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2006 Annual Report

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2006 Annual Report Bank of America Annual Report 2006 Report Annual America of Bank Building OpportunitiesTM s Recycled Paper © 2007 Bank of America Corporation 00-04-1362B 3/2007 2006 Annual Report About Bank of America Corporation Bank of America Corporation (NYSE: BAC) is a publicly traded company headquartered in Charlotte, NC, that operates throughout the United States and 44 foreign countries. The corporation provides a diversified range of banking and nonbanking financial services and products domestically and internationally through three business segments: Global Consumer & Small Business Banking, Global Corporate & Investment Banking and Global Wealth & Investment Management. Financial Highlights (Dollars in millions, except per share information) Year Ended Dec. 31 2006 Revenue* For the year 2006 2005 (in millions) Revenue* $74,247 $56,923 All Other** Net income 21,133 16,465 Global Wealth & Shareholder value added 9,121 6,594 Investment Management $2,086 3% Earnings per common share 4.66 4.10 $7,779 10% Diluted earnings per common share 4.59 4.04 Dividends paid per common share 2.12 1.90 Return on average assets 1.44 % 1.30 % Global Consumer & Global Corporate & Small Business Banking Return on average common Investment Banking shareholders’ equity 16.27 % 16.51 % $41,691 $22,691 56% Efficiency ratio* 47.94 % 50.38 % 31% Average common shares issued and outstanding (in millions) 4,527 4,009 2006 Net Income At year end 2006 2005 (in millions) Total assets $1,459,737 $1,291,803 All Other** Total loans and leases 706,490 573,791 Global Wealth & Investment Management $767 Total deposits 693,497 634,670 $2,403 4% Total shareholders’ equity 135,272 101,533 11% Book value per common share 29.70 25.32 Market price per share of common stock 53.39 46.15 Global Consumer & Common shares issued and Global Corporate & Small Business Banking Investment Banking outstanding (in millions) 4,458 4,000 $11,171 $6,792 53% 32% *Fully taxable-equivalent basis **All Other consists primarily of Equity Investments and Other. For more information, refer to All Other section in the Management’s Discussion and Analysis. Total Cumulative Shareholder Return*** 5-Year Stock Performance $250 $60 $200 $50 $150 $40 $100 $30 $20 2001 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 Bank of America Corporation High $38.45 $41.77 $47.44 $47.08 $54.90 S & P 500 CM BANK INDUSTRY Low 27.08 32.82 38.96 41.57 43.09 S & P 500 COMP-LTD Close 34.79 40.22 46.99 46.15 53.39 ***The graph compares the yearly change in the corporation’s cumulative total stockholders’ return on its common stock with (i) Standard & Poor’s 500 Index and (ii) Standard & Poor’s 500 Commercial Banks Index for the years ended 2002 to 2006. The graph assumes an initial investment of $100 at the end of 2001 and the reinvestment of all dividends during the periods indicated. Our Lines of Business GLOBAL CONSUMER & SMALL BUSINESS BANKING Global Consumer & Small BUSINESSES Revenue* Net Income** Business Banking serves Deposits approximately 53 million Card Services Mortgage Home Equity Mortgage Home Equity consumer households through Mortgage 3% 4% ALM†/Other 3% 5% ALM†/Other checking, savings, credit and Home Equity 1% −2% debit cards, home equity lending and mortgages. We Card Services Card Services 51% 50% also serve mass-market small businesses with capital, credit, Deposits Deposits deposit and payment services. 41% 44% GLOBAL CORPORATE & INVESTMENT BANKING Global Corporate & Investment BUSINESSES Revenue* Net Income Banking provides comprehensive Business Lending financial solutions to clients Treasury Treasury Capital Markets & Advisory Services ALM†/Other Services ALM†/Other ranging from companies with Services 29% 9% 32% 10% $2.5 million in revenues to large Treasury Services multinational corporations, governments, insti tutional Business Business investors and hedge funds. Lending Lending 25% 33% Capital Markets & Capital Markets & Advisory Services Advisory Services 37% 25% GLOBAL WEALTH & INVESTMENT MANAGEMENT Global Wealth & Investment BUSINESSES Revenue* Net Income Management provides a wide The Private Bank offering of customized Columbia Management Premier Premier Banking & Banking & ™ banking and investment Premier Banking & Investments Investments ALM†/Other Investments ALM†/Other services for individual and 37% 16% 39% 24% institutional clients. The Private Bank The Private Bank Columbia 27% Columbia 23% Management Management 20% 14% *Fully taxable-equivalent basis **Reflects net loss in ALM/Other †ALM=Asset and Liability Management Contents Letter to Shareholders ......................................................... 2 Banking and Investing With a Personal Touch...........26 Building Opportunities ...................................................... 10 Revitalizing Sweet Auburn...................................................28 How We’re Growing .............................................................16 Helping Our Customers in Many Ways .........................30 Helping More People Own Homes ...................................18 Join Us Online ......................................................................32 Winning Over Small Businesses .....................................20 Financial Review .................................................................33 Managing Monster Cash Flows ...................................... 22 Executive Offi cers and Directors ...................................151 Serving the Needs of Big Investors ................................24 Corporate Information .....................................................152 We understand that only by creating opportunities for our customers and clients do we create opportunities for ourselves. Bank of America customers and clients know they can count on us to anticipate their needs, and create the opportunities that enable them to achieve their goals. —KENNETH D. LEWIS, CHAIRMAN, CHIEF EXECUTIVE OFFICER AND PRESIDENT 2 Bank of America 2006 Revenue (in billions, fully taxable-equivalent basis) ’04 $49 . 7 To Our ’05 $56 . 9 Shareholders ’06 $74 . 2 2006 was another demonstration of the many paths to growth quality to consumers, businesses and institutions of all sizes. available to your company, and our proven ability to drive In sum, we are building a financial services company that growth through the competitive advantages Bank of America people and organizations throughout the United States and brings to the marketplace. around the world instinctively seek out to help them create, Our ability to innovate, integrate and execute to serve cus- build, preserve and grow the wealth they need to seize their tomers’ needs enabled us to grow our customer relationships opportunities, achieve their goals and realize their dreams. last year. At the same time, our associates again demonstrated In this letter, I will discuss some of our strategies for ful- that few of our peers are as efficient, effective or profitable at filling this vision, and I encourage you to review the articles integrating acquisitions to enhance shareholder value. that follow, in which we connect opportunities created for Our efforts were recognized by investors, as our shares customers to value created for shareholders. First, though, I’d appreciated 16 percent during the year, exceeding the perfor- like to review some of our financial results from 2006. mance of the S&P 500 Index. Bank of America today is one of the largest companies Strong financial performance yet again. In 2006 Bank of in the world; we were the fifth most profitable company in America earned a record $21 billion. While earnings were up 2006 with a net profit of more than $21 billion. But while we 28 percent on a 30 percent rise in revenue, much of that have built leading positions in many customer segments and increase was driven by the addition of MBNA. A better mea- product lines in banking, our market penetration is actually sure of the year’s success was the 14 percent increase in diluted small, given our potential, in a number of areas, such as first earnings per share. Adding MBNA’s results back into our 2005 mortgage lending, small business lending, capital markets and financial results to create an apples-to-apples comparison, wealth management. revenue was up 10 percent in 2006 while we controlled expenses These and other areas of opportunity are discussed in and achieved merger-related savings. this annual report. Our new marketing platform, Bank of OpportunityTM, reflects our vision for Bank of America as a cat- alyst to create opportunities for all of our constituencies, from customers and associates to communities and shareholders. We are building a financial services company that offers the most convenient banking network for our retail customers coast-to-coast and a global capital markets platform to serve our corporate and institutional clients. We are building a company that consistently leverages information and market knowledge to innovate for customers and clients; that knows how to integrate its operations and businesses to create greater value for customers and share- holders alike; and that delivers the highest standard of service Bank of America 2006 3 We have consistently demonstrated our ability to manage expenses and produce positive operating leverage. This strong financial performance has enabled us to The normalization of credit costs has long been anticipated. continue our record of returning capital to shareholders. Credit costs have remained historically low across most seg- 2006 was our 29th consecutive year of raising
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