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Portfolio: Bank of America

Portfolio: Bank of America

A weekly report compiled from the proxy statement and annual report of a publicly held
company with local headquarters or a major division in the area

Headquartered in Charlotte, N.C., Bank of America Corp. operates through its banking and non-banking subsidiaries as a provider of financial services and products throughout the U.S. and in selected international markets. The company operates in four business segments: global consumer and small business banking, global business and financial ser-vices, global capital markets and investment banking, and global wealth and investment management. The company employs some 203,425 people worldwide and an undivulged number locally.
Bank of America recently completed several acquisitions, including LaSalle Bank Corp. in October 2007, U.S. Trust Corp. in July 2007 and the reverse mortgage business of Seat-tle Mortgage Co. in June 2007. The company also sold some of its operations, including its retail and commercial business in Hong Kong and Macau?sold in December 2006 to China Construction Bank?and its Brazlian operations in September 2006.
The company reported net interest income of $34.6 billion in fiscal 2006, representing a 12.5 percent increase over net interest income of $30.7 billion in 2005. Non-interest income increased 51.6 percent to $38.4 billion in 2006, compared to $25.4 billion in 2005. In fiscal 2006, the company reported total assets of $1.5 trillion, a 15.5 percent increase over $1.3 trillion in 2005.
Bank of America reported net income of $21.1 billion, or $4.59 a share, during 2006, representing an increase of 28.4 percent over net income of $16.5 billion, or $4.04 a share, in 2005. The company?s annual dividend rose 22 cents to $2.12 a share. Net cash provided by operating activities was $14.5 billion; net cash used in investing activities was $68.3 bil-lion; and net cash provided by financing activities was $53.1 billion.
The company?s most recent fiscal year for which data are available ended on Dec. 31, 2006.

Common shares outstanding as of Feb. 22 4,437,885,000
Price per share of common stock on Feb. 22 $42.60
Total market value on Feb. 22 $189,053,901,000
Controlled by all directors and officers as a group 46,015,2371
(1.04 percent)

Performance Record2
(Dollars in millions except per-share data)
2006 2005 2004 2003 2002
Net interest income $34,591 $30,737 $27,960 $20,505 $20,117
Non-interest income 38,432 25,354 21,005 17,329 14,874
Net income 21,133 16,465 13,947 10,762 9,553
Earnings per share 4.59 4.04 3.64 3.55 3.05
Dividends per share 2.12 1.90 1.70 1.44 1.22
Total assets 1,466,681 1,269,892 1,044,631 749,104 653,732
Long-term debt 130,124 97,709 92,303 67,077 65,550
Total shareholders? equity 130,463 99,861 84,815 50,091 47,898
Operating cash flow (loss) 14,509 (12,223) (3,522) 22,986 (10,684)
Investing cash flow (loss) (68,304) (150,445) (127,554) (73,121) (7,338)
Financing cash flow (loss) 53,133 170,817 132,864 52,071 16,143

Directors Number of common shares1
William Barnet III, 64, chairman, president and CEO, the Barnet Co. Inc. 127,005
Frank Bramble Sr., 58 90,141
John Collins, 60, CEO, the Collins Group Inc. 164,883
Gary Countryman, 67, chairman emeritus, Liberty Mutual Holding Co. Inc. 60,076
Thomas Franks, 61 14,440
Charles Gifford, 64 1,529,469
Steven Jones, 55, dean, Kenan-Flagler Business School,
University of North Carolina at Chapel Hill 10,224
Kenneth Lewis, 59, chairman, president and CEO 3,882,616
Monica Lozano, 50, publisher and CEO, La Opinion 3,461
Walter Massey, 68, president, Morehouse College 41,785
Thomas May, 59, chairman, president and CEO, NSTAR 54,838
Patricia Mitchell, 64, president and CEO,
the Museum of Television and Radio 24,055
Thomas Ryan, 54, chairman, president and CEO, CVS Corp. 44,777
Temple Sloan Jr., 68, chairman, General Parts International Inc. 190,525
Meredith Spangler, 69, trustee and board member 32,067,114
Robert Tillman, 63 26,844
Jackie Ward, 68 79,053

Executive Compensation
Officer 2006 cash compensation3
Kenneth Lewis, chairman, president and CEO $104,915,620
Eugene Taylor, vice chairman and president,
global corporate and investment banking 14,501,450
Amy Woods Brinkley, global risk executive 13,899,184
Alvaro de Molina, former chief financial officer 12,926,708
Liam McGee, president, global consumer and small business banking 12,436,143
Brian Moynihan, president, global wealth and investment management 11,836,919
Barbara Desoer, global technology, service and fulfillment executive 11,018,141
Above executive officers as a group $181,534,165

1Includes shares that may be acquired under the company?s long-term incentive plans, shares acquirable through the
exercise of stock options, shares held by family members, shares held jointly with family members, shares held in
trusts under which directors and their families are beneficiaries and shares over which voting and investment power
is shared.
2All statements of income, per-share data, assets, debt, equity and cash flow reflect audited and/or revised figures
from the company?s most recent financial reportings.
3Includes salary, bonuses, value realized from stock options exercised, other annual compensa-tion and all other compensation.

Researched by Jeff Sickelco

2/29/08 (C) Rochester Business Journal