8-K

UNITED STATES

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):

October 14, 2003

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

(Address of principal executive offices)

28255

(Zip Code)

704.386.8486

(Registrant’s telephone number, including area code)

ITEM 5.    OTHER EVENTS AND REQUIRED FD DISCLOSURE.

On October 14, 2003, Bank of America Corporation (the “Registrant”) announced financial results for the third quarter ended September 30, 2003, reporting earnings of $ 2.92 billion and diluted earnings per common share of $ 1.92. A copy of the press release announcing the Registrant’s results for the third quarter ended September 30, 2003 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

ITEM 7.    FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(c)    Exhibits.

The following exhibits are filed herewith:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	Press Release dated October 14, 2003 with respect to the Registrant’s financial results for the third quarter ended September 30, 2003.
99.2	Supplemental Information prepared for use on October 14, 2003 in connection with financial results for the third quarter ended September 30, 2003.

ITEM 9.    REGULATION FD DISCLOSURE.

On October 14, 2003, the Registrant held an investor conference and webcast to disclose financial results for the third quarter ended September 30, 2003. The Supplemental Information package for use at this conference is furnished herewith as Exhibit 99.2 and incorporated by reference in Item 9. All information in the Supplemental Information is presented as of September 30, 2003, and the Registrant does not assume any obligation to correct or update said information in the future.

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 filing under the Securities Act of 1933.

ITEM 12.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On October 14, 2003, the Registrant announced financial results for the third quarter ended September 30, 2003, reporting earnings of $ 2.92 billion and diluted earnings per common share of $ 1.92. A copy of the press release announcing the Registrant’s results for the third quarter ended September 30, 2003 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

SIGNATURE

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/    MARC D. OKEN
	Marc D. Oken Executive Vice President and Principal Financial Executive

Dated: October 14, 2003

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	Press Release dated October 14, 2003 with respect to the Registrant’s financial results for the third quarter ended September 30, 2003.
99.2	Supplemental Information prepared for use on October 14, 2003 in connection with financial results for the third quarter ended September 30, 2003.

EX-99.1

Exhibit 99.1

October 14, 2003

Investors may contact:

Kevin Stitt, Bank of America, 704.386.5667

Lee McEntire, Bank of America, 704.388.6780

Media may contact:

Eloise Hale, Bank of America, 704.387.0013

eloise.hale@bankofamerica.com

Bank of America earnings per share rise 32% in third quarter;

$2.9 billion net income sets another record

Major business lines all achieve double-digit earnings growth

Revenue rises 14%

Total fee income rises 39% as mortgage banking income triples

Core deposits grow 13%

CHARLOTTE — Bank of America Corporation today reported record earnings of $2.92 billion for the third quarter, or $1.92 per share (diluted). Those results were 31 and 32 percent increases, respectively, from $2.24 billion, or $1.45 per share, earned a year ago.

The return on common equity increased to a record 23.74 percent.

All three of the company’s major businesses significantly increased their net income. Deposit and loan growth, strong investment banking and trading results and strong growth in mortgage and card revenues drove this quarter’s results.

“Our initiatives to improve the customer experience are paying off as they bring us more of their business,” said Kenneth D. Lewis, chairman and chief executive officer. “Deeper customer relationships and better retention are fueling our strong revenue growth and record profits this quarter.”

Net income for the first nine months of 2003 was $8.08 billion, or $5.31 per share (diluted), 22 and 26 percent increases, respectively, from $6.64 billion, or $4.22 per share, a year ago.

Page 2

Third quarter financial highlights (compared to a year earlier)

• Return on assets grew 11 percent to 1.48 percent.

• Nonperforming assets reached a three and a half year low at $3.66 billion.

• The efficiency ratio declined to 51.13 percent.

• Mortgage banking, card and trading account profits recorded significant advances:

- Mortgage banking income increased 203 percent to $666 million.

- Card income increased 16 percent to $794 million.

- Trading account profits increased 146 percent to $175 million.

• Shareholder Value Added (SVA) grew 85 percent to $1.62 billion.

• Product sales in the banking centers increased 28 percent.

Customer highlights (compared to a year earlier)

• Three months ahead of schedule, the company surpassed its goal of opening one million net new checking accounts in 2003. Nearly 60 percent of all new checking accounts turn into multi-product and service relationships.

• The company extended its lead as the No. 1 Small Business Administration (SBA) lender in the nation by issuing 9,406 SBA loans to entrepreneurs during the October 2002 to September 2003 SBA fiscal year. This is a 140 percent increase over the previous year’s 3,917 SBA loans.

• Customers continue to express high levels of satisfaction with the company and steady improvements were made:

• Small-business satisfaction increased 18 percent.

• Customer dissatisfaction hit a record low, with a 13 percent decline.

• Online banking satisfaction increased 11 percent.

• In the first nine months of the year, the company’s market share in the US equities and equity-related securities business increased to 6.7 percent from 2.8 percent in the same time-period a year ago. Mortgage-backed securities’ market share increased to 7.9 percent from 6.3 percent.

• In the first nine months of the year, the company opened 57 new banking centers.

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• Marsico Funds’ assets under management grew 94 percent.

• Online banking continued to grow steadily as the number of active users increased 52 percent, to 6.63 million. Additionally, adoption of bill pay increased 90 percent and more than 270 companies now present bills electronically.

• The company was named the best domestic cash management bank by Treasury and Risk Management Magazine.

Revenue

Revenue grew 14 percent from the previous year to $9.92 billion on a fully taxable-equivalent basis.

Net interest income was virtually unchanged at $5.48 billion on a fully taxable-equivalent basis. The net interest yield declined 53 basis points to 3.22 percent primarily from an increase in trading assets and the impact of lower interest rates.

Noninterest income increased 38 percent to $4.44 billion driven by improvements in equity investments and increases in trading account profits, mortgage banking, credit card and investment banking income.

Other income was up due to $197 million in gains on residential loan sales taken to manage interest rate risk in response to current market conditions.

During the quarter, the company realized $233 million in net securities gains compared to $189 million a year ago, as the asset-liability management portfolio was repositioned in line with market conditions.

Efficiency

Driven by strong revenue growth, the efficiency ratio declined to 51.13 percent. Expenses increased 10 percent from a year ago to $5.07 billion. This rise was driven by an increase in revenue-driven employee incentives, professional fees and benefits expense. In addition, the company recognized a charge of $100 million to establish a reserve related to the ongoing inquiry into the company’s mutual fund practices. It also increased the litigation reserve by $75 million to cover other specific cases. This quarter, the company also recorded a pre-tax impact of $31 million related to expensing employee stock options.

Page 4

Credit quality

The allowance for credit losses decreased as overall credit quality improved. Total charge-offs declined as a percentage of loans and leases for the third straight quarter. The company is encouraged by these declines but asset quality trends will be affected by the strength of the economic recovery.

• Provision for credit losses was $651 million, down 16 percent from $772 million in the second quarter and down 19 percent from $804 million a year earlier.

• Net charge-offs were $776 million, or 0.86 percent of loans and leases, relatively unchanged from $772 million, or 0.88 percent, in the second quarter and down from $804 million, or 0.94 percent, a year earlier.

• Nonperforming assets were $3.66 billion, or 0.98 percent of loans, leases and foreclosed properties as of September 30, 2003. This was down 17 percent from the second quarter and down 29 percent from $5.13 billion a year earlier.

• The allowance for credit losses, at $6.72 billion or 1.80 percent of loans and leases, was down from $6.84 billion or 1.90 percent, in second quarter and down from $6.86 billion and 2.01 percent, the prior year. As of September 30, 2003, the allowance for credit losses represented 196 percent of nonperforming loans, up from 163 percent in the second quarter and 142 percent a year earlier.

Capital management

Total shareholders’ equity was $50.4 billion at September 30, 2003, up 5 percent from a year ago, and represented 7 percent of period-end assets of $737 billion. The Tier 1 Capital Ratio was 8.25 percent, an increase of 12 basis points from a year ago and 17 basis points from the June 30, 2003 level.

During the quarter, Bank of America issued 18 million shares related to employee options and stock ownership plans and repurchased 25 million shares. Average common shares outstanding were 1.49 billion in the third quarter, down slightly from 1.50 billion a year earlier.

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Consumer and Commercial Banking

Exceeding $2 billion in earnings for the first time, Consumer and Commercial Banking earned $2.15 billion during the quarter, a 28 percent rise from a year ago. Total revenue grew 14 percent to $6.89 billion while noninterest expense was up 3 percent, driven primarily by marketing and volume-related expenses in mortgage banking. Return on equity was 42 percent and SVA grew $489 million to $1.63 billion.

Commercial banking earnings increased 19 percent from a year ago. This was driven by a 14 percent growth in deposits, a 62 percent growth in middle market investment banking fees, including a 60 percent growth in M&A advisory activity, and a 22 percent increase in new lines of credit.

Net interest income increased slightly to $3.94 billion.

Noninterest income was up 36 percent to $2.95 billion, driven by higher mortgage banking and card income.

Total consumer loans increased 5 percent as the company attracted 4 million new credit card accounts, and customers continued to take advantage of the low interest rate environment. Average deposits grew 13 percent. Consumer credit and debit card purchase volumes increased 14 and 23 percent, respectively. The average purchase amount also increased.

Global Corporate and Investment Banking

Global Corporate and Investment Banking (GCIB) earnings rose 33 percent from a year ago to $513 million. This was driven by increased market-based activity and a decline in provision expense. Revenue increased 13 percent to $2.25 billion while expenses increased 16 percent. Return on equity was 22 percent and SVA increased $199 million to $262 million.

The quarter was marked by the strength of the core businesses as investment banking revenue grew to $399 million, up 32 percent from last year, led by strong demand for securities underwriting. Trading-related revenue grew to $688 million, up 20 percent.

Net interest income was relatively unchanged at $1.22 billion from a year ago. Period-end corporate loans and leases in the quarter were $44 billion, down 26 percent from $60 billion a year earlier. Offsetting this decline was an increase in trading-related assets as GCIB continued to expand its distribution network.

Page 6

Asset Management

Asset Management net income rose 95 percent from a year ago to $123 million, reflecting lower provision expense. Revenue increased 8 percent to $615 million. Expenses increased 19 percent due to an increase in revenue-driven employee incentives and a $50 million allocation of the reserve related to the ongoing inquiry into the company’s mutual fund practices. Return on equity was 18 percent and SVA increased $62 million to $48 million.

Assets under management increased 17 percent to $318 billion, led by increases in equities and short-term funds. Balances in equity funds grew 33 percent from a year earlier, led by higher sales across all channels.

Year to date, Asset Management has added 164 net new financial advisors, one short of its target for 2003. Additionally, the business has rolled out the advice-focused High Net Worth client service model in 37 markets and will complete the rollout to all markets during the fourth quarter.

Equity Investments

Equity Investments reported a loss of $68 million, compared to a loss of $161 million a year ago. Principal Investing reported cash gains of $49 million and $8 million in mark-to-market adjustments in the third quarter offset by $100 million in impairments.

Note: James H. Hance, Jr., vice chairman and chief financial officer, will discuss third quarter results in a conference call at 9:30 a.m. (Eastern Time) today. The call can be accessed via a webcast available on the Bank of America Web site at http://www.bankofamerica.com/investor/.

One of the world’s leading financial services companies, Bank of America is committed to making banking work for customers and clients like it never has before. Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives.

Shares of Bank of America (ticker: BAC), the second largest banking company in the United States by market capitalization, are listed on the New York, Pacific and London stock exchanges. The company’s Web site is www.bankofamerica.com. News, speeches and other corporate information can be found at www.bankofamerica.com/newsroom.

Additional financial tables are available at www.bankofamerica.com/investor/.

Page 7

Forward-Looking Statements

This press release contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions and related actions by the United States military abroad may adversely affect the company’s businesses and economic conditions as a whole; 4) changes in the interest rate environment reduce interest margins and impact funding sources; 5) changes in foreign exchange rates increases exposure; 6) changes in market rates and prices may adversely impact the value of financial products and assets; 7) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 8) litigation and regulatory liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; and 9) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov.

###

Bank of America

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

	Three Months Ended September 30						Nine Months Ended September 30
	2003			2002			2003			2002
Financial Summary
Earnings	$	2,922		$	2,235		$	8,084		$	6,635
Earnings per common share		1.96			1.49			5.41			4.34
Diluted earnings per common share		1.92			1.45			5.31			4.22
Dividends per common share		0.80			0.60			2.08			1.80
Closing market price per common share		78.04			63.80			78.04			63.80
Average common shares issued and outstanding		1,490,103			1,504,017			1,494,369			1,526,946
Average diluted common shares issued and outstanding		1,519,641			1,546,347			1,523,523			1,573,203
Summary Income Statement
Net interest income	$	5,304		$	5,302		$	15,878		$	15,549
Noninterest income		4,439			3,220			12,379			10,141
Total revenue		9,743			8,522			28,257			25,690
Provision for credit losses		651			804			2,256			2,532
Gains on sales of securities		233			189			802			326
Noninterest expense		5,070			4,620			14,845			13,604
Income before income taxes		4,255			3,287			11,958			9,880
Income tax expense		1,333			1,052			3,874			3,245
Net income	$	2,922		$	2,235		$	8,084		$	6,635
Summary Average Balance Sheet
Loans and leases	$	357,288		$	340,484		$	351,119		$	334,703
Securities		65,024			76,484			76,131			72,450
Earning assets		677,308			580,248			651,535			563,964
Total assets		785,681			669,149			758,140			651,257
Deposits		414,569			373,933			401,985			368,142
Shareholders’ equity		48,871			46,652			49,512			47,457
Common shareholders’ equity		48,816			46,592			49,455			47,396
Performance Indices
Return on average assets		1.48	%		1.33	%		1.43	%		1.36	%
Return on average common shareholders’ equity		23.74			19.02			21.85			18.71
Credit Quality
Net Charge-offs	$	776		$	804		$	2,381		$	2,532
% of average loans and leases		0.86	%		0.94	%		0.91	%		1.01	%
Managed bankcard net charge-offs as a % of average managed bankcard receivables		5.33			5.13			5.44			5.38
	At September 30
	2003			2002
Balance Sheet Highlights
Loans and leases	$	373,098		$	341,091
Securities		64,885			89,581
Earning assets		627,721			564,825
Total assets		737,088			660,008
Deposits		408,510			377,415
Shareholders’ equity		50,445			48,239
Common shareholders’ equity		50,390			48,179
Book value per share		33.83			32.07
Total equity to assets ratio (period end)		6.84	%		7.31	%
Risk-based capital ratios:(1)
Tier 1		8.25			8.13
Total		12.17			12.38
Leverage ratio		5.96			6.35
Period-end common shares issued and outstanding		1,489,437			1,502,162
Allowance for credit losses	$	6,716		$	6,861
Allowance for credit losses as a % of loans and leases		1.80	%		2.01	%
Allowance for credit losses as a % of nonperforming loans		196			142
Nonperforming loans	$	3,429		$	4,849
Nonperforming assets		3,657			5,131
Nonperforming assets as a % of:
Total assets		0.50	%		0.78	%
Loans, leases and foreclosed properties		0.98			1.50
Nonperforming loans as a % of loans and leases		0.92			1.42
Other Data
Full-time equivalent employees		132,749			134,135
Number of banking centers		4,211			4,226
Number of ATM’s		13,120			12,489

⁽¹⁾ 2003 ratios are preliminary.

	Consumer and Commercial Banking			Asset Management			Global Corporate and Investment Banking			Equity Investments			Corporate Other
BUSINESS SEGMENT RESULTS
Three Months Ended September 30, 2003
Total revenue	$	6,894		$	615		$	2,253		$	(80	)	$	234
Net income		2,145			123			513			(68	)		209
Shareholder value added		1,633			48			262			(126	)		(193	)
Return on equity		42.4	%		17.7	%		21.9	%		(13.0	)%		n/m
Average loans and leases	$	188,500		$	23,205		$	46,243		$	93		$	99,247
Three Months Ended September 30, 2002
Total revenue	$	6,051		$	571		$	2,001		$	(233	)	$	295
Net Income		1,678			63			386			(161	)		269
Shareholder value added		1,144			(14	)		63			(223	)		(90	)
Return on equity		34.9	%		9.7	%		14.0	%		(30.6	)%		n/m
Average loans and leases	$	182,142		$	23,637		$	61,032		$	446		$	73,227

n/m = not meaningful

	Three Months Ended September 30						Nine Months Ended September 30
	2003			2002			2003			2002
SUPPLEMENTAL FINANCIAL DATA
Taxable-equivalent basis data(1)
Net interest income	$	5,477		$	5,465		$	16,362		$	15,974
Total revenue		9,916			8,685			28,741			26,115
Net interest yield		3.22	%		3.75	%		3.35	%		3.78	%
Efficiency ratio		51.13			53.19			51.65			52.09
Reconciliation of net income to shareholder value added
Net income	$	2,922		$	2,235		$	8,084		$	6,635
Amortization expense		55			54			163			164
Capital charge		(1,353	)		(1,409	)		(4,069	)		(4,253	)
Shareholder value added	$	1,624		$	880		$	4,178		$	2,546

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

EX-99.2

Exhibit 99.2

Supplemental Information

Third Quarter 2003

October 14, 2003

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, correct or 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

Results Overview

l Record earnings of $2.9 billion.

l Diluted EPS of $1.92, up 7% and 32% over 2Q03 and 3Q02, respectively.

l Total revenue rose 1% over 2Q03 and 14% over 3Q02.

l Consumer and Commercial Banking segment noninterest revenue rose 13% over 2Q03 and 36% over 3Q02 led by record quarters in card services and consumer real estate.

l Consumer loans grew 17% while core deposit levels rose 13% over 3Q02.

l Achieved full year goal of 1 million net new checking accounts 3 months early by adding approximately 425,000 new accounts in the 3rd quarter, clearly surpassing the 528,000 accounts added in 2002.

l Customer satisfaction for Top 2 box scores of most delighted customers continues at record highs.

l Banking center product sales increased 28% in the past year.

l Active online banking users increased 52% over 3Q02 to 6.6 million.

l Marsico Funds grew assets under management 94% from 3Q02 leading the 18% growth in total assets under management.

l Global Corporate and Investment Banking grew earnings 16% over 2Q03 as strong revenues were combined with good cost containment and lower provision.

l Nonperforming assets declined 17% from 2Q03; lowest level in three years.

l Net charge-off ratio declined to .86% of average loans compared to 2Q03.

l The quarterly dividend payment made in September reflected a 25% increase to $0.80 per common share.

1

Bank of America Corporation

Consolidated Financial Highlights

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

	Year-to- Date 2003			Year-to- Date 2002			Third Quarter 2003			Second Quarter 2003			First Quarter 2003			Fourth Quarter 2002			Third Quarter 2002
Income statement
Total revenue	$	28,257		$	25,690		$	9,743		$	9,620		$	8,894		$	8,804		$	8,522
Provision for credit losses		2,256			2,532			651			772			833			1,165			804
Gains on sales of securities		802			326			233			296			273			304			189
Noninterest expense		14,845			13,604			5,070			5,058			4,717			4,832			4,620
Income tax expense		3,874			3,245			1,333			1,348			1,193			497			1,052
Net income		8,084			6,635			2,922			2,738			2,424			2,614			2,235
Diluted earnings per common share		5.31			4.22			1.92			1.80			1.59			1.69			1.45
Average diluted common shares outstanding		1,523,523			1,573,203			1,519,641			1,523,306			1,526,288			1,542,482			1,546,347
Dividends paid per common share	$	2.08		$	1.80		$	0.80		$	0.64		$	0.64		$	0.64		$	0.60
Performance ratios
Return on average assets		1.43	%		1.36	%		1.48	%		1.42	%		1.38	%		1.49	%		1.33	%
Return on average common shareholders’ equity		21.85			18.71			23.74			21.86			19.92			21.58			19.02
Book value per share of common stock	$	33.83		$	32.07		$	33.83		$	34.06		$	33.38		$	33.49		$	32.07
Market price per share of common stock:
High for the period	$	84.90		$	77.08		$	84.90		$	80.00		$	72.50		$	71.99		$	71.94
Low for the period		64.26			57.51			74.58			67.20			64.26			53.98			57.90
Closing price		78.04			63.80			78.04			79.03			66.84			69.57			63.80
Market capitalization		116,236			95,838			116,236			118,254			100,095			104,403			95,838
Number of banking centers		4,211			4,226			4,211			4,200			4,202			4,208			4,226
Number of ATM’s		13,120			12,489			13,120			13,250			13,266			13,013			12,489
Full-time equivalent employees		132,749			134,135			132,749			132,796			132,583			133,944			134,135

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

2

Bank of America Corporation

Supplemental Financial Data

(Dollars in millions)

Fully taxable-equivalent basis data

	Year-to- Date 2003			Year-to- Date 2002			Third Quarter 2003			Second Quarter 2003			First Quarter 2003			Fourth Quarter 2002			Third Quarter 2002
Net interest income	$	16,362		$	15,974		$	5,477		$	5,524		$	5,361		$	5,537		$	5,465
Total revenue		28,741			26,115			9,916			9,779			9,046			8,967			8,685
Net interest yield		3.35	%		3.78	%		3.22	%		3.33	%		3.52	%		3.66	%		3.75	%
Efficiency ratio		51.65			52.09			51.13			51.73			52.14			53.90			53.19

Reconciliation to GAAP financial measures

Shareholder value added (SVA) is a performance measure used in managing the corporation's growth strategy and is not defined in GAAP (generally accepted accounting principles). Management believes that this measure provides users of this financial information with a more accurate picture of returns on capital used in operating the business for comparative purposes. Other companies may define or calculate supplemental financial data differently. See the Table below for supplemental financial data and corresponding reconciliation to GAAP financial measures for the nine months ended September 30, 2003 and 2002, and the three months ended September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002, and September 30, 2002.

Reconciliation of net income to

shareholder value added

	Year-to- Date 2003			Year-to- Date 2002			Third Quarter 2003			Second Quarter 2003			First Quarter 2003			Fourth Quarter 2002			Third Quarter 2002
Net income	$	8,084		$	6,635		$	2,922		$	2,738		$	2,424		$	2,614		$	2,235
Amortization expense		163			164			55			54			54			54			54
Capital charge		(4,069	)		(4,253	)		(1,353	)		(1,378	)		(1,338	)		(1,454	)		(1,409	)
Shareholder value added	$	4,178		$	2,546		$	1,624		$	1,414		$	1,140		$	1,214		$	880

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

3

Bank of America Corporation

Consolidated Statement of Income

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

	Year-to- Date 2003		Year-to- Date 2002			Third Quarter 2003		Second Quarter 2003		First Quarter 2003			Fourth Quarter 2002			Third Quarter 2002
Interest income
Interest and fees on loans and leases	$	16,088	$	16,528		$	5,328	$	5,412	$	5,348		$	5,502		$	5,553
Interest and dividends on securities		2,412		2,974			623		1,011		778			1,061			1,104
Federal funds sold and securities purchased under agreements to resell		867		662			480		193		194			208			177
Trading account assets		3,024		2,832			975		1,007		1,042			979			1,006
Other interest income		1,184		1,044			449		372		363			371			345
Total interest income		23,575		24,040			7,855		7,995		7,725			8,121			8,185
Interest expense
Deposits		3,730		4,142			1,278		1,269		1,183			1,292			1,414
Short-term borrowings		1,414		1,532			447		514		453			557			526
Trading account liabilities		969		971			345		316		308			289			342
Long-term debt		1,584		1,846			481		531		572			609			601
Total interest expense		7,697		8,491			2,551		2,630		2,516			2,747			2,883
Net interest income		15,878		15,549			5,304		5,365		5,209			5,374			5,302
Noninterest income
Consumer service charges		2,394		2,185			824		793		777			801			762
Corporate service charges		1,788		1,718			634		577		577			572			585
Total service charges		4,182		3,903			1,458		1,370		1,354			1,373			1,347
Consumer investment and brokerage services		1,146		1,175			367		401		378			369			374
Corporate investment and brokerage services		591		521			222		204		165			172			173
Total investment and brokerage services		1,737		1,696			589		605		543			541			547
Mortgage banking income		1,630		551			666		559		405			210			220
Investment banking income		1,278		1,123			412		488		378			422			318
Equity investment gains (losses)		0		(226	)		25		43		(68	)		(54	)		(216	)
Card income		2,237		1,885			794		762		681			735			687
Trading account profits		382		679			175		93		114			99			71
Other income		933		530			320		335		278			104			246
Total noninterest income		12,379		10,141			4,439		4,255		3,685			3,430			3,220
Total revenue		28,257		25,690			9,743		9,620		8,894			8,804			8,522
Provision for credit losses		2,256		2,532			651		772		833			1,165			804
Gains on sales of securities		802		326			233		296		273			304			189
Noninterest expense
Personnel		7,749		7,200			2,595		2,695		2,459			2,482			2,368
Occupancy		1,492		1,330			522		498		472			450			457
Equipment		789		832			252		253		284			292			291
Marketing		717		550			249		238		230			203			210
Professional fees		620		339			214		281		125			186			126
Amortization of intangibles		163		164			55		54		54			54			54
Data processing		803		726			275		262		266			291			295
Telecommunications		413		361			152		137		124			120			119
Other general operating		2,099		2,102			756		640		703			754			700
Total noninterest expense		14,845		13,604			5,070		5,058		4,717			4,832			4,620
Income before income taxes		11,958		9,880			4,255		4,086		3,617			3,111			3,287
Income tax expense		3,874		3,245			1,333		1,348		1,193			497			1,052
Net income	$	8,084	$	6,635		$	2,922	$	2,738	$	2,424		$	2,614		$	2,235
Net income available to common shareholders	$	8,081	$	6,631		$	2,921	$	2,737	$	2,423		$	2,613		$	2,233
Per common share information
Earnings	$	5.41	$	4.34		$	1.96	$	1.83	$	1.62		$	1.74		$	1.49
Diluted earnings	$	5.31	$	4.22		$	1.92	$	1.80	$	1.59		$	1.69		$	1.45
Dividends paid	$	2.08	$	1.80		$	0.80	$	0.64	$	0.64		$	0.64		$	0.60
Average common shares issued and outstanding		1,494,369		1,526,946			1,490,103		1,494,094		1,499,405			1,499,557			1,504,017
Average diluted common shares issued and outstanding		1,523,523		1,573,203			1,519,641		1,523,306		1,526,288			1,542,482			1,546,347

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

4

Bank of America Corporation

Consolidated Balance Sheet

(Dollars in millions)

	September 30 2003			June 30 2003			September 30 2002
Assets
Cash and cash equivalents	$	22,142		$	25,220		$	24,469
Time deposits placed and other short-term investments		6,881			6,790			6,397
Federal funds sold and securities purchased under agreements to resell		67,729			64,314			40,371
Trading account assets		65,339			66,947			56,907
Derivative assets		36,810			38,587			32,838
Securities:
Available-for-sale		64,363			114,250			88,571
Held-to-maturity		522			279			1,010
Total securities		64,885			114,529			89,581
Loans and leases		373,098			360,305			341,091
Allowance for credit losses		(6,716	)		(6,841	)		(6,861	)
Loans and leases, net of allowance for credit losses		366,382			353,464			334,230
Premises and equipment, net		5,956			5,899			6,758
Mortgage banking assets		2,426			1,748			2,129
Goodwill		11,456			11,426			11,389
Core deposit intangibles and other intangibles		966			1,010			1,127
Other assets		86,116	(1)		79,245			53,812
Total assets	$	737,088		$	769,179		$	660,008
Liabilities
Deposits in domestic offices:
Noninterest-bearing	$	122,669		$	132,851		$	116,847
Interest-bearing		257,586			256,602			228,174
Deposits in foreign offices:
Noninterest-bearing		2,650			2,206			1,928
Interest-bearing		25,605			30,276			30,466
Total deposits		408,510			421,935			377,415
Federal funds purchased and securities sold under agreements to repurchase		79,775			104,821			61,823
Trading account liabilities		29,744			27,708			26,031
Derivative liabilities		25,120			23,435			23,701
Commercial paper and other short-term borrowings		41,739	(1)		43,584			34,421
Accrued expenses and other liabilities		35,293			28,943			22,393
Long-term debt		66,462	(2)		61,681			59,954
Trust preferred securities		—	(2)		6,056			6,031
Total liabilities		686,643			718,163			611,769
Shareholders’ equity
Preferred stock, $0.01 par value; authorized—100,000,000 shares; issued and outstanding 1,281,600; 1,306,463 and 1,391,749 shares		55			56			60
Common stock, $0.01 par value; authorized—5,000,000,000 shares; issued and outstanding 1,489,437,206; 1,496,314,280 and 1,502,161,891 shares		15			15			674
Retained earnings		52,320			51,374			46,870
Accumulated other comprehensive income (loss)		(1,776	)		(251	)		613
Other		(169	)		(178	)		22
Total shareholders’ equity		50,445			51,016			48,239
Total liabilities and shareholders’ equity	$	737,088		$	769,179		$	660,008

(1) In accordance with FIN 46, the corporation consolidated $12.2 billion of asset-backed commercial paper conduits beginning July 1, 2003.

(2) Includes $6,244 of long-term debt related to trust preferred securities in accordance with FIN 46.

5

Bank of America Corporation

Capital Management

(Dollars in millions)

	3Q02			4Q02			1Q03			2Q03			3Q03*
Tier 1 capital	$	41,732		$	43,105		$	43,818		$	45,192		$	46,094
Total capital		63,505			65,169			65,688			66,843			67,991
Risk-weighted assets		513,085			524,175			534,378			559,324			558,472
Tier 1 capital ratio		8.13	%		8.22	%		8.20	%		8.08	%		8.25	%
Total capital ratio		12.38			12.43			12.29			11.95			12.17
Ending equity / ending assets		7.31			7.62			7.36			6.63			6.84
Ending capital / ending assets		8.22			8.53			8.25			7.42			7.69
Average equity / average assets		6.97			6.91			6.92			6.49			6.22

*Preliminary data on risk based capital

Share Repurchase Program

25 million common shares were repurchased in the third quarter of 2003 as a part of ongoing share repurchase programs.

80 million shares remain outstanding under the current authorized program.

18 million shares were issued in the third quarter of 2003, mostly due to stock incentive plans.

.

6

Bank of America Corporation

Quarterly Average Balances and Interest Rates—Fully Taxable-Equivalent Basis

(Dollars in millions)

	Third Quarter 2003						Second Quarter 2003						Third Quarter 2002
	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	$	10,062	$	41	1.63	%	$	7,888	$	39	1.99	%	$	10,396	$	63	2.41	%
Federal funds sold and securities purchased under agreements to resell		90,236		479	2.11			70,054		194	1.11			40,294		178	1.76
Trading account assets		96,105		991	4.11			99,129		1,022	4.13			85,129		1,017	4.76
Securities		65,024		639	3.93			95,614		1,028	4.30			76,484		1,120	5.85
Loans and leases(1):
Commercial—domestic		96,086		1,719	7.10			100,721		1,746	6.95			106,039		1,728	6.47
Commercial—foreign		16,885		151	3.55			18,004		170	3.79			21,256		206	3.85
Commercial real estate—domestic		19,681		210	4.23			20,039		218	4.36			20,576		265	5.10
Commercial real estate—foreign		280		3	4.16			305		3	3.95			425		4	3.92
Total commercial		132,932		2,083	6.22			139,069		2,137	6.16			148,296		2,203	5.90
Residential mortgage		130,948		1,656	5.05			120,754		1,703	5.64			104,590		1,733	6.61
Home equity lines		22,539		255	4.48			22,763		263	4.64			23,275		314	5.35
Direct/Indirect consumer		33,278		488	5.82			32,248		495	6.17			30,029		530	7.01
Consumer finance		6,528		121	7.39			7,244		137	7.58			10,043		201	7.97
Credit card		29,113		742	10.11			26,211		690	10.56			22,263		583	10.38
Foreign consumer		1,950		17	3.43			1,990		17	3.47			1,988		19	3.83
Total consumer		224,356		3,279	5.82			211,210		3,305	6.27			192,188		3,380	7.00
Total loans and leases		357,288		5,362	5.97			350,279		5,442	6.23			340,484		5,583	6.52
Other earning assets		58,593		516	3.50			40,536		429	4.24			27,461		387	5.61
Total earning assets(2)		677,308		8,028	4.72			663,500		8,154	4.92			580,248		8,348	5.73
Cash and cash equivalents		22,660						23,203						20,202
Other assets, less allowance for credit losses		85,713						87,941						68,699
Total assets	$	785,681					$	774,644					$	669,149
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	25,285	$	20	0.31	%	$	24,420	$	35	0.58	%	$	22,047	$	36	0.64	%
NOW and money market deposit accounts		151,424		249	0.65			146,284		295	0.81			132,939		362	1.08
Consumer CDs and IRAs		71,216		872	4.85			69,506		742	4.28			67,179		746	4.40
Negotiable CDs, public funds and other time deposits		7,771		25	1.27			12,912		45	1.41			4,254		51	4.73
Total domestic interest-bearing deposits		255,696		1,166	1.81			253,122		1,117	1.77			226,419		1,195	2.09
Foreign interest-bearing deposits(3):
Banks located in foreign countries		12,273		59	1.90			16,150		87	2.16			17,044		123	2.85
Governments and official institutions		2,032		6	1.21			2,392		8	1.42			2,188		10	1.85
Time, savings and other		18,792		47	1.00			19,209		57	1.18			18,686		86	1.83
Total foreign interest-bearing deposits		33,097		112	1.35			37,751		152	1.61			37,918		219	2.29
Total interest-bearing deposits		288,793		1,278	1.76			290,873		1,269	1.75			264,337		1,414	2.12
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		162,080		447	1.09			152,722		514	1.35			108,281		526	1.93
Trading account liabilities		36,903		345	3.71			38,610		316	3.28			33,038		342	4.11
Long-term debt(4)		66,788		481	2.88			68,927		531	3.08			64,880		601	3.71
Total interest-bearing liabilities(2)		554,564		2,551	1.83			551,132		2,630	1.91			470,536		2,883	2.44
Noninterest-bearing sources:
Noninterest-bearing deposits		125,776						114,434						109,596
Other liabilities		56,470						58,809						42,365
Shareholders’ equity		48,871						50,269						46,652
Total liabilities and shareholders’ equity	$	785,681					$	774,644					$	669,149
Net interest spread					2.89						3.01						3.29
Impact of noninterest-bearing sources					0.33						0.32						0.46
Net interest income/yield on earning assets			$	5,477	3.22	%			$	5,524	3.33	%			$	5,465	3.75	%

(1) Nonperforming loans are included in the respective average loan balances. Income on such nonperforming loans is recognized on a cash basis.

(2) Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $925 and $587 in the third and second quarters of 2003 and $397 in the third quarter of 2002, respectively. These amounts were substantially offset by corresponding decreases in the income earned on the underlying assets. Interest expense includes the impact of interest rate risk management contracts, which increased interest expense on the underlying liabilities $141 and $28 in the third and second quarters of 2003 and $69 in the third quarter of 2002, respectively. These amounts were substantially offset by corresponding decreases in the interest paid on the underlying liabilities.

(3) Primarily consists of time deposits in denominations of $100,000 or more.

(4) Includes long-term debt related to trust preferred securities.

7

Bank of America Corporation

Year-to-Date Average Balances and Interest Rates—Fully Taxable-Equivalent Basis

(Dollars in millions)

	Nine Months Ended September 30
	2003						2002
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Time deposits placed and other short-term investments	$	8,323	$	123	1.98	%	$	10,437	$	187	2.40	%
Federal funds sold and securities purchased under agreements to resell		72,839		867	1.59			44,451		662	1.99
Trading account assets		98,095		3,066	4.17			78,005		2,866	4.91
Securities		76,131		2,460	4.31			72,450		3,022	5.56
Loans and leases(1):
Commercial—domestic		100,129		5,301	7.08			111,204		5,592	6.72
Commercial—foreign		17,914		477	3.56			21,540		644	3.99
Commercial real estate—domestic		19,891		642	4.32			21,431		798	4.98
Commercial real estate—foreign		295		9	3.99			402		13	4.34
Total commercial		138,229		6,429	6.22			154,577		7,047	6.09
Residential mortgage		121,862		4,941	5.41			93,559		4,724	6.74
Home equity lines		22,783		785	4.61			22,626		913	5.40
Direct/Indirect consumer		32,314		1,486	6.15			30,136		1,623	7.20
Consumer finance		7,256		412	7.59			11,069		682	8.22
Credit card		26,685		2,076	10.40			20,693		1,582	10.22
Foreign consumer		1,990		52	3.45			2,043		57	3.75
Total consumer		212,890		9,752	6.12			180,126		9,581	7.10
Total loans and leases		351,119		16,181	6.16			334,703		16,628	6.64
Other earning assets		45,028		1,362	4.04			23,918		1,100	6.14
Total earning assets(2)		651,535		24,059	4.93			563,964		24,465	5.79
Cash and cash equivalents		22,524						21,140
Other assets, less allowance for credit losses		84,081						66,153
Total assets	$	758,140					$	651,257
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	24,216	$	89	0.49	%	$	21,539	$	103	0.64	%
NOW and money market deposit accounts		146,715		835	0.76			130,025		1,044	1.07
Consumer CDs and IRAs		69,235		2,309	4.46			68,176		2,240	4.39
Negotiable CDs, public funds and other time deposits		8,109		86	1.42			4,520		112	3.29
Total domestic interest-bearing deposits		248,275		3,319	1.79			224,260		3,499	2.09
Foreign interest-bearing deposits(3):
Banks located in foreign countries		14,207		226	2.12			15,525		338	2.91
Governments and official institutions		2,071		20	1.32			2,511		36	1.90
Time, savings and other		18,693		165	1.18			19,051		269	1.89
Total foreign interest-bearing deposits		34,971		411	1.57			37,087		643	2.32
Total interest-bearing deposits		283,246		3,730	1.76			261,347		4,142	2.12
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		146,091		1,414	1.29			97,655		1,532	2.10
Trading account liabilities		36,798		969	3.52			31,989		971	4.06
Long-term debt(4)		67,702		1,584	3.12			66,161		1,846	3.72
Total interest-bearing liabilities(2)		533,837		7,697	1.93			457,152		8,491	2.48
Noninterest-bearing sources:
Noninterest-bearing deposits		118,739						106,795
Other liabilities		56,052						39,853
Shareholders’ equity		49,512						47,457
Total liabilities and shareholders’ equity	$	758,140					$	651,257
Net interest spread					3.00						3.31
Impact of noninterest-bearing sources					0.35						0.47
Net interest income/yield on earning assets			$	16,362	3.35	%			$	15,974	3.78	%

(1) Nonperforming loans are included in the respective average loan balances. Income on such nonperforming loans is recognized on a cash basis.

(2) Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $2,088 and $1,466 in the nine months ended September 30, 2003 and 2002, respectively. These amounts were substantially offset by corresponding decreases in the income earned on the underlying assets. Interest expense includes the impact of interest rate risk management contracts, which increased interest expense on the underlying liabilities $215 and $79 in the nine months ended September 30, 2003 and 2002, respectively. These amounts were substantially offset by corresponding decreases in the interest paid on the underlying liabilities.

(3) Primarily consists of time deposits in denominations of $100,000 or more.

(4) Includes long-term debt related to trust preferred securities.

8

Bank of America Corporation

Business Segment View

Net Income

Third Quarter 2003

9

Bank of America Corporation

Consumer and Commercial Banking Segment Results

(Dollars in millions)

	Year-to-Date						Quarterly
Key Measures	2003			2002			3 Qtr 03			2 Qtr 03			1 Qtr 03			4 Qtr 02			3 Qtr 02
Total revenue*	$	19,517		$	17,424		$	6,894		$	6,590		$	6,033		$	6,192		$	6,051
Provision for credit losses		1,506			1,295			496			522			488			510			420
Net income		5,607			4,822			2,145			1,871			1,591			1,721			1,678
Shareholder value added		4,113			3,224			1,633			1,381			1,099			1,168			1,144
Return on average equity		37.9	%		33.5	%		42.4	%		38.5	%		32.6	%		34.7	%		34.9	%
Efficiency ratio*		47.1			49.0			44.5			47.1			50.0			47.5			49.4
Selected Average Balance
Sheet Components
Total loans and leases	$	187,366		$	181,863		$	188,500		$	187,811		$	185,756		$	184,243		$	182,142
Total deposits		307,335			280,221			319,641			306,447			295,654			292,259			283,769
Total earning assets		336,004			280,167			346,764			339,030			321,945			314,605			286,249
Period End (in billions)
Mortgage servicing portfolio	$	245.9		$	278.7		$	245.9		$	249.6		$	257.2		$	264.5		$	278.7
Mortgage originations:
Retail		80.2			37.7			30.0			28.2			22.0			22.2			15.3
Wholesale		32.5			18.4			9.5			12.2			10.8			9.7			8.6

* Fully taxable-equivalent basis

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

10

Bank of America Corporation

E-Commerce & BankofAmerica.com

Bank of America has the largest active online banking customer base with 6.6 million subscribers. This represents an active customer penetration rate of 41%.

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

2.8 million active bill pay users paid $12.7 billion worth of bills this quarter. The number of customers who sign up and use Bank of America Bill Pay Service continues to far surpass that of any other financial institution.

Currently, over 270 companies are presenting over 5.0 million e-bills per quarter.

11

Bank of America Corporation

Consumer Credit Card Results

Included within Consumer Products

(Dollars in millions)

	Year-to-Date						Quarterly
	2003			2002			3 Qtr 03			2 Qtr 03			1 Qtr 03			4 Qtr 02			3 Qtr 02
Key Measures
Outstandings:
Held (Period end)	$	30,993		$	23,062		$	30,993		$	27,419		$	24,819		$	24,729		$	23,062
Managed (Period end)		33,631			28,057			33,631			30,807			29,064			29,461			28,057
Held (Average)		26,685			20,693			29,113			26,211			24,684			23,535			22,263
Managed (Average)		30,463			26,997			32,225			29,970			29,161			28,406			27,540
Managed Income Statement:
Total revenue	$	3,140		$	2,528		$	1,132		$	1,043		$	965		$	943		$	895
Provision for credit losses		1,422			1,156			540			473			409			386			392
Noninterest expense		827			746			273			279			275			244			254
Income before income taxes		891			626			319			291			281			313			249
Shareholder Value Added	$	413		$	270		$	151		$	134		$	128		$	152		$	114
Credit Quality:
Held:
Charge-offs $	$	1,091		$	796		$	390		$	378		$	323		$	299		$	285
Charge-offs %		5.47	%		5.14	%		5.32	%		5.78	%		5.31	%		5.03	%		5.09	%
Managed:
Losses $	$	1,240		$	1,086		$	433		$	429		$	378		$	357		$	356
Losses %		5.44	%		5.38	%		5.33	%		5.74	%		5.25	%		4.99	%		5.13	%
Managed Delinquency %:
30+		3.84	%		3.63	%		3.84	%		3.99	%		4.18	%		3.94	%		3.63	%
90+		1.76			1.66			1.76			1.80			1.91			1.71			1.66

12

Bank of America Corporation

Global Corporate and Investment Banking Segment Results

(Dollars in millions)

	Year-to-Date						Quarterly
Key Measures	2003			2002			3 Qtr 03			2 Qtr 03			1 Qtr 03			4 Qtr 02			3 Qtr 02
Total revenue*	$	6,858		$	6,592		$	2,253		$	2,262		$	2,343		$	2,085		$	2,001
Provision for credit losses		542			684			98			172			272			524			203
Net income		1,436			1,354			513			441			482			207			386
Shareholder value added		642			370			262			176			204			(119	)		63
Return on average equity		19.4	%		16.1	%		21.9	%		17.8	%		18.6	%		7.4	%		14.0	%
Efficiency ratio*		60.3			57.7			62.1			62.7			56.4			60.3			60.4
Selected Average Balance Sheet Components
Total loans and leases	$	51,319		$	64,029		$	46,243		$	51,285		$	56,543		$	60,475		$	61,032
Total deposits		67,224			64,392			67,456			66,900			67,315			65,879			66,163
Total earning assets		239,803			199,206			263,161			233,125			226,145			207,767			203,537

* Fully taxable-equivalent basis

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

13

Bank of America Corporation

Global Corporate & Investment Banking Strategic Progress Continues

Source: Thomson Financial—First Nine Months 2003

Significant US market share gains

Convertible debt market share increased substantially year over year, from 4.5% to 8.4%.

The market share for common stock underwriting more than doubled from 1.9% to 4.2% for the first nine months of 2003.

Mortgage-backed securities increased from 6.3% to 7.9% year over year.

14

Bank of America Corporation

Asset Management Segment Results

(Dollars in millions)

	Year-to-Date						Quarterly
Key Measures	2003			2002			3 Qtr 03			2 Qtr 03			1 Qtr 03			4 Qtr 02			3 Qtr 02
Total revenue*	$	1,805		$	1,791		$	615		$	612		$	578		$	588		$	571
Provision for credit losses		(3	)		288			(2	)		3			(4	)		30			118
Net income		408			267			123			145			140			108			63
Shareholder value added		185			54			48			71			66			26			(14	)
Return on average equity		19.7	%		14.8	%		17.7	%		21.1	%		20.4	%		15.6	%		9.7	%
Efficiency ratio*		65.7			61.4			70.5			63.1			63.3			67.2			63.7
Selected Average Balance
Sheet Components
Total loans and leases	$	22,920		$	24,242		$	23,205		$	22,866		$	22,683		$	22,950		$	23,637
Total deposits		12,962			11,860			13,313			12,710			12,859			12,531			11,967
Total earning assets		23,788			24,859			24,156			23,784			23,415			23,693			24,238
Period End (in billions)
Assets under management	$	318.1		$	271.9		$	318.1		$	314.9		$	297.0		$	310.4		$	271.9
Client brokerage assets		90.7			87.1			90.7			90.6			90.8			90.9			87.1
Assets in custody		47.3			42.1			47.3			47.9			45.1			46.5			42.1
Total client assets	$	456.1		$	401.1		$	456.1		$	453.4		$	432.9		$	447.8		$	401.1

* Fully taxable-equivalent basis

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

15

Bank of America Corporation

Equity Investments Segment Results

(Dollars in millions)
	Year-to-Date						Quarterly
Key Measures	2003			2002			3 Qtr 03			2 Qtr 03			1 Qtr 03			4 Qtr 02			3 Qtr 02
Total revenue*	$	(199	)	$	(346	)	$	(80	)	$	(12	)	$	(107	)	$	(100	)	$	(233	)
Provision for credit losses		4			—			—			3			1			7			—
Net income		(182	)		(248	)		(68	)		(28	)		(86	)		(83	)		(161	)
Shareholder value added		(351	)		(437	)		(126	)		(84	)		(141	)		(146	)		(223	)
Return on average equity		(11.7	)%		(15.6	)%		(13.0	)%		(5.5	)%		(16.7	)%		(15.6	)%		(30.6	)%
Efficiency ratio*		(41.4	)		(18.2	)		(35.2	)		n/m			(24.2	)		(27.4	)		(11.5	)
Selected Average Balance
Sheet Components
Total loans and leases	$	313		$	440		$	93		$	414		$	434		$	438		$	446
Total earning assets		313			443			93			414			434			438			446
Period End
Investment balances for Principal Investing	$	5,430		$	5,429		$	5,430		$	5,436		$	5,435		$	5,395		$	5,429

* Fully taxable-equivalent basis

n/m = not meaningful

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

16

Bank of America Corporation

Corporate Other Results⁽¹⁾

(Dollars in millions)
	Year-to-Date						Quarterly
Key Measures	2003			2002			3 Qtr 03			2 Qtr 03			1 Qtr 03			4 Qtr 02		3 Qtr 02
Total revenue*	$	760		$	654		$	234		$	327		$	199		$	202	$	295
Provision for credit losses		207			265			59			72			76			94		63
Net income(2)		815			440			209			309			297			661		269
Shareholder value added		(411	)		(665	)		(193	)		(130	)		(88	)		285		(90	)
Selected Average Balance
Sheet Components
Total loans and leases	$	89,201		$	64,129		$	99,247		$	87,903		$	80,246		$	74,994	$	73,227
Total deposits		14,464			11,669			14,159			19,250			9,932			10,712		12,034
Total earning assets		180,976			143,121			182,648			199,028			161,018			171,269		158,047

* Fully taxable-equivalent basis

(1) Corporate Other consists primarily of gains and losses associated with managing the balance sheet of the Corporation, certain consumer finance and commercial lending businesses being liquidated, and certain residential mortgages originated by the mortgage group or otherwise acquired and held for asset/liability management purposes.

(2) The fourth quarter of 2002 includes $488 tax benefit related to the settlement of federal income tax returns through 1999.

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

17

Bank of America Corporation

Net Charge-offs and Net Charge-off Ratios

(Dollars in millions)

	3Q02				4Q02				1Q03					2Q03				3Q03
	Amount		Ratio		Amount		Ratio		Amount			Ratio		Amount		Ratio		Amount		Ratio
Commercial—domestic	$	240	0.90	%	$	478	1.80	%	$	239		0.94	%	$	221	0.88	%	$	203	0.84	%
Commercial—foreign		148	2.77			205	3.95			120		2.57			53	1.19			58	1.36
Commercial real estate—domestic		6	0.12			9	0.20			9		0.18			10	0.21			13	0.26
Total commercial		394	1.05			692	1.87			368		1.04			284	0.82			274	0.82
Residential mortgage		5	0.02			18	0.07			2		0.01			11	0.04			14	0.04
Home equity lines		5	0.08			6	0.10			6		0.11			6	0.11			2	0.02
Direct/Indirect consumer		48	0.63			60	0.78			56		0.72			38	0.47			39	0.47
Consumer finance		54	2.13			77	3.44			68		3.42			46	2.52			44	2.74
Credit card		285	5.09			299	5.03			323		5.31			378	5.78			390	5.32
Other consumer—domestic		11	n/m			11	n/m			9		n/m			8	n/m			11	n/m
Foreign consumer		2	0.32			2	0.38			1		0.20			1	0.28			2	0.31
Total consumer		410	0.85			473	0.95			465		0.93			488	0.93			502	0.89
Total net charge-offs	$	804	0.94		$	1,165	1.35		$	833		0.98		$	772	0.88		$	776	0.86
By Business Segment:
Consumer & commercial banking	$	420	0.92	%	$	509	1.10	%	$	488		1.06	%	$	522	1.12	%	$	539	1.13	%
Global corporate & investment banking		203	1.32			526	3.44			272		1.96			172	1.34			170	1.46
Asset management		118	1.99			30	0.52			(4	)	(0.06	)		3	0.04			2	0.04
Equity investments		0	n/m			7	6.26			1		0.72			3	3.36			0	n/m
Corporate other		63	0.34			93	0.50			76		0.38			72	0.33			65	0.26
Total net charge-offs	$	804	0.94		$	1,165	1.35		$	833		0.98		$	772	0.88		$	776	0.86

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

n/m = not meaningful

18

Bank of America Corporation

Nonperforming Assets

(Dollars in millions)

	3Q02			4Q02			1Q03			2Q03			3Q03
Commercial—domestic	$	3,132		$	2,781		$	2,605		$	2,265		$	1,861
Commercial—foreign		854			1,359			1,279			1,040			756
Commercial real estate—domestic		172			161			173			154			154
Commercial real estate—foreign		3			3			3			2			2
Total commercial		4,161			4,304			4,060			3,461			2,773
Residential mortgage		585			612			628			618			563
Home equity lines		57			66			63			55			42
Direct/Indirect consumer		31			30			28			33			32
Consumer finance		8			19			18			11			12
Foreign consumer		7			6			9			9			7
Total consumer		688			733			746			726			656
Total nonperforming loans		4,849			5,037			4,806			4,187			3,429
Foreclosed properties		282			225			227			243			228
Total nonperforming assets(1)	$	5,131		$	5,262		$	5,033		$	4,430		$	3,657
Loans past due 90 days or more and still accruing	$	726		$	764		$	808		$	726		$	788
Nonperforming Assets / Total Assets		0.78	%		0.80	%		0.74	%		0.58	%		0.50	%
Nonperforming Assets / Total Loans, Leases and Foreclosed Properties		1.50			1.53			1.46			1.23			0.98
Nonperforming Loans / Total Loans and Leases		1.42			1.47			1.40			1.16			0.92
Allowance for Credit Losses	$	6,861		$	6,851		$	6,853		$	6,841		$	6,716
Allowance / Total Loans and Leases		2.01	%		2.00	%		2.00	%		1.90	%		1.80	%
Allowance / Total Nonperforming Loans		142			136			143			163			196

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

(1) Balances do not include $82, $98, $174, $120 and $184 of nonperforming assets included in other assets at September 30, 2003, June 30, 2003, March 31, 2003, December 31, 2002 and September 30, 2002, respectively.

19

Bank of America Corporation

Significant Industry Non-Real Estate Outstanding Commercial Loans and Leases

(Dollars in millions)

	September 30 2003		December 31 2002		Increase (Decrease) from 12/31/02
Retailing	$	10,941	$	10,572	3	%
Transportation		8,013		8,030	0
Leisure and sports, hotels and restaurants		7,557		8,139	(7	)
Food, beverage and tobacco		7,126		7,335	(3	)
Education and government		6,767		5,624	20
Capital goods		6,225		7,088	(12	)
Commercial services and supplies		6,001		6,449	(7	)
Materials		5,945		7,972	(25	)
Diversified financials		5,863		8,344	(30	)
Health care equipment and services		4,291		3,912	10
Utilities		3,480		5,590	(38	)
Media		3,353		5,911	(43	)
Religious and social organizations		2,831		2,426	17
Energy		2,562		3,076	(17	)
Consumer durables and apparel		2,459		2,591	(5	)
Telecommunications services		2,064		3,105	(34	)
Banks		1,755		1,881	(7	)
Food and drug retailing		1,296		1,344	(4	)
Technology hardware and equipment		1,130		1,368	(17	)
Automobiles and components		1,129		1,024	10
Insurance		943		1,616	(42	)
Other (1)		20,236		21,568	(6	)
Total	$	111,967	$	124,965	(10	)

(1) At September 30, 2003 and December 31, 2002, Other includes $9,486 and $9,090, respectively, of loans outstanding to individuals and trusts, representing 2.5% and 2.7% of total outstanding loans and leases, respectively. The remaining balance in Other includes loans to industries which primarily include software and services, pharmaceuticals and biotechnology, and household and personal products.

Outstanding Loans and Leases

(Dollars in millions)

	September 30 2003		December 31 2002		Increase (Decrease) from 12/31/02
Commercial—domestic	$	94,870	$	105,053	$	(10,183	)
Commercial—foreign		17,097		19,912		(2,815	)
Commercial real estate—domestic		19,377		19,910		(533	)
Commercial real estate—foreign		305		295		10
Total commercial		131,649		145,170		(13,521	)
Residential mortgage		146,424		108,197		38,227
Home equity lines		22,675		23,236		(561	)
Direct/Indirect consumer		33,391		31,068		2,323
Consumer finance		6,020		8,384		(2,364	)
Credit card		30,993		24,729		6,264
Foreign consumer		1,946		1,971		(25	)
Total consumer		241,449		197,585		43,864
Total	$	373,098	$	342,755	$	30,343

20

Bank of America Corporation

Emerging Markets

(Dollars in millions)													Total Foreign Exposure September 30, 2003		Increase/ (Decrease) from December 31, 2002
									Total Cross- border Exposure(3)		Gross Local Country Exposure(4)
	Loans and Loan Commitments		Other Financing(1)		Derivative Assets		Securities/ Other Investments(2)
Region/Country
Asia
China	$	56	$	7	$	54	$	24	$	141	$	69	$	210	$	(34	)
Hong Kong(5)		142		66		93		106		407		3,496		3,903		99
India		329		335		54		251		969		1,104		2,073		700
Indonesia		49		0		15		19		83		6		89		(31	)
South Korea		518		718		49		38		1,323		715		2,038		802
Malaysia		7		6		1		16		30		141		171		(69	)
Philippines		22		16		4		64		106		66		172		16
Singapore		198		10		74		1		283		1,151		1,434		(234	)
Taiwan		259		147		41		0		447		548		995		(94	)
Thailand		36		4		12		37		89		284		373		110
Other		7		17		2		0		26		90		116		13
Total		1,623		1,326		399		556		3,904		7,670		11,574		1,278
Central and Eastern Europe
Turkey		9		8		0		19		36		0		36		(22	)
Other		15		14		36		210		275		1		276		(30	)
Total		24		22		36		229		311		1		312		(52	)
Latin America
Argentina		152		29		2		88		271		83		354		(111	)
Brazil		170		329		8		95		602		223		825		(350	)
Chile		74		48		6		14		142		0		142		1
Colombia		37		15		1		7		60		0		60		(28	)
Mexico		638		164		140		1,879		2,821		163		2,984		1,395
Venezuela		95		1		0		131		227		0		227		(5	)
Other		96		70		0		24		190		0		190		(35	)
Total		1,262		656		157		2,238		4,313		469		4,782		867
Total	$	2,909	$	2,004	$	592	$	3,023	$	8,528	$	8,140	$	16,668	$	2,093

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

(2) Amounts outstanding in the table above for Philippines, Argentina, Mexico, Venezuela and Latin America Other have been reduced by $13, $44, $0, $141 and $39, respectively, at September 30, 2003, and $12, $90, $505, $131 and $37, respectively, at December 31, 2002. Such amounts represent the fair value of U.S. Treasury securities held as collateral outside the country of exposure.

(3) Cross-border exposure includes amounts payable to the Corporation by residents of countries other than the one in which the credit is booked, regardless of the currency in which the claim is denominated, consistent with Federal Financial Institutions Examinations Council (FFIEC) reporting rules.

(4) Gross local country exposure includes amounts payable to the Corporation by residents of countries in which the credit is booked, regardless of the currency in which the claim is denominated. Management does not net local funding or liabilities against local exposures as allowed by the FFIEC.

(5) Gross local country exposure to Hong Kong consisted of $1,885 of consumer loans and $1,611 of commercial exposure at September 30, 2003 compared to $1,828 of consumer loans and $1,572 of commercial exposure at December 31, 2002. The consumer loans were collateralized primarily by residential real estate. The commercial exposure was primarily to local clients and was diversified across many industries.

21