Supplemental Financial Information

EX-99.1 2 dex991.htm SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Financial Information

Exhibit 99.1

Index


Section 1: Business Segments Basis of Presentation and Unaudited Pro Forma Condensed Combined Statements of Income		2

Business Segment Unaudited Condensed Combined Statements of Income
For the years ended December 31, 2006 and 2005 (on a pro forma basis)		4
For the quarters ended March 31, 2006 and 2005 (on a pro forma basis)		9
For the quarters ended June 30, 2006 and 2005 (on a pro forma basis)		14
For the quarters ended September 30, 2006 and 2005 (on a pro forma basis)		19
Explanatory Notes		24

Section 2: 2006 and 2005 (on a Pro Forma Basis) as Adjusted Unaudited Segment Financial Information		25

Global Consumer and Small Business Banking		26
Deposits		27
Card Services—Managed View		28
Consumer Real Estate		29
ALM/Other		30

Global Corporate and Investment Banking		31
Business Lending		32
Capital Markets and Advisory Services		33
Treasury Services		34
ALM/Other		35

Global Wealth and Investment Management		36
Private Bank		37
Columbia Management		38
Premier Banking and Investments		39
ALM/Other		40

Section 1: Business Segments Basis of Presentation and Unaudited Pro Forma Condensed Combined Statements of Income

Basis of Presentation

Bank of America Corporation and its subsidiaries (the Corporation) reports the results of its operations through three business segments: Global Consumer and Small Business Banking (GCSBB), Global Corporate and Investment Banking (GCIB), and Global Wealth and Investment Management (GWIM), with the remaining operations recorded in All Other. Effective January 1, 2007, the Corporation changed its basis of presentation to present GCSBB, specifically Card Services, on a managed basis with a corresponding offset recorded in All Other. Also, the financial results of certain businesses that are expected to be or have been sold have been transferred to All Other. In addition, certain management accounting methodologies and related allocations were refined. Prior period segment results have been adjusted to reflect these changes. These changes did not have an impact on the previously reported consolidated results of the Corporation.

Global Consumer and Small Business Banking

In prior periods, the Corporation’s GCSBB segment reported its results through four primary businesses: Deposits, Card Services, Mortgage and Home Equity. GCSBB also included ALM/Other which incorporates the results of Asset and Liability Management (ALM) activities and other consumer-related businesses (e.g., insurance). Effective January 1, 2007, GCSBB combined the former Mortgage and Home Equity businesses into Consumer Real Estate and now reports its results through three primary businesses: Deposits, Card Services and Consumer Real Estate.

Effective January 1, 2007, the Corporation also started to report its GCSBB results, specifically Card Services, on a managed basis. The change to a managed basis is consistent with the way that management as well as analysts and rating agencies evaluate the results of GCSBB. Managed basis assumes that loans that have been securitized were not sold and presents earnings on these loans in a manner similar to the way loans that have not been sold (i.e., held loans) are presented. Loan securitization is an alternative funding process that is used by the Corporation to diversify funding sources. Loan securitization removes loans from the Consolidated Balance Sheet through the sale of loans to an off-balance sheet qualified special purpose entity which is excluded from the Corporation’s consolidated financial statements in accordance with generally accepted accounting principles (GAAP).

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

•

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

•

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

•

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

Prior period amounts have been adjusted to reflect these changes.

Global Corporate and Investment Banking

GCIB includes three primary businesses: Business Lending, Capital Markets and Advisory Services, and Treasury Services. GCIB also includes ALM/Other which incorporates the results of ALM activities and our Latin America and Hong Kong based retail and commercial banking businesses, parts of which were sold in 2006. Effective January 1, 2007, the results of the Latin American operations in Argentina, Brazil, Chile, and Uruguay, as well as our Hong Kong based retail and commercial banking business that are expected to be or have been sold (previously included in ALM/Other within GCIB) have been transferred to All Other as liquidating businesses as the Corporation has made a decision to exit these businesses in these regions. Also, effective January 1, 2007, the results of Banc of America Specialist have been transferred to GCIB, specifically Capital Markets and Advisory Services, from GWIM to more closely align businesses with similar operations and clients. Prior period amounts have been adjusted to reflect these changes.

Global Wealth and Investment Management

GWIM includes three primary businesses: The Private Bank, Columbia Management, and Premier Banking and Investments (PB&I). GWIM also includes ALM/Other which incorporates the results of ALM activities, Banc of America Specialist and the impact of migrating qualifying affluent customers, including their related deposit balances and associated net interest income, from GCSBB to our PB&I customer service model. Effective January 1, 2007, the results of Banc of America Specialist have been transferred to GCIB to more closely align businesses with similar operations and clients and the deposit migration impact is now included in PB&I. The deposit migration reclassification between PB&I and ALM/Other did not impact the consolidated financial results of GWIM. Also prior to January 1, 2007, International Wealth Management (IWM) was included in The Private Bank, PB&I and ALM/Other. Effective January 1, 2007, the results of IWM operations that are expected to be sold or liquidated have been transferred to All Other as a liquidating business. Prior period amounts have been adjusted to reflect these changes.

All Other

Prior to January 1, 2007, All Other consisted of equity investment activities including Principal Investing, Corporate Investments and Strategic Investments, the residual impact of the allowance for credit losses and the cost allocation process, Merger and Restructuring Charges, intersegment eliminations, and the results of certain consumer finance and commercial lending businesses that are being liquidated. All Other also included amounts associated with the ALM activities, including the residual impact of funds transfer pricing allocation methodologies, amounts associated with the change in the value of derivatives used as economic hedges of interest rate and foreign exchange rate fluctuations that do not qualify for SFAS No. 133 “Accounting for Derivative Instruments and Hedging Activities, as amended” hedge accounting treatment, certain gains or losses on sales of whole mortgage loans, and Gains (Losses) on Sales of Debt Securities. Effective January 1, 2007, All Other now also includes the offsetting securitization impact to present GCSBB on a managed basis which assumes that GCSBB’s securitized loans have not been sold. This offsetting adjustment is made to report the consolidated results of the Corporation on a GAAP basis. All Other also includes the addition of the liquidating businesses that were transferred from GCIB and GWIM. Prior period amounts have been adjusted to reflect these changes.

The Corporation’s business segments and All Other have also been revised to reflect the impact of certain management accounting methodologies and related allocation refinements that have occurred subsequent to December 31, 2006.

2005 Unaudited Pro Forma Condensed Combined Statements of Income

The Corporation acquired 100 percent of the outstanding stock of MBNA Corporation (MBNA) on January 1, 2006, for $34.6 billion. MBNA’s financial results were included in the Corporation’s results beginning January 1, 2006.

The following Unaudited Pro Forma Condensed Combined Statements of Income for the periods ending in 2005 are presented for illustrative purposes only and do not indicate the financial results of the combined companies had the companies actually been combined at the beginning of the periods presented and had the impact of possible revenue enhancements, expense efficiencies, asset dispositions and share repurchases, among other factors, been considered. The 2005 Unaudited Pro Forma Condensed Combined Statements of Income are not prepared in accordance with GAAP. However, as a result of the MBNA merger, we believe that the 2005 Unaudited Pro Forma Condensed Combined Statements of Income provide a more useful year-to-year comparison versus comparing to the Corporation’s historical financial information. The Unaudited Pro Forma Condensed Combined Statements of Income for the periods ending in 2005 gives effect to the MBNA merger as if the MBNA merger had been completed on January 1, 2005.

The Unaudited Pro Forma Condensed Combined Statements of Income have been derived from and should be read in conjunction with the historical consolidated financial statements and the related notes of the Corporation and MBNA and in conjunction with the Unaudited Pro Forma Condensed Combined Financial Information included in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

For illustrative purposes only, the following business segment information presents the realigned business segments for 2006 and 2005 (on a pro forma basis). The following tables roll forward our previously reported results to reflect the adjustments discussed above. GCSBB tables have further been expanded to report this segment on a managed basis with a corresponding offset recorded in All Other.

BANK OF AMERICA

Condensed Combined Statements of Income

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the reclassification of the financial results of certain businesses that are expected to be or have been sold, and securitization reclassifications to present GCSBB on a managed basis with a corresponding offset recorded in All Other.

The 2005 condensed combined financial information (on a pro forma basis) presents how the combined financial statements of Bank of America and MBNA may have appeared had the businesses actually been combined at the beginning of the period presented. The pro forma condensed combined financial information is presented for illustrative purposes only and does not indicate the financial results of the combined companies had the companies actually been combined at the beginning of the period presented and had the impact of possible revenue enhancements, expense efficiencies, hedging activities, asset dispositions, and share repurchases, among other factors, been considered.


	For the year ended December 31, 2006
(Dollars in millions)	Global Consumer and Small Business Banking			Global Corporate and Investment Banking		Global Wealth and Investment Management			All Other			Total Corporation Combined
Net interest income (FTE basis)	$	28,244		$	9,830	$	3,672		$	(5,931	)	$	35,815

Noninterest income
Card income		9,788			706		—			3,796			14,290
Service charges		5,343			2,648		93			140			8,224
Investment and brokerage services		—			942		3,383			131			4,456
Investment banking income		—			2,476		1			(160	)		2,317
Equity investment gains		41			278		4			2,866			3,189
Trading account profits		(1	)		2,966		8			193			3,166
Mortgage banking income		877			40		8			(384	)		541
Other income		1,169			709		190			181			2,249

Total noninterest income		17,217			10,765		3,687			6,763			38,432

Total revenue (FTE basis)		45,461			20,595		7,359			832			74,247

Provision for credit losses		8,534			10		(39	)		(3,495	)		5,010

Gains (losses) on sales of debt securities		(2	)		34		—			(475	)		(443	)

Total noninterest expense		18,683			11,361		3,910			1,643			35,597

Income before income taxes (FTE basis)		18,242			9,258		3,488			2,209			33,197

Income tax expense		6,722			3,426		1,290			626			12,064

Net income	$	11,520		$	5,832	$	2,198		$	1,583		$	21,133


	For the year ended December 31, 2005 (on a pro forma basis)
(Dollars in millions)	Global Consumer and Small Business Banking			Global Corporate and Investment Banking		Global Wealth and Investment Management			All Other			Total Corporation Combined
Net interest income (FTE basis)	$	28,294		$	10,357	$	3,606		$	(8,228	)	$	34,029

Noninterest income
Card income		8,851			639		—			3,287			12,777
Service charges		4,996			2,481		85			143			7,705
Investment and brokerage services		—			954		3,064			166			4,184
Investment banking income		—			1,891		5			(40	)		1,856
Equity investment gains		—			246		—			1,794			2,040
Trading account profits		(36	)		1,737		8			29			1,738
Mortgage banking income		1,048			9		43			(259	)		841
Other income		1,046			1,153		116			(809	)		1,506

Total noninterest income		15,905			9,110		3,321			4,311			32,647

Total revenue (FTE basis)		44,199			19,467		6,927			(3,917	)		66,676

Provision for credit losses		10,123			28		(5	)		(5,064	)		5,082

Gains (losses) on sales of debt securities		(2	)		117		—			969			1,084

Total noninterest expense		19,750			10,457		3,633			1,750			35,590

Income before income taxes (FTE basis)		14,324			9,099		3,299			366			27,088

Income tax expense (benefit)		5,145			3,318		1,186			(718	)		8,931

Net income	$	9,179		$	5,781	$	2,113		$	1,084		$	18,157

BANK OF AMERICA

Condensed Combined Statements of Income

Global Consumer and Small Business Banking

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements and securitization reclassifications to present GCSBB on a managed basis with a corresponding offset recorded in All Other.


	For the year ended December 31, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Other Adjustments			2006 Adjusted			Securitization Related Reclassifications			2006 Managed Basis
Net interest income (FTE basis)	$	21,100		$	(147	)^C1	$	20,953		$	7,291	^A^1,A5,C1	$	28,244

Noninterest income
Card income		13,504			548	^C2		14,052			(4,264	)^A2,A5,C2		9,788
Service charges		5,343			—			5,343			—			5,343
Mortgage banking income		877			—			877			—			877
All other income		867			7			874			335	^A3		1,209

Total noninterest income		20,591			555			21,146			(3,929	)		17,217

Total revenue (FTE basis)		41,691			408			42,099			3,362			45,461

Provision for credit losses		5,172			—			5,172			3,362	^A4		8,534

Gains (losses) on sales of debt securities		(1	)		(1	)		(2	)		—			(2	)

Total noninterest expense		18,830			(147	)^C1		18,683			—			18,683

Income before income taxes (FTE basis)		17,688			554			18,242			—			18,242

Income tax expense		6,517			205	^D1		6,722			—			6,722

Net income	$	11,171		$	349		$	11,520		$	—		$	11,520

(1)

Amounts are reported as disclosed in the Corporation’s 2006 Annual Report on Form 10-K.


	For the year ended December 31, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B1			Other Adjustments			2005 Adjusted			Securitization Related Reclassification			2005 Managed Basis
Net interest income (FTE basis)	$	20,183		$	(94	)	$	448	^C1	$	20,537		$	7,757	^A1,A5,C1	$	28,294

Noninterest income
Card income		12,128			(26	)		17			12,119			(3,268	)^A2,A5		8,851
Service charges		4,997			—			(1	)		4,996			—			4,996
Mortgage banking income		1,048			—			—			1,048			—			1,048
All other income		560			(5	)		4			559			451	^A3		1,010

Total noninterest income		18,733			(31	)		20			18,722			(2,817	)		15,905

Total revenue (FTE basis)		38,916			(125	)		468			39,259			4,940			44,199

Provision for credit losses		5,338			(156	)		1			5,183			4,940	^A4		10,123

Gains (losses) on sales of debt securities		(2	)		—			—			(2	)		—			(2	)

Total noninterest expense		19,914			—			(164	)^C1		19,750			—			19,750

Income before income taxes (FTE basis)		13,662			31			631			14,324			—			14,324

Income tax expense		4,903			12			230	^D1		5,145			—			5,145

Net income	$	8,759		$	19		$	401		$	9,179		$	—		$	9,179

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

Global Corporate and Investment Banking

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management allocation methodologies and related allocation refinements, the transfer of Banc of America Specialist from GWIM to GCIB, and the reclassification of the financial results of certain businesses that are expected to be or have been sold.


	For the year ended December 31, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Liquidating Businesses Adjustments^B2			Other Adjustments			2006 Adjusted
Net interest income (FTE basis)	$	10,693		$	(788	)	$	(75	)^B4,C1	$	9,830

Noninterest income
Service charges		2,777			(128	)		(1	)^B4		2,648
Investment and brokerage services		1,027			(111	)		26	^B4		942
Investment banking income		2,477			(1	)		—			2,476
Trading account profits		3,028			(136	)		74	^B4		2,966
All other income		2,689			(1,027	)		71	^B4		1,733

Total noninterest income		11,998			(1,403	)		170			10,765

Total revenue (FTE basis)		22,691			(2,191	)		95			20,595

Provision for credit losses		(6	)		16			—			10

Gains on sales of debt securities		53			(19	)		—			34

Total noninterest expense		11,998			(802	)		165	^B4, C1		11,361

Income before income taxes (FTE basis)		10,752			(1,424	)		(70	)		9,258

Income tax expense		3,960			(508	)		(26	)^D1		3,426

Net income	$	6,792		$	(916	)	$	(44	)	$	5,832

(1) Amounts are reported as disclosed in the Corporation’s Annual Report on Form 10-K.

	For the year ended December 31, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B2			Other Adjustments			2005 Adjusted
Net interest income (FTE basis)	$	11,182		$	(848	)	$	23	^B4, C1	$	10,357

Noninterest income
Service charges		2,618			(137	)		—			2,481
Investment and brokerage services		1,046			(125	)		33	^B⁴		954
Investment banking income		1,892			(1	)		—			1,891
Trading account profits		1,770			(120	)		87	^B4		1,737
All other income		2,205			(160	)		2	^B4		2,047

Total noninterest income		9,531			(543	)		122			9,110

Total revenue (FTE basis)		20,713			(1,391	)		145			19,467

Provision for credit losses		(289	)		314			3			28

Gains on sales of debt securities		263			(146	)		—			117

Total noninterest expense		11,141			(840	)		156	^B4^, C1		10,457

Income before income taxes (FTE basis)		10,124			(1,011	)		(14	)		9,099

Income tax expense		3,675			(352	)		(5	)^D1		3,318

Net income	$	6,449		$	(659	)	$	(9	)	$	5,781

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

Global Wealth and Investment Management

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the transfer of Banc of America Specialist from GWIM to GCIB, and the reclassification of the financial results of certain businesses that are expected to be sold or liquidated.

For the year ended December 31, 2006

(Dollars in millions)

Reported
2006⁽¹⁾

Liquidating
Businesses
Adjustments^B3

Other
Adjustments

2006
Adjusted

Net interest income (FTE basis)

3,881

(140

)

(69

)^B4,C1

3,672

Noninterest income

Investment and brokerage services

3,449

(40

)

(26

)^B4

3,383

All other income

449

(13

)

(132

)^B4

304

Total noninterest income

3,898

(53

)

(158

)

3,687

Total revenue (FTE basis)

7,779

(193

)

(227

)

7,359

Provision for credit losses

(40

)

—

(39

)

Total noninterest expense

4,005

(63

)

(32

)^B4,C1

3,910

Income before income taxes (FTE basis)

3,814

(130

)

(196

)

3,488

Income tax expense

1,411

(48

)

(73

)^D1

1,290

Net income

2,403

(82

)

(123

)

2,198

(1) Amounts are reported as disclosed in the Corporation’s Annual Report on Form 10-K.

For the year ended December 31, 2005 (on a pro forma basis)

(Dollars in millions)

Reported
2005⁽¹⁾

Liquidating
Businesses
Adjustments^B3

Other
Adjustments

2005
Adjusted

Net interest income (FTE basis)

3,868

(136

)

(126

)^B4,C1

3,606

Noninterest income

Investment and brokerage services

3,140

(43

)

(33

)^B4

3,064

All other income

356

)

(92

)^B4

257

Total noninterest income

3,496

(50

)

(125

)

3,321

Total revenue (FTE basis)

7,364

(186

)

(251

)

6,927

Provision for credit losses

)

—

)

Total noninterest expense

3,704

(48

)

(23

)^B4,C1

3,633

Income before income taxes (FTE basis)

3,667

(140

)

(228

)

3,299

Income tax expense

1,318

(49

)

(83

)^D1

1,186

Net income

2,349

(91

)

(145

)

2,113

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

All Other

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the reclassification of the financial results of certain businesses that are expected to be or have been sold or liquidated, and securitization reclassifications to present GCSBB on a managed basis with a corresponding offset recorded in All Other.


	For the year ended December 31, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Liquidating Businesses Adjustments^B2^,^B3			Other Adjustments			2006 As Adjusted			Securitization Related Reclassifications			2006 Adjusted
Net interest income (FTE basis)	$	141		$	928		$	291	^C1	$	1,360		$	(7,291	)^A1,A5,C1	$	(5,931	)

Noninterest income
Card income		36			60			(564	)^C2		(468	)		4,264	^A2,A5,C2		3,796
Equity investment gains		2,866			—			—			2,866			—			2,866
All other income		(957	)		1,396			(3	)		436			(335	)^A3		101

Total noninterest income		1,945			1,456			(567	)		2,834			3,929			6,763

Total revenue (FTE basis)		2,086			2,384			(276	)		4,194			(3,362	)		832

Provision for credit losses		(116	)		(16	)		(1	)		(133	)		(3,362	)^A4		(3,495	)

Gains (losses) on sales of debt securities		(495	)		19			1			(475	)		—			(475	)

Merger and restructuring charges		805			—			—			805			—			805
All other noninterest expense		(41	)		865			14	^C1		838			—			838

Income before income taxes (FTE basis)		943			1,554			(288	)		2,209			—			2,209

Income tax expense		176			556			(106	)^D1		626			—			626

Net income	$	767		$	998		$	(182	)	$	1,583		$	—		$	1,583

(1) Amounts are reported as disclosed in the Corporation’s Annual Report on Form 10-K.

	For the year ended December 31, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B1,B2,B3			Other Adjustments			2005 As Adjusted			Securitization Related Reclassification			2005 Adjusted
Net interest income (FTE basis)	$	(1,204	)	$	1,078		$	(345	)^C1	$	(471	)	$	(7,757	)^A1,A5,C1	$	(8,228	)

Noninterest income
Card income		(36	)		84			(29	)		19			3,268	^A2,A5		3,287
Equity investment gains		1,793			—			1			1,794			—			1,794
All other income		(870	)		540			11			(319	)		(451	)^A3		(770	)

Total noninterest income		887			624			(17	)		1,494			2,817			4,311

Total revenue (FTE basis)		(317	)		1,702			(362	)		1,023			(4,940	)		(3,917	)

Provision for credit losses		40			(160	)		(4	)		(124	)		(4,940	)^A4		(5,064	)

Gains on sales of debt securities		823			146			—			969			—			969

Merger and restructuring charges		1,179			—			—			1,179			—			1,179

All other noninterest expense		(348	)		888			31	^C1		571			—			571

Income before income taxes (FTE basis)		(365	)		1,120			(389	)		366			—			366

Income tax expense (benefit)		(965	)		389			(142	)^D1		(718	)		—			(718	)


Net income	$	600		$	731		$	(247	)	$	1,084		$	—		$	1,084

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

(unaudited)


	For the quarter ended March 31, 2006
(Dollars in millions)	Global Consumer and Small Business Banking			Global Corporate and Investment Banking			Global Wealth and Investment Management		All Other			Total Corporation Combined
Net interest income (FTE basis)	$	7,092		$	2,489		$	939	$	(1,480	)	$	9,040

Noninterest income
Card income		2,107			159			—		1,168			3,434
Service charges		1,190			650			22		39			1,901
Investment and brokerage services		—			246			814		43			1,103
Investment banking income		—			522			—		(21	)		501
Equity investment gains		—			147			—		571			718
Trading account profits		(14	)		976			4		94			1,060
Mortgage banking income		205			5			1		(74	)		137
Other income		262			74			49		(338	)		47

Total noninterest income		3,750			2,779			890		1,482			8,901

Total revenue (FTE basis)		10,842			5,268			1,829		2			17,941

Provision for credit losses		1,901			25			—		(656	)		1,270

Gains (losses) on sales of debt securities		(1	)		14			—		1			14

Total noninterest expense		4,612			2,832			967		513			8,924

Income before income taxes (FTE basis)		4,328			2,425			862		146			7,761

Income tax expense (benefit)		1,604			901			320		(50	)		2,775

Net income	$	2,724		$	1,524		$	542	$	196		$	4,986


	For the quarter ended March 31, 2005 (on a pro forma basis)
(Dollars in millions)	Global Consumer and Small Business Banking			Global Corporate and Investment Banking			Global Wealth and Investment Management		All Other			Total Corporation Combined
Net interest income (FTE basis)	$	7,132		$	2,669		$	871	$	(2,331	)	$	8,341

Noninterest income
Card income		1,781			139			—		1,078			2,998
Service charges		1,105			618			20		34			1,777
Investment and brokerage services		—			229			748		36			1,013
Investment banking income		—			372			1		(7	)		366
Equity investment gains		—			135			—		264			399
Trading account profits		(11	)		659			11		10			669
Mortgage banking income		281			—			10		(62	)		229
Other income		262			384			24		(346	)		324

Total noninterest income		3,418			2,536			814		1,007			7,775

Total revenue (FTE basis)		10,550			5,205			1,685		(1,324	)		16,116

Provision for credit losses		2,134			(49	)		2		(1,205	)		882

Gains (losses) on sales of debt securities		(1	)		29			—		631			659

Total noninterest expense		4,779			2,560			888		1,052			9,279

Income before income taxes (FTE basis)		3,636			2,723			795		(540	)		6,614

Income tax expense (benefit)		1,290			1,004			280		(397	)		2,177

Net income	$	2,346		$	1,719		$	515	$	(143	)	$	4,437

BANK OF AMERICA

Condensed Combined Statements of Income

Global Consumer and Small Business Banking

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements and securitization reclassifications to present GCSBB on a managed basis with a corresponding offset recorded in All Other.


	For the quarter ended March 31, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Other Adjustments			2006 Adjusted			Securitization Related Reclassifications			2006 Managed Basis
Net interest income (FTE basis)	$	5,346		$	(117	)^C1	$	5,229		$	1,863	^A1,A5,C1	$	7,092

Noninterest income
Card income		3,262			164	^C2		3,426			(1,319	)^A2,A5,C2		2,107
Service charges		1,190			—			1,190			—			1,190
Mortgage banking income		205			—			205			—			205
All other income		137			1			138			110	^A3		248

Total noninterest income		4,794			165			4,959			(1,209	)		3,750

Total revenue (FTE basis)		10,140			48			10,188			654			10,842

Provision for credit losses		1,247			—			1,247			654	^A4		1,901

Gains (losses) on sales of debt securities		(1	)		—			(1	)		—			(1	)

Total noninterest expense		4,685			(73	)^C1		4,612			—			4,612

Income before income taxes (FTE basis)		4,207			121			4,328			—			4,328

Income tax expense		1,559			45	^D1		1,604			—			1,604

Net income	$	2,648		$	76		$	2,724		$	—		$	2,724

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.


	For the quarter ended March 31, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B1			Other Adjustments			2005 Adjusted			Securitization Related Reclassification			2005 Managed Basis
Net interest income (FTE basis)	$	5,029		$	(29	)	$	23	^C1	$	5,023		$	2,109	^A1,A5,C1	$	7,132

Noninterest income
Card income		2,857			(9	)		5			2,853			(1,072	)^A2,A5		1,781
Service charges		1,104			—			1			1,105			—			1,105
Mortgage banking income		282			—			(1	)		281			—			281
All other income		137			(2	)		3			138			113	^A3		251

Total noninterest income		4,380			(11	)		8			4,377			(959	)		3,418

Total revenue (FTE basis)		9,409			(40	)		31			9,400			1,150			10,550

Provision for credit losses		1,012			(28	)		—			984			1,150	^A4		2,134

Gains (losses) on sales of debt securities		(1	)		—			—			(1	)		—			(1	)

Total noninterest expense		4,838			—			(59	)^C1		4,779			—			4,779

Income before income taxes (FTE basis)		3,558			(12	)		90			3,636			—			3,636

Income tax expense		1,261			(4	)		33	^D1		1,290			—			1,290

Net income	$	2,297		$	(8	)	$	57		$	2,346		$	—		$	2,346

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

Global Corporate and Investment Banking

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the transfer of Banc of America Specialist from GWIM to GCIB, and the reclassification of the financial results of certain businesses that are expected to be or have been sold.


	For the quarter ended March 31, 2006
(Dollars in millions)	Reported 2006⁽¹⁾		Liquidating Businesses Adjustments^B2			Other Adjustments			2006 Adjusted
Net interest income (FTE basis)	$	2,718	$	(232	)	$	3	^B4,C1	$	2,489

Noninterest income
Service charges		687		(36	)		(1	)^B4		650
Investment and brokerage services		272		(34	)		8	^B4		246
Investment banking income		522		—			—			522
Trading account profits		1,008		(56	)		24	^B4		976
All other income		358		(36	)		63	^B4		385

Total noninterest income		2,847		(162	)		94			2,779

Total revenue (FTE basis)		5,565		(394	)		97			5,268

Provision for credit losses		39		(15	)		1			25

Gains on sales of debt securities		23		(9	)		—			14

Total noninterest expense		3,031		(244	)		45	^B4,C1		2,832

Income before income taxes (FTE basis)		2,518		(144	)		51			2,425

Income tax expense		932		(50	)		19	^D1		901

Net income	$	1,586	$	(94	)	$	32		$	1,524

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.


	For the quarter ended March 31, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B2			Other Adjustments			2005 Adjusted
Net interest income (FTE basis)	$	2,877		$	(181	)	$	(27	)^B4,C1	$	2,669

Noninterest income
Service charges		650			(32	)		—			618
Investment and brokerage services		246			(26	)		9	^B4		229
Investment banking income		372			—			—			372
Trading account profits		661			(23	)		21	^B4		659
All other income		684			(23	)		(3	)^B4		658

Total noninterest income		2,613			(104	)		27			2,536

Total revenue (FTE basis)		5,490			(285	)		—			5,205

Provision for credit losses		(151	)		101			1			(49	)

Gains on sales of debt securities		30			(1	)		—			29

Total noninterest expense		2,713			(188	)		35	^B4,C1		2,560

Income before income taxes (FTE basis)		2,958			(199	)		(36	)		2,723

Income tax expense		1,085			(68	)		(13	)^D1		1,004

Net income	$	1,873		$	(131	)	$	(23	)	$	1,719

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

Global Wealth and Investment Management

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the transfer of Banc of America Specialist from GWIM to GCIB, and the reclassification of the financial results of certain businesses that are expected to be sold or liquidated.


	For the quarter ended March 31, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Liquidating Businesses Adjustments^B3			Other Adjustments			2006 Adjusted
Net interest income (FTE basis)	$	981		$	(35	)	$	(7	)^B4,C1	$	939

Noninterest income
Investment and brokerage services		833			(12	)		(7	)^B4		814
All other income		154			(1	)		(77	)^B4		76

Total noninterest income		987			(13	)		(84	)		890

Total revenue (FTE basis)		1,968			(48	)		(91	)		1,829

Provision for credit losses		(1	)		—			1			—

Total noninterest expense		992			(15	)		(10	)^B4,C1		967

Income before income taxes (FTE basis)		977			(33	)		(82	)		862

Income tax expense		363			(13	)		(30	)^D1		320

Net income	$	614		$	(20	)	$	(52	)	$	542

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.


	For the quarter ended March 31, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾		Liquidating Businesses Adjustments^B3			Other Adjustments			2005 Adjusted
Net interest income (FTE basis)	$	979	$	(30	)	$	(78	)^B4,C1	$	871

Noninterest income
Investment and brokerage services		767		(11	)		(8	)^B4		748
All other income		91		(3	)		(22	)^B4		66

Total noninterest income		858		(14	)		(30	)		814

Total revenue (FTE basis)		1,837		(44	)		(108	)		1,685

Provision for credit losses		2		—			—			2

Total noninterest expense		909		(14	)		(7	)^B4^,C1		888

Income before income taxes (FTE basis)		926		(30	)		(101	)		795

Income tax expense		327		(10	)		(37	)^D1		280

Net income	$	599	$	(20	)	$	(64	)	$	515

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

All Other

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the reclassification of the financial results of certain businesses that are expected to be or have been sold or liquidated, and securitization reclassifications to present GCSBB on a managed basis with a corresponding offset recorded in All Other.


	For the quarter ended March 31, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Liquidating Businesses Adjustments^B2,B3			Other Adjustments			2006 As Adjusted			Securitization Related Reclassification			2006 Adjusted
Net interest income (FTE basis)	$	(5	)	$	267		$	121	^C1	$	383		$	(1,863	)^A¹^,^A^5,^C1	$	(1,480	)

Noninterest income
Card income		9			16			(176	)^C2		(151	)		1,319	^A2^,A^5,C2		1,168
Equity investment gains		571			—			—			571			—			571
All other income		(307	)		159			1			(147	)		(110	)^A3		(257	)

Total noninterest income		273			175			(175	)		273			1,209			1,482

Total revenue (FTE basis)		268			442			(54	)		656			(654	)		2

Provision for credit losses		(15	)		15			(2	)		(2	)		(654	)^A4		(656	)

Gains (losses) on sales of debt securities		(8	)		9			—			1			—			1

Merger and restructuring charges		98			—			—			98			—			98

All other noninterest expense		118			259			38	^C1		415			—			415

Income before income taxes (FTE basis)		59			177			(90	)		146			—			146

Income tax expense (benefit)		(79	)		63			(34	)^D1		(50	)		—			(50	)

Net income	$	138		$	114		$	(56	)	$	196		$	—		$	196

(1) Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.

	For the quarter ended March 31, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B1,B2,B3			Other Adjustments			2005 As Adjusted			Securitization Related Reclassification			2005 Adjusted
Net interest income (FTE basis)	$	(544	)	$	240		$	82	^C1	$	(222	)	$	(2,109	)^A¹^,A^5,C1	$	(2,331	)

Noninterest income
Card income		(9	)		22			(7	)		6			1,072	^A2^,A5		1,078
Equity investment gains		264			—			—			264			—			264
All other income		(331	)		107			2			(222	)		(113	)^A3		(335	)

Total noninterest income		(76	)		129			(5	)		48			959			1,007

Total revenue (FTE basis)		(620	)		369			77			(174	)		(1,150	)		(1,324	)

Provision for credit losses		19			(73	)		(1	)		(55	)		(1,150	)^A4		(1,205	)

Gains on sales of debt securities		630			1			—			631			—			631

Merger and restructuring charges		880			—			—			880			—			880

All other noninterest expense		(61	)		202			31	^C1		172			—			172

Income before income taxes (FTE basis)		(828	)		241			47			(540	)		—			(540	)

Income tax expense (benefit)		(496	)		82			17	^D1		(397	)		—			(397	)

Net income	$	(332	)	$	159		$	30		$	(143	)	$	—		$	(143	)

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

(unaudited)


	For the quarter ended June 30, 2006
(Dollars in millions)	Global Consumer and Small Business Banking			Global Corporate and Investment Banking			Global Wealth and Investment Management			All Other			Total Corporation Combined
Net interest income (FTE basis)	$	6,968		$	2,440		$	922		$	(1,404	)	$	8,926

Noninterest income
Card income		2,528			175			—			961			3,664
Service charges		1,349			663			23			42			2,077
Investment and brokerage services		—			246			852			48			1,146
Investment banking income		—			644			—			(32	)		612
Equity investment gains		37			81			4			577			699
Trading account profits		(8	)		855			3			65			915
Mortgage banking income		210			(5	)		4			(120	)		89
Other income		294			219			45			(162	)		396

Total noninterest income		4,410			2,878			931			1,379			9,598

Total revenue (FTE basis)		11,378			5,318			1,853			(25	)		18,524

Provision for credit losses		1,807			22			(40	)		(784	)		1,005

Gains (losses) on sales of debt securities		—			(4	)		—			(5	)		(9	)

Total noninterest expense		4,509			2,764			970			474			8,717

Income before income taxes (FTE basis)		5,062			2,528			923			280			8,793

Income tax expense		1,858			934			341			185			3,318

Net income	$	3,204		$	1,594		$	582		$	95		$	5,475


	For the quarter ended June 30, 2005 (on a pro forma basis)
(Dollars in millions)	Global Consumer and Small Business Banking			Global Corporate and Investment Banking			Global Wealth and Investment Management			All Other			Total Corporation Combined
Net interest income (FTE basis)	$	7,024		$	2,597		$	871		$	(2,055	)	$	8,437

Noninterest income
Card income		2,155			161			—			961			3,277
Service charges		1,244			622			20			34			1,920
Investment and brokerage services		—			244			768			37			1,049
Investment banking income		—			441			1			(11	)		431
Equity investment gains		—			13			—			479			492
Trading account profits		(20	)		227			(2	)		7			212
Mortgage banking income		250			3			13			(64	)		202
Other income		210			346			24			671			1,251

Total noninterest income		3,839			2,057			824			2,114			8,834

Total revenue (FTE basis)		10,863			4,654			1,695			59			17,271

Provision for credit losses		2,524			(214	)		(9	)		(1,237	)		1,064

Gains on sales of debt securities		—			51			—			274			325

Total noninterest expense		4,947			2,448			908			221			8,524

Income before income taxes (FTE basis)		3,392			2,471			796			1,349			8,008

Income tax expense		1,224			901			288			315			2,728

Net income	$	2,168		$	1,570		$	508		$	1,034		$	5,280

BANK OF AMERICA

Condensed Combined Statements of Income

Global Consumer and Small Business Banking

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements and securitization reclassifications to present GCSBB on a managed basis with a corresponding offset recorded in All Other.


	For the quarter ended June 30, 2006
(Dollars in millions)	Reported 2006⁽¹⁾		Other Adjustments			2006 Adjusted		Securitization Related Reclassification			2006 Managed Basis
Net interest income (FTE basis)	$	5,199	$	(8	)^C1	$	5,191	$	1,777	^A^1,A5^,C1	$	6,968

Noninterest income
Card income		3,464		131	^C2		3,595		(1,067	)^A2,A5^,C2		2,528
Service charges		1,349		—			1,349		—			1,349
Mortgage banking income		210		—			210		—			210
All other income		257		(1	)		256		67	^A3		323

Total noninterest income		5,280		130			5,410		(1,000	)		4,410

Total revenue (FTE basis)		10,479		122			10,601		777			11,378

Provision for credit losses		1,029		1			1,030		777	^A4		1,807

Gains (losses) on sales of debt securities		—		—			—		—			—

Total noninterest expense		4,542		(33	)^C1		4,509		—			4,509

Income before income taxes (FTE basis)		4,908		154			5,062		—			5,062

Income tax expense		1,801		57	^D1		1,858		—			1,858

Net income	$	3,107	$	97		$	3,204	$	—		$	3,204

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.


	For the quarter ended June 30, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾		Liquidating Businesses Adjustments^B1			Other Adjustments			2005 Adjusted		Securitization Related Reclassification			2005 Managed Basis
Net interest income (FTE basis)	$	4,889	$	(25	)	$	106	^C1	$	4,970		$2,054	^A1,A5^,C1	$	7,024

Noninterest income
Card income		3,118		(7	)		7			3,118		(963	)^A2,A5		2,155
Service charges		1,244		—			—			1,244		—			1,244
Mortgage banking income		250		—			—			250		—			250
All other income		82		(1	)		(4	)		77		113	^A3		190

Total noninterest income		4,694		(8	)		3			4,689		(850	)		3,839

Total revenue (FTE basis)		9,583		(33	)		109			9,659		1,204			10,863

Provision for credit losses		1,344		(24	)		—			1,320		1,204	^A4		2,524

Gains (losses) on sales of debt securities		—		—			—			—		—			—

Total noninterest expense		4,984		—			(37	)^C1		4,947		—			4,947

Income before income taxes (FTE basis)		3,255		(9	)		146			3,392		—			3,392

Income tax expense		1,174		(3	)		53	^D1		1,224		—			1,224

Net income	$	2,081	$	(6	)	$	93		$	2,168	$	—		$	2,168

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

Global Corporate and Investment Banking

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the transfer of Banc of America Specialist from GWIM to GCIB, and the reclassification of the financial results of certain businesses that are expected to be or have been sold.


	For the quarter ended June 30, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Liquidating Businesses Adjustments^B2			Other Adjustments			2006 Adjusted
Net interest income (FTE basis)	$	2,708		$	(238	)	$	(30	)^B4,C1		2,440

Noninterest income
Service charges		703			(40	)		—			663
Investment and brokerage services		277			(38	)		7	^B4		246
Investment banking income		645			(1	)		—			644
Trading account profits		872			(39	)		22	^B4		855
All other income		508			(32	)		(6	)^B4		470

Total noninterest income		3,005			(150	)		23			2,878

Total revenue (FTE basis)		5,713			(388	)		(7	)		5,318

Provision for credit losses		41			(18	)		(1	)		22

Gains (losses) on sales of debt securities		(3	)		(1	)		—			(4	)

Total noninterest expense		2,957			(233	)		40	^B4,C1		2,764

Income before income taxes (FTE basis)		2,712			(138	)		(46	)		2,528

Income tax expense		999			(48	)		(17	)^D1		934

Net income	$	1,713		$	(90	)	$	(29	)	$	1,594

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.


	For the quarter ended June 30, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B2			Other Adjustments			2005 Adjusted
Net interest income (FTE basis)	$	2,793		$	(205	)	$	9	^B4,C1	$	2,597

Noninterest income
Service charges		655			(33	)		—			622
Investment and brokerage services		262			(26	)		8	^B4		244
Investment banking income		441			—			—			441
Trading account profits		232			(26	)		21	^B4		227
All other income		558			(34	)		(1	)^B4		523

Total noninterest income		2,148			(119	)		28			2,057

Total revenue (FTE basis)		4,941			(324	)		37			4,654

Provision for credit losses		(249	)		35			—			(214	)

Gains on sales of debt securities		121			(70	)		—			51

Total noninterest expense		2,612			(197	)		33	^B4,C1		2,448

Income before income taxes (FTE basis)		2,699			(232	)		4			2,471

Income tax expense		979			(80	)		2	^D1		901

Net income	$	1,720		$	(152	)	$	2		$	1,570

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

Global Wealth and Investment Management

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the transfer of Banc of America Specialist from GWIM to GCIB, and the reclassification of the financial results of certain businesses that are expected to be sold or liquidated.


	For the quarter ended June 30, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Liquidating Businesses Adjustments^B3			Other Adjustments			2006 Adjusted
Net interest income (FTE basis)	$	986		$	(37	)	$	(27	)^B4,C1	$	922

Noninterest income
Investment and brokerage services		870			(11	)		(7	)^B4		852
All other income		99			(1	)		(19	)^B4		79

Total noninterest income		969			(12	)		(26	)		931

Total revenue (FTE basis)		1,955			(49	)		(53	)		1,853

Provision for credit losses		(40	)		—			—			(40	)

Total noninterest expense		991			(13	)		(8	)^B4^,C1		970

Income before income taxes (FTE basis)		1,004			(36	)		(45	)		923

Income tax expense		370			(13	)		(16	)^D1		341

Net income	$	634		$	(23	)	$	(29	)	$	582

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.


	For the quarter ended June 30, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B3			Other Adjustments			Combined
Net interest income (FTE basis)	$	938		$	(32	)	$	(35	)^B4,C1	$	871

Noninterest income
Investment and brokerage services		788			(11	)		(9	)^B4		768
All other income		78			(1	)		(21	)^B4		56

Total noninterest income		866			(12	)		(30	)		824

Total revenue (FTE basis)		1,804			(44	)		(65	)		1,695

Provision for credit losses		(9	)		—			—			(9	)

Totoal noninterest expense		925			(12	)		(5	)^B4^,C1		908

Income before income taxes (FTE basis)		888			(32	)		(60	)		796

Income tax expense		321			(12	)		(21	)^D1		288

Net income	$	567		$	(20	)	$	(39	)	$	508

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

All Other

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the reclassification of the financial results of certain businesses that are expected to be or have been sold or liquidated, and securitization reclassifications to present GCSBB on a managed basis with a corresponding offset recorded in All Other.


	For the quarter ended June 30, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Liquidating Businesses Adjustments^B2,B3			Other Adjustments			2006 As Adjusted			Securitization Related Reclassification			2006 Adjusted
Net interest income (FTE basis)	$	33		$	275		$	65	^C1	$	373		$	(1,777	)^A1,A5,C1	$	(1,404	)

Noninterest income
Card income		8			16			(130	)^C2		(106	)		1,067	^A2,A5,C2		961
Equity investment gains		577			—			—			577			—			577
All other income		(241	)		146			3			(92	)		(67	)^A3		(159	)

Total noninterest income		344			162			(127	)		379			1,000			1,379

Total revenue (FTE basis)		377			437			(62	)		752			(777	)		(25	)

Provision for credit losses		(25	)		18			—			(7	)		(777	)^A4		(784	)

Gains (losses) on sales of debt securities		(6	)		1			—			(5	)		—			(5	)

Merger and restructuring charges		194			—			—			194			—			194

All other noninterest expense		33			246			1	^C1		280			—			280

Income before income taxes (FTE basis)		169			174			(63	)		280			—			280

Income tax expense		148			61			(24	)^D1		185			—			185

Net income	$	21		$	113		$	(39	)	$	95		$	—		$	95

(1) Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.

	For the quarter ended June 30, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B1,B2,B3			Other Adjustments			2005 As Adjusted			Securitization Related Reclassification			2005 Adjusted
Net interest income (FTE basis)	$	(183	)	$	262		$	(80	)^C1	$	(1	)	$	(2,054	)^A1,A5,C1	$	(2,055	)

Noninterest income
Card income		(11	)		21			(12	)		(2	)		963	^A2,A5		961
Equity investment gains		479			—			—			479			—			479
All other income		658			118			11			787			(113	)^A3		674

Total noninterest income		1,126			139			(1	)		1,264			850			2,114

Total revenue (FTE basis)		943			401			(81	)		1,263			(1,204	)		59

Provision for credit losses		(22	)		(11	)		—			(33	)		(1,204	)^A4		(1,237	)

Gains on sales of debt securities		204			70			—			274			—			274

Merger and restructuring charges		136			—			—			136			—			136

All other noninterest expense		(133	)		209			9	^C1		85			—			85

Income before income taxes (FTE basis)		1,166			273			(90	)		1,349			—			1,349

Income tax expense		254			95			(34	)^D1		315			—			315

Net income	$	912		$	178		$	(56	)	$	1,034		$	—		$	1,034

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

(unaudited)


	For the quarter ended September 30, 2006
(Dollars in millions)	Global Consumer and Small Business Banking			Global Corporate and Investment Banking		Global Wealth and Investment Management			All Other			Total Corporation Combined
Net interest income (FTE basis)	$	7,027		$	2,398	$	887		$	(1,418	)	$	8,894

Noninterest income
Card income		2,446			186		—			841			3,473
Service charges		1,410			676		24			37			2,147
Investment and brokerage services		—			225		828			32			1,085
Investment banking income		—			554		—			(44	)		510
Equity investment gains		1			17		—			687			705
Trading account profits		16			706		(2	)		11			731
Mortgage banking income		215			10		2			(38	)		189
Other income		366			186		39			636			1,227

Total noninterest income		4,454			2,560		891			2,162			10,067

Total revenue (FTE basis)		11,481			4,958		1,778			744			18,961

Provision for credit losses		2,049			36		—			(920	)		1,165

Gains (losses) on sales of debt securities		—			11		—			(480	)		(469	)

Total noninterest expense		4,710			2,797		972			384			8,863

Income before income taxes (FTE basis)		4,722			2,136		806			800			8,464

Income tax expense		1,736			788		297			227			3,048

Net income	$	2,986		$	1,348	$	509		$	573		$	5,416


	For the quarter ended September 30, 2005 (on a pro forma basis)
(Dollars in millions)	Global Consumer and Small Business Banking			Global Corporate and Investment Banking		Global Wealth and Investment Management			All Other			Total Corporation Combined
Net interest income (FTE basis)	$	7,075		$	2,523	$	887		$	(1,900	)	$	8,585

Noninterest income
Card income		2,304			170		—			914			3,388
Service charges		1,386			637		22			35			2,080
Investment and brokerage services		—			237		774			49			1,060
Investment banking income		—			531		1			(10	)		522
Equity investment gains		—			72		—			596			668
Trading account profits		(11	)		554		—			7			550
Mortgage banking income		241			4		14			(68	)		191
Other income		264			246		30			(635	)		(95	)

Total noninterest income		4,184			2,451		841			888			8,364

Total revenue (FTE basis)		11,259			4,974		1,728			(1,012	)		16,949

Provision for credit losses		2,462			96		1			(1,120	)		1,439

Gains (losses) on sales of debt securities		(1	)		5		—			25			29

Total noninterest expense		4,886			2,683		906			249			8,724

Income before income taxes (FTE basis)		3,910			2,200		821			(116	)		6,815

Income tax expense (benefit)		1,423			805		301			(243	)		2,286

Net income	$	2,487		$	1,395	$	520		$	127		$	4,529

BANK OF AMERICA

Condensed Combined Statements of Income

Global Consumer and Small Business Banking

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements and securitization reclassifications to present GCSBB on a managed basis with a corresponding offset recorded in All Other.


	For the quarter ended September 30, 2006
(Dollars in millions)	Reported 2006⁽¹⁾		Other Adjustments			2006 Adjusted		Securitization Related Reclassification			2006 Managed Basis
Net interest income (FTE basis)	$	5,243	$	(11	)^C1	$	5,232	$	1,795	^A1,A^5,C1	$	7,027

Noninterest income
Card income		3,265		136	^C2		3,401		(955	)^A2,A^5,C2		2,446
Service charges		1,410		—			1,410		—			1,410
Mortgage banking income		215		—			215		—			215
All other income		310		5			315		68	^A3		383

Total noninterest income		5,200		141			5,341		(887	)		4,454

Total revenue (FTE basis)		10,443		130			10,573		908			11,481

Provision for credit losses		1,144		(3	)		1,141		908	^A4		2,049

Gains (losses) on sales of debt securities		—		—			—		—			—

Total noninterest expense		4,730		(20	)^C1		4,710		—			4,710

Income before income taxes (FTE basis)		4,569		153			4,722		—			4,722

Income tax expense		1,680		56	^D1		1,736		—			1,736

Net income	$	2,889	$	97		$	2,986	$	—		$	2,986

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.


	For the quarter ended September 30, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B1			Other Adjustments			2005 Adjusted			Securitization Related Reclassification			2005 Managed Basis
Net interest income (FTE basis)	$	5,096		$	(22	)	$	112	^C1	$	5,186		$	1,889	^A1,A5,C1	$	7,075

Noninterest income
Card income		3,218			(5	)		3			3,216			(912	)^A2,A5		2,304
Service charges		1,386			—			—			1,386			—			1,386
Mortgage banking income		241			—			—			241			—			241
All other income		136			(1	)		2			137			116	^A3		253

Total noninterest income		4,981			(6	)		5			4,980			(796	)		4,184

Total revenue (FTE basis)		10,077			(28	)		117			10,166			1,093			11,259

Provision for credit losses		1,387			(18	)		—			1,369			1,093	^A4		2,462

Gains (losses) on sales of debt securities		(1	)		—			—			(1	)		—			(1	)

Total noninterest expense		4,881			—			5	^C1		4,886			—			4,886

Income before income taxes (FTE basis)		3,808			(10	)		112			3,910			—			3,910

Income tax expense		1,386			(4	)		41	^D1		1,423			—			1,423

Net income	$	2,422		$	(6	)	$	71		$	2,487		$	—		$	2,487

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

Global Corporate and Investment Banking

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the transfer of Banc of America Specialist from GWIM to GCIB, and the reclassification of the financial results of certain businesses that are expected to be or have been sold.


	For the quarter ended September 30, 2006
(Dollars in millions)	Reported 2006⁽¹⁾		Liquidating Businesses Adjustments^B2			Other Adjustments			2006 Adjusted
Net interest income (FTE basis)	$	2,643	$	(217	)	$	(28	)^B4,C1	$	2,398

Noninterest income
Service charges		710		(34	)		—			676
Investment and brokerage services		252		(32	)		5	^B4		225
Investment banking income		554		—			—			554
Trading account profits		711		(24	)		19	^B4		706
All other income		1,145		(749	)		3	^B4		399

Total noninterest income		3,372		(839	)		27			2,560

Total revenue (FTE basis)		6,015		(1,056	)		(1	)		4,958

Provision for credit losses		22		14			—			36

Gains on sales of debt securities		14		(4	)		1			11

Total noninterest expense		2,965		(210	)		42	^B4,C1		2,797

Income before income taxes (FTE basis)		3,042		(864	)		(42	)		2,136

Income tax expense		1,120		(317	)		(15	)^D1		788

Net income	$	1,922	$	(547	)	$	(27	)	$	1,348

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.


	For the quarter ended September 30, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾		Liquidating Businesses Adjustments^B2			Other Adjustments			2005 Adjusted
Net interest income (FTE basis)	$	2,748	$	(229	)	$	4	^B4,C1	$	2,523

Noninterest income
Service charges		671		(34	)		—			637
Investment and brokerage services		267		(38	)		8	^B4		237
Investment banking income		532		(1	)		—			531
Trading account profits		571		(38	)		21	^B4		554
All other income		520		(32	)		4	^B4		492

Total noninterest income		2,561		(143	)		33			2,451

Total revenue (FTE basis)		5,309		(372	)		37			4,974

Provision for credit losses		12		85			(1	)		96

Gains on sales of debt securities		17		(12	)		—			5

Total noninterest expense		2,853		(214	)		44	^B4,C1		2,683

Income before income taxes (FTE basis)		2,461		(255	)		(6	)		2,200

Income tax expense		897		(90	)		(2	)^D1		805

Net income	$	1,564	$	(165	)	$	(4	)	$	1,395

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

Global Wealth and Investment Management

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the transfer of Banc of America Specialist from GWIM to GCIB, and the reclassification of the financial results of certain businesses that are expected to be sold or liquidated.


	For the quarter ended September 30, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Liquidating Businesses Adjustments^B3			Other Adjustments			2006 Adjusted
Net interest income (FTE basis)	$	943		$	(35	)	$	(21	)^B4,C1	$	887

Noninterest income
Investment and brokerage services		843			(9	)		(6	)^B4		828
All other income		82			—			(19	)^B4		63

Total noninterest income		925			(9	)		(25	)		891

Total revenue (FTE basis)		1,868			(44	)		(46	)		1,778

Provision for credit losses		(1	)		—			1			—

Total noninterest expense		992			(13	)		(7	)^B4,C1		972

Income before income taxes (FTE basis)		877			(31	)		(40	)		806

Income tax expense		324			(11	)		(16	)^D1		297

Net income	$	553		$	(20	)	$	(24	)	$	509

(1) Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.

	For the quarter ended September 30, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B3			Other Adjustments			2005 Adjusted
Net interest income (FTE basis)	$	947		$	(35	)	$	(25	)^B4,C1	$	887

Noninterest income
Investment and brokerage services		793			(11	)		(8	)^B4		774
All other income		88			(1	)		(20	)^B4		67

Total noninterest income		881			(12	)		(28	)		841

Total revenue (FTE basis)		1,828			(47	)		(53	)		1,728
Provision for credit losses		(1	)		2			—			1
Total noninterest expense		923			(12	)		(5	)^B4,C1		906

Income before income taxes (FTE basis)		906			(37	)		(48	)		821
Income tax expense		331			(13	)		(17	)^D1		301

Net income	$	575		$	(24	)	$	(31	)	$	520

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

BANK OF AMERICA

Condensed Combined Statements of Income

All Other

(unaudited)

The following tables present condensed combined financial information for 2006 and 2005 (on a pro forma basis) adjusted for reclassifications between the segments and All Other for certain management accounting methodologies and related allocation refinements, the reclassification of the financial results of certain businesses that are expected to be or have been sold or liquidated, and securitization reclassifications to present GCSBB on a managed basis with a corresponding offset recorded in All Other.


	For the quarter ended September 30, 2006
(Dollars in millions)	Reported 2006⁽¹⁾			Liquidating Businesses Adjustments^B2,B3			Other Adjustments			2006 As Adjusted			Securitization Related Reclassification			2006 Adjusted
Net interest income (FTE basis)	$	65		$	252		$	60	^C1	$	377		$	(1,795	)^A1,A5,C1	$	(1,418	)

Noninterest income
Card income		10			16			(140	)^C2		(114	)		955	^A2,A5,C2		841
Equity investment gains		687			—			—			687			—			687
All other income		(127	)		832			(3	)		702			(68	)^A3		634

Total noninterest income		570			848			(143	)		1,275			887			2,162

Total revenue (FTE basis)		635			1,100			(83	)		1,652			(908	)		744

Provision for credit losses		—			(14	)		2			(12	)		(908	)^A4		(920	)

Gains (losses) on sales of debt securities		(483	)		4			(1	)		(480	)		—			(480	)

Merger and restructuring charges		269			—			—			269			—			269

All other noninterest expense		(93	)		223			(15	)^C1		115			—			115

Income before income taxes (FTE basis)		(24	)		895			(71	)		800			—			800

Income tax expense (benefit)		(76	)		328			(25	)^D1		227			—			227

Net income	$	52		$	567		$	(46	)	$	573		$	—		$	573

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on January 23, 2007.


	For the quarter ended September 30, 2005 (on a pro forma basis)
(Dollars in millions)	Reported 2005⁽¹⁾			Liquidating Businesses Adjustments^B1,B2,B3			Other Adjustments			2005 As Adjusted			Securitization Related Reclassification			2005 Adjusted
Net interest income (FTE basis)	$	(206	)	$	286		$	(91	)^C1	$	(11	)	$	(1,889	)^A1,A5,C1	$	(1,900	)

Noninterest income
Card income		(10	)		19			(7	)		2			912	^A2,A5		914
Equity investment gains		596			—			—			596			—			596
All other income		(645	)		142			(3	)		(506	)		(116	)^A3		(622	)

Total noninterest income		(59	)		161			(10	)		92			796			888

Total revenue (FTE basis)		(265	)		447			(101	)		81			(1,093	)		(1,012	)

Provision for credit losses		41			(69	)		1			(27	)		(1,093	)^A4		(1,120	)

Gains on sales of debt securities		13			12			—			25			—			25

Merger and restructuring charges		102			—			—			102			—			102

All other noninterest expense		(35	)		226			(44	)^C1		147			—			147

Income before income taxes (FTE basis)		(360	)		302			(58	)		(116	)		—			(116	)

Income tax expense (benefit)		(328	)		107			(22	)^D1		(243	)		—			(243	)

Net income	$	(32	)	$	195		$	(36	)	$	127		$	—		$	127

(1)

Amounts are reported as disclosed in the Corporation’s Current Report on Form 8-K furnished on April 10, 2006.

See accompanying Explanatory Notes to the Condensed Combined Statements of Income on page 24.

Explanatory Notes

For illustrative purposes only, the previous business segment information presented the realigned business segments for 2006 and 2005 (on a pro forma basis). The adjustments included in the Condensed Combined Statements of Income are as follows:

Securitization Related Reclassifications: These securitization adjustments present GCSBB on a managed basis with a corresponding offset to All Other such that the consolidated results of the Corporation are presented on a GAAP basis. All these securitization adjustments relate to the Card Services business within GCSBB.

Represents the reclassification of interest income on the securitized loans less the internal funds transfer pricing allocation related to securitized loans from excess servicing income (a component of card income) to net interest income.

Represents the reclassification of interest income on securitized loans, fee revenue (including insurance revenue) in excess of the internal funds transfer pricing allocation related to securitized loans, the difference between the internal funds transfer pricing allocation process and the external cost to investors associated with recording Card Services securitizations, and gross credit losses net of recoveries related to the securitized receivables out of excess servicing income, which is a component of card income.

Represents certain fees (e.g., insurance) that have been reclassified from excess servicing income to all other income.

Represents gross credit losses net of recoveries that have been reclassified from excess servicing income to provision for credit losses.

On a managed basis the Card Services business within GCSBB records the discount accretion for interest-only strips as card income. These amounts are reversed in All Other to present the discount accretion appropriately in net interest income on a GAAP basis. The decrease in net interest income and increase in card income in GCSBB for the full year 2006 and 2005 were approximately $320 million and $330 million.

Liquidating Business Adjustments and Other Business Transfers

Transferring the results of certain legacy MBNA products (only impacts the 2005 pro forma results) to All Other.

Transferring the results of our operations in Latin America (Argentina, Brazil, Chile, and Uruguay) and our Hong Kong based retail and commercial banking businesses that are expected to be or have been disposed to All Other.

Transferring the results of GWIM’s IWM business that is expected to be sold or liquidated to All Other .

Transferring the results of Banc of America Specialist from GWIM to GCIB.

Management Accounting Methodology Changes

Refinement of certain management accounting methodologies and related allocation refinements and the realignment of certain minor business units resulting in a reallocation of costs and revenues between the segments and All Other.

Represents the difference between the internal funds transfer pricing allocation process and the external cost to investors associated with recording Card Services securitizations.

Income tax expense:

Income tax expense adjustments associated with the adjustments discussed above.

Section 2: 2006 and 2005 (on a Pro Forma Basis) as Adjusted Unaudited Segment Financial Information

Effective January 1, 2007, GCSBB reports revenues for Deposits, Card Services, Consumer Real Estate and ALM/Other. GCIB reports revenues for Business Lending, Capital Markets and Advisory Services, Treasury Services, and ALM/Other. GWIM reports revenues for The Private Bank, Columbia Management, PB&I and ALM/Other.

The management accounting reporting process derives segment and business results by utilizing allocation methodologies for revenue, expense and capital. The net income derived for the businesses (i.e., Deposits, Card Services, Business Lending, etc.) is dependent upon revenue and cost allocations using an activity-based costing model, funds transfer pricing, other methodologies, and assumptions management believes are appropriate to reflect the results of the business.

The following Unaudited Pro Forma Income Statements for the periods ending in 2005 are presented for illustrative purposes only and do not indicate the financial results of the combined companies had the companies actually been combined at the beginning of the periods presented and had the impact of possible revenue enhancements, expense efficiencies, asset dispositions and share repurchases, among other factors, been considered. The 2005 Unaudited Pro Forma Income Statements are not prepared in accordance with GAAP. However, as a result of the MBNA merger, we believe that the 2005 Unaudited Pro Forma Income Statements provide a more useful year-to-year comparison versus comparing to the Corporation’s historical financial information.

The following tables present unaudited historical (as adjusted for the changes disclosed in Section 1 of this exhibit) and pro forma income statements for illustrative purposes only for the quarters and years ending 2006 and 2005.

BANK OF AMERICA CORPORATION

Global Consumer and Small Business Banking

($ in Millions)


	(unaudited)
	2006													2005 (on a pro forma basis)
	Total⁽¹⁾			Deposits		Card Services⁽¹⁾			Consumer Real Estate⁽²⁾		ALM/ Other			Total⁽¹⁾			Deposits		Card Services⁽¹⁾			Consumer Real Estate⁽²⁾		ALM/ Other
Income Statement
Net interest income (FTE basis)	$	28,244		$	9,405	$	16,402		$	2,005	$	432		$	28,294		$	8,430	$	16,060		$	2,027	$	1,777

Card income		9,788			1,911		7,877			—		—			8,851			1,561		7,290			—		—
Service charges		5,343			5,341		(2	)		4		—			4,996			4,993		(1	)		4		—
Mortgage banking income		877			—		—			877		—			1,048			—		—			1,048		—
All other income		1,209			—		893			43		273			1,010			—		734			20		256

Total noninterest income		17,217			7,252		8,768			924		273			15,905			6,554		8,023			1,072		256

Total revenue (FTE basis)		45,461			16,657		25,170			2,929		705			44,199			14,984		24,083			3,099		2,033

Provision for credit losses		8,534			165		8,089			63		217			10,123			98		9,850			58		117

Gains (losses) on sales of debt securities		(2	)		—		—			—		(2	)		(2	)		—		—			—		(2	)

Total noninterest expense		18,683			8,693		7,914			1,728		348			19,750			8,079		9,222			1,705		744

Income before income taxes (FTE basis)		18,242			7,799		9,167			1,138		138			14,324			6,807		5,011			1,336		1,170

Income tax expense		6,722			2,874		3,378			420		50			5,145			2,445		1,800			480		420

Net income	$	11,520		$	4,925	$	5,789		$	718	$	88		$	9,179		$	4,362	$	3,211		$	856	$	750

(1)

Presented on a managed view

(2)

Effective January 1, 2007, GCSBB combined the former Mortgage and Home Equity businesses into Consumer Real Estate. Prior period amounts have been adjusted to reflect this change.

BANK OF AMERICA CORPORATION

Global Consumer and Small Business Banking: Deposits

($ in Millions)


	(unaudited)
	2006										2005 (on a pro forma basis)
	Full Year		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr		Full Year		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
Income Statement
Net interest income (FTE basis)	$	9,405	$	2,384	$	2,362	$	2,371	$	2,288	$	8,430	$	2,289	$	2,136	$	2,033	$	1,972

Card income		1,911		505		502		474		430		1,561		422		403		394		342
Service charges		5,341		1,393		1,410		1,349		1,189		4,993		1,261		1,385		1,243		1,104
Mortgage banking income		—		—		—		—		—		—		—		—		—		—
All other income		—		—		—		—		—		—		—		—		—		—

Total noninterest income		7,252		1,898		1,912		1,823		1,619		6,554		1,683		1,788		1,637		1,446

Total revenue (FTE basis)		16,657		4,282		4,274		4,194		3,907		14,984		3,972		3,924		3,670		3,418

Provision for credit losses		165		56		51		30		28		98		48		38		19		(7	)

Gains (losses) on sales of debt securities		—		—		—		—		—		—		—		—		—		—

Total noninterest expense		8,693		2,255		2,168		2,104		2,166		8,079		2,052		2,026		2,070		1,931

Income before income taxes (FTE basis)		7,799		1,971		2,055		2,060		1,713		6,807		1,872		1,860		1,581		1,494

Income tax expense		2,874		728		756		756		634		2,445		668		676		570		531

Net income	$	4,925	$	1,243	$	1,299	$	1,304	$	1,079	$	4,362	$	1,204	$	1,184	$	1,011	$	963

BANK OF AMERICA CORPORATION

Global Consumer and Small Business Banking: Card Services (Managed View)

($ in Millions)


	(unaudited)
	2006													2005 (on a pro forma basis)
	Full Year			4th Qtr		3rd Qtr			2nd Qtr			1st Qtr		Full Year			4th Qtr			3rd Qtr		2nd Qtr		1st Qtr
Income Statement
Net interest income (FTE basis)	$	16,402		$	4,153	$	4,077		$	4,033		$	4,139	$	16,060		$	3,909		$	4,074	$	4,051	$	4,026

Card income		7,877			2,202		1,944			2,054			1,677		7,290			2,189			1,901		1,761		1,439
Service charges		(2	)		—		(1	)		(1	)		—		(1	)		(1	)		—		—		—
Mortgage banking income		—			—		—			—			—		—			—			—		—		—
All other income		893			179		287			243			184		734			227			187		130		190

Total noninterest income		8,768			2,381		2,230			2,296			1,861		8,023			2,415			2,088		1,891		1,629

Total revenue (FTE basis)		25,170			6,534		6,307			6,329			6,000		24,083			6,324			6,162		5,942		5,655

Provision for credit losses		8,089			2,609		1,938			1,733			1,809		9,850			2,895			2,365		2,468		2,122

Gains (losses) on sales of debt securities		—			—		—			—			—		—			—			—		—		—

Total noninterest expense		7,914			2,065		2,005			1,899			1,945		9,222			2,456			2,228		2,304		2,234

Income before income taxes (FTE basis)		9,167			1,860		2,364			2,697			2,246		5,011			973			1,569		1,170		1,299

Income tax expense		3,378			686		869			990			833		1,800			347			571		422		460

Net income	$	5,789		$	1,174	$	1,495		$	1,707		$	1,413	$	3,211		$	626		$	998	$	748	$	839

BANK OF AMERICA CORPORATION

Global Consumer and Small Business Banking: Consumer Real Estate⁽¹⁾

($ in Millions)


	(unaudited)
	2006										2005 (on a pro forma basis)
	Full Year		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr		Full Year		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
Income Statement
Net interest income (FTE basis)	$	2,005	$	530	$	508	$	489	$	478	$	2,027	$	500	$	525	$	508	$	494

Card income		—		—		—		—		—		—		—		—		—		—
Service charges		4		1		1		1		1		4		1		1		1		1
Mortgage banking income		877		247		215		210		205		1,048		276		241		250		281
All other income		43		11		11		8		13		20		7		4		5		4

Total noninterest income		924		259		227		219		219		1,072		284		246		256		286

Total revenue (FTE basis)		2,929		789		735		708		697		3,099		784		771		764		780

Provision for credit losses		63		16		19		14		14		58		16		17		11		14

Gains (losses) on sales of debt securities		—		—		—		—		—		—		—		—		—		—

Total noninterest expense		1,728		441		454		422		411		1,705		418		411		418		458

Income before income taxes (FTE basis)		1,138		332		262		272		272		1,336		350		343		335		308

Income tax expense		420		123		96		100		101		480		125		125		121		109

Net income	$	718	$	209	$	166	$	172	$	171	$	856	$	225	$	218	$	214	$	199

(1)

Effective January 1, 2007, GCSBB combined the former Mortgage and Home Equity businesses into Consumer Real Estate. Prior period amounts have been adjusted to reflect this change.

BANK OF AMERICA CORPORATION

Global Consumer and Small Business Banking: ALM/Other

($ in Millions)


	(unaudited)
	2006													2005 (on a pro forma basis)
	Full Year			4th Qtr			3rd Qtr		2nd Qtr		1st Qtr			Full Year			4th Qtr		3rd Qtr			2nd Qtr		1st Qtr
Income Statement
Net interest income (FTE basis)	$	432		$	90		$	80	$	75	$	187		$	1,777		$	365	$	340		$	432	$	640

Card income		—			—			—		—		—			—			—		—			—		—
Service charges		—			—			—		—		—			—			—		—			—		—
Mortgage banking income		—			—			—		—		—			—			—		—			—		—
All other income		273			65			85		72		51			256			82		62			55		57

Total noninterest income		273			65			85		72		51			256			82		62			55		57

Total revenue (FTE basis)		705			155			165		147		238			2,033			447		402			487		697

Provision for credit losses		217			96			41		30		50			117			44		42			26		5

Gains (losses) on sales of debt securities		(2	)		(1	)		—		—		(1	)		(2	)		—		(1	)		—		(1	)

Total noninterest expense		348			91			83		84		90			744			212		221			155		156

Income before income taxes (FTE basis)		138			(33	)		41		33		97			1,170			191		138			306		535

Income tax expense		50			(13	)		15		12		36			420			68		51			111		190

Net income	$	88		$	(20	)	$	26	$	21	$	61		$	750		$	123	$	87		$	195	$	345

BANK OF AMERICA CORPORATION

Global Corporate and Investment Banking

($ in Millions)


	(unaudited)
	2006												2005 (on a pro forma basis)
	Total		Business Lending		Capital Markets and Advisory Services		Treasury Services			ALM/ Other			Total		Business Lending			Capital Markets and Advisory Services			Treasury Services			ALM/ Other
Income Statement
Net interest income (FTE basis)	$	9,830	$	4,560	$	1,656	$	3,833		$	(219	)	$	10,357	$	4,747		$	1,951		$	3,480		$	179

Service charges		2,648		500		120		2,026			2			2,481		474			111			1,895			1
Investment and brokerage services		942		15		893		33			1			954		17			909			28			—
Investment banking income		2,476		—		2,476		—			—			1,891		—			1,891			—			—
Trading account profits		2,966		54		2,822		52			38			1,737		(28	)		1,704			67			(6	)
All other income		1,733		509		394		750			80			2,047		825			334			708			180

Total noninterest income		10,765		1,078		6,705		2,861			121			9,110		1,288			4,949			2,698			175

Total revenue (FTE basis)		20,595		5,638		8,361		6,694			(98	)		19,467		6,035			6,900			6,178			354

Provision for credit losses		10		3		14		(3	)		(4	)		28		71			(27	)		(4	)		(12	)

Gains (losses) on sales of debt securities		34		13		22		—			(1	)		117		62			55			—			—

Total noninterest expense		11,361		2,097		5,778		3,289			197			10,457		1,970			4,997			3,181			309

Income before income taxes (FTE basis)		9,258		3,551		2,591		3,408			(292	)		9,099		4,056			1,985			3,001			57

Income tax expense (benefit)		3,426		1,315		959		1,261			(109	)		3,318		1,454			707			1,080			77

Net income	$	5,832	$	2,236	$	1,632	$	2,147		$	(183	)	$	5,781	$	2,602		$	1,278		$	1,921		$	(20	)

BANK OF AMERICA CORPORATION

Global Corporate and Investment Banking: Business Lending

($ in Millions)


	(unaudited)
	2006												2005 (on a pro forma basis)
	Full Year		4th Qtr			3rd Qtr		2nd Qtr			1st Qtr		Full Year			4th Qtr		3rd Qtr		2nd Qtr			1st Qtr
Income Statement
Net interest income (FTE basis)	$	4,560	$	1,128		$	1,114	$	1,157		$	1,161	$	4,747		$	1,175	$	1,177	$	1,209		$	1,186

Service charges		500		128			124		123			125		474			119		123		119			113
Investment and brokerage services		15		1			5		5			4		17			4		5		4			4
Investment banking income		—		—			—		—			—		—			—		—		—			—
Trading account profits		54		9			11		19			15		(28	)		8		5		(43	)		2
All other income		509		112			128		213			56		825			103		187		203			332

Total noninterest income		1,078		250			268		360			200		1,288			234		320		283			451

Total revenue (FTE basis)		5,638		1,378			1,382		1,517			1,361		6,035			1,409		1,497		1,492			1,637

Provision for credit losses		3		(86	)		53		20			16		71			211		113		(201	)		(52	)

Gains (losses) on sales of debt securities		13		5			3		(4	)		9		62			—		2		39			21

Total noninterest expense		2,097		538			533		521			505		1,970			513		489		483			485

Income before income taxes (FTE basis)		3,551		931			799		972			849		4,056			685		897		1,249			1,225

Income tax expense		1,315		345			284		372			314		1,454			245		329		454			426

Net income	$	2,236	$	586		$	515	$	600		$	535	$	2,602		$	440	$	568	$	795		$	799

BANK OF AMERICA CORPORATION

Global Corporate and Investment Banking: Capital Markets and Advisory Services

($ in Millions)


	(unaudited)
	2006												2005 (on a pro forma basis)
	Full Year		4th Qtr		3rd Qtr			2nd Qtr			1st Qtr		Full Year			4th Qtr			3rd Qtr			2nd Qtr		1st Qtr
Income Statement
Net interest income (FTE basis)	$	1,656	$	488	$	376		$	380		$	412	$	1,951		$	422		$	453		$	523	$	553

Service charges		120		29		30			28			33		111			30			34			25		22
Investment and brokerage services		893		214		211			234			234		909			233			225			233		218
Investment banking income		2,476		756		554			644			522		1,891			547			531			441		372
Trading account profits		2,822		399		675			802			946		1,704			279			537			250		638
All other income		394		145		50			58			141		334			71			93			87		83

Total noninterest income		6,705		1,543		1,520			1,766			1,876		4,949			1,160			1,420			1,036		1,333

Total revenue (FTE basis)		8,361		2,031		1,896			2,146			2,288		6,900			1,582			1,873			1,559		1,886

Provision for credit losses		14		6		(3	)		8			3		(27	)		(12	)		(14	)		1		(2	)

Gains (losses) on sales of debt securities		22		10		8			(1	)		5		55			32			3			12		8

Total noninterest expense		5,778		1,464		1,454			1,387			1,473		4,997			1,339			1,310			1,123		1,225

Income before income taxes (FTE basis)		2,591		571		453			750			817		1,985			287			580			447		671

Income tax expense		959		212		167			277			303		707			100			211			161		235

Net income	$	1,632	$	359	$	286		$	473		$	514	$	1,278		$	187		$	369		$	286	$	436

BANK OF AMERICA CORPORATION

Global Corporate and Investment Banking: Treasury Services

($ in Millions)


	(unaudited)
	2006														2005 (on a pro forma basis)
	Full Year			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr		Full Year			4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
Income Statement
Net interest income (FTE basis)	$	3,833		$	957		$	969		$	960		$	947	$	3,480		$	968	$	884	$	826	$	802

Service charges		2,026			500			523			511			492		1,895			455		479		479		482
Investment and brokerage services		33			8			9			8			8		28			7		7		7		7
Investment banking income		—			—			—			—			—		—			—		—		—		—
Trading account profits		52			13			14			13			12		67			11		13		21		22
All other income		750			201			194			184			171		708			180		182		196		150

Total noninterest income		2,861			722			740			716			683		2,698			653		681		703		661

Total revenue (FTE basis)		6,694			1,679			1,709			1,676			1,630		6,178			1,621		1,565		1,529		1,463

Provision for credit losses		(3	)		(3	)		(1	)		(5	)		6		(4	)		—		1		—		(5	)

Gains (losses) on sales of debt securities		—			—			—			—			—		—			—		—		—		—

Total noninterest expense		3,289			828			817			827			817		3,181			797		794		799		791

Income before income taxes (FTE basis)		3,408			854			893			854			807		3,001			824		770		730		677

Income tax expense		1,261			316			330			316			299		1,080			296		278		263		243

Net income	$	2,147		$	538		$	563		$	538		$	508	$	1,921		$	528	$	492	$	467	$	434

BANK OF AMERICA CORPORATION

Global Corporate and Investment Banking: ALM/Other

($ in Millions)


	(unaudited)
	2006															2005 (on a pro forma basis)
	Full Year			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			Full Year			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
Income Statement
Net interest income (FTE basis)	$	(219	)	$	(70	)	$	(61	)	$	(57	)	$	(31	)	$	179		$	3		$	9		$	39		$	128

Service charges		2			2			(1	)		1			—			1			—			1			(1	)		1
Investment and brokerage services		1			2			—			(1	)		—			—			—			—			—			—
Investment banking income		—			—			—			—			—			—			—			—			—			—
Trading account profits		38			8			6			21			3			(6	)		(1	)		(1	)		(1	)		(3	)
All other income		80			21			27			15			17			180			20			30			37			93

Total noninterest income		121			33			32			36			20			175			19			30			35			91

Total revenue (FTE basis)		(98	)		(37	)		(29	)		(21	)		(11	)		354			22			39			74			219

Provision for credit losses		(4	)		10			(13	)		(1	)		—			(12	)		(4	)		(4	)		(14	)		10

Gains (losses) on sales of debt securities		(1	)		(2	)		—			1			—			—			—			—			—			—

Total noninterest expense		197			138			(7	)		29			37			309			117			90			43			59

Income before income taxes (FTE basis)		(292	)		(187	)		(9	)		(48	)		(48	)		57			(91	)		(47	)		45			150

Income tax expense (benefit)		(109	)		(70	)		7			(31	)		(15	)		77			(33	)		(13	)		23			100

Net income	$	(183	)	$	(117	)	$	(16	)	$	(17	)	$	(33	)	$	(20	)	$	(58	)	$	(34	)	$	22		$	50

BANK OF AMERICA CORPORATION

Global Wealth and Investment Management

($ in Millions)


	(unaudited)
	2006													2005 (on a pro forma basis)
	Total			Private Bank			Columbia Management			Premier Banking and Investments⁽¹⁾		ALM/ Other⁽¹⁾		Total			Private Bank			Columbia Management		Premier Banking and Investments⁽¹⁾		ALM/ Other⁽¹⁾
Income Statement
Net interest income (FTE basis)	$	3,672		$	905		$	(37	)	$	2,548	$	256	$	3,606		$	930		$	6	$	2,197	$	473

Investment and brokerage services		3,383			993			1,531			752		107		3,064			988			1,321		671		84
All other income		304			80			44			125		55		257			57			31		147		22

Total noninterest income		3,687			1,073			1,575			877		162		3,321			1,045			1,352		818		106

Total revenue (FTE basis)		7,359			1,978			1,538			3,425		418		6,927			1,975			1,358		3,015		579

Provision for credit losses		(39	)		(52	)		—			12		1		(5	)		(23	)		—		18		—

Total noninterest expense		3,910			1,210			1,022			1,518		160		3,633			1,167			924		1,354		188

Income before income taxes (FTE basis)		3,488			820			516			1,895		257		3,299			831			434		1,643		391

Income tax expense		1,290			302			190			702		96		1,186			300			156		589		141

Net income	$	2,198		$	518		$	326		$	1,193	$	161	$	2,113		$	531		$	278	$	1,054	$	250

(1)

Prior to January 1, 2007, ALM/Other included the impact of the migrating qualifying affluent customers, including their related deposit balances and associated net interest income, from GCSBB to our PB&I service model. Effective January 1, 2007, the deposit migration impact is now included in PB&I. Prior period amounts have been adjusted to reflect this change.

BANK OF AMERICA CORPORATION

Global Wealth and Investment Management: Private Bank

($ in Millions)


	(unaudited)
	2006															2005 (on a pro forma basis)
	Full Year			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			Full Year			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
Income Statement
Net interest income (FTE basis)	$	905		$	230		$	221		$	230		$	224		$	930		$	236		$	232		$	231		$	231

Investment and brokerage services		993			242			243			262			246			988			238			241			260			249
All other income		80			11			10			22			37			57			16			13			16			12

Total noninterest income		1,073			253			253			284			283			1,045			254			254			276			261

Total revenue (FTE basis)		1,978			483			474			514			507			1,975			490			486			507			492

Provision for credit losses		(52	)		(1	)		(3	)		(44	)		(4	)		(23	)		(3	)		(5	)		(13	)		(2	)

Total noninterest expense		1,210			310			311			282			307			1,167			302			286			287			292

Income before income taxes (FTE basis)		820			174			166			276			204			831			191			205			233			202

Income tax expense		302			64			61			102			75			300			68			75			84			73

Net income	$	518		$	110		$	105		$	174		$	129		$	531		$	123		$	130		$	149		$	129

BANK OF AMERICA CORPORATION

Global Wealth and Investment Management: Columbia Management

($ in Millions)


	(unaudited)
	2006															2005 (on a pro forma basis)
	Full Year			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			Full Year		4th Qtr			3rd Qtr			2nd Qtr		1st Qtr
Income Statement
Net interest income (FTE basis)	$	(37	)	$	(3	)	$	(14	)	$	(11	)	$	(9	)	$	6	$	(2	)	$	(2	)	$	5	$	5

Investment and brokerage services		1,531			417			374			377			363			1,321		345			335			326		315
All other income		44			6			16			12			10			31		9			9			1		12

Total noninterest income		1,575			423			390			389			373			1,352		354			344			327		327

Total revenue (FTE basis)		1,538			420			376			378			364			1,358		352			342			332		332

Provision for credit losses		—			—			—			—			—			—		—			—			—		—

Total noninterest expense		1,022			278			254			251			239			924		238			227			232		227

Income before income taxes (FTE basis)		516			142			122			127			125			434		114			115			100		105

Income tax expense		190			52			45			47			46			156		41			42			36		37

Net income	$	326		$	90		$	77		$	80		$	79		$	278	$	73		$	73		$	64	$	68

BANK OF AMERICA CORPORATION

Global Wealth and Investment Management: Premier Banking and Investments⁽¹⁾

($ in Millions)


	(unaudited)
	2006										2005 (on a pro forma basis)
	Full Year		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr		Full Year		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
Income Statement
Net interest income (FTE basis)	$	2,548	$	645	$	631	$	644	$	628	$	2,197	$	634	$	569	$	523	$	471

Investment and brokerage services		752		202		183		188		179		671		168		176		163		164
All other income		125		35		31		36		23		147		36		40		37		34

Total noninterest income		877		237		214		224		202		818		204		216		200		198

Total revenue (FTE basis)		3,425		882		845		868		830		3,015		838		785		723		669

Provision for credit losses		12		3		2		4		3		18		4		6		4		4

Total noninterest expense		1,518		388		382		362		386		1,354		337		355		332		330

Income before income taxes (FTE basis)		1,895		491		461		502		441		1,643		497		424		387		335

Income tax expense		702		182		171		186		163		589		177		156		140		116

Net income	$	1,193	$	309	$	290	$	316	$	278	$	1,054	$	320	$	268	$	247	$	219

(1)

BANK OF AMERICA CORPORATION

Global Wealth and Investment Management: ALM/Other⁽¹⁾

($ in Millions)


	(unaudited)
	2006											2005 (on a pro forma basis)
	Full Year		4th Qtr			3rd Qtr		2nd Qtr		1st Qtr		Full Year		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
Income Statement
Net interest income (FTE basis)	$	256	$	52		$	49	$	59	$	96	$	473	$	109	$	88	$	112	$	164

Investment and brokerage services		107		28			28		25		26		84		23		22		19		20
All other income		55		34			6		9		6		22		7		5		2		8

Total noninterest income		162		62			34		34		32		106		30		27		21		28

Total revenue (FTE basis)		418		114			83		93		128		579		139		115		133		192

Provision for credit losses		1		(1	)		1		—		1		—		—		—		—		—

Total noninterest expense		160		25			25		75		35		188		54		38		57		39

Income before income taxes (FTE basis)		257		90			57		18		92		391		85		77		76		153

Income tax expense		96		34			20		6		36		141		31		28		28		54

Net income	$	161	$	56		$	37	$	12	$	56	$	250	$	54	$	49	$	48	$	99

(1)

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