8-K

As filed with the Securities and Exchange Commission on April 18, 2005.

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):

April 18, 2005

BANK OF AMERICA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction 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)

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

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

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)

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

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

ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 18, 2005, Bank of America Corporation (the “Registrant”) announced financial results for the first quarter ended March 31, 2005, reporting for the quarter net income of $4.70 billion and diluted earnings per common share of $1.14. A copy of the press release announcing the Registrant’s results for the first quarter ended March 31, 2005 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

ITEM 7.01.  REGULATION FD DISCLOSURE.

On April 18, 2005, the Registrant held an investor conference and webcast to disclose financial results for the first quarter ended March 31, 2005. The Supplemental Information package for use at this conference is furnished herewith as Exhibit 99.2 and incorporated by reference in Item 7.01. All information in the Supplemental Information package is presented as of March 31, 2005, and the Registrant does not assume any obligation to correct or update said information in the future.

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

ITEM 8.01.  OTHER EVENTS.

On April 18, 2005, the Registrant announced financial results for the first quarter ended March 31, 2005, reporting for the quarter net income of $4.70 billion and diluted earnings per common share of $1.14. A copy of the press release announcing the Registrant’s results for the first quarter ended March 31, 2005 is attached hereto at Exhibit 99.1 and incorporated by reference herein.

ITEM 9.01  FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.

The following exhibits are filed herewith:

Exhibit No.
99.1	Press Release dated April 18, 2005 with respect to the Registrant’s financial results for the first quarter ended March 31, 2005.
99.2	Supplemental Information prepared for use on April 18, 2005 in connection with financial results for the first quarter ended March 31, 2005.

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/ Neil A. Cotty
	Neil A. Cotty
	Chief Accounting Officer

Dated: April 18, 2005

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	Press Release dated April 18, 2005 with respect to the Registrant’s financial results for the first quarter ended March 31, 2005.
99.2	Supplemental Information prepared for use on April 18, 2005 in connection with financial results for the first quarter ended March 31, 2005.

EX-99.1

Exhibit 99.1

April 18, 2005

Investors may contact:

Kevin Stitt, Bank of America, 704.386.5667

Lee McEntire, Bank of America, 704.388.6780

Media may contact:

Terry Francisco, Bank of America, 704.386.4343

Bank of America reports record quarterly earnings of $4.7 billion, or $1.14 per share

Revenue and earnings momentum strong across enterprise

Commercial loans up significantly in Northeast

Efficiency ratio beats target

CHARLOTTE — Bank of America Corporation today reported that first quarter net income rose to $4.70 billion, or $1.14 per share (diluted), from $2.68 billion, or $0.91 per share, a year ago. Under purchase accounting rules, results reported for the first quarter of 2004 do not include the impact of FleetBoston Financial Corporation, which was acquired on April 1, 2004. Return on common equity in the first quarter was 19.30 percent.

In addition to the impact of Fleet, net income increased due to strong results throughout the company’s businesses, lower credit costs, increasing merger-related efficiencies and gains from the sales of securities.

The integration of Fleet remained on schedule as several systems conversions were completed during the quarter and additional conversions were started. Direct cost savings achieved in the quarter totaled $437 million.

First quarter earnings included merger and restructuring charges of $112 million pre-tax, which reduced net income by 2 cents per share.

“I am very pleased with the continued momentum of our businesses,” said Kenneth D. Lewis, chairman and chief executive officer. “The continuing successful integration of the Fleet franchise has bolstered our ability to achieve future growth and value creation for our shareholders. In particular, we saw the strongest commercial loan growth in many quarters across our company and deposit growth continues to be robust.

“This quarter shows how our balanced business mix is paying off,” Lewis continued. “The power of our franchise is evident in our ability this quarter to deliver an efficiency ratio below our target of 50 percent.”

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Business Highlights (Unless otherwise stated, the following highlights compare results in the first quarter of 2005 to the fourth quarter of 2004. Both periods include the impact of the Fleet merger.)

• Net new retail consumer checking accounts in the first quarter of 2005 were a record 610,000, surpassing the 602,000 new accounts in the fourth quarter of 2004.

• Net new retail savings accounts in the first quarter of 2005 were a record 759,000, versus 742,000 new accounts in the fourth quarter of 2004.

• Bank of America opened 1.3 million new consumer credit card accounts in the first quarter of 2005, as average managed outstandings for consumer credit card exceeded $58 billion.

• Average loans grew 2 percent from the fourth quarter of 2004 to $525 billion, with strength in both consumer and commercial lending. Excluding residential mortgages, average loans grew 3 percent from the fourth quarter of 2004. Bank of America carries residential mortgages on its balance sheet for asset/liability management.

• Active online banking users increased to 13.1 million, while online bill payers reached 6.3 million in the first quarter of 2005.

• Trading-related revenue in the Global Capital Markets and Investment Banking segment climbed 74 percent in the first quarter of 2005 as compared to the fourth quarter of 2004.

• Customer “Delight” among all Bank of America customers in the first quarter was 52.5 percent, compared to 50.1 percent one year ago. These results include all Bank of America businesses and the former Fleet franchise.

Fleet Merger Highlights

• Approximately 10 million Fleet consumer credit card accounts were converted to the Bank of America System, and BAC completed the issuance of Bank of America credit and debit cards to active Fleet cardholders.

• Net new checking accounts in the former Fleet footprint increased to 79,000 in the quarter as compared to 45,000 in the fourth quarter of 2004.

• Net new savings accounts in the former Fleet footprint increased to 96,000 in the quarter as compared to net new savings accounts of 82,000 in the fourth quarter of 2004.

• Global Business and Financial Services grew loans more than $200 million in the former Fleet footprint during the first quarter of 2005 in Middle Market and Business Banking.

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2005 First Quarter Versus 2004 First Quarter Financial Summary

Revenue

Revenue on a fully taxable-equivalent basis grew to $14.22 billion from $9.70 billion the previous year.

Net interest income on a fully taxable-equivalent basis was $8.07 billion compared to $5.97 billion a year earlier. In addition to the impact of Fleet, the increase was driven by consumer and middle-market business loan growth, higher domestic deposit levels and asset-liability management portfolio activity net of the impact of rates. These increases were partially offset by a lower trading-related contribution and lower levels of foreign loans.

Noninterest income was $6.15 billion compared to $3.73 billion a year earlier. In addition to the impact of Fleet, these results were driven by higher investment and brokerage services, equity investment gains, trading account profits and card income.

During the quarter, the company realized $659 million in securities gains. The company realized $495 million in securities gains in the first quarter of 2004.

Efficiency

With strong revenue growth and expense control, the efficiency ratio, including merger and restructuring charges, improved to 49.62 percent. Noninterest expense was $7.06 billion compared to $5.43 billion a year ago, driven by the addition of Fleet.

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Credit Quality

All major commercial credit quality indicators continued to show positive trends. Credit card charge-offs grew as a result of the Fleet acquisition, card portfolio growth and seasoning and increases in minimum payment requirements as compared to the first quarter of 2004. Consumer credit quality remained strong in all other categories.

• Provision for credit losses was $580 million, down from $706 million in the fourth quarter of 2004 and $624 million a year earlier.

• Net charge-offs were $889 million, or 0.69 percent of average loans and leases. This compared to $845 million, or 0.65 percent, in the fourth quarter of 2004 and $720 million, or 0.77 percent of average loans and leases in the first quarter of 2004.

• Nonperforming assets decreased to $2.34 billion, or 0.44 percent of total loans, leases and foreclosed properties, at March 31, 2005. This compared to $2.46 billion, or 0.47 percent, at December 31, 2004 and $2.49 billion, or 0.66 percent, at March 31, 2004.

• The allowance for loan and lease losses was $8.31 billion, or 1.57 percent of loans and leases, at March 31, 2005. This compared to $8.63 billion, or 1.65 percent, at December 31, 2004 and $6.08 billion, or 1.62 percent, at March 31, 2004. At March 31, 2005, the allowance for loan and lease losses represented 401 percent of nonperforming loans and leases, compared to 390 percent at December 31, 2004 and 258 percent at March 31, 2004.

Capital Management

Total shareholders’ equity was $98.52 billion at March 31, 2005. Period-end assets grew to $1.21 trillion. The Tier 1 Capital Ratio was 8.20 percent, compared to 8.10 percent at December 31, 2004 and 7.73 percent a year ago.

During the quarter, Bank of America paid a cash dividend of $0.45 per share. The company also issued 32 million shares, primarily related to employee stock options and ownership plans, and repurchased 43 million shares. Average common shares issued and outstanding were 4.03 billion in the first quarter, compared to 4.03 billion in the fourth quarter of 2004 and 2.88 billion in the first quarter of 2004.

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First Quarter 2005 Business Segment Results

Global Consumer and Small Business Banking

Global Consumer and Small Business Banking earnings in the first quarter were $1.90 billion. Revenue in the first quarter was $6.96 billion.

As compared to the first quarter of 2004, improvement in mortgage banking income and continued growth in card income and service charges was somewhat offset by an increase in provision.

Excluding the impact of Fleet, average deposits increased slightly while loan balances continued to grow, led by growth in credit card and home equity loans. Credit and debit card purchase volumes also grew as more customers moved away from writing checks and using cash. Loan production in Consumer Real Estate was led by significant improvement in home equity volume as compared to the first quarter of 2004.

Global Business and Financial Services

Global Business and Financial Services earnings in the first quarter were $1.12 billion. Revenue in the first quarter was $2.73 billion.

Excluding the impact of Fleet, steady growth in commercial lending continued. The benefit of steady loan and deposit growth was partially offset by a slight compression in loan margin spreads as compared to the first quarter of 2004.

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Global Capital Markets and Investment Banking

Global Capital Markets and Investment Banking earnings in the first quarter were $721 million. Revenue in the first quarter was $2.63 billion.

The business recorded its best quarter ever in earnings and revenue. This was primarily due to increases in trading profits, led by increased sales of interest rate products, equities and strong portfolio management in fixed income. Also contributing to the increase in trading-related revenue were gains on credit portfolio hedges. These increases were somewhat offset by lower investment banking fees as compared to the first quarter of 2004.

Due to the favorable credit environment, Global Capital Markets and Investment Banking had a negative provision in the large corporate loan book in the first quarter of 2005.

Global Wealth and Investment Management

Global Wealth and Investment Management earnings in the first quarter were $576 million. Revenue in the first quarter was $1.79 billion.

Excluding the impact of Fleet, revenue and earnings growth was led by increases from the impact of loan and deposit growth and asset management fees, as well as strong expense management. These factors were partially offset by lower brokerage volume and price compression in addition to a drop in assets under management.

All Other

All Other reflected $379 million of net income for the quarter. Securities gains related to asset/liability management are included in this reporting segment. Equity Investments earned $98 million compared to a loss of $29 million in the first quarter of 2004.

Note: Marc Oken, chief financial officer, will discuss first 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 through more than 5,800 retail banking offices and 16,700 ATMs and through award-winning online banking with more than thirteen 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 abroad may adversely affect the company’s businesses and economic conditions as a whole; 5) changes in the interest rate environment reduce interest margins and impact funding sources; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 9) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; and 10) 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

Selected Financial Data⁽¹⁾

	Three Months Ended March 31
	2005			2004
(Dollars in millions, except per share data; shares in thousands)
Financial Summary
Earnings	$	4,695		$	2,681
Earnings per common share		1.16			0.93
Diluted earnings per common share		1.14			0.91
Dividends paid per common share		0.45			0.40
Closing market price per common share		44.10			40.49
Average common shares issued and outstanding		4,032,550			2,880,306
Average diluted common shares issued and outstanding		4,099,062			2,933,402
Summary Income Statement
Net interest income	$	7,873		$	5,801
Total noninterest income		6,149			3,730
Total revenue		14,022			9,531
Provision for credit losses		580			624
Gains on sales of debt securities		659			495
Other noninterest expense		6,945			5,430
Merger and restructuring charges		112			—
Income before income taxes		7,044			3,972
Income tax expense		2,349			1,291
Net income	$	4,695		$	2,681
Summary Average Balance Sheet
Total loans and leases	$	524,944		$	374,077
Securities		204,574			99,755
Total earning assets		1,044,914			734,808
Total assets		1,200,883			833,192
Total deposits		627,419			425,075
Shareholders’ equity		98,814			48,686
Common shareholders’ equity		98,542			48,632
Performance Indices
Return on average assets		1.59	%		1.29	%
Return on average common shareholders’ equity		19.30			22.16
Credit Quality
Net charge-offs	$	889		$	720
Annualized net charge-offs as a % of average loans and leases outstanding		0.69	%		0.77	%
Managed credit card net losses as a % of average managed credit card receivables		6.17			5.05
	At March 31
	2005			2004
Balance Sheet Highlights
Loans and leases	$	529,466		$	375,968
Total securities		218,950			139,788
Total earning assets		1,059,816			705,039
Total assets		1,212,239			799,974
Total deposits		629,987			435,592
Total shareholders’ equity		98,519			48,776
Common shareholders’ equity		98,248			48,723
Book value per share		24.35			16.85
Total equity to assets ratio (period-end)		8.13	%		6.10	%
Risk-based capital ratios:
Tier 1		8.20	*		7.73
Total		11.46	*		11.46
Leverage ratio		5.82	*		5.43
Period-end common shares issued and outstanding		4,035,319			2,890,975
Allowance for credit losses:
Allowance for loan and lease losses	$	8,313		$	6,080
Reserve for unfunded lending commitments		394			401
Total	$	8,707		$	6,481
Allowance for loan and lease losses as a % of total loans and leases		1.57	%		1.62	%
Allowance for loan and lease losses as a % of total nonperforming loans and leases		401			258
Total nonperforming loans and leases	$	2,073		$	2,354
Total nonperforming assets		2,338			2,485
Nonperforming assets as a % of:
Total assets		0.19	%		0.31	%
Total loans, leases and foreclosed properties		0.44			0.66
Nonperforming loans and leases as a % of total loans and leases		0.39			0.63
Other Data
Full-time equivalent employees		175,365			134,374
Number of banking centers - domestic		5,889			4,272
Number of ATMs - domestic		16,798			13,168

* Preliminary data

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

BUSINESS SEGMENT RESULTS

	Global Consumer and Small Business Banking			Global Business and Financial Services			Global Capital Markets and Investment Banking			Global Wealth and Investment Management			All Other
Three Months Ended March 31, 2005
Total revenue (FTE) (2)	$	6,961		$	2,734		$	2,632		$	1,794		$	100
Net income		1,899			1,120			721			576			379
Shareholder value added		1,154			350			449			328			24
Return on average equity		23.54	%		15.33	%		27.90	%		23.74	%		n/m
Average loans and leases	$	138,670		$	171,500		$	35,508		$	50,759		$	128,507
Three Months Ended March 31, 2004
Total revenue (FTE) (2)	$	4,724		$	1,569		$	2,173		$	1,101		$	133
Net income		1,070			582			453			246			330
Shareholder value added		716			385			253			127			(76	)
Return on average equity		30.30	%		31.36	%		24.28	%		21.78	%		n/m
Average loans and leases	$	86,082		$	109,193		$	29,333		$	38,442		$	111,027

n/m = not meaningful

	Three Months Ended March 31
	2005			2004
SUPPLEMENTAL FINANCIAL DATA
Fully taxable-equivalent basis data (2)
Net interest income	$	8,072		$	5,970
Total revenue		14,221			9,700
Net interest yield		3.11	%		3.26	%
Efficiency ratio		49.62			55.98
Reconciliation of net income to operating earnings
Net income	$	4,695		$	2,681
Merger and restructuring charges		112			—
Related income tax benefit		(37	)		—
Operating earnings	$	4,770		$	2,681
Operating Basis
Diluted earnings per common share	$	1.16		$	0.91
Return on average assets		1.61	%		1.29	%
Return on avg common shareholders’ equity		19.61			22.16
Efficiency ratio		48.83			55.98
Reconciliation of net income to shareholder value added
Net income	$	4,695		$	2,681
Amortization of intangibles		208			54
Merger and restructuring charges, net of tax benefit		75			—
Capital charge		(2,673	)		(1,330	)
Shareholder value added	$	2,305		$	1,405

⁽¹⁾ Certain prior period amounts have been reclassified to conform to current period presentation.

⁽²⁾ 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 purposes.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

EX-99.2

Exhibit 99.2

Supplemental Information

First Quarter 2005

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

First Quarter 2005

• Record earnings of $4.7 billion or $1.14 per diluted share compared to $3.8 billion or $.94 per diluted share in 4Q04 and $2.7 billion or $.91 in 1Q04.

Excluding merger and restructuring charges of $112 million, $75 million after tax, earnings were $1.16 per diluted share, 18% over 4Q04.

• Revenue on an FTE basis which was $14.2 billion was 2% greater than 4Q04 despite seasonal impacts of the consumer business.

• 1.5% net interest income growth was driven by good volume growth in loans and deposits. The impact of higher securities levels offset the impact of spread compression and two less accrual days in the current quarter.

• 3% noninterest income growth over 4Q04 was led by higher trading profits and mortgage banking income. This growth offset the seasonal consumer declines in card income and service charges from holiday spending patterns.

• Securities gains recognized in 1Q05 were $659 million resulting from the company repositioning for interest rate moves.

• Noninterest expense, excluding merger and restructuring charges, of $6.9 billion declined 2% and resulted in an efficiency ratio of 49%.

• With the exception of personnel, as a result of revenue related incentive compensation, every category of expense saw declines versus 4Q04.

• Additional merger related cost saves of $43 million brings current quarter run rate to $437 million.

• Provision expense was $580 million versus the $889 million net charge-offs recorded in the quarter.

• Dividends of $1.8 billion and net share repurchases of $1 billion provided good capital returns to shareholders while the Tier 1 ratio remains steady at 8.20%.

• Continuing momentum in business lines:

• 5.5 million store product sales.

• Number of net new checking accounts grew by 610,000.

• Number of net new savings accounts grew by 759,000.

• Opened 1.3 million new credit card accounts.

• Active online banking users increased to 13.1 million while bill payers reached 6.3 million.

• Bill payers are now paying $28 billion worth of bills per quarter with bill presenters growing to more than 300.

• Retail deposits continue to grow climbing another 3% versus 4Q04 and climbing 12% over 1Q04 “pro forma” (including Fleet) as a result of improved customer delight, improved sales processes and focused marketing.

• On average loans grew 2% over 4Q04 to $525 billion with equal strength in commercial and consumer.

Consumer growth was led by home equity and credit card.

Commercial growth was led by broad based growth across almost all commercial businesses and included growth in the Northeast franchise.

• Assets under management ended the quarter at $433 billion reflecting declines from market valuations as well as small outflows.

• 24,000 banking customers accepted invitations into premier banking relationships during the quarter. Premier banking loans within the Global Wealth & Investment Management group climbed 17% during the quarter.

• Trading-related revenue in our Global Capital Markets and Investment Banking group climbed 74% over 4Q levels.

• Investment banking fees in our Global Capital Markets & Investment Banking declined 22% from 4Q04 levels primarily reflecting lower market activity.

• Merger integration ahead of schedule.

• Cost savings are on track. $43 million additional savings in 1Q05 bringing quarterly run rate up to $437 million.

• Net new checking and savings accounts grew by 175,000 during the quarter.

• Fleet card accounts were converted to TSYS from First Data.

• BAC credit and debit cards were issued to all Fleet cardholders.

• Loan Solutions (our mortgage origination system) has been rolled out into the former Fleet banking centers as well as online.

• Various functions such as payroll, check processing and Columbia Management have been merged onto common platforms.

1

Bank of America Corporation

Consolidated Financial Highlights

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

	First Quarter 2005			Fourth Quarter 2004			Third Quarter 2004			Second Quarter 2004			First Quarter 2004
Income statement
Total revenue	$	14,022		$	13,713		$	12,587		$	13,048		$	9,531
Provision for credit losses		580			706			650			789			624
Gains on sales of debt securities		659			101			732			795			495
Noninterest expense		7,057			7,333			7,021			7,228			5,430
Income tax expense		2,349			1,926			1,884			1,977			1,291
Net income		4,695			3,849			3,764			3,849			2,681
Diluted earnings per common share		1.14			0.94			0.91			0.93			0.91
Average diluted common shares issued and outstanding		4,099,062			4,106,040			4,121,375			4,131,290			2,933,402
Dividends paid per common share	$	0.45		$	0.45		$	0.45		$	0.40		$	0.40
Performance ratios
Return on average assets		1.59	%		1.33	%		1.37	%		1.41	%		1.29	%
Return on average common shareholders’ equity		19.30			15.63			15.56			16.63			22.16
Book value per share of common stock	$	24.35		$	24.56		$	24.14		$	23.51		$	16.85
Market price per share of common stock:
Closing price	$	44.10		$	46.99		$	43.33		$	42.31		$	40.49
High closing price for the period		47.08			47.44			44.98			42.72			41.38
Low closing price for the period		43.66			43.62			41.81			38.96			39.15
Market capitalization		177,958			190,147			175,446			171,891			117,056
Number of banking centers - domestic		5,889			5,885			5,829			5,774			4,272
Number of ATMs - domestic		16,798			16,771			16,728			16,672			13,168
Full-time equivalent employees		175,365			176,362			176,002			178,313			134,374

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

Information for periods after April 1, 2004 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

	First Quarter 2005			Fourth Quarter 2004			Third Quarter 2004			Second Quarter 2004			First Quarter 2004
Net interest income	$	8,072		$	7,954		$	7,836		$	7,751		$	5,970
Total revenue		14,221			13,920			12,758			13,218			9,700
Net interest yield		3.11	%		3.18	%		3.30	%		3.31	%		3.26	%
Efficiency ratio		49.62			52.69			55.03			54.68			55.98

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 merger and restructuring charges, which represent events outside 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 to evaluate the Corporation’s use of equity (i.e. capital) at the individual unit level and is an integral component in the analytics for resource allocation. Using SVA as a performance measure places specific focus on whether incremental investments generate returns in excess of the costs of capital associated with those investments. 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 reconciliations to GAAP financial measures for the quarters ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004 and March 31, 2004.

Reconciliation of net income to operating earnings

	First Quarter 2005			Fourth Quarter 2004			Third Quarter 2004			Second Quarter 2004			First Quarter 2004
Net income	$	4,695		$	3,849		$	3,764		$	3,849		$	2,681
Merger and restructuring charges		112			272			221			125			—
Related income tax benefit		(37	)		(91	)		(74	)		(42	)		—
Operating earnings	$	4,770		$	4,030		$	3,911		$	3,932		$	2,681
Operating basis
Diluted earnings per common share	$	1.16		$	0.98		$	0.95		$	0.95		$	0.91
Return on average assets		1.61	%		1.39	%		1.42	%		1.44	%		1.29	%
Return on avg common shareholders’ equity		19.61			16.37			16.17			16.99			22.16
Efficiency ratio		48.83			50.73			53.30			53.73			55.98
Reconciliation of net income to shareholder value added
Net income	$	4,695		$	3,849		$	3,764		$	3,849		$	2,681
Amortization of intangibles		208			209			200			201			54
Merger and restructuring charges, net of tax benefit		75			181			147			83			—
Capital charge		(2,673	)		(2,705	)		(2,658	)		(2,542	)		(1,330	)
Shareholder value added	$	2,305		$	1,534		$	1,453		$	1,591		$	1,405

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

Information for periods after April 1, 2004 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)

	First Quarter 2005		Fourth Quarter 2004		Third Quarter 2004			Second Quarter 2004		First Quarter 2004
Interest income
Interest and fees on loans and leases	$	8,107	$	7,919	$	7,508		$	7,237	$	5,549
Interest and dividends on securities		2,534		2,065		2,078			1,907		1,212
Federal funds sold and securities purchased under agreements to resell		893		712		484			413		434
Trading account assets		1,182		1,035		960			1,009		1,012
Other interest income		437		464		457			424		345
Total interest income		13,153		12,195		11,487			10,990		8,552
Interest expense
Deposits		2,043		1,829		1,711			1,529		1,206
Short-term borrowings		1,969		1,543		1,152			1,019		720
Trading account liabilities		427		352		333			298		334
Long-term debt		841		724		626			563		491
Total interest expense		5,280		4,448		3,822			3,409		2,751
Net interest income		7,873		7,747		7,665			7,581		5,801
Noninterest income
Service charges		1,777		1,891		1,899			1,783		1,416
Investment and brokerage services		1,013		1,008		972			999		635
Mortgage banking income (loss)		221		156		(250	)		299		209
Investment banking income		366		497		438			547		404
Equity investment gains		399		426		220			84		133
Card income		1,289		1,380		1,258			1,159		795
Trading account profits		760		269		184			413		3
Other income		324		339		201			183		135
Total noninterest income		6,149		5,966		4,922			5,467		3,730
Total revenue		14,022		13,713		12,587			13,048		9,531
Provision for credit losses		580		706		650			789		624
Gains on sales of debt securities		659		101		732			795		495
Noninterest expense
Personnel		3,701		3,520		3,534			3,629		2,752
Occupancy		636		648		622			621		488
Equipment		297		326		309			318		261
Marketing		337		337		364			367		281
Professional fees		177		275		207			194		160
Amortization of intangibles		208		209		200			201		54
Data processing		364		371		341			333		284
Telecommunications		206		216		180			183		151
Other general operating		1,019		1,159		1,043			1,257		999
Merger and restructuring charges		112		272		221			125		—
Total noninterest expense		7,057		7,333		7,021			7,228		5,430
Income before income taxes		7,044		5,775		5,648			5,826		3,972
Income tax expense		2,349		1,926		1,884			1,977		1,291
Net income	$	4,695	$	3,849	$	3,764		$	3,849	$	2,681
Net income available to common shareholders	$	4,690	$	3,844	$	3,759		$	3,844	$	2,680
Per common share information
Earnings	$	1.16	$	0.95	$	0.93		$	0.95	$	0.93
Diluted earnings	$	1.14	$	0.94	$	0.91		$	0.93	$	0.91
Dividends paid	$	0.45	$	0.45	$	0.45		$	0.40	$	0.40
Average common shares issued and outstanding		4,032,550		4,032,979		4,052,304			4,062,384		2,880,306
Average diluted common shares issued and outstanding		4,099,062		4,106,040		4,121,375			4,131,290		2,933,402

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

4

Bank of America Corporation

Consolidated Balance Sheet

(Dollars in millions)	March 31 2005			December 31 2004			March 31 2004
Assets
Cash and cash equivalents	$	28,698		$	28,936		$	22,296
Time deposits placed and other short-term investments		11,223			12,361			8,561
Federal funds sold and securities purchased under agreements to resell		139,396			91,360			73,057
Trading account assets		124,960			93,587			75,004
Derivative assets		26,182			30,235			28,481
Securities:
Available-for-sale		218,675			194,743			139,546
Held-to-maturity, at cost		275			330			242
Total securities		218,950			195,073			139,788
Loans and leases		529,466			521,837			375,968
Allowance for loan and lease losses		(8,313	)		(8,626	)		(6,080	)
Loans and leases, net of allowance		521,153			513,211			369,888
Premises and equipment, net		7,531			7,517			6,076
Mortgage servicing rights		2,668			2,482			2,184
Goodwill		45,378			45,262			11,468
Core deposit intangibles and other intangibles		3,679			3,887			854
Other assets		82,421			86,546			62,317
Total assets	$	1,212,239		$	1,110,457		$	799,974
Liabilities
Deposits in domestic offices:
Noninterest-bearing	$	166,499		$	163,833		$	121,629
Interest-bearing		403,534			396,645			267,850
Deposits in foreign offices:
Noninterest-bearing		5,319			6,066			2,805
Interest-bearing		54,635			52,026			43,308
Total deposits		629,987			618,570			435,592
Federal funds purchased and securities sold under agreements to repurchase		187,652			119,741			115,434
Trading account liabilities		53,434			36,654			27,402
Derivative liabilities		15,363			17,928			16,290
Commercial paper and other short-term borrowings		93,440			78,598			56,614
Accrued expenses and other liabilities (includes $394, $402 and $401 of reserve for unfunded lending commitments)		35,081			41,243			18,635
Long-term debt		98,763			98,078			81,231
Total liabilities		1,113,720			1,010,812			751,198
Shareholders’ equity
Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and outstanding - 1,090,189; 1,090,189 and 1,239,563 shares		271			271			53
Common stock and additional paid-in capital, $0.01 par value; authorized - 7,500,000,000 shares; issued and outstanding - 4,035,318,509; 4,046,546,212 and 2,890,974,626 shares		43,589			44,236			29
Retained earnings		60,843			58,006			51,808
Accumulated other comprehensive income (loss)		(5,559	)		(2,587	)		(2,743	)
Other		(625	)		(281	)		(371	)
Total shareholders’ equity		98,519			99,645			48,776
Total liabilities and shareholders’ equity	$	1,212,239		$	1,110,457		$	799,974

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

5

Bank of America Corporation

Capital Management

(Dollars in millions)

	1Q05*			4Q04			3Q04			2Q04			1Q04
Tier 1 capital	$	67,127		$	64,281		$	62,981		$	61,883		$	45,515
Total capital		93,774			92,266			91,326			90,267			67,484
Risk-weighted assets		818,179			793,523			779,858			754,386			588,770
Tier 1 capital ratio		8.20	%		8.10	%		8.08	%		8.20	%		7.73	%
Total capital ratio		11.46			11.63			11.71			11.97			11.46
Ending equity / ending assets		8.13			8.97			9.14			9.35			6.10
Ending capital / ending assets		9.01			9.85			10.00			10.25			6.86
Average equity / average assets		8.23			8.51			8.79			8.52			5.84
Leverage ratio		5.82			5.82			5.92			5.83			5.43

*Preliminary data on risk-based capital

Share Repurchase Program

43.2 million common shares were repurchased in the first quarter of 2005 as a part of ongoing share repurchase programs.

37.4 million shares remain outstanding under the 2004 authorized program.

200.0 million shares remain outstanding under the 2005 authorized program.

32.0 million shares were issued in the first quarter of 2005.

Information for periods after April 1, 2004 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)

	First Quarter 2005						Fourth Quarter 2004						First Quarter 2004
	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	$	14,327	$	101	2.87	%	$	15,620	$	128	3.24	%	$	12,268	$	48	1.57	%
Federal funds sold and securities purchased under agreements to resell		147,855		893	2.43			149,226		712	1.90			113,761		434	1.53
Trading account assets		117,748		1,203	4.10			110,585		1,067	3.85			105,033		1,025	3.91
Securities		204,574		2,561	5.01			171,173		2,083	4.87			99,755		1,223	4.91
Loans and leases(1):
Residential mortgage		178,098		2,412	5.43			178,879		2,459	5.49			141,898		1,960	5.53
Credit card		51,310		1,373	10.85			49,366		1,351	10.88			35,303		870	9.92
Home equity lines		51,477		692	5.45			48,336		609	5.01			24,379		262	4.31
Direct/Indirect consumer		41,620		573	5.58			39,526		551	5.55			34,045		464	5.49
Other consumer(2)		7,305		158	8.75			7,557		153	8.07			7,479		120	6.42
Total consumer		329,810		5,208	6.37			323,664		5,123	6.31			243,104		3,676	6.07
Commercial - domestic		123,803		1,983	6.49			121,412		1,914	6.27			90,946		1,511	6.68
Commercial real estate		33,016		430	5.29			31,355		392	4.98			19,815		210	4.26
Commercial lease financing		20,745		260	5.01			20,204		254	5.01			9,459		95	4.00
Commercial - foreign		17,570		258	5.96			18,828		272	5.76			10,753		95	3.57
Total commercial		195,134		2,931	6.08			191,799		2,832	5.88			130,973		1,911	5.87
Total loans and leases		524,944		8,139	6.27			515,463		7,955	6.15			374,077		5,587	6.00
Other earning assets		35,466		455	5.19			35,937		457	5.08			29,914		404	5.42
Total earning assets(3)		1,044,914		13,352	5.15			998,004		12,402	4.96			734,808		8,721	4.76
Cash and cash equivalents		31,382						31,028						23,187
Other assets, less allowance for loan and lease losses		124,587						123,519						75,197
Total assets	$	1,200,883					$	1,152,551					$	833,192
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	37,000	$	35	0.39	%	$	36,927	$	36	0.39	%	$	26,159	$	17	0.27	%
NOW and money market deposit accounts		233,392		651	1.13			234,596		589	1.00			155,835		321	0.83
Consumer CDs and IRAs		118,989		769	2.62			109,243		711	2.59			75,341		567	3.03
Negotiable CDs, public funds and other time deposits		10,291		96	3.73			7,563		81	4.27			5,939		74	5.01
Total domestic interest-bearing deposits		399,672		1,551	1.57			388,329		1,417	1.45			263,274		979	1.50
Foreign interest-bearing deposits(4):
Banks located in foreign countries		22,084		316	5.81			17,953		275	6.11			18,954		171	3.62
Governments and official institutions		6,831		43	2.58			5,843		33	2.21			4,701		19	1.63
Time, savings and other		30,770		133	1.75			30,459		104	1.36			21,054		37	0.71
Total foreign interest-bearing deposits		59,685		492	3.35			54,255		412	3.02			44,709		227	2.04
Total interest-bearing deposits		459,357		2,043	1.80			442,584		1,829	1.64			307,983		1,206	1.57
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		276,483		1,969	2.89			252,384		1,543	2.43			195,866		720	1.48
Trading account liabilities		44,507		427	3.89			37,387		352	3.74			34,543		334	3.90
Long-term debt		97,126		841	3.46			99,588		724	2.91			78,852		491	2.49
Total interest-bearing liabilities(3)		877,473		5,280	2.43			831,943		4,448	2.13			617,244		2,751	1.79
Noninterest-bearing sources:
Noninterest-bearing deposits		168,062						167,352						117,092
Other liabilities		56,534						55,156						50,170
Shareholders’ equity		98,814						98,100						48,686
Total liabilities and shareholders’ equity	$	1,200,883					$	1,152,551					$	833,192
Net interest spread					2.72						2.83						2.97
Impact of noninterest-bearing sources					0.39						0.35						0.29
Net interest income/yield on earning assets			$	8,072	3.11	%			$	7,954	3.18	%			$	5,970	3.26	%

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

⁽²⁾ Includes consumer finance of $3,362 in the first quarter of 2005 and $3,473 and $3,999 in the fourth and first quarters of 2004, respectively; foreign consumer of $3,532 in the first quarter of 2005 and $3,523 and $1,989 in the fourth and first quarters of 2004, respectively; and consumer lease financing of $411 in the first quarter of 2005 and $561 and $1,491 in the fourth and first quarters of 2004, respectively.

⁽³⁾ Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $437 in the first quarter of 2005 and $496 and $715 in the fourth and first quarters of 2004, 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 $175 in the first quarter of 2005 and $155 and $183 in the fourth and first quarters of 2004, respectively. These amounts were substantially offset by corresponding decreases in the interest paid on the underlying liabilities.

⁽⁴⁾ Primarily consists of time deposits in denominations of $100,000 or more.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

7

Bank of America Corporation

Business Segment View

8

Bank of America Corporation

Global Consumer and Small Business Banking Segment Results⁽¹⁾

(Dollars in millions)

	Quarterly
	1 Qtr 05			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04
Key Measures
Total revenue(2)	$	6,961		$	7,106		$	6,566		$	6,722		$	4,724
Provision for credit losses		714			1,218			1,005			641			429
Net income		1,899			1,603			1,482			1,740			1,070
Shareholder value added		1,154			802			711			1,022			716
Return on average equity		23.54	%		18.69	%		18.06	%		22.51	%		30.30	%
Efficiency ratio(2)		47.55			47.75			50.93			49.61			55.07
Selected Average Balance Sheet Components
Total loans and leases	$	138,670		$	137,193		$	133,489		$	129,379		$	86,082
Total deposits		299,789			301,102			305,629			306,942			216,850
Total earning assets		304,505			311,356			314,756			314,196			221,525
Period End (in billions)
Mortgage servicing portfolio	$	275.5		$	273.1		$	268.5		$	267.8		$	247.6
Mortgage originations:
Retail		11.9			12.7			11.7			19.2			14.0
Wholesale		5.6			5.7			5.2			9.3			9.8

⁽¹⁾ Global Consumer and Small Business Banking’s major businesses are Consumer Banking and Consumer Products.

⁽²⁾ Fully taxable-equivalent basis

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

9

Bank of America Corporation

Retail Sales

* preliminary data

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

10

Bank of America Corporation

E-Commerce & BankofAmerica.com

Bank of America has the largest active online banking customer base with 13.1 million subscribers. This represents an active customer penetration rate of 51.5%.

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

6.3 million active bill pay users paid $28.0 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 14.6 million e-bills per quarter.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

11

Bank of America Corporation

Card Services Results⁽¹⁾

(Dollars in millions)

	Quarterly
	1 Qtr 05			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04
Key Measures
Consumer Credit Card
Outstandings
On-balance sheet (Period end)	$	51,012		$	51,726		$	47,521		$	42,195		$	36,087
Managed (Period end)		57,920			58,629			55,399			51,990			37,296
On-balance sheet (Average)		51,310			49,366			45,589			43,177			35,303
Managed (Average)		58,145			56,444			54,419			53,136			36,855
Managed Income Statement
Total revenue	$	2,243		$	2,354		$	2,267		$	2,173		$	1,346
Provision for credit losses		817			1,335			994			760			466
Noninterest expense		676			700			544			546			382
Income before income taxes	$	750		$	319		$	729		$	867		$	498
Shareholder Value Added	$	381		$	89		$	403		$	407		$	238
Merchant Acquiring Business
Processing volume (millions)		75,754			75,383			24,898			23,239			21,573
Total transactions (millions)		1,620			1,756			374			342			309
Consumer Credit Card
Credit Quality
On-balance sheet
Charge-offs $	$	740		$	691		$	586		$	585		$	443
Charge-offs %		5.85	%		5.57	%		5.09	%		5.45	%		5.05	%
Managed
Losses $	$	884		$	837		$	753		$	776		$	463
Losses %		6.17	%		5.90	%		5.48	%		5.88	%		5.05	%
Managed delinquency % (2)
30+		4.20	%		4.37	%		4.30	%		3.86	%		3.75	%
90+		2.10			2.13			1.98			1.76			1.81

⁽¹⁾ Card Services includes Consumer and Small Business Credit Card and Merchant Services.

⁽²⁾ 3Q04 has been adjusted for an understatement related to an available-for-sale securities portfolio acquired with the Fleet acquisition.

Represents financial statement presentation with certain reclassifications to reflect securitization activity.

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

12

Bank of America Corporation

Global Business and Financial Services Segment Results⁽¹⁾

(Dollars in millions)

	Quarterly
	1 Qtr 05			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04
Key Measures
Total revenue(2)	$	2,734		$	2,717		$	2,522		$	2,430		$	1,569
Provision for credit losses		(57	)		(248	)		(222	)		(5	)		91
Net income		1,120			1,208			1,181			856			582
Shareholder value added		350			417			393			91			385
Return on average equity		15.33	%		16.08	%		15.78	%		11.76	%		31.36	%
Efficiency ratio(2)		36.45			36.47			36.67			44.06			36.22
Selected Average Balance Sheet Components
Total loans and leases	$	171,500		$	167,721		$	164,597		$	163,899		$	109,193
Total deposits		105,213			105,313			101,840			102,100			61,803
Total earning assets		181,755			177,756			174,333			172,848			113,383

⁽¹⁾ Global Business and Financial Services major businesses are Global Treasury Services, Middle Market Banking, Business Banking, Commercial Real Estate Banking, Leasing, Business Capital, Dealer Financial Services and Latin America.

⁽²⁾ Fully taxable-equivalent basis

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

13

Bank of America Corporation

Global Capital Markets and Investment Banking Segment Results⁽¹⁾

(Dollars in millions)

	Quarterly
	1 Qtr 05			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04
Key Measures
Total revenue(2)	$	2,632		$	2,206		$	2,074		$	2,634		$	2,173
Provision for credit losses		(97	)		(209	)		(158	)		4			(99	)
Net income		721			595			481			408			453
Shareholder value added		449			307			192			126			253
Return on average equity		27.90	%		21.76	%		17.54	%		15.19	%		24.28	%
Efficiency ratio(2)		62.55			69.68			72.67			76.40			71.88
Selected Average Balance Sheet Components
Total loans and leases	$	35,508		$	34,726		$	36,285		$	38,476		$	29,333
Total deposits		82,987			81,376			72,550			78,854			67,440
Total earning assets		321,002			307,611			271,782			276,022			259,997

⁽¹⁾ Global Capital Markets and Investment Banking offers clients a comprehensive range of global capabilities through three financial services: 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.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

14

Bank of America Corporation

Global Capital Markets and Investment Banking

(Dollars in millions)

	Quarterly
	1 Qtr 05		4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04
Trading-related Revenue
Net interest income(1)	$	422	$	417		$	448		$	597		$	577
Trading account profits		704		231			136			389			267
Total trading-related revenue	$	1,126	$	648		$	584		$	986		$	844
Trading-related revenue by product
Fixed income	$	459	$	283		$	299		$	456		$	509
Interest rate(1)		227		93			118			289			167
Foreign exchange		196		231			163			170			188
Equities(2)		148		75			40			83			(3	)
Commodities		21		33			18			(4	)		(2	)
Market-based trading-related revenue		1,051		715			638			994			859
Credit portfolio hedges(3)		75		(67	)		(54	)		(8	)		(15	)
Total trading-related revenue	$	1,126	$	648		$	584		$	986		$	844
	Quarterly
	1 Qtr 05		4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04
Investment Banking Income
Securities underwriting	$	157	$	209		$	219		$	275		$	217
Syndications		112		140			128			174			79
Advisory services		75		94			66			73			77
Other		6		7			7			10			8
Total investment banking income	$	350	$	450		$	420		$	532		$	381

⁽¹⁾ Fully taxable-equivalent basis

⁽²⁾ Does not include commissions from equity transactions which where were $189, $173, $153, $168 and $172 for the three months ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004 and March 31, 2004.

⁽³⁾ Includes credit default swaps and related products used for credit risk management.

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

15

Bank of America Corporation

Global Capital Markets & Investment Banking Strategic Progress Continues

Significant US market share gains

Banc of America Securities increased market share in syndicated loans, high yield debt, M&A, mortgage-backed securities, investment grade and public finance.

• #1 in syndicated loans and leveraged loans, ranked by number of deals

• Investment grade rank rose to #5 from #8 in 1Q04

• Top 5 rankings in:

Syndicated loans

Leveraged loans

High yield debt

Mortgage-backed securities

Investment grade debt

Public finance

16

Bank of America Corporation

Global Wealth and Investment Management Segment Results⁽¹⁾

(Dollars in millions)

	Quarterly
	1 Qtr 05			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04
Key Measures
Total revenue(2)	$	1,794		$	1,681		$	1,606		$	1,546		$	1,101
Provision for credit losses		2			(4	)		(18	)		10			(9	)
Net income		576			482			475			398			246
Shareholder value added		328			227			235			163			127
Return on average equity		23.74	%		19.33	%		20.15	%		17.20	%		21.78	%
Efficiency ratio(2)		50.31			55.35			54.55			58.93			65.38
Selected Average Balance Sheet Components
Total loans and leases	$	50,759		$	47,956		$	45,654		$	44,117		$	38,442
Total deposits		114,098			102,489			87,909			77,075			64,471
Total earning assets		116,263			104,929			90,135			79,254			66,469
Period End (in billions)
Assets under management	$	433.4		$	451.5		$	429.5		$	439.6		$	298.7
Client brokerage assets		150.7			149.9			141.9			144.9			91.0
Assets in custody		100.8			107.0			104.0			105.2			50.6
Total client assets	$	684.9		$	708.4		$	675.4		$	689.7		$	440.3

⁽¹⁾ Global Wealth and Investment Management services clients through five major businesses: Premier Banking, Banc of America Investments, The Private Bank, Columbia Management Group and Other Services.

⁽²⁾ Fully taxable-equivalent basis

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

17

Bank of America Corporation

All Other Results⁽¹⁾

(Dollars in millions)

	Quarterly
	1 Qtr 05		4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04
Key Measures
Total revenue(2)	$	100	$	210			($10	)		($114	)	$	133
Provision for credit losses		18		(51	)		43			139			212
Net income(3)		379		(39	)		145			447			330
Shareholder value added		24		(219	)		(78	)		189			(76	)
Selected Average Balance Sheet Components
Total loans and leases	$	128,507	$	127,867		$	123,053		$	121,288		$	111,027
Total deposits		25,332		19,656			19,949			17,336			14,511
Total earning assets		121,389		96,352			97,377			96,200			73,434

⁽¹⁾ All Other consists primarily of Equity Investments, noninterest income and expense amounts associated with the Asset and Liability (ALM) process, including gains on sales of debt securities, the allowance for credit losses process, the residual impact of methodology allocations, intersegment eliminations, and the results of certain consumer finance and commercial lending businesses that are being liquidated.

⁽²⁾ Fully taxable-equivalent basis

⁽³⁾ Includes merger and restructuring charges, net of taxes, $75 in 1Q05, $181 in 4Q04, $147 in 3Q04 and $83 in 2Q04.

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

18

Bank of America Corporation

Outstanding Loans and Leases

(Dollars in millions)

	March 31 2005		December 31 2004		Increase (Decrease) from 12/31/04
Residential mortgage	$	178,978	$	178,103	$	875
Credit card		51,012		51,726		(714	)
Home equity lines		52,891		50,126		2,765
Direct/Indirect consumer		42,694		40,513		2,181
Other consumer(1)		7,167		7,439		(272	)
Total consumer		332,742		327,907		4,835
Commercial - domestic		124,779		122,095		2,684
Commercial real estate(2)		33,434		32,319		1,115
Commercial lease financing		20,638		21,115		(477	)
Commercial - foreign		17,873		18,401		(528	)
Total commercial		196,724		193,930		2,794
Total	$	529,466	$	521,837	$	7,629

⁽¹⁾ Includes consumer finance of $3,288 and $3,395 at March 31, 2005 and December 31, 2004, respectively; foreign consumer of $3,549 and $3,563 at March 31, 2005 and December 31, 2004, respectively; and consumer lease financing of $330 and $481 at March 31, 2005 and December 31, 2004, respectively.

⁽²⁾ Includes domestic commercial real estate loans of $32,978 and $31,879 at March 31, 2005 and December 31, 2004, respectively; and foreign commercial real estate loans of $456 and $440 at March 31, 2005 and December 31, 2004, respectively.

Information for periods after April 1, 2004 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)

	March 31 2005		December 31 2004		% Increase (Decrease) from 12/31/04
Real estate (2)	$	37,915	$	36,672	3	%
Diversified financials		25,117		25,932	(3	)
Banks		24,822		25,265	(2	)
Retailing		23,800		23,149	3
Education and government		18,009		17,429	3
Individuals and trusts		16,312		16,110	1
Materials		14,302		14,123	1
Consumer durables and apparel		14,028		13,427	4
Capital goods		13,117		12,633	4
Transportation		12,931		13,234	(2	)
Leisure and sports, hotels and restaurants		12,824		13,331	(4	)
Healthcare equipment and services		12,151		12,643	(4	)
Commercial services and supplies		11,973		11,944	0
Food, beverage and tobacco		11,154		11,687	(5	)
Energy		9,306		7,579	23
Religious and social organizations		5,866		5,710	3
Media		5,715		6,232	(8	)
Utilities		5,312		5,615	(5	)
Insurance		5,034		5,851	(14	)
Telecommunication services		3,486		3,030	15
Technology hardware and equipment		3,338		3,398	(2	)
Food and staples retailing		3,283		3,610	(9	)
Software and services		2,923		3,292	(11	)
Automobiles and components		1,889		1,894	(0	)
Pharmaceuticals and biotechnology		1,042		994	5
Household and personal products		372		371	0
Other		3,990		3,132	27
Total	$	300,011	$	298,287	1	%

⁽¹⁾ Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held for sale and commercial letters of credit. Derivative assets are reported on a mark-to-market basis and have not been reduced by the amount of collateral applied, which totaled $17,056 and $17,685 at March 31, 2005 and December 31, 2004, respectively.

⁽²⁾ Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based upon the borrowers’ or counterparties’ primary business activity using operating cash flow and primary source of repayment as key factors.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

20

Bank of America Corporation

Nonperforming Assets

(Dollars in millions)

	1Q05			4Q04			3Q04			2Q04			1Q04
Residential mortgage	$	536		$	554		$	532		$	537		$	486
Home equity lines		70			66			51			42			35
Direct/Indirect consumer		32			33			26			31			31
Other consumer		83			85			94			99			61
Total consumer		721			738			703			709			613
Commercial - domestic		811			855			991			1,246			1,229
Commercial real estate		64			87			136			164			115
Commercial lease financing		249			266			243			257			66
Commercial - foreign		228			267			473			503			331
Total commercial		1,352			1,475			1,843			2,170			1,741
Total nonperforming loans and leases		2,073			2,213			2,546			2,879			2,354
Nonperforming securities(1)		153			140			157			156			—
Foreclosed properties		112			102			133			144			131
Total nonperforming assets(2)	$	2,338		$	2,455		$	2,836		$	3,179		$	2,485
Loans past due 90 days or more and still accruing (3)	$	1,211		$	1,294		$	1,120		$	939		$	795
Nonperforming assets / Total assets		0.19	%		0.22	%		0.26	%		0.31	%		0.31	%
Nonperforming assets / Total loans, leases and foreclosed properties		0.44			0.47			0.55			0.64			0.66
Nonperforming loans and leases / Total loans and leases		0.39			0.42			0.50			0.58			0.63
Allowance for credit losses:
Allowance for loan and lease losses	$	8,313		$	8,626		$	8,723		$	8,767		$	6,080
Reserve for unfunded lending commitments		394			402			446			486			401
Total	$	8,707		$	9,028		$	9,169		$	9,253		$	6,481
Allowance for loan and lease losses / Total loans and leases		1.57	%		1.65	%		1.70	%		1.76	%		1.62	%
Allowance for loan and lease losses / Total nonperforming loans and leases		401			390			343			305			258
Commercial criticized exposure	$	8,858		$	10,249		$	12,025		$	13,420		$	10,401
Commercial criticized exposure / Commercial utilized exposure		2.95	%		3.44	%		4.13	%		4.73	%		4.94	%

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

⁽¹⁾ Primarily related to international securities held in the available-for-sale securities portfolio.

⁽²⁾ Balances do not include $76, $151, $100, $103 and $82 of nonperforming assets, primarily loans held-for-sale, included in Other Assets at March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004 and March 31, 2004, respectively.

⁽³⁾ 3Q04 has been adjusted for an understatement related to an available-for-sale securities portfolio acquired with the Fleet acquisition.

Information for periods after April 1, 2004 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)

	1Q05					4Q04					3Q04					2Q04					1Q04
	Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent
Residential mortgage	$	4		0.01	%	$	6		0.01	%	$	7		0.02	%	$	12		0.03	%	$	11		0.03	%
Credit card		740		5.85			691		5.57			586		5.09			585		5.45			443		5.05
Home equity lines		6		0.05			4		0.03			2		0.02			5		0.05			4		0.07
Direct/Indirect consumer		61		0.60			55		0.55			56		0.57			49		0.50			48		0.56
Other consumer(1)		56		3.12			45		2.39			49		2.53			42		2.10			57		3.07
Total consumer		867		1.07			801		0.98			700		0.89			693		0.92			563		0.93
Commercial - domestic		26		0.09			27		0.09			25		0.08			76		0.25			49		0.22
Commercial real estate		0		0.00			1		0.02			1		0.02			(3	)	(0.04	)		(2	)	(0.05	)
Commercial lease financing		25		0.48			11		0.21			(3	)	(0.07	)		(3	)	(0.06	)		4		0.17
Commercial - foreign		(29	)	(0.66	)		5		0.09			(4	)	(0.09	)		66		1.47			106		3.98
Total commercial		22		0.05			44		0.09			19		0.04			136		0.28			157		0.48
Total net charge-offs	$	889		0.69		$	845		0.65		$	719		0.57		$	829		0.67		$	720		0.77
By Business Segment:
Global Consumer and Small Business Banking	$	811		2.37	%	$	748		2.17	%	$	646		1.92	%	$	643		2.00	%	$	486		2.27	%
Global Business and Financial Services		88		0.21			79		0.19			41		0.10			85		0.21			78		0.29
Global Capital Markets and Investment Banking		(43	)	(0.49	)		(25	)	(0.29	)		(6	)	(0.07	)		69		0.72			89		1.23
Global Wealth and Investment Management		0		0.00			3		0.03			1		0.01			(4	)	(0.04	)		6		0.06
All Other		33		0.10			40		0.12			37		0.12			36		0.12			61		0.22
Total net charge-offs	$	889		0.69		$	845		0.65		$	719		0.57		$	829		0.67		$	720		0.77

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

⁽¹⁾ Includes lease financing of $3, $5, $7, $5 and $10 for the quarters ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004 and March 31, 2004, respectively.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

22

Bank of America Corporation

Selected Emerging Markets ⁽¹⁾

(Dollars in millions)	Loans and Loan Commitments		Other Financing (2)		Derivative Assets (3)		Securities/ Other Investments (4,5)		Total Cross- border Exposure (6)		Local Country Exposure Net of Local Liabilities (7)		Total Foreign Exposure March 31, 2005		Increase/ (Decrease) from December 31, 2004
Region/Country
Latin America
Brazil (8)	$	1,105	$	124	$	19	$	106	$	1,354	$	2,195	$	3,549		($1	)
Mexico (9)		881		146		139		2,054		3,220		0		3,220		354
Chile		227		88		0		9		324		370		694		(486	)
Argentina		130		62		0		44		236		0		236		(155	)
Other Latin America (10)		189		174		146		23		532		72		604		(471	)
Total Latin America		2,532		594		304		2,236		5,666		2,637		8,303		(759	)
Asia Pacific
South Korea		254		647		73		551		1,525		0		1,525		142
India		349		236		156		380		1,121		368		1,489		(3	)
Taiwan		237		118		101		15		471		682		1,153		(174	)
Hong Kong		151		159		100		278		688		188		876		(243	)
Singapore		51		212		60		334		657		0		657		317
Other Asia Pacific (10)		127		88		40		422		677		138		815		161
Total Asia Pacific		1,169		1,460		530		1,980		5,139		1,376		6,515		200
Central and Eastern Europe (10)		21		27		25		127		200		0		200		(41	)
Total	$	3,722	$	2,081	$	859	$	4,343	$	11,005	$	4,013	$	15,018	($	600	)

⁽¹⁾ There is no generally accepted definition of emerging markets. The definition that we use includes all countries in Latin America excluding Cayman Islands and Bermuda; all countries in Asia Pacific excluding Japan, Australia and New Zealand; 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⁾ Derivative assets are reported on a mark-to-market basis and have not been reduced by the amount of collateral applied, which totaled $205 and $361 at March 31, 2005 and December 31, 2004, respectively.

⁽⁴⁾ Amounts outstanding for Other Latin America and Other Asia Pacific have been reduced by $34 and $14, respectively, at March 31, 2005 and $196 and $14, respectively, at December 31, 2004. Such amounts represent the fair value of U.S. Treasury securities held as collateral outside the country of exposure.

⁽⁵⁾ 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 Federal Financial Institutions Examination Council (FFIEC) guidelines, cross-border resale agreements are presented based on the domicile of the issuer of the securities that are held as collateral.

⁽⁶⁾ Cross-border exposure includes amounts payable to the Corporation by borrowers or counterparties with a country of residence other than the one in which the credit is booked, regardless of the currency in which the claim is denominated, consistent with FFIEC reporting rules.

⁽⁷⁾ 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 subtracts local funding or liabilities from local exposures as allowed by the FFIEC. Total amount of local country exposure funded by local liabilities at March 31, 2005 was $18,438 compared to $17,189 at December 31, 2004. Local country exposure funded by local liabilities at March 31, 2005 in Latin America and Asia Pacific was $9,461 and $8,977, respectively, of which $4,481 was in Brazil, $3,571 in Hong Kong, $3,204 in Singapore, $1,699 in Argentina, $1,523 in Mexico and $1,332 in Chile. There were no other countries with local country exposure funded by local liabilities greater than $500.

⁽⁸⁾ The Corporation has risk mitigation instruments associated with certain exposure for Brazil including structured trade transactions intended to mitigate transfer risk of $892, third party funding of $318 and linked certificates of deposit of $115. The total foreign exposure net of risk mitigation was $2,224.

⁽⁹⁾ Includes $1,864 related to Grupo Financiero Santander Serfin.

⁽¹⁰⁾ Other Latin America, Other Asia Pacific, and Central and Eastern Europe include countries each with total foreign exposure of less than $300.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

23