Bank of America Earns US$3.2 Billion in Second Quarter (y 8)

    
    Global Card Services                                                      
                                                                          
                     Six Months Ended                  Six Months Ended      
                      June 30, 2009                     June 30, 2008        
                    ------------------                ------------------      
                          Securit-                         Securit-          
               Managed    ization      Held     Managed    ization      Held  
              Basis (1)  Impact (2)    Basis   Basis (1)  Impact (2)    Basis
             ----------  ----------    -----   ---------  ----------    -----
    Net
     interest                                                                
     income
     (3)         $10,308   $(4,749)   $5,559     $9,331     $(4,195)   $5,136
    Noninterest
     income:                                                                  
     Card
      income       4,279      (348)    3,931      5,275       1,261     6,536
     All other                                                              
      income         259       (67)      192        824        (125)      699
                     ---       ---       ---        ---        ----       ---
      Total                                                                
       noninterest                                                          
       income      4,538      (415)    4,123      6,099       1,136     7,235
                   -----      ----     -----      -----       -----     -----
      Total
       revenue,                                                            
       net of                                                              
       interest                                                            
       expense    14,846    (5,164)    9,682     15,430      (3,059)   12,371
                                                                          
    Provision
     for credit
     losses       16,182    (5,164)   11,018      8,711      (3,059)    5,652
    Noninterest
     expense       4,053         -     4,053      4,572           -     4,572
                   -----       ---     -----      -----         ---     -----
      Income
       (loss)                                                              
       before
       income                                                              
       taxes      (5,389)        -    (5,389)     2,147           -     2,147
    Income tax
     expense                                                                  
     (benefit)
     (3)          (1,895)        -    (1,895)       746           -       746
                  ------       ---    ------        ---         ---       ---
      Net
       income                                                              
       (loss)    $(3,494)       $-   $(3,494)    $1,401          $-    $1,401
                 =======       ===   =======     ======         ===    ======
                                                                          
    Average -
     total
     loans
     and
     leases     $224,391 $(102,357) $122,034   $236,738   $(106,306) $130,432
                                                                          
                                                                          
    All Other                                                                
                     Six Months Ended                 Six Months Ended      
                       June 30, 2009                     June 30, 2008        
                     ------------------               -----------------      
                            Securit-                         Securit-        
                Reported    ization       As     Reported    ization    As    
                Basis (4) Offset (2)  Adjusted  Basis (4)  Offset (2) Adjusted
               ---------  ----------  --------  ---------  ---------- --------
    Net
     interest                                                              
     income(3)  $(3,477)    $4,749    $1,272    $(3,771)     $4,195     $424
    Noninterest
     income:                                                                  
     Card income                                                            
      (loss)        256        348       604      1,259      (1,261)     (2)
     Equity
      investment                                                            
      income      7,305          -     7,305        977           -      977
     Gains on                                                                
      sales of                                                              
      debt                                                                  
      securities  2,143          -     2,143        351           -      351
     All other
      income                                                                
      (loss)     (1,706)        67    (1,639)      (349)        125     (224)
                 ------        ---    ------       ----         ---     ----
      Total                                                                
       noninterest                                                          
       income     7,998        415     8,413      2,238      (1,136)   1,102
                  -----        ---     -----      -----      ------    -----
      Total
       revenue,                                                    
       net of                                                          
       interest                                                        
       expense    4,521      5,164     9,685     (1,533)      3,059    1,526
              
    Provision
     for credit
     losses        (686)     5,164     4,478     (2,161)      3,059      898
    Merger and                                                                
     restructuring                                                            
     charges      1,594          -     1,594        382           -      382
    All other                                                                
     noninterest
     expense        932          -       932        253           -      253
                    ---        ---       ---        ---         ---      ---
      Income
       (loss)                                                              
       before
       income                                                              
       taxes      2,681          -     2,681         (7)          -       (7)
    Income tax                                                                
     expense (3)   (979)         -      (979)         6           -        6
                   ----        ---      ----        ---         ---      ---
      Net
       income                                                              
       (loss)    $3,660         $-    $3,660       $(13)         $-     $(13)
                 ======        ===    ======       ====         ===     ====
                                                                          
    Average -
     total                                                                    
     loans
     and                                                                
     leases    $163,770   $102,357  $266,127   $125,695    $106,306  $232,001
                                                                          
    ---------------------------------------------
     (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.

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

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

Investors: Kevin Stitt, Bank of America, +1-704-386-5667, Lee McEntire, Bank of America, +1-704-388-6780, Grace Yoon, Bank of America, +1-212-449-7323; or Reporters: Scott Silvestri, Bank of America, +1-980-388-9921, scott.silvestri@bankofamerica.com / Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b