BANK OF AMERICA CORP /DE/ (Form: 8-K, Received: 04/20/2009 09:38:39)

As filed with the Securities and Exchange Commission on April 20, 2009

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

April 20, 2009

BANK OF AMERICA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

(State of Incorporation)

1-6523

(Commission File Number)

56-0906609

(IRS Employer Identification No.)

100 North Tryon Street

Charlotte, North Carolina 28255

(Address of principal executive offices)

(704) 386-5681

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 20, 2009, Bank of America Corporation (the “Registrant”) announced financial results for the first quarter ended March 31, 2009, reporting first quarter net income of $4.25 billion and diluted earnings per common share of $0.44. A copy of the press release announcing the Registrant’s results for the first quarter ended March 31, 2009 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

ITEM 7.01. REGULATION FD DISCLOSURE.

On April 20, 2009, the Registrant held an investor conference call and webcast to disclose financial results for the first quarter ended March 31, 2009. The Supplemental Information package for use during this conference call is furnished herewith as Exhibit 99.2 and incorporated by reference in Item 7.01. All information in the Supplemental Information package is presented as of the particular date or dates referenced therein, and the Registrant does not undertake an obligation to, and disclaims any duty to, update any of the information provided.

The information in the preceding paragraph, as well as Exhibit 99.2 referenced therein, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in filings under the Securities Act of 1933.

ITEM 8.01. OTHER EVENTS.

On April 20, 2009, the Registrant announced financial results for the first quarter ended March 31, 2009, reporting first quarter net income of $4.25 billion and diluted earnings per common share of $0.44. A copy of the press release announcing the Registrant’s results for the first quarter ended March 31, 2009 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

The following exhibits are filed herewith:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

99.1		Press Release dated April 20, 2009 with respect to the Registrant’s financial results for the first quarter ended March 31, 2009

99.2		Supplemental Information prepared for use on April 20, 2009 in connection with financial results for the first quarter ended March 31, 2009

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


BANK OF AMERICA CORPORATION

By:		/s/ Craig R. Rosato
		Craig R. Rosato
		Chief Accounting Officer

Dated: April 20, 2009

INDEX TO EXHIBITS


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

99.1		Press Release dated April 20, 2009 with respect to the Registrant’s financial results for the first quarter ended March 31, 2009

99.2		Supplemental Information prepared for use on April 20, 2009 in connection with financial results for the first quarter ended March 31, 2009

Exhibit 99.1

LOGO

April 20, 2009

Investors May Contact:

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

Reporters May Contact:

Scott Silvestri, Bank of America, 1.980.388.9921

scott.silvestri@bankofamerica.com

Bank of America Earns $4.2 Billion in First Quarter

Earnings Exceed All of 2008

Record Revenue of $36 Billion and Pretax, Pre-Provision Income of $19 Billion

Merrill Lynch Contributes More Than $3 Billion to Net Income

Tangible Common Equity Ratio Improves to 3.13 Percent

Extends $183 Billion in Credit in the First Quarter

Adds $6.4 Billion to Loan Loss Reserve

CHARLOTTE — Bank of America Corporation today reported first-quarter 2009 net income of $4.2 billion. After preferred dividends, including $402 million paid to the U.S. government, diluted earnings per share were $0.44.

Those results compared with net income of $1.2 billion, or diluted earnings per share of $0.23 after preferred dividends, during the same period last year.

Results for the quarter include Merrill Lynch & Co., which Bank of America purchased on January 1, 2009, and Countrywide Financial, which was acquired on July 1, 2008. Merrill Lynch contributed $3.7 billion to net income, excluding certain merger costs, on strong capital markets revenue. Countrywide also added to net income as mortgage lending and refinancing volume increased. The year-ago period does not include Merrill Lynch and Countrywide results.

The company also took several actions in the quarter to enhance its capital and liquidity position, including strengthening its loan loss reserves and building its cash position.

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“The fact that we were able to post strong, positive net income for the quarter is extremely welcome news in this environment,” said Kenneth D. Lewis, chairman and chief executive officer. “It shows the power of our diversified business model as well as the ability of our associates to execute. We are especially gratified that our new teammates at Countrywide and Merrill Lynch had outstanding performance that contributed significantly to our success.”

However, we understand that we continue to face extremely difficult challenges primarily from deteriorating credit quality driven by weakness in the economy and growing unemployment,” Lewis said. “Our company continues to be a solid contributor to the effort to revitalize the U.S. economy through our industry-leading efforts to reform mortgage lending, restructure home loans where appropriate and mitigate foreclosures wherever possible. We look forward to continuing that role.”

First Quarter 2009 Business Highlights

•

Bank of America Merrill Lynch was No. 2 in global and U.S. investment banking fees during the quarter and based on volume was No. 1 in U.S. equity capital markets, No. 1 in U.S. high yield debt, leveraged and syndicated loans, and was a top-five advisor on mergers and acquisitions globally and in the U.S., according to first-quarter league tables.

•

Bank of America funded $85 billion in first mortgages, helping more than 382,000 people either purchase a home or refinance their existing mortgage. Approximately 25 percent were for purchases.

•

Credit extended during the quarter, including commercial renewals of $44.3 billion, was $183.1 billion compared with $180.8 billion in the fourth quarter. New credit included $85.2 billion in mortgages, $70.9 billion in commercial non-real estate, $11.2 billion in commercial real estate, $5.5 billion in domestic and small business card, $4.0 billion in home equity products and $6.3 billion in other consumer credit. Excluding commercial renewals, new credit extended during the period was $138.8 billion compared with more than $115 billion in the fourth quarter.

•

During the first quarter, Small Business Banking extended more than $720 million in new credit comprised of credit cards, loans and lines of credit to more than 45,000 new customers.

•

The company originated $16 billion in mortgages made to 102,000 low- and moderate-income borrowers.

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•

To meet rising refinancing and first mortgage application volume, the company is in the process of adding approximately 5,000 positions in fulfillment. In addition, the company has more than 6,400 associates in place to address increasing needs from consumers for assistance with loan modifications.

•

To help homeowners avoid foreclosure, Bank of America modified nearly 119,000 home loans during the quarter. Last year the company embarked on a loan modification program projected to modify over $100 billion in loans to help keep up to 630,000 borrowers in their homes. The centerpiece of the program is a proactive loan modification process to provide relief to eligible borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of loan features, such as rate resets or payment recasts. In some instances, innovative new approaches will be employed to include automatic streamlined loan modifications across certain classes of borrowers. Also during the first quarter, the company began a new program that utilizes affordability measures to qualify borrowers for loan modifications.

•

Average retail deposits in the quarter increased $140.0 billion, or 27 percent, from a year earlier, including $107.3 billion in balances from Countrywide and Merrill Lynch. Excluding Countrywide and Merrill Lynch, Bank of America grew retail deposits $32.7 billion, or 6 percent, from the year-ago quarter.

Transition Update

The Merrill Lynch integration is on track and expected to meet targeted cost savings. Senior- and middle-management appointments have been made across all lines of business, including the complete integration of global research, and the combination of a large number of client-facing teams in corporate and investment banking and Global Markets is in place.

Merrill Lynch financial advisors and Bank of America are engaged in client referrals. Merrill Lynch financial advisors are in the process of integrating Bank of America’s broad product set to offer clients. The business has had early success with a sales program for certificates of deposit, which booked more than $135 million in CDs in Florida alone. The program soon will be rolled out nationally.

Bank of America and Merrill Lynch investment banking teams worked jointly, providing advice and financing on numerous transactions in the quarter.

The Countrywide transition is on track. Cost savings from the acquisition are ahead of schedule.

Later this month, the company will introduce the Bank of America Home Loans and Insurance brand to consumers.

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First Quarter 2009 Financial Summary

Revenue and Expense

Revenue net of interest expense on a fully taxable-equivalent basis more than doubled to a record $36.1 billion from a year ago.

Net interest income on a fully taxable-equivalent basis rose 25 percent to $12.8 billion from $10.3 billion in the first quarter of 2008 due to an improved rate environment, the addition of Countrywide and Merrill Lynch and an increase in market-based net interest income. These improvements were impacted by the sale of securities and higher funding costs related to an increase in long-term debt. The net interest yield declined three basis points to 2.70 percent due to lower-yielding assets associated with the acquisitions during the past year.

Noninterest income rose more than threefold to $23.3 billion compared with a year earlier. Increases in trading account profits, investment and brokerage services, gains on sales of debt securities and other income reflected the addition of Merrill Lynch while growth in mortgage banking income reflected the Countrywide acquisition and higher mortgage activity due to lower interest rates. Equity investment income includes a $1.9 billion pretax gain on the sale of China Construction Bank (CCB) shares. Bank of America continues to own approximately 17 percent of the common shares of CCB. These increases were partially offset by lower card income due to higher credit costs on securitized credit card loans and lower revenues.

Noninterest income included $2.2 billion in gains related to mark-to-market adjustments on certain Merrill Lynch structured notes as a result of credit spreads widening.

Noninterest expense increased to $17.0 billion from $9.3 billion a year earlier. Higher personnel and general operating expenses, driven in part by the Merrill Lynch and Countrywide acquisitions, contributed $6.4 billion of the increase. Pretax merger and restructuring charges related to acquisitions rose to $765 million from $170 million a year earlier.

The efficiency ratio on a fully taxable-equivalent basis was 47.12 percent compared with 53.32 percent a year earlier. Pretax, pre-provision income on fully-taxable equivalent basis was a record $19.1 billion.

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Credit Quality

Credit quality deteriorated further across all lines of business as housing prices continued to fall and the economic environment weakened. Consumers are under significant stress from rising unemployment and underemployment levels. These conditions led to higher losses in almost all consumer portfolios.

Declining home values, reduced spending by consumers and businesses and continued turmoil in the financial markets negatively impacted the commercial portfolio. Commercial losses increased from the prior quarter driven by higher broad-based losses in the non-homebuilder portion of the real estate portfolio within Global Banking and the small business portfolio within Global Card Services.

The provision for credit losses of $13.4 billion rose from $8.5 billion in the fourth quarter and included a $6.4 billion net addition to the allowance for loan and lease losses. Reserves were added across most consumer portfolios reflecting increasing economic stress on consumers. Reserves were also increased on commercial portfolios. Nonperforming assets were $25.7 billion compared with $18.2 billion at December 31, 2008 and $7.8 billion at March 31, 2008, reflecting the continued deterioration in portfolios tied to housing. The 2009 coverage ratios and amounts shown in the following table include Merrill Lynch.

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Credit Quality Statistics

(Dollars in millions)


	Q1 2009		Q4 2008		Q1 2008
Provision for credit losses	$13,380		$ 8,535		$ 6,010
Net Charge-offs	6,942		5,541		2,715
Net Charge-off ratios ¹	2.85	%	2.36	%	1.25	%
Total managed net losses	$ 9,124		$ 7,398		$ 4,131
Total managed net loss ratio ¹	3.40	%	2.84	%	1.70	%

	At 3/31/09		At 12/31/08		At 3/31/08
Nonperforming assets	$25,743		$18,232		$ 7,827
Nonperforming assets ratio ²	2.65	%	1.96	%	0.90	%
Allowance for loan and lease losses	$29,048		$23,071		$14,891
Allowance for loan and lease losses ratio ³	3.00	%	2.49	%	1.71	%

¹	Net charge-off/loss ratios are calculated as annualized held net charge-offs or managed net losses divided by average outstanding held or managed loans and leases during the period.

²	Nonperforming assets ratios are calculated as nonperforming assets divided by outstanding loans, leases and foreclosed properties at the end of the period.

³	Allowance for loan and lease losses ratios are calculated as allowance for loan and leases losses divided by loans and leases outstanding at the end of the period.

Note: Ratios do not include loans measured at fair value in accordance with SFAS 159.

Capital Management

Total shareholders’ equity was $239.5 billion at March 31. Period-end assets were $2.3 trillion. The Tier 1 Capital ratio was 10.09 percent, up from 9.15 percent at December 31, 2008 and higher than the 7.51 percent a year ago. The Tangible Common Equity ratio was 3.13 percent, up from 2.93 percent at December 31, 2008 and lower than 3.21 percent a year earlier.

In January, $20.5 billion of common shares were issued in connection with the Merrill Lynch acquisition. The company also issued $8.6 billion of preferred shares in exchange for outstanding Merrill Lynch preferred stock. Additionally, the company issued $30.0 billion in preferred stock related to the Troubled Asset Relief Program to the U.S. Department of the Treasury. Bank of America paid a cash dividend of $0.01 per common share. During the quarter preferred dividends decreased earnings available to common shareholders by $1.4 billion. Period-end common shares issued and outstanding were 6.40 billion for the first quarter of 2009, 5.02 billion for the fourth quarter of 2008 and 4.45 billion for the year-ago quarter.

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First Quarter 2009 Business Segment Results

Effective January 1, Bank of America reports results from six main business segments. The former Global Consumer and Small Business Banking now is reflected in three separate business segments: Deposits, Global Card Services and Home Loans and Insurance. The former Global Corporate and Investment Banking is now divided into Global Banking and Global Markets. These results along with Global Wealth Management are presented below. Certain prior period amounts have been reclassified to conform to current period presentation.

Deposits

(Dollars in millions)


	Q1 2009		Q1 2008
Total revenue, net of interest expense ¹	$ 3,464		$ 4,150
Provision for credit losses	311		246
Noninterest expense	2,363		2,216

Net income	493		1,060
Efficiency ratio ¹	68.20	%	53.37	%
Return on average equity	8.41		16.99
Deposits ²	$377,575		$339,464

	At 3/31/09		At 3/31/08
Period ending deposits	$391,604		$345,990

¹	Fully taxable-equivalent basis

²	Balances averaged for period

Deposits net income fell 53 percent from a year ago due to lower net revenue. The decrease in revenue was primarily a result of a lower residual net interest allocation and spread compression on money market deposits and certificates of deposit. Noninterest income declined 5 percent as service charge income decreased due to changes in consumer spending behavior attributed to current economic conditions.

Average consumer deposits rose 11 percent, or $38 billion, from a year earlier due mainly to the Countrywide acquisition and organic growth in checking and savings products.

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Global Card Services

(Dollars in millions)


	Q1 2009			Q1 2008
Total managed revenue, net of interest expense ^1, 2	$ 7,457			$ 7,868
Provision for credit losses ³	8,221			4,312
Noninterest expense	2,075			2,199

Net income (loss)	(1,769	)		867
Efficiency ratio ²	27.83		%	27.95	%
Return on average equity	n/m			9.18
Managed loans ⁴	$224,406			$229,147

	At 3/31/09			At 3/31/08
Period ending loans	$218,031			$229,974

Managed basis. Managed basis assumes that credit card loans that have been securitized were not sold and presents earnings on these loans in a manner similar to the way loans that have not been sold (i.e., held loans) are presented. For more information and detailed reconciliation, please refer to the data pages supplied with this Press Release.

²	Fully taxable-equivalent basis

³	Represents provision for credit losses on held loans combined with realized credit losses associated with the securitized credit card loan portfolio

⁴	Balances averaged for period

n/m = not meaningful

Global Card Services, which now includes Debit Card to better coordinate the company’s payments businesses, swung to a net loss of $1.8 billion as the weak economic environment drove credit costs higher. Managed net revenue declined 5 percent to $7.5 billion due mainly to lower fee income and the absence of the positive impact from the Visa Inc. initial public offering a year earlier. The decline was partially offset by higher net interest income due to lower funding costs.

Provision expense nearly doubled to $8.2 billion from a year earlier as economic conditions led to deterioration in the consumer card, consumer lending and small business portfolios, including a higher level of bankruptcies. Also contributing were reserve additions related to maturing securitizations.

Noninterest expense decreased 6 percent due to lower levels of marketing-related expenses.

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Home Loans and Insurance

(Dollars in millions)


	Q1 2009			Q1 2008
Total revenue, net of interest expense ¹	$ 5,224			$ 1,372
Provision for credit losses	3,372			1,812
Noninterest expense	2,650			722

Net income (loss)	(498	)		(732	)
Efficiency ratio ¹	50.73		%	52.66		%
Return on average equity	n/m			n/m
Loans ²	$126,696			$87,238

	At 3/31/09			At 3/31/08
Period ending loans	$131,343			$88,321

¹	Fully taxable-equivalent basis

²	Balances averaged for period

n/m = not meaningful

The net loss in Home Loans and Insurance narrowed to $498 million as revenue rose, mostly offset by higher credit costs and noninterest expense. Net revenue nearly quadrupled to $5.2 billion primarily due to the acquisition of Countrywide and from higher mortgage banking income as lower interest rates drove an increase in mortgage activity.

The provision for credit losses increased to $3.4 billion driven by economic and housing market weakness particularly in regions experiencing higher unemployment and falling home prices.

Noninterest expense increased to $2.7 billion primarily due to the acquisition of Countrywide.

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Global Banking

(Dollars in millions)


	Q1 2009		Q1 2008
Total revenue, net of interest expense ¹	$ 4,641		$ 3,856
Provision for credit losses	1,848		526
Noninterest expense	2,511		1,740

Net income	175		1,000
Efficiency ratio ¹	54.11	%	45.13	%
Return on average equity	1.25		8.73
Loans and leases ²	$330,972		$305,924
Deposits ²	196,061		160,726

¹	Fully taxable-equivalent basis

²	Balances averaged for period

Global Banking net income fell to $175 million as credit costs increased and noninterest expense rose.

Net revenue increased 20 percent mainly from the addition of Merrill Lynch, strong advisory and capital markets income and improvement in net interest income driven by loan spreads and increased deposit balances.

The provision for credit losses increased to $1.8 billion as net charge-offs and reserves continued to rise, primarily in the real estate and retail dealer-related portfolios.

•

Corporate Banking revenue of $1.4 billion increased 30 percent as a result of higher loan and deposit balances, increased loan spreads and fee income as clients returned to more traditional providers of financing. These positive impacts were partially offset by lower revenue attributed to the impact of lower interest rates on deposit balances.

•

Commercial Banking revenue rose 3 percent to $2.8 billion driven by a 20 percent increase in deposit balances and a more modest increase in both loan balances and spreads. The year-ago quarter included the positive impact from the Visa Inc. initial public offering.

•

Investment Banking revenue of $433 million includes fees from mergers and acquisitions, market share gains in debt and equity capital markets fees and reflects the impact of the Merrill Lynch integration. Investment banking income more than doubled, driven by debt capital raising and advisory fees.

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•

Note: Total investment banking income in the quarter of $1.1 billion is shared between Global Banking and Global Markets based on an internal fee sharing arrangement between the two segments. Advisory fee income more than quadrupled from the year ago quarter, while fees from debt capital raising almost doubled reflecting the increased size and breadth from the acquisition of Merrill Lynch.

Global Markets

(Dollars in millions)


	Q1 2009		Q1 2008
Total revenue, net of interest expense ¹	$ 6,791		$ (848	)
Provision for credit losses	51		(1	)
Noninterest expense	3,059		726

Net income	2,365		(991	)
Efficiency ratio ¹	45.04	%	n/m
Return on average equity	33.81		n/m
Loans and leases ²	$ 18,610		$ 20,927
Trading-related assets ²	536,977		357,488
Deposits ²	8,516		13,486

¹	Fully taxable-equivalent basis

²	Balances averaged for period

n/m = not meaningful

Global Markets swung to net income of $2.4 billion due to the Merrill Lynch acquisition and lower losses on positions that resulted from market disruptions including collateralized debt obligations (CDOs), leveraged lending and commercial mortgages.

Net revenue was $6.8 billion, which included $1.7 billion of losses primarily on positions that resulted from market disruptions. The increase in net revenue was driven by the addition of Merrill Lynch, strong trading results in interest and currency rate products, equities and commodities.

•

Rates and Currencies revenue of $3.6 billion was driven by the enhanced global breadth of product and distribution capabilities from the acquisition of Merrill Lynch, increased volatility in interest and currency rates.

•

Mortgage and Credit revenues of $1.2 billion and $890 million, respectively, were driven by the complementary nature of the legacy institution platforms relating to origination and distribution, as well as lower market liquidity driven losses.

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•

Equities revenue of $1.4 billion increased due mainly to the acquisition of Merrill Lynch, despite the weak origination market and lower financing revenue opportunities as a result of deleveraging by clients.

•

Commodities revenue of $536 million was driven by the power and natural gas markets.

Global Wealth Management

(Dollars in millions)


	Q1 2009		Q1 2008
Total revenue, net of interest expense ¹	$ 4,361		$ 1,942
Provision for credit losses	254		243
Noninterest expense	3,288		1,314

Net income	510		242
Efficiency ratio ¹	75.41	%	67.71	%
Return on average equity	11.21		8.40
Loans ²	$110,533		$ 85,644
Deposits ²	249,350		148,503
(in billions)	At 3/31/09		At 3/31/08
Assets under management	$ 697.3		$ 607.5

¹	Fully taxable-equivalent basis

²	Balances averaged for period

Net income more than doubled to $510 million due to the acquisition of Merrill Lynch partially offset by lower net interest income from legacy Bank of America.

Net revenue increased to $4.4 billion as investment and brokerage service income rose to $2.4 billion and net interest income increased 62 percent mainly from the acquisition of Merrill Lynch.

•

U.S. Trust, Bank of America Private Wealth Management net income fell 28 percent to $95 million as net revenue declined and credit costs rose. Net revenue decreased 4 percent to $692 million on lower investment and brokerage services income.

•

The net loss in Columbia Management narrowed to $50 million from $82 million in the same period last year due primarily to the $103 million reduction in support provided to certain cash funds, partially offset by the impact of declining equity markets on investment and brokerage fees.

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•

Global Wealth Advisors , which includes the wealth management organization of Merrill Lynch, had net income of $565 million, compared with $176 million a year earlier driven by the positive impact on earnings from the acquisition. Net revenue increased to $3.3 billion compared with $983 million as asset management fees and brokerage income rose due to the acquisition of Merrill Lynch partially offset by the effect of lower equity markets and spread compression.

All Other ^{1, 2}

(Dollars in millions)


	Q1 2009		Q1 2008
Total revenue, net of interest expense ³	$ 4,142		$ (969	)
Provision for credit losses	(677	)	(1,128	)
Noninterest expense	1,056		346

Net income	2,971		(236	)
Loans and leases ⁴	$168,450		$133,883

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 related to certain Merrill Lynch structured notes and the results of certain consumer finance, investment management and commercial lending businesses that are being liquidated. All Other also includes the offsetting securitization impact to present Global Card Services on a managed basis. For more information and detailed reconciliation, please refer to the data pages supplied with this Press Release.

²	Effective January 1, 2009, All Other includes the results of First Republic Bank , which was acquired as part of the Merrill Lynch acquisition.

³	Fully taxable-equivalent basis

⁴	Balances averaged for period

All Other swung to net income of $3.0 billion from a net loss of $236 million a year earlier. Fair value adjustments related to certain Merrill Lynch structured notes, increased gains on sales of debt securities and higher equity investment income related to the gain on the sale of CCB shares drove the increase. The provision for credit losses rose due to deterioration in the residential mortgage portfolio. Noninterest expense increased mostly on merger and restructuring charges related to the Merrill Lynch acquisition.

Note: Chairman and Chief Executive Officer Kenneth D. Lewis and Chief Financial Officer Joe L. Price will discuss first quarter 2009 results in a conference call at 9:30 a.m. EDT today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations Web site at http://investor.bankofamerica.com . For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international) and the conference ID: 79795.

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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 55 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,500 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 more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

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 earnings, integration of acquisitions and related cost savings, loan modifications, investment bank rankings, loan and deposit growth, mortgage originations and market share, credit losses, credit reserves and charge-offs, consumer credit card net loss ratios, tax rates, payments on mortgage-backed securities, global markets originations and trading 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.

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You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under Item 1A. “Risk Factors” of Bank of America’s 2008 Annual Report on Form 10-K and in any of Bank of America’s subsequent SEC filings: negative economic conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; the level and volatility of the capital markets, interest rates, currency values and other market indices; changes in consumer, investor and counterparty confidence in, and the related impact on, financial markets and institutions; Bank of America’s credit ratings and the credit ratings of its securitizations; estimates of fair value of certain Bank of America assets and liabilities; legislative and regulatory actions in the United States 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 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: 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.

www.bankofamerica.com

###

Bank of America Corporation and Subsidiaries

Selected Financial Data

(Dollars in millions, except per share data; shares in thousands)


Summary Income Statement	Three Months Ended March 31
	2009		2008
Net interest income	$ 12,497		$ 9,991
Total noninterest income	23,261		7,080

Total revenue, net of interest expense	35,758		17,071
Provision for credit losses	13,380		6,010
Noninterest expense, before merger and restructuring charges	16,237		9,093
Merger and restructuring charges	765		170

Income before income taxes	5,376		1,798
Income tax expense	1,129		588

Net income	$ 4,247		$ 1,210

Preferred stock dividends	1,433		190

Net income applicable to common shareholders	$ 2,814		$ 1,020

Earnings per common share	$0.44		$0.23
Diluted earnings per common share	0.44		0.23

Summary Average Balance Sheet	Three Months Ended March 31
	2009		2008
Total loans and leases	$ 994,121		$ 875,661
Debt securities	286,249		219,377
Total earning assets	1,912,483		1,510,295
Total assets	2,519,134		1,764,927
Total deposits	964,081		787,623
Shareholders’ equity	228,766		154,728
Common shareholders’ equity	160,739		141,456

Performance Ratios	Three Months Ended March 31
	2009		2008
Return on average assets	0.68	%	0.28	%
Return on average common shareholders’ equity	7.10		2.90

Credit Quality	Three Months Ended March 31
	2009		2008
Total net charge-offs	$ 6,942		$ 2,715
Annualized net charge-offs as a % of average loans and leases outstanding ⁽¹⁾	2.85	%	1.25	%
Provision for credit losses	$ 13,380		$ 6,010
Total consumer credit card managed net losses	3,794		2,372
Total consumer credit card managed net losses as a % of average managed credit card receivables	8.62	%	5.19	%

	March 31
	2009		2008
Total nonperforming assets	$ 25,743		$ 7,827
Nonperforming assets as a % of total loans, leases and foreclosed properties ⁽¹⁾	2.65	%	0.90	%
Allowance for loan and lease losses	$ 29,048		$ 14,891
Allowance for loan and lease losses as a % of total loans and leases ⁽¹⁾	3.00	%	1.71	%

Capital Management	March 31
	2009		2008
Risk-based capital ratios:
Tier 1	10.09	%	7.51	%
Total	14.03		11.71
Tangible equity ratio ⁽²⁾	6.42		4.26
Tangible common equity ratio ⁽³⁾	3.13		3.21
Period-end common shares issued and outstanding	6,400,950		4,452,810

	Three Months Ended March 31
	2009		2008
Shares issued ⁽⁴⁾	1,383,514		14,925
Average common shares issued and outstanding	6,370,815		4,427,823
Average diluted common shares issued and outstanding	6,431,027		4,461,201
Dividends paid per common share	$ 0.01		$ 0.64

Summary End of Period Balance Sheet	March 31
	2009		2008
Total loans and leases	$ 977,008		$ 873,870
Total debt securities	262,638		223,000
Total earning assets	1,714,460		1,458,017
Total assets	2,321,963		1,736,502
Total deposits	953,508		797,069
Total shareholders’ equity	239,549		156,309
Common shareholders’ equity	166,272		139,003
Book value per share of common stock	$ 25.98		$ 31.22

(1)

Ratios do not include loans measured at fair value in accordance with SFAS 159 at and for the three months ended March 31, 2009 and 2008.

(2)

Tangible equity ratio equals shareholders’ equity less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities.

(3)

Tangible common equity ratio equals common shareholders’ equity less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities.

(4)

Includes approximately 1.375 billion shares issued in the Merrill Lynch acquisition.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.

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

Bank of America Corporation and Subsidiaries

Business Segment Results

(Dollars in millions)

For the three months ended March 31


	Deposits						Global Card Services ^(1, 2)						Home Loans & Insurance
	2009			2008			2009			2008			2009			2008
Total revenue, net of interest expense ⁽³⁾	$ 3,464			$ 4,150			$ 7,457			$ 7,868			$ 5,224			$ 1,372
Provision for credit losses	311			246			8,221			4,312			3,372			1,812
Noninterest expense	2,363			2,216			2,075			2,199			2,650			722
Net income (loss)	493			1,060			(1,769	)		867			(498	)		(732	)

Efficiency ratio ⁽³⁾	68.20		%	53.37		%	27.83		%	27.95		%	50.73		%	52.66		%
Return on average equity	8.41			16.99			n/m			9.18			n/m			n/m
Average - total loans and leases	n/a			n/a			$224,406			$229,147			$126,696			$ 87,238
Average - total deposits	$377,575			$339,464			n/a			n/a			n/a			n/a

	Global Banking						Global Markets						Global Wealth Management
	2009			2008			2009			2008			2009			2008
Total revenue, net of interest expense ⁽³⁾	$ 4,641			$ 3,856			$ 6,791			$ (848	)		$ 4,361			$ 1,942
Provision for credit losses	1,848			526			51			(1	)		254			243
Noninterest expense	2,511			1,740			3,059			726			3,288			1,314
Net income	175			1,000			2,365			(991	)		510			242

Efficiency ratio ⁽³⁾	54.11		%	45.13		%	45.04		%	n/m			75.41		%	67.71		%
Return on average equity	1.25			8.73			33.81			n/m		%	11.21			8.40
Average - total loans and leases	$330,972			$305,924			$ 18,610			$ 20,927			$110,533			$ 85,644
Average - total deposits	196,061			160,726			8,516			13,486			249,350			148,503

	All Other ^{(1, 4)}
	2009			2008
Total revenue, net of interest expense ⁽³⁾	$ 4,142			$ (969	)
Provision for credit losses	(677	)		(1,128	)
Noninterest expense	1,056			346
Net income	2,971			(236	)

Average - total loans and leases	$168,450			$133,883
Average - total deposits	109,890			113,219

(1)

Global Card Services is presented on a managed basis with a corresponding offset recorded in All Other.

(2)

Provision for credit losses represents provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

(3)

Fully taxable-equivalent (FTE) basis. FTE basis is a performance measure used by management in operating the business that management believes provides investors with a more accurate picture of the interest margin for comparative purposes.

(4)

Provision for credit losses represents provision for credit losses in All Other combined with the Global Card Services securitization offset.

n/m = not meaningful

n/a = not applicable

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.

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

Bank of America Corporation and Subsidiaries

Supplemental Financial Data

(Dollars in millions)


Fully taxable-equivalent basis data	Three Months Ended March 31
	2009		2008
Net interest income	$ 12,819		$ 10,291
Total revenue, net of interest expense	36,080		17,371
Net interest yield	2.70	%	2.73	%
Efficiency ratio	47.12		53.32

Other Data	March 31
	2009		2008
Full-time equivalent employees	284,802		209,096
Number of banking centers - domestic	6,145		6,148
Number of branded ATMs - domestic	18,532		18,491

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.

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

Bank of America Corporation and Subsidiaries

Reconciliation - Managed to GAAP

(Dollars in millions)

Loan securitization is an alternative funding process that is used by the Corporation to diversify funding sources.

Loan securitization removes loans from the Consolidated Balance Sheet through the sale of loans to an off-balance sheet qualified special purpose entity which is excluded from the Corporation’s Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States (GAAP).

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

•

Managed net interest income includes Global Card Services’ net interest income on held loans and interest income on the securitized loans less the internal funds transfer pricing allocation related to securitized loans.

•

Managed noninterest income includes Global Card Services’ noninterest income on a held basis less the reclassification of certain components of card income (e.g., excess servicing income) to record managed net interest income and provision for credit losses. Noninterest income, both on a held and managed basis, also includes the impact of adjustments to the interest-only strip that are recorded in card income as management continues to manage this impact within Global Card Services.

•

Provision for credit losses represents the provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

Global Card Services


	Three Months Ended March 31, 2009						Three Months Ended March 31, 2008
	Managed Basis ⁽¹⁾		Securitization Impact ⁽²⁾		Held Basis		Managed Basis ⁽¹⁾		Securitization Impact ⁽²⁾		Held Basis
Net interest income ⁽³⁾	$ 5,207		$ (2,391	)	$ 2,816		$ 4,527		$ (2,055	)	$ 2,472
Noninterest income:
Card income	2,115		244		2,359		2,720		704		3,424
All other income	135		(35	)	100		621		(65	)	556

Total noninterest income	2,250		209		2,459		3,341		639		3,980

Total revenue, net of interest expense	7,457		(2,182	)	5,275		7,868		(1,416	)	6,452

Provision for credit losses	8,221		(2,182	)	6,039		4,312		(1,416	)	2,896
Noninterest expense	2,075		—		2,075		2,199		—		2,199

Income (loss) before income taxes	(2,839	)	—		(2,839	)	1,357		—		1,357
Income tax expense (benefit) ⁽³⁾	(1,070	)	—		(1,070	)	490		—		490

Net income (loss)	$ (1,769	)	$ —		$ (1,769	)	$ 867		$ —		$ 867


Average - total loans and leases	$224,406		$(102,672	)	$121,734		$229,147		$(105,176	)	$123,971

All Other

	Three Months Ended March 31, 2009						Three Months Ended March 31, 2008
	Reported Basis ⁽⁴⁾		Securitization Offset ⁽²⁾		As Adjusted		Reported Basis ⁽⁴⁾		Securitization Offset ⁽²⁾		As Adjusted
Net interest income ⁽³⁾	$ (1,780	)	$ 2,391		$ 611		$ (1,856	)	$ 2,055		$ 199
Noninterest income:
Card income (loss)	534		(244	)	290		663		(704	)	(41	)
Equity investment income	1,326		—		1,326		268		—		268
Gains on sales of debt securities	1,471		—		1,471		220		—		220
All other income (loss)	2,591		35		2,626		(264	)	65		(199	)

Total noninterest income	5,922		(209	)	5,713		887		(639	)	248

Total revenue, net of interest expense	4,142		2,182		6,324		(969	)	1,416		447

Provision for credit losses	(677	)	2,182		1,505		(1,128	)	1,416		288
Merger and restructuring charges	765		—		765		170		—		170
All other noninterest expense	291		—		291		176		—		176

Income (loss) before income taxes	3,763		—		3,763		(187	)	—		(187	)
Income tax expense ⁽³⁾	792		—		792		49		—		49

Net income (loss)	$ 2,971		$ —		$ 2,971		$ (236	)	$ —		$ (236	)


Average - total loans and leases	$168,450		$ 102,672		$271,122		$133,883		$ 105,176		$239,059

(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.

Exhibit 99.2

Supplemental Information

First Quarter 2009

This information is preliminary and based on company data available at the time of the presentation. It speaks only as of the particular date or dates included in the accompanying pages. Bank of America does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this information are subject to the forward-looking language contained in Bank of America’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which are available at the SEC’s website (www.sec.gov) or at Bank of America’s website (www.bankofamerica.com). Bank of America’s future financial performance is subject to risks and uncertainties as described in its SEC filings.

Bank of America Corporation and Subsidiaries


Table of Contents		Page

Consolidated Financial Highlights		2
Supplemental Financial Data		3
Consolidated Statement of Income		4
Consolidated Balance Sheet		5
Capital Management		6
Core Net Interest Income - Managed Basis		7
Quarterly Average Balances and Interest Rates		8
Quarterly Average Balances and Interest Rates - Isolating Hedge Income/Expense		9
Debt Securities and Available-for-Sale Marketable Equity Securities		10
Deposits
Total Segment Results		11
Key Indicators		12
Global Card Services
Total Segment Results		13
Key Indicators		14
Home Loans & Insurance
Total Segment Results		15
Key Indicators		16
Global Banking
Total Segment Results		17
Key Indicators		18
Global and U.S. Market Share and Product Ranking Graph		19
Global Markets
Total Segment Results		20
Key Indicators		21
Off-Balance Sheet (Unconsolidated) Special Purpose Entities Liquidity Exposure		22
Super Senior Collateralized Debt Obligation Exposure		23
Subprime Super Senior Collateralized Debt Obligation Carrying Values		24
Global Wealth Management
Total Segment Results		25
Quarter-to-Date Business Results		26
Key Indicators		27
All Other
Total Segment Results		28
Equity Investments		29
Outstanding Loans and Leases		30
Quarterly Average Loans and Leases by Business Segment		31
Commercial Credit Exposure by Industry		32
Net Credit Default Protection by Maturity Profile and Credit Exposure Debt Rating		33
Selected Emerging Markets		34
Nonperforming Assets		35
Quarterly Net Charge-offs/Losses and Net Charge-off/Loss Ratios		36
Allocation of the Allowance for Credit Losses by Product Type		37

Exhibit A: Non-GAAP Reconciliations		38

Appendix: Selected Slides from the First Quarter 2009 Earnings Release Presentation		40


		1

Bank of America Corporation and Subsidiaries

Consolidated Financial Highlights

(Dollars in millions, except per share information; shares in thousands)


	First Quarter 2009			Fourth Quarter 2008 ⁽¹⁾				Third Quarter 2008			Second Quarter 2008			First Quarter 2008
Income statement
Net interest income	$	12,497		$	13,106			$	11,642		$	10,621		$	9,991
Noninterest income		23,261			2,574				7,979			9,789			7,080
Total revenue, net of interest expense		35,758			15,680				19,621			20,410			17,071
Provision for credit losses		13,380			8,535				6,450			5,830			6,010
Noninterest expense, before merger and restructuring charges		16,237			10,641				11,413			9,447			9,093
Merger and restructuring charges		765			306				247			212			170
Income tax expense (benefit)		1,129			(2,013	)			334			1,511			588
Net income (loss)		4,247			(1,789	)			1,177			3,410			1,210
Preferred stock dividends		1,433			603				473			186			190
Net income (loss) applicable to common shareholders		2,814			(2,392	)			704			3,224			1,020
Diluted earnings (loss) per common share		0.44			(0.48	)			0.15			0.72			0.23
Average diluted common shares issued and outstanding		6,431,027			4,957,049				4,563,508			4,457,193			4,461,201
Dividends paid per common share	$	0.01		$	0.32			$	0.64		$	0.64		$	0.64

Performance ratios
Return on average assets		0.68	%		(0.37	)	%		0.25	%		0.78	%		0.28	%
Return on average common shareholders’ equity		7.10			(6.68	)			1.97			9.25			2.90
Return on average tangible shareholders’ equity ⁽²⁾		12.41			(8.10	)			6.11			18.12			7.06
At period end
Book value per share of common stock	$	25.98		$	27.77			$	30.01		$	31.11		$	31.22
Tangible book value per share of common stock ⁽²⁾		10.88			10.11				10.50			11.87			11.90
Market price per share of common stock:
Closing price	$	6.82		$	14.08			$	35.00		$	23.87		$	37.91
High closing price for the period		14.33			38.13				37.48			40.86			45.03
Low closing price for the period		3.14			11.25				18.52			23.87			35.31
Market capitalization		43,654			70,645				159,672			106,292			168,806

Number of banking centers - domestic		6,145			6,139				6,139			6,131			6,148
Number of branded ATMs - domestic		18,532			18,685				18,584			18,531			18,491
Full-time equivalent employees		284,802			240,202				247,024			206,587			209,096

(1)

Due to a net loss for the three months ended December 31, 2008, the impact of antidilutive equity instruments were excluded from diluted earnings per share and average diluted common shares.

(2)

Return on average tangible shareholders’ equity and tangible book value per share of common stock are non-GAAP measures. For corresponding reconciliations of average tangible shareholders’ equity and common tangible shareholders’ equity to GAAP financial measures, see Supplemental Financial Data on page 3. We believe the use of these non-GAAP measures provide additional clarity in assessing the results of the Corporation.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		2

Bank of America Corporation and Subsidiaries

Supplemental Financial Data

(Dollars in millions)

Fully taxable-equivalent basis data


	First Quarter 2009				Fourth Quarter 2008				Third Quarter 2008				Second Quarter 2008				First Quarter 2008
Net interest income	$	12,819			$	13,406			$	11,920			$	10,937			$	10,291
Total revenue, net of interest expense		36,080				15,980				19,899				20,726				17,371
Net interest yield		2.70		%		3.31		%		2.93		%		2.92		%		2.73		%
Efficiency ratio		47.12				68.51				58.60				46.60				53.32
Reconciliation to GAAP financial measures Return on average tangible shareholders’ equity utilizes non-GAAP allocation methodologies. Return on average tangible shareholders’ equity measures the earnings contribution of the Corporation as a percentage of shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. This measure is used to evaluate our use of equity (i.e., capital) at the individual unit level and are integral components in the analytics for resource allocation. The efficiency ratio measures the costs expended to generate a dollar of revenue. We believe the use of these non-GAAP measures provides additional clarity in assessing the results of the Corporation. Other companies may define or calculate supplemental financial data differently. See the tables below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended March 31, 2009, December 31, 2008, September 30, 2008, June 30, 2008 and March 31, 2008. Reconciliation of average shareholders’ equity to average tangible shareholders’ equity
Average shareholders’ equity	$	228,766			$	176,566			$	166,454			$	161,428			$	154,728
Average goodwill		(84,448	)			(81,841	)			(81,977	)			(77,815	)			(77,628	)
Intangible assets		(9,439	)			(8,818	)			(9,547	)			(9,618	)			(10,030	)
Related deferred tax liabilities		3,977				1,913				1,683				1,687				1,846

Average tangible shareholders’ equity	$	138,856			$	87,820			$	76,613			$	75,682			$	68,916

Reconciliation of ending common shareholders’ equity to ending common tangible shareholders’ equity
Ending common shareholders’ equity	$	166,272			$	139,351			$	136,888			$	138,540			$	139,003
Ending goodwill		(86,910	)			(81,934	)			(81,756	)			(77,760	)			(77,872	)
Intangible assets		(13,703	)			(8,535	)			(9,167	)			(9,603	)			(9,821	)
Related deferred tax liabilities		3,958				1,854				1,914				1,679				1,687

Ending common tangible shareholders’ equity	$	69,617			$	50,736			$	47,879			$	52,856			$	52,997

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		3

Bank of America Corporation and Subsidiaries

Consolidated Statement of Income

(Dollars in millions, except per share information; shares in thousands)


	First Quarter 2009		Fourth Quarter 2008 ⁽¹⁾			Third Quarter 2008			Second Quarter 2008			First Quarter 2008
Interest income
Interest and fees on loans and leases	$	13,349	$	14,220		$	14,261		$	13,121		$	14,415
Interest on debt securities		3,830		3,851			3,621			2,900			2,774
Federal funds sold and securities borrowed or purchased under agreements to resell		1,155		393			912			800			1,208
Trading account assets		2,428		2,120			2,344			2,229			2,364
Other interest income		1,394		1,018			1,058			977			1,098

Total interest income		22,156		21,602			22,196			20,027			21,859

Interest expense
Deposits		2,543		3,296			3,846			3,520			4,588
Short-term borrowings		2,221		1,910			3,223			3,087			4,142
Trading account liabilities		579		524			661			749			840
Long-term debt		4,316		2,766			2,824			2,050			2,298

Total interest expense		9,659		8,496			10,554			9,406			11,868

Net interest income		12,497		13,106			11,642			10,621			9,991

Noninterest income
Card income		2,865		3,102			3,122			3,451			3,639
Service charges		2,533		2,559			2,722			2,638			2,397
Investment and brokerage services		2,963		1,072			1,238			1,322			1,340
Investment banking income		1,055		618			474			695			476
Equity investment income (loss)		1,202		(791	)		(316	)		592			1,054
Trading account profits (losses)		5,201		(4,101	)		(384	)		357			(1,783	)
Mortgage banking income		3,314		1,523			1,674			439			451
Insurance income		688		741			678			217			197
Gains on sales of debt securities		1,498		762			10			127			225
Other income (loss)		1,942		(2,911	)		(1,239	)		(49	)		(916	)

Total noninterest income		23,261		2,574			7,979			9,789			7,080

Total revenue, net of interest expense		35,758		15,680			19,621			20,410			17,071

Provision for credit losses		13,380		8,535			6,450			5,830			6,010

Noninterest expense
Personnel		8,768		4,027			5,198			4,420			4,726
Occupancy		1,128		1,003			926			848			849
Equipment		622		447			440			372			396
Marketing		521		555			605			571			637
Professional fees		405		521			424			362			285
Amortization of intangibles		520		477			464			447			446
Data processing		648		641			755			587			563
Telecommunications		327		292			288			266			260
Other general operating		3,298		2,678			2,313			1,574			931
Merger and restructuring charges		765		306			247			212			170

Total noninterest expense		17,002		10,947			11,660			9,659			9,263

Income (loss) before income taxes		5,376		(3,802	)		1,511			4,921			1,798
Income tax expense (benefit)		1,129		(2,013	)		334			1,511			588

Net income (loss)	$	4,247	$	(1,789	)	$	1,177		$	3,410		$	1,210

Preferred stock dividends		1,433		603			473			186			190

Net income (loss) applicable to common shareholders	$	2,814	$	(2,392	)	$	704		$	3,224		$	1,020


Per common share information
Earnings (loss)	$	0.44	$	(0.48	)	$	0.15		$	0.72		$	0.23
Diluted earnings (loss)		0.44		(0.48	)		0.15			0.72			0.23
Dividends paid		0.01		0.32			0.64			0.64			0.64
Average common shares issued and outstanding		6,370,815		4,957,049			4,543,963			4,435,719			4,427,823
Average diluted common shares issued and outstanding		6,431,027		4,957,049			4,563,508			4,457,193			4,461,201

(1)

Due to a net loss for the three months ended December 31, 2008, the impact of antidilutive equity instruments were excluded from diluted earnings per share and average diluted common shares.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		4

Bank of America Corporation and Subsidiaries

Consolidated Balance Sheet

(Dollars in millions)


	March 31 2009			December 31 2008			March 31 2008
Assets
Cash and cash equivalents	$	173,460		$	32,857		$	40,512
Time deposits placed and other short-term investments		23,947			9,570			8,807
Federal funds sold and securities borrowed or purchased under agreements to resell		153,230			82,478			120,289
Trading account assets		203,131			159,522			165,693
Derivative assets		137,311			62,252			50,925
Debt securities		262,638			277,589			223,000
Loans and leases, net of allowance:
Loans and leases		977,008			931,446			873,870
Allowance for loan and lease losses		(29,048	)		(23,071	)		(14,891	)
Total loans and leases, net of allowance		947,960			908,375			858,979
Premises and equipment, net		15,549			13,161			11,297
Mortgage servicing rights (includes $14,096 , $12,733 and $3,163 measured at fair value)		14,425			13,056			3,470
Goodwill		86,910			81,934			77,872
Intangible assets		13,703			8,535			9,821
Loans held-for-sale		40,214			31,454			33,364
Other assets		249,485			137,160			132,473
Total assets	$	2,321,963		$	1,817,943		$	1,736,502

Liabilities
Deposits in domestic offices:
Noninterest-bearing	$	233,902		$	213,994		$	193,789
Interest-bearing		639,616			576,938			506,062
Deposits in foreign offices:
Noninterest-bearing		4,133			4,004			3,333
Interest-bearing		75,857			88,061			93,885
Total deposits		953,508			882,997			797,069
Federal funds purchased and securities loaned or sold under agreements to repurchase		246,734			206,598			219,738
Trading account liabilities		52,993			57,287			76,032
Derivative liabilities		76,582			30,709			29,170
Commercial paper and other short-term borrowings		185,816			158,056			190,856
Accrued expenses and other liabilities (includes $1,357 , $421 and $507 of reserve for unfunded lending commitments)		126,030			36,952			64,528
Long-term debt		440,751			268,292			202,800
Total liabilities		2,082,414			1,640,891			1,580,193
Shareholders’ equity
Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and outstanding - 9,778,142 , 8,202,042 and 7,325,067 shares		73,277			37,701			17,306
Common stock and additional paid-in capital, $0.01 par value; authorized - 10,000,000,000 , 10,000,000,000, and 7,500,000,000 shares; issued and outstanding - 6,400,949,995 , 5,017,435,592 and 4,452,810,412 shares		100,864			76,766			61,080
Retained earnings		76,877			73,823			79,554
Accumulated other comprehensive income (loss)		(11,164	)		(10,825	)		(884	)
Other		(305	)		(413	)		(747	)
Total shareholders’ equity		239,549			177,052			156,309
Total liabilities and shareholders’ equity	$	2,321,963		$	1,817,943		$	1,736,502

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		5

Bank of America Corporation and Subsidiaries

Capital Management

(Dollars in millions)


	First Quarter 2009 ⁽¹⁾			Fourth Quarter 2008			Third Quarter 2008			Second Quarter 2008			First Quarter 2008
Risk-based capital:
Tier 1 capital	$	171,094		$	120,814		$	100,248		$	101,439		$	93,899
Total capital		237,936			171,661			153,318			154,983			146,531
Risk-weighted assets		1,695,844			1,320,824			1,328,084			1,230,307			1,250,942
Tier 1 capital ratio		10.09	%		9.15	%		7.55	%		8.25	%		7.51	%
Total capital ratio		14.03			13.00			11.54			12.60			11.71
Tangible equity ratio ⁽²⁾		6.42			5.11			4.13			4.72			4.26
Tangible common equity ratio ⁽³⁾		3.13			2.93			2.75			3.24			3.21
Tier 1 leverage ratio		7.07			6.44			5.51			6.07			5.59

(1)

Preliminary data on risk-based capital

(2)

(3)

LOGO

Preliminary data on risk-based capital

Outstanding Common Stock

No common shares were repurchased in the first quarter of 2009.

75.0	million shares remain outstanding under the 2008 authorized program.

8.0 million shares were issued in the first quarter of 2009 under employee stock plans. In addition, approximately 1.38 billion shares were issued as a result of the acquisition of Merrill Lynch.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		6

Bank of America Corporation and Subsidiaries

Core Net Interest Income - Managed Basis

(Dollars in millions)


	First Quarter 2009				Fourth Quarter 2008				Third Quarter 2008				Second Quarter 2008				First Quarter 2008
Net interest income ⁽¹⁾
As reported	$	12,819			$	13,406			$	11,920			$	10,937			$	10,291
Impact of market-based net interest income ⁽²⁾		(1,895	)			(1,566	)			(1,323	)			(1,238	)			(1,167	)

Core net interest income		10,924				11,840				10,597				9,699				9,124
Impact of securitizations ⁽³⁾		2,749				2,257				2,310				2,254				2,090

Core net interest income - managed basis	$	13,673			$	14,097			$	12,907			$	11,953			$	11,214


Average earning assets
As reported	$	1,912,483			$	1,616,673			$	1,622,466			$	1,500,234			$	1,510,295
Impact of market-based earning assets ⁽²⁾		(488,411	)			(311,777	)			(370,140	)			(367,188	)			(394,838	)

Core average earning assets		1,424,072				1,304,896				1,252,326				1,133,046				1,115,457
Impact of securitizations ⁽⁴⁾		91,567				93,189				101,743				103,131				102,577

Core average earning assets - managed basis	$	1,515,639			$	1,398,085			$	1,354,069			$	1,236,177			$	1,218,034


Net interest yield contribution ^{(1, 5)}
As reported		2.70		%		3.31		%		2.93		%		2.92		%		2.73		%
Impact of market-based activities ⁽²⁾		0.39				0.31				0.44				0.51				0.55

Core net interest yield on earning assets		3.09				3.62				3.37				3.43				3.28
Impact of securitizations		0.54				0.40				0.43				0.45				0.41

Core net interest yield on earning assets - managed basis		3.63		%		4.02		%		3.80		%		3.88		%		3.69		%

(1)

Fully taxable-equivalent basis

(2)

Represents the impact of market-based income in Global Markets and certain market-based income amounts in Global Banking from sharing arrangements with Global Markets.

(3)

Represents the impact of securitizations utilizing actual bond costs. This is different from the segment view which utilizes funds transfer pricing methodologies.

(4)

Represents average securitized loans less accrued interest receivable and certain securitized bonds retained.

(5)

Calculated on an annualized basis.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		7

Bank of America Corporation and Subsidiaries

Quarterly Average Balances and Interest Rates - Fully Taxable-equivalent Basis

(Dollars in millions)


	First Quarter 2009						Fourth Quarter 2008						First Quarter 2008
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Time deposits placed and other short-term investments	$	26,158	$	191	2.96	%	$	10,511	$	158	5.97	%	$	10,596	$	94	3.56	%
Federal funds sold and securities borrowed or purchased under agreements to resell		244,280		1,155	1.90			104,843		393	1.50			145,043		1,208	3.34
Trading account assets		259,322		2,499	3.89			205,698		2,170	4.21			192,410		2,417	5.04
Debt securities ⁽¹⁾		286,249		3,902	5.47			280,942		3,913	5.57			219,377		2,835	5.17
Loans and leases ⁽²⁾ :
Residential mortgage		265,121		3,680	5.57			253,560		3,596	5.67			270,541		3,837	5.68
Home equity		158,575		1,787	4.55			151,943		1,954	5.12			116,562		1,872	6.46
Discontinued real estate		19,386		386	7.97			21,324		459	8.60			n/a		n/a	n/a
Credit card - domestic		58,960		1,606	11.05			64,906		1,784	10.94			63,277		1,774	11.28
Credit card - foreign		16,858		449	10.81			17,211		521	12.05			15,241		474	12.51
Direct/Indirect consumer ⁽³⁾		100,741		1,684	6.78			83,331		1,714	8.18			78,705		1,699	8.68
Other consumer ⁽⁴⁾		3,408		64	7.50			3,544		70	7.83			4,049		87	8.61
Total consumer		623,049		9,656	6.25			595,819		10,098	6.76			548,375		9,743	7.13
Commercial - domestic		240,683		2,485	4.18			226,095		2,890	5.09			212,394		3,198	6.06
Commercial real estate ⁽⁵⁾		72,206		550	3.09			64,586		706	4.35			62,202		887	5.74
Commercial lease financing		22,056		279	5.05			22,069		242	4.40			22,227		261	4.69
Commercial - foreign		36,127		462	5.18			32,994		373	4.49			30,463		387	5.11
Total commercial		371,072		3,776	4.12			345,744		4,211	4.85			327,286		4,733	5.81
Total loans and leases		994,121		13,432	5.46			941,563		14,309	6.06			875,661		14,476	6.64
Other earning assets		102,353		1,299	5.12			73,116		959	5.22			67,208		1,129	6.75
Total earning assets ⁽⁶⁾		1,912,483		22,478	4.74			1,616,673		21,902	5.40			1,510,295		22,159	5.89
Cash and cash equivalents		153,007						77,388						33,949
Other assets, less allowance for loan and lease losses		453,644						254,793						220,683
Total assets	$	2,519,134					$	1,948,854					$	1,764,927

Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	32,378	$	58	0.72	%	$	31,561	$	58	0.73	%	$	31,798	$	50	0.63	%
NOW and money market deposit accounts		343,215		435	0.51			285,410		813	1.13			248,949		1,139	1.84
Consumer CDs and IRAs		235,787		1,715	2.95			229,410		1,835	3.18			188,005		2,071	4.43
Negotiable CDs, public funds and other time deposits		31,188		149	1.94			36,510		270	2.94			32,201		320	4.00
Total domestic interest-bearing deposits		642,568		2,357	1.49			582,891		2,976	2.03			500,953		3,580	2.87
Foreign interest-bearing deposits:
Banks located in foreign countries		26,052		48	0.75			41,398		125	1.20			39,196		400	4.10
Governments and official institutions		9,849		6	0.25			13,738		30	0.87			14,650		132	3.62
Time, savings and other		58,380		132	0.92			48,836		165	1.34			53,064		476	3.61
Total foreign interest-bearing deposits		94,281		186	0.80			103,972		320	1.22			106,910		1,008	3.79
Total interest-bearing deposits		736,849		2,543	1.40			686,863		3,296	1.91			607,863		4,588	3.04
Federal funds purchased and securities loaned or sold under agreements to repurchase and other short-term borrowings		591,928		2,222	1.52			459,743		1,910	1.65			452,854		4,142	3.68
Trading account liabilities		70,799		579	3.32			70,859		524	2.94			82,432		840	4.10
Long-term debt		446,975		4,315	3.89			255,709		2,766	4.32			198,463		2,298	4.63
Total interest-bearing liabilities ⁽⁶⁾		1,846,551		9,659	2.11			1,473,174		8,496	2.30			1,341,612		11,868	3.55
Noninterest-bearing sources:
Noninterest-bearing deposits		227,232						205,278						179,760
Other liabilities		216,585						93,836						88,827
Shareholders’ equity		228,766						176,566						154,728
Total liabilities and shareholders’ equity	$	2,519,134					$	1,948,854					$	1,764,927
Net interest spread					2.63	%					3.10	%					2.34	%
Impact of noninterest-bearing sources					0.07						0.21						0.39
Net interest income/yield on earning assets			$	12,819	2.70	%			$	13,406	3.31	%			$	10,291	2.73	%

(1)

Yields on AFS debt securities are calculated based on fair value rather than historical cost balances. The use of fair value does not have a material impact on net interest yield.

(2)

Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is recognized on a cash basis. We account for acquired impaired loans in accordance with SOP 03-3. Loans accounted for in accordance with SOP 03-3 were written down to fair value upon acquisition and acrete interest income over the remaining life of the loan.

(3)

Includes foreign consumer loans of $1.7 billion in the first quarter of 2009, and $2.0 billion and $3.3 billion in the fourth and first quarters of 2008.

(4)

Includes consumer finance loans of $2.6 billion in the first quarter of 2009, and $2.7 billion and $3.0 billion in the fourth and first quarters of 2008; and other foreign consumer loans of $596 million in the first quarter of 2009, and $654 million and $857 million in the fourth and first quarters of 2008.

(5)

Includes domestic commercial real estate loans of $70.9 billion in the first quarter of 2009, and $63.6 billion and $61.0 billion in the fourth and first quarters of 2008.

(6)

Interest income includes the impact of interest rate risk management contracts, which decreased interest income on the underlying assets $61 million in the first quarter of 2009, and $41 million and $103 million in the fourth and first quarters of 2008. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on the underlying liabilities $(512) million in the first quarter of 2009, and $237 million and $49 million in the fourth and first quarters of 2008.

n/a = not applicable

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		8

Bank of America Corporation and Subsidiaries

Quarterly Average Balances and Interest Rates - Fully Taxable-equivalent Basis - Isolating Hedge Income/Expense ⁽ ¹⁾

(Dollars in millions)


	First Quarter 2009							Fourth Quarter 2008								First Quarter 2008
	Average Balance		Interest Income/ Expense			Yield/ Rate		Average Balance		Interest Income/ Expense			Yield/ Rate			Average Balance		Interest Income/ Expense			Yield/ Rate
Earning assets
Time deposits placed and other short-term investments ⁽²⁾	$	26,158	$	191		2.96	%	$	10,511	$	162		6.13		%	$	10,596	$	98		3.71		%
Federal funds sold and securities borrowed or purchased under agreements to resell ⁽²⁾		244,280		1,158		1.90			104,843		414		1.57				145,043		1,278		3.53
Trading account assets		259,322		2,499		3.89			205,698		2,170		4.21				192,410		2,417		5.04
Debt securities ⁽²⁾		286,249		3,930		5.51			280,942		3,928		5.59				219,377		2,836		5.17
Loans and leases:
Residential mortgage		265,121		3,680		5.57			253,560		3,596		5.67				270,541		3,837		5.68
Home equity		158,575		1,787		4.55			151,943		1,954		5.12				116,562		1,872		6.46
Discontinued real estate		19,386		386		7.97			21,324		459		8.60				n/a		n/a		n/a
Credit card - domestic		58,960		1,606		11.05			64,906		1,784		10.94				63,277		1,774		11.28
Credit card - foreign		16,858		449		10.81			17,211		521		12.05				15,241		474		12.51
Direct/Indirect consumer		100,741		1,684		6.78			83,331		1,714		8.18				78,705		1,699		8.68
Other consumer		3,408		64		7.50			3,544		70		7.83				4,049		87		8.61
Total consumer		623,049		9,656		6.25			595,819		10,098		6.76				548,375		9,743		7.13
Commercial - domestic ⁽²⁾		240,683		2,515		4.24			226,095		2,893		5.09				212,394		3,225		6.11
Commercial real estate		72,206		550		3.09			64,586		706		4.35				62,202		887		5.74
Commercial lease financing		22,056		279		5.05			22,069		242		4.40				22,227		261		4.69
Commercial - foreign		36,127		462		5.18			32,994		373		4.49				30,463		387		5.11
Total commercial		371,072		3,806		4.15			345,744		4,214		4.85				327,286		4,760		5.85
Total loans and leases		994,121		13,462		5.47			941,563		14,312		6.06				875,661		14,503		6.65
Other earning assets ⁽²⁾		102,353		1,299		5.12			73,116		957		5.22				67,208		1,130		6.75
Total earning assets - excluding hedge impact		1,912,483		22,539		4.75			1,616,673		21,943		5.41				1,510,295		22,262		5.92
Net hedge income (expense) on assets				(61	)						(41	)							(103	)
Total earning assets - including hedge impact		1,912,483		22,478		4.74			1,616,673		21,902		5.40				1,510,295		22,159		5.89
Cash and cash equivalents		153,007							77,388								33,949
Other assets, less allowance for loan and lease losses		453,644							254,793								220,683
Total assets	$	2,519,134						$	1,948,854							$	1,764,927

Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	32,378	$	58		0.72	%	$	31,561	$	58		0.73		%	$	31,798	$	50		0.63		%
NOW and money market deposit accounts ⁽²⁾		343,215		436		0.51			285,410		813		1.13				248,949		1,134		1.83
Consumer CDs and IRAs ⁽²⁾		235,787		1,651		2.84			229,410		1,765		3.06				188,005		1,950		4.17
Negotiable CDs, public funds and other time deposits ⁽²⁾		31,188		146		1.89			36,510		267		2.90				32,201		318		3.97
Total domestic interest-bearing deposits		642,568		2,291		1.44			582,891		2,903		1.98				500,953		3,452		2.77
Foreign interest-bearing deposits:
Banks located in foreign countries ⁽²⁾		26,052		41		0.64			41,398		119		1.14				39,196		398		4.08
Governments and official institutions		9,849		6		0.25			13,738		30		0.87				14,650		132		3.62
Time, savings and other		58,380		132		0.92			48,836		165		1.34				53,064		476		3.61
Total foreign interest-bearing deposits		94,281		179		0.77			103,972		314		1.20				106,910		1,006		3.79
Total interest-bearing deposits		736,849		2,470		1.36			686,863		3,217		1.86				607,863		4,458		2.95
Federal funds purchased, and securities loaned or sold under agreements to repurchase and other short-term borrowings ⁽²⁾		591,928		1,915		1.31			459,743		1,549		1.34				452,854		4,134		3.67
Trading account liabilities		70,799		579		3.32			70,859		524		2.94				82,432		840		4.10
Long-term debt ⁽²⁾		446,975		5,207		4.69			255,709		2,969		4.64				198,463		2,387		4.81
Total interest-bearing liabilities - excluding hedge impact		1,846,551		10,171		2.23			1,473,174		8,259		2.23				1,341,612		11,819		3.54
Net hedge (income) expense on liabilities				(512	)						237								49
Total interest-bearing liabilities - including hedge impact		1,846,551		9,659		2.11			1,473,174		8,496		2.30				1,341,612		11,868		3.55
Noninterest-bearing sources:
Noninterest-bearing deposits		227,232							205,278								179,760
Other liabilities		216,585							93,836								88,827
Shareholders’ equity		228,766							176,566								154,728
Total liabilities and shareholders’ equity	$	2,519,134						$	1,948,854							$	1,764,927
Net interest spread						2.52							3.18								2.38
Impact of noninterest-bearing sources						0.07							0.21								0.39
Net interest income/yield on earning assets - excluding hedge impact			$	12,368		2.59	%			$	13,684		3.39		%			$	10,443		2.77		%
Net impact of hedge income (expense)				451		0.11					(278	)	(0.08	)					(152	)	(0.04	)
Net interest income/yield on earning assets			$	12,819		2.70	%			$	13,406		3.31		%			$	10,291		2.73		%
(1) This table presents a non-GAAP financial measure. The impact of interest rate risk management derivatives is shown separately. Interest income and interest expense amounts, and the yields and rates have been adjusted. Management believes this presentation is useful to investors because it adjusts for the impact of our hedging decisions and provides a better understanding of our hedging activities. The impact of interest rate risk management derivatives is not material to the average balances presented above. (2) The following presents the impact of interest rate risk management derivatives on interest income and interest expense. Interest income excludes the impact of interest rate risk management contracts, which increased (decreased) interest income on:
			First Quarter 2009							Fourth Quarter 2008								First Quarter 2008
Time deposits placed and other short-term investments			$	—						$	(4	)						$	(4	)
Federal funds sold and securities borrowed or purchased under agreements to resell				(3	)						(21	)							(70	)
Debt securities				(28	)						(15	)							(1	)
Commercial - domestic				(30	)						(3	)							(27	)
Other earning assets				—							2								(1	)

Net hedge income (expense) on assets			$	(61	)					$	(41	)						$	(103	)


Interest expense excludes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:

NOW and money market deposit accounts			$	(1	)					$	—							$	5
Consumer CDs and IRAs				64							70								121
Negotiable CDs, public funds and other time deposits				3							3								2
Banks located in foreign countries				7							6								2
Federal funds purchased, and securities loaned or sold under agreements to repurchase and other short-term borrowings				307							361								8
Long-term debt				(892	)						(203	)							(89	)

Net hedge (income) expense on liabilities			$	(512	)					$	237							$	49

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		9

Bank of America Corporation and Subsidiaries

Debt Securities and Available-for-Sale Marketable Equity Securities

(Dollars in millions)


	March 31, 2009
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
U.S Treasury securities and agency debentures	$ 4,353	$ 249	$ (9	)	$ 4,593
Mortgage-backed securities:
Agency MBSs	136,194	3,116	(130	)	139,180
Agency collateralized mortgage obligations	20,842	365	(51	)	21,156
Non-agency MBSs	58,129	1,649	(10,941	)	48,837
Foreign securities	5,363	5	(940	)	4,428
Corporate/Agency bonds	5,588	37	(1,142	)	4,483
Other taxable securities ⁽¹⁾	22,539	61	(653	)	21,947

Total taxable securities	253,008	5,482	(13,866	)	244,624
Tax-exempt securities	10,142	83	(655	)	9,570

Total available-for-sale debt securities	$263,150	$5,565	$(14,521	)	$254,194

Held-to-maturity debt securities ⁽²⁾	8,444	—	—		8,444

Total debt securities	$271,594	$5,565	$(14,521	)	$262,638

Available-for-sale marketable equity securities ⁽³⁾	$ 17,456	$5,705	$ (1,340	)	$ 21,821


	December 31, 2008
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
U.S Treasury securities and agency debentures	$ 4,540	$ 121	$ (14	)	$ 4,647
Mortgage-backed securities:
Agency MBSs	191,913	3,064	(146	)	194,831
Non-agency MBSs	43,224	860	(9,337	)	34,747
Foreign securities	5,675	6	(678	)	5,003
Corporate/Agency bonds	5,560	31	(1,022	)	4,569
Other taxable securities ⁽¹⁾	24,832	11	(1,300	)	23,543

Total taxable securities	275,744	4,093	(12,497	)	267,340
Tax-exempt securities	10,501	44	(981	)	9,564

Total available-for-sale debt securities	$286,245	$4,137	$(13,478	)	$276,904

Held-to-maturity debt securities	685	—	—		685

Total debt securities	$286,930	$4,137	$(13,478	)	$277,589

Available-for-sale marketable equity securities ⁽³⁾	$ 18,892	$7,717	$ (1,537	)	$ 25,072

(1)

Includes asset-backed securities

(2)

Includes held-to maturity debt securities of $7.8 billion issued by the credit card securitization trust and retained by the Corporation.

(3)

Represents those available-for-sale marketable equity securities that are recorded in the other assets on the Consolidated Balance Sheet.

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.		10

Bank of America Corporation and Subsidiaries

Deposits Segment Results ⁽¹⁾

(Dollars in millions)


	First Quarter 2009				Fourth Quarter 2008			Third Quarter 2008			Second Quarter 2008			First Quarter 2008
Net interest income ⁽²⁾	$	1,962			$	3,049		$	2,966		$	2,687		$	2,572
Noninterest income:
Service charges		1,503				1,676			1,821			1,742			1,564
All other income		(1	)			10			11			33			14

Total noninterest income		1,502				1,686			1,832			1,775			1,578

Total revenue, net of interest expense		3,464				4,735			4,798			4,462			4,150

Provision for credit losses		311				235			232			276			246
Noninterest expense		2,363				2,253			2,134			2,339			2,216

Income before income taxes		790				2,247			2,432			1,847			1,688
Income tax expense ⁽²⁾		297				739			918			697			628

Net income	$	493			$	1,508		$	1,514		$	1,150		$	1,060

Net interest yield ⁽²⁾		2.11		%		3.29	%		3.19	%		3.25	%		3.08	%
Return on average equity		8.41				24.11			24.60			18.52			16.99
Efficiency ratio ⁽²⁾		68.20				47.60			44.49			52.42			53.37

Balance sheet

Average
Total earning assets ⁽³⁾	$	377,198			$	368,435		$	369,924		$	332,707		$	336,187
Total assets ⁽³⁾		403,173				394,814			395,112			364,889			367,596
Total deposits		377,575				378,951			379,071			337,253			339,464
Allocated equity		23,783				24,880			24,482			24,965			25,125

Period end
Total earning assets ⁽³⁾	$	391,603			$	365,344		$	372,628		$	335,548		$	342,116
Total assets ⁽³⁾		417,410				392,036			399,328			363,764			374,173
Total deposits		391,604				376,974			383,078			336,136			345,990

(1)

Deposit balances of qualifying affluent customers are migrated to (from) GWM. After migration, the associated net interest income, service charges and noninterest expense are recorded in the appropriate segment.

(2)

Fully taxable-equivalent basis

(3)

Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits).

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.		11

Bank of America Corporation and Subsidiaries

Deposits Key Indicators

(Dollars in millions, except as noted)


	First Quarter 2009				Fourth Quarter 2008			Third Quarter 2008			Second Quarter 2008			First Quarter 2008
Average deposit balances
Checking	$	126,101			$	124,625		$	125,844		$	128,240		$	125,855
Savings		29,564				28,687			29,392			30,092			28,828
MMS		78,441				80,677			80,364			69,772			66,361
CDs and IRAs		140,123				141,895			139,628			106,153			115,753
Foreign and other		3,346				3,067			3,843			2,996			2,667

Total average deposit balances	$	377,575			$	378,951		$	379,071		$	337,253		$	339,464


Total balances migrated to (from) GWIM	$	(6,140	)		$	4,542		$	3,272		$	5,631		$	7,031

Deposit spreads (excludes noninterest costs)
Checking		4.18		%		4.25	%		4.23	%		4.15	%		4.28	%
Savings		3.89				3.82			3.80			3.70			3.89
MMS		(0.14	)			0.91			1.15			1.30			1.54
CDs and IRAs		0.09				0.26			0.14			0.40			0.53
Foreign and other		3.54				3.76			3.72			3.62			3.49
Total deposit spreads		1.71				1.99			2.01			2.31			2.40

Net new retail checking (units in thousands)		218				130			823			674			557

Online banking (end of period)
Active accounts (units in thousands)		29,515				28,854			28,636			25,299			24,949
Active billpay accounts (units in thousands)		16,031				15,861			15,732			13,269			13,081

Bank of America has the largest active online banking customer base with 29.5 million subscribers.

Bank of America uses a strict Active User standard - customers must have used our online services within the last 90 days.

16.0 million active bill pay users paid $80.3 billion worth of bills this quarter. The number of customers who sign up and use Bank of America’s Bill Pay Service continues to far surpass that of any other financial institution.

Currently, approximately 340 companies are presenting 39.0 million e-bills per quarter.

Certain prior period amounts have been reclassified 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.		12

Bank of America Corporation and Subsidiaries

Global Card Services Segment Results ⁽¹⁾

(Dollars in millions)


	First Quarter 2009				Fourth Quarter 2008			Third Quarter 2008				Second Quarter 2008			First Quarter 2008
Net interest income ⁽²⁾	$	5,207			$	5,237		$	4,861			$	4,680		$	4,527
Noninterest income:
Card income		2,115				2,469			2,290				2,554			2,720
All other income		135				239			534				204			621

Total noninterest income		2,250				2,708			2,824				2,758			3,341

Total revenue, net of interest expense		7,457				7,945			7,685				7,438			7,868

Provision for credit losses ⁽³⁾		8,221				5,723			5,468				4,071			4,312
Noninterest expense		2,075				2,178			2,406				2,378			2,199

Income (loss) before income taxes		(2,839	)			44			(189	)			989			1,357
Income tax expense (benefit) ⁽²⁾		(1,070	)			18			(63	)			330			490

Net income (loss)	$	(1,769	)		$	26		$	(126	)		$	659		$	867


Net interest yield ⁽²⁾		9.41		%		9.11	%		8.22		%		8.04	%		7.93	%
Return on average equity		(17.90	)			0.26			(1.30	)			6.88			9.18
Efficiency ratio ⁽²⁾		27.83				27.42			31.31				31.97			27.95

Balance sheet

Average
Total loans and leases	$	224,406			$	228,519		$	234,814			$	233,593		$	229,147
Total earning assets		224,406				228,605			235,161				234,088			229,465
Total assets		242,974				248,962			257,070				256,506			253,034
Allocated equity		40,070				39,907			38,614				38,559			38,001

Period end
Total loans and leases	$	218,031			$	228,573		$	231,146			$	235,625		$	229,974
Total earning assets		217,841				228,628			231,305				236,002			230,361
Total assets		234,990				248,664			252,501				258,698			253,363

(1)

Presented on a managed basis. (See Exhibit A: Non-GAAP Reconciliations - Global Card Services - Reconciliation on page 38).

(2)

Fully taxable-equivalent basis

(3)

Represents provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

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.		13

Bank of America Corporation and Subsidiaries

Global Card Services Key Indicators

(Dollars in millions)


	First Quarter 2009				Fourth Quarter 2008			Third Quarter 2008			Second Quarter 2008			First Quarter 2008
Credit Card Data ⁽¹⁾

Loans
Period end
Held credit card outstandings	$	67,960			$	81,274		$	81,350		$	78,642		$	75,911
Securitization impact		105,392				100,960			102,048			108,520			107,847

Managed credit card outstandings	$	173,352			$	182,234		$	183,398		$	187,162		$	183,758

Average
Held credit card outstandings	$	75,818			$	82,117		$	80,489		$	78,221		$	78,518
Securitization impact		102,672				99,116			105,919			107,438			105,176

Managed credit card outstandings	$	178,490			$	181,233		$	186,408		$	185,659		$	183,694


Credit Quality
Charge-offs $
Held net charge-offs	$	1,612			$	1,406		$	1,242		$	1,108		$	956
Securitization impact		2,182				1,857			1,754			1,643			1,416

Managed credit card net losses	$	3,794			$	3,263		$	2,996		$	2,751		$	2,372

Charge-offs %
Held net charge-offs		8.62		%		6.82	%		6.14	%		5.69	%		4.90	%
Securitization impact		—				0.34			0.26			0.27			0.29

Managed credit card net losses		8.62		%		7.16	%		6.40	%		5.96	%		5.19	%

30+ Delinquency $
Held delinquency	$	5,365			$	5,324		$	4,675		$	4,121		$	4,017
Securitization impact		8,246				6,844			6,126			6,226			6,288

Managed delinquency	$	13,611			$	12,168		$	10,801		$	10,347		$	10,305

30+ Delinquency %
Held delinquency		7.90		%		6.55	%		5.75	%		5.24	%		5.29	%
Securitization impact		(0.05	)			0.13			0.14			0.29			0.32

Managed delinquency		7.85		%		6.68	%		5.89	%		5.53	%		5.61	%

90+ Delinquency $
Held delinquency	$	2,816			$	2,565		$	2,330		$	2,109		$	2,055
Securitization impact		4,106				3,185			2,958			3,169			3,137

Managed delinquency	$	6,922			$	5,750		$	5,288		$	5,278		$	5,192

90+ Delinquency %
Held delinquency		4.14		%		3.16	%		2.87	%		2.68	%		2.71	%
Securitization impact		(0.15	)			—			0.01			0.14			0.12

Managed delinquency		3.99		%		3.16	%		2.88	%		2.82	%		2.83	%


Other Global Card Services Key Indicators

Managed credit card data
Gross interest yield		11.68		%		11.87	%		11.52	%		11.44	%		11.94	%
Risk adjusted margin		4.65				6.47			6.75			6.39			6.92
New account growth (in thousands)		1,226				1,432			1,765			2,665			2,614
Purchase volumes	$	48,056			$	56,585		$	62,662		$	64,457		$	59,821

Debit Card Data
Debit purchase volumes	$	51,133			$	52,925		$	53,252		$	54,268		$	50,061

(1)

Credit Card includes U.S consumer, Europe and Canada credit card. Does not include business card, debit card and consumer lending.

Certain prior period amounts have been reclassified 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.		14

Bank of America Corporation and Subsidiaries

Home Loans & Insurance Segment Results

(Dollars in millions; except as noted)


	First Quarter 2009				Fourth Quarter 2008				Third Quarter 2008				Second Quarter 2008				First Quarter 2008
Net interest income ⁽¹⁾	$	1,180			$	1,019			$	1,161			$	660			$	599
Noninterest income:
Mortgage banking income		3,403				1,603				1,755				409				656
Insurance income		581				646				569				113				88
All other income		60				(2	)			15				119				29

Total noninterest income		4,044				2,247				2,339				641				773

Total revenue, net of interest expense		5,224				3,266				3,500				1,301				1,372

Provision for credit losses		3,372				1,623				818				2,035				1,812
Noninterest expense		2,650				2,734				2,725				715				722

Income (loss) before income taxes		(798	)			(1,091	)			(43	)			(1,449	)			(1,162	)
Income tax expense (benefit) ⁽¹⁾		(300	)			(404	)			(16	)			(536	)			(430	)

Net income (loss)	$	(498	)		$	(687	)		$	(27	)		$	(913	)		$	(732	)

Net interest yield ⁽¹⁾		2.60		%		2.34		%		3.12		%		2.62		%		2.52		%
Return on average equity		(13.90	)			(17.53	)			(0.65	)			(104.86	)			(96.85	)
Efficiency ratio ⁽¹⁾		50.73				83.72				77.83				55.01				52.66

Balance sheet

Average
Total loans and leases	$	126,696			$	122,074			$	122,043			$	91,206			$	87,238
Total earning assets		184,066				173,169				148,218				101,116				95,545
Total assets		220,072				204,899				180,007				104,546				99,894
Allocated equity		14,526				15,603				16,387				3,502				3,040

Period end
Total loans and leases	$	131,343			$	122,956			$	122,983			$	92,073			$	88,321
Total earning assets		184,147				175,618				167,346				100,919				97,881
Total assets		221,559				205,055				178,964				103,774				102,115

Period end (in billions)
Mortgage servicing portfolio ⁽²⁾	$	2,112.8			$	2,057.3			$	2,026.2			$	540.8			$	529.7

(1)

Fully taxable-equivalent basis

(2)

Servicing of residential mortgage loans, home equity lines of credit, home equity loans and discontinued real estate mortgage loans.

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.		15

Bank of America Corporation and Subsidiaries

Home Loans & Insurance Key Indicators

(Dollars in millions, except as noted)


	First Quarter 2009				Fourth Quarter 2008				Third Quarter 2008				Second Quarter 2008				First Quarter 2008
Mortgage servicing rights at fair value rollforward:
Beginning balance	$	12,733			$	20,811			$	4,250			$	3,163			$	3,053
Countrywide balance, July 1, 2008		—				—				17,188				—				—
Merrill Lynch balance, January 1, 2009		209				—				—				—				—
Additions		1,249				677				875				669				366
Impact of customer payments		(1,185	)			(1,458	)			(1,425	)			(233	)			(197	)
Other changes in MSR		1,090				(7,297	)			(77	)			651				(59	)

Ending balance	$	14,096			$	12,733			$	20,811			$	4,250			$	3,163

Capitalized mortgage servicing rights
(% of loans serviced)		83		bps		77		bps		126		bps		145		bps		118		bps
Mortgage loans serviced for investors (in billions)	$	1,699			$	1,654			$	1,654			$	292			$	268

Home Loans & Insurance
Mortgage production	$	79,072			$	42,761			$	49,625			$	18,515			$	18,044
Home equity production		2,923				3,920				5,260				8,997				13,821
Total Corporation
Mortgage production		85,218				44,611				51,539				22,438				21,922
Home equity production		4,038				5,326				7,023				11,500				16,641

Mortgage banking income
Production income	$	1,637			$	691			$	749			$	283			$	396
Servicing income:
Servicing fees and ancillary income		1,517				1,487				1,526				266				250
Impact of customer payments		(1,185	)			(1,458	)			(1,425	)			(233	)			(197	)
Fair value changes of MSRs, net of economic hedge results		1,301				783				823				93				207
Other servicing-related revenue		133				100				82				—				—

Total net servicing income		1,766				912				1,006				126				260

Total Home Loans & Insurance mortgage banking income		3,403				1,603				1,755				409				656
Other business segment mortgage banking income (loss)		(89	)			(80	)			(81	)			30				(205	)

Total consolidated mortgage banking income	$	3,314			$	1,523			$	1,674			$	439			$	451

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.		16

Bank of America Corporation and Subsidiaries

Global Banking Segment Results

(Dollars in millions)


	First Quarter 2009			Fourth Quarter 2008			Third Quarter 2008		Second Quarter 2008			First Quarter 2008
Net interest income ⁽¹⁾	$2,810			$3,089			$2,710		$2,480			$2,298
Noninterest income:
Service charges	942			809			820		824			756
Investment banking income	643			446			263		392			358
All other income (loss)	246			(334	)		429		728			444

Total noninterest income	1,831			921			1,512		1,944			1,558

Total revenue, net of interest expense	4,641			4,010			4,222		4,424			3,856

Provision for credit losses	1,848			1,402			802		400			526
Noninterest expense	2,511			1,116			1,770		1,751			1,740

Income before income taxes	282			1,492			1,650		2,273			1,590
Income tax expense ⁽¹⁾	107			451			616		862			590

Net income	$175			$1,041			$1,034		$1,411			$1,000

Net interest yield ⁽¹⁾	3.33		%	3.60		%	3.29	%	3.10		%	2.96		%
Return on average equity	1.25			8.05			8.55		12.04			8.73
Efficiency ratio ⁽¹⁾	54.11			27.85			41.92		39.58			45.13

Balance sheet

Average
Total loans and leases	$330,972			$331,115			$320,813		$315,282			$305,924
Total earning assets ⁽²⁾	341,725			341,453			327,517		321,385			312,497
Total assets ⁽²⁾	397,985			394,906			382,413		376,733			366,256
Total deposits	196,061			198,246			176,570		169,738			160,726
Allocated equity	56,576			51,440			48,142		47,136			46,065

Period end
Total loans and leases	$325,263			$328,574			$326,970		$322,675			$311,557
Total earning assets ⁽²⁾	335,081			338,913			338,405		329,265			318,153
Total assets ⁽²⁾	389,076			391,930			394,948		385,025			369,216
Total deposits	194,864			214,755			194,462		173,576			168,129

(1) Fully taxable-equivalent basis
(2) Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits).

Components of Investment Banking Income

(Dollars in millions)

Investment banking income
Debt underwriting	$ 644			$429			$352		$574			$ 330
Equity underwriting	167			224			50		110			240
Advisory fees	290			107			63		51			66

Total Global Markets and Investment Banking ⁽¹⁾	1,101			760			465		735			636
Other ⁽²⁾	(46	)		(142	)		9		(40	)		(160	)

Total investment banking income	$1,055			$618			$474		$695			$ 476

(1)

Represents investment banking income that is recorded in Global Markets and Investment Banking (which resides in Global Banking).

(2)

Investment banking income earned from activity that is not part of the primary investment banking platform as well as the offset to fees paid on the Corporation’s own issuances.

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.		17

Bank of America Corporation and Subsidiaries

Global Banking Key Indicators

(Dollars in millions)


	First Quarter 2009				Fourth Quarter 2008				Third Quarter 2008				Second Quarter 2008				First Quarter 2008
Global Banking revenue, net of interest expense
Corporate banking	$	1,418			$	1,471			$	1,231			$	1,205			$	1,088
Commercial banking		2,790				2,864				2,869				2,925				2,717
Investment banking		433				(325	)			122				294				51

Total revenue, net of interest expense ⁽¹⁾	$	4,641			$	4,010			$	4,222			$	4,424			$	3,856

Global Banking average deposit balances
Corporate banking	$	76,208			$	79,831			$	69,428			$	61,794			$	60,588
Commercial banking		119,853				118,415				107,142				107,944				100,138

Total	$	196,061			$	198,246			$	176,570			$	169,738			$	160,726


Interest-bearing	$	86,527			$	100,259			$	89,217			$	88,130			$	84,782
Noninterest-bearing		109,534				97,987				87,353				81,608				75,944

Total	$	196,061			$	198,246			$	176,570			$	169,738			$	160,726

Global Banking loan spreads
Corporate banking		1.64		%		1.17		%		0.72		%		0.64		%		0.65		%
Commercial banking		1.83				1.85				1.74				1.71				1.78

Provision for credit losses
Corporate banking	$	291			$	365			$	131			$	(49	)		$	34
Commercial banking		1,557				1,037				671				449				492

Total provision for credit losses	$	1,848			$	1,402			$	802			$	400			$	526


Credit quality ^{(2, 3)}
Reservable utilized criticized exposure
Corporate banking	$	9,995			$	7,292			$	5,782			$	4,426			$	3,023
		8.33		%		5.91		%		4.63		%		3.69		%		2.78		%
Commercial banking	$	33,465			$	27,225			$	23,020			$	19,907			$	16,462
		14.36		%		11.64		%		9.92		%		8.76		%		7.50		%

Total reservable utilized criticized exposure	$	43,460			$	34,517			$	28,802			$	24,333			$	19,485
		12.31		%		9.66		%		8.07		%		7.01		%		5.93		%
Nonperforming assets
Corporate banking	$	879			$	736			$	444			$	191			$	202
		0.87		%		0.71		%		0.43		%		0.20		%		0.23		%
Commercial banking	$	8,077			$	5,643			$	4,335			$	3,639			$	2,550
		3.60		%		2.50		%		1.93		%		1.61		%		1.14		%

Total nonperforming assets	$	8,956			$	6,379			$	4,779			$	3,830			$	2,752
		2.75		%		1.94		%		1.46		%		1.19		%		0.88		%
Average loans and leases by product
Commercial - domestic	$	174,732			$	175,260			$	163,886			$	161,013			$	156,009
Commercial real estate		62,532				61,395				60,196				59,909				59,292
Commercial lease financing		24,316				24,324				24,574				24,287				24,264
Commercial - foreign		26,655				28,546				28,429				27,895				25,702
Direct/Indirect consumer		41,201				40,144				42,205				40,344				38,764
Other		1,536				1,446				1,523				1,834				1,893

Total average loans and leases	$	330,972			$	331,115			$	320,813			$	315,282			$	305,924



(1) Total Global Banking revenue, net of interest expense	$	*4,641*			$	4,010			$	4,222			$	4,424			$	3,856
Less: Fair value option revenue share		*(138*	)			(291	)			(13	)			61				(56	)
Less: Impact of credit mitigation		1				221				24				(5	)			69

Global banking revenues, net of interest expense excluding fair value option revenue share and credit mitigation	$	*4,778*			$	4,080			$	4,211			$	4,368			$	3,843

(2)

Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure is on an end-of-period basis and is also shown as a percentage of total reservable commercial utilized credit exposure, including loans and leases, standby letters of credit, financial guarantees, commercial letters of credit and bankers’ acceptances.

(3)

Nonperforming assets are on an end-of-period basis and defined as nonperforming loans and leases plus foreclosed properties. The nonperforming ratio is nonperforming assets divided by commercial loans and leases plus commercial foreclosed properties.

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.		18

Bank of America Corporation and Subsidiaries

Global and U.S. Banking Strategic Progress

Global and U.S. Market Share and Product Ranking

Source: Dealogic data. Rankings based on deal volumes except for investment banking revenue rankings which reflect fees. Merger and acquisition fees included in investment banking revenues reflect 10 percent fee credit at announcement and 90 percent fee credit at completion as per Dealogic . Mergers and acquisitions volume rankings are for announced transactions and provide credit only to the investment bank advising the parent company that is domiciled within that region. Each advisor receives full credit for the deal amount unless advising a minority stakeholder.

Highlights

Global top 3 rankings in:


Equity capital markets		Mortgage-backed securities
High-yield corporate debt		Investment grade corporate debt
Leveraged loans

U.S. top 3 rankings in:


Equity capital markets	Leveraged loans	Common stock underwriting
Debt capital markets	Mortgage-backed securities	Investment grade corporate debt
High-yield corporate debt	Convertible debt	Syndicated loans

1Q2009 global and U.S. investment grade corporate debt results include self-funded transactions. Excluding these deals, global investment grade corporate debt market share was 6.3 percent and U.S. investment grade corporate debt market share was 15.6 percent.

Information for the period beginning January 1, 2009 includes the Merrill Lynch acquisition.


This information is preliminary and based on company data available at the time of the presentation.		19

Bank of America Corporation and Subsidiaries

Global Markets Segment Results

(Dollars in millions)


	First Quarter 2009				Fourth Quarter 2008				Third Quarter 2008				Second Quarter 2008				First Quarter 2008
Net interest income ⁽¹⁾	$	1,787			$	1,528			$	1,285			$	1,195			$	1,133
Noninterest income:
Investment and brokerage services		459				151				195				186				220
Investment banking income		486				340				229				374				306
Trading account profits (losses)		4,919				(3,891	)			(499	)			183				(1,602	)
All other income (loss)		(860	)			(2,711	)			(1,073	)			(568	)			(905	)

Total noninterest income (loss)		5,004				(6,111	)			(1,148	)			175				(1,981	)

Total revenue, net of interest expense		6,791				(4,583	)			137				1,370				(848	)

Provision for credit losses		51				13				(24	)			(38	)			(1	)
Noninterest expense		3,059				1,103				1,115				947				726

Income (loss) before income taxes		3,681				(5,699	)			(954	)			461				(1,573	)
Income tax expense (benefit) ⁽¹⁾		1,316				(2,030	)			(354	)			166				(582	)

Net income (loss)	$	2,365			$	(3,669	)		$	(600	)		$	295			$	(991	)


Return on average equity		33.81		%		(87.65	)	%		(17.63	)	%		8.83		%		(31.14	)	%
Efficiency ratio ⁽¹⁾		45.04				n/m				n/m				69.11				n/m

Balance sheet

Average
Total trading-related assets ⁽²⁾		536,977				315,125				347,088				332,748				357,488
Total market-based earning assets		488,411				311,777				370,140				367,188				394,838
Total earning assets		501,915				317,636				375,009				372,510				400,062
Total assets		702,159				391,774				432,039				431,354				462,148
Allocated equity		28,366				16,656				13,537				13,446				12,793

Period end
Total trading-related assets ⁽²⁾		440,839				244,174				275,703				299,828				313,795
Total market-based earning assets		380,118				237,613				282,470				329,389				341,481
Total earning assets		391,361				243,275				288,107				334,700				347,042
Total assets		574,088				308,193				351,826				389,951				418,632

(1)

Fully taxable-equivalent basis

(2)

Includes assets which are not considered earning assets (i.e. derivative assets).

n/m = not meaningful

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.		20

Bank of America Corporation and Subsidiaries

Global Markets Key Indicators

(Dollars in millions)


	First Quarter 2009			Fourth Quarter 2008			Third Quarter 2008			Second Quarter 2008			First Quarter 2008
Sales and trading revenue
Fixed income:
Rates and currencies	$	3,555		$	181		$	832		$	797		$	717
Commodities		536			46			(7	)		85			10
Credit products		890			(2,189	)		(130	)		655			(859	)
Structured products		(400	)		(3,853	)		(1,340	)		(879	)		(1,669	)

Total fixed income		4,581			(5,815	)		(645	)		658			(1,801	)
Equity income		1,402			(18	)		398			275			308

Total sales and trading revenue ⁽¹⁾	$	5,983		$	(5,833	)	$	(247	)	$	933		$	(1,493	)


Balance sheet (average)
Trading account securities	$	217,437		$	167,463		$	186,455		$	180,540		$	188,240
Reverse repurchases		136,192			53,193			62,767			51,256			55,552
Securities borrowed		67,749			42,580			62,982			65,742			78,839
Derivative assets		115,599			51,889			34,884			35,210			34,857

Total trading-related assets	$	536,977		$	315,125		$	347,088		$	332,748		$	357,488


Sales credits from secondary trading
Rates and currencies		843			679			537			474			512
Commodities		66			13			11			5			10
Credit products		686			388			376			384			354
Structured products		223			190			192			202			166
Equities		769			212			192			259			282

Total sales credits		2,587			1,482			1,308			1,324			1,324


Volatility of product revenues - 1 std dev
Rates and currencies	$	114.7		$	93.6		$	47.9		$	32.0		$	38.6
Commodities		21.3			2.0			2.7			4.2			3.6
Credit products		53.3			36.1			49.0			9.0			27.1
Structured products		88.4			94.9			34.7			38.5			66.2
Equities		24.1			13.1			10.6			8.7			10.1
Total volatility		161.3			111.3			82.4			42.2			64.4

(1) Sales and trading revenue represents total Global Markets revenue, net of interest expense as adjusted by the following items:
Total Global Markets revenue, net of interest expense	$	*6,791*		$	(4,583	)	$	137		$	1,370		$	(848	)
Investment banking income		*(486*	)		(340	)		(229	)		(374	)		(306	)
Fair value option net interest income		*(58*	)		(36	)		(25	)		(25	)		(27	)
Revenue shared		*(264*	)		(874	)		(130	)		(38	)		(312	)

Global markets revenues, net of interest expense - sales and trading	$	*5,983*		$	(5,833	)	$	(247	)	$	933		$	(1,493	)

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.		21

Bank of America Corporation and Subsidiaries

Off-Balance Sheet (Unconsolidated) Special Purpose Entities Liquidity Exposure

(Dollars in millions)

March 31, 2009

VIEs ⁽¹⁾

QSPEs ⁽²⁾

Total

Commercial paper conduits:

Multi-seller conduits

$39,919

$ —

$39,919

Asset acquisition conduits

1,312

—

1,312

Other corporate conduits

—

1,233

Municipal bond trusts

3,591

8,904

12,495

Home equity securitizations

—

12,791

Collateralized debt obligation vehicles

8,112

—

8,112

Credit-linked note and other vehicles

2,946

—

2,946

Customer conduits

1,482

—

1,482

Credit card securitizations

—

946

Total liquidity exposure ⁽³⁾

$57,362

$23,874

$81,236

December 31, 2008

VIEs ⁽¹⁾

QSPEs ⁽²⁾

Total

Commercial paper conduits:

Multi-seller conduits

$41,635

$ —

$41,635

Asset acquisition conduits

2,622

—

2,622

Other corporate conduits

—

1,578

Municipal bond trusts

3,872

2,921

6,793

Home equity securitizations

—

13,064

Collateralized debt obligation vehicles

542

—

542

Customer conduits

980

—

980

Credit card securitizations

—

946

Total liquidity exposure

$49,651

$18,509

$68,160

(1)

Variable interest entities (VIEs) are special purpose entities (SPEs) which lack sufficient equity at risk or whose equity investors do not have a controlling financial interest. In accordance with Financial Accounting Standards Board (FASB) Interpretation No. 46 (Revised December 2003), “Consolidation of Variable Interest Entities, an interpretation of ARB No. 51” (FIN 46R), a VIE is consolidated by the party known as the primary beneficiary that will absorb the majority of the expected losses or expected residual returns of the VIEs or both. For example, an entity that holds a majority of the subordinated debt or equity securities issued by a VIE, or protects other investors from loss through a guarantee or similar arrangement, may have to consolidate the VIE. The assets and liabilities of consolidated VIEs are recorded on the Corporation’s balance sheet.

(2)

Qualifying special purposes entities (QSPEs) are SPEs whose activities are strictly limited to holding and servicing financial assets and meet the requirements set forth in SFAS No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities – a replacement of FASB Statement No. 125” (SFAS 140). QSPEs are generally not required to be consolidated by any party. This table includes only those QSPEs to which we have liquidity exposure.

(3)

Merrill Lynch related exposures as of March 31, 2009 were: $8.1 billion collateralized debt obligation vehicles, $6.6 billion municipal bond trusts, $2.9 billion in credit-linked note and other vehicles and $570 million in customer conduits.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		22

Bank of America Corporation and Subsidiaries

Super Senior Collateralized Debt Obligation Exposure Rollforward

(Dollars in millions)


	December 31, 2008 Net Exposure	Merrill Lynch Acquisition		Reclassifications ⁽¹⁾		First Quarter 2009 Net Writedowns ⁽²⁾		Paydowns /Liquidations / Other		March 31, 2009 Net Exposure
Super senior liquidity commitments
High grade	$ 476	$ —		$(255	)	$—		$(221	)	$ —
Mezzanine	—	626		—		(36	)	(78	)	512
CDO-squared	—	—		—		—		—		—

Total super senior liquidity commitments	476	626		(255	)	(36	)	(299	)	512

Other super senior exposure
High grade ⁽³⁾	2,507	(89	)	255		(228	)	(5	)	2,440
Mezzanine	297	126		—		(56	)	(22	)	345
CDO-squared	—	45		—		(31	)	—		14

Total other super senior	2,804	82		255		(315	)	(27	)	2,799

Total super senior	$3,280	$708		$ —		$(351	)	$(326	)	$3,311

Purchased securities from liquidated CDOs	2,030	—		—		(124	)	(82	)	1,824

Total	$5,310	$708		$ —		$(475	)	$(408	)	$5,135

(1)

Represents CDO exposure that was reclassified from super senior liquidity commitments to other super senior exposure as the Corporation is no longer providing liquidity.

(2)

Net of insurance and includes $159 million (pre-tax) of unrealized losses recorded in accumulated OCI.

(3)

High grade other super senior exposure acquired from Merrill Lynch is presented net of hedge amounts.

Super Senior Collateralized Debt Obligation Exposure

(Dollars in millions)


	Total CDO Exposure at March 31, 2009																								Total CDO
	Subprime Exposure ⁽¹⁾												Non-Subprime Exposure ⁽²⁾												Net Exposure
	Gross		Insured ⁽³⁾			Net of Insured Amount		Cumulative Writedowns ^(4,5)			Net Exposure		Gross		Insured ⁽³⁾			Net of Insured Amount		Cumulative Writedowns ^(4,5)			Net Exposure		March 31 2009		December 31 2008
Super senior liquidity commitments
High grade	$	1,698	$	(1,573	)	$	125	$	(125	)	$	—	$	—	$	—		$	—	$	—		$	—	$	—	$	476
Mezzanine		3,005		(515	)		2,490		(1,978	)		512		—		—			—		—			—		512		—
CDO-squared		—		—			—		—			—		—		—			—		—			—		—		—

Total super senior liquidity commitments		4,703		(2,088	)		2,615		(2,103	)		512		—		—			—		—			—		512		476
Other super senior exposure
High grade		6,843		(5,634	)		1,209		(719	)		490		3,726		(712	)		3,014		(1,064	)		1,950		2,440		2,507
Mezzanine		2,462		—			2,462		(2,117	)		345		—		—			—		—			—		345		297
CDO-squared		409		—			409		(395	)		14		336		(336	)		—		—			—		14		—

Total other super senior		9,714		(5,634	)		4,080		(3,231	)		849		4,062		(1,048	)		3,014		(1,064	)		1,950		2,799		2,804

Total super senior	$	14,417	$	(7,722	)	$	6,695	$	(5,334	)	$	1,361	$	4,062	$	(1,048	)	$	3,014	$	(1,064	)	$	1,950	$	3,311	$	3,280
Purchased securities from liquidated CDOs		2,656		—			2,656		(832	)		1,824		—		—			—		—			—		1,824		2,030

Total	$	17,073	$	(7,722	)	$	9,351	$	(6,166	)	$	3,185	$	4,062	$	(1,048	)	$	3,014	$	(1,064	)	$	1,950	$	5,135	$	5,310

(1)

Classified as subprime when subprime consumer real estate loans make up at least 35 percent of the ultimate underlying collateral’s original net exposure value.

(2)

Includes highly-rated collateralized loan obligations and commercial mortgage-backed securities super senior exposure.

(3)

Insured exposures are presented prior to $6.7 billion of cumulative writedowns.

(4)

Net of insurance and excludes losses taken on liquidated CDOs.

(5)

Cumulative writedowns on subprime and non-subprime exposures include unrealized losses of $198 million and $382 million recorded in OCI .

Certain

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		23

Bank of America Corporation and Subsidiaries

Subprime Super Senior Collateralized Debt Obligation Carrying Values ⁽¹⁾

(Dollars in millions)


	March 31, 2009
	Subprime Net Exposure	Carrying Value as a Percent of Original Net Exposure		Subprime Content of Collateral ⁽²⁾		Vintage of Subprime Collateral
	Subprime Net Exposure	Carrying Value as a Percent of Original Net Exposure		Subprime Content of Collateral ⁽²⁾		Percent in 2006/2007 Vintages		Percent in 2005/Prior Vintages
Super senior liquidity commitments
Mezzanine	$ 512	22	%	100	%	98	%	2	%
CDO-squared	—	—		—		—		—

Total super senior liquidity commitments	512	22		100		98		2

Other super senior exposure
High grade	490	24		60		14		86
Mezzanine	345	14		51		42		58
CDO-squared	14	3		100		100		—

Total other super senior	849

Total super senior	1,361	20


Purchased securities from liquidated CDOs	1,824	31		29		6		94


Total	$3,185	25

(1)

Classified as subprime when subprime consumer real estate loans make up at least 35 percent of the ultimate underlying collateral’s original net exposure value.

(2)

Based on current net exposure value.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		24

Bank of America Corporation and Subsidiaries

Global Wealth Management Segment Results ⁽¹⁾

(Dollars in millions, except as noted)


	First Quarter 2009			Fourth Quarter 2008			Third Quarter 2008			Second Quarter 2008			First Quarter 2008
Net interest income ⁽²⁾	$ 1,653			$ 1,343			$ 1,265			$ 1,149			$ 1,018
Noninterest income:
Investment and brokerage services	2,444			880			1,002			1,095			1,081
All other income (loss)	264			(238	)		(703	)		50			(157	)

Total noninterest income	2,708			642			299			1,145			924

Total revenue, net of interest expense	4,361			1,985			1,564			2,294			1,942

Provision for credit losses	254			152			150			119			243
Noninterest expense	3,288			1,073			1,290			1,246			1,314

Income before income taxes	819			760			124			929			385
Income tax expense ⁽²⁾	309			251			50			350			143

Net income	$ 510			$ 509			$ 74			$ 579			$ 242

Net interest yield ⁽²⁾	2.77		%	3.03		%	3.09		%	2.96		%	2.79		%
Return on average equity	11.21			17.22			2.54			19.78			8.40
Efficiency ratio ⁽²⁾	75.41			54.01			82.43			54.34			67.71

Balance sheet

Average
Total loans and leases	$ 110,533			$ 88,875			$ 88,254			$ 87,574			$ 85,644
Total earning assets ⁽³⁾	241,743			176,209			162,859			156,231			146,537
Total assets ⁽³⁾	276,769			184,649			172,313			165,682			156,350
Total deposits	249,350			171,340			160,999			157,113			148,503
Allocated equity	18,450			11,767			11,677			11,774			11,570

Period end

Total loans and leases	$ 102,764			$ 89,400			$ 89,004			$ 88,172			$ 87,309
Total earning assets ⁽³⁾	236,810			178,240			169,582			157,334			153,175
Total assets ⁽³⁾	267,189			187,995			179,347			167,197			162,450
Total deposits	240,498			175,107			166,273			158,228			154,175

Client assets

Assets under management	$ 697,371			$523,159			$564,438			$589,459			$607,521
Client brokerage assets ⁽⁴⁾	1,102,633			172,106			196,566			210,701			213,743
Assets in custody	234,361			133,726			150,575			156,530			158,486
Less: Client brokerage assets and assets in custody included in assets under management	(279,130	)		(78,487	)		(82,921	)		(89,234	)		(88,755	)

Total net client assets	$1,755,235			$750,504			$828,658			$867,456			$890,995

(1)

Global Wealth Management services clients through three primary businesses: U.S. Trust, Bank of America Private Wealth Management (U.S. Trust), Columbia Management and Global Wealth Advisors.

(2)

Fully taxable-equivalent basis

(3)

Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits).

(4)

Client brokerage assets include non-discretionary brokerage and fee-based assets.

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.		25

Bank of America Corporation and Subsidiaries

Global Wealth Management Business Results

(Dollars in millions)


	Three Months Ended March 31, 2009
	Total			U.S. Trust			Columbia Management			Global Wealth Advisors ⁽¹⁾		Other
Net interest income ⁽²⁾	$ 1,653			$ 360			$ 17			$ 1,398		$(122	)
Noninterest income:
Investment and brokerage services	2,444			317			260			1,668		199
All other income (loss)	264			15			(122	)		282		89

Total noninterest income	2,708			332			138			1,950		288

Total revenue, net of interest expense	4,361			692			155			3,348		166

Provision for credit losses	254			31			—			223		—
Noninterest expense	3,288			510			234			2,228		316

Income (loss) before income taxes	819			151			(79	)		897		(150	)
Income tax expense (benefit) ⁽²⁾	309			56			(29	)		332		(50	)

Net income (loss)	$ 510			$ 95			$ (50	)		$ 565		$(100	)

Net interest yield ⁽²⁾	2.77		%	2.75		%	n/m			2.69	%	n/m
Return on average equity	11.21			7.28			(17.19	)	%	26.96		n/m
Efficiency ratio ⁽²⁾	75.41			73.78			n/m			66.58		n/m
Average - total loans and leases	$110,533			$52,835			n/m			$ 57,687		n/m
Average - total deposits	249,350			38,319			n/m			211,007		n/m
Period end - total assets ⁽³⁾	267,189			56,493			$2,642			214,376		n/m

	Three Months Ended December 31, 2008
	Total			U.S. Trust			Columbia Management			Global Wealth Advisors ⁽¹⁾		Other
Net interest income ⁽²⁾	$ 1,343			$ 446			$ 14			$ 869		$ 14
Noninterest income:
Investment and brokerage services	880			304			301			238		37
All other income (loss)	(238	)		(5	)		(228	)		1		(6	)

Total noninterest income	642			299			73			239		31

Total revenue, net of interest expense	1,985			745			87			1,108		45

Provision for credit losses	152			79			—			73		—
Noninterest expense	1,073			372			192			406		103

Income (loss) before income taxes	760			294			(105	)		629		(58	)
Income tax expense (benefit) ⁽²⁾	251			109			(39	)		233		(52	)

Net income (loss)	$ 509			$ 185			$ (66	)		$ 396		$ (6	)

Net interest yield ⁽²⁾	3.03		%	3.32		%	n/m			2.63	%	n/m
Return on average equity	17.22			15.43			(33.70	)	%	83.18		n/m
Efficiency ratio ⁽²⁾	54.01			49.97			n/m			36.57		n/m
Average - total loans and leases	$ 88,875			$ 53,360			n/m			$ 35,515		n/m
Average - total deposits	171,340			41,244			n/m			130,092		n/m
Period end - total assets ⁽³⁾	187,995			57,167			$2,923			136,105		n/m

	Three Months Ended March 31, 2008
	Total			U.S. Trust			Columbia Management			Global Wealth Advisors ⁽¹⁾		Other
Net interest income ⁽²⁾	$ 1,018			$ 321			$ 2			$ 677		$ 18
Noninterest income:
Investment and brokerage services	1,081			380			398			258		45
All other income (loss)	(157	)		18			(221	)		48		(2	)

Total noninterest income	924			398			177			306		43

Total revenue, net of interest expense	1,942			719			179			983		61

Provision for credit losses	243			3			—			240		—
Noninterest expense	1,314			506			309			464		35

Income (loss) before income taxes	385			210			(130	)		279		26
Income tax expense (benefit) ⁽²⁾	143			78			(48	)		103		10

Net income (loss)	$ 242			$ 132			$ (82	)		$ 176		$ 16

Net interest yield ⁽²⁾	2.79		%	2.69		%	n/m			2.40	%	n/m
Return on average equity	8.40			12.02			(45.93	)	%	36.06		n/m
Efficiency ratio ⁽²⁾	67.71			70.42			n/m			47.13		n/m
Average - total loans and leases	$ 85,644			$ 47,930			n/m			$ 37,679		n/m
Average - total deposits	148,503			34,638			n/m			113,367		n/m
Period end - total assets ⁽³⁾	162,450			52,731			$ 2,989			120,956		n/m

(1)

For the three months ended March 31, 2009, December 31, 2008 and March 31, 2008, a total of $(6.1) billion, $4.5 billion and $7.0 billion of deposits were migrated to (from) Global Wealth Management from (to) Deposits.

(2)

Fully taxable-equivalent basis

(3)

Total assets include asset allocations to match liabilities (i.e., deposits).

n/m = not meaningful

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.		26

Bank of America Corporation and Subsidiaries

Global Wealth Management - Key Indicators

(Dollars in millions, except as noted)


	First Quarter 2009				Fourth Quarter 2008				Third Quarter 2008				Second Quarter 2008				First Quarter 2008
Investment and Brokerage Services
U.S. Trust
Asset management fees	$	307			$	292			$	317			$	375			$	368
Brokerage income		10				12				11				13				12

Total	$	317			$	304			$	328			$	388			$	380


Columbia Management
Asset management fees	$	260			$	301			$	394			$	402			$	397
Brokerage income		—				—				—				1				1

Total	$	260			$	301			$	394			$	403			$	398


Global Wealth Advisors
Asset management fees	$	785			$	75			$	84			$	84			$	88
Brokerage income		883				163				157				179				170

Total	$	1,668			$	238			$	241			$	263			$	258


Other
Asset management fees	$	119			$	37			$	39			$	41			$	45
Brokerage income		80				—				—				—				—

Total	$	199			$	37			$	39			$	41			$	45


Total Global Wealth Management
Asset management fees	$	1,471			$	705			$	834			$	902			$	898
Brokerage income		973				175				168				193				183

Total investment and brokerage services	$	2,444			$	880			$	1,002			$	1,095			$	1,081


Assets Under Management
Assets under management by business:
U.S. Trust	$	179,142			$	178,657			$	199,682			$	210,969			$	214,526
Columbia Management		340,692				386,473				407,345				422,827				409,064
Institutional Retirement and Philanthropy		45,304				33,498				39,547				45,907				48,655
Global Wealth Advisors		219,658				16,682				20,246				22,404				21,600
Eliminations ⁽¹⁾		(87,550	)			(92,298	)			(102,621	)			(113,001	)			(86,760	)
International Wealth Management		125				147				239				353				436

Total assets under management	$	697,371			$	523,159			$	564,438			$	589,459			$	607,521


Assets under management rollforward:
Beginning balance	$	523,159			$	564,438			$	589,459			$	607,521			$	643,531
Merrill Lynch balance, January 1, 2009		246,292				—				—				—				—
Net flows		(43,235	)			12,596				7,477				(12,611	)			(6,265	)
Market valuation/other		(28,845	)			(53,875	)			(32,498	)			(5,451	)			(29,745	)

Ending balance	$	697,371			$	523,159			$	564,438			$	589,459			$	607,521


Assets under management mix:
Money market/other	$	244,577			$	253,310			$	238,075			$	225,887			$	242,956
Fixed income		198,177				102,747				102,596				107,687				107,365
Equity		254,617				167,102				223,767				255,885				257,200

Total assets under management	$	697,371			$	523,159			$	564,438			$	589,459			$	607,521


Assets under management - domestic and foreign:
Domestic	$	679,927			$	523,012			$	564,199			$	589,106			$	607,085
Foreign		17,444				147				239				353				436

Total assets under management	$	697,371			$	523,159			$	564,438			$	589,459			$	607,521


Client Brokerage Assets ⁽²⁾	$	1,102,633			$	172,106			$	196,566			$	210,701			$	213,743

Global Wealth Advisors Metrics

Number of financial advisors		15,822				2,007				1,964				1,974				1,952

Financial Advisor Productivity ⁽³⁾ (in thousands)	$	808			$	1,548			$	1,464			$	1,752			$	1,724

Total client balances ⁽⁴⁾	$	1,292,965			$	290,661			$	301,093			$	308,174			$	309,687

U.S. Trust Metrics

Client facing associates		3,954				3,733				3,751				3,882				3,922

Total client balances ⁽⁴⁾	$	301,151			$	308,366			$	344,004			$	357,575			$	362,425

Columbia Management Performance Metrics

# of 4 or 5 Star Funds by Morningstar		49				53				53				50				50

% of Assets Under Management in 4 or 5 Star Rated Funds ⁽⁵⁾		49		%		62		%		64		%		64		%		69		%

(1)

The elimination of assets under management that are managed by two lines of business.

(2)

The January 1, 2009 acquisition of Merrill Lynch contributed $1.0 trillion to client brokerage assets.

(3)

Financial advisor productivity is defined as annualized total revenue (excluding residual net interest income) divided by the total number of financial advisors.

The decline in Financial Advisor productivity in the first quarter 2009 compared to previous quarters results from the inclusion of Merrill Lynch financial advisors. Legacy Bank of America financial advisors historically have had higher amounts of credit and banking activity in their portfolios.

(4)

Client balances are defined as deposits, assets under management, client brokerage assets and other assets in custody.

(5)

Results shown are defined by Columbia Management’s calculation using Morningstar’s Overall Rating criteria for 4 & 5 star rating. The assets under management of the Columbia Funds that had a 4 & 5 star rating were totaled then divided by the assets under management of all the funds in the ranking.

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.		27

Bank of America Corporation and Subsidiaries

All Other Results ^{(1, 2)}

(Dollars in millions)


	First Quarter 2009			Fourth Quarter 2008			Third Quarter 2008			Second Quarter 2008			First Quarter 2008
Net interest income ⁽³⁾	$	(1,780	)	$	(1,859	)	$	(2,328	)	$	(1,914	)	$	(1,856	)
Noninterest income:
Card income		534			368			538			596			663
Equity investment income (loss)		1,326			(387	)		(326	)		710			268
Gains (losses) on sales of debt securities		1,471			783			(3	)		131			220
All other income (loss)		2,591			(283	)		112			(86	)		(264	)

Total noninterest income		5,922			481			321			1,351			887

Total revenue, net of interest expense		4,142			(1,378	)		(2,007	)		(563	)		(969	)

Provision for credit losses ⁽⁴⁾		(677	)		(613	)		(996	)		(1,033	)		(1,128	)
Merger and restructuring charges		765			306			247			212			170
All other noninterest expense		291			184			(27	)		71			176

Income (loss) before income taxes		3,763			(1,255	)		(1,231	)		187			(187	)
Income tax expense (benefit) ⁽³⁾		792			(738	)		(539	)		(42	)		49

Net income (loss)	$	2,971		$	(517	)	$	(692	)	$	229		$	(236	)


Balance sheet

Average
Total loans and leases	$	168,450		$	145,237		$	146,303		$	117,503		$	133,883
Total deposits		109,890			111,822			105,369			96,999			113,219

Period end
Total loans and leases	$	164,638		$	136,160		$	146,364		$	95,825		$	127,185
Total deposits		94,708			87,520			99,914			93,418			101,486

(1)

All Other consists of equity investment activities including Global Principal Investments, Corporate Investments and Strategic Investments, the residential mortgage portfolio associated with ALM activities, the residual impact of cost allocation processes, merger and restructuring charges, intersegment eliminations and the results of certain businesses that are expected to be or have been sold or are in the process of being liquidated. All Other also includes certain amounts associated with ALM activities, including the residual impact of funds transfer pricing allocation methodologies, amounts associated with the change in the value of derivatives used as economic hedges of interest rate and foreign exchange rate fluctuations that do not qualify for SFAS No. 133 “Accounting for Derivative instruments and Hedging Activities, as amended” hedge accounting treatment, foreign exchange rate fluctuations related to SFAS No. 52, “Foreign Currency Translation” revaluation of foreign-denominated debt issuances, certain gains (losses) on sales of whole mortgage loans, and gains (losses) on sales of debt securities. All Other also includes adjustments to noninterest income and income tax expense to remove the FTE impact of items (primarily low-income housing tax credits) that have been grossed up within noninterest income to a FTE amount in the business segments. In addition, All Other includes the offsetting securitization impact to present Global Card Services on a managed basis. (See Exhibit A: Non-GAAP Reconciliations - All Other - Reconciliation on page 39).

(2)

Effective January 1, 2009, as part of the Merrill Lynch acquisition, All Other includes the results of First Republic Bank as well as fair value adjustments related to certain Merrill Lynch structured notes.

(3)

Fully taxable-equivalent 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.		28

Bank of America Corporation and Subsidiaries

Equity Investments

(Dollars in millions)


	Global Principal Investments Exposures				Equity Investment Gains / (Losses)
	March 31, 2009			December 31, 2008
	Book Value	Unfunded Commitments	Total	Total	First Quarter 2009
Global Principal Investments:
Legacy BAC Global Principal Investments
Direct Investments	$ 1,875	$ 89	$ 1,964	$2,029	$ (50	)
Funds Investments	1,817	1,440	3,257	3,362	(66	)

Total Legacy BAC	3,692	1,529	5,221	5,391	(116	)

Legacy ML Global Principal Investments
Global Private Equity	3,051	488	3,539	n/a	(341	)
Global Real Estate	2,397	388	2,785	n/a	(33	)
Alternative Investments	1,331	124	1,455	n/a	19
Other GPI	640	289	929	n/a	5

Total Legacy ML	7,419	1,289	8,708	n/a	(350	)

Total Global Principal Investments	$11,111	$2,818	$13,929	$5,391	$ (466	)

n/a = not applicable

Components of Equity Investment Income (Loss)

(Dollars in millions)


	First Quarter 2009		Fourth Quarter 2008		Third Quarter 2008		Second Quarter 2008		First Quarter 2008
Global Principal Investments	$ (466	)	$(363	)	$ (29	)	$296		$ 12
Corporate Investments	(272	)	(295	)	(369	)	112		32
Strategic and other investments ⁽¹⁾	2,064		271		72		302		224

Total equity investment income (loss) included in All Other	1,326		(387	)	(326	)	710		268
Total equity investment income (loss) included in the business segments	(124	)	(404	)	10		(118	)	786

Total consolidated equity investment income (loss)	$1,202		$(791	)	$(316)		$592		$1,054

(1)

First quarter 2009 includes a $1.9 billion pre-tax gain on the sale of shares of China Construction Bank.

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.		29

Bank of America Corporation and Subsidiaries

Outstanding Loans and Leases

(Dollars in millions)


	March 31 2009	December 31 2008	Increase (Decrease)
Consumer
Residential mortgage	$261,583	$248,063	$13,520
Home equity	157,645	152,483	5,162
Discontinued real estate ⁽¹⁾	19,000	19,981	(981	)
Credit card - domestic	51,309	64,128	(12,819	)
Credit card - foreign	16,651	17,146	(495	)
Direct/Indirect consumer ⁽²⁾	99,696	83,436	16,260
Other consumer ⁽³⁾	3,297	3,442	(145	)

Total consumer	609,181	588,679	20,502


Commercial
Commercial - domestic ⁽⁴⁾	229,779	219,233	10,546
Commercial real estate ⁽⁵⁾	75,269	64,701	10,568
Commercial lease financing	22,017	22,400	(383	)
Commercial - foreign	33,407	31,020	2,387

Total commercial loans	360,472	337,354	23,118
Commercial loans measured at fair value ⁽⁶⁾	7,355	5,413	1,942

Total commercial	367,827	342,767	25,060

Total loans and leases	$977,008	$931,446	$45,562

(1)

At March 31, 2009 and December 31, 2008, includes $17.3 billion and $18.2 billion of pay option loans, and $1.7 billion and $1.8 billion of subprime loans obtained as part of the acquisition of Countrywide. The Corporation no longer originates these products.

(2)

Includes foreign consumer loans of $1.6 billion and $1.8 billion at March 31, 2009 and December 31, 2008.

(3)

Includes consumer finance loans of $2.5 billion and $2.6 billion, and other foreign consumer loans of $618 million and $618 million at March 31, 2009 and December 31, 2008.

(4)

Includes small business commercial - domestic loans, primarily card related, of $18.8 billion and $19.1 billion at March 31, 2009 and December 31, 2008.

(5)

Includes domestic commercial real estate loans of $73.0 billion and $63.7 billion, and foreign commercial real estate loans of $2.2 billion and $979 million at March 31, 2009 and December 31, 2008.

(6)

Certain commercial loans are measured at fair value in accordance with SFAS 159 and include commercial - domestic loans of $4.8 billion and $3.5 billion, commercial - foreign loans of $2.5 billion and $1.7 billion, and commercial real estate loans of $89 million and $203 million at March 31, 2009 and December 31, 2008.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		30

Bank of America Corporation and Subsidiaries

Quarterly Average Loans and Leases by Business Segment

(Dollars in millions)


	First Quarter 2009
	Total Corporation	Deposits	Global Card Services ⁽¹⁾	Home Loans & Insurance	Global Markets	Global Banking	Global Wealth Management	All Other ⁽¹⁾
Consumer
Residential mortgage	$ 265,121	$ —	$ —	$ 485	$ 546	$ 455	$ 38,780	$ 224,855
Home equity	158,575	—	—	123,999	—	1,061	26,581	6,934
Discontinued real estate	19,386	—	—	—	—	—	—	19,386
Credit card - domestic	58,960	—	150,820	—	—	—	—	(91,860	)
Credit card - foreign	16,858	—	27,670	—	—	—	—	(10,812	)
Direct/Indirect consumer	100,741	9,718	29,272	104	130	41,201	20,359	(43	)
Other consumer	3,408	356	578	579	2	20	55	1,818

Total consumer	623,049	10,074	208,340	125,167	678	42,737	85,775	150,278

Commercial
Commercial - domestic	240,683	4,300	14,720	1,517	10,031	174,732	22,547	12,836
Commercial real estate	72,206	80	125	12	1,050	62,532	2,144	6,263
Commercial lease financing	22,056	—	—	—	—	24,316	—	(2,260	)
Commercial - foreign	36,127	—	1,221	—	6,851	26,655	67	1,333

Total commercial	371,072	4,380	16,066	1,529	17,932	288,235	24,758	18,172

Total loans and leases	$994,121	$14,454	$224,406	$126,696	$18,610	$330,972	$110,533	$168,450


	Fourth Quarter 2008
	Total Corporation	Deposits	Global Card Services ⁽¹⁾	Home Loans & Insurance	Global Markets	Global Banking	Global Wealth Management	All Other ⁽¹⁾
Consumer
Residential mortgage	$ 253,560	$ —	$ —	$ 116	$ —	$ 519	$ 35,278	$ 217,647
Home equity	151,943	—	—	121,033	—	919	24,621	5,370
Discontinued real estate	21,324	—	—	—	—	—	—	21,324
Credit card - domestic	64,906	—	152,175	—	—	—	—	(87,269	)
Credit card - foreign	17,211	—	29,058	—	—	—	—	(11,847	)
Direct/Indirect consumer	83,331	8,368	30,642	106	—	40,144	4,647	(576	)
Other consumer	3,544	227	647	70	2	8	17	2,573

Total consumer	595,819	8,595	212,522	121,325	2	41,590	64,563	147,222

Commercial
Commercial - domestic	226,095	4,797	14,519	731	8,254	175,260	22,371	163
Commercial real estate	64,586	129	112	18	1,016	61,395	1,873	43
Commercial lease financing	22,069	—	—	—	—	24,324	—	(2,255	)
Commercial - foreign	32,994	—	1,366	—	2,950	28,546	68	64

Total commercial	345,744	4,926	15,997	749	12,220	289,525	24,312	(1,985	)

Total loans and leases	$941,563	$13,521	$228,519	$122,074	$12,222	$331,115	$88,875	$145,237


	First Quarter 2008
	Total Corporation	Deposits	Global Card Services ⁽¹⁾	Home Loans & Insurance	Global Markets	Global Banking	Global Wealth Management	All Other ⁽¹⁾
Consumer
Residential mortgage	$ 270,541	$ —	$ —	$ —	$ —	$ 981	$ 34,338	$ 235,222
Home equity	116,562	—	—	86,853	—	898	24,126	4,685
Discontinued real estate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Credit card - domestic	63,277	—	151,829	—	—	—	—	(88,552	)
Credit card - foreign	15,241	—	31,865	—	—	—	—	(16,624	)
Direct/Indirect consumer	78,705	7,103	28,722	174	—	38,764	5,235	(1,293	)
Other consumer	4,049	218	842	2	3	14	25	2,945

Total consumer	548,375	7,321	213,258	87,029	3	40,657	63,724	136,383

Commercial
Commercial - domestic	212,394	5,344	14,339	5	16,828	156,009	20,442	(573	)
Commercial real estate	62,202	233	70	204	1,042	59,292	1,397	(36	)
Commercial lease financing	22,227	—	—	—	87	24,264	—	(2,124	)
Commercial - foreign	30,463	—	1,480	—	2,967	25,702	81	233

Total commercial	327,286	5,577	15,889	209	20,924	265,267	21,920	(2,500	)

Total loans and leases	$875,661	$12,898	$229,147	$87,238	$20,927	$305,924	$85,644	$133,883

(1)

Global Card Services is presented on a managed basis with a corresponding offset recorded in All Other.

n/a = not applicable

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.		31

Bank of America Corporation and Subsidiaries

Commercial Credit Exposure by Industry ^{(1, 2, 3, 4)}

(Dollars in millions)


	Commercial Utilized				Total Commercial Committed
	March 31 2009	December 31 2008	Increase (Decrease)		March 31 2009	December 31 2008	Increase (Decrease)
Diversified financials	$ 88,675	$ 50,327	$ 38,348		$ 142,112	$103,306	$ 38,806
Real estate ⁽⁵⁾	86,365	79,766	6,599		108,562	103,889	4,673
Government and public education	46,149	39,386	6,763		65,806	58,608	7,198
Capital goods	29,795	27,588	2,207		55,935	52,522	3,413
Healthcare equipment and services	33,575	31,280	2,295		49,540	46,785	2,755
Retailing	28,506	30,736	(2,230	)	47,429	50,102	(2,673	)
Consumer services	29,576	28,715	861		44,679	43,948	731
Materials	23,515	22,825	690		40,113	38,105	2,008
Insurance	32,385	11,223	21,162		40,032	17,855	22,177
Commercial services and supplies	27,058	24,095	2,963		38,655	34,867	3,788
Banks	32,408	22,134	10,274		36,277	26,493	9,784
Individuals and trusts	24,921	22,752	2,169		33,861	33,045	816
Food, beverage and tobacco	16,902	17,257	(355	)	29,789	28,521	1,268
Utilities	12,117	8,230	3,887		27,898	19,272	8,626
Energy	14,006	11,885	2,121		26,504	22,732	3,772
Transportation	14,283	13,050	1,233		20,681	18,561	2,120
Media	9,196	8,939	257		20,125	19,301	824
Telecommunication services	9,047	3,681	5,366		15,410	8,036	7,374
Religious and social organizations	9,844	9,539	305		12,932	12,576	356
Pharmaceuticals and biotechnology	3,402	3,721	(319	)	11,264	10,111	1,153
Technology hardware and equipment	3,770	3,971	(201	)	10,684	10,371	313
Consumer durables and apparel	6,135	6,219	(84	)	10,661	10,862	(201	)
Software and services	4,429	4,093	336		10,144	9,590	554
Food and staples retailing	4,361	4,282	79		7,380	7,012	368
Automobiles and components	3,314	3,093	221		6,235	6,081	154
Household and personal products	1,022	1,137	(115	)	3,898	2,817	1,081
Semiconductors and semiconductor equipment	1,019	1,105	(86	)	1,718	1,822	(104	)
Other	4,030	7,720	(3,690	)	6,538	8,142	(1,604	)
Total commercial credit exposure by industry	$599,805	$498,749	$101,056		$ 924,862	$805,332	$119,530
Net credit default protection purchased on total commitments ⁽⁶⁾					$(22,674)	$ (9,654)

(1)

Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers’ acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are reported on a mark-to-market basis and have been reduced by the amount of cash collateral applied of $72.8 billion and $34.8 billion at March 31, 2009 and December 31, 2008. In addition to cash collateral, derivative assets are also collateralized by $12.9 billion and $7.7 billion of primarily other marketable securities at March 31, 2009 and December 31, 2008 for which the credit risk has not been reduced.

(2)

Total commercial utilized and total commercial committed exposure includes loans and letters of credit measured at fair value in accordance with SFAS 159 and are comprised of loans outstanding of $7.4 billion and $5.4 billion at March 31, 2009 and December 31, 2008 and issued letters of credit at notional value of $2.2 billion and $1.4 billion for the same periods. In addition, total commercial committed exposure includes unfunded loan commitments at notional value of $25.2 billion and $15.5 billion at March 31, 2009 and December 31, 2008.

(3)

Includes small business commercial - domestic exposure.

(4)

At March 31, 2009, total commercial utilized and total commercial committed exposure include $128.0 billion and $165.1 billion of exposure related to Merrill Lynch which included $48.3 billion and $56.0 billion in Diversified Financials and $21.7 billion and $23.2 billion in Insurance with the remaining exposure spread across various industries.

(5)

Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based upon the borrowers’ or counterparties’ primary business activity using operating cash flow and primary source of repayment as key factors.

(6)

Represents net notional credit protection purchased. At March 31, 2009, includes $(12.9) billion in single name credit default swaps that were acquired as part of the Merrill Lynch acquisition.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		32

Bank of America Corporation and Subsidiaries

Net Credit Default Protection by Maturity Profile ⁽¹⁾


	March 31 2009		December 31 2008
Less than or equal to one year	10	%	1	%
Greater than one year and less than or equal to five years	90		92
Greater than five years	—		7
Total net credit default protection	100	%	100	%

(1)

In order to mitigate the cost of purchasing credit protection, credit exposure can be added by selling credit protection. The distribution of maturities for net credit default protection purchased is shown above.

Net Credit Default Protection by Credit Exposure Debt Rating ⁽¹⁾

(Dollars in millions)


	March 31, 2009					December 31, 2008
Ratings ⁽²⁾	Net Notional		Percent			Net Notional		Percent
AAA	$ 30		(0.1	)	%	$ 30		(0.3	)	%
AA	(1,498	)	6.6			(103	)	1.1
A	(6,871	)	30.3			(2,800	)	29.0
BBB	(11,211	)	49.3			(4,856	)	50.2
BB	(2,826	)	12.5			(1,948	)	20.2
B	(968	)	4.3			(579	)	6.0
CCC and below	(1,805	)	8.0			(278	)	2.9
NR ⁽³⁾	2,475		(10.9	)		880		(9.1	)
Total net credit default protection ⁽⁴⁾	$(22,674	)	100.0		%	$(9,654	)	100.0		%

(1)

In order to mitigate the cost of purchasing credit protection, credit exposure can be added by selling credit protection. The distribution of debt rating for net notional credit default protection purchased is shown as a negative and the net notional credit protection sold is shown as a positive amount.

(2)

The Corporation considers ratings of BBB- or higher to meet the definition of investment grade.

(3)

In addition to unrated names, “NR” includes $2.6 billion and $948 million in net credit default swap index positions at March 31, 2009 and at December 31, 2008. While index positions are principally investment grade, credit default swaps indices include names in and across each of the ratings categories.

(4)

At March 31, 2009, includes $(12.9) billion in single name credit default swaps that were acquired as part of the Merrill Lynch acquisition.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		33

Bank of America Corporation and Subsidiaries

Selected Emerging Markets ⁽¹⁾

(Dollars in millions)


	Loans and Leases, and Loan Commitments	Other Financing ⁽²⁾	Derivative Assets ⁽³⁾	Securities/ Other Investments ⁽⁴⁾	Total Cross-border Exposure ⁽⁵⁾	Local Country Exposure Net of Local Liabilities ⁽⁶⁾	Total Emerging Markets Exposure March 31, 2009	Increase (Decrease) from December 31, 2008
Region/Country
Asia Pacific
China ⁽⁷⁾	$ 534	$ 182	$ 884	$18,080	$19,680	$ —	$19,680	$ (1,025	)
South Korea	495	1,229	3,217	2,466	7,407	106	7,513	2,837
India	1,411	595	1,193	2,275	5,474	443	5,917	1,483
Singapore	645	271	628	367	1,911	—	1,911	342
Hong Kong	540	410	235	347	1,532	—	1,532	851
Taiwan	258	19	127	202	606	335	941	99
Other Asia Pacific ⁽⁸⁾	282	84	79	908	1,353	37	1,390	785
Total Asia Pacific	4,165	2,790	6,363	24,645	37,963	921	38,884	5,372
Latin America
Brazil ⁽⁹⁾	617	819	400	3,853	5,689	493	6,182	2,313
Mexico ⁽¹⁰⁾	2,381	423	359	2,446	5,609	—	5,609	1,452
Chile	184	325	594	61	1,164	3	1,167	588
Other Latin America ⁽⁸⁾	82	342	514	624	1,562	133	1,695	1,048
Total Latin America	3,264	1,909	1,867	6,984	14,024	629	14,653	5,401
Middle East and Africa
South Africa	356	7	67	745	1,175	—	1,175	848
United Arab Emirates	433	76	187	119	815	—	815	405
Other Middle East and Africa ⁽⁸⁾	895	108	332	353	1,688	5	1,693	(25	)
Total Middle East and Africa	1,684	191	586	1,217	3,678	5	3,683	1,228
Central and Eastern Europe
Russian Federation	270	—	192	378	840	—	840	748
Other Central and Eastern Europe ⁽⁸⁾	921	149	288	410	1,768	9	1,777	1,240
Total Central and Eastern Europe	1,191	149	480	788	2,608	9	2,617	1,988
Total emerging market exposure	$10,304	$5,039	$9,296	$33,634	$58,273	$1,564	$59,837	$13,989

(1)

There is no generally accepted definition of emerging markets. The definition that we use includes all countries in Asia Pacific excluding Japan, Australia and New Zealand; all countries in Latin America excluding Cayman Islands and Bermuda; all countries in Middle East and Africa; and all countries in Central and Eastern Europe excluding Greece. There was no emerging market exposure included in the portfolio measured at fair value in accordance with SFAS 159 at March 31, 2009 and December 31, 2008.

(2)

Includes acceptances, standby letters of credit, commercial letters of credit and formal guarantees.

(3)

Derivative assets are reported on a mark-to-market basis and have been reduced by the amount of cash collateral applied of $635 million and $152 million at March 31, 2009 and December 31, 2008. At March 31, 2009 and December 31, 2008, there were $1.1 billion and $531 million of other marketable securities collateralizing derivative assets for which credit risk has not been reduced.

(4)

Generally, cross-border resale agreements are presented based on the domicile of the counterparty, consistent with Federal Financial Institutions Examination Council (FFIEC) reporting rules. Cross-border resale agreements where the underlying securities are U.S. Treasury securities, in which case the domicile is the U.S., are excluded from this presentation.

(5)

Cross-border exposure includes amounts payable to the Corporation by borrowers or counterparties with a country of residence other than the one in which the credit is booked, regardless of the currency in which the claim is denominated, consistent with FFIEC reporting requirements.

(6)

Local country exposure includes amounts payable to the Corporation by borrowers with a country of residence in which the credit is booked, regardless of the currency in which the claim is denominated. Local funding or liabilities are subtracted from local exposures consistent with FFIEC reporting requirements. Total amount of available local liabilities funding local country exposure at March 31, 2009 was $17.6 billion compared to $12.6 billion at December 31, 2008. Local liabilities at March 31, 2009 in Asia Pacific and Latin America were $16.9 billion and $693 million, of which $8.5 billion were in Singapore, $2.7 billion in Hong Kong, $2.3 billion in South Korea, $1.3 billion in India, $943 million in China, and $639 million in Mexico. There were no other countries with available local liabilities funding local country exposure greater than $500 million.

(7)

Securities/Other Investments include an investment of $16.8 billion in China Construction Bank (CCB).

(8)

No country included in Other Asia Pacific, Other Latin America, Other Middle East and Africa, or Other Central and Eastern Europe had total foreign exposure of more than $500 million.

(9)

Securities/Other Investments include an investment of $2.5 billion in Banco Itau Holding Financeira S.A.

(10)

Securities/Other Investments include an investment of $2.2 billion in Grupo Financiero Santander, S.A.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		34

Bank of America Corporation and Subsidiaries

Nonperforming Assets

(Dollars in millions)


	March 31 2009		December 31 2008		September 30 2008		June 30 2008		March 31 2008
Residential mortgage	$10,807		$ 7,044		$ 4,638		$ 3,269		$ 2,576
Home equity	3,598		2,670		2,049		1,851		1,786
Discontinued real estate	178		77		33		n/a		n/a
Direct/Indirect consumer	29		26		13		11		6
Other consumer	91		91		89		89		91

Total consumer	14,703		9,908		6,822		5,220		4,459

Commercial - domestic ⁽¹⁾	3,022		2,040		1,566		1,079		980
Commercial real estate	5,662		3,906		3,090		2,616		1,627
Commercial lease financing	104		56		35		40		44
Commercial - foreign	300		290		48		48		54

	9,088		6,292		4,739		3,783		2,705
Small business commercial - domestic	224		205		183		153		169

Total commercial	9,312		6,497		4,922		3,936		2,874

Total nonperforming loans and leases	24,015		16,405		11,744		9,156		7,333
Foreclosed properties	1,728		1,827		1,832		593		494

Total nonperforming assets ^{(2, 3, 4)}	$25,743		$18,232		$13,576		$ 9,749		$ 7,827


Loans past due 90 days or more and still accruing ^{(2, 4, 5)}	$ 6,344		$ 5,414		$ 4,819		$ 4,548		$ 4,160
Nonperforming assets/Total assets ⁽⁶⁾	1.11	%	1.01	%	0.74	%	0.57	%	0.45	%
Nonperforming assets/Total loans, leases and foreclosed properties ⁽⁶⁾	2.65		1.96		1.45		1.13		0.90
Nonperforming loans and leases/Total loans and leases outstanding ⁽⁶⁾	2.48		1.77		1.25		1.06		0.84

Allowance for credit losses:
Allowance for loan and lease losses	$29,048		$23,071		$20,346		$17,130		$14,891
Reserve for unfunded lending commitments ⁽⁷⁾	1,357		421		427		507		507

Total allowance for credit losses	$30,405		$23,492		$20,773		$17,637		$15,398

Allowance for loan and lease losses/Total loans and leases outstanding ⁽⁶⁾	3.00	%	2.49	%	2.17	%	1.98	%	1.71	%
Allowance for loan and lease losses/Total nonperforming loans and leases ⁽⁶⁾	121		141		173		187		203
Reservable commercial utilized criticized exposure ⁽⁸⁾	$48,660		$36,937		$31,009		$25,998		$21,157
Reservable commercial utilized criticized exposure/Commercial utilized exposure ⁽⁸⁾	11.13	%	8.90	%	7.45	%	6.23	%	5.43	%

(1)

Excludes small business commercial - domestic loans.

(2)

Balances do not include loans accounted for in accordance with SOP 03-3 even though the customer may be contractually past due. Loans accounted for in accordance with SOP 03-3 were written down to fair value upon acquisition and accrete interest income over the remaining life of the loan.

(3)

Balances do not include nonperforming loans held-for-sale included in other assets of $2.5 billion, $1.3 billion, $848 million, $388 million and $327 million at March 31, 2009, December 31, 2008, September 30, 2008, June 30, 2008 and March 31, 2008, respectively.

(4)

Balances do not include loans measured at fair value in accordance with SFAS 159. At March 31, 2009, December 31, 2008, September 30, 2008, June 30, 2008 and March 31, 2008, there were no nonperforming loans measured at fair value in accordance with SFAS 159. At June 30, 2008, there were $81 million of loans past due 90 days or more and still accruing interest measured at fair value in accordance with SFAS 159. At March 31, 2009, December 31, 2008, September 30, 2008 and March 31, 2008, there were no loans past due 90 days or more and still accruing interest measured at fair value in accordance with SFAS 159.

(5)

Balances do not include loans held-for-sale past due 90 days or more and still accruing interest included in other assets of $18 million, $31 million, $138 million, $32 million and $69 million at March 31, 2009, December 31, 2008, September 30, 2008, June 30, 2008 and March 31, 2008, respectively.

(6)

Ratios do not include loans measured at fair value in accordance with SFAS 159 of $7.4 billion, $5.4 billion, $5.4 billion, $5.0 billion and $5.1 billion at March 31, 2009, December 31, 2008, September 30, 2008, June 30, 2008 and March 31, 2008, respectively.

(7)

The majority of the increase from December 31, 2008 relates to the fair value of the acquired Merrill Lynch unfunded lending commitments, excluding commitments accounted for under SFAS 159.

(8)

Criticized exposure and ratios exclude assets held-for-sale, exposure measured at fair value in accordance with SFAS 159 and other nonreservable exposure. Including assets held-for-sale, other nonreservable exposure and commercial loans measured at fair value, the ratios would have been 12.63 percent, 9.45 percent, 7.94 percent, 6.62 percent and 6.12 percent at March 31, 2009, December 31, 2008, September 30, 2008, June 30, 2008 and March 31, 2008, respectively.

n/a = not applicable

Loans are classified as domestic or foreign based upon the domicile of the borrower.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		35

Bank of America Corporation and Subsidiaries

Quarterly Net Charge-offs/Losses and Net Charge-off/Loss Ratios ⁽¹⁾

(Dollars in millions)


	First Quarter 2009				Fourth Quarter 2008				Third Quarter 2008				Second Quarter 2008				First Quarter 2008
Held Basis	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Residential mortgage	$ 785		1.20	%	$ 466		0.73	%	$ 242		0.37	%	$ 151		0.24	%	$ 66		0.10	%
Home equity	1,681		4.30		1,113		2.92		964		2.53		923		3.09		496		1.71
Discontinued real estate	15		0.31		19		0.36		(3	)	(0.05	)	n/a		n/a		n/a		n/a
Credit card - domestic	1,426		9.81		1,244		7.63		1,094		6.86		976		6.36		847		5.39
Credit card - foreign	186		4.48		162		3.75		148		3.46		132		3.21		109		2.87
Direct/Indirect consumer	1,249		5.03		1,054		5.03		845		3.94		660		3.22		555		2.84
Other consumer	97		11.67		124		13.79		106		11.36		83		8.47		86		8.61

Total consumer	5,439		3.54		4,182		2.79		3,396		2.24		2,925		2.17		2,159		1.58

Commercial - domestic ⁽²⁾	244		0.46		255		0.50		117		0.23		70		0.14		77		0.16
Commercial real estate	455		2.56		382		2.36		262		1.65		136		0.88		107		0.70
Commercial lease financing	67		1.22		31		0.57		8		0.13		6		0.11		15		0.27
Commercial - foreign	104		1.25		129		1.63		46		0.56		5		0.06		(7	)	(0.10	)

	870		1.02		797		0.99		433		0.54		217		0.28		192		0.25
Small business commercial - domestic	633		13.47		562		11.55		527		10.64		477		9.59		364		7.44

Total commercial	1,503		1.68		1,359		1.59		960		1.13		694		0.84		556		0.69

Total net charge-offs	$ 6,942		2.85		$ 5,541		2.36		$ 4,356		1.84		$ 3,619		1.67		$ 2,715		1.25

By Business Segment
Deposits	$ 218		6.11	%	$ 212		6.23	%	$ 202		6.19	%	$ 179		5.73	%	$ 159		4.97	%
Global Card Services ⁽³⁾	5,276		9.54		4,517		7.86		4,078		6.91		3,667		6.31		3,073		5.39
Home Loans & Insurance Services	1,492		4.77		976		3.18		844		2.75		841		3.71		443		2.04
Global Markets	5		0.17		15		0.87		16		0.36		—		—		—		—
Global Banking	1,122		1.37		992		1.19		588		0.73		318		0.41		328		0.43
Global Wealth Management	162		0.60		145		0.65		108		0.49		92		0.42		52		0.24
All Other ⁽³⁾	(1,333	)	(3.21	)	(1,316	)	(3.60	)	(1,480	)	(4.03	)	(1,478	)	(5.06	)	(1,340	)	(4.03	)

Total net charge-offs	$ 6,942		2.85		$ 5,541		2.36		$ 4,356		1.84		$ 3,619		1.67		$ 2,715		1.25


Supplemental managed basis data
Credit card - domestic	$ 3,421		9.20	%	$ 2,929		7.66	%	$ 2,643		6.87	%	$ 2,414		6.36	%	$ 2,068		5.48	%
Credit card - foreign	373		5.47		334		4.57		353		4.21		337		4.11		304		3.84

Total credit card managed net losses	$ 3,794		8.62		$ 3,263		7.16		$ 2,996		6.40		$ 2,751		5.96		$ 2,372		5.19

(1)

Net charge-off/loss ratios are calculated as annualized held net charge-offs or managed net losses divided by average outstanding held or managed loans and leases excluding loans measured at fair value in accordance with SFAS 159 during the period for each loan and lease category.

(2)

Excludes small business commercial - domestic loans.

(3)

Global Card Services is presented on a managed basis. The securitization offset is included within All Other.

n/a = not applicable

Loans are classified as domestic or foreign based upon the domicile of the borrower.

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


		This information is preliminary and based on company data available at the time of the presentation.		36

Bank of America Corporation and Subsidiaries

Allocation of the Allowance for Credit Losses by Product Type

(Dollars in millions)


	March 31, 2009			December 31, 2008				March 31, 2008
Allowance for loan and lease losses	Amount	Percent of loans and leases outstanding ⁽¹⁾		Amount		Percent of loans and leases outstanding ⁽¹⁾		Amount	Percent of loans and leases outstanding ⁽¹⁾
Residential mortgage	$ 2,856	1.09	%	$	1,382	0.56	%	$ 394	0.15	%
Home equity	7,457	4.73			5,385	3.53		2,549	2.15
Discontinued real estate	67	0.35			658	3.29		n/a	n/a
Credit card - domestic	4,597	8.96			3,947	6.16		3,182	5.27
Credit card - foreign	866	5.20			742	4.33		472	3.04
Direct/Indirect consumer	5,381	5.40			4,341	5.20		2,485	3.10
Other consumer	202	6.11			203	5.87		162	4.06

Total consumer	21,426	3.52			16,658	2.83		9,244	1.70

Commercial - domestic ⁽²⁾	5,264	2.29			4,339	1.98		3,878	1.86
Commercial real estate	1,756	2.33			1,465	2.26		1,206	1.92
Commercial lease financing	238	1.08			223	1.00		227	1.03
Commercial - foreign	364	1.09			386	1.25		336	1.08

Total commercial ⁽³⁾	7,622	2.11			6,413	1.90		5,647	1.74

Allowance for loan and lease losses	29,048	3.00			23,071	2.49		14,891	1.71
Reserve for unfunded lending commitments ⁽⁴⁾	1,357				421			507

Allowance for credit losses	$30,405			$	23,492			$15,398

(1)

Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans measured in accordance with SFAS 159 for each loan and lease category. Loans measured at fair value include commercial - domestic loans of $4.8 billion, $3.5 billion and $3.9 billion, commercial - foreign loans of $2.5 billion, $1.7 billion and $949 million, and commercial real estate loans of $89 million, $203 million and $240 million at March 31, 2009, December 31, 2008 and March 31, 2008.

(2)

Includes allowance for small business commercial - domestic loans of $3.1 billion, $2.4 billion and $2.0 billion at March 31, 2009, December 31, 2008 and March 31, 2008.

(3)

Includes allowance for loan and lease losses for impaired commercial loans of $1.1 billion, $691 million and $242 million at March 31, 2009, December 31, 2008 and March 31, 2008.

(4)

The majority of the increase from December 31, 2008 relates to the fair value of the acquired Merrill Lynch unfunded lending commitments, excluding commitments accounted for under SFAS 159.

n/a = not applicable

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the

Merrill Lynch acquisition. Prior periods have not been restated.


This information is preliminary and based on company data available at the time of the presentation.		37

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Global Card Services - Reconciliation

(Dollars in millions)


	First Quarter 2009						Fourth Quarter 2008				Third Quarter 2008
	Managed Basis ⁽¹⁾		Securitization Impact ⁽²⁾		Held Basis		Managed Basis ⁽¹⁾	Securitization Impact ⁽²⁾		Held Basis	Managed Basis ⁽¹⁾		Securitization Impact ⁽²⁾		Held Basis
Net interest income ⁽³⁾	$ 5,207		$ (2,391	)	$ 2,816		$ 5,237	$ (2,299	)	$ 2,938	$ 4,861		$ (2,207	)	$ 2,654
Noninterest income:
Card income	2,115		244		2,359		2,469	482		2,951	2,290		507		2,797
All other income	135		(35	)	100		239	(40	)	199	534		(54	)	480

Total noninterest income	2,250		209		2,459		2,708	442		3,150	2,824		453		3,277

Total revenue, net of interest expense	7,457		(2,182	)	5,275		7,945	(1,857	)	6,088	7,685		(1,754	)	5,931

Provision for credit losses	8,221		(2,182	)	6,039		5,723	(1,857	)	3,866	5,468		(1,754	)	3,714
Noninterest expense	2,075		—		2,075		2,178	—		2,178	2,406		—		2,406

Income (loss) before income taxes	(2,839	)	—		(2,839	)	44	—		44	(189	)	—		(189	)
Income tax expense (benefit) ⁽³⁾	(1,070	)	—		(1,070	)	18	—		18	(63	)	—		(63	)

Net income (loss)	$ (1,769	)	$ —		$ (1,769	)	$ 26	$ —		$ 26	$ (126)		$ —		$ (126	)


Balance sheet
Average - total loans and leases	$224,406		$(102,672	)	$121,734		$228,519	$ (99,116	)	$129,403	$234,814		$(105,919	)	$128,895
Period end - total loans and leases	218,031		(105,392	)	112,639		228,573	(100,960	)	127,613	231,146		(102,048	)	129,098

	Second Quarter 2008						First Quarter 2008
	Managed Basis ⁽¹⁾		Securitization Impact ⁽²⁾		Held Basis		Managed Basis ⁽¹⁾	Securitization Impact ⁽²⁾		Held Basis
Net interest income ⁽³⁾	$ 4,680		$ (2,140)		$ 2,540		$ 4,527	$ (2,055	)	$ 2,472
Noninterest income:
Card income	2,554		557		3,111		2,720	704		3,424
All other income	204		(60	)	144		621	(65	)	556

Total noninterest income	2,758		497		3,255		3,341	639		3,980

Total revenue, net of interest expense	7,438		(1,643	)	5,795		7,868	(1,416	)	6,452

Provision for credit losses	4,071		(1,643	)	2,428		4,312	(1,416	)	2,896
Noninterest expense	2,378		—		2,378		2,199	—		2,199

Income before income taxes	989		—		989		1,357	—		1,357
Income tax expense ⁽³⁾	330		—		330		490	—		490

Net income	$ 659		$ —		$ 659		$ 867	$ —		$ 867


Balance sheet
Average - total loans and leases	$233,593		$(107,438	)	$126,155		$229,147	$(105,176	)	$123,971
Period end - total loans and leases	235,625		(108,520	)	127,105		$229,974	(107,847	)	122,127

(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 on net interest income is on a funds transfer pricing methodology consistent with the way funding costs are allocated to the businesses.

(3)

Fully taxable-equivalent basis

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

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

•

Provision for credit losses represents the provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

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.		38

Exhibit A: Non-GAAP Reconciliations - continued

Bank of America Corporation and Subsidiaries

All Other - Reconciliation

(Dollars in millions)


	First Quarter 2009						Fourth Quarter 2008						Third Quarter 2008
	Reported Basis ⁽¹⁾		Securitization Offset ⁽²⁾		As Adjusted		Reported Basis ⁽¹⁾		Securitization Offset ⁽²⁾		As Adjusted		Reported Basis ⁽¹⁾		Securitization Offset ⁽²⁾		As Adjusted
Net interest income ⁽³⁾	$ (1,780	)	$ 2,391		$ 611		$ (1,859	)	$ 2,299		$ 440		$ (2,328	)	$ 2,207		$ (121)
Noninterest income:
Card income (loss)	534		(244	)	290		368		(482	)	(114	)	538		(507	)	31
Equity investment income (loss)	1,326		—		1,326		(387	)	—		(387	)	(326	)	—		(326	)
Gains (losses) on sales of debt securities	1,471		—		1,471		783		—		783		(3	)	—		(3	)
All other income (loss)	2,591		35		2,626		(283	)	40		(243	)	112		54		166

Total noninterest income	5,922		(209	)	5,713		481		(442	)	39		321		(453	)	(132	)

Total revenue, net of interest expense	4,142		2,182		6,324		(1,378	)	1,857		479		(2,007	)	1,754		(253	)

Provision for credit losses	(677	)	2,182		1,505		(613	)	1,857		1,244		(996	)	1,754		758
Merger and restructuring charges	765		—		765		306		—		306		247		—		247
All other noninterest expense	291		—		291		184		—		184		(27	)	—		(27	)

Income (loss) before income taxes	3,763		—		3,763		(1,255	)	—		(1,255	)	(1,231	)	—		(1,231	)
Income tax expense (benefit) ⁽³⁾	792		—		792		(738	)	—		(738	)	(539	)	—		(539	)

Net income (loss)	$ 2,971		$ —		$ 2,971		$ (517	)	$ —		$ (517	)	$ (692	)	$ —		$ (692	)


Balance sheet

Average - total loans and leases	$168,450		$102,672		$271,122		$145,237		$ 99,116		$244,353		$146,303		$105,919		$252,222
Period end - total loans and leases	164,638		105,392		270,030		136,160		100,960		237,120		146,364		102,048		248,412

	Second Quarter 2008						First Quarter 2008
	Reported Basis ⁽¹⁾		Securitization Offset ⁽²⁾		As Adjusted		Reported Basis ⁽¹⁾		Securitization Offset ⁽²⁾		As Adjusted
Net interest income ⁽³⁾	$ (1,914	)	$ 2,140		$ 226		$ (1,856	)	$ 2,055		$ 199
Noninterest income:
Card income (loss)	596		(557	)	39		663		(704	)	(41	)
Equity investment income	710		—		710		268		—		268
Gains on sales of debt securities	131		—		131		220		—		220
All other income (loss)	(86	)	60		(26	)	(264	)	65		(199	)

Total noninterest income	1,351		(497	)	854		887		(639	)	248

Total revenue, net of interest expense	(563	)	1,643		1,080		(969	)	1,416		447

Provision for credit losses	(1,033	)	1,643		610		(1,128	)	1,416		288
Merger and restructuring charges	212		—		212		170		—		170
All other noninterest expense	71		—		71		176		—		176

Income (loss) before income taxes	187		—		187		(187	)	—		(187	)
Income tax expense (benefit) ⁽³⁾	(42	)	—		(42	)	49		—		49

Net income (loss)	$229		$ —		$ 229		$ (236	)	$ —		$ (236	)

Balance sheet
Average - total loans and leases	$117,503		$107,438		$224,941		$133,883		$105,176		$239,059
Period end - total loans and leases	95,825		108,520		204,345		127,185		107,847		235,032

(1)

Provision for credit losses represents provision for credit losses in All Other combined with the Global Card Services’ securitization offset.

(2)

The securitization offset on net interest income is on a funds transfer pricing methodology consistent with the way funding costs are allocated to the businesses.

(3)

Fully taxable-equivalent basis

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.		39

Appendix: Selected Slides from the

First Quarter 2009 Earnings Release 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.		40

LOGO

Investment Banking Fees - 1Q09

Investment Banking and Global Markets Investment Banking Fees

($ in millions) Reported “Pooled” 1 Increase (decrease) over

1Q09 4Q08 4Q08 Reported “Pooled” 1

Merger & Advisory fees $ 290 $ 107 $ 375 $ 183 $(85)

Debt underwriting

Investment grade 295 135 241 160 54

Leveraged finance 169 160 193 9 (24)

Other 180 134 220 46 (40)

Total Debt underwriting 644 429 654 215 (10)

Equity underwriting 167 224 545 (57) (378)

Total Investment Banking Fees $ 1,101 $ 760 $ 1,574 $ 341 $ (473)

• Investment banking fees in 1Q09 were up $341 million from 4Q08 as lower market fee pools were offset by the addition of Merrill Lynch

• From a “pooled view” versus 4Q08, fees were down primarily in equities as the IPO market and average deal size shrunk

• Bank of America Merrill Lynch was No. 2 in global and U.S. investment banking fees during 1Q09

• Bank of America Merrill Lynch was No. 1 based on volume in:

• U.S. equity capital markets

• U.S. high yield debt, leveraged and syndicated loans

• A top-five advisor on mergers and acquisitions globally and in the U.S.

• Lead advisor and/or underwriter in many well known deals announced during the quarter

Source for rankings – Dealogic

1 “Pooled” represents fees from the two legacy companies in 4Q08 1

LOGO

Key Capital Markets Risk Exposures - 1Q09

Leveraged Loans

o Funded commitments carried at $4.4 billion or 52% of gross value

- 1Q09 markdown of $98 million

- Pre-market disruption exposure carried at $3.1 billion or 45% of gross value

- On a “pooled basis” total Bank of America and Merrill Lynch exposure in June of 2007 was $85 billion

Capital Markets Commercial Mortgage related

o Total commitments carried at $7.3 billion with $6.4 billion funded

- 1Q09 markdown of $174 million predominantly floating rate positions

- Carrying approximately $5.5 billion of acquisition related large floating rate loans at roughly 75% of gross value

- 1Q09 markdown of $150 million on equity positions on acquisition related exposures

- Additionally, $3.8 billion of loans associated with the Merrill Lynch acquisition were transferred to the accrual book at 82%

LOGO

Key Capital Markets Risk Exposures - 1Q09

Super Senior CDO related

($ in millions) Total

Retained Total Super Senior

Subprime Positions Subprime Non subprime CDO

Hedged $ 1,174 $ - $ 1,174 $ 854 $ 2,028

Unhedged 1,361 1,824 3,185 1,950 5,135

Total $ 2,535 $ 1,824 $ 4,359 $ 2,804 $ 7,163

o 1Q09 markdown of $525 million includes monoline insurance marks

o $3.2 billion unhedged subprime exposure including retained bonds carried at 25%

o $1.2 billion hedged subprime exposure carried at 15%

o $1.95 billion unhedged non-subprime exposure carried at 65% Credit Default Swaps with Monoline Financial Guarantors

($ in millions) Super Senior Other guaranteed

CDOs Positions

Notional $ 5,592 $ 55,898

Mark to market or guarantor receivable 4,199 14,731

Credit Valuation Adjustment (2,513) (6,003)

Net mark to market of receivable 1,686 8,728

Carry value % 60% 41%

1Q09 writedown (259) (960)

o Super senior CDO wrap notional of $5.6 billion

- $4.2 billion receivable with a 60% reserve

- 1Q09 markdown of $259 million

o Other guaranteed exposure notional of $56 billion

- $14.7 billion receivable with a 41% reserve

3 - 1Q09 markdown of $960 million

LOGO

Asset Quality – Held Basis*

($ in millions) 1Q09 Increase from 4Q08 in

Net charge-offs Reserve Build Provision Net charge-offs Reserve Build Provision

Residential mortgage $ 785 $ 1,134 $ 1,919 $ 319 $ 1,120 $ 1,439

Home Equity 1,681 643 2,324 568 59 627

Credit Card 1,612 1,542 3,154 206 986 1,192

Consumer lending 921 775 1,696 176 320 496

Countrywide impaired - 853 853 - 103 103

Other consumer 440 254 694(12) 70 58

Total Consumer 5,439 5,201 10,640 1,257 2,658 3,915

Small business 633 675 1,308 71 479 550

Commercial Real Estate 455 290 745 73 201 274

Other Commercial 415 244 659 - 72 72

Total Commercial 1,503 1,209 2,712 144 752 896

Unfunded lending commitments - 28 28 - 34 34

Total 6,942 6,438 13,380 1,401 3,444 4,845

• Credit quality deteriorated further during the quarter as the impacts of the recessionary environment worsened. Consumers continued to experience high levels of stress from depreciating home prices, rising unemployment and underemployment

• The commercial portfolio losses were impacted by small business and deterioration in the commercial real estate portfolio. Although losses did not increase outside of commercial real estate, the commercial portfolio did see an increase in criticized exposure and nonperforming loans from the widespread effects of the economy

• Held net charge-offs increased to 2.85%, up 49 basis points from 4Q08

• Managed net losses increased to 3.40%, up 56 basis points from 4Q08

• Allowance for loan losses covers 3% of loans and, including the reserve for unfunded commitments, is $30.4 billion

* Schedule reflects a held basis. Managed losses would add $2,182 in 1Q09, an increase of $325 million from 4Q08 4

LOGO

Consumer Credit Card Asset Quality

Ending Managed Balances and Net Loss Ratios

$225 $173.4 10%

$200 $183.8 $187.2 $183.4 $182.2 8.6% 8%

$175 7.2%

($ in billions) 6.0% 6.4% 5%

$150 5.2%

$125 3%

$100 0%

1Q08 2Q08 3Q08 4Q08 1Q09

End bal. Net loss ratio

Unemployment Rates

10.0%

8.5%

8.0% 7.2%

6.2%

5.6%

6.0% 4.6% 4.7% 4.9% 5.1%

4.0%

2.0%

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09

Consumer Credit Card – Managed Basis 1

• Net losses increased $531 million to $3.8 billion as the loss ratio climbed 146 basis points to 8.62%

– US credit card portfolio refreshed FICO of 681 while originated average FICO was 761 in 1Q09

– California and Florida represent 24% of balances but 34% of managed losses

– Losses impacted by unemployment and remain higher in geographies of housing stress

• 30+ delinquencies increased 117 basis points to 7.85% of loans

• 90+ delinquencies increased 83 basis point to 3.99% of loans

• Unused commitments were reduced over $200 billion in 1Q09, principally on inactive accounts

1 Credit Card includes U.S. consumer, Europe and Canada credit card 5

LOGO

Home Loan Asset Quality

Ending Residential Mortgage Balances and

$300 Net Charge-off Ratios 2%

$266.1 $257.1 $261.6

$248.1

$235.5 1.20%

($ in billions) $200 0.73% 1%

$ 0.37%

0.24%

0.10%

$100 0%

1Q08 2Q08 3Q08 4Q08 1Q09

End bal. Net charge-off ratio

Residential Mortgage

• Net charge-offs increased $319 million to $785 million as the loss ratio climbed 47 basis points to 1.20%

– Adjusted for the expected benefit of Resi Wrap protection, the loss rate would be 0.95%

– CRA portfolio still drove a disproportionate share of losses (7% of loans with 4.4% loss rate)

– Loans with >90% RLTV represented 25% of the portfolio reflecting home price deterioration

– CA and FL represented 43% of the portfolio but 59% of losses

• Allowance covers 1.09% of loans

• Nonperforming loans increased $3.8 billion from 4Q08 and now represents 4.13% of loans. The increase was driven by the performance of 2006/2007 vintages

• 30+ performing past dues were flat compared to 4Q08 but, with loan balance increases, the ratio declined 17 bps to 3.04% of loans

Ending Home Equity Balances and

$200 Net Charge-off Ratios 5%

$157.6

$151.8 $152.5

$150 4.3%

$118.4 $121.4

($ in billions) $100 3.1% 2.9% 3%

2.5%

$50 1.7%

$0 0%

1Q08 2Q08 3Q08 4Q08 1Q09

End bal. Net charge-off ratio

Home Equity

• Net charge-offs increased $568 million to $1.7 billion as the loss ratio climbed 138 basis points to 4.30%

– Loans with >90% RCLTV represent 42% of portfolio reflecting home price deterioration

– CA and FL represent 41% of the portfolio but 61% of losses

• Allowance covers 4.73% of loans

• Nonperforming loans increased $928 million from 4Q08 and now represents 2.28% of loans

• 30+ performing past dues declined slightly 1Q09 compared to 4Q08 and the ratio to loans declined 7 bps to 1.68%

LOGO

Direct/Indirect

Direct/Indirect Loans

• Ending loans included $17 billion increase from adding Merrill Lynch securities based lending

• Net charge-offs increased $195 million to $1.2 billion as the loss ratio remained flat at 5.03% (up 100bps excluding Merrill Lynch)

– Driven by Consumer Lending and Dealer Financial Services from both borrower and collateral stress

• Allowance was increased to cover 5.40% of loans

• Dealer Finance portfolio of $40.1 billion had a 26 basis point increase in loss rate to 2.78%

– The auto portfolio of $26.7 billion had a 46bps increase in loss rate to 2.48%

– Includes auto originations, auto purchased loan portfolios and marine/RV

• 30+ delinquencies decreased 61 basis points to 4.16% of loans (up 24bps excluding Merrill Lynch)

Ending Consumer Lending Balances and

$40 Net Charge-off Ratios $26.6 15%

$28.4 $28.6 $28.2 13%

$30 $26.2 13.5%

8.4% 10%

7.1% 10.4%

($ in billions) $20 5.7% 8%

$10

$0 0%

1Q08 2Q08 3Q08 4Q08 1Q09

End bal. Net charge-off ratio

Consumer Lending (part of Direct/Indirect)

• Consumer Lending portfolio of $26.6 billion had a 316 basis point increase in loss rate to 13.53%

• Allowance was increased to cover 15.9% of loans

Ending Direct/Indirect Balances and

$125 Net Charge-off Ratios 6%

$83.4 $99.7

$100 $84.9 5%

$80.2 $82.8 5.0% 5.0%

$75 4%

($ in billions) 3.9%

$50 3.2% 3%

2.8%

$25 1%

$0 0%

1Q08 2Q08 3Q08 4Q08 1Q09

End bal. Net charge-off ratio

LOGO

Consumer Asset Quality Key Indicators

($ in millions)

Residential Mortgage Home Equity Discontinued Real Estate

1Q09 4Q08 1Q09 4Q08 1Q09 4Q08

Excluding Excluding Excluding Excluding Excluding Excluding

the SOP the SOP the SOP the SOP the SOP the SOP

As 03-3 As 03-3 As 03-3 As 03-3 As 03-3 As 03-3

Reported Portfolio 1 Reported Portfolio 1 Reported Portfolio 1 Reported Portfolio 1 Reported Portfolio 1 Reported Portfolio 1

Loans EOP $ 261,583 $ 251,637 $ 248,063 $ 238,049 $ 157,645 $ 143,754 $ 152,483 $ 138,384 $ 19,000 $ 2,222 $ 19,981 $ 1,884

Loans Avg 265,121 255,389 253,560 244,515 158,575 144,610 151,943 137,803 19,386 1,885 21,324 2,189

Net losses $ 785 $ 785 $ 466 $ 466 $ 1,681 $ 1,681 $ 1,113 $ 1,113 $ 15 $ 15 $ 19 $ 19

% of avg loans 2 1.202 % 1.25 % 0.73 % 0.76 % 4.30 % 4.71 % 2.92 % 3.22 % 0.31 % 3.15 % 0.36 % 3.48 %

Allowance for loan losses $ 2,856 $ 2,856 $ 1,382 $ 1,382 $ 7,457 $ 5,862 $ 5,385 $ 5,219 $ 67 $ 59 $ 658 $ 74

% of Loans 1.09 % 1.14 % 0.56 % 0.58 % 4.73 % 4.08 % 3.53 % 3.77 0.35 % 2.66 % 3.29 % 3.91

Avg. refreshed (C)LTV 3 74 71 87 83 74 73

90%+ refreshed (C)LTV 3 25 % 23 % 42 % 37 % 16 % 13 %

Avg. refreshed FICO 726 729 716 717 687 697

% below 620 FICO 10 % 8 % 11 % 10 % 25 % 17 %

1 Represents the SOP 03-3 portfolio acquired from Countrywide

2 Adjusting for the benefit of Resi Wrap protection, the residential mortgage as reported loss rate would be 0.95% in 1Q09 and 0.62% in 4Q08

3 Loan to value (LTV) calculations applied to the residential mortgage and discontinued real estate portfolio. Combined loan to value (CLTV) calculations apply to the home equity portfolio

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Consumer Asset Quality Key Indicators (cont’d)

($ in millions)

Total Managed

Credit Card Other 1 Consumer

Held Managed

1Q09 4Q08 1Q09 4Q08 1Q09 4Q08 1Q09 4Q08

Loans EOP $ 67,960 $ 81,274 $173,352 $182,234 $102,992 $ 86,878 $714,572 $689,639

Loans Avg 75,818 82,117 178,490 181,233 104,148 86,875 725,720 694,935

Net losses $ 1,612 $ 1,406 $ 3,794 $ 3,263 $ 1,346 $ 1,178 $ 7,621 $ 6,039

% of avg loans 8.62 % 6.82 % 8.62 % 7.16 % 5.24 % 5.39 % 4.26 % 3.46 %

Allowance for loan losses $ 5,463 $ 4,689 $ 5,583 $ 4,544 $ 21,426 $ 16,658

% of Loans 8.04 % 5.77 % 5.42 % 5.23 % 3.52 % 2.83 %

o The average refreshed FICO for the U.S. Credit Card portfolio was 684 at 4Q08 compared to 681 at 1Q09; the percentage below 620 FICO was 17% at 4Q08 compared to 19% at 1Q09

1 Other primarily consists of the following portfolios of loans: Consumer Lending and Dealer Financial Services

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Consumer Asset Quality Key Indicators - SOP 03-3 Countrywide Portfolio 1

($ in millions)

Residential

Mortgage Home Equity Discontinued Real Estate

1Q09 4Q08 1Q09 4Q08 1Q09 4Q08

Loans EOP $ 9,946 $ 10,014 $ 13,891 $ 14,099 $ 16,778 $ 18,097

Net losses 264 202 890 722 936 719

o The net losses shown on this table are not included in the net losses reported by the company as these loans were considered impaired and written down to fair value at acquisition in accordance with SOP 03-3

o 1Q09 includes an increase in the valuation allowance through provision of $853 million compared to $750 million in 4Q08

o The carrying value at 03/31/09 of the impaired loan portfolio is 74% of the outstanding principal balance

1 The table presents outstandings net of purchase accounting adjustments, valuation allowances and net losses

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Commercial Asset Quality Key Indicators 1

($ in millions)

Commercial Real Commercial Lease

Commercial 2 Estate Small Business Financing Total Commercial

1Q09 4Q08 1Q09 4Q08 1Q09 4Q08 1Q09 4Q08 1Q09 4Q08

Loans EOP $244,413 $231,108 $ 75,270 $ 64,701 $ 18,772 $ 19,145 $ 22,017 $ 22,400 $360,472 $337,354

Loans Avg 250,411 234,393 72,022 64,335 19,042 19,329 22,056 22,069 363,531 340,126

Net charge-offs $ 348 $ 384 $ 455 $ 382 $ 633 $ 562 $ 67 $ 31 $ 1,503 $ 1,359

% of avg loans 0.56 % 0.65 % 2.56 % 2.36 % 13.47 % 11.55 % 1.22 % 0.57 % 1.68 % 1.59 %

90+ Performing DPD $ 505 $ 388 $ 86 $ 52 $ 797 $ 640 $ 26 $ 23 $ 1,414 $ 1,103

% of Loans 0.20 % 0.16 % 0.11 % 0.08 % 4.24 % 3.34 % 0.12 % 0.10 % 0.39 % 0.33 %

Nonperforming loans $ 3,322 $ 2,330 $ 5,662 $ 3,906 $ 224 $ 205 $ 104 $ 56 $ 9,312 $ 6,497

% of Loans 1.36 % 1.01 % 7.52 % 6.04 % 1.19 % 1.07 % 0.47 % 0.25 % 2.58 % 1.93 %

Allowance for loan losses $ 2,561 $ 2,333 $ 1,756 $ 1,465 $ 3,067 $ 2,392 $ 238 $ 223 $ 7,622 $ 6,413

% of Loans 1.05 % 1.01 % 2.33 % 2.26 % 16.34 % 12.49 % 1.08 % 1.00 % 2.11 % 1.90 %

Reservable Criticized

Utilized Exposure 3 $ 28,100 $ 20,422 $ 17,553 $ 13,830 $ 1,533 $ 1,334 $ 1,474 $ 1,352 $ 48,660 $ 36,937

% of Total Exposure 8.90 % 6.73 % 21.81 % 19.73 % 8.14 % 6.94 % 6.70 % 6.03 % 11.13 % 8.90 %

1 Does not include certain commercial loans measured at fair value in accordance with SFAS 159

2 Includes Commercial - Domestic and Commercial - Foreign

3 Excludes utilized exposure which is marked to market including Derivatives, Foreclosed Property, Assets Held for Sale and FVO loans

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Commercial Real Estate

Homebuilders

• Homebuilder utilized balances at 1Q09, included in commercial real estate, decreased $294 million to $11.4 billion compared to 4Q08. These utilized balances are included in total exposure of $15.2 billion

– Reservable criticized utilized exposure increased $103 million to $7.7 billion (44% of reservable criticized utilized commercial real estate exposure)

– NPAs rose $687 million to $3.7 billion (62% of commercial real estate NPAs)

– 1Q09 charge-offs were $301 million compared to $355 million in 4Q08

• Homebuilder construction and land development utilized balances at 1Q09 decreased $512 million to $8.8 billion compared to 4Q08

– Reservable criticized utilized exposure increased $251 million to $6.9 billion

– NPAs rose $615 million to $3.2 billion

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Liquidity Enhanced

• Liquidity position has been strengthened significantly during the quarter through balance sheet management actions as well as utilization of government funding facilities

– Cash levels increased $140 billion from 4Q08 level

1Q09 4Q08 Change

Cash and Cash Equivalents $ 173,460 $ 32,857 $ 140,603

– Time to required funding increased to top of target range at 27 months

1Q09 4Q08 Change

Time to Required Funding 27 months 23 months 4 months

– Deposit levels increased

1Q09 4Q08 Change

Total Deposits $ 953,508 $ 882,997 $ 70,511