Bank of America Corporation

Bank of America Announces Third-Quarter Net Loss of US$1.0 Billion

    Charlotte, North Carolina (ots/PRNewswire) -

@@start.t1@@      - Approximately US$2.6 Billion in Writedowns From Improvement in Company
         Credit Spreads
      - Terminating Government Guarantee Term Sheet Costs US$402 Million
      - Merrill Lynch Platform Continues to Boost Results
      - Extends US$183.7 Billion in Credit in the Third Quarter
      - Tier 1 Capital Ratio Rises to 12.46 Percent; Tier 1 Common Ratio Rises
         to 7.25 Percent
      - Adds US$2.1 Billion to Reserve for Credit Losses@@end@@

    Bank of America Corporation (NYSE: BAC) today reported a third-quarter 2009 net loss of US$1.0 billion. After deducting preferred dividends of  US$1.2 billion, including US$893 million related to dividends paid to the  U.S. government, the diluted loss per share was US$0.26.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )

    Those results compared with net income of US$1.2 billion, or diluted earnings per share of US$0.15, during the year-ago period.

    Through the first nine months of the year, the company had net income of US$6.5 billion, or US$0.39 per share after preferred dividends, compared with US$5.8 billion, or US$1.09 per share a year earlier.

    Results were negatively impacted by continued weakness in the U.S. and global economies and stress on the consumer, which continues to result in high credit costs. Earnings in the quarter were affected by US$2.6 billion in pretax mark-to-market and credit valuation adjustments on certain liabilities, including the Merrill Lynch structured notes, and a US$402  million pretax charge to pay the U.S. government to terminate its asset  guarantee term sheet. Despite the loss in the period, the company  strengthened its reserves, capital position and liquidity through efficient  balance sheet and capital management.

    "The company's core performance was impacted by a number of non-core items," said Chief Executive Officer and President Kenneth D. Lewis. "The market's improved view of Bank of America's credit cost the company due to non-cash marks on liabilities.

    "Excluding those items, our revenue continued to hold up well," Lewis said. "Obviously, credit costs remain high, and that is our major financial challenge going forward. However, we are heartened by early positive signs, such as the leveling of delinquencies among our credit card customers."

@@start.t2@@      Third-Quarter 2009 Business Highlights
      - Average retail deposits in the quarter increased US$93.0 billion, or 16
         percent, from a year earlier, including the net impact of US$72.1
         billion in balances from Merrill Lynch and Countrywide. Excluding
         Countrywide and Merrill Lynch, retail deposits grew US$20.9 billion, or
         4 percent, from the year-ago quarter.
      - Global Wealth and Investment Management was ranked No. 1 among U.S.
         wealth managers with more than 25 percent of the nation's top 100
         financial advisors, according to two surveys conducted by Barron's. The
         number of households with assets greater than US$250,000 increased 4
         percent compared with the second quarter including the impact of the
         market.
      - Bank of America received Federal Deposit Insurance Corp. (FDIC)
         approval to exit the debt guarantee program under the FDIC's Temporary
         Liquidity Guarantee Program (TLGP). Additionally, the company will opt
         out of the six-month extension of the Transaction Account Guarantee
         Program (TAGP) that guaranteed full insurance coverage from the FDIC
         on non-interest-bearing transactional accounts greater than US$250,000.
      - Bank of America completed the conversion of Countrywide's deposit
         systems. The integration of Merrill Lynch remained on track with cost
         savings expected to surpass original estimates for the first year.
      - For the nine months ended September 30, Bank of America Merrill Lynch
         ranked No. 1 in high-yield corporate debt, leveraged loans and
         mortgage-backed assets based on volume, both globally and in the U.S.,
         No. 3 and No. 2 in global and U.S. investment banking fees,
         respectively, and No. 2 in global and U.S. asset-backed securities and
         syndicated loans based on volume, according to Dealogic third-quarter
         league tables.
      - During the quarter, Bank of America signed an agreement to sell the
         long-term asset management business of Columbia Management to
         Ameriprise Financial for approximately US$1 billion, subject to certain
         adjustments. The transaction is expected to close in spring 2010.
      - Bank of America funded US$95.7 billion in first mortgages, helping
         nearly 450,000 people either purchase a home or refinance their
         existing mortgage. This funding included US$23.3 billion in mortgages
         made to 154,000 low- and moderate-income borrowers. Approximately 39
         percent of first mortgages were for purchases.
      - To help homeowners avoid foreclosure, Bank of America has provided rate
         relief or agreed to modifications with approximately 215,000 customers
         during the first nine months of 2009. In addition, approximately 98,000
         Bank of America customers are already in a trial period modification
         under the government's Making Home Affordable program at September 30.
      - Bank of America extended US$183.7 billion in credit during the quarter,
         including commercial renewals of US$50.9 billion, according to
         preliminary data. New credit included US$95.7 billion in first
         mortgages, US$65.5 billion in commercial non-real estate, approximately
         US$8.3 billion in commercial real estate, US$4.5 billion in domestic
         and small business card, US$2.7 billion in home equity products and
         nearly US$7.0 billion in other consumer credit.
      - During the third quarter, Small Business Banking extended more than
         US$471 million in new credit consisting of credit cards, loans and
         lines of credit to more than 29,000 customers.
      - Bank of America continued to respond to consumer needs during the
         quarter. The company announced an easy-to-understand BankAmericard(R)
         Basic(TM) Visa(R) credit card that features one basic rate for all
         types of transactions. The company also announced changes to checking
         account options and services that will help customers limit overdraft
         fees.@@end@@

    Third-Quarter 2009 Financial Summary

    Revenue and Expense

    Revenue net of interest expense on a fully taxable-equivalent basis rose 32 percent to US$26.4 billion from US$19.9 billion a year ago.

    Net interest income on a fully taxable-equivalent basis was US$11.8  Billion compared with US$11.9 billion in the third quarter of 2008. The  decline was a result of securities sales and lower loan levels. The decrease  was partially offset by a favorable rate environment, the addition of Merrill  Lynch and higher deposit levels. The net interest yield narrowed 32 basis  points to 2.61 percent mainly due to the previously mentioned factors and  also was impacted by lower-yielding assets related to the Merrill Lynch acquisition.

    Noninterest income rose to US$14.6 billion from US$8.0 billion a year earlier. Higher trading account profits, investment and brokerage services fees and investment banking income reflected the addition of Merrill Lynch. These increases, as well as gains on the sale of debt securities, were partially offset by US$1.8 billion in losses related to mark-to-market adjustments on the Merrill Lynch structured notes, as the company's credit spreads narrowed during the quarter, and US$714 million in credit valuation adjustments on derivative liabilities. Card income declined US$1.6 billion mainly from higher credit losses on securitized credit card loans and lower fee income.

    Noninterest expense increased to US$16.3 billion from US$11.7 billion a  year earlier. Personnel costs and other general operating expenses rose,  driven in part by the Merrill Lynch acquisition. The increase was partially  offset by a change in compensation that delivers a greater portion of  incentive pay over time. The increase also includes the US$402 million pretax  charge to pay the U.S. government to terminate its asset guarantee term  sheet. Pretax merger and restructuring charges rose to US$594 million from  US$247 million a year earlier.

    The efficiency ratio on a fully taxable-equivalent basis was 61.84 percent compared with 58.60 percent a year earlier.

    Pretax, pre-provision income on a fully-taxable equivalent basis was US$10.1 billion compared with US$8.2 billion a year earlier.

    Credit Quality

    Deterioration in credit quality slowed compared with the prior quarter, however, credit costs remained high as most economies around the world remained weak. Consumers continued to be under stress as unemployment and underemployment rose and individuals spent longer periods without work. However, the increases in losses slowed in almost all consumer portfolios from the prior quarter.

    Declining home and commercial property values and reduced spending by consumers and businesses negatively impacted the commercial portfolios resulting in broad-based increases in criticized and nonperforming loans. The rate of the increases, however, was below the levels experienced in recent quarters. Commercial losses rose from the prior quarter driven primarily by higher charge-offs in the non-homebuilder portion of the commercial real estate portfolio. Higher losses in the commercial domestic portfolio occurred across a broad range of borrowers and industries.

    The provision for credit losses was US$11.7 billion, US$1.7 billion lower than the second quarter and US$5.3 billion higher than the same period last year. The addition of US$2.1 billion to the reserve for credit losses was  lower than the second quarter as delinquencies improved in the unsecured  consumer portfolios. This was partially offset by higher reserve additions on  the impaired consumer portfolios obtained through acquisitions. Net charge- offs were US$923 million higher than the prior quarter, though the pace of the increase slowed. Nonperforming assets were US$33.8 billion compared with  US$31.0 billion at June 30, 2009, reflecting a slower rate of increase than  in recent quarters. The 2008 coverage ratios and amounts shown in the  following table do not include Merrill Lynch.

@@start.t3@@      (All figures in financial tables are in US$)
      Credit Quality
      (Dollars in millions)                Q3 2009              Q2 2009                Q3 2008
      --------------------                 -------                -------                -------
      Provision for credit losses      $11,705              $13,375                 $6,450
      Net charge-offs                            9,624                 8,701                  4,356
      Net charge-off ratios(1)                4.13%                 3.64%                  1.84%
      Total managed net losses          $12,932              $11,684                 $6,110
      Total managed net
        loss ratio(1)                                5.03%                 4.42%                  2.32%
                                                  At 9/30/09         At 6/30/09          At 9/30/08
                                                  ----------         ----------          ----------
      Nonperforming assets                 $33,825              $30,982                $13,576
      Nonperforming
        assets ratio(2)                            3.72%                 3.31%                  1.45%
      Allowance for loan and
        lease losses                            $35,832              $33,785                $20,346
      Allowance for loan
        and lease losses ratio(3)          3.95%                 3.61%                  2.17%
      (1)  Net charge-off/loss ratios are calculated as annualized held net
              charge-offs or managed net losses divided by average outstanding
              held or managed loans and leases during the period.
      (2)  Nonperforming assets ratios are calculated as nonperforming assets
              divided by outstanding loans, leases and foreclosed properties at
              the end of the period.
      (3)  Allowance for loan and lease losses ratios are calculated as
              allowance for loan and lease losses divided by loans and leases
              outstanding at the end of the period.
      Note: Ratios do not include loans measured under the fair value option.@@end@@

@@start.t4@@      Capital Management
                                                        At 9/30/09        At 06/30/09        At 9/30/08
                                                        ----------        -----------        ----------
      Total shareholders' equity
        (in millions)                            $257,683            $255,152            $161,039
      Tier 1 common ratio                          7.25%                 6.90%                 4.23%
      Tier 1 capital ratio                        12.46                 11.93                  7.55
      Total capital ratio                         16.69                 15.99                 11.54
      Tangible common equity ratio(1)        4.82                  4.67                  2.75
      Tangible book value per share        $12.00                $11.66                $10.50
        (1)  Tangible common equity and tangible book value per share are non-
                GAAP measures. Other companies may define or calculate the tangible
                common equity ratio and tangible book value per share differently.
                For a reconciliation to GAAP measures, please refer to page 19 of
                this press release.@@end@@

    Capital ratios increased from the prior quarter as the company reduced risk-weighted assets through balance sheet management. Tangible common equity benefited from the positive impact of market movement on available-for-sale securities.

    During the quarter, a cash dividend of US$0.01 per common share was paid, and the company recorded US$1.2 billion in preferred dividends. Period-end common shares issued and outstanding were 8.65 billion for the third and second quarters of 2009 and 4.56 billion for the third quarter of 2008.

@@start.t5@@      Third-Quarter 2009 Business Segment Results
      Deposits
      (Dollars in millions)                          Q3 2009                      Q3 2008
      --------------------                            -------                      -------
      Total revenue, net of
        interest expense(1)                              $3,666                        $4,725
      Provision for credit losses                        102                              98
      Noninterest expense                                 2,336                         2,098
      Net income                                                  798                         1,575
      Efficiency ratio(1)                                 63.72%                        44.41%
      Return on average equity                         13.26                         26.01
      Deposits(2)                                         $418,511                    $377,778
                                                                At 9/30/09                 At 9/30/08
                                                                ----------                 ----------
      Period-ending deposits                        $416,949                    $381,811
        (1)  Fully taxable-equivalent basis
        (2)  Balances averaged for period@@end@@

    Deposits net income fell 49 percent from a year ago as revenue declined and noninterest expense rose. Revenue declined as a result of lower residual net interest income allocation related to asset and liability management activities and spread compression due to declining interest rates. Noninterest expense increased as a result of higher FDIC insurance costs.

    Average customer deposits rose 11 percent, or US$40.7 billion, from a year ago due to the transfer of certain client deposits from Global Wealth and Investment Management and strong organic growth. The increase was partially offset by the expected decline in higher-yielding Countrywide deposits.

@@start.t6@@      Global Card Services
      (Dollars in millions)                          Q3 2009                    Q3 2008
      --------------------                            -------                    -------
      Total managed revenue, net
        of interest expense(1),(2)                 $7,327                        $7,753
      Provision for credit losses(3)              6,975                         5,602
      Noninterest expense                                1,968                         2,405
      Net income (loss)                                 (1,036)                         (167)
      Efficiency ratio (2)                              26.87%                        31.03%
      Managed loans(4)                                $213,340                    $239,951
                                                              At 9/30/09                At 9/30/08
                                                              ----------                ----------
      Period-ending loans                          $207,727                    $235,998
        (1)  Managed basis. Managed basis assumes that credit card loans that
                have been securitized were not sold and presents earnings on these
                loans in a manner similar to the way loans that have not been sold
                (i.e., held loans) are presented. For more information and
                detailed reconciliation, please refer to the data pages supplied
                with this press release.
        (2)  Fully taxable-equivalent basis
        (3)  Represents provision for credit losses on held loans combined with
                realized credit losses associated with the securitized credit card
                loan portfolio
        (4)  Balances averaged for period@@end@@

    The net loss in Global Card Services widened to US$1.0 billion as credit costs continued to rise amid weak economies in the U.S., Europe and Canada. Managed net revenue declined 5 percent to US$7.3 billion mainly due to lower fee income. The decline was partially offset by higher net interest income, as lower funding costs outpaced the decline in average managed loans.

    The provision for credit losses increased to US$7.0 billion from a year earlier due to higher net losses driven by economic conditions and higher bankruptcies. The increase in losses was partially offset by reductions in the reserves as a result of improving delinquencies. This compares with reserve additions in the year-ago quarter.

    Noninterest expense fell 18 percent on lower operating and marketing costs.

@@start.t7@@      Home Loans and Insurance
      (Dollars in millions)                          Q3 2009                      Q3 2008
      --------------------                            -------                      -------
      Total revenue, net of
        interest expense(1)                              $3,411                        $3,474
      Provision for credit losses                    2,897                            818
      Noninterest expense                                 3,041                         2,741
      Net income (loss)                                  (1,632)                          (54)
      Efficiency ratio(1)                                 89.19%                        78.90%
      Return on average equity                            n/m                            n/m
      Loans(2)                                              $132,599                    $122,034
                                                                 At 9/30/09                At 9/30/08
                                                                 ----------                ----------
      Period-ending loans                            $134,255                    $122,975
        (1)  Fully taxable-equivalent basis
        (2)  Balances averaged for period
        n/m = not meaningful@@end@@

    The net loss in Home Loans and Insurance widened to US$1.6 billion as credit costs continued to increase. Net revenue decreased 2 percent as higher income from loan production was more than offset by lower servicing revenue driven by unfavorable mortgage servicing rights hedge performance.

    The provision for credit losses increased to US$2.9 billion driven by continued economic weakness and lower home prices. Reserves were increased due to further deterioration in the Countrywide purchased impaired portfolio.

    Noninterest expense rose to US$3.0 billion mostly due to increased compensation costs and other expenses related to higher production volume and higher delinquencies.

@@start.t8@@      Global Banking
      (Dollars in millions)                          Q3 2009                      Q3 2008
      --------------------                            -------                      -------
      Total revenue, net of
        interest expense(1)                              $4,670                        $4,284
      Provision for credit losses                    2,340                            802
      Noninterest expense                                 2,258                         1,849
      Net income                                                    40                         1,024
      Efficiency ratio(1)                                 48.35%                        43.15%
      Return on average equity                          0.26                          8.06
      Loans and leases(2)                            $308,764                    $320,813
      Deposits(2)                                          214,286                      177,668
        (1)  Fully taxable-equivalent basis
        (2)  Balances averaged for period@@end@@

    Global Banking net income fell to US$40 million. Strong deposit growth  and the impact of the Merrill Lynch acquisition were more than offset by  higher credit and FDIC insurance costs.

    The provision for credit losses increased to US$2.3 billion as net charge-offs continued to rise within the commercial real estate and domestic portfolios. Also contributing were reserve additions in the commercial real estate portfolio. These increases reflect deterioration across a broad range of industries and property types.

@@start.t9@@      - Commercial Banking revenue was flat at US$2.9 billion
         reflecting strong deposit growth and credit spread improvement on loan
         yields offset by lower residual net interest income, narrower spreads
         on deposits and reduced loan balances. Net income was negatively
         impacted by a significant increase in credit costs and FDIC insurance
         costs.
      - Corporate Banking and Investment Banking revenue rose 24 percent or
         US$345 million driven by the acquisition of Merrill Lynch and strong
         deposit growth. The increase was partially offset by the costs of
         credit hedging and lower residual net interest income. Net income was
         negatively impacted by higher credit costs, operating expenses
         associated with the Merrill Lynch acquisition and FDIC insurance costs.@@end@@

    Note: Total investment banking income in the quarter of US$1.3 billion  was shared primarily between Global Banking and Global Markets based on an internal fee-sharing arrangement among the two segments. Debt and equity issuance fees primarily led to an increase from the year-ago quarter while advisory fees increased 71 percent, reflecting the larger investment banking platform from the Merrill Lynch acquisition.

@@start.t10@@      Global Markets
      (Dollars in millions)                          Q3 2009                      Q3 2008
      --------------------                            -------                      -------
      Total revenue, net of
        interest expense(1)                              $5,827                         $161
      Provision for credit losses                         98                          (24)
      Noninterest expense                                 2,328                        1,120
      Net income                                                2,190                         (588)
      Efficiency ratio(1)                                 39.96%                         n/m
      Return on average equity                         19.87                          n/m
      Total assets(2)                                  $633,909                  $430,539
        (1)  Fully taxable-equivalent basis
        (2)  Balances averaged for period
      n/m = not meaningful@@end@@

    Global Markets net income increased US$2.8 billion driven by the addition of Merrill Lynch and a more favorable trading environment. Revenue was strong in the period, partially offset by US$714 million in credit valuation adjustments on derivative liabilities. Market disruption charges had a reduced impact compared with the prior year. Noninterest expense increased due to the Merrill Lynch acquisition. The increase was partially offset by a change in compensation that delivers a greater portion of incentive pay over time.

@@start.t11@@      - Fixed Income, Currency and Commodities revenue of US$4.4 billion was
         primarily driven by sales and trading results. Credit products
         continued to benefit from improved market liquidity and tighter credit
         spreads. Investment banking fees were positively impacted by new
         issuance capabilities from the combined Merrill Lynch and Bank of
         America platform.
      - Equities revenue of US$1.4 billion was driven by the addition of
         Merrill Lynch.
      Global Wealth and Investment Management
      (Dollars in millions)                          Q3 2009                      Q3 2008
      --------------------                            -------                      -------
      Total revenue, net of
        interest expense (1)                            $4,095                        $1,570
      Provision for credit losses                        515                            150
      Noninterest expense                                 3,169                         1,286
      Net income                                                  271                              80
      Efficiency ratio(1)                                 77.38%                        81.90%
      Return on average equity                          5.61                          2.74
      Loans(2)                                              $101,181                      $88,255
      Deposits(2)                                          214,994                      162,192
        (in billions)                                      At 9/30/09                At 9/30/08
      ------------                                        ----------                ----------
      Assets under management                          $739.8                      $564.4
      Total client assets(3)                         $1,921.3                      $828.6
        (1)  Fully taxable-equivalent basis
        (2)  Balances averaged for period
        (3)  Client assets are defined as assets under management, client
                brokerage assets and other assets in custody@@end@@

    Global Wealth and Investment Management net income rose to US$271 million driven by the addition of Merrill Lynch and a decline in support for certain cash funds. This was partially offset by higher credit costs, lower net interest income partly due to the transfer of certain client balances to the Deposits and the Home Loans and Insurance segments.

    Net revenue increased to US$4.1 billion as investment and brokerage  service income rose due to the addition of Merrill Lynch and the level of  support for certain cash funds declined.

    The provision for credit losses increased to US$515 million primarily driven by a single large commercial charge-off and reserve increases in the consumer real estate and commercial portfolios reflecting the weak economy.

@@start.t12@@      - Merrill Lynch Global Wealth Management net income increased 9
         percent to US$310 million from a year earlier as the addition of
         Merrill Lynch was partially offset by higher credit costs. Net revenue
         rose to US$3.0 billion from US$1.0 billion a year ago as investment and
         brokerage income increased mainly from the addition of Merrill Lynch.
      - U.S. Trust, Bank of America Private Wealth Management swung to a net
         loss of US$52 million as net revenue declined and credit costs
         rose mainly due to a single large commercial charge-off. Net revenue
         fell 11 percent driven by lower equity market levels and reduced net
         interest income.
      - Columbia Management's net loss narrowed to US$48 million compared with
         a net loss of US$356 million a year earlier driven by lower support for
         certain cash funds. As a result of actions taken during the quarter,
         Columbia's Prime Funds no longer have exposure to structured investment
         vehicles or other troubled assets and all capital support agreements
         have been terminated.
      All Other
      (Dollars in millions)                          Q3 2009                      Q3 2008
      --------------------                            -------                      -------
      Total revenue, net of
        interest expense(1)                            $(2,631)                    $(2,068)
      Provision for credit
        losses(2)                                              (1,222)                         (996)
      Noninterest expense                                 1,206                            161
      Net income (loss)                                  (1,632)                         (693)
      Loans and leases(3)                            $147,666                    $146,305
        (1)  Fully taxable-equivalent basis
        (2)  Numbers in parentheses represent a provision benefit
        (3)  Balances averaged for period@@end@@

    The net loss in All Other widened to US$1.6 billion. Increased gains on  the sale of debt securities and higher equity investment income were offset  by mark-to-market adjustments related to certain Merrill Lynch structured  notes and other-than-temporary impairment charges related to non-agency collateralized mortgage obligations. Excluding the securitization impact to show Global Card Services on a managed basis, the provision for credit losses increased compared with the same period last year due to higher losses in the residential mortgage portfolio and reserve additions on the Countrywide purchased impaired portfolio. Noninterest expense increased due to merger and restructuring charges related to the Merrill Lynch acquisition and a pretax charge to pay the U.S. government to terminate its asset guarantee term sheet.

    All Other consists primarily of equity investments, the residential mortgage portfolio associated with asset and liability management (ALM) activities, the residual impact of the cost allocation process, merger and restructuring charges, intersegment eliminations, fair-value adjustments related to certain Merrill Lynch structured notes and the results of certain consumer finance, investment management and commercial lending businesses that are being liquidated. All Other also includes the offsetting securitization impact to present Global Card Services on a managed basis. For more information and detailed reconciliation, please refer to the data pages supplied with this press release. Effective January 1, 2009, All Other includes the results of First Republic Bank, which was acquired as part of the Merrill Lynch acquisition.

    Note: Chief Executive Officer and President Kenneth D. Lewis and Chief Financial Officer Joe L. Price will discuss third-quarter 2009 results in a conference call at 9:30 a.m. EDT today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations Web site at http://investor.bankofamerica.com. For a listen-only connection to the conference call, dial +1-877-200-4456 (U.S.) or +1-785-424-1734  (international) and the conference ID: 79795.

    Bank of America

    Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

    Forward-Looking Statements

    Bank of America and its management may make certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation reform Act of 1995. These statements are not historical facts, but instead represent Bank of America's current expectations, plans or forecasts of its integration of Merrill Lynch and Countrywide acquisitions and related cost savings, future results and revenues, credit losses, credit reserves and charge-offs, nonperforming asset levels, level of preferred dividends, service charges, the closing of the Columbia Management sale, competitive position, effective tax rate and other similar matters. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

    You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under Item 1A. "Risk Factors" of Bank of America's 2008 Annual Report on Form 10-K and in any of Bank of America's subsequent SEC filings: negative economic conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; the level and volatility of the capital markets, interest rates, currency values and other market indices; changes in consumer, investor and counterparty confidence in, and the related impact on, financial markets and institutions; Bank of America's credit ratings and the credit ratings of its securitizations; estimates of fair value of certain Bank of America assets and liabilities; legislative and regulatory actions in the United States (including the impact of Regulation E) and internationally; the impact of litigation and regulatory investigations, including costs, expenses, settlements and judgments; various monetary and fiscal policies and regulations of the U.S. and non-U.S. governments; changes in accounting standards, rules and interpretations (including SFAS 166 and 167) and the impact on Bank of America's financial statements; increased globalization of the financial services industry and competition with other U.S. and international financial institutions; Bank of America's ability to attract new employees and retain and motivate existing employees; mergers and acquisitions and their integration into Bank of America; Bank of America's reputation; and decisions to downsize, sell or close units or otherwise change the business mix of Bank of America. Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

    Columbia Management Group, LLC ("Columbia Management") is the primary investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds and Excelsior Funds are distributed by Columbia Management Distributors, Inc., member FINRA and SIPC. Columbia Management Distributors, Inc. is part of Columbia Management and an affiliate of Bank of America Corporation.

    Investors should carefully consider the investment objectives, risks, charges and expenses of any Columbia Fund or Excelsior Fund before investing. Contact your Columbia Management representative for a prospectus, which contains this and other important information about the fund. Read it carefully before investing.

    Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, financial advisory, and other investment banking activities are performed by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including Banc of America Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. Bank of America Corporation's broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker-dealers are not obligations of their bank or thrift affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for securities sold, offered or recommended by the broker-dealers. The foregoing also applies to our other non-bank, non-thrift affiliates.

@@start.t13@@                                                www.bankofamerica.com
      (All figures in financial tables are in US$)
      Bank of America Corporation and Subsidiaries
      Selected Financial Data
      (Dollars in millions, except per share data; shares in thousands)
      Summary Income                    Three Months Ended          Nine Months Ended
                                                -------------------------------------------
        Statement                                September 30                  September 30
                                                ---------------------  --------------------
                                                      2009          2008            2009            2008
      Net interest income            $11,423      $11,642        $35,550        $32,254
      Noninterest income                14,612         7,979         59,017         24,848
                                                --------  ---------    ---------    ---------
         Total revenue, net of
          interest expense              26,035        19,621         94,567         57,102
      Provision for credit
        losses                                 11,705         6,450         38,460         18,290
      Noninterest expense,
        before merger and
        restructuring charges         15,712        11,413         48,140         29,953
      Merger and restructuring
        charges                                    594            247          2,188              629
                                                --------  ---------    ---------    ---------
         Income (loss) before
          income taxes                    (1,976)        1,511          5,779          8,230
      Income tax expense
        (benefit)                                (975)          334            (691)         2,433
                                                --------  ---------    ---------    ---------
         Net income (loss)            $(1,001)      $1,177         $6,470         $5,797
                                                ========  =========    =========    =========
      Preferred stock dividends      1,240            473          3,478              849
                                                --------  ---------    ---------    ---------
         Net income (loss)
          applicable to common
          shareholders                  $(2,241)         $704         $2,992         $4,948
                                                ========  =========    =========    =========
      Earnings (loss) per common
        share                                  $(0.26)        $0.15          $0.39          $1.09
      Diluted earnings (loss)
        per common share                  (0.26)         0.15            0.39            1.09
      Summary Average Balance      Three Months Ended          Nine Months Ended
                                                -------------------------------------------
      Sheet                                        September 30                  September 30
                                                ---------------------  --------------------
                                                      2009          2008            2009            2008
      Total loans and leases      $930,255    $946,914      $963,260        900,574
      Debt securities                  263,712      266,013        268,291        240,347
      Total earning assets        1,790,000  1,622,466    1,837,706    1,544,617
      Total assets                    2,390,675  1,905,691    2,442,905    1,808,765
      Total deposits                    989,295      857,845        976,182        810,663
      Shareholders' equity          255,983      166,454        242,638        160,890
      Common shareholders'
        equity                                197,230      142,303        177,289        141,337
      Performance Ratios              Three Months Ended          Nine Months Ended
                                                -------------------------------------------
                                                      September 30                  September 30
                                                ---------------------  --------------------
                                                      2009          2008            2009            2008
      Return on average assets          n/m          0.25%          0.35%          0.43%
      Return on average common
        shareholders' equity                n/m          1.97            2.26            4.68
      Credit Quality                    Three Months Ended          Nine Months Ended
                                                -------------------------------------------
                                                      September 30                  September 30
                                                ---------------------  --------------------
                                                      2009          2008            2009            2008
      Total net charge-offs          $9,624        $4,356        $25,267        $10,690
      Annualized net
        charge-offs as a % of
        average loans and leases
        outstanding (1)                      4.13%         1.84%          3.53%          1.59%
      Provision for credit
        losses                                $11,705        $6,450        $38,460        $18,290
      Total consumer credit
        card managed net losses        5,477         2,996         14,318          8,119
      Total consumer credit card
        managed net losses as a
        % of average managed credit
        card receivables                  12.90%         6.40%         11.06%          5.85%@@end@@

@@start.t14@@                                                      September 30
                                                -------------------
                                                      2009          2008
                                                -------------------
      Total nonperforming
        assets                                $33,825      $13,576
      Nonperforming assets as
        a % of total loans,
        leases and foreclosed
        properties (1)                        3.72%         1.45%
      Allowance for loan and
        lease losses                      $35,832      $20,346
      Allowance for loan and
        lease losses as a % of
        total loans and leases
        outstanding (1)                      3.95%         2.17%
      Capital Management                  September 30
                                                ---------------------
                                                      2009          2008
                                                ---------------------
      Risk-based capital ratios:
         Tier 1                                 12.46%         7.55%
         Tier 1 common                        7.25          4.23
         Total                                  16.69         11.54
      Tier 1 leverage ratio              8.39          5.51
      Tangible equity ratio (2)        7.55          4.13
      Tangible common equity
        ratio (3)                                4.82          2.75
      Period-end common shares
        issued and outstanding  8,650,314  4,562,055
                                                 Three Months Ended          Nine Months Ended
                                                -------------------------------------------
                                                        September 30                  September 30
                                                ---------------------  --------------------
                                                      2009          2008            2009            2008
      Shares issued (4)                      n/a      109,108    3,632,879        124,170
      Average common shares
        issued and outstanding  8,633,834  4,543,963    7,423,341    4,469,517
      Average diluted common
        shares issued and
        outstanding                    8,633,834  4,547,578    7,449,911    4,477,994
      Dividends paid per
        common share                         $0.01         $0.64          $0.03          $1.92
      Summary End of Period              September 30
                                                ---------------------
      Balance Sheet                         2009          2008
                                                ---------------------
      Total loans and leases      $914,266    $942,676
      Total debt securities         256,745      258,677
      Total earning assets        1,711,939  1,544,907
      Total assets                    2,251,043  1,831,177
      Total deposits                    974,899      874,051
      Total shareholders'
        equity                                257,683      161,039
      Common shareholders'
        equity                                198,843      136,888
      Book value per share of
        common stock                        $22.99        $30.01
      (1) Ratios do not include loans measured at fair value under the fair
            value option at and for the three and nine months ended September 30,
            2009 and 2008.
      (2) Tangible equity ratio equals shareholders' equity less goodwill
            and intangible assets (excluding mortgage servicing rights), net of
            related deferred tax liabilities divided by total assets less
            goodwill and intangible assets (excluding mortgage servicing rights),
            net of related deferred tax liabilities.
      (3) Tangible common equity ratio equals common shareholders' equity less
            goodwill and intangible assets (excluding mortgage servicing rights),
            net of related deferred tax liabilities divided by total assets less
            goodwill and intangible assets (excluding mortgage servicing rights),
            net of related deferred tax liabilities.
      (4) 2009 amounts include approximately 1.375 billion shares issued in
            the Merrill Lynch acquisition.
      n/m = not meaningful
      n/a = not applicable@@end@@

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

    Information for periods beginning July 1, 2008 include the Countrywide  acquisition. Information for the period beginning January 1, 2009 includes the Merrill Lynch acquisition. Prior periods have not been restated.

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

@@start.t15@@      Bank of America Corporation and Subsidiaries
      Business Segment Results
      (Dollars in millions)
      For the three months ended September 30
                                                                      Global Card          Home Loans &
                                          Deposits          Services (1, 2)         Insurance
                                        -------------        -------------         ------------
                                        2009        2008        2009        2008         2009      2008
                                        ----        ----        ----        ----         ----      ----
      Total revenue,
        net of interest
        expense (3)          $3,666      $4,725    $7,327    $7,753      $3,411    $3,474
      Provision for
        credit losses            102            98      6,975      5,602        2,897         818
      Noninterest
        expense                  2,336        2,098      1,968      2,405        3,041      2,741
      Net income (loss)        798        1,575    (1,036)      (167)    (1,632)        (54)
      Efficiency
        ratio (3)                63.72%      44.41%    26.87%    31.03%      89.19%    78.90%
      Return on
        average equity        13.26        26.01         n/m         n/m          n/m         n/m
      Average - total
        loans and leases        n/m          n/m $213,340 $239,951  $132,599 $122,034
      Average - total
        deposits            $418,511  $377,778         n/m         n/m          n/m         n/m
                                                                                                  Global Wealth
                                                                                                  & Investment
                                        Global Banking      Global Markets         Management
                                        --------------      --------------        ------------
                                        2009        2008        2009         2008        2009      2008
                                        ----        ----        ----         ----        ----      ----
      Total revenue,
        net of interest
        expense (3)          $4,670      $4,284    $5,827        $161      $4,095    $1,570
      Provision for
        credit losses         2,340          802          98         (24)         515         150
      Noninterest
        expense                  2,258        1,849      2,328      1,120        3,169      1,286
      Net income (loss)         40        1,024      2,190        (588)         271          80
      Efficiency
        ratio (3)                48.35%      43.15%    39.96%        n/m        77.38%    81.90%
      Return on average
        equity                      0.26         8.06      19.87         n/m         5.61        2.74
      Average - total
        loans and
        leases                $308,764  $320,813         n/m         n/m  $101,181  $88,255
      Average - total
        deposits              214,286    177,668         n/m         n/m    214,994  162,192
                                         All Other (1, 4)
                                         ---------------
                                          2009        2008
                                          ----        ----
      Total revenue,
        net of interest
        expense (3)          $(2,631)  $(2,068)
      Provision for
        credit losses         (1,222)        (996)
      Noninterest expense  1,206          161
      Net income (loss)    (1,632)        (693)
      Average - total
        loans and leases $147,666  $146,305
      Average - total
        deposits                108,244    104,370
      (1) Global Card Services is presented on a managed basis with a
            corresponding offset recorded in All Other.
      (2) Provision for credit losses represents provision for credit losses on
            held loans combined with realized credit losses associated with the
            securitized loan portfolio.
      (3) Fully taxable-equivalent (FTE) basis. FTE 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.
      (4) Provision for credit losses represents provision for credit losses in
            All Other combined with the Global Card Services securitization
            offset.
      n/m = not meaningful@@end@@

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

    Information for periods beginning July 1, 2008 include the Countrywide  acquisition. Information for the period beginning January 1, 2009 includes the Merrill Lynch acquisition. Prior periods have not been restated.    This information is preliminary and based on company data available at  the time of the presentation.

@@start.t16@@      Bank of America Corporation and Subsidiaries
      Business Segment Results
        (Dollars in millions)
      For the nine months ended September 30
                                                                    Global Card
                                                                      Services              Home Loans &
                                          Deposits                 (1,2)                  Insurance
                                      --------------        -------------        -------------
                                      2009         2008        2009        2008        2009        2008
                                      ----         ----        ----        ----        ----        ----
      Total revenue, net
        of interest
        expense (3)        $10,560    $13,182  $22,181  $23,202  $13,101    $6,058
      Provision for
        credit losses          289          293    23,157    14,314      8,995      4,664
      Noninterest
        expense                 7,318        6,566      6,024      6,980      8,519      4,211
      Net income (loss)  1,912        3,949    (4,527)    1,244    (2,850)  (1,775)
      Efficiency ratio
        (3)                        69.30%      49.82%    27.16%    30.09%    65.03%    69.51%
      Return on average
        equity                  10.81        21.59         n/m        4.28         n/m         n/m
      Average - total
        loans and
      leases                        n/m          n/m $220,666 $237,817 $129,910 $100,237
      Average - total
        deposits          $403,587  $350,765         n/m         n/m         n/m         n/m
                                                                                                Global Wealth &
                                                                                                  Investment
                                      Global Banking        Global Markets        Management
                                      --------------        -------------        -------------
                                      2009         2008        2009        2008        2009        2008
                                      ----         ----        ----        ----        ----        ----
      Total revenue, net
        of interest
        expense (3)        $18,100    $12,737  $17,236        $724  $12,606    $5,819
      Provision for
        credit
      losses                    6,772        1,728         148         (63)    1,007         512
      Noninterest
        expense                 7,131        5,505      7,962      2,802      9,747      3,841
      Net income (loss)  2,703        3,440      6,027    (1,263)    1,202         913
      Efficiency ratio
        (3)                        39.40%      43.22%    46.20%        n/m      77.32%    66.01%
      Return on average
        equity                    6.02         9.27      23.62         n/m        8.75      10.44
      Average - total
        loans and
      leases                $320,904  $314,031         n/m         n/m $104,454  $87,162
      Average - total
        deposits            205,285    170,162         n/m         n/m  226,967  156,762
                                      All Other (1,4)
                                      --------------
                                      2009         2008
                                      ----         ----
      Total revenue, net
        of interest
        expense (3)         $1,747    $(3,726)
      Provision for
        credit
      losses                  (1,908)    (3,158)
      Noninterest
        expense                 3,627          677
      Net income (loss)  2,003         (711)
      Average - total
        loans and
        leases              $158,721  $132,615
      Average - total
        deposits            106,944    104,143
      (1) Global Card Services is presented on a managed basis with a
            corresponding offset recorded in All Other.
      (2) Provision for credit losses represents provision for credit losses
            on held loans combined with realized credit losses associated with
            the securitized loan portfolio.
      (3) Fully taxable-equivalent (FTE) basis. FTE 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.
      (4) Provision for credit losses represents provision for
            credit losses in All Other combined with the Global Card Services
            securitization offset.
      n/m = not meaningful@@end@@

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

    Information for periods beginning July 1, 2008 include the Countrywide  acquisition. Information for the period beginning January 1, 2009 includes the Merrill Lynch acquisition. Prior periods have not been restated.    This information is preliminary and based on company data available at  the time of the presentation.

@@start.t17@@      Bank of America Corporation and Subsidiaries
      Supplemental Financial Data
        (Dollars in millions)
      Fully taxable-equivalent      Three Months Ended              Nine Months Ended
        basis data                                September 30                      September 30
                                                    -----------------              -----------------
                                                    2009              2008              2009              2008
                                                    ----              ----              ----              ----
      Net interest income          $11,753         $11,920         $36,514         $33,148
      Total revenue, net of
        interest expense                26,365          19,899          95,531          57,996
      Net interest yield                 2.61%            2.93%            2.65%            2.86%
      Efficiency ratio                  61.84            58.60            52.68            52.73
      Other Data                                  September 30
                                                      -----------------
                                                      2009              2008
                                                      ----              ----
      Full-time equivalent
        employees                          281,863         247,024
      Number of banking centers
        - domestic                            6,008            6,139
      Number of branded ATMs
        - domestic                          18,254          18,584@@end@@

    Reconciliation to GAAP financial measures

    The Corporation evaluates its business utilizing non-GAAP ratios including the tangible common equity ratio. The tangible common equity ratio represents common shareholders' equity less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax  liabilities divided by total assets less goodwill and intangible assets  (excluding mortgage servicing rights), net of related deferred tax  liabilities. This measure is used to evaluate the Corporation's use of  equity (i.e., capital). We believe the use of this non-GAAP measure provides additional clarity in assessing the results of the Corporation.

    Other companies may define or calculate the tangible common equity ratio  and the tangible book value per share of common stock differently. See the tables below for corresponding reconciliations to GAAP financial measures at September 30, 2009, June 30, 2009 and September 30, 2008.

@@start.t18@@      Reconciliation of period end
        common shareholders' equity
        to period end tangible common
        shareholders' equity
                                                    September 30          June 30      September 30
                                                          2009                    2009              2008
                                                    ------------          -------      ------------
      Common shareholders' equity      $198,843            $196,492         $136,888
      Goodwill                                      (86,009)            (86,246)         (81,756)
      Intangible assets
        (excluding MSRs)                        (12,715)            (13,245)          (9,167)
      Related deferred tax
        liabilities                                  3,714                 3,843              1,914
                                                            -----                 -----              -----
         Tangible common
          shareholders' equity            $103,833            $100,844          $47,879
                                                        ========            ========          =======
      Reconciliation of period
        end assets to period end
        tangible assets
                                                    September 30          June 30      September 30
                                                          2009                    2009              2008
                                                    ------------          -------      ------------
      Assets                                    $2,251,043         $2,254,394      $1,831,177
      Goodwill                                    (86,009)            (86,246)         (81,756)
      Intangible assets
        (excluding MSRs)                      (12,715)            (13,245)          (9,167)
      Related deferred tax
        liabilities                                 3,714                 3,843              1,914
                                                          -----                 -----              -----
         Tangible assets                 $2,156,033         $2,158,746      $1,742,168
                                                  ==========         ==========      ==========@@end@@

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

    Information for periods beginning July 1, 2008 include the Countrywide  acquisition. Information for the period beginning January 1, 2009 includes the Merrill Lynch acquisition. Prior periods have not been restated.    This information is preliminary and based on company data available at the time of the presentation.

      Bank of America Corporation and Subsidiaries
      Reconciliation - Managed to GAAP
        (Dollars in millions)

    The Corporation reports Global Card Services on a managed basis. Reporting on a managed basis is consistent with the way that management  evaluates the results of  Global Card Services. Managed basis assumes that  securitized loans were not sold and presents earnings on these loans in a  manner similar to the way loans that have not been sold (i.e., held loans)  are presented. Loan securitization is an alternative funding process that is used by the Corporation to diversify funding sources. Loan securitization removes loans from the Consolidated Balance Sheet through the sale of loans  to an off-balance sheet qualified special purpose entity which is excluded  from the Corporation's Consolidated Financial Statements in accordance with  accounting principles generally accepted in the United States (GAAP).

    The performance of the managed portfolio is important in understanding Global Card Services' results as it demonstrates the results of the entire portfolio serviced by the business. Securitized loans continue to be serviced by the business and are subject to the same underwriting standards and  ongoing monitoring as held loans. In addition, retained excess servicing  income is exposed to similar credit risk and repricing of interest rates as  held loans. Global Card Services' managed income statement line items differ  from a held basis reported as follows:

@@start.t19@@      -- Managed net interest income includes Global Card Services' net
          interest income on held loans and interest income on the securitized
          loans less the internal funds transfer pricing allocation related to
          securitized loans.
      -- Managed noninterest income includes Global Card Services'
          noninterest income on a held basis less the reclassification of
          certain components of card income (e.g., excess servicing income) to
          record managed net interest income and provision for credit losses.
          Noninterest income, both on a held and managed basis, also includes
          the impact of adjustments to the interest-only strip that are recorded
          in card income as management continues to manage this impact within
          Global Card Services.
      -- Provision for credit losses represents the provision for credit losses
          on held loans combined with realized credit losses associated with the
          securitized loan portfolio.
      Global Card Services
                                         Nine Months Ended                Nine Months Ended
                                         September 30, 2009              September 30, 2008
                                         ------------------              ------------------
                                                 Securit-                                Securit-
                                 Managed    ization        Held    Managed  ization      Held
                                 Basis(1)  Impact(2)    Basis  Basis(1) Impact(2)  Basis
                                 -------    --------      -----  -------  --------    -----
      Net interest
        income(3)          $15,312    $(7,024)    $8,288  $14,279    $(6,402)  $7,877
      Noninterest
        income:
         Card income         6,462      (1,355)      5,107      7,564        1,768      9,332
         All other income    407          (94)         313      1,359         (179)    1,180
                                  ------    -------      ------    ------      ------    ------
            Total
              noninterest
              income            6,869      (1,449)      5,420      8,923        1,589    10,512
                                  ------    -------      ------    ------      ------    ------
            Total revenue,
              net of
              interest
              expense         22,181      (8,473)    13,708    23,202      (4,813)  18,389
      Provision for
        credit losses      23,157      (8,473)    14,684    14,314      (4,813)    9,501
      Noninterest
        expense                 6,024              -        6,024      6,980              -      6,980
                                  ------    -------      ------    ------      ------    ------
            Income (loss)
              before income
              taxes            (7,000)            -      (7,000)    1,908              -      1,908
      Income tax expense
        (benefit)(3)        (2,473)            -      (2,473)        664              -         664
                                  ------    -------      ------    ------      ------    ------
      Net income
        (loss)                $(4,527)          $-    $(4,527)  $1,244            $-    $1,244
                                  ======    =======      ======    ======      ======    ======
      Average - total
        loans and
        leases              $220,666 $(100,727) $119,939 $237,817 $(106,177) $131,640@@end@@

@@start.t20@@      All Other
                                    Nine Months Ended                    Nine Months Ended
                                    September 30, 2009                  September 30, 2008
                                    ------------------                  ------------------
                                                Securiti-                                Securiti-
                                Reported    zation        As        Reported    zation         As
                                 Basis        Offset  Adjusted    Basis        Offset    Adjusted
                                  (4)            (2)                        (4)          (2)
                                --------  -------- --------  --------  --------- --------
      Net interest
        income
        (loss) (3)      $(5,399)      $7,024      $1,625    $(6,143)      $6,402      $259
      Noninterest
        income:
            Card income
            (loss)          (464)        1,355          891        1,797        (1,768)        29
            Equity
              investment
              income        8,191                -        8,191          651                -        651
            Gains on
              sales of
              debt
              securities 3,584                -        3,584          349                -        349
            All other
              income
            (loss)        (4,165)            94      (4,071)        (380)          179      (201)
                              ------      -------      ------      ------        ------  ------
            Total
              noninterest
              income        7,146         1,449        8,595        2,417        (1,589)      828
                              ------      -------      ------      ------        ------  ------
            Total
              revenue,
              net of
              interest
              expense      1,747         8,473      10,220      (3,726)        4,813    1,087
      Provision for
        credit
        losses            (1,908)        8,473        6,565      (3,158)        4,813    1,655
      Merger and
        restructuring
        charges            2,188                -        2,188          629                -        629
      All other
        noninterest
        expense            1,439                -        1,439            48                -         48
                              ------      -------      ------      ------        ------  ------
              Income
              (loss)
                before
                income
                taxes            28                -            28      (1,245)              -  (1,245)
      Income tax
        expense
        (benefit)(3)    (1,975)              -      (1,975)        (534)              -      (534)
                                ------      -------      ------      ------        ------  ------
                Net
                 income
                (loss)    $2,003              $-      $2,003        $(711)            $-    $(711)
                              ======      =======      ======      ======        ======  ======
        Average -
         total
         loans and
         leases        $158,721    $100,727  $259,448  $132,615    $106,177 $238,792
      (1) Provision for credit losses represents provision for credit losses
            on held loans combined with realized credit losses associated with
            the securitized loan portfolio.
      (2) The securitization impact/offset on net interest income is on a funds
            transfer pricing methodology consistent with the way funding costs
            are allocated to the businesses.
      (3) FTE basis
      (4) Provision for credit losses represents provision for credit losses in
            All Other combined with the Global Card Services securitization
            offset.@@end@@

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

    Information for periods beginning July 1, 2008 include the Countrywide  acquisition. Information for the period beginning January 1, 2009 includes the Merrill Lynch acquisition. Prior periods have not been restated.  This information is preliminary and based on company data available at    the time of the presentation.

ots Originaltext: Bank of America Corporation
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
Investors, Kevin Stitt, +1-704-386-5667, Lee McEntire,
+1-704-388-6780, Grace Yoon, +1-212-449-7323, or Reporters, Scott
Silvestri, +1-980-388-9921, scott.silvestri@bankofamerica.com, all of
Bank of America



Weitere Meldungen: Bank of America Corporation

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