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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:
- 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.
"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
- 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.
Initiatives to Help Customers
- 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.
"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)
    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.
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.
    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.
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
    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
    -------------------                         --------      --------
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.
    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
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.
    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
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.
    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
    --------------------                        --------      --------
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.
    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
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
    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.
    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.
    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.
    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.
    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.

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

Weitere Storys: Bank of America Corporation
Weitere Storys: Bank of America Corporation
  • 20.01.2010 – 13:02

    Bank of America Announces 2009 Net Income of US$6.3 Billion

    Charlotte, North Carolina (ots/PRNewswire) - Bank of America Corporation today reported full-year 2009 net income of US$6.3 billion, compared with net income of US$4.0 billion in 2008. Including preferred stock dividends and the negative impact from the repayment of the U.S. government's US$45 billion preferred stock investment in the company under the Troubled Asset Relief Program (TARP), income applicable to common ...

  • 16.10.2009 – 13:09

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

    Charlotte, North Carolina (ots/PRNewswire) - - 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 ...

  • 17.07.2009 – 13:06

    Bank of America Earns US$3.2 Billion in Second Quarter

    Charlotte, North Carolina (ots/PRNewswire) - - Strong Pretax, Pre-provision Income of US$16 Billion - Another Good Quarter in Capital Markets and Home Loans - Enhanced Capital Strength, Tier 1 Capital Ratio at 11.93 Percent - Extends More Than US$211 Billion in Credit in the Second Quarter - Adds US$4.7 Billion to Credit Loss Reserves Bank of America Corporation today reported second-quarter ...