8-K

As filed with the Securities and Exchange Commission on July 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):

July 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 July 18, 2005, Bank of America Corporation (the “Registrant”) announced financial results for the second quarter ended June 30, 2005, reporting for the quarter net income of $ 4.30 billion and diluted earnings per common share of $1.06. A copy of the press release announcing the Registrant’s results for the second quarter ended June 30, 2005 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

ITEM 7.01.  REGULATION FD DISCLOSURE.

On July 18, 2005, the Registrant held an investor conference and webcast to disclose financial results for the second quarter ended June 30, 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 June 30, 2005, 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 8.01.  OTHER EVENTS.

On July 18, 2005, the Registrant announced financial results for the second quarter ended June 30, 2005, reporting for the quarter net income of $4.30 billion and diluted earnings per common share of $1.06. A copy of the press release announcing the Registrant’s results for the second quarter ended June 30, 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 July 18, 2005 with respect to the Registrant’s financial results for the second quarter ended June 30, 2005.
99.2	Supplemental Information prepared for use on July 18, 2005 in connection with financial results for the second quarter ended June 30, 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: July 18, 2005

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	Press Release dated July 18, 2005 with respect to the Registrant’s financial results for the second quarter ended June 30, 2005.
99.2	Supplemental Information prepared for use on July 18, 2005 in connection with financial results for the second quarter ended June 30, 2005.

EX-99.1

Exhibit 99.1

July 18, 2005

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:

Terry Francisco, Bank of America, 704.386.4343

Bank of America second quarter net income rises 12 percent

Revenue increases 7 percent as expenses decline

Consumer and middle market business loan growth vibrant

Efficiency ratio again under 50 percent

Retail sales momentum continues

CHARLOTTE — Bank of America Corporation today reported that second quarter net income rose 12 percent to $4.30 billion from $3.85 billion a year earlier. Earnings per share increased 14 percent to $1.06 per share (diluted) from $0.93. Return on average common shareholders’ equity in the second quarter was 17.54 percent.

Second quarter earnings included merger and restructuring charges of $121 million pre-tax, which reduced earnings per share by 2 cents.

Improved results were driven by a 7 percent increase in revenue and 3 percent decrease in noninterest expense. The revenue increase was primarily due to strong noninterest income growth, led by the growth in card income and service charges. Also contributing were gains from whole loan sales and equity investment gains. Noninterest expense fell due to savings created by the merger with FleetBoston Financial Corporation.

Nearly all major customer-related actions related to the Fleet integration have now been accomplished as several major systems conversions were completed during the quarter. Direct cost savings achieved in the second quarter totaled $441 million. Total savings from the Fleet merger are projected to be $1.85 billion for 2005.

For the first six months of 2005, Bank of America earned $8.99 billion, or $2.20 per share (diluted), compared to $6.53 billion, or $1.85 per share, a year earlier.

During the second quarter Bank of America agreed to buy approximately 9 percent of the stock of China Construction Bank for $3 billion, with the option of increasing its stake in future years. Bank of America also announced a definitive agreement to acquire MBNA Corporation. The MBNA acquisition is expected to close in the fourth quarter.

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“I am very pleased with our continued strong performance in 2005,” said Kenneth D. Lewis, chairman and chief executive officer. “Our ability to achieve profitable growth in the midst of a challenging interest rate environment demonstrates the value and resilience of our balanced business mix as well as the efficiency advantages of our large-scale enterprise.”

“As we successfully complete the Fleet integration, and look ahead to the MBNA acquisition, we will build upon a successful customer-centric formula to provide continued long-term growth for investors from our expanded and enhanced financial services platform,” Lewis said. “I am very proud that we are continuing to achieve customer growth while completing our integration of Fleet.”

Business Highlights

• Average managed consumer credit card outstandings rose to $58.5 billion as the company added a record 1.6 million consumer credit card accounts in the quarter.

• The bank added a record 629,000 net new retail checking accounts in the quarter.

• Debit card purchase volume rose to over $35 billion in the quarter, an increase of 27 percent from second quarter 2004.

• Average loans and leases in Global Business and Financial Services grew $5 billion from first quarter 2005, which was an annualized growth rate of more than 11 percent.

• Total retail deposits grew 11 percent from the second quarter of 2004 to more than $428 billion in the second quarter of 2005.

• Active online banking users increased to 13.6 million, while 6.6 million active online bill-payers paid more than $30 billion worth of bills, an increase of 41 percent from the second quarter of 2004.

• Seventy-two percent of Columbia Management Group’s total funds were ranked in the top half of Lipper’s overall rankings of the mutual fund industry as of the end of second quarter 2005 (Assets under Management weighted over 1 year). Thirty-nine percent were in Lipper’s top quartile.¹

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Fleet Merger Highlights

• The accounts of more than 1.9 million customers in Rhode Island, Massachusetts, New Hampshire, Maine and Florida have been converted to Bank of America’s retail platform, including all deposit and loan accounts, overdraft protection and online banking and bill pay. Final conversion of remaining customers in the Fleet footprint will take place later this month.

• Net new retail checking accounts in the former Fleet footprint increased 78,000 in the second quarter of 2005, as compared to 16,000 net new retail checking accounts in the second quarter of 2004.

• Middle market and business banking loans in the former Fleet footprint grew by more than $600 million during the quarter. This was an annualized increase of more than 17 percent.

2005 Second Quarter Financial Summary

Revenue

Revenue on a fully taxable-equivalent basis grew to $14.21 billion from $13.22 billion the same quarter last year.

Net interest income on a fully taxable-equivalent basis was $7.84 billion, up 1 percent from $7.75 billion a year earlier. The increase was due to growth in consumer and business loans, a larger asset-liability management portfolio and higher domestic deposit levels. These increases were partially offset by the impact of further flattening of the yield curve, a lower trading-related contribution and lower levels of large corporate and foreign loans.

Noninterest income rose 16 percent to $6.37 billion from $5.47 billion a year earlier. These results were driven by gains from whole loan sales, card income, service charges and equity investment gains. These improvements were offset by weaker trading profits and investment banking income as well as lower mortgage banking income.

During the quarter, the company realized $325 million in securities gains, down significantly from $795 million in the second quarter of 2004.

Efficiency

Noninterest expense declined 3 percent to $7.02 billion compared to $7.23 billion a year ago. The efficiency ratio improved to 49.42 percent (48.56 percent excluding merger and restructuring charges). For 2005 year-to-date, the company has achieved operating leverage of 13.5 percent.

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Credit Quality

Most major credit quality indicators showed positive trends. The company recorded net recoveries on commercial loans. Credit card charge-offs increased from the second quarter of 2004 reflecting growth and seasoning in the portfolio, the impact of last year’s changes in minimum payment requirements and bankruptcy reform. Consumer credit quality remained strong in all other categories.

• Provision for credit losses was $875 million, up from $580 million in the first quarter of 2005 and $789 million a year earlier.

• Net charge-offs were $880 million, or 0.68 percent of average loans and leases. This compared to $889 million, or 0.69 percent, in the first quarter of 2005 and $829 million, or 0.67 percent of average loans and leases in the second quarter of 2004.

• Nonperforming assets decreased to $1.90 billion, or 0.36 percent of total loans, leases and foreclosed properties, at June 30, 2005. This compared to $2.34 billion, or 0.44 percent, at March 31, 2005 and $3.18 billion, or 0.64 percent, at June 30, 2004.

• The allowance for loan and lease losses was $8.32 billion, or 1.57 percent of loans and leases, at June 30, 2005. This compared to $8.31 billion, or 1.57 percent, at March 31, 2005 and $8.77 billion, or 1.76 percent, at June 30, 2004. At June 30, 2005, the allowance for loan and lease losses represented 470 percent of total nonperforming loans and leases, compared to 401 percent at March 31, 2005 and 305 percent at June 30, 2004.

Capital Management

Total shareholders’ equity was $100.54 billion at June 30, 2005. Period-end assets grew to $1.25 trillion. The Tier 1 Capital Ratio was 8.06 percent, compared to 8.20 percent at March 31, 2005 and a year ago.

During the quarter, Bank of America paid a cash dividend of $0.45 per share. The Board of Directors has increased the quarterly dividend to $0.50 per share, effective with the payment in the third quarter. The company issued 22 million shares, primarily related to employee stock options and ownership plans, and repurchased 40 million shares. Average common shares issued and outstanding were 4.01 billion in the second quarter, compared to 4.03 billion in the first quarter of 2005 and 4.06 billion in the second quarter of 2004.

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Second Quarter 2005 Business Segment Results

Global Consumer and Small Business Banking

Global Consumer and Small Business Banking earnings decreased 8 percent to $1.60 billion from $1.74 billion a year earlier. Revenue rose 5 percent to $7.06 billion.

The decline in earnings occurred because of an increase in provision expense due to increased credit card charge-offs. Also, included in this quarter’s provision was $210 million to establish a reserve for anticipated net charge-offs from additional minimum payment requirements for consumer credit cardholders, which will be implemented in the fourth quarter.

Business momentum continued to be solid, led by growth in card income and service charges as well as increases in home equity loans. Service charges rose 12 percent and benefited from a growing number of new consumer and business accounts. Card income increased 25 percent from a year ago due to significant growth in debit and credit card volumes as well as the acquisition of NPC, which closed in the fourth quarter of 2004.

Global Business and Financial Services

Global Business and Financial Services earnings rose 43 percent to $1.22 billion from $849 million a year earlier. Revenue increased 11 percent to $2.69 billion.

Strong loan and deposit growth fueled a $149 million increase in net interest income while growth in service charges was the major driver of higher noninterest income. A negative provision expense of $164 million and a 7 percent decline in noninterest expense added to the earnings improvement. The business also recorded gains on sales of debt securities in Latin America.

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Global Capital Markets and Investment Banking

Global Capital Markets and Investment Banking earnings increased 12 percent to $461 million from $411 million a year ago. Revenue declined 19 percent to $2.12 billion.

The earnings increase was primarily driven by the absence of litigation expense incurred in the second quarter of 2004. Revenue declined as trading profits and investment banking income decreased in the face of weak market conditions. However, the company outperformed the market in mergers and acquisitions, advisory services and investment grade and high yield debt offerings. Investment and brokerage service fees rose. Credit quality continued to be strong.

Global Wealth and Investment Management

Global Wealth and Investment Management earnings increased 48 percent to $590 million from $398 million a year earlier. Revenue rose 19 percent to $1.84 billion.

Asset management fees rose as assets under management increased. Earnings also benefited from continued strong expense management.

All Other

All Other reflected $433 million of net income for the quarter. This included securities gains of $204 million and whole loan sale gains of $278 million related to asset-liability management. The Equity Investments business earned $167 million compared to a loss of $13 million in the second quarter of 2004.

Note: Marc 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 through more than 5,800 retail banking offices and 16,600 ATMs and through award-winning online banking with more than thirteen million active users. Bank of America is ranked 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 85 percent of the Global Fortune 500 companies. 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.

¹ Lipper Inc. is an independent mutual fund performance monitor. Lipper ranks mutual funds’ total performance (assuming reinvestment of distributions) against other funds having similar investment objectives and strategies. Lipper makes no adjustment for the effect of sales loads.

###

Bank of America

Selected Financial Data⁽¹⁾

	Three Months Ended June 30						Six Months Ended June 30
	2005			2004			2005			2004
(Dollars in millions, except per share data; shares in thousands)
Financial Summary
Earnings	$	4,296		$	3,849		$	8,991		$	6,530
Earnings per common share		1.07			0.95			2.23			1.88
Diluted earnings per common share		1.06			0.93			2.20			1.85
Dividends paid per common share		0.45			0.40			0.90			0.80
Closing market price per common share		45.61			42.31			45.61			42.31
Average common shares issued and outstanding		4,005,356			4,062,384			4,019,089			3,471,516
Average diluted common shares issued and outstanding		4,065,355			4,131,290			4,081,921			3,531,038
Summary Income Statement
Net interest income	$	7,650		$	7,581		$	15,523		$	13,382
Total noninterest income		6,365			5,467			12,514			9,197
Total revenue		14,015			13,048			28,037			22,579
Provision for credit losses		875			789			1,455			1,413
Gains on sales of debt securities		325			795			984			1,290
Other noninterest expense		6,898			7,103			13,843			12,533
Merger and restructuring charges		121			125			233			125
Income before income taxes		6,446			5,826			13,490			9,798
Income tax expense		2,150			1,977			4,499			3,268
Net income	$	4,296		$	3,849		$	8,991		$	6,530
Summary Average Balance Sheet
Total loans and leases	$	520,424		$	497,158		$	522,672		$	435,618
Securities		227,182			159,797			215,940			129,776
Total earning assets		1,118,527			938,520			1,081,924			836,664
Total assets		1,277,489			1,094,459			1,239,398			963,825
Total deposits		640,593			582,305			634,043			503,690
Shareholders’ equity		98,417			93,266			98,614			70,976
Common shareholders’ equity		98,145			92,943			98,343			70,787
Performance Indices
Return on average assets		1.35	%		1.41	%		1.46	%		1.36	%
Return on average common shareholders’ equity		17.54			16.63			18.42			18.54
Credit Quality
Net charge-offs	$	880		$	829		$	1,769		$	1,549
Annualized net charge-offs as a % of average loans and leases outstanding		0.68	%		0.67	%		0.68	%		0.72	%
Managed credit card net losses as a % of average managed credit card receivables		6.23			5.88			6.20			5.54

	At June 30
	2005			2004
Balance Sheet Highlights
Loans and leases	$	529,418		$	498,481
Total securities		233,586			166,653
Total earning assets		1,086,666			876,714
Total assets		1,246,330			1,024,731
Total deposits		635,417			575,413
Total shareholders’ equity		100,540			95,821
Common shareholders’ equity		100,268			95,499
Book value per share		24.96			23.51
Total equity to assets ratio (period-end)		8.07	%		9.35	%
Risk-based capital ratios:
Tier 1		8.06	*		8.20
Total		11.12	*		11.97
Leverage ratio		5.59	*		5.83
Period-end common shares issued and outstanding		4,016,704			4,062,657
Allowance for credit losses:
Allowance for loan and lease losses	$	8,319		$	8,767
Reserve for unfunded lending commitments		383			486
Total	$	8,702		$	9,253
Allowance for loan and lease losses as a % of total loans and leases		1.57	%		1.76	%
Allowance for loan and lease losses as a % of total nonperforming loans and leases		470			305
Total nonperforming loans and leases	$	1,770		$	2,879
Total nonperforming assets		1,895			3,179
Nonperforming assets as a % of:
Total assets		0.15	%		0.31	%
Total loans, leases and foreclosed properties		0.36			0.64
Nonperforming loans and leases as a % of total loans and leases		0.33			0.58
Other Data
Full-time equivalent employees		177,795			179,971
Number of banking centers - domestic		5,880			5,774
Number of ATMs - domestic		16,687			16,672

* 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 June 30, 2005
Total revenue (FTE) (2)	$	7,062		$	2,691		$	2,121		$	1,837		$	495
Net income		1,595			1,217			461			590			433
Shareholder value added		828			458			195			329			79
Return on average equity		19.36	%		16.90	%		18.24	%		23.18	%		n/m
Average loans and leases	$	140,255		$	176,505		$	32,639		$	52,967		$	118,058
Three Months Ended June 30, 2004
Total revenue (FTE) (2)	$	6,723		$	2,430		$	2,634		$	1,546		$	(115	)
Net income		1,740			849			411			398			451
Shareholder value added		1,022			83			128			163			195
Return on average equity		22.51	%		11.66	%		15.28	%		17.20	%		n/m
Average loans and leases	$	129,379		$	163,905		$	38,476		$	44,117		$	121,281
Six Months Ended June 30, 2005
Total revenue (FTE) (2)	$	14,024		$	5,425		$	4,753		$	3,631		$	594
Net income		3,494			2,339			1,182			1,166			810
Shareholder value added		1,982			810			644			657			101
Return on average equity		21.43	%		16.12	%		23.13	%		23.45	%		n/m
Average loans and leases	$	139,467		$	174,019		$	34,065		$	51,869		$	123,252
Six Months Ended June 30, 2004
Total revenue (FTE) (2)	$	11,448		$	3,999		$	4,808		$	2,647		$	16
Net income		2,810			1,441			864			645			770
Shareholder value added		1,739			479			381			290			107
Return on average equity		24.96	%		15.77	%		18.96	%		18.70	%		n/m
Average loans and leases	$	107,731		$	136,551		$	33,905		$	41,280		$	116,151

n/m = not meaningful

	Three Months Ended June 30						Six Months Ended June 30
	2005			2004			2005			2004
SUPPLEMENTAL FINANCIAL DATA
Fully taxable-equivalent basis data (2)
Net interest income	$	7,841		$	7,751		$	15,913		$	13,721
Total revenue		14,206			13,218			28,427			22,918
Net interest yield		2.81	%		3.31	%		2.95	%		3.29	%
Efficiency ratio		49.42			54.68			49.52			55.23
Reconciliation of net income to operating earnings
Net income	$	4,296		$	3,849		$	8,991		$	6,530
Merger and restructuring charges		121			125			233			125
Related income tax benefit		(41	)		(42	)		(78	)		(42	)
Operating earnings	$	4,376		$	3,932		$	9,146		$	6,613
Operating Basis
Diluted earnings per common share	$	1.08		$	0.95		$	2.24		$	1.87
Return on average assets		1.37	%		1.44	%		1.49	%		1.38	%
Return on average common shareholders’ equity		17.87			16.99			18.74			18.77
Efficiency ratio		48.56			53.73			48.70			54.68
Reconciliation of net income to shareholder value added
Net income	$	4,296		$	3,849		$	8,991		$	6,530
Amortization of intangibles		204			201			412			255
Merger and restructuring charges, net of tax benefit		80			83			155			83
Capital charge		(2,691	)		(2,542	)		(5,364	)		(3,872	)
Shareholder value added	$	1,889		$	1,591		$	4,194		$	2,996

⁽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

Second 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

Second Quarter 2005

• Earnings of $4.3 billion or $1.06 per diluted share grew 14% over results in 2Q04 but fell 7% versus record 1Q05 results. Excluding merger and restructuring charges of $121 million, $80 million after tax, earnings were $1.08 per diluted share.

• Revenue on an FTE basis of $14.2 billion remained steady compared to 1Q05 despite the impact of a flattening yield curve and tough capital markets environment.

• Although net interest income was slightly above the previous year's quarter it declined 3% versus 1Q05. Impact of higher loan and deposit levels were more than offset by greater spread compression.

• Retail deposits grew another $11 billion or 3% versus 1Q05 and

• Average loans grew 2% (excluding residential mortgages held for asset liability management purposes).

• Noninterest income improved 4% from 1Q05 despite the tough trading environment experienced in the industry.

• Excluding trading results, noninterest income climbed 13% over 1Q05 led by strong card results, good service fee results as well as growth in investment banking and asset management fees.

• Second quarter also included $278 million in whole loan sale gains in other income.

• Securities gains recognized in 2Q05 were $325 million resulting primarily from the company repositioning for interest rate moves. Resolution of restructured government and corporate credits allowed for $70 million in securities gains in Latin America business.

• Noninterest expense, excluding merger and restructuring charges, of $6.9 billion was flat with 1Q05 and resulted in an efficiency ratio of 49%.

• Additional merger-related cost saves of $4 million brings current quarter run rate to $441 million.

• Provision expense was $875 million versus the $880 million net charge-offs recorded in the quarter.

• Includes establishment of $210 million reserve for estimated 2006 net charge-offs from implementing Phase 2 of minimum payment requirements.

• Also includes a reduction of $250 million in general reserves as credit integration uncertainties related to FleetBoston were reduced.

• Dividends of $1.8 billion and net share repurchases of $1.0 billion provided good capital returns to shareholders while the Tier 1 ratio remains above our 8.00% target rate.

• During the quarter Bank of America announced an 11% increase in quarterly dividend.

• Continuing momentum in business lines:

• 7.6 million product sales.

• Number of net new checking accounts grew by 629,000.

• Number of net new savings accounts grew by 568,000.

• Opened 1.6 million new credit card accounts.

• Active online banking users increased to 13.6 million while bill payers near 7 million.

• Bill payers are now paying $30 billion worth of bills per quarter with bill presenters growing to more than 300.

• Assets under management ended the quarter at $443 billion reflecting increases from market valuations as well as small inflows.

• 70,000 banking customers accepted invitations into premier banking relationships during the quarter.

• Integration of FleetBoston merger continues to go extremely well.

• Completed 1st phase Northeast retail platform conversion including 1.9 million customers in Rhode Island, Massachusetts, New Hampshire, Maine and Florida.

1

Bank of America Corporation

Consolidated Financial Highlights

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

	Year-to-   Date 2005			Year-to-   Date 2004			Second Quarter 2005		First Quarter 2005			Fourth Quarter 2004			Third Quarter 2004			Second Quarter 2004
Income statement
Total revenue	$	28,037		$	22,579		$	14,015	$	14,022		$	13,713		$	12,587		$	13,048
Provision for credit losses		1,455			1,413			875		580			706			650			789
Gains on sales of debt securities		984			1,290			325		659			101			732			795
Noninterest expense		14,076			12,658			7,019		7,057			7,333			7,021			7,228
Income tax expense		4,499			3,268			2,150		2,349			1,926			1,884			1,977
Net income		8,991			6,530			4,296		4,695			3,849			3,764			3,849
Diluted earnings per common share		2.20			1.85			1.06		1.14			0.94			0.91			0.93
Average diluted common shares issued and outstanding		4,081,921			3,531,038			4,065,355		4,099,062			4,106,040			4,121,375			4,131,290
Dividends paid per common share	$	0.90		$	0.80		$	0.45	$	0.45		$	0.45		$	0.45		$	0.40
Performance ratios
Return on average assets		1.46	%		1.36	%		1.35		1.59	%		1.33	%		1.37	%		1.41	%
Return on average common shareholders’ equity		18.42			18.54			17.54		19.30			15.63			15.56			16.63
Book value per share of common stock	$	24.96		$	23.51		$	24.96	$	24.35		$	24.56		$	24.14		$	23.51
Market price per share of common stock:
Closing price	$	45.61		$	42.31		$	45.61	$	44.10		$	46.99		$	43.33		$	42.31
High closing price for the period		47.08			42.72			47.08		47.08			47.44			44.98			42.72
Low closing price for the period		43.58			38.96			43.58		43.66			43.62			41.81			38.96
Market capitalization		183,202			171,891			183,202		177,958			190,147			175,446			171,891
Number of banking centers - domestic		5,880			5,774			5,880		5,889			5,885			5,829			5,774
Number of ATMs - domestic		16,687			16,672			16,687		16,798			16,771			16,728			16,672
Full-time equivalent employees		177,795			179,971			177,795		176,676			178,057			178,633			179,971

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

	Year-to- Date 2005			Year-to- Date 2004			Second Quarter 2005			First Quarter 2005			Fourth Quarter 2004			Third Quarter 2004			Second Quarter 2004
Net interest income	$	15,913		$	13,721		$	7,841		$	8,072		$	7,954		$	7,836		$	7,751
Total revenue		28,427			22,918			14,206			14,221			13,920			12,758			13,218
Net interest yield		2.95	%		3.29	%		2.81	%		3.11	%		3.18	%		3.30	%		3.31	%
Efficiency ratio		49.52			55.23			49.42			49.62			52.69			55.03			54.68

Reconciliation to GAAP financial measures

Supplemental financial data presented on an operating basis is a basis of presentation not defined by accounting principles generally accepted in the United States (GAAP) 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 June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004 and June 30, 2004, and the six months ended June 30, 2005 and 2004.

Reconciliation of net income to operating earnings

	Year-to- Date 2005			Year-to- Date 2004			Second Quarter 2005			First Quarter 2005			Fourth Quarter 2004			Third Quarter 2004			Second Quarter 2004
Net income	$	8,991		$	6,530		$	4,296		$	4,695		$	3,849		$	3,764		$	3,849
Merger and restructuring charges		233			125			121			112			272			221			125
Related income tax benefit		(78	)		(42	)		(41	)		(37	)		(91	)		(74	)		(42	)
Operating earnings	$	9,146		$	6,613		$	4,376		$	4,770		$	4,030		$	3,911		$	3,932
Operating basis
Diluted earnings per common share	$	2.24		$	1.87		$	1.08		$	1.16		$	0.98		$	0.95		$	0.95
Return on average assets		1.49	%		1.38	%		1.37	%		1.61	%		1.39	%		1.42	%		1.44	%
Return on avg common shareholders’ equity		18.74			18.77			17.87			19.61			16.37			16.17			16.99
Efficiency ratio		48.70			54.68			48.56			48.83			50.73			53.30			53.73
Reconciliation of net income to shareholder value added
Net income	$	8,991		$	6,530		$	4,296		$	4,695		$	3,849		$	3,764		$	3,849
Amortization of intangibles		412			255			204			208			209			200			201
Merger and restructuring charges, net of tax benefit		155			83			80			75			181			147			83
Capital charge		(5,364	)		(3,872	)		(2,691	)		(2,673	)		(2,705	)		(2,658	)		(2,542	)
Shareholder value added	$	4,194		$	2,996		$	1,889		$	2,305		$	1,534		$	1,453		$	1,591

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)

	Year-to- Date 2005		Year-to- Date 2004		Second Quarter 2005		First Quarter 2005		Fourth Quarter 2004		Third Quarter 2004			Second Quarter 2004
Interest income
Interest and fees on loans and leases	$	16,419	$	12,786	$	8,312	$	8,107	$	7,919	$	7,508		$	7,237
Interest and dividends on securities		5,333		3,119		2,799		2,534		2,065		2,078			1,907
Federal funds sold and securities purchased under agreements to resell		2,145		847		1,252		893		712		484			413
Trading account assets		2,608		2,021		1,426		1,182		1,035		960			1,009
Other interest income		939		769		502		437		464		457			424
Total interest income		27,444		19,542		14,291		13,153		12,195		11,487			10,990
Interest expense
Deposits		4,422		2,735		2,379		2,043		1,829		1,711			1,529
Short-term borrowings		4,646		1,739		2,677		1,969		1,543		1,152			1,019
Trading account liabilities		1,038		632		611		427		352		333			298
Long-term debt		1,815		1,054		974		841		724		626			563
Total interest expense		11,921		6,160		6,641		5,280		4,448		3,822			3,409
Net interest income		15,523		13,382		7,650		7,873		7,747		7,665			7,581
Noninterest income
Service charges		3,697		3,199		1,920		1,777		1,891		1,899			1,783
Investment and brokerage services		2,062		1,634		1,049		1,013		1,008		972			999
Mortgage banking income (loss)		410		508		189		221		156		(250	)		299
Investment banking income		797		951		431		366		497		438			547
Equity investment gains		891		217		492		399		426		220			84
Card income		2,726		1,954		1,437		1,289		1,380		1,258			1,159
Trading account profits		1,045		416		285		760		269		184			413
Other income		886		318		562		324		339		201			183
Total noninterest income		12,514		9,197		6,365		6,149		5,966		4,922			5,467
Total revenue		28,037		22,579		14,015		14,022		13,713		12,587			13,048
Provision for credit losses		1,455		1,413		875		580		706		650			789
Gains on sales of debt securities		984		1,290		325		659		101		732			795
Noninterest expense
Personnel		7,372		6,381		3,671		3,701		3,520		3,534			3,629
Occupancy		1,251		1,109		615		636		648		622			621
Equipment		594		579		297		297		326		309			318
Marketing		683		648		346		337		337		364			367
Professional fees		393		354		216		177		275		207			194
Amortization of intangibles		412		255		204		208		209		200			201
Data processing		732		617		368		364		371		341			333
Telecommunications		402		334		196		206		216		180			183
Other general operating		2,004		2,256		985		1,019		1,159		1,043			1,257
Merger and restructuring charges		233		125		121		112		272		221			125
Total noninterest expense		14,076		12,658		7,019		7,057		7,333		7,021			7,228
Income before income taxes		13,490		9,798		6,446		7,044		5,775		5,648			5,826
Income tax expense		4,499		3,268		2,150		2,349		1,926		1,884			1,977
Net income	$	8,991	$	6,530	$	4,296	$	4,695	$	3,849	$	3,764		$	3,849
Net income available to common shareholders	$	8,982	$	6,524	$	4,292	$	4,690	$	3,844	$	3,759		$	3,844
Per common share information
Earnings	$	2.23	$	1.88	$	1.07	$	1.16	$	0.95	$	0.93		$	0.95
Diluted earnings	$	2.20	$	1.85	$	1.06	$	1.14	$	0.94	$	0.91		$	0.93
Dividends paid	$	0.90	$	0.80	$	0.45	$	0.45	$	0.45	$	0.45		$	0.40
Average common shares issued and outstanding		4,019,089		3,471,516		4,005,356		4,032,550		4,032,979		4,052,304			4,062,384
Average diluted common shares issued and outstanding		4,081,921		3,531,038		4,065,355		4,099,062		4,106,040		4,121,375			4,131,290

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)	June 30 2005			March 31 2005			June 30 2004
Assets
Cash and cash equivalents	$	33,935		$	28,698		$	31,789
Time deposits placed and other short-term investments		9,682			11,223			10,418
Federal funds sold and securities purchased under agreements to resell		149,287			139,396			81,437
Trading account assets		126,658			124,960			85,972
Derivative assets		26,019			26,182			25,908
Securities:
Available-for-sale		233,412			218,675			166,175
Held-to-maturity, at cost		174			275			478
Total securities		233,586			218,950			166,653
Loans and leases		529,418			529,466			498,481
Allowance for loan and lease losses		(8,319	)		(8,313	)		(8,767	)
Loans and leases, net of allowance		521,099			521,153			489,714
Premises and equipment, net		7,602			7,531			7,797
Mortgage servicing rights		2,366			2,668			3,005
Goodwill		45,381			45,378			44,672
Core deposit intangibles and other intangibles		3,472			3,679			3,922
Other assets		87,243			82,421			73,444
Total assets	$	1,246,330		$	1,212,239		$	1,024,731
Liabilities
Deposits in domestic offices:
Noninterest-bearing	$	175,427		$	166,499		$	154,061
Interest-bearing		397,778			403,534			369,446
Deposits in foreign offices:
Noninterest-bearing		6,102			5,319			5,499
Interest-bearing		56,110			54,635			46,407
Total deposits		635,417			629,987			575,413
Federal funds purchased and securities sold under agreements to repurchase		207,710			187,652			119,264
Trading account liabilities		61,906			53,434			29,689
Derivative liabilities		15,630			15,363			14,381
Commercial paper and other short-term borrowings		93,763			93,440			63,162
Accrued expenses and other liabilities (includes $383, $394 and $486 of reserve for unfunded lending commitments)		34,470			35,081			28,682
Long-term debt		96,894			98,763			98,319
Total liabilities		1,145,790			1,113,720			928,910
Shareholders’ equity
Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and outstanding - 1,090,189; 1,090,189 and 2,292,013 shares		271			271			322
Common stock and additional paid-in capital, $0.01 par value; authorized - 7,500,000,000 shares; issued and outstanding - 4,016,703,839; 4,035,318,509 and 4,062,656,866 shares		42,507			43,589			45,669
Retained earnings		63,328			60,843			54,030
Accumulated other comprehensive income (loss)		(4,992	)		(5,559	)		(3,862	)
Other		(574	)		(625	)		(338	)
Total shareholders’ equity		100,540			98,519			95,821
Total liabilities and shareholders’ equity	$	1,246,330		$	1,212,239		$	1,024,731

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)

	2Q05*			1Q05			4Q04			3Q04			2Q04
Tier 1 capital	$	68,806		$	67,127		$	64,281		$	62,981		$	61,883
Total capital		94,933			93,774			92,266			91,326			90,267
Risk-weighted assets		853,669			818,179			793,523			779,858			754,386
Tier 1 capital ratio		8.06	%		8.20	%		8.10	%		8.08	%		8.20	%
Total capital ratio		11.12			11.46			11.63			11.71			11.97
Ending equity / ending assets		8.07			8.13			8.97			9.14			9.35
Ending capital / ending assets		8.93			9.01			9.85			10.00			10.25
Average equity / average assets		7.70			8.23			8.51			8.79			8.52
Leverage ratio		5.59			5.82			5.82			5.92			5.83

*Preliminary data on risk-based capital

Share Repurchase Program

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

197.1 million shares remain outstanding under the 2005 authorized program.

21.7 million shares were issued in the second 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)

	Second Quarter 2005						First Quarter 2005						Second 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	$	13,696	$	113	3.31	%	$	14,327	$	101	2.87	%	$	14,384	$	59	1.65	%
Federal funds sold and securities purchased under agreements to resell		185,835		1,252	2.70			147,855		893	2.43			124,383		413	1.33
Trading account assets		134,196		1,454	4.34			117,748		1,203	4.10			104,391		1,025	3.94
Securities		227,182		2,829	4.98			204,574		2,561	5.01			159,797		1,925	4.82
Loans and leases(1):
Residential mortgage		167,272		2,271	5.43			178,098		2,412	5.43			173,158		2,284	5.29
Credit card		52,474		1,481	11.32			51,310		1,373	10.85			43,160		1,167	10.88
Home equity lines		54,941		799	5.83			51,477		692	5.45			40,424		450	4.48
Direct/Indirect consumer		43,132		612	5.69			41,620		573	5.58			39,763		540	5.44
Other consumer(2)		6,968		155	8.96			7,305		158	8.75			8,142		169	8.32
Total consumer		324,787		5,318	6.56			329,810		5,208	6.37			304,647		4,610	6.07
Commercial - domestic		123,927		1,969	6.37			123,803		1,983	6.49			123,970		1,843	5.98
Commercial real estate		33,484		477	5.72			33,016		430	5.29			30,311		317	4.20
Commercial lease financing		20,446		252	4.93			20,745		260	5.01			20,086		237	4.72
Commercial - foreign		17,780		306	6.90			17,570		258	5.96			18,144		237	5.24
Total commercial		195,637		3,004	6.16			195,134		2,931	6.08			192,511		2,634	5.50
Total loans and leases		520,424		8,322	6.41			524,944		8,139	6.27			497,158		7,244	5.85
Other earning assets		37,194		512	5.52			35,466		455	5.19			38,407		494	5.17
Total earning assets(3)		1,118,527		14,482	5.19			1,044,914		13,352	5.15			938,520		11,160	4.77
Cash and cash equivalents		34,731						31,382						30,320
Other assets, less allowance for loan and lease losses		124,231						124,587						125,619
Total assets	$	1,277,489					$	1,200,883					$	1,094,459
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	38,043	$	52	0.54	%	$	37,000	$	35	0.39	%	$	35,864	$	31	0.34	%
NOW and money market deposit accounts		229,174		723	1.27			233,392		651	1.13			233,702		488	0.84
Consumer CDs and IRAs		127,169		974	3.07			118,989		769	2.62			93,017		587	2.54
Negotiable CDs, public funds and other time deposits		7,751		87	4.49			10,291		96	3.73			4,737		66	5.60
Total domestic interest-bearing deposits		402,137		1,836	1.83			399,672		1,551	1.57			367,320		1,172	1.28
Foreign interest-bearing deposits(4):
Banks located in foreign countries		25,546		335	5.26			22,084		316	5.81			18,945		287	6.10
Governments and official institutions		7,936		59	2.97			6,831		43	2.58			5,739		23	1.58
Time, savings and other		30,973		149	1.94			30,770		133	1.75			29,882		47	0.64
Total foreign interest-bearing deposits		64,455		543	3.38			59,685		492	3.35			54,566		357	2.63
Total interest-bearing deposits		466,592		2,379	2.04			459,357		2,043	1.80			421,886		1,529	1.46
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		323,916		2,677	3.32			276,483		1,969	2.89			235,701		1,019	1.74
Trading account liabilities		60,987		611	4.02			44,507		427	3.89			31,620		298	3.78
Long-term debt		97,360		974	4.00			97,126		841	3.46			96,395		563	2.34
Total interest-bearing liabilities(3)		948,855		6,641	2.81			877,473		5,280	2.43			785,602		3,409	1.74
Noninterest-bearing sources:
Noninterest-bearing deposits		174,001						168,062						160,419
Other liabilities		56,216						56,534						55,172
Shareholders’ equity		98,417						98,814						93,266
Total liabilities and shareholders’ equity	$	1,277,489					$	1,200,883					$	1,094,459
Net interest spread					2.38						2.72						3.03
Impact of noninterest-bearing sources					0.43						0.39						0.28
Net interest income/yield on earning assets			$	7,841	2.81	%			$	8,072	3.11	%			$	7,751	3.31	%

⁽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 $3,212 million and $3,362 million in the second and first quarters of 2005 and $3,828 million in the second quarter of 2004; foreign consumer of $3,505 million and $3,532 million in the second and first quarters of 2005 and $3,256 million in the second quarter of 2004; and consumer lease financing of $251 million and $411 million in the second and first quarters of 2005 and $1,058 million in the second quarter of 2004.

⁽³⁾ Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $193 million and $437 million in the second and first quarters of 2005 and $658 million in the second quarter of 2004. 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 $314 million and $154 million in the second and first quarters of 2005 and $333 million in the second quarter of 2004. 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

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

(Dollars in millions)

	Six Months Ended June 30
	2005						2004
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Time deposits placed and other short-term investments	$	14,010	$	214	3.09	%	$	13,326	$	107	1.61	%
Federal funds sold and securities purchased under agreements to resell		166,950		2,145	2.58			119,072		847	1.43
Trading account assets		126,017		2,657	4.23			104,712		2,050	3.92
Securities		215,940		5,390	4.99			129,776		3,148	4.85
Loans and leases(1):
Residential mortgage		172,655		4,683	5.43			157,528		4,244	5.40
Credit card		51,895		2,854	11.09			39,232		2,037	10.44
Home equity lines		53,219		1,491	5.65			32,402		712	4.42
Direct/Indirect consumer		42,380		1,184	5.63			36,904		1,004	5.47
Other consumer(2)		7,136		314	8.86			7,810		289	7.41
Total consumer		327,285		10,526	6.47			273,876		8,286	6.07
Commercial - domestic		123,865		3,952	6.43			107,457		3,354	6.28
Commercial real estate		33,252		907	5.50			25,063		527	4.23
Commercial lease financing		20,594		512	4.97			14,773		332	4.49
Commercial - foreign		17,676		564	6.43			14,449		332	4.62
Total commercial		195,387		5,935	6.12			161,742		4,545	5.65
Total loans and leases		522,672		16,461	6.34			435,618		12,831	5.91
Other earning assets		36,335		967	5.36			34,160		898	5.28
Total earning assets(3)		1,081,924		27,834	5.17			836,664		19,881	4.77
Cash and cash equivalents		33,065						26,754
Other assets, less allowance for loan and lease losses		124,409						100,407
Total assets	$	1,239,398					$	963,825
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	37,525	$	87	0.47	%	$	31,012	$	48	0.31	%
NOW and money market deposit accounts		231,271		1,375	1.20			194,768		809	0.84
Consumer CDs and IRAs		123,101		1,743	2.86			84,179		1,154	2.76
Negotiable CDs, public funds and other time deposits		9,014		181	4.06			5,338		140	5.28
Total domestic interest-bearing deposits		400,911		3,386	1.70			315,297		2,151	1.37
Foreign interest-bearing deposits(4):
Banks located in foreign countries		23,824		651	5.51			18,950		458	4.86
Governments and official institutions		7,387		102	2.79			5,220		42	1.60
Time, savings and other		30,873		283	1.84			25,468		84	0.67
Total foreign interest-bearing deposits		62,084		1,036	3.36			49,638		584	2.37
Total interest-bearing deposits		462,995		4,422	1.93			364,935		2,735	1.51
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		300,330		4,646	3.12			215,783		1,739	1.62
Trading account liabilities		52,792		1,038	3.97			33,082		632	3.84
Long-term debt		97,244		1,815	3.73			87,623		1,054	2.41
Total interest-bearing liabilities(3)		913,361		11,921	2.63			701,423		6,160	1.76
Noninterest-bearing sources:
Noninterest-bearing deposits		171,048						138,755
Other liabilities		56,375						52,671
Shareholders’ equity		98,614						70,976
Total liabilities and shareholders’ equity	$	1,239,398					$	963,825
Net interest spread					2.54						3.01
Impact of noninterest-bearing sources					0.41						0.28
Net interest income/yield on earning assets			$	15,913	2.95	%			$	13,721	3.29	%

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

⁽²⁾ Includes consumer finance of $3,287 million and $3,913 million; foreign consumer of $3,519 million and $2,622 million; and consumer lease financing of $330 million and $1,275 million for the six months ended June 30, 2005 and 2004.

⁽³⁾ Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $630 million and $1,373 million in the six months ended June 30, 2005 and 2004. 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 $468 million and $516 million in the six months ended June 30, 2005 and 2004. 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.

8

Bank of America Corporation

Business Segment View

Net Income

Second Quarter 2005

Revenue*

Second Quarter 2005

*Fully taxable-equivalent basis

9

Bank of America Corporation

Global Consumer and Small Business Banking Segment Results ⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2005			2004			2 Qtr 05		1 Qtr 05			4 Qtr 04			3 Qtr 04			2 Qtr 04
Key Measures
Total revenue (2)	$	14,024		$	11,448		$	7,062	$	6,962		$	7,107		$	6,566		$	6,723
Provision for credit losses		1,857			1,069			1,143		714			1,218			1,005			641
Net income		3,494			2,810			1,595		1,899			1,604			1,483			1,740
Shareholder value added		1,982			1,739			828		1,154			803			711			1,022
Return on average equity		21.43	%		24.96	%		19.36		23.55	%		18.70	%		18.07	%		22.51	%
Efficiency ratio (2)		48.01			51.86			48.45		47.55			47.74			50.93			49.61
Selected Average Balance Sheet Components
Total loans and leases	$	139,467		$	107,731		$	140,255	$	138,670		$	137,193		$	133,489		$	129,379
Total deposits		303,486			262,638			306,399		300,540			301,828			306,367			307,700
Total earning assets		302,928			268,543			300,671		305,212			312,038			315,449			314,907
Period End (in billions)
Mortgage servicing portfolio	$	280.1		$	267.8		$	280.1	$	275.5		$	273.1		$	268.5		$	267.8
Mortgage originations:
Retail		27.0			33.2			15.1		11.9			12.7			11.7			19.2
Wholesale		11.6			19.1			6.0		5.6			5.7			5.2			9.3

⁽¹⁾ Global Consumer and Small Business Banking’s most significant product lines are Card Services, Consumer Real Estate and Consumer Deposit 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.

10

Bank of America Corporation

E-Commerce & BankofAmerica.com

Bank of America has the largest active online banking customer base with 13.6 million subscribers.

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

6.6 million active bill pay users paid $30.1 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 16.3 million e-bills per quarter.

11

Bank of America Corporation

Card Services Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2005			2004			2 Qtr 05			1 Qtr 05			4 Qtr 04			3 Qtr 04			2 Qtr 04
Key Measures
Consumer Credit Card
Outstandings
On-balance sheet (Period end)	$	53,863		$	42,195		$	53,863		$	51,012		$	51,726		$	47,521		$	42,195
Managed (Period end)		59,283			51,990			59,283			57,920			58,629			55,399			51,990
On-balance sheet (Average)		51,895			39,240			52,474			51,310			49,366			45,589			43,177
Managed (Average)		58,342			44,996			58,537			58,145			56,444			54,419			53,136
Managed Income Statement
Total revenue	$	4,581		$	3,519		$	2,338		$	2,243		$	2,354		$	2,267		$	2,173
Provision for credit losses (2)		2,021			1,226			1,204			817			1,335			994			760
Noninterest expense		1,396			928			720			676			700			544			546
Income before income taxes	$	1,164		$	1,365		$	414		$	750		$	319		$	729		$	867
Shareholder Value Added	$	524		$	645		$	143		$	381		$	89		$	403		$	407
Merchant Acquiring Business
Processing volume (millions)		160,016			44,812			84,262			75,754			75,383			24,898			23,239
Total transactions (millions)		3,452			651			1,832			1,620			1,756			374			342
Consumer Credit Card
Credit Quality
On-balance sheet
Charge-offs $	$	1,514		$	1,028		$	774		$	740		$	691		$	586		$	585
Charge-offs %		5.88	%		5.31	%		5.91	%		5.85	%		5.57	%		5.09	%		5.45	%
Managed
Losses $	$	1,793		$	1,239		$	909		$	884		$	837		$	753		$	776
Losses %		6.20	%		5.54	%		6.23	%		6.17	%		5.90	%		5.48	%		5.88	%
Managed delinquency %
30+		n/a			n/a			4.25	%		4.20	%		4.37	%		4.30	%		3.86	%
90+		n/a			n/a			1.96			2.10			2.13			1.98			1.76

n/a = not applicable

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

⁽²⁾ Includes $210 million for the three and six months ended June 30, 2005, and $165 million for the three months ended December 31, 2004 related to minimum payment requirements.

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)

	Year-to-Date						Quarterly
	2005			2004			2 Qtr 05			1 Qtr 05			4 Qtr 04			3 Qtr 04			2 Qtr 04
Key Measures
Total revenue (2)	$	5,425		$	3,999		$	2,691		$	2,734		$	2,720		$	2,522		$	2,430
Provision for credit losses		(221	)		86			(164	)		(57	)		(248	)		(222	)		(5	)
Net income		2,339			1,441			1,217			1,122			1,205			1,181			849
Shareholder value added		810			479			458			352			414			393			83
Return on average equity		16.12	%		15.77	%		16.90	%		15.36	%		16.04	%		15.78	%		11.66	%
Efficiency ratio (2)		36.95			40.86			37.55			36.36			36.70			36.66			44.55
Selected Average Balance
Sheet Components
Total loans and leases	$	174,019		$	136,551		$	176,505		$	171,505		$	167,726		$	164,603		$	163,905
Total deposits		105,782			82,053			106,271			105,287			105,401			101,926			102,201
Total earning assets		184,444			143,121			187,099			181,760			177,763			174,339			172,854

⁽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)

	Year-to-Date						Quarterly
	2005			2004			2 Qtr 05			1 Qtr 05			4 Qtr 04			3 Qtr 04			2 Qtr 04
Key Measures
Total revenue (2)	$	4,753		$	4,808		$	2,121		$	2,632		$	2,206		$	2,074		$	2,634
Provision for credit losses		(170	)		(95	)		(73	)		(97	)		(209	)		(158	)		4
Net income		1,182			864			461			721			597			478			411
Shareholder value added		644			381			195			449			309			190			128
Return on average equity		23.13	%		18.96	%		18.24	%		27.91	%		21.84	%		17.47	%		15.28	%
Efficiency ratio (2)		66.73			74.28			71.92			62.55			69.60			72.82			76.27
Selected Average Balance
Sheet Components
Total loans and leases	$	34,065		$	33,905		$	32,639		$	35,508		$	34,726		$	36,285		$	38,476
Total deposits		85,136			73,147			87,261			82,987			81,376			72,550			78,854
Total earning assets		348,815			265,498			376,322			321,002			307,611			271,782			276,022

⁽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)

	Year-to-Date					Quarterly
	2005		2004			2 Qtr 05		1 Qtr 05		4 Qtr 04			3 Qtr 04			2 Qtr 04
Trading-related Revenue
Net interest income (1)	$	828	$	1,174		$	414	$	414	$	417		$	448		$	597
Trading account profits		960		656			256		704		231			136			389
Total trading-related revenue	$	1,788	$	1,830		$	670	$	1,118	$	648		$	584		$	986
Trading-related revenue by product
Fixed income	$	558	$	965		$	107	$	451	$	283		$	299		$	456
Interest rate (1)		410		456			183		227		93			118			289
Foreign exchange		386		358			190		196		231			163			170
Equities (2)		208		80			60		148		75			40			83
Commodities		88		(6	)		67		21		33			18			(4	)
Market-based trading-related revenue		1,650		1,853			607		1,043		715			638			994
Credit portfolio hedges (3)		138		(23	)		63		75		(67	)		(54	)		(8	)
Total trading-related revenue	$	1,788	$	1,830		$	670	$	1,118	$	648		$	584		$	986
	Year-to-Date					Quarterly
	2005		2004			2 Qtr 05		1 Qtr 05		4 Qtr 04			3 Qtr 04			2 Qtr 04
Investment Banking Income
Securities underwriting	$	337	$	492		$	180	$	157	$	209		$	219		$	275
Syndications		237		253			125		112		140			128			174
Advisory services		170		150			95		75		94			66			73
Other		13		18			7		6		7			7			10
Total investment banking income	$	757	$	913		$	407	$	350	$	450		$	420		$	532

⁽¹⁾ Fully taxable-equivalent basis

⁽²⁾ Does not include commissions from equity transactions which were $394 million and $341 million for the six months ended June 30, 2005 and 2004, and $205 million, $189 million, $173 million, $153 million and $168 million for the three months ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004 and June 30, 2004, respectively.

⁽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

                                               Source: Thomson Financial except Syndicated Loans and Leveraged Loans from Loan Pricing Corporation.

Significant US market share gains

Banc of America Securities increased market share in M&A, high yield, investment grade and public finance.

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

• #1 in high yield

• Investment grade rank rose to #4 from #8 in 1st Half 04

• M&A market share increased over YTD04, from 7.2% to 16.8%

• Top 5 rankings in:

Syndicated loans

Leveraged loans

High yield

Mortgage-backed securities

Investment grade

16

Bank of America Corporation

Global Wealth and Investment Management Segment Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2005			2004			2 Qtr 05			1 Qtr 05			4 Qtr 04			3 Qtr 04			2 Qtr 04
Key Measures
Total revenue (2)	$	3,631		$	2,647		$	1,837		$	1,794		$	1,681		$	1,606		$	1,546
Provision for credit losses		(7	)		2			(9	)		2			(4	)		(18	)		10
Net income		1,166			645			590			576			482			475			398
Shareholder value added		657			290			329			328			227			235			163
Return on average equity		23.45	%		18.70	%		23.18			23.74	%		19.33	%		20.15	%		17.20	%
Efficiency ratio (2)		50.24			61.61			50.17			50.31			55.35			54.55			58.93
Selected Average Balance
Sheet Components
Total loans and leases	$	51,869		$	41,280		$	52,967		$	50,759		$	47,956		$	45,654		$	44,117
Total deposits		116,177			70,773			118,234			114,098			102,489			87,909			77,075
Total earning assets		118,380			72,862			120,474			116,263			104,929			90,135			79,254
Period End (in billions)
Assets under management	$	442.8		$	439.6		$	442.8		$	433.4		$	451.5		$	429.5		$	439.6
Client brokerage assets		150.9			144.9			150.9			150.7			149.9			141.9			144.9
Assets in custody		101.7			105.2			101.7			100.8			107.0			104.0			105.2
Total client assets	$	695.4		$	689.7		$	695.4		$	684.9		$	708.4		$	675.4		$	689.7

⁽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)

	Year-to-Date					Quarterly
	2005			2004		2 Qtr 05			1 Qtr 05		4 Qtr 04			3 Qtr 04			2 Qtr 04
Key Measures
Total revenue (2)	$	594		$	16	$	495		$	99	$	206		$	(10	)	$	(115	)
Provision for credit losses		(4	)		351		(22	)		18		(51	)		43			139
Net income (3)		810			770		433			377		(39	)		147			451
Shareholder value added		101			107		79			22		(219	)		(76	)		195
Selected Average Balance
Sheet Components
Total loans and leases	$	123,252		$	116,151	$	118,058		$	128,502	$	127,862		$	123,047		$	121,281
Total deposits		23,462			15,079		22,428			24,507		18,842			19,126			16,475
Total earning assets		127,357			86,640		133,961			120,677		95,663			96,678			95,483

⁽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 residual, the residual impact of allocation methodologies, merger and restructuring charges, 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, $155 million and $83 million for the six months ended June 30, 2005 and 2004, and $80 million, $75 million, $181 million, $147 million and $83 million for the three months ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004 and June 30, 2004, respectively.

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)

	June 30 2005		March 31 2005		Increase (Decrease) from 3/31/05
Residential mortgage	$	170,057	$	178,978	$(8,921	)
Credit card		53,863		51,012	2,851
Home equity lines		56,839		52,891	3,948
Direct/Indirect consumer		43,247		42,694	553
Other consumer (1)		6,829		7,167	(338	)
Total consumer		330,835		332,742	(1,907	)
Commercial - domestic		124,080		124,779	(699	)
Commercial real estate (2)		34,537		33,434	1,103
Commercial lease financing		20,628		20,638	(10	)
Commercial - foreign		19,338		17,873	1,465
Total commercial		198,583		196,724	1,859
Total	$	529,418	$	529,466	$     (48	)

⁽¹⁾ Includes consumer finance of $3,144 million and $3,288 million; foreign consumer of $3,505 million and $3,549 million; and consumer lease financing of $180 million and $330 million at June 30, 2005 and March 31, 2005.

⁽²⁾ Includes domestic commercial real estate loans of $34,020 million and $32,978 million; and foreign commercial real estate loans of $517 million and $456 million at June 30, 2005 and March 31, 2005.

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)

					% Increase (Decrease) from 12/31/04
	June 30 2005		December 31 2004
Real estate (2)	$	39,233	$	36,672	7	%
Retailing		24,294		23,149	5
Diversified financials		23,361		25,932	(10	)
Banks		22,332		25,265	(12	)
Education and government		19,207		17,429	10
Individuals and trusts		16,468		16,110	2
Materials		14,607		14,123	3
Leisure and sports, hotels and restaurants		14,002		13,331	5
Consumer durables and apparel		13,921		13,427	4
Transportation		13,188		13,234	(0	)
Capital goods		13,097		12,633	4
Commercial services and supplies		12,627		11,944	6
Healthcare equipment and services		11,895		12,196	(2	)
Food, beverage and tobacco		10,508		11,687	(10	)
Energy		9,079		7,579	20
Media		5,834		6,232	(6	)
Religious and social organizations		5,812		5,710	2
Insurance		5,151		5,851	(12	)
Utilities		4,739		5,615	(16	)
Food and staples retailing		3,495		3,610	(3	)
Telecommunication services		3,383		3,030	12
Technology hardware and equipment		2,998		3,398	(12	)
Software and services		2,828		3,292	(14	)
Automobiles and components		1,789		1,894	(6	)
Pharmaceuticals and biotechnology		1,334		1,441	(7	)
Household and personal products		319		371	(14	)
Other		2,868		3,132	(8	)
Total	$	298,369	$	298,287	0

⁽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 $17.4 billion and $17.7 billion at June 30, 2005 and December 31, 2004.

⁽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.

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.

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Bank of America Corporation

Nonperforming Assets

(Dollars in millions)

	2Q05			1Q05			4Q04			3Q04			2Q04
Residential mortgage	$	494		$	536		$	554		$	532		$	537
Home equity lines		75			70			66			51			42
Direct/Indirect consumer		33			32			33			26			31
Other consumer		76			83			85			94			99
Total consumer		678			721			738			703			709
Commercial - domestic		662			811			855			991			1,246
Commercial real estate		60			64			87			136			164
Commercial lease financing		282			249			266			243			257
Commercial - foreign		88			228			267			473			503
Total commercial		1,092			1,352			1,475			1,843			2,170
Total nonperforming loans and leases		1,770			2,073			2,213			2,546			2,879
Nonperforming securities (1)		14			153			140			157			156
Foreclosed properties		111			112			102			133			144
Total nonperforming assets (2)	$	1,895		$	2,338		$	2,455		$	2,836		$	3,179
Loans past due 90 days or more and still accruing	$	1,235		$	1,211		$	1,294		$	1,120		$	939
Nonperforming assets / Total assets		0.15	%		0.19	%		0.22	%		0.26	%		0.31	%
Nonperforming assets / Total loans, leases and foreclosed properties		0.36			0.44			0.47			0.55			0.64
Nonperforming loans and leases / Total loans and leases		0.33			0.39			0.42			0.50			0.58
Allowance for credit losses:
Allowance for loan and lease losses	$	8,319		$	8,313		$	8,626		$	8,723		$	8,767
Reserve for unfunded lending commitments		383			394			402			446			486
Total	$	8,702		$	8,707		$	9,028		$	9,169		$	9,253
Allowance for loan and lease losses / Total loans and leases		1.57	%		1.57	%		1.65	%		1.70	%		1.76	%
Allowance for loan and lease losses / Total nonperforming loans and leases		470			401			390			343			305
Commercial criticized exposure	$	7,731		$	8,858		$	10,249		$	12,025		$	13,420
Commercial criticized exposure / Commercial utilized exposure		2.59	%		2.95	%		3.44	%		4.13	%		4.73	%

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 $49, $76, $151, $100 and $103 of nonperforming assets, primarily loans held-for-sale, included in Other Assets at June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004 and June 30, 2004, respectively.

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)

	2Q05					1Q05					4Q04					3Q04					2Q04
	Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent
Residential mortgage	$	11		0.03	%	$	4		0.01	%	$	6		0.01	%	$	7		0.02	%	$	12		0.03	%
Credit card		774		5.91			740		5.85			691		5.57			586		5.09			585		5.45
Home equity lines		9		0.07			6		0.05			4		0.03			2		0.02			5		0.05
Direct/Indirect consumer		46		0.43			61		0.60			55		0.55			56		0.57			49		0.50
Other consumer (1)		43		2.48			56		3.12			45		2.39			49		2.53			42		2.10
Total consumer		883		1.09			867		1.07			801		0.98			700		0.89			693		0.92
Commercial - domestic		(7	)	(0.02	)		26		0.09			27		0.09			25		0.08			76		0.25
Commercial real estate		1		0.01			0		0.00			1		0.02			1		0.02			(3	)	(0.04	)
Commercial lease financing		9		0.19			25		0.48			11		0.21			(3	)	(0.07	)		(3	)	(0.06	)
Commercial - foreign		(6	)	(0.15	)		(29	)	(0.66	)		5		0.09			(4	)	(0.09	)		66		1.47
Total commercial		(3	)	(0.01	)		22		0.05			44		0.09			19		0.04			136		0.28
Total net charge-offs	$	880		0.68		$	889		0.69		$	845		0.65		$	719		0.57		$	829		0.67
By Business Segment:
Global Consumer and Small Business Banking	$	849		2.43	%	$	811		2.37	%	$	748		2.17	%	$	646		1.92	%	$	643		2.00	%
Global Business and Financial Services		12		0.03			88		0.21			79		0.19			41		0.10			85		0.21
Global Capital Markets and Investment Banking		(5	)	(0.07	)		(43	)	(0.49	)		(25	)	(0.29	)		(6	)	(0.07	)		69		0.72
Global Wealth and Investment Management		5		0.04			0		0.00			3		0.03			1		0.01			(4	)	(0.04	)
All Other		19		0.06			33		0.10			40		0.12			37		0.12			36		0.12
Total net charge-offs	$	880		0.68		$	889		0.69		$	845		0.65		$	719		0.57		$	829		0.67

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

⁽¹⁾ Includes lease financing of $2 million, $3 million, $5 million, $7 million and $5 million for the quarters ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004 and June 30, 2004, respectively.

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

22

Bank of America Corporation

Year-to-Date Net Charge-offs and Net Charge-off Ratios

(Dollars in millions)

	Six Months Ended June 30
	2005					2004
	Amount			Percent		Amount			Percent
Residential mortgage	$	15		0.02	%	$	23		0.03	%
Credit card		1,514		5.88			1,028		5.27
Home equity lines		15		0.06			9		0.05
Direct/Indirect consumer		107		0.51			97		0.53
Other consumer (1)		99		2.81			99		2.56
Total consumer		1,750		1.08			1,256		0.92
Commercial - domestic		19		0.03			125		0.23
Commercial real estate		1		—			(6	)	(0.05	)
Commercial lease financing		34		0.34			1		0.02
Commercial - foreign		(35	)	(0.40	)		173		2.40
Total commercial		19		0.02			293		0.36
Total net charge-offs	$	1,769		0.68		$	1,549		0.72
By Business Segment:
Global Consumer and Small Business Banking	$	1,660		2.40	%	$	1,129		2.11	%
Global Business and Financial Services		100		0.12			163		0.24
Global Capital Markets and Investment Banking		(48	)	(0.29	)		158		0.94
Global Wealth and Investment Management		5		0.02			1		0.01
All Other		52		0.08			98		0.17
Total net charge-offs	$	1,769		0.68		$	1,549		0.72

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

⁽¹⁾ Includes lease financing of $5 million and $15 million for the six months ended June 30, 2005 and 2004.

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

23

Bank of America Corporation

Selected Emerging Markets ⁽¹⁾

(Dollars in millions)	Loans and Leases, 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 June 30, 2005		Increase/ (Decrease) from December 31, 2004
Region/Country
Latin America
Brazil (8)	$	913	$	59	$	7	$	54	$	1,033	$	2,535	$	3,568	$	18
Mexico		784		162		105		2,260		3,311		0		3,311		445
Chile		296		64		0		7		367		610		977		(203	)
Argentina		90		27		0		35		152		8		160		(231	)
Other Latin America (9)		204		122		66		55		447		28		475		(600	)
Total Latin America		2,287		434		178		2,411		5,310		3,181		8,491		(571	)
Asia Pacific
India		376		198		201		414		1,189		285		1,474		(18	)
South Korea		274		472		31		603		1,380		0		1,380		(3	)
Taiwan		225		67		70		40		402		546		948		(379	)
Hong Kong		155		140		30		325		650		0		650		(469	)
Singapore		68		166		90		283		607		0		607		267
China		56		41		13		318		428		0		428		320
Other Asia Pacific (9)		34		48		33		435		550		157		707		161
Total Asia Pacific		1,188		1,132		468		2,418		5,206		988		6,194		(121	)
Central and Eastern Europe (9)		20		84		25		96		225		0		225		(16	)
Total	$	3,495	$	1,650	$	671	$	4,925	$	10,741	$	4,169	$	14,910	$	(708	)

⁽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 $72 million and $361 million at June 30, 2005 and December 31, 2004.

⁽⁴⁾ Amounts outstanding for Other Latin America and Other Asia Pacific have been reduced by $34 million and $15 million at June 30, 2005 and $196 million and $14 million 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 June 30, 2005 was $19,359 million compared to $17,189 million at December 31, 2004. Local country exposure funded by local liabilities at June 30, 2005 in Latin America and Asia Pacific was $10,113 million and $9,246 million, of which $5,019 million was in Brazil, $4,106 million in Hong Kong, $3,038 million in Singapore, $1,748 million in Argentina, $1,470 million in Mexico, $1,437 million in Chile and $556 million in India. There were no other countries with local country exposure funded by local liabilities greater than $500 million.

⁽⁸⁾ The Corporation has risk mitigation instruments associated with certain exposures for Brazil, including structured trade related transfer risk mitigation of $837 million and $950 million, third party funding of $185 million and $286 million, and linked certificates of deposit of $78 million and $125 million at June 30, 2005 and December 31, 2004. The resulting total foreign exposure net of risk mitigation was $2.5 billion and $2.2 billion at June 30, 2005 and December 31, 2004.

⁽⁹⁾ Other Latin America, Other Asia Pacific, and Central and Eastern Europe include countries each with total foreign exposure of less than $300 million.

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

24