
%
 
2.69
%
Efficiency ratio
 
85.01

 
74.61

 
 
77.64

 
61.37

 
n/m

 
74.86

 
92.04

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance ratios, excluding goodwill impairment charges (3, 4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31
 
 
Fourth
Quarter
2011
 
 
 
Second
Quarter
2011
 
 
 
Fourth
Quarter
2010
 
 
2011
 
2010
 
 
 
 
 
 
 
 
Per common share information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss)
 
$
0.32

 
$
0.87

 
 
$
0.21

 
 
 
$
(0.65
)
 
 
 
$
0.04

Diluted earnings (loss)
 
0.32

 
0.86

 
 
0.20

 
 
 
(0.65
)
 
 
 
0.04

Efficiency ratio (1)
 
81.64
%
 
63.48
%
 
 
75.33
%
 
 
 
n/m

 
 
 
83.22
%
Return on average assets
 
0.20

 
0.42

 
 
0.46

 
 
 
n/m

 
 
 
0.13

Return on average common shareholders’ equity
 
1.54

 
4.14

 
 
4.10

 
 
 
n/m

 
 
 
0.79

Return on average tangible common shareholders’ equity
 
2.46

 
7.03

 
 
6.46

 
 
 
n/m

 
 
 
1.27

Return on average tangible shareholders’ equity
 
3.08

 
7.11

 
 
6.72

 
 
 
n/m

 
 
 
1.96

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 
Fully taxable-equivalent basis is a non-GAAP financial measure. Fully taxable-equivalent basis is a performance measure used by management in operating the business that management believes provides investors with a more accurate picture of the interest margin for comparative purposes. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on pages 45-47.)
(2) 
Calculation includes fees earned on overnight deposits placed with the Federal Reserve of $186 million and $368 million for the years ended December 31, 2011 and 2010; $36 million, $38 million, $49 million and $63 million for the fourth, third, second and first quarters of 2011, and $63 million for the fourth quarter of 2010, respectively. For more information, see Quarterly and Year-to-Date Average Balances and Interest Rates - Fully Taxable-equivalent Basis on pages 9-10 and 11-12.
(3) 
Performance ratios, excluding goodwill impairment charges, are non-GAAP financial measures. We believe the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on pages 45-47.)
(4) 
There were no goodwill impairment charges for the third and first quarters of 2011.

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.



This information is preliminary and based on company data available at the time of the presentation.    3


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(Dollars in millions, except per share information; shares in thousands)
 
 
Year Ended
December 31
 
 
Fourth Quarter 2011
 
Third Quarter 2011
 
Second Quarter 2011
 
First Quarter 2011
 
Fourth Quarter 2010
 
 
2011
 
2010
 
 
Interest income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and leases
 
$
44,966

 
$
50,996

 
 
$
10,512

 
$
11,205

 
$
11,320

 
$
11,929

 
$
12,149

Debt securities
 
9,521

 
11,667

 
 
2,235

 
1,729

 
2,675

 
2,882

 
3,029

Federal funds sold and securities borrowed or purchased under agreements to resell
 
2,147

 
1,832

 
 
449

 
584

 
597

 
517

 
486

Trading account assets
 
5,961

 
6,841

 
 
1,297

 
1,500

 
1,538

 
1,626

 
1,661

Other interest income
 
3,641

 
4,161

 
 
920

 
835

 
918

 
968

 
965

Total interest income
 
66,236

 
75,497

 
 
15,413

 
15,853

 
17,048

 
17,922

 
18,290

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
3,002

 
3,997

 
 
616

 
704

 
843

 
839

 
894

Short-term borrowings
 
4,599

 
3,699

 
 
921

 
1,153

 
1,341

 
1,184

 
1,142

Trading account liabilities
 
2,212

 
2,571

 
 
411

 
547

 
627

 
627

 
561

Long-term debt
 
11,807

 
13,707

 
 
2,764

 
2,959

 
2,991

 
3,093

 
3,254

Total interest expense
 
21,620

 
23,974

 
 
4,712

 
5,363

 
5,802

 
5,743

 
5,851

Net interest income
 
44,616

 
51,523

 
 
10,701

 
10,490

 
11,246

 
12,179

 
12,439

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Card income
 
7,184

 
8,108

 
 
1,478

 
1,911

 
1,967

 
1,828

 
2,127

Service charges
 
8,094

 
9,390

 
 
1,982

 
2,068

 
2,012

 
2,032

 
2,036

Investment and brokerage services
 
11,826

 
11,622

 
 
2,694

 
3,022

 
3,009

 
3,101

 
2,879

Investment banking income
 
5,217

 
5,520

 
 
1,013

 
942

 
1,684

 
1,578

 
1,590

Equity investment income
 
7,360

 
5,260

 
 
3,227

 
1,446

 
1,212

 
1,475

 
1,512

Trading account profits
 
6,697

 
10,054

 
 
280

 
1,604

 
2,091

 
2,722

 
995

Mortgage banking income (loss)
 
(8,830
)
 
2,734

 
 
2,119

 
1,617

 
(13,196
)
 
630

 
(1,419
)
Insurance income
 
1,346

 
2,066

 
 
143

 
190

 
400

 
613

 
598

Gains on sales of debt securities
 
3,374

 
2,526

 
 
1,192

 
737

 
899

 
546

 
872

Other income (loss)
 
6,869

 
2,384

 
 
140

 
4,511

 
1,957

 
261

 
(1,114
)
Other-than-temporary impairment losses on available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairment losses
 
(360
)
 
(2,174
)
 
 
(127
)
 
(114
)
 
(63
)
 
(111
)
 
(612
)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income
 
61

 
1,207

 
 
46

 
29

 
18

 
23

 
495

Net impairment losses recognized in earnings on available-for-sale debt securities
 
(299
)
 
(967
)
 
 
(81
)
 
(85
)
 
(45
)
 
(88
)
 
(117
)
Total noninterest income
 
48,838

 
58,697

 
 
14,187

 
17,963

 
1,990

 
14,698

 
9,959

Total revenue, net of interest expense
 
93,454

 
110,220

 
 
24,888

 
28,453

 
13,236

 
26,877

 
22,398

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
 
13,410

 
28,435

 
 
2,934

 
3,407

 
3,255

 
3,814

 
5,129

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Personnel
 
36,965

 
35,149

 
 
8,761

 
8,865

 
9,171

 
10,168

 
8,800

Occupancy
 
4,748

 
4,716

 
 
1,131

 
1,183

 
1,245

 
1,189

 
1,212

Equipment
 
2,340

 
2,452

 
 
525

 
616

 
593

 
606

 
607

Marketing
 
2,203

 
1,963

 
 
523

 
556

 
560

 
564

 
484

Professional fees
 
3,381

 
2,695

 
 
1,032

 
937

 
766

 
646

 
883

Amortization of intangibles
 
1,509

 
1,731

 
 
365

 
377

 
382

 
385

 
420

Data processing
 
2,652

 
2,544

 
 
688

 
626

 
643

 
695

 
662

Telecommunications
 
1,553

 
1,416

 
 
386

 
405

 
391

 
371

 
366

Other general operating
 
21,101

 
16,222

 
 
5,429

 
3,872

 
6,343

 
5,457

 
5,060

Goodwill impairment
 
3,184

 
12,400

 
 
581

 

 
2,603

 

 
2,000

Merger and restructuring charges
 
638

 
1,820

 
 
101

 
176

 
159

 
202