8-K

As Filed with the Securities and Exchange Commission on July 14, 2004

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):

July 14, 2004

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 July 14, 2004, Bank of America Corporation (the “Registrant”) announced financial results for the second quarter ended June 30, 2004, reporting earnings of $3.85 billion and diluted earnings per common share of $1.86. A copy of the press release announcing the Registrant’s results for the second quarter ended June 30, 2004 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.
99.1	Press Release dated July 14, 2004 with respect to the Registrant’s financial results for the second quarter ended June 30, 2004.
99.2	Supplemental Information prepared for use on July 14, 2004 in connection with financial results for the second quarter ended June 30, 2004.

Item 9. REGULATION FD DISCLOSURE.

On July 14, 2004, the Registrant held an investor conference and webcast to disclose financial results for the second quarter ended June 30, 2004. 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 package is presented as of June 30, 2004, 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 filings under the Securities Act of 1933.

Item 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On June 14, 2004, the Registrant announced financial results for the second quarter ended June 30, 2004, reporting earnings of $3.85 billion and diluted earnings per common share of $1.86. A copy of the press release announcing the Registrant’s results for the second quarter ended June 30, 2004 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, 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/ Teresa M. Brenner
	Teresa M. Brenner
	Associate General Counsel

Dated: July 14, 2004

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	Press Release dated July 14, 2004 with respect to the Registrant’s financial results for the second quarter ended June 30, 2004.
99.2	Supplemental Information prepared for use on July 14, 2004 in connection with financial results for the second quarter ended June 30, 2004.

EX-99.1

Exhibit 99.1

July 14, 2004

Investors may contact:

Kevin Stitt, Bank of America, 704.386.5667

Lee McEntire, Bank of America, 704.388.6780

Leyla Pakzad, Bank of America, 704.386.2024

Media may contact:

Eloise Hale, Bank of America, 704.387.0013

Bank of America reports second quarter earnings of $3.85 billion;

Earnings per share of $1.86

Ahead of schedule on merger integration

CHARLOTTE — Bank of America Corporation today reported second quarter earnings of $3.85 billion, or $1.86 per share (diluted), compared to earnings of $2.74 billion, or $1.80 per share, a year ago. Return on common equity was 16.63 percent. Current results reflect the addition of FleetBoston Financial Corporation, which the company acquired on April 1, 2004. Under purchase accounting rules, year-ago and first quarter 2004 results do not include the impact of Fleet.

Second quarter earnings included pre-tax merger-related expenses of $125 million, which reduced earnings per share 4 cents. Estimated cost savings from the merger were $206 million in the quarter.

In addition to the impact of the merger, the company’s results were driven by continued strong performance in consumer banking and improved results in the commercial banking sector. The company also achieved record investment banking income and higher trading results, strong control of core expenses and increased securities gains. Significantly higher litigation expense was recorded.

For the first six months of 2004, Bank of America earned $6.53 billion, or $3.70 per share, compared to $5.16 billion, or $3.39 per share, a year earlier.

“Our results indicate the power and potential of the franchise we have built, as well as our customers’ desire to do more business with us,” said Kenneth D. Lewis, president and chief executive officer. “I am particularly pleased that even as we successfully execute on the merger with FleetBoston Financial, our associates continue to grow customer relationships and gain market share in key products throughout our franchise, including in the Northeast.

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“We are ahead of schedule in integrating Fleet. All key consumer and commercial market executives in the Northeast have been named. Commercial Banking, Global Corporate and Investment Banking, Global Treasury Services and Premier have all been rebranded. Loan Solutions and Bank of America Spirit, the company’s training program, are being introduced in the Northeast banking centers. Our new Fleet teammates are contributing significantly to the company’s progress, which is shown by the net increase in consumer customer accounts at Fleet during the quarter. We look forward to converting Fleet banking centers to the Bank of America brand beginning this quarter.”

Second Quarter Business Highlights

To provide a meaningful period-to-period comparison and one that is more reflective of ongoing operations, this section’s highlights are calculated by combining Bank of America and Fleet results on a pro forma basis for the applicable comparisons.

• Product sales in the banking centers increased 32 percent from a year ago.

• Strong deposit growth continued.

• Nonperforming assets continued to trend downward.

• The number of consumer checking accounts grew by net 575,000 during the quarter, including 43,000 opened in the former Fleet franchise. Year to date, the company has increased accounts by 1,003,000 and is on target to meet its combined goal of 2.2 million for the year.

• The number of consumer savings accounts grew by net 740,000 during the quarter, including 63,000 opened in the former Fleet franchise. Year to date, the company has increased accounts by 1,278,000 and is on target to exceed its combined goal of 2.0 million for the year.

• The company opened 1.5 million new credit card accounts during the quarter. This growth was driven by the development of more competitive offers, improved technology at the point of sale and an increase in direct mail marketing.

• The company is on track to meet its target of opening 150 new banking centers this year.

• Online banking, with more than 11.2 million users, achieved a 48 percent penetration rate among all customers with a checking account. Customers using online banking are 27 percent more profitable than those who do not use it.

• In the first half of the year, the company’s market share in leveraged loans increased to 22.6 percent from 18.9 percent in the same time-period a year ago. Mergers and acquisitions’ market share nearly doubled to 7.1 percent.

• The company also became the top US deal manager in commercial mortgage-backed securities.

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Second Quarter Financial Summary

Compared to a year ago, using GAAP-reported results which exclude Fleet results in prior periods

Revenue

Revenue on a fully taxable-equivalent basis grew to $13.19 billion from $9.79 billion the previous year.

Net interest income on a fully taxable-equivalent basis was $7.75 billion compared to $5.52 billion a year earlier. This increase was driven by the impact of the Fleet merger. Other contributing factors, as measured on a combined company comparative basis, included the impact of consumer loan growth, higher asset/liability management portfolio and rate levels, domestic deposit growth, and larger contributions from trading-related activities. These increases were partially offset by the impact of lower large corporate and foreign loan balances.

Noninterest income was $5.44 billion compared to $4.26 billion a year earlier. This increase was driven primarily by the impact of the Fleet merger. Other factors included record investment banking income and higher card income. This was somewhat offset by lower mortgage banking income as mortgage originations declined from year-ago levels.

During the quarter, the company realized $795 million in securities gains as it repositioned its balance sheet for expected movements in interest rates.

Efficiency

Noninterest expense of $7.20 billion included merger costs and approximately $300 million charge for litigation costs, which covered the recently announced settlement of the Enron lawsuit and other issues. Total noninterest expense was $5.07 billion a year ago.

Credit quality

Overall credit quality continued to improve. As a percentage of total loans, both net charge-offs and nonperforming assets continued to decline. All major commercial asset quality indicators showed positive trends and consumer asset quality remained stable and continued to perform well.

• Provision for credit losses was $789 million compared to $772 million a year earlier and $624 million in the first quarter.

• Net charge-offs were 0.67 percent of average loans and leases, or $829 million, down from 0.88 percent of loans and leases, or $772 million, a year earlier and 0.77 percent, or $720 million, in the first quarter.

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• Nonperforming assets were 0.64 percent of total loans, leases and foreclosed properties, or $3.18 billion, as of June 30, 2004. This compared to 1.23 percent, or $4.43 billion, on June 30, 2003 and 0.66 percent, or $2.49 billion, on March 31, 2004.

• The allowance for loan and lease losses stood at 1.76 percent of loans and leases, or $8.77 billion, on June 30, 2004. This compared to 1.77 percent or $6.37 billion on June 30, 2003 and 1.62 percent or $6.08 billion on March 31, 2004. As of June 30, 2004, the allowance for loan and lease losses represented 305 percent of nonperforming loans and leases, compared to 152 percent on June 30, 2003 and 258 percent as of March 31, 2004.

Capital management

Total shareholders’ equity was $95.8 billion on June 30, 2004, compared to $51.0 billion a year ago, and represented 9 percent of period-end assets of $1.04 trillion. The Tier 1 Capital Ratio was 8.20 percent, compared to 8.08 percent a year ago and 7.73 percent on March 31, 2004.

During the quarter, Bank of America issued 17.4 million shares related to employee options and stock ownership plans and repurchased 24.5 million shares. Average common shares issued and outstanding were 2.03 billion in the second quarter, up from 1.49 billion a year earlier. In June, the company’s board of directors declared a 2-for-1 stock split in the form of a common stock dividend, effective August 27, 2004.

Business Segments Results

With the merger of Fleet, the company reorganized its business segments. What was formerly Consumer and Commercial Banking has been separated into two segments — Consumer and Small Business Banking; and Commercial Banking. Wealth and Investment Management now includes private banking, asset management, premier banking, brokerage and the NYSE Specialist firm. Global Corporate and Investment Banking is relatively unchanged and Corporate Other includes Latin America, equity investments, liquidating businesses and treasury.

Consumer and Small Business Banking

Consumer and Small Business Banking earned $1.91 billion. Total revenue was $7.15 billion. Expenses were $3.47 billion. Net interest income was $4.51 billion and noninterest income was $2.64 billion.

In addition to the impact of the merger with Fleet, the company continued to see strong benefits from organic growth as average deposits and loans grew significantly. Both credit card purchase volume and the average dollar amount per transaction increased. Debit card purchase volume increased as more customers moved away from writing checks. Home equity lines and balances increased. Growth in the Hispanic market continued to draw strength from the company’s Nuevo Futuro checking account and SafeSend, its remittance product that allows customers to send money to friends and family members in Mexico.

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Commercial Banking

Commercial Banking earned $642 million. Total revenue was $1.74 billion. Expenses were $714 million. Net interest income was $1.24 billion and noninterest income was $503 million.

In addition to the impact of the merger with Fleet, the results were driven by deposit growth, an increase in investment banking fees and lower provision expense. Loans continued to grow modestly.

Global Corporate and Investment Banking

Global Corporate and Investment Banking earned $429 million. Total revenue was $2.63 billion. Expenses were $2.00 billion, which included the majority of the litigation charge. Net interest income was $1.14 billion and noninterest income was $1.49 billion.

Record levels of investment banking fees and strong trading results drove this growth. The increase in investment banking fees was led by improved deal volume and strong demand for syndications and advisory services. Strong trading results were led by commercial mortgage-backed securities and sales of risk management products. Also driving increased results were improvements in commodities and significantly lower hedging costs of the corporate loan portfolio. Provision expense was negative for the third straight quarter.

Wealth and Investment Management

Wealth and Investment Management earned $392 million. Total revenue was $1.51 billion. Expenses were $887 million. Net interest income was $672 million and noninterest income was $841 million.

Assets under management were $440 billion and continued to see a significant change in mix as equities increased to 43 percent of total assets under management.

Corporate Other

Corporate Other earned $476 million. Principal Investing continued to show improvements, reporting cash gains of $223 million in the second quarter offset by $132 million in impairments and $35 million in mark-to-market adjustments. Latin America earned $66 million on total revenue of $269 million with expenses of $170 million.

Note: Marc D. Oken, chief financial officer, will discuss second 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/.

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Bank of America is one of the world’s largest financial institutions, serving individual consumers, small 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 33 million consumer relationships with 5,700 retail banking offices, more than 16,000 ATMs and award-winning online banking with more than ten million active users. Bank of America is the No. 1 Small Business Administration Lender in the United States by the SBA. The company serves clients in 150 countries and has relationships with 96 percent of the U.S. Fortune 500 companies and 82 percent of the Global Fortune 500. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.

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 including the threat of future terrorist activity 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; 7) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 8) litigation 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

	Three Months Ended June 30						Six Months Ended June 30
	2004			2003			2004			2003
(Dollars in millions, except per share data; shares in thousands)
Financial Summary
Earnings	$	3,849		$	2,738		$	6,530		$	5,162
Earnings per common share		1.89			1.83			3.76			3.45
Diluted earnings per common share		1.86			1.80			3.70			3.39
Dividends paid per common share		0.80			0.64			1.60			1.28
Closing market price per common share		84.62			79.03			84.62			79.03
Average common shares issued and outstanding		2,031,192			1,494,094			1,735,758			1,496,827
Average diluted common shares issued and outstanding		2,065,645			1,523,306			1,765,519			1,524,715
Summary Income Statement
Net interest income	$	7,581		$	5,365		$	13,382		$	10,574
Total noninterest income		5,440			4,262			9,157			7,955
Total revenue		13,021			9,627			22,539			18,529
Provision for credit losses		789			772			1,413			1,605
Gains on sales of debt securities		795			296			1,290			569
Merger and restructuring charges		125			—			125			—
Other noninterest expense		7,076			5,065			12,493			9,790
Income before income taxes		5,826			4,086			9,798			7,703
Income tax expense		1,977			1,348			3,268			2,541
Net income	$	3,849		$	2,738		$	6,530		$	5,162
Summary Average Balance Sheet
Total loans and leases	$	497,158		$	350,279		$	435,618		$	347,983
Debt securities		159,797			94,017			129,776			80,178
Total earning assets		944,990			663,500			844,350			638,435
Total assets		1,108,307			775,084			978,967			744,602
Total deposits		582,305			405,307			503,690			395,587
Shareholders’ equity		93,266			50,269			70,976			49,837
Common shareholders’ equity		92,943			50,212			70,787			49,780
Performance Indices
Return on average assets		1.40	%		1.42	%		1.34	%		1.40	%
Return on average common shareholders' equity		16.63			21.86			18.53			20.90
Credit Quality
Net charge-offs	$	829		$	772		$	1,549		$	1,605
Annualized net charge-offs as a % of average loans and leases outstanding		0.67	%		0.88	%		0.72	%		0.93	%
Managed credit card net losses as a % of average managed credit card receivables		5.88			5.74			5.54			5.50

	At June 30
	2004			2003
Balance Sheet Highlights
Loans and leases	$	498,481		$	360,305
Total debt securities		166,653			112,925
Total earning assets		882,852			655,684
Total assets		1,037,202			769,654
Total deposits		575,413			421,935
Total shareholders’ equity		95,821			51,016
Common shareholders’ equity		95,499			50,960
Book value per share		47.01			34.06
Total equity to assets ratio (period end)		9.24	%		6.63	%
Risk-based capital ratios:
Tier 1		8.20			8.08
Total		11.83			11.95
Leverage ratio		5.83			5.92
Period-end common shares issued and outstanding		2,031,328			1,496,314
Allowance for credit losses:
Allowance for loan and lease losses	$	8,767		$	6,366
Reserve for unfunded lending commitments		486			475
Total	$	9,253		$	6,841
Allowance for loan and lease losses as a % of total loans and leases		1.76	%		1.77	%
Allowance for loan and lease losses as a % of total nonperforming loans and leases		305			152
Total nonperforming loans and leases	$	2,879		$	4,187
Total nonperforming assets		3,179			4,430
Nonperforming assets as a % of:
Total assets		0.31	%		0.58	%
Total loans, leases and foreclosed properties		0.64			1.23
Nonperforming loans and leases as a % of total loans and leases		0.58			1.16
Other Data
Full-time equivalent employees		177,986			132,796
Number of banking centers		5,790			4,200
Number of ATMs		16,696			13,250

BUSINESS SEGMENT RESULTS

	Consumer and Small Business Banking			Commercial Banking			Global Corporate and Investment Banking			Wealth and Investment Management			Corporate Other
Three Months Ended June 30, 2004
Total revenue (FTE) (1)	$	7,149		$	1,741		$	2,630		$	1,513		$	158
Net income		1,910			642			429			392			476
Shareholder value added		1,036			59			145			172			179
Return on average equity		20.74	%		11.60	%		15.91	%		18.03	%		n/m
Average loans and leases	$	145,830		$	139,032		$	38,125		$	44,107		$	130,064
Three Months Ended June 30, 2003
Total revenue (FTE) (1)	$	5,224		$	1,144		$	2,113		$	987		$	318
Net income		1,408			378			413			300			239
Shareholder value added		1,130			173			177			186			(252	)
Return on average equity		49.19	%		19.78	%		18.78	%		27.73	%		n/m
Average loans and leases	$	91,497		$	93,598		$	38,475		$	37,617		$	89,092

n/m=not meaningful

	Three Months Ended June 30						Six Months Ended June 30
	2004			2003			2004			2003
SUPPLEMENTAL FINANCIAL DATA
Fully taxable-equivalent basis data (1)
Net interest income	$	7,751		$	5,524		$	13,721		$	10,885
Total revenue		13,191			9,786			22,878			18,840
Net interest yield		3.29	%		3.33	%		3.26	%		3.42	%
Efficiency ratio		54.59			51.76			55.15			51.96
Reconciliation of net income to operating earnings
Net income	$	3,849		$	2,738		$	6,530		$	5,162
Merger and restructuring charges		125			—			125			—
Related income tax benefit		(42	)		—			(42	)		—
Operating earnings	$	3,932		$	2,738		$	6,613		$	5,162
Operating Basis
Diluted earnings per common share	$	1.90		$	1.80		$	3.74		$	3.39
Return on average assets		1.43	%		1.42	%		1.36	%		1.40	%
Return on avg common shareholders’ equity		16.99			21.86			18.77			20.99
Efficiency ratio		53.64			51.76			54.61			51.96
Reconciliation of net income to shareholder value added
Net income	$	3,849		$	2,738		$	6,530		$	5,162
Amortization of intangibles		201			54			255			108
Merger and restructuring charges, net of tax benefit		83			—			83			—
Capital charge		(2,542	)		(1,378	)		(3,872	)		(2,716	)
Shareholder value added	$	1,591		$	1,414		$	2,996		$	2,554

⁽¹⁾ Fully taxable-equivalent (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 purpose.

EX-99.2

Exhibit 99.2

Supplemental Information

Second Quarter 2004

July 14, 2004

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

2nd Quarter 2004 Results

• Net income of $3.85 billion or $1.86 per diluted share includes results from FleetBoston acquisition.

Excluding merger and restructuring charges of $125 million, $83 million after tax, earnings were $1.90 per diluted share.

Prior period results on a GAAP basis under purchase accounting rules do not include FleetBoston history.

• Results include $125 million merger and restructuring charges, or $0.04 after tax.

• Revenue of $13.0 billion increased 37% from 1Q04 on a reported basis. On a combined basis, revenue increased 3%.

• Noninterest expense of $7.2 billion increased 33% from 1Q04 on a reported basis and includes a pre-tax merger charge of $125 million.

On a combined basis, noninterest expense, excluding the merger charge, decreased 6%.

• Current quarter includes $300 million litigation costs while 1Q04 included $425 million mutual fund settlement charges.

• Current quarter includes an estimated $206 million in merger cost saves.

• Securities gains in the quarter were $795 million as the company repositioned from lower to higher coupon mortgages. Security gains for 1Q04 were $495 million on a reported basis and $544 million on a combined basis.

• Provision expense of $789 million increased 26% from 1Q04 on a reported basis as well as on a combined basis as Fleet reported no provision expense in the 1Q04.

• Credit quality trends in 2Q04 continue to show improvement in commercial and large corporate businesses, while consumer businesses remain stable and are performing well.

• Nonperforming assets of $3.18 billion, or 0.64% of loans, leases and foreclosed properties, increased $694 million on a reported basis. On a combined basis, nonperforming assets declined $527 million from 1Q04 levels.

• Net loan charge-offs were $829 million, or 0.67% of average loans and leases. This compares to reported 1Q04 net charge-offs of $720 million or 0.77% of average loans and leases. On a combined basis, net charge-offs declined $124 million from $953 million, or 0.76% of average loans and leases.

• Second quarter business highlights presented on a combined basis include:

• Product sales in the banking centers increased 32% from a year ago.

• Average core retail deposits grew $14 billion, or 4%, from the prior quarter.

• Net new checking accounts grew by 575,000 during the quarter including 43,000 in the former Fleet franchise.

• Net new savings accounts grew by 740,000 during the quarter, including 63,000 in the former Fleet franchise.

• Opened 1.5 million new credit card accounts during 2Q04.

• Middle market loans continue steady growth.

• Record investment banking revenue led by strength in leveraged loan syndications.

• Online banking now includes more than 11.2 million active online banking customers with 4.5 million of these customers paying more than $21 billion in bills online quarterly.

• Merger integration ahead of schedule.

• All key consumer and commercial market executives in the Northeast are in place and trained.

• Bank of America Spirit rolled out to New England banking centers in June.

• Loan Solutions mortgage platform rolled out to Connecticut stores and will be fully implemented in the Northeast by end of 3Q.

• Re-issuance of Fleet credit and debit cards will begin in 3Q04 and will be completed by end of 1Q05.

• Sign changes in the Northeast will start in 3Q04 and will be completed by end of 2004.

• Accounting back-office systems conversions are expected to be completed during 3Q04.

• Model Bank scheduled implementation is 2Q05.

1

Bank of America Corporation

Consolidated Financial Highlights

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

	Year-to- Date 2004			Year-to- Date 2003			Second Quarter 2004			First Quarter 2004			Fourth Quarter 2003			Third Quarter 2003			Second Quarter 2003
Income statement
Total revenue	$	22,539		$	18,529		$	13,021		$	9,518		$	9,635		$	9,750		$	9,627
Provision for credit losses		1,413			1,605			789			624			583			651			772
Gains on sales of debt securities		1,290			569			795			495			139			233			296
Noninterest expense		12,618			9,790			7,201			5,417			5,288			5,077			5,065
Income tax expense		3,268			2,541			1,977			1,291			1,177			1,333			1,348
Net income		6,530			5,162			3,849			2,681			2,726			2,922			2,738
Diluted earnings per common share		3.70			3.39			1.86			1.83			1.83			1.92			1.80
Average diluted common shares issued and outstanding		1,765,519			1,524,715			2,065,645			1,466,701			1,489,481			1,519,641			1,523,306
Dividends paid per common share	$	1.60		$	1.28		$	0.80		$	0.80		$	0.80		$	0.80		$	0.64
Performance ratios
Return on average assets		1.34	%		1.40	%		1.40	%		1.27	%		1.39	%		1.48	%		1.42	%
Return on average common shareholders’ equity		18.53			20.90			16.63			22.16			22.42			23.74			21.86
Book value per share of common stock	$	47.01		$	34.06		$	47.01		$	33.71		$	33.26		$	33.83		$	34.06
Market price per share of common stock:
High closing price for the period	$	85.44		$	79.89		$	85.44		$	82.76		$	82.50		$	83.53		$	79.89
Low closing price for the period		77.17			65.63			77.17			78.30			72.85			74.87			68.00
Closing price		84.62			79.03			84.62			80.98			80.43			78.04			79.03
Market capitalization		171,891			118,254			171,891			117,056			115,911			116,236			118,254
Number of banking centers		5,790			4,200			5,790			4,272			4,277			4,211			4,200
Number of ATMs		16,696			13,250			16,696			13,168			13,241			13,120			13,250
Full-time equivalent employees		177,986			132,796			177,986			134,374			133,549			132,749			132,796

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

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

2

Bank of America Corporation

Supplemental Financial Data

(Dollars in millions)

Fully taxable-equivalent basis data

	Year-to- Date 2004			Year-to- Date 2003			Second Quarter 2004			First Quarter 2004			Fourth Quarter 2003			Third Quarter 2003			Second Quarter 2003
Net interest income	$	13,721		$	10,885		$	7,751		$	5,970		$	5,745		$	5,477		$	5,524
Total revenue		22,878			18,840			13,191			9,687			9,794			9,923			9,786
Net interest yield		3.26	%		3.42	%		3.29	%		3.22	%		3.39	%		3.22	%		3.33	%
Efficiency ratio		55.15			51.96			54.59			55.92			53.98			51.16			51.76

Reconciliation to GAAP financial measures

Supplemental financial data presented on an operating basis is a basis of presentation not defined by GAAP (generally accepted accounting principles) that excludes merger and restructuring charges. We believe that the exclusion of the merger and restructuring charges, which represent events outside of our normal operations, provides a meaningful period-to-period comparison and is more reflective of normalized operations.

Shareholder value added (SVA) is a key measure of performance not defined by GAAP that is used in managing our growth strategy orientation and strengthening our focus on generating long-term growth and shareholder value. SVA is used in measuring performance of our different business units and is an integral component for allocating resources. Each business segment has a goal for growth in SVA reflecting the individual segment's business and customer strategy.

Other companies may define or calculate supplemental financial data differently. See the Tables below for supplemental financial data and corresponding reconciliation to GAAP financial measures for year-to-date ended June 30, 2004 and 2003, and the quarters ended June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003 and June 30, 2003.

Reconciliation of net income to operating earnings

	Year-to- Date 2004			Year-to- Date 2003			Second Quarter 2004			First Quarter 2004			Fourth Quarter 2003			Third Quarter 2003			Second Quarter 2003
Net income	$	6,530		$	5,162		$	3,849		$	2,681		$	2,726		$	2,922		$	2,738
Merger and restructuring charges		125			—			125			—			—			—			—
Related income tax benefit		(42	)		—			(42	)		—			—			—			—
Operating earnings	$	6,613		$	5,162		$	3,932		$	2,681		$	2,726		$	2,922		$	2,738
Operating Basis
Diluted earnings per common share	$	3.74		$	3.39		$	1.90		$	1.83		$	1.83		$	1.92		$	1.80
Return on average assets		1.36	%		1.40	%		1.43	%		1.27	%		1.39	%		1.48	%		1.42	%
Return on avg common shareholders' equity		18.77			20.99			16.99			22.16			22.42			23.74			21.86
Efficiency ratio		54.61			51.96			53.64			55.92			53.98			51.16			51.76
Reconciliation of net income to shareholder value added
Net income	$	6,530		$	5,162		$	3,849		$	2,681		$	2,726		$	2,922		$	2,738
Amortization of intangibles		255			108			201			54			54			55			54
Merger and restructuring charges,
net of tax benefit		83			—			83			—			—			—			—
Capital charge		(3,872	)		(2,716	)		(2,542	)		(1,330	)		(1,337	)		(1,353	)		(1,378	)
Shareholder value added	$	2,996		$	2,554		$	1,591		$	1,405		$	1,443		$	1,624		$	1,414

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

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

3

Bank of America Corporation

Consolidated Statement of Income

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

	Year-to- Date 2004		Year-to- Date 2003			Second Quarter 2004		First Quarter 2004		Fourth Quarter 2003		Third Quarter 2003		Second Quarter 2003
Interest income
Interest and fees on loans and leases	$	12,786	$	10,760		$	7,237	$	5,549	$	5,580	$	5,328	$	5,412
Interest on debt securities		3,119		1,742			1,907		1,212		726		600		988
Federal funds sold and securities purchased under agreements to resell		847		387			413		434		506		480		193
Trading account assets		2,020		2,049			1,011		1,009		911		975		1,007
Other interest income		808		782			440		368		345		472		395
Total interest income		19,580		15,720			11,008		8,572		8,068		7,855		7,995
Interest expense
Deposits		2,735		2,452			1,529		1,206		1,178		1,278		1,269
Short-term borrowings		1,777		967			1,037		740		537		447		514
Trading account liabilities		632		624			298		334		317		345		316
Long-term debt		1,054		1,103			563		491		450		481		531
Total interest expense		6,198		5,146			3,427		2,771		2,482		2,551		2,630
Net interest income		13,382		10,574			7,581		5,801		5,586		5,304		5,365
Noninterest income
Service charges		3,199		2,724			1,783		1,416		1,436		1,458		1,370
Investment and brokerage services		1,594		1,158			972		622		619		594		610
Mortgage banking income		508		964			299		209		292		666		559
Investment banking income		951		866			547		404		458		412		488
Equity investment gains (losses)		217		(25	)		84		133		215		25		43
Card income		1,951		1,443			1,156		795		815		794		762
Trading account profits		416		207			413		3		27		175		93
Other income		321		618			186		135		187		322		337
Total noninterest income		9,157		7,955			5,440		3,717		4,049		4,446		4,262
Total revenue		22,539		18,529			13,021		9,518		9,635		9,750		9,627
Provision for credit losses		1,413		1,605			789		624		583		651		772
Gains on sales of debt securities		1,290		569			795		495		139		233		296
Noninterest expense
Personnel		6,401		5,154			3,639		2,762		2,697		2,595		2,695
Occupancy		1,109		970			621		488		514		522		498
Equipment		579		537			318		261		263		252		253
Marketing		648		468			367		281		268		249		238
Professional fees		327		406			180		147		224		214		281
Amortization of intangibles		255		108			201		54		54		55		54
Data processing		614		528			330		284		301		275		262
Telecommunications		334		261			183		151		158		152		137
Other general operating		2,226		1,358			1,237		989		809		763		647
Merger and restructuring charges		125		—			125		—		—		—		—
Total noninterest expense		12,618		9,790			7,201		5,417		5,288		5,077		5,065
Income before income taxes		9,798		7,703			5,826		3,972		3,903		4,255		4,086
Income tax expense		3,268		2,541			1,977		1,291		1,177		1,333		1,348
Net income	$	6,530	$	5,162		$	3,849	$	2,681	$	2,726	$	2,922	$	2,738
Net income available to common shareholders	$	6,524	$	5,160		$	3,844	$	2,680	$	2,725	$	2,921	$	2,737
Per common share information
Earnings	$	3.76	$	3.45		$	1.89	$	1.86	$	1.86	$	1.96	$	1.83
Diluted earnings	$	3.70	$	3.39		$	1.86	$	1.83	$	1.83	$	1.92	$	1.80
Dividends paid	$	1.60	$	1.28		$	0.80	$	0.80	$	0.80	$	0.80	$	0.64
Average common shares issued and outstanding		1,735,758		1,496,827			2,031,192		1,440,153		1,463,247		1,490,103		1,494,094
Average diluted common shares issued and outstanding		1,765,519		1,524,715			2,065,645		1,466,701		1,489,481		1,519,641		1,523,306

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

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

4

Bank of America Corporation

Consolidated Balance Sheet

(Dollars in millions)	June 30 2004			March 31 2004			June 30 2003
Assets
Cash and cash equivalents	$	31,789		$	22,296		$	25,220
Time deposits placed and other short-term investments		10,418			8,561			6,790
Federal funds sold and securities purchased under agreements to resell		81,437			73,057			64,314
Trading account assets		85,972			75,004			66,947
Derivative assets		32,241			36,488			38,587
Debt securities:
Available-for-sale		166,175			139,546			112,646
Held-to-maturity, at cost		478			242			279
Total debt securities		166,653			139,788			112,925
Loans and leases		498,481			375,968			360,305
Allowance for loan and lease losses		(8,767	)		(6,080	)		(6,366	)
Loans and leases, net of allowance		489,714			369,888			353,939
Premises and equipment, net		7,797			6,076			5,899
Mortgage banking assets		3,005			2,184			1,748
Goodwill		44,672			11,468			11,426
Core deposit intangibles and other intangibles		3,922			854			1,010
Other assets		79,582			70,348			80,849
Total assets	$	1,037,202		$	816,012		$	769,654
Liabilities
Deposits in domestic offices:
Noninterest-bearing	$	154,061		$	121,629		$	132,851
Interest-bearing		369,446			267,850			256,602
Deposits in foreign offices:
Noninterest-bearing		5,499			2,805			2,206
Interest-bearing		46,407			43,308			30,276
Total deposits		575,413			435,592			421,935
Federal funds purchased and securities sold under agreements to repurchase		119,264			115,434			104,821
Trading account liabilities		29,689			27,402			27,708
Derivative liabilities		20,519			24,321			23,435
Commercial paper and other short-term borrowings		69,495			64,621			43,584
Accrued expenses and other liabilities (includes $486, $401 and $475 of Reserve for unfunded lending commitments)		28,682			18,635			29,418
Long-term debt		98,319			81,231			61,681
Trust preferred securities		—			—			6,056
Total liabilities		941,381			767,236			718,638
Shareholders’ equity
Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and
outstanding 2,292,013; 1,239,563 and 1,306,463 shares		322			53			56
Common stock, $0.01 par value; authorized - 7,500,000,000 shares; issued and
outstanding 2,031,328,433; 1,445,487,313; and 1,496,314,280 shares		45,654			14			15
Retained earnings		54,045			51,823			51,374
Accumulated other comprehensive loss		(3,862	)		(2,743	)		(251	)
Other		(338	)		(371	)		(178	)
Total shareholders’ equity		95,821			48,776			51,016
Total liabilities and shareholders’ equity	$	1,037,202		$	816,012		$	769,654

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

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

5

Bank of America Corporation

Capital Management

(Dollars in millions)

	2Q04*			1Q04			4Q03			3Q03			2Q03
Tier 1 capital	$	61,882		$	45,515		$	44,050		$	46,094		$	45,192
Total capital		89,268			67,484			66,651			67,991			66,843
Risk-weighted assets		754,386			588,770			561,294			558,472			559,324
Tier 1 capital ratio		8.20	%		7.73	%		7.85	%		8.25	%		8.08	%
Total capital ratio		11.83			11.46			11.87			12.17			11.95
Ending equity / ending assets		9.24			5.98			6.52			6.84			6.63
Ending capital / ending assets		10.13			6.72			7.34			7.69			7.42
Average equity / average assets		8.42			5.73			6.19			6.22			6.49
Leverage ratio		5.83			5.43			5.73			5.95			5.92

* Preliminary data on risk-based capital

Share Repurchase Program

25 million common shares were repurchased in the second quarter of 2004 as a part of ongoing share repurchase programs.

78 million shares remain outstanding under the 2004 authorized program.

610 million shares were issued in the second quarter of 2004, with 593 million issued due to the Fleet acquistion.

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

6

Bank of America Corporation

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

(Dollars in millions)

	Second Quarter 2004						First Quarter 2004						Second Quarter 2003
	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	$	14,384	$	59	1.65	%	$	12,268	$	48	1.57	%	$	7,888	$	39	1.99	%
Federal funds sold and securities purchased under agreements to resell		124,383		413	1.33			113,761		434	1.53			70,054		194	1.11
Trading account assets		104,391		1,027	3.94			105,033		1,023	3.90			99,129		1,022	4.13
Debt securities		159,797		1,925	4.82			99,755		1,223	4.91			94,017		1,005	4.28
Loans and leases(1):
Commercial - domestic		123,970		1,843	5.98			90,946		1,511	6.68			95,089		1,690	7.13
Commercial - foreign		18,144		237	5.24			10,753		95	3.57			13,528		125	3.70
Commercial real estate - domestic		29,920		313	4.20			19,491		207	4.27			20,039		218	4.36
Commercial real estate - foreign		391		4	4.26			324		3	3.63			305		3	3.95
Commercial lease financing		20,086		237	4.72			9,459		95	4.00			10,108		101	3.98
Total commercial		192,511		2,634	5.50			130,973		1,911	5.87			139,069		2,137	6.16
Residential mortgage		173,158		2,284	5.29			141,898		1,960	5.53			120,754		1,703	5.64
Home equity lines		40,424		450	4.48			24,379		262	4.31			22,763		263	4.64
Direct/Indirect consumer		39,763		540	5.44			34,045		464	5.49			32,248		495	6.17
Consumer finance		8,142		169	8.32			7,479		120	6.42			9,234		154	6.69
Credit card		43,160		1,167	10.88			35,303		870	9.92			26,211		690	10.56
Total consumer		304,647		4,610	6.07			243,104		3,676	6.07			211,210		3,305	6.27
Total loans and leases		497,158		7,244	5.85			374,077		5,587	6.00			350,279		5,442	6.23
Other earning assets		44,877		510	4.57			38,817		426	4.41			42,133		452	4.30
Total earning assets(2)		944,990		11,178	4.75			743,711		8,741	4.72			663,500		8,154	4.92
Cash and cash equivalents		30,320						23,187						23,203
Other assets, less allowance for loan and lease losses		132,997						82,729						88,381
Total assets	$	1,108,307					$	849,627					$	775,084
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	35,864	$	31	0.34	%	$	26,159	$	17	0.27	%	$	24,420	$	35	0.58	%
NOW and money market deposit accounts		233,702		488	0.84			155,835		321	0.83			146,284		295	0.81
Consumer CDs and IRAs		93,017		587	2.54			75,341		567	3.03			69,506		742	4.28
Negotiable CDs, public funds and other time deposits		4,737		66	5.62			5,939		74	5.01			12,912		45	1.41
Total domestic interest-bearing deposits		367,320		1,172	1.28			263,274		979	1.50			253,122		1,117	1.77
Foreign interest-bearing deposits(3):
Banks located in foreign countries		18,945		287	6.10			18,954		171	3.62			16,150		87	2.16
Governments and official institutions		5,739		23	1.58			4,701		19	1.63			2,392		8	1.42
Time, savings and other		29,882		47	0.64			21,054		37	0.71			19,209		57	1.18
Total foreign interest-bearing deposits		54,566		357	2.63			44,709		227	2.04			37,751		152	1.61
Total interest-bearing deposits		421,886		1,529	1.46			307,983		1,206	1.57			290,873		1,269	1.75
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		243,079		1,038	1.72			203,398		739	1.46			152,722		514	1.35
Trading account liabilities		31,620		297	3.78			34,543		335	3.90			38,610		316	3.28
Long-term debt(4)		96,395		563	2.34			78,852		491	2.49			68,927		531	3.08
Total interest-bearing liabilities(2)		792,980		3,427	1.74			624,776		2,771	1.78			551,132		2,630	1.91
Noninterest-bearing sources:
Noninterest-bearing deposits		160,419						117,092						114,434
Other liabilities		61,642						59,073						59,249
Shareholders’ equity		93,266						48,686						50,269
Total liabilities and shareholders’ equity	$	1,108,307					$	849,627					$	775,084
Net interest spread					3.01						2.94						3.01
Impact of noninterest-bearing sources					0.28						0.28						0.32
Net interest income/yield on earning assets			$	7,751	3.29	%			$	5,970	3.22	%			$	5,524	3.33	%

⁽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 $659 and $715 in the second and first quarters of 2004, respectively, and $587 in the second quarter of 2003. 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 $333 and $183 in the second and first quarters of 2004, respectively, and $28 in the second quarter of 2003. 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.

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

7

Bank of America Corporation

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

(Dollars in millions)

	Six Months Ended June 30
	2004						2003
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Time deposits placed and other short-term investments	$	13,326	$	107	1.61	%	$	7,440	$	82	2.22	%
Federal funds sold and securities purchased under agreements to resell		119,072		847	1.43			63,997		388	1.22
Trading account assets		104,712		2,050	3.92			99,107		2,075	4.20
Debt securities		129,776		3,148	4.85			80,178		1,774	4.43
Loans and leases(1):
Commercial - domestic		107,457		3,354	6.28			96,473		3,457	7.23
Commercial - foreign		14,449		332	4.62			13,935		248	3.59
Commercial real estate - domestic		24,706		520	4.23			19,997		433	4.36
Commercial real estate - foreign		357		7	3.98			303		6	3.92
Commercial lease financing		14,773		332	4.49			10,213		203	3.98
Total commercial		161,742		4,545	5.65			140,921		4,347	6.22
Residential mortgage		157,528		4,244	5.40			117,243		3,285	5.62
Home equity lines		32,402		712	4.42			22,908		531	4.67
Direct/Indirect consumer		36,904		1,004	5.47			31,824		998	6.32
Consumer finance		7,810		289	7.41			9,635		325	6.79
Credit card		39,232		2,037	10.44			25,452		1,333	10.57
Total consumer		273,876		8,286	6.07			207,062		6,472	6.28
Total loans and leases		435,618		12,831	5.91			347,983		10,819	6.26
Other earning assets		41,846		936	4.49			39,730		893	4.52
Total earning assets(2)		844,350		19,919	4.73			638,435		16,031	5.05
Cash and cash equivalents		26,754						22,455
Other assets, less allowance for loan and lease losses		107,863						83,712
Total assets	$	978,967					$	744,602
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	31,012	$	48	0.31	%	$	23,672	$	69	0.59	%
NOW and money market deposit accounts		194,768		809	0.84			144,322		586	0.82
Consumer CDs and IRAs		84,179		1,154	2.76			68,228		1,437	4.25
Negotiable CDs, public funds and other time deposits		5,338		140	5.28			8,281		61	1.49
Total domestic interest-bearing deposits		315,297		2,151	1.37			244,503		2,153	1.78
Foreign interest-bearing deposits(3):
Banks located in foreign countries		18,950		458	4.86			15,189		167	2.21
Governments and official institutions		5,220		42	1.60			2,090		14	1.37
Time, savings and other		25,468		84	0.67			18,643		118	1.27
Total foreign interest-bearing deposits		49,638		584	2.37			35,922		299	1.68
Total interest-bearing deposits		364,935		2,735	1.51			280,425		2,452	1.76
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		223,238		1,777	1.60			137,964		967	1.41
Trading account liabilities		33,082		632	3.84			36,745		624	3.42
Long-term debt(4)		87,623		1,054	2.41			68,167		1,103	3.24
Total interest-bearing liabilities(2)		708,878		6,198	1.76			523,301		5,146	1.98
Noninterest-bearing sources:
Noninterest-bearing deposits		138,755						115,162
Other liabilities		60,358						56,302
Shareholders’ equity		70,976						49,837
Total liabilities and shareholders’ equity	$	978,967					$	744,602
Net interest spread					2.97						3.07
Impact of noninterest-bearing sources					0.29						0.35
Net interest income/yield on earning assets			$	13,721	3.26	%			$	10,885	3.42	%

(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 $1,373 and $1,163 in the six months ended June 30, 2004 and 2003, 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 $516 and $74 in the six months ended June 30, 2004 and 2003, 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.

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

8

Bank of America Corporation

Business Segment View

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

9

Bank of America Corporation

Consumer and Small Business Banking Segment Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			2 Qtr 04			1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03
Key Measures
Total revenue(2)	$	12,231		$	9,981		$	7,149		$	5,082		$	5,317		$	5,540		$	5,224
Provision for credit losses		1,097			822			661			436			447			408			405
Net income		3,121			2,566			1,910			1,211			1,416			1,669			1,408
Shareholder value added		1,867			2,013			1,036			831			1,087			1,378			1,130
Return on average equity		24.01	%		45.11	%		20.74	%		31.95	%		42.56	%		55.88	%		49.19	%
Efficiency ratio(2)		50.64			50.99			48.54			53.58			50.75			45.82			49.54
Selected Average Balance Sheet Components
Total loans and leases	$	122,119		$	91,575		$	145,830		$	98,408		$	95,412		$	92,511		$	91,497
Total deposits		290,978			233,554			339,569			242,386			248,187			246,074			236,625
Total earning assets		297,265			233,372			347,454			247,077			250,994			247,731			236,630
Period End (in billions)
Mortgage servicing portfolio	$	253.3		$	249.6		$	253.3		$	247.6		$	246.5		$	245.9		$	249.6
Mortgage originations:
Retail		19.2			28.2			19.2			14.1			11.7			30.0			28.2
Wholesale		9.3			12.2			9.3			9.8			6.7			9.5			12.2

(1) Consumer and Small Business major subsegments are Consumer Banking, Consumer Products, and Small Business.

(2) Fully taxable-equivalent basis

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

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

10

Bank of America Corporation

Consumer Customer Growth Momentum

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

11

Bank of America Corporation

E-Commerce & BankofAmerica.com

Bank of America has the largest active online banking customer base with 11.2 million subscribers. This represents an active customer penetration rate of 47.7%.

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

4.5 million active bill pay users paid $21.1 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 300 companies are presenting 9.8 million e-bills per quarter.

Results for 2nd quarter 2004 include Fleet.

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

12

Bank of America Corporation

Consumer Credit Card Results

Included within Consumer Products

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			2 Qtr 04			1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03
Key Measures
Outstandings:
Held (Period end)	$	42,195		$	27,419		$	42,195		$	36,087		$	34,814		$	30,993		$	27,419
Managed (Period end)		51,990			30,807			51,990			37,296			36,596			33,631			30,807
Held (Average)		39,240			25,451			43,177			35,303			32,734			29,113			26,211
Managed (Average)		44,996			29,567			53,136			36,855			34,783			32,225			29,970
Managed Income Statement:
Total revenue	$	3,192		$	2,011		$	1,954		$	1,238		$	1,196		$	1,134		$	1,044
Provision for credit losses		1,226			882			760			466			555			539			473
Noninterest expense		891			545			553			338			312			270			274
Income before income taxes	$	1,075		$	584		$	641		$	434		$	329		$	325		$	297
Shareholder Value Added	$	542		$	264		$	338		$	204		$	152		$	150		$	135
Credit Quality:
Held:
Charge-offs $	$	1,028		$	701		$	585		$	443		$	423		$	390		$	378
Charge-offs %		5.31	%		5.56	%		5.45	%		5.05	%		5.12	%		5.32	%		5.78	%
Managed:
Losses $	$	1,239		$	807		$	776		$	463		$	451		$	433		$	429
Losses %		5.54	%		5.50	%		5.88	%		5.05	%		5.14	%		5.33	%		5.74	%
Managed Delinquency %:
30+		3.80	%		3.99	%		3.86	%		3.75	%		3.93	%		3.84	%		3.99	%
90+		1.79			1.81			1.76			1.81			1.77			1.76			1.80

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

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

13

Bank of America Corporation

Commercial Banking Segment Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			2 Qtr 04			1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03
Key Measures
Total revenue(2)	$	2,945		$	2,203		$	1,741		$	1,204		$	1,229		$	1,190		$	1,144
Provision for credit losses		33			238			6			27			98			122			116
Net income		1,106			694			642			464			428			417			378
Shareholder value added		366			280			59			307			211			207			173
Return on average equity		15.78	%		17.96	%		11.60	%		31.42	%		21.20	%		21.36	%		19.78	%
Efficiency ratio(2)		39.83			40.19			41.04			38.08			39.18			36.05			38.44
Selected Average Balance Sheet Components
Total loans and leases	$	117,805		$	92,518		$	139,032		$	96,577		$	94,996		$	93,451		$	93,598
Total deposits		47,120			30,122			59,605			34,636			34,053			31,505			30,751
Total earning assets		122,661			96,623			144,612			100,709			99,734			98,531			97,897

⁽¹⁾ Commercial Banking major subsegments are Commercial Banking, Real Estate Banking and Other Commercial.

⁽²⁾ Fully taxable-equivalent basis

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

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

14

Bank of America Corporation

Global Corporate and Investment Banking Segment Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			2 Qtr 04			1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03
Key Measures
Total revenue(2)	$	4,793		$	4,337		$	2,630		$	2,163		$	1,937		$	2,066		$	2,113
Provision for credit losses		(120	)		337			(21	)		(99	)		(83	)		50			89
Net income		892			847			429			463			512			435			413
Shareholder value added		409			367			145			264			301			213			177
Return on average equity		19.57	%		18.93	%		15.91	%		24.86	%		25.94	%		21.00	%		18.78	%
Efficiency ratio(2)		73.81			61.90			76.12			71.00			65.65			66.59			65.74
Selected Average Balance Sheet Components
Total loans and leases	$	33,521		$	40,931		$	38,125		$	28,917		$	31,034		$	33,805		$	38,475
Total deposits		75,081			67,024			81,060			69,102			62,998			67,368			66,809
Total earning assets		273,701			220,936			283,125			270,615			250,629			262,307			223,454

⁽¹⁾ Global Corporate and Investment Banking offers clients a comprehensive range of global capabilities through three subsegments: Global Investment Banking, Global Credit Products and Global Treasury Services.

⁽²⁾ Fully taxable-equivalent basis

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

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

15

Bank of America Corporation

Global Corporate & Investment Banking Strategic Progress Continues

Significant US market share gains

Banc of America Securities increased market share in leveraged loans, mergers & acquisitions, high yield, syndicated loans, public finance, and convertible debt while maintaining its position in mortgage-backed securities.

• Top in leveraged loans at 22.6% market share

• #2 syndicated lender, ranked by dollar volume, with 20% market share

• #1 syndicated lender, ranked by # of deals

• Convertible debt earned the #3 position with 10.2% market share

• High yield debt market share increased over YTD03, from 9% to 11.8%

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

16

Bank of America Corporation

Wealth and Investment Management Segment Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			2 Qtr 04			1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03
Key Measures
Total revenue(2)	$	2,608		$	1,894		$	1,513		$	1,095		$	1,213		$	972		$	987
Provision for credit losses		2			5			11			(9	)		7			(1	)		5
Net income		643			567			392			251			435			265			300
Shareholder value added		286			340			172			114			298			147			186
Return on average equity		18.57	%		26.31	%		18.03	%		19.49	%		33.88	%		23.70	%		27.73	%
Efficiency ratio(2)		61.15			52.43			58.66			64.59			44.47			58.34			51.50
Selected Average Balance Sheet Components
Total loans and leases	$	41,270		$	37,945		$	44,107		$	38,434		$	37,660		$	37,159		$	37,617
Total deposits		70,768			50,288			77,069			64,467			59,784			55,503			51,892
Total earning assets		74,125			52,213			81,160			67,091			62,815			57,839			53,921
Period End (in billions)
Assets under management	$	439.6		$	314.9		$	439.6		$	337.2		$	335.7		$	318.1		$	314.9
Client brokerage assets		144.9			90.6			144.9			91.0			88.8			90.7			90.6
Assets in custody		105.2			47.9			105.2			50.6			49.9			47.3			47.9
Total client assets	$	689.7		$	453.4		$	689.7		$	478.8		$	474.4		$	456.1		$	453.4

⁽¹⁾ Wealth and Investment Management includes four primary subsegments: Columbia Management Group, Private Bank, Brokerage and Premier Banking.

⁽²⁾ Fully taxable-equivalent basis

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

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

17

Bank of America Corporation

Corporate Other Results⁽¹⁾

(Dollars in millions)

	Year-to-Date					Quarterly
	2004		2003			2 Qtr 04		1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03
Key Measures
Total revenue(2)	$	301	$	425		$	158	$	143		$	98		$	155		$	318
Provision for credit losses		401		203			132		269			114			72			157
Net income(3)		768		488			476		292			(65	)		136			239
Shareholder value added		68		(446	)		179		(111	)		(454	)		(321	)		(252	)
Selected Average Balance Sheet Components
Total loans and leases	$	120,903	$	85,014		$	130,064	$	111,741		$	111,969		$	100,362		$	89,092
Total deposits		19,743		14,599			25,002		14,484			13,817			14,119			19,230
Total earning assets		272,819		181,085			311,496		234,144			192,423			183,799			200,253

Corporate Other Sub-Segment Results

	Year-to-Date						Quarterly
	2004			2003			2 Qtr 04			1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03
Key Measures
Latin America(4)
Total revenue(3)	$	278		$	32		$	269		$	9		$	9		$	10		$	13
Provision for credit losses		51			52			(6	)		57			25			12			82
Net income		33			(20	)		66			(33	)		(14	)		(4	)		(47	)
Shareholder value added		(10	)		(39	)		22			(32	)		(21	)		(12	)		(57	)
Equity Investments
Total revenue(2)	($	19	)	($	118	)	$	0		($	19	)	($	55	)	($	79	)	($	11	)
Provision for credit losses		—			4			—			—			21			—			3
Net income		(47	)		(113	)		(17	)		(30	)		(66	)		(68	)		(28	)
Shareholder value added		(182	)		(226	)		(97	)		(85	)		(125	)		(126	)		(85	)

⁽¹⁾ Corporate Other consists primarily of gains and losses associated with managing the balance sheet of the Corporation, Latin America operations, Equity Investments, 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⁾ Fully taxable-equivalent basis

⁽³⁾ Includes merger and restructuring charges, net of taxes, of $83 in year-to-date 2004 and 2Q04.

⁽⁴⁾ Excludes Mexico, which is included in Global Corporate and Investment Banking.

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

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

18

Bank of America Corporation

Outstanding Loans and Leases

(Dollars in millions)

	June 30 2004		December 31 2003		Increase (Decrease) from 12/31/03
Commercial - domestic	$	121,317	$	91,491	$	29,826
Commercial - foreign		18,256		10,754		7,502
Commercial real estate - domestic		30,519		19,043		11,476
Commercial real estate - foreign		436		324		112
Commercial lease financing		20,379		9,692		10,687
Total commercial		190,907		131,304		59,603
Residential mortgage		173,600		140,513		33,087
Home equity lines		42,315		23,859		18,456
Direct/Indirect consumer		39,252		33,415		5,837
Consumer finance(1)		7,873		7,558		315
Credit card		44,534		34,814		9,720
Total consumer		307,574		240,159		67,415
Total	$	498,481	$	371,463	$	127,018

⁽¹⁾ Includes foreign consumer of $3,268 and $1,969 and consumer lease financing of $867 and $1,684 at June 30, 2004 and December 31, 2003, respectively.

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

19

Bank of America Corporation

Commercial Utilized Credit Exposure by Industry⁽¹⁾

(Dollars in millions)

	June 30, 2004		December 31, 2003		% Increase (Decrease) from 12/31/03
Real estate	$	36,668	$	22,228	65	%
Retailing		23,442		15,152	55
Diversified financials		21,869		20,427	7
Banks		18,924		25,088	(25	)
Individuals and trusts		16,888		14,307	18
Education and government		16,011		13,919	15
Materials		13,736		8,860	55
Consumer durables and apparel		12,718		8,313	53
Leisure and sports, hotels and restaurants		12,644		10,099	25
Transportation		12,282		9,355	31
Health care equipment and services		12,122		7,064	72
Capital goods		11,785		8,244	43
Food, beverage and tobacco		11,067		9,134	21
Commercial services and supplies		10,924		7,206	52
Energy		7,151		4,348	64
Media		7,082		4,701	51
Utilities		5,815		5,012	16
Insurance		5,487		3,638	51
Religious and social organizations		5,247		4,272	23
Food and staples retailing		3,344		1,837	82
Technology hardware and equipment		3,313		1,941	71
Telecommunication services		2,801		2,526	11
Software and services		2,451		1,655	48
Automobiles and components		1,599		1,326	21
Pharmaceuticals and biotechnology		998		466	114
Household and personal products		367		302	22
Other		6,915		1,474	369
Total	$	283,650	$	212,894	33

⁽¹⁾ Includes commercial loans and leases, commercial letters of credit, standby letters of credit and financial guarantees as well as the mark-to-market exposure for derivatives.

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

20

Bank of America Corporation

Nonperforming Assets

(Dollars in millions)

	2Q04			1Q04			4Q03			3Q03			2Q03
Commercial - domestic	$	1,246		$	1,229		$	1,388		$	1,746		$	2,170
Commercial - foreign		503			331			578			756			1,040
Commercial real estate - domestic		127			113			140			154			154
Commercial real estate - foreign		37			2			2			3			2
Commercial lease financing		257			66			127			114			95
Total commercial		2,170			1,741			2,235			2,773			3,461
Residential mortgage		537			486			531			563			618
Home equity lines		42			35			43			42			55
Direct/Indirect consumer		31			31			28			32			33
Consumer finance		99			61			36			19			20
Total consumer		709			613			638			656			726
Total nonperforming loans and leases		2,879			2,354			2,873			3,429			4,187
Nonperforming securities		156			—			—			—			—
Foreclosed properties		144			131			148			228			243
Total nonperforming assets(1)	$	3,179		$	2,485		$	3,021		$	3,657		$	4,430
Loans past due 90 days or more and still accruing	$	939		$	795		$	860		$	788		$	726
Nonperforming assets / Total assets		0.31	%		0.30	%		0.41	%		0.50	%		0.58	%
Nonperforming assets / Total loans, leases and foreclosed properties		0.64			0.66			0.81			0.98			1.23
Nonperforming loans and leases / Total loans and leases		0.58			0.63			0.77			0.92			1.16
Allowance for credit losses:
Allowance for loan and lease losses	$	8,767		$	6,080		$	6,163		$	6,258		$	6,366
Reserve for unfunded lending commitments		486			401			416			458			475
Total	$	9,253		$	6,481		$	6,579		$	6,716		$	6,841
Allowance for loan and lease losses / Total loans and leases		1.76	%		1.62	%		1.66	%		1.68	%		1.77	%
Allowance for loan and lease losses / Total nonperforming loans and leases		305			258			215			183			152
Commercial Criticized Exposure	$	13,420		$	10,401		$	12,650		$	15,059		$	17,368
Commercial Criticized Exposure / Commercial Utilized Exposure		4.73	%		4.94	%		5.94	%		7.10	%		8.00	%

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

⁽¹⁾ Balances do not include $103, $82, $202, $82 and $98 of nonperforming assets included in other assets at June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003 and June 30, 2003, respectively.

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

21

Bank of America Corporation

Quarterly Net Charge-offs and Net Charge-off Ratios

(Dollars in millions)

	2Q04					1Q04					4Q03					3Q03				2Q03
	Amt.			Ratio		Amt.			Ratio		Amount			Ratio		Amount		Ratio		Amount		Ratio
Commercial - domestic	$	72		0.23	%	$	49		0.22	%	$	93		0.41	%	$	163	0.72	%	$	210	0.88	%
Commercial - foreign		72		1.59			106		3.98			76		2.60			58	1.84			53	1.58
Commercial real estate - domestic		(5	)	(0.07	)		(2	)	(0.05	)		9		0.18			13	0.26			10	0.21
Commercial lease financing		(3	)	(0.06	)		4		0.17			0		0.00			40	1.61			11	0.44
Total commercial		136		0.28			157		0.48			178		0.54			274	0.82			284	0.82
Residential mortgage		12		0.03			11		0.03			13		0.04			14	0.04			11	0.04
Home equity lines		4		0.04			4		0.07			(3	)	(0.04	)		2	0.02			6	0.11
Direct/Indirect consumer		50		0.50			48		0.56			48		0.57			39	0.47			38	0.47
Consumer finance(1)		32		1.59			48		2.60			55		2.80			46	2.18			47	2.04
Credit card		585		5.45			443		5.05			423		5.12			390	5.32			378	5.78
Other consumer - domestic		10		n/m			9		n/m			11		n/m			11	n/m			8	n/m
Total consumer		693		0.92			563		0.93			547		0.91			502	0.89			488	0.93
Total net charge-offs	$	829		0.67		$	720		0.77		$	725		0.77		$	776	0.86		$	772	0.88
By Business Segment:
Consumer & small business banking	$	632		1.71		$	499		2.05	%	$	485		2.02	%	$	453	1.94	%	$	432	1.90	%
Wealth & investment management		(4	)	(0.04	)		6		0.06			(1	)	(0.01	)		5	0.06			6	0.06
Commercial banking		24		0.07			62		0.26			75		0.31			123	0.52			98	0.42
Global corporate & investment banking		70		0.58			89		0.96			50		0.50			96	0.90			121	1.00
Corporate other		107		0.38			64		0.25			116		0.44			99	0.43			115	0.58
Total net charge-offs	$	829		0.67		$	720		0.77		$	725		0.77		$	776	0.86		$	772	0.88

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

n/m = not meaningful

⁽¹⁾ Includes lease financing of $5, $10, $10, $12, and $14 for the quarters ended June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, and June 30, 2003, respectively.

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

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Bank of America Corporation

Selected Emerging Markets ⁽¹⁾

(Dollars in billions)	Loans and Loan Commitments		Other Financing (2)		Derivative Assets		Debt Securities/ Other Investments (3,4)		Total Cross- border Exposure (5)		Local Country Exposure Net of Local Liabilities (6)		Total Foreign Exposure June 30, 2004		Increase/ (Decrease) from December 31, 2003
Region/Country
Asia
Hong Kong (7)	$	0.2	$	0.0	$	0.1	$	0.1	$	0.4	$	0.5	$	0.9	$	0.0
India		0.6		0.1		0.2		0.3		1.2		0.6		1.8		0.2
Singapore		0.2		0.1		0.1		0.1		0.5		0.0		0.5		(0.1	)
South Korea		0.3		0.8		0.0		0.2		1.3		0.2		1.5		(0.1	)
Taiwan		0.3		0.5		0.1		0.0		0.9		0.0		0.9		0.4
Other Asia (8)		0.2		0.1		0.0		0.4		0.7		0.3		1.0		0.1
Total		1.8		1.6		0.5		1.1		5.0		1.6		6.6		0.5
Central and Eastern Europe (8)		0.0		0.0		0.0		0.2		0.2		0.0		0.2		(0.1	)
Latin America
Argentina (9)		0.4		0.1		0.0		0.1		0.6		0.0		0.6		0.3
Brazil (9)		1.4		0.3		0.0		0.1		1.8		1.7		3.5		2.8
Chile		0.3		0.1		0.0		0.0		0.4		0.7		1.1		1.0
Mexico (10)		0.7		0.2		0.1		2.1		3.1		0.1		3.2		0.4
Other Latin America (8)		0.4		0.2		0.1		0.2		0.9		0.3		1.2		0.5
Total		3.2		0.9		0.2		2.5		6.8		2.8		9.6		5.0
Total	$	5.0	$	2.5	$	0.7	$	3.8	$	12.0	$	4.4	$	16.4	$	5.4

⁽¹⁾ There is no generally accepted definition of emerging markets. The definition that we use includes all countries in Asia excluding Japan, Australia and New Zealand; all countries in Latin America excluding Cayman Islands and Bermuda; and all countries in Central and Eastern Europe excluding Greece.

⁽²⁾ Includes acceptances, standby letters of credit, commercial letters of credit and formal guarantees.

⁽³⁾ Amounts outstanding for Other Asia and Other Latin America have been reduced by $13 million and $178 million, respectively, at June 30, 2004 and $13 million and $173 million, respectively, at December 31, 2003. Such amounts represent the fair value of U.S. Treasury securities held as collateral outside the country of exposure.

⁽⁴⁾ Cross-border resale agreements are presented based on the domicile of the counterparty because the counterparty has the legal obligation for repayment. For regulatory reporting under in which the claim is denominated, consistent with FFIEC reporting rules. reporting under Federal Financial Institutions Examinations Council (FFIEC) guidelines, cross-border resale agreements are presented based on the domicile of the issuer of the securities that are held as collateral.

⁽⁵⁾ Cross-border exposure includes amounts payable to the Corporation by borrowers 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 rules.

⁽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. Management nets local funding or liabilities against local exposures as allowed by the FFIEC. Total amount of local country exposure funded by local liabilities at June 30, 2004 in Latin America and Asia was $7.9 billion and $5.5 billion, respectively, of which $3.6 billion was in Brazil, $1.4 billion in Argentina, $1.0 billion in Chile, $3.2 billion in Hong Kong and $1.0 billion in Singapore. There were no other counties with local country exposure funded by local liabilities greater than $1.0 billion.

⁽⁷⁾ Local country exposure net of local liabilities to Hong Kong consisted of $0.5 billion of commercial exposure at June 30, 2004 compared to $0.6 billion of commercial exposure at December 31, 2003. The commercial exposure was primarily to local clients and was diversified across many industries.

⁽⁸⁾ Other Asia, Central and Eastern Europe and Other Latin America include countries with total foreign exposure of less than $0.5 billion.

⁽⁹⁾ The Corporation has certain risk mitigation instruments associated with Brazil and Argentina exposure, including insurance contracts, other trade-related transfer risk mitigation and third party funding. Ability to file a claim under insurance policies may vary with the country's current political and economic environment.

Risk Mitigation	Argentina		Brazil
Total foreign exposure, June 30, 2004	$	0.6	$	3.5
Less: Insurance contracts		0.2		0.5
Other trade-related transfer risk mitigation		—		1.0
Third party funding		—		0.2
Total foreign exposure net of mitigation, June 30, 2004	$	0.4	$	1.8

⁽¹⁰⁾ Includes $1.8 billion related to Grupo Financiero Santander Serfin acquired in the first quarter of 2003.

Current period information includes the FleetBoston acquisition; prior periods have not been restated.

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