Bank of America Corporation

Bank of America Earns US$3.2 Billion in First Quarter

    Charlotte, April 16, 2010 (ots/PRNewswire) - Bank of America Corporation today reported first-quarter 2010 net income of US$3.2 billion compared with a net loss of US$194 million in the fourth quarter and net income of US$4.2 billion a year earlier. After preferred dividends, the company earned US$0.28 per diluted share in the first quarter, up from a loss of US$0.60 per share in the fourth quarter and earnings of US$0.44 per share in the first quarter of 2009.

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

    Two factors primarily drove results in the first quarter:

@@start.t1@@      - Provision for credit losses fell by US$3.6 billion from the year-ago
         period, reflecting an improvement in credit quality.
      - Strong capital markets activity, including record sales and trading
         driven by industry-leading corporate and investment banking positions,
         helped drive results for Global Banking and Markets.@@end@@

    "With each day that passes, the 2010 story appears to be one of continuing credit recovery, and our results reflect a gradually improving economy," said Chief Executive Officer and President Brian T. Moynihan. "Our customers - individuals, companies, and institutional investors - increasingly see the value of our integrated capabilities. We also are seeing ample indications that those integrated capabilities hold promise for long-term shareholder value."

    First-Quarter 2010 Business Highlights

@@start.t2@@      - Bank of America Merrill Lynch ranked No. 1 in both global high-yield
         debt and leveraged loans and No. 2 in overall global and U.S. net
         investment banking revenues with a 7 percent market share, according to
         Dealogic first-quarter 2010 league tables.
      - Average retail deposits during the quarter increased US$15.2 billion,
         or 2 percent, from a year earlier, paced by strong organic growth in
         Merrill Lynch Global Wealth Management as momentum in the affluent
         customer base continued.
      - Consumer referrals and sales to Merrill Lynch Global Wealth Management
         clients accelerated in the first quarter. Approximately 60,000 lending
         and deposit products were sold to Merrill Lynch clients. Referrals
         between Global Wealth and Investment Management and the company's
         commercial and corporate businesses increased 56 percent compared with
         the fourth quarter of 2009.
      - During the quarter, Bank of America extended US$150 billion in credit,
         according to preliminary data. Credit extensions included US$70 billion
         in first mortgages, US$56 billion in commercial non-real estate, US$10
         billion in commercial real estate, US$3 billion in domestic consumer
         and small business card, US$2 billion in home equity products and US$9
         billion in other consumer credit. Commercial credit extensions include
         a significant number of credit renewals.
      - Bank of America funded US$69.5 billion in first mortgages, helping more
         than 320,000 people either purchase homes or refinance existing
         mortgages. This funding included US$17.4 billion in mortgages made to
         nearly 115,000 low- and moderate-income borrowers. Approximately 37
         percent of first mortgages were for home purchases.@@end@@

    Initiatives to Help Customers

@@start.t3@@      - Bank of America introduced several initiatives during the quarter to
         help customers. The company will eliminate debit point-of-sale
         transactions that would result in an overdraft if a customer does not
         have enough funds in their account.
      - The company introduced an earned principal forgiveness approach to
         modifying certain types of mortgages that are severely underwater to
         expand the company's existing aggressive homeowner retention programs.
      - Bank of America was the first to extend credit card assistance programs
         to small businesses.
      - Since the start of 2008, Bank of America and previously Countrywide
         have provided home ownership retention opportunities to customers for
         approximately 819,000 home loan modification transactions. This includes
         569,000 loan modifications and approximately 251,000 consumers who were
         in trial-period modifications under the government's Making Home
         Affordable program at March 31, 2010. During the quarter, 77,000 loan
         modifications were completed with total unpaid principal balances of
         US$17.8 billion, including 33,000 customers who converted from
         trial-period to permanent modifications under the government's Making
         Home Affordable program.
      - Bank of America Home Loans expanded its default management staff by
         nearly 7 percent to more than 16,000 during the quarter to help
         customers experiencing difficulty with their home loans.
      - Bank of America issued clarity statements on a number of consumer
         products to help customers better understand the products they use.
      - Bank of America helped more than 200,000 Global Card Services account
         holders by reducing their interest rates and providing more affordable
         payment terms during the quarter.@@end@@

    "We will continue to support our customers through these and other initiatives aimed at helping restore their financial health," Moynihan said. "We want to ensure quality relationships with our customers and earn their trust and future business. This will benefit not just our customers, but our company and our shareholders."

    First-Quarter 2010 Financial Summary  

    Revenue and Expense  

    Revenue net of interest expense on a fully taxable-equivalent (FTE)(1) basis declined 11 percent to US$32.3 billion from US$36.1 billion a year ago. Revenue declines were driven by the absence of year-earlier credit-related gains on Merrill Lynch structured notes, the sale of an equity investment and lower mortgage banking volume and income.

    Revenue was up 27 percent from the fourth quarter of 2009.  

    Net interest income on an FTE basis was US$14.1 billion, compared with US$12.8 billion a year earlier. On a managed FTE basis, net interest income declined from US$15.6 billion a year earlier as loan demand decreased and charge-offs reduced loan balances. The increase in reported net interest income was primarily due to the adoption of new consolidation accounting guidance effective Jan. 1, which moved net assets of approximately US$100 billion onto the balance sheet. The change, while having no material impact on net income, primarily affected net interest income, card income and the provision for loan and lease losses. The net interest yield widened 23 basis points to 2.93 percent, but average loans declined by 2 percent, reflecting economic conditions and lower demand.

    Noninterest income declined 22 percent to US$18.2 billion from US$23.3 billion a year ago. Lower mortgage banking income and decreases in both card income and equity investment income drove the decline. Mortgage banking income declined, driven by less favorable mortgage servicing rights hedging results and lower production volume and margins. Card income declined due to the recent adoption of new accounting guidance and the CARD Act, while equity investment income was impacted by the absence of the gain a year earlier on the sale of China Construction Bank (CCB) shares. However, noninterest income was up 35 percent from the fourth quarter of 2009, reflecting record sales and trading revenue in the current quarter.

    Noninterest expense increased 5 percent to US$17.8 billion from US$17.0 billion a year earlier as personnel costs and other general operating expenses rose. Pretax merger and restructuring charges declined to US$521 million from US$765 million a year earlier.

    The efficiency ratio on an FTE basis was 55.05 percent, compared with 47.12 percent a year earlier.

    (1) FTE basis is a non-GAAP measure. For a reconciliation to GAAP, refer to page 20 of this press release

    (All Amounts in US Dollars unless otherwise noted)

@@start.t4@@      Credit Quality
      (Dollars in millions)                            Q1 2010         Q4 2009        Q1 2009
      ---------------------                            -------         -------        -------
      Provision for credit losses                    $9,805         $10,110        $13,380
      ---------------------------                    ------         -------        -------
      Net charge-offs(1)                                  10,797            8,421          6,942
      -----------------                                    ------            -----          -----
      Net charge-off ratio(1,2)                          4.44%            3.71%          2.85%
      ------------------------                            ----              ----            ----
      Total managed net losses(3)                            -         $11,347         $9,124
      --------------------------                          ---         -------         ------
      Total managed net loss
        ratio(2,3)                                                      -              4.54%          3.40%
      --------------------------                          ---              ----            ----
                                                                At 3/31/10  At 12/31/09  At 3/31/09
                                                                ----------  -----------  ----------
      Nonperforming loans, leases and
        foreclosed properties                          $35,925         $35,747        $25,632
      -------------------------------            -------         -------        -------
      Nonperforming loans, leases and
        foreclosed properties ratio(4)                 3.69%            3.98%          2.64%
      -----------------------------------          ----              ----            ----
      Allowance for loan and lease
        losses                                                  $46,835         $37,200        $29,048
      ----------------------------                 -------         -------        -------
      Allowance for loan and lease
        losses ratio(5)                                         4.82%            4.16%          3.00%
      --------------------------------                ----              ----            ----
      (1)Current period reflects the adoption of new accounting guidance
      resulting in the addition of approximately $103 billion in loans to
      the balance sheet on January 1, 2010.
      (2) 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.
      (3) Prior periods are shown on a managed basis, which prior to the
      adoption of new accounting guidance on January 1, 2010 included
      losses on securitized credit card and other loans which are reported
      in net charge-offs post adoption.
      (4) Nonperforming loans, leases and foreclosed properties ratios are
      calculated as nonperforming loans, leases and foreclosed properties
      divided by outstanding loans, leases and foreclosed properties at
      the end of the period.
      (5) 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@@

    Credit quality continued to improve during the quarter, with net losses declining in most consumer portfolios. Credit costs, however, remain high amid relatively weak global economic conditions.

    Credit quality across most commercial portfolios showed signs of improvement with criticized and nonperforming loans decreasing from the prior quarter. Net charge-offs in the commercial portfolios declined across a broad range of borrowers and industries.

    Net charge-offs were $2.4 billion higher than the fourth quarter of 2009, driven mainly by the adoption of new accounting guidance that resulted in securitized credit card loans and other loans coming back onto the company's balance sheet. Also contributing to the increase were charge-offs on certain modified collateral-dependent consumer real estate loans. Excluding these factors, net charge-offs would have been $1.3 billion lower. Net charge-offs in the first quarter of $10.8 billion, or 4.44 percent, which reflect the new accounting guidance, are comparable with managed net losses of $11.3 billion, or 4.54 percent, in the prior quarter. Nonperforming loans, leases and foreclosed properties were $35.9 billion, compared with $35.7 billion at December 31, 2009.

    The provision for credit losses was $9.8 billion, $305 million lower than the fourth quarter of 2009 and $3.6 billion lower than the same period a year earlier. Excluding the $10.8 billion increase to the reserve for credit losses associated with adopting the new accounting guidance, which did not initially impact provision, reserves were reduced $992 million during the quarter. This compares with a $1.7 billion addition to the reserve for credit losses in the fourth quarter and $6.4 billion a year earlier. The reduction from the fourth quarter of 2009 was primarily due to improved delinquencies and lower bankruptcies in consumer and small business products in Global Card Services and the stabilization of commercial portfolios. These were partially offset by higher reserve additions in the consumer real estate portfolios amid continued stress in the housing market, including reserve additions for purchased credit-impaired consumer portfolios obtained through acquisitions.

@@start.t5@@      Capital and Liquidity Management
                                                            At 3/31/10    At 12/31/09    At 3/31/09
                                                            ----------    -----------    ----------
      Total shareholders' equity                $229,823         $231,444        $239,549
      --------------------------                --------         --------        --------
      (in millions)
      -------------
      Tier 1 common ratio                                 7.60%              7.81%            4.49%
      -------------------                                 ----                ----              ----
      Tier 1 capital ratio                              10.23              10.40            10.09
      --------------------                              -----              -----            -----
      Total capital ratio                                14.47              14.66            14.03
      -------------------                                -----              -----            -----
      Tangible common equity ratio(1)              5.24                5.57              3.13
      ------------------------------                ----                ----              ----
      Tangible book value per share              $11.70            $11.94          $10.88
      -----------------------------              ------            ------          ------
      (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 reconciliation to GAAP measures, please refer to page 20 of this
      press release.@@end@@

    Capital ratios were negatively impacted from the fourth quarter of 2009 primarily due to the adoption of new accounting guidance on consolidation. The company's liquidity position strengthened during the quarter as customers continued to reduce debt. Cash and equivalents rose more than $20 billion. The company's total global excess liquidity sources rose by approximately $50 billion to more than $260 billion. The company's time to required funding stands at 24 months.

    During the quarter, a cash dividend of $0.01 per common share was paid and the company reported $348 million in preferred dividends. Period-end common shares issued and outstanding were 10.03 billion for the first quarter of 2010, 8.65 billion for the fourth quarter of 2009 and 6.40 billion for the first quarter of 2009. The increase in outstanding shares was driven primarily by the conversion of common equivalent shares into common stock in the first quarter of 2010.

    2010 Business Segment Results  

@@start.t6@@      Deposits
      (Dollars in millions)                                      Q1 2010          Q1 2009
      ---------------------                                      -------          -------
      Total revenue, net of interest
        expense, FTE basis                                          $3,632            $3,372
      ------------------------------                         ------            ------
      Provision for credit losses                                    37                  88
      ---------------------------                                  ---                 ---
      Noninterest expense                                            2,505              2,323
      -------------------                                            -----              -----
      Net income                                                              683                 600
      ----------                                                              ---                 ---
      Efficiency ratio, FTE basis                                68.97%            68.89%
      ---------------------------                                -----              -----
      Return on average equity                                    11.49              10.39
      ------------------------                                    -----              -----
      Average deposits                                            $414,167         $376,287
      ----------------                                            --------         --------
                                                                         At 3/31/10      At 3/31/09
                                                                         ----------      ----------
      Period-end deposits                                        $417,539         $390,247
      -------------------                                        --------         --------@@end@@

    Deposits net income rose 14 percent as the 8 percent increase in revenue was partially offset by increased noninterest expense. Revenue increased mainly due to growth in deposits as well as improved spreads. Noninterest income remained relatively flat. Expenses rose as a higher percentage of the retail distribution costs shifted to Deposits from the other consumer businesses.

    Average deposits rose 10 percent, or $37.9 billion, from a year ago due to the transfer of $39.7 billion in certain client deposits from Global Wealth and Investment Management and $15.2 billion of organic growth. Organic growth was driven by the continuing need of customers to manage their liquidity as illustrated by growth in higher spread deposits. The increase was partially offset by the expected decline in higher-yielding Countrywide deposits.

@@start.t7@@      Global Card Services
      (Dollars in millions)                                    Q1 2010         Q1 2009
      Total revenue, net of interest
        expense, FTE basis(1)                                    $6,804          $7,448
      Provision for credit losses(2)                         3,535            8,221
      Noninterest expense                                          1,751            2,039
      Net income (loss)                                                 952          (1,752)
      Efficiency ratio,FTE basis                                25.74%          27.38%
      Return on average equity                                    8.94                n/m
      Average loans(1)                                          $189,307        $224,013
                                                                        At 3/31/10    At 3/31/09
      Period-end loans(1)                                      $181,763        $217,532
      (1) Current period shown on a GAAP basis in accordance with new
      accounting guidance. Prior period shown on a managed basis.  Managed
      basis assumed that credit card loans that were 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, refer to page 21
      of this press release.
      (2) Current period shown on a GAAP basis in accordance with new
      accounting guidance. Prior period results shown on a managed basis
      and represented provision for credit losses on held loans combined
      with realized credit losses associated with the securitized credit
      card loan portfolio.  For more information and detailed
      reconciliation, refer to page 21 of this press release.
      n/m = not meaningful@@end@@

    Global Card Services reported net income of $952 million as credit costs declined, reflecting continued improvement in the U.S. economy. Net revenue declined 9 percent to $6.8 billion due to lower net interest income from the decline in average loans and lower fee income resulting from the implementation of the CARD Act.

    Provision for credit losses decreased $4.7 billion to $3.5 billion from a year ago as lower delinquencies and lower expected losses from the improved economic outlook drove reserve reductions during the quarter.

    Expenses decreased as a higher percentage of the retail distribution costs shifted to Deposits from Global Card Services.

      Home Loans and Insurance
      (Dollars in millions)                                  Q1 2010        Q1 2009
      ---------------------                                  -------        -------
      Total revenue, net of interest
        expense, FTE basis                                        $3,624         $5,235
      ------------------------------                      ------         ------
      Provision for credit losses                            3,600          3,372
      ---------------------------                            -----          -----
      Noninterest expense                                         3,328          2,655
      -------------------                                         -----          -----
      Net income (loss)                                          (2,071)          (494)
      -----------------                                          ------            ----
      Efficiency ratio, FTE basis                            91.81%         50.72%
      ---------------------------                            -----          -----
      Average loans                                              $133,745      $125,544
      -------------                                              --------      --------
                                                                      At 3/31/10  At 3/31/09
                                                                      ----------  ----------
      Period-end loans                                         $132,428      $131,332
      ----------------                                         --------      --------

    The net loss in Home Loans and Insurance widened to $2.1 billion as higher credit costs continued to negatively impact results. Net revenue decreased 31 percent due to lower mortgage banking income, driven by less favorable mortgage servicing rights results and lower production volume and margins resulting from a decrease in refinance activity.

    The provision for credit losses rose to $3.6 billion, driven by higher reserve additions amid continued stress in the housing market. Also driving the increase was the impact of certain modified loans where carrying value is based on the underlying collateral value and higher home equity net charge-offs related to loans that were consolidated in the quarter as a result of new accounting guidance. These increases were partially offset by lower reserve additions on the Countrywide home equity purchased credit-impaired portfolio, compared with the year-ago period.

    Noninterest expense rose to $3.3 billion mostly due to expenses related to increased litigation costs, default management staff, vendor expenses and loss mitigation efforts.

    Effective January 1, 2010, Bank of America realigned the Global Banking and Global Markets business segments. The segments are now referred to as Global Commercial Banking and Global Banking and Markets. Prior period amounts have been reclassified to conform to current period presentation.

@@start.t8@@      Global Commercial Banking
      (Dollars in millions)                                      Q1 2010                Q1 2009
      ---------------------                                      -------                -------
      Total revenue, net of interest
        expense, FTE basis                                         $3,007                  $2,683
      ------------------------------                        ------                  ------
      Provision for credit losses                                 916                    1,765
      ---------------------------                                 ---                    -----
      Noninterest expense                                              954                        961
      -------------------                                              ---                        ---
      Net income (loss)                                                 713                        (30)
      -----------------                                                 ---                        ---
      Efficiency ratio, FTE basis                              31.71%                  35.77%
      ---------------------------                              -----                    -----
      Return on average equity                                    6.82                        n/m
      ------------------------                                    ----                        ---
      Average loans and leases                              $211,683                $235,386
      ------------------------                              --------                --------
      Average deposits                                            143,357                 118,489
      ----------------                                            -------                 -------
      n/m = not meaningful@@end@@

    Global Commercial Banking returned to profitability, recording net income of $713 million, driven by lower credit costs and increased revenues.

    Net revenue rose as improved loan spreads on new, renewed and amended facilities drove an increase in net interest income. The increase was partially offset by reduced loan balances. Net revenue also benefited from strong deposit growth, as clients remain very liquid, partially offset by narrower spreads on deposits and lower treasury services transaction volumes that reflect current economic conditions.

    The provision for credit losses decreased to $916 million on lower credit costs in the retail dealer-related portfolio and stabilization across most commercial portfolios.

    Average loan balances decreased $23.7 billion as loan demand remained weak. Average deposit balances continued to grow, increasing $24.9 billion as clients sought to increase liquidity.

    Note: Global Commercial Banking clients include middle-market and business banking companies, commercial real estate firms and governments and are generally defined as companies with sales up to $2 billion. Lending products and services include commercial loans and commitment facilities, real estate lending, asset-based lending and indirect consumer loans. Treasury solutions include treasury management, foreign exchange and short-term investing options.

@@start.t9@@      Global Banking and Markets
      (Dollars in millions)                                      Q1 2010          Q1 2009
      ---------------------                                      -------          -------
      Total revenue, net of interest
        expense, FTE basis                                          $9,776            $8,981
      ------------------------------                         ------            ------
      Provision for credit losses                                  256                 347
      ---------------------------                                  ---                 ---
      Noninterest expense                                            4,386              4,724
      -------------------                                            -----              -----
      Net income                                                          3,218              2,509
      ----------                                                          -----              -----
      Efficiency ratio, FTE basis                                44.86%            52.60%
      ---------------------------                                -----              -----
      Return on average equity                                    23.64              22.05
      ------------------------                                    -----              -----
      Total average assets                                      $782,415         $836,939
      --------------------                                      --------         --------@@end@@

    Global Banking and Markets net income increased $709 million to $3.2 billion, driven by record performance in sales and trading. Revenue increased by $795 million as market conditions improved and the impact of writedowns on legacy assets decreased from a year earlier. Noninterest expense declined $338 million due to merger efficiencies and the shift in compensation that delivers a greater portion of incentive pay over time.

    Fixed Income, Currency and Commodities revenue of $5.8 billion was primarily driven by sales and trading revenues. Revenue rose on improved market conditions, increased liquidity, tighter credit spreads and the reduced impact of writedowns on legacy assets.

    Equities revenue rose to $1.7 billion primarily driven by sales and trading revenues of $1.5 billion. Higher revenue was driven by effective market positioning and related equity derivative trading gains.

    Corporate and Investment Banking revenue of $2.3 billion included corporate banking revenue of $1.6 billion. Corporate banking revenue was flat year over year, as higher credit related revenue was offset by lower treasury services revenue. Investment banking revenue, which rose 18 percent to $1.2 billion, was shared between the subsegments of Global Banking and Markets. The increase reflected the strength of the Bank of America Merrill Lynch platform and was driven by debt and equity issuances.

    Note: Global Banking and Markets includes the results of the Fixed Income, Currency and Commodities, Equities, and Corporate and Investment Banking businesses and the core banking products to large corporate clients that are defined as having sales in excess of $2 billion, as well as the results related to the Merchant Services joint venture.

@@start.t10@@      Global Wealth and Investment Management
      (Dollars in millions)                                      Q1 2010          Q1 2009
      Total revenue, net of interest                         $4,409            $4,346
      expense, FTE basis
      Provision for credit losses                                  242                 254
      Noninterest expense                                            3,374              3,322
      Net income                                                              497                 479
      Efficiency ratio, FTE basis                                76.52%            76.45%
      Return on average equity                                      8.83              11.10
      Average loans                                                  $99,063         $110,535
      Average deposits                                              224,514          250,913
      (in billions)                                              At 3/31/10      At 3/31/09
      Assets under management                                    $750.7            $697.3
      Total net client assets(1)                            $2,183.2         $1,987.4
      (1)Client assets are defined as assets under management, client
      brokerage assets, other assets in custody and client deposits@@end@@

    Global Wealth and Investment Management net income rose to $497 million, driven mainly by higher investment and brokerage activity. Net revenue increased to $4.4 billion on the absence of support for certain cash funds and higher investment and brokerage service income, partially offset by lower net interest income.

    Merrill Lynch Global Wealth Management net revenue declined $202 million to $3.1 billion from a year earlier, mainly due to the impact of the migration of certain deposits and loan balances to the Deposits and Home Loans and Insurance businesses and lower residual net interest income. These impacts to net interest income were partially offset by improvements in investment and brokerage income due to higher valuations in the equity markets and increased transactional activity.

    U.S. Trust, Bank of America Private Wealth Management net revenue of $688 million was flat as higher valuations in the equity markets and increased deposit spreads were offset by net outflows and lower residual net interest income.

    Columbia Management net revenue increased $127 million to $277 million, driven by the absence of support provided to certain cash funds and the impact of higher valuations in the equity markets. These were partially offset by a reduction in revenues, driven by net outflows in the cash complex.

    Global Wealth and Investment Management also includes the results related to the Retirement and Philanthropic Services business and the economic ownership interest related to the company's investment in BlackRock, Inc.

    All Other  

    All Other reported a net loss of $810 million due to lower net revenue, which was further impacted by increases in provision for credit losses and noninterest expense. Effective January 1, 2010, due to the recent adoption of new consolidation accounting guidance, the securitization offsets for net interest income, card income and the provision for credit losses are no longer recorded as part of All Other. Results were also impacted by other-than-temporary impairment charges primarily related to non-agency collateralized mortgage obligations. Provision for credit losses was driven by the impact of new accounting guidance and higher credit costs in the discontinued real estate purchased credit-impaired portfolio, partially offset by lower reserve builds related to the residential mortgage portfolio. Noninterest expense increased due to higher personnel, general operating and other expenses.

    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. In prior periods, All Other also included 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. In addition, 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 Brian T. Moynihan and Interim Chief Financial Officer Neil Cotty will discuss first-quarter 2010 results in a conference call at 9:30 a.m. ET 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 1.888.245.1801 (U.S.) or 1.785.424.1733 (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 58 million consumer and small business relationships with more than 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 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 approximately 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  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 future results and revenues, including net interest income, credit trends, including credit losses, credit reserves, charge-offs and nonperforming asset levels, consumer and commercial service charges, including the impact of changes in the company's overdraft policy liquidity, regulatory and GAAP capital levels, revenue impact of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the closing of the First Republic Bank and Columbia Management sales, the impact of higher interest rates on the balance sheet 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 2009 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; Bank of America's modification policies and related results; 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 the Electronic Fund Transfer Act, the CARD Act of 2009 and related regulations) 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 the new accounting guidance on consolidation) 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 other non-bank, non-thrift affiliates.

http://www.bankofamerica.com

@@start.t11@@      Investors May Contact:
      Kevin Stitt, Bank of America, +1-704-386-5667
      Lee McEntire, Bank of America, +1-704-388-6780
      Reporters May Contact:
      Scott Silvestri, Bank of America, +1-980-388-9921
      scott.silvestri@bankofamerica.com
      Bank of America Corporation and Subsidiaries
      Selected Financial Data
      -----------------------
      (Dollars in millions, except per share data; shares in thousands)
                                                                                Three Months Ended March
      Summary Income Statement                                                      31
      ------------------------                                 -------------------------
                                                                                    2010                    2009
                                                                                    ----                    ----
      Net interest income                                          $13,749                $12,497
      Noninterest income                                              18,220                 23,261
                                                                                 ------                 ------
            Total revenue, net of interest expense        31,969                 35,758
      Provision for credit losses                                 9,805                 13,380
      Noninterest expense, before merger and
        restructuring charges                                        17,254                 16,237
      Merger and restructuring charges                            521                      765
                                                                                      ---                      ---
            Income before income taxes                            4,389                  5,376
      Income tax expense                                                1,207                  1,129
            Net income                                                    $3,182                 $4,247
                                                                                 ======                 ======
      Preferred stock dividends and
        accretion (1)                                                         348                  1,433
            Net income applicable to common
              shareholders                                                $2,834                 $2,814
                                                                                 ======                 ======
      Earnings per common share                                    $0.28                  $0.44
      Diluted earnings per common share                         0.28                    0.44
                                                                                Three Months Ended March
      Summary Average Balance Sheet                                              31
      -----------------------------                         -------------------------
                                                                                    2010                    2009
                                                                                    ----                    ----
      Total loans and leases                                    $991,615              $994,121
      Debt securities                                                 311,136                286,249
      Total earning assets                                      1,933,060            1,912,483
      Total assets                                                  2,509,760            2,519,134
      Total deposits                                                  981,015                964,081
      Shareholders' equity                                         229,891                228,766
      Common shareholders' equity                              200,380                160,739
                                                                              Three Months Ended March
      Performance Ratios                                                                31
      ------------------                                          -------------------------
                                                                                    2010                    2009
                                                                                    ----                    ----
      Return on average assets                                        0.51%                  0.68%
      Return on average common shareholders'
        equity                                                                  5.73                    7.10
                                                                              Three Months Ended March
      Credit Quality                                                                      31
      --------------                                                 -------------------------
                                                                                    2010                    2009
                                                                                    ----                    ----
      Total net charge-offs                                        $10,797                 $6,942
      Annualized net charge-offs as a % of
        average loans and leases outstanding
        (2)                                                                        4.44%                  2.85%
      Provision for credit losses                                $9,805                $13,380
      Total consumer credit card managed net
        losses                                                                    n/a                  3,794
      Total consumer credit card managed net
        losses as a % of average managed
         credit card receivables                                        n/a                    8.62%
                                                                                              March 31
                                                                                 -------------------------
                                                                                    2010                    2009
                                                                                    ----                    ----
      Total nonperforming loans, leases and
        foreclosed properties                                      $35,925                $25,632
      Nonperforming loans, leases and
        foreclosed properties as a % of total
        loans, leases and foreclosed
        properties (2)                                                      3.69%                  2.64%
      Allowance for loan and lease losses                 $46,835                $29,048
      Allowance for loan and lease losses as
        a % of total loans and leases
        outstanding (2)                                                    4.82%                  3.00%
      Capital Management                                                            March 31
      ------------------                                                -------------------------
                                                                                    2010                    2009
                                                                                    ----                    ----
      Risk-based capital:
            Tier 1 common equity ratio                              7.60%                  4.49%
            Tier 1 capital ratio                                      10.23                  10.09
            Total capital ratio                                        14.47                  14.03
      Tier 1 leverage ratio                                            6.46                    7.07
      Tangible equity ratio (3)                                      6.05                    6.42
      Tangible common equity ratio (4)                          5.24                    3.13
      Period-end common shares issued and
        outstanding                                                 10,032,001            6,400,950
                                                                            Three Months Ended March
                                                                                                  31
                                                                              -------------------------
                                                                                    2010                    2009
                                                                                    ----                    ----
      Shares issued (5)                                          1,381,757            1,383,514
      Average common shares issued and
        outstanding                                                  9,177,468            6,370,815
      Average diluted common shares issued
        and outstanding                                          10,005,254            6,393,407
      Dividends paid per common share                          $0.01                  $0.01
      Summary End of Period Balance Sheet                          March 31
      -----------------------------------                -------------------------
                                                                                    2010                    2009
                                                                                    ----                    ----
      Total loans and leases                                    $976,042              $977,008
      Total debt securities                                        316,360                262,638
      Total earning assets                                      1,818,432            1,714,460
      Total assets                                                  2,333,200            2,321,963
      Total deposits                                                  976,102                953,508
      Total shareholders' equity                                229,823                239,549
      Common shareholders' equity                              211,859                166,272
      Book value per share of common stock
        (6)                                                                    $21.12                 $25.98
      Tangible book value per share of
        common stock (6)                                                 11.70                  10.88
      (1) Fourth quarter 2009 includes $4.0 billion of accelerated
      accretion from redemption of preferred stock issued to the U.S.
      Treasury.
      (2) Ratios do not include loans measured at fair value under the fair
      value option at and for the three months ended March 31, 2010 and
      2009.
      (3) Tangible equity ratio represents 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) Tangible common equity ratio represents common shareholders'
      equity plus any Common Equivalent Securities 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.
      (5) 2009 amounts include approximately 1.375 billion shares issued in
      the Merrill Lynch acquisition.
      (6) Book value per share of common stock includes the impact of the
      conversion of common equivalent shares to common shares. Tangible
      book value per share of common stock represents ending common
      shareholders' equity plus any Common Equivalent Securities less
      goodwill and intangible assets (excluding mortgage servicing
      rights), net of related deferred tax liabilities divided by ending
      common shares outstanding plus the number of common shares issued
      upon conversion of common equivalent shares.
      n/m = not meaningful
      n/a = not applicable
      Certain prior period amounts have been reclassified to conform to
      current period presentation.@@end@@

@@start.t12@@      Bank of America Corporation and Subsidiaries
      Business Segment Results
      ------------------------
      (Dollars in millions)
      For the three months ended March 31
                                                                                          Global Card
                                                        Deposits                        Services (1, 2)
                                              -------------------      ---------------------
                                              2010                 2009         2010                2009
      Total revenue, net
        of interest expense
        (3)                              $3,632              $3,372      $6,804            $7,448
      Provision for credit
        losses                                37                    88        3,535              8,221
      Noninterest expense        2,505                2,323        1,751              2,039
      Net income (loss)              683                  600          952            (1,752)
      Efficiency ratio (3)      68.97%              68.89%      25.74%            27.38%
      Return on average
        equity                          11.49                10.39         8.94                 n/m
      Average -total
        loans and leases              n/m                  n/m      189307            224013
      Average -total
        deposits                  $414,167          $376,287          n/m                 n/m
                                                                    Home Loans &
                                                                      Insurance
                                                            ---------------------
                                                                2010                 2009
      Total revenue, net of interest
        expense (3)                                  $3,624              $5,235
      Provision for credit losses            3,600                3,372
      Noninterest expense                         3,328                2,655
      Net income (loss)                          (2,071)                (494)
      Efficiency ratio (3)                        91.81%              50.72%
      Return on average equity                    n/m                  n/m
      Average -total loans and
        leases                                          133745              125544
      Average - total deposits                    n/m                  n/m
                                          Global Commercial              Global Banking &
                                                  Banking                              Markets
                                                  -------                              -------
                                              2010                 2009         2010                2009
                                              ----                 ----         ----                ----
      Total revenue, net
        of interest expense
        (3)                              $3,007              $2,683      $9,776            $8,981
      Provision for credit
        losses                              916                1,765          256                 347
      Noninterest expense          954                  961        4,386              4,724
      Net income (loss)              713                  (30)      3,218              2,509
      Efficiency ratio (3)      31.71%              35.77%      44.86%              52.6%
      Return on average
        equity                            6.82                  n/m        23.64              22.05
      Average -total
        loans and leases      $211,683          $235,386  $101,185         $123,061
      Average -total
        deposits                    143,357            118,489    104,126          104,029
                                                                  Global Wealth &
                                                                Investment Management
                                                                      -----------
                                                                2010                 2009
                                                                ----                 ----
      Total revenue, net of interest
        expense (3)                                  $4,409              $4,346
      Provision for credit losses                242                  254
      Noninterest expense                         3,374                3,322
      Net income (loss)                                497                  479
      Efficiency ratio (3)                        76.52%              76.45%
      Return on average equity                  8.83                11.10
      Average -total loans and
        leases                                         $99,063          $110,535
      Average - total deposits              224,514            250,913
                                                All Other (1, 4)
                                                ----------------
                                              2010                 2009
                                              ----                 ----
      Total revenue, net
        of interest expense
        (3)                              $1,038              $4,015
      Provision for credit
        losses                          1,219                 (667)
      Noninterest expense        1,477                  978
      Net income (loss)            (810)              2,935
      Average -total
        loans and leases      $256,126          $174,730
      Average -total
        deposits                      70,417              91,674
      (1) Global Card Services is presented in accordance with new
      accounting guidance on consolidation of VIEs and transfers of
      financial assets.  Prior periods are presented on a managed basis.
      (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
      Certain prior period amounts have been reclassified to conform to
      current period presentation.@@end@@

@@start.t13@@      Bank of America Corporation and Subsidiaries
      Supplemental Financial Data
      ---------------------------
      (Dollars in millions)
      Fully taxable-equivalent basis          Three Months Ended March
        data (1)                                                              31
      ------------------------------        --------------------------
                                                                      2010                    2009
                                                                      ----                    ----
      Net interest income                            $14,070                $12,819
      Total revenue, net of interest
        expense                                                32,290                 36,080
      Net interest yield                                  2.93%                  2.70%
      Efficiency ratio                                    55.05                  47.12
      Other Data                                                  March 31
      ----------                                         -------------------------
                                                                      2010                    2009
                                                                      ----                    ----
      Full-time equivalent employees          283,914                286,625
      Number of banking centers -
        domestic                                                5,939                  6,145
      Number of branded ATMs -
        domestic                                              18,135                 18,532
      (1) FTE basis is a non-GAAP measure.  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. (See Reconciliation to
      GAAP Financial Measures on page 4).
      Certain prior period amounts have been reclassified to conform to
      current period presentation.@@end@@

@@start.t14@@      Bank of America Corporation and Subsidiaries
      Reconciliation to GAAP Financial Measures
      (Dollars in millions, shares in thousands)
      The Corporation evaluates its business based upon a FTE basis which
      is a non-GAAP measure. Total revenue, net of interest expense,
      includes net interest income on a FTE basis and noninterest income.
      The adjustment of net interest income to a FTE basis results in a
      corresponding increase in income tax expense. The Corporation also
      evaluates its business based upon ratios that utilize tangible
      equity which is a non-GAAP measure. The tangible equity ratio
      represents 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. The tangible common equity ratio
      represents common shareholders' equity plus any Common Equivalent
      Securities 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.
      Tangible book value per share of common stock represents ending
      common shareholders' equity plus any Common Equivalent Securities
      less goodwill and intangible assets (excluding mortgage servicing
      rights), net of related ending common shareholders' equity plus any
      common equivalent securities less goodwill and intangible assets
      (excluding mortgage servicing rights), net of related deferred tax
      liabilities divided by ending common shares outstanding plus the
      number of common shares issued upon conversion of common equivalent
      shares.  These measures are used to evaluate the Corporation's use
      of equity (i.e., capital). We believe the use of these non-GAAP
      measures provides additional    any Common Equivalent Securities less
      goodwill and intangible assets (excluding mortgage servicing
      rights), net of related deferred tax liabilities divided by total
      assets less clarity in assessing the results of the Corporation.
      Other companies may define or calculate supplemental financial data
      differently.  See the tables below for corresponding reconciliations
      to GAAP financial measures at March 31, 2010, December 31, 2009 and
      March 31, 2009. We believe the use of these non-GAAP measures
      provides additional clarity in assessing the results of the
      Corporation.
                                                                      First         Fourth          First
                                                                  Quarter        Quarter        Quarter
                                                                        2010            2009            2009
                                                                        ----            ----            ----
      Reconciliation of net interest
        income to net interest income
        FTE basis
      ------------------------------
      Net interest income                              $13,749        $11,559        $12,497
      Fully taxable-equivalent
        adjustment                                                 321              337              322
                                                                         ---
            Net interest income fully
              taxable-equivalent basis              $14,070        $11,896        $12,819
                                                                  =======        =======        =======
      Reconciliation of total revenue,
        net of interest expense to total
        revenue, net of interest expense
        FTE basis
      ---------------------------------
      Total revenue, net of interest
        expense                                                $31,969        $25,076        $35,758
      Fully taxable-equivalent
        adjustment                                                 321              337              322
            Net interest income fully
              taxable-equivalent basis              $32,290        $25,413        $36,080
                                                                  =======        =======        =======
      Reconciliation of income (loss)
        before income taxes to pretax,
        pre-provision income FTE basis
      -------------------------------
      Income (loss) before income taxes         $4,389        $(1,419)        $5,376
      Provision for credit losses                    9,805         10,110         13,380
      Fully taxable-equivalent
        adjustment                                                 321              337              322
          Pretax, pre-provision income
            fully taxable-equivalent basis      $14,515         $9,028        $19,078
                                                                  =======         ======        =======
      Reconciliation of income tax
        expense (benefit) to income tax
        expense (benefit) FTE basis
      --------------------------------
      Income tax expense (benefit)                 $1,207        $(1,225)        $1,129
      Fully taxable-equivalent
        adjustment                                                 321              337              322
          Income tax expense (benefit)
            fully taxable-equivalent basis        $1,528          $(888)        $1,451
                                                                    ======          =====         ======
      Reconciliation of period end
        common shareholders' equity to
        period end tangible common
        shareholders' equity
      -------------------------------
      Common shareholders' equity                $211,859      $194,236      $166,272
      Common Equivalent Securities                         -         19,244                 -
      Goodwill                                                (86,305)      (86,314)      (86,910)
      Intangible assets (excluding
        MSRs)                                                  (11,548)      (12,026)      (13,703)
      Related deferred tax liabilities            3,396          3,498          3,958
            Tangible common shareholders'
              equity                                         $117,402      $118,638        $69,617
                                                                 ========      ========        =======
      Reconciliation of period end
        shareholders' equity to period
        end tangible shareholders'
        equity
      -------------------------------
      Shareholders' equity                          $229,823      $231,444      $239,549
      Goodwill                                                (86,305)      (86,314)      (86,910)
      Intangible assets (excluding
        MSRs)                                                  (11,548)      (12,026)      (13,703)
      Related deferred tax liabilities            3,396          3,498          3,958
            Tangible shareholders' equity      $135,366      $136,602      $142,894
                                                                 ========      ========      ========
      Reconciliation of period end
        assets to period end tangible
        assets
      ------------------------------
      Assets                                              $2,333,200  $2,223,299  $2,321,963
      Goodwill                                                (86,305)      (86,314)      (86,910)
      Intangible assets (excluding
        MSRs)                                                  (11,548)      (12,026)      (13,703)
      Related deferred tax liabilities            3,396          3,498          3,958
            Tangible assets                         $2,238,743  $2,128,457  $2,225,308
                                                              ==========  ==========  ==========
      Reconciliation of ending common
        shares outstanding to ending
        tangible common shares
        outstanding
      -------------------------------
      Common shares outstanding                10,032,001    8,650,244    6,400,950
      Assumed conversion of common
        equivalent shares (1)                                  -    1,286,000                 -
            Tangible common shares
              outstanding                              10,032,001    9,936,244    6,400,950
                                                              ==========    =========    =========
      (1) On February 24, 2010, the common equivalent shares converted into
      common shares.
      Certain prior period amounts have been reclassified to conform to
      current period presentation.@@end@@

@@start.t15@@      Bank of America Corporation and Subsidiaries
      Reconciliation - Managed to GAAP
      --------------------------------
      (Dollars in millions)
        The Corporation reports Global Card Services current period results in
        accordance with new accounting guidance on consolidation of VIEs and
        transfers of financial assets. Prior period results are presented on a
        managed basis. 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. In prior periods, loan
        securitization removed loans from the Consolidated Balance Sheet through
        the sale of loans to an off-balance sheet qualifying special purpose
        entity which was excluded from the Corporation's Consolidated Financial
        Statements in accordance with GAAP applicable at the time.
        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, excess
        servicing income is exposed to similar credit risk and repricing of
        interest rates as held loans. In prior periods, Global Card Services
        managed income statement line items differed from a held basis reported
        as follows:
      -- Managed net interest income included 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 securitized
          net interest income and provision for credit losses. Noninterest
          income, both on a held and managed basis, also included the impact of
          adjustments to the interest-only strips that were recorded in card
          income as management managed this impact within Global Card Services.
      -- Provision for credit losses represented the provision for managed
          credit losses on held loans combined with realized credit losses
          associated with the securitized loan portfolio.
      Global Card Services
                                                        Three Months Ended March 31, 2009
                                                        ---------------------------------
                                                 Managed              Securitization              Held
                                                Basis (1)              Impact (2)                  Basis
                                                ---------              ----------                  -----
      Net interest
        income (3)                              $5,199                      $(2,391)            $2,808
      Noninterest
        income:
            Card income                         2,114                            244                2,358
            All other income                    135                            (35)                 100
                                                          ---                            ---                  ---
                  Total noninterest
                    income                         2,249                            209                2,458
                                                        -----                            ---                -----
                  Total revenue,
                    net of interest
                    expense                        7,448                        (2,182)              5,266
      Provision for
        credit losses                          8,221                        (2,182)              6,039
      Noninterest
        expense                                    2,039                                -                2,039
                                                        -----                            ---                -----
                  Loss before
                    income taxes              (2,812)                              -              (2,812)
      Income tax
        benefit (3)                            (1,060)                              -              (1,060)
                                                      ------                            ---              ------
                 Net loss                      $(1,752)                            $-            $(1,752)
                                                    =======                            ===            =======
      Average -total
        loans and leases                 $224,013                  $(102,672)         $121,341
      All Other
                                                          Three Months Ended March 31, 2009
                                                          ---------------------------------
                                                 Reported                Securitization              As
                                                 Basis (4)                  Offset (2)          Adjusted
                                                 ---------                  ----------          --------
      Net interest
        income (loss)
        (3)                                        $(1,866)                      $2,391                  $525
      Noninterest
        income:
            Card income                            534                          (244)                  290
            Equity investment
              income                                1,326                                -                 1,326
            Gains on sales of
              debt securities                 1,471                                -                 1,471
            All other income                 2,550                              35                 2,585
                                                        -----                            ---                 -----
                  Total noninterest
                    income                         5,881                          (209)                5,672
                                                        -----                          ----                 -----
                  Total revenue,
                    net of interest
                    expense                        4,015                         2,182                 6,197
      Provision for
        credit losses                            (667)                        2,182                 1,515
      Merger and
        restructuring
        charges                                        765                                -                    765
      All other
        noninterest
        expense                                        213                                -                    213
                                                          ---                            ---                    ---
                  Income before
                    income taxes                3,704                                -                 3,704
      Income tax
        expense (3)                                 769                                -                    769
                                                          ---                            ---                    ---
                 Net income                    $2,935                              $-                $2,935
                                                      ======                            ===                ======
      Average -total
        loans and leases                 $174,730                    $102,672            $277,402
      (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.
      Certain prior period amounts have been reclassified among the
      segments to conform to the current period presentation.@@end@@

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

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



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