July 19, 2006 at 07:00 AM EDT
Bank of America Reports Record Second Quarter Earnings of $5.5 Billion, or $1.19 Per Share
Net income up 18 percent

CHARLOTTE, N.C., July 19 /PRNewswire-FirstCall/ -- Bank of America Corporation today reported that net income in the second quarter of 2006 rose 18 percent to $5.48 billion from $4.66 billion a year earlier. Per-share earnings (diluted) were $1.19, up 4 percent from $1.14 a year earlier, the previous record quarter on a split-adjusted basis. Return on average common shareholders' equity for the second quarter was 17.26 percent. Under purchase accounting rules, results for the second quarter of 2005 do not include MBNA, which was acquired on January 1, 2006.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b)

Excluding merger and restructuring charges of $194 million pre-tax, equal to 3 cents per share, the company earned $5.60 billion, or $1.22 per share (diluted), in the second quarter of 2006. A year earlier merger and restructuring charges of $121 million related to the acquisition of FleetBoston Financial reduced per-share earnings by 2 cents.

"Our performance this quarter demonstrates the power of our unmatched franchise and diverse revenue sources, as well as the skill and hard work of our associates," said Kenneth D. Lewis, chairman and chief executive officer. "Our ongoing advances in operational excellence led to our best efficiency ratio ever, while our investments in innovation and service across the bank produced gains in the consumer, capital markets and wealth management businesses. We offset the difficult interest rate environment with great execution in every line of business, leading to a significant increase in fee income and continued momentum in the growth of shareholder value."

Revenue grew 25 percent from a year earlier while noninterest expense was up 24 percent. On a pro forma basis (including MBNA's second quarter of 2005 results), revenue increased 6 percent while noninterest expense was up 2 percent. Historical information regarding pro forma results was included in the Form 8-K filed on April 10, 2006.

The year-over-year improvement was driven by strong performance across the consumer businesses, continued growth in trading account profits, investment banking income and equity investment gains, as well as improvements in asset management categories.

For the first six months of 2006, Bank of America earned $10.46 billion, or $2.25 per share (diluted), compared to $9.05 billion, or $2.21 per share on a split-adjusted basis, a year earlier.

    Second Quarter 2006 Highlights
     - Net new retail checking accounts reached a record 701,000 in the second
       quarter, helped by innovative programs such as Keep the Change(TM). To
       date, more than 2.7 million customers have enrolled in Keep the Change.
     - Debit card income grew more than 20 percent from the second quarter of
       2005, as higher checking account volume and Keep the Change increased
       usage of debit cards at retail locations. Debit card purchase volume
       topped a record $42 billion in the quarter, an increase of 22 percent
       from the second quarter of 2005.
     - Total loans and leases grew 17 percent in Global Corporate and
       Investment Banking from the second quarter of 2005 as businesses
       continued to invest and expand.
     - Investment banking fee income in Global Corporate and Investment
       Banking reached a record $645 million in the second quarter, as
       business practices such as the "dual coverage" partnership between
       Commercial Banking and Investment Banking continue to increase capital-
       raising and M&A business among commercial clients.
     - Capital Markets and Advisory Services produced revenue of more than
       $2 billion for the second consecutive quarter, as a favorable market
       environment in addition to technology and personnel investments begun
       in 2005 produced strong across-the-board trading results.
     - Total assets under management in Global Wealth and Investment
       Management hit the $500 billion milestone, an increase of 13 percent
       from the second quarter of 2005.  The increase drove 11 percent growth
       in asset management fees. Based on assets under management, 85% of
       assets were invested in funds (equity, fixed income, and money market
       funds) where at least one share class placed in the top two quartiles
       of their peer group as of June 30, 2006.(1)

    (1) The share class earning the ranking may have limited eligibility and
    may not be available to all investors.  Peer group rankings were provided
    by Morningstar for equity funds, Lipper for fixed income funds and
    iMoneyNet for money market funds.

    Second Quarter 2006 MBNA Transition Highlights
     - Cost savings for the merger in the second quarter were $275 million
       pre-tax, due primarily to personnel reductions and marketing synergies.
       The transition is on track to meet projected savings targets.
     - As of June 30, about 4,000 of the projected 6,000 job reductions have
       been achieved through a balance of attrition and severance since the
       merger was announced on June 30, 2005.
     - Nearly 25 years after MBNA pioneered affinity marketing by offering
       credit cards to customers who share a strong common interest, Bank of
       America recently announced long-term extensions of three of its
       longest and most successful affinity marketing agreements with the
       National Education Association (NEA), Ducks Unlimited and the American
       Automobile Association (AAA).
     - More than 4,200 banking centers are now selling affinity credit cards,
       and the products are expected to be sold at more than 5,700 banking
       centers by the end of July. Affinity cards were introduced on
       bankofamerica.com earlier this year, where customers can now choose
       among more than 350 affinity card options. Early results have exceeded
       expectations.


    Second Quarter 2006 Financial Summary

    Revenue

Revenue on a fully taxable-equivalent basis grew 25 percent to $18.52 billion from $14.78 billion in the second quarter of 2005. Last year's results did not include MBNA.

Net interest income on a fully taxable-equivalent basis was $8.93 billion, compared to $7.83 billion the previous year. Besides the addition of MBNA, the increase was driven by loan growth and increases in asset-liability management (ALM) activity, partially offset by lower core deposit levels and

spread compression. The net interest yield increased 5 basis points to 2.85 percent.

Noninterest income was up 38 percent to $9.60 billion from $6.96 billion. Besides the addition of MBNA, which helped boost card income, these results were driven by continued strength in service fee income and increases in trading account profits, investment banking income and equity investment gains. Other income declined significantly. A year ago this component benefited from the results of the ALM process, including the change in the value of derivatives used as economic hedges that did not qualify for SFAS 133 and the sale of whole loans.

Sales of debt securities resulted in a $9 million net loss in the second quarter of 2006 compared to a $325 million net gain in the second quarter of 2005.

Efficiency

The efficiency ratio for the second quarter of 2006 was 47.06 percent (46.01 percent before merger and restructuring charges) driven by continued positive operating leverage. Noninterest expense increased to $8.72 billion from $7.02 billion a year ago. Besides the addition of MBNA, expenses increased due to marketing spending related to consumer banking initiatives and revenue-related incentive compensation. Also included in second quarter 2006 expenses were $194 million in pre-tax merger and restructuring charges related to the MBNA acquisition.

The effective tax rate increased to 35.56 percent in the second quarter from 33.69 percent in the second quarter of 2005 primarily as a result of a $175 million cumulative charge reflecting recently passed tax legislation related to foreign sales corporation provision.

Credit Quality

Credit quality remained stable. Net charge-offs increased from the second quarter of 2005 due to the addition of MBNA and new advances on accounts previously securitized, partially offset by lower credit card bankruptcy charge-offs. Provision expense rose compared to the second quarter of 2005 due to the addition of MBNA and 2005 commercial credit reserve releases. These increases were partially offset by decreased credit card costs.

     - Provision for credit losses was $1.01 billion, down from $1.27 billion
       in the first quarter of 2006, and up from $875 million a year earlier.
     - Net charge-offs were $1.02 billion, or 0.65 percent of average loans
       and leases. Net charge-offs were $822 million, or 0.54 percent, in the
       first quarter of 2006 and $880 million, or 0.68 percent, in the second
       quarter of 2005. Reported net charge-offs excluded $27 million, or 0.01
       percent of average loans and leases in the second quarter of 2006 and
       $210 million or 0.14 percent in the first quarter of 2006 as a result
       of impaired loan purchase accounting for MBNA.
       Total managed net losses were $1.81 billion, or 0.98 percent of managed
       loans and leases. This compared to $1.48 billion, or 0.84 percent, on
       March 31, 2006 and $1.01 billion, or 0.77 percent on June 30, 2005.
     - Nonperforming assets were $1.64 billion, or 0.25 percent of total
       loans, leases and foreclosed properties, as of June 30, 2006.  This
       compared to $1.68 billion, or 0.27 percent, at March 31, 2006 and $1.90
       billion, or 0.36 percent, on June 30, 2005.
     - The total allowance for loan and lease losses was $9.08 billion, or
       1.36 percent of loans and leases, at June 30, 2006.  This compared to
       $9.07 billion, or 1.46 percent, at March 31, 2006 and $8.32 billion, or
       1.57 percent, at June 30, 2005, which did not include MBNA.

    Capital Management

Total shareholders' equity was $127.84 billion at June 30, 2006. Period- end assets grew to $1.45 trillion. The Tier 1 Capital Ratio was 8.33 percent, compared to 8.45 percent on March 31, 2006 and 8.16 percent a year earlier.

During the quarter, Bank of America paid a cash dividend of $0.50 per share. The company issued approximately 30 million common shares primarily related to employee stock options and ownership plans, and repurchased slightly more than 83 million common shares in the second quarter of 2006. Period-ending common shares issued and outstanding were 4.53 billion for the second quarter of 2006, compared to 4.58 billion for the first quarter of 2006 and 4.02 billion for the second quarter of 2005.


    Second Quarter 2006 Business Segment Results
    Global Consumer and Small Business Banking

    (Dollars in millions)                        Q2 2006             Q2 2005
    Total Revenue(1)                             $10,479              $6,903

    Provision for credit losses                    1,029               1,155
    Noninterest expense                            4,546               3,347

    Net Income                                     3,105               1,534

    Efficiency ratio                               43.37 %             48.47 %
    Return on average equity                       19.69               21.17

    Loans and leases(2)                         $187,607            $141,353
    Deposits(2)                                  333,999             306,521

    (1) Fully taxable-equivalent basis
    (2) Balances averaged for period

Revenue grew 52 percent to $10.48 billion and net income more than doubled to $3.11 billion. Last year's second quarter results did not include MBNA. On a pro forma basis (including MBNA's second quarter of 2005 results), revenue increased 10 percent while net income increased 42 percent.

Results were driven by increased service charges due to new account growth, higher debit card income due to increased usage and higher credit card income as Bank of America's combination with MBNA continued to exhibit positive results. Mortgage reported lower results primarily resulting from margin compression caused by higher interest rates as compared to the second quarter of 2005.

     - Deposits revenue increased 16 percent to $4.29 billion compared to the
       second quarter of 2005, while net income increased 30 percent to $1.33
       billion.  On a pro forma basis, deposits revenue increased 15 percent
       compared to the second quarter of 2005, while net income increased 27
       percent.
     - Card Services had revenue of $5.47 billion, an increase of 163 percent
       compared to the second quarter of 2005. Net income increased tenfold to
       $1.6 billion, compared to $137 million.  On a pro forma basis, Card
       Services recorded an increase in revenue of 18 percent compared to the
       second quarter of 2005, while net income more than doubled.
     - Home Equity had revenue of $366 million, an increase of 7 percent from
       the second quarter of 2005. Net income increased 18 percent to $128
       million.  On a pro forma basis, there was no material impact on either
       revenue or net income.
     - Mortgage had revenue of $344 million compared to $411 million in the
       second quarter of 2005 and net income of $66 million compared to $97
       million a year ago.  On a pro forma basis, both revenue and net income
       recognized slightly larger declines, as pro forma revenue for the
       second quarter of 2005 was $424 million and pro forma net income was
       $106 million a year ago.
     - ALM/Other had revenue of $15 million compared to $383 million in the
       second quarter of 2005 and a net loss of $65 million compared to net
       income of $169 million in the second quarter of 2005.  On a pro forma
       basis, revenue was $422 million while net income was $194 million in
       second quarter of 2005.


    Global Corporate and Investment Banking

    (Dollars in millions)                        Q2 2006             Q2 2005
    Total Revenue(1)                              $5,717              $4,908

    Provision for credit losses                       41                (249)
    Noninterest expense                            2,956               2,603

    Net Income                                     1,716               1,705

    Efficiency ratio                               51.71 %             53.02 %
    Return on average equity                       15.94               16.62

    Loans and leases(2)                         $243,140            $207,927
    Deposits(2)                                  205,263             191,471
    Trading-related assets(2)                    332,688             332,432

    (1) Fully taxable-equivalent basis
    (2) Balances averaged for period

Revenue increased 16 percent to $5.72 billion from $4.91 billion. Net income was essentially flat at $1.72 billion. Loan growth helped mitigate the effects of a flattening yield curve.

The growth in revenue was fueled by increased capital markets activity. Capital Markets and Advisory Services benefited from positive sales and trading results in Liquid Products, Credit Products and Structured Products as previous investments in personnel and trading infrastructure came to fruition. Investment Banking benefited from increased market activity and continued leadership in leveraged debt underwriting. Treasury Services benefited from increased net interest income due to higher short-term interest rates.

Net income was impacted by increased provision expense primarily in Business Lending and increased performance-based compensation in Capital Markets and Advisory Services. Provision expense rose primarily due to the absence this quarter of benefits from the release of reserves in 2005 related to reduced uncertainties associated with the FleetBoston credit integration.

     - Capital Markets and Advisory Services had revenue of $2.12 billion, an
       increase of 39 percent from the second quarter of 2005. Net income
       increased 57 percent to $504 million.
     - Business Lending had revenue of $1.51 billion, slightly higher than the
       second quarter of 2005. Net income decreased to $589 million from $789
       million, primarily due to the provision benefits in 2005.
     - Treasury Services had revenue of $1.70 billion, an increase of
       15 percent from the second quarter of 2005. Net income increased
       26 percent to $559 million.
     - ALM/Other had revenue of $383 million and net income of $64 million.


    Global Wealth and Investment Management

    (Dollars in millions)                        Q2 2006             Q2 2005
    Total Revenue(1)                              $1,955              $1,790

    Provision for credit losses                      (40)                 (9)
    Noninterest expense                              991                 929

    Net Income                                       634                 556

    Efficiency ratio                               50.68 %             51.91 %
    Return on average equity                       25.76               21.64

    Loans and leases(2)                          $60,412             $53,047
    Deposits(2)                                  114,195             120,256

    (in billions)                               At 6/30/06          At 6/30/05
    Assets under management                       $500.1              $442.8

    (1) Fully taxable-equivalent basis
    (2) Balances averaged for period

Revenue increased 9 percent and net income rose 14 percent from a year ago. Results were driven by higher asset management fees, higher loan volume and higher deposit spreads, as well as continued migration of certain banking relationships from Global Consumer and Small Business Banking.

Asset management fees increased 11 percent from the second quarter of 2005 due to higher assets under management balances driven by total net asset inflows of $42 billion in addition to increased market values of $15 billion.

     - Premier Banking & Investments had revenue of $732 million, an increase
       of 20 percent from the second quarter of 2005. Net income increased
       34 percent to $254 million.
     - The Private Bank had revenue of $549 million, a slight increase from
       the second quarter of 2005. Net income increased 25 percent to $195
       million.
     - Columbia Management had revenue of $377 million, an increase of
       15 percent from the second quarter of 2005. Net income increased
       29 percent to $81 million.
     - ALM/Other had revenue of $297 million and net income of $104 million.

    All Other

All Other reflected $20 million of net income for the quarter, compared to $862 million in the second quarter of 2005. In 2005 All Other benefited from the results of the ALM process, including the change in the value of derivatives used as economic hedges that did not qualify for SFAS 133 and the sale of whole loans. The second quarter of 2006 included losses on sales of debt securities of $6 million, compared to gains on sales of debt securities of $204 million in the second quarter of 2005. Equity investment gains in this segment were $524 million compared to $479 million in the second quarter of 2005.

Note: Al de Molina, chief financial officer, will discuss second quarter 2006 results in a conference call at 10 a.m. (Eastern Time) today. The call can be accessed via a webcast available on the Bank of America Web site at http://investor.bankofamerica.com.

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 54 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 19.8 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE:BAC) is listed on the New York Stock Exchange.

Forward-Looking Statements

This press release contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company's businesses and economic conditions as a whole; 5) changes in the interest rate environment reduce interest margins and impact funding sources; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 9) changes in accounting standards, rules or interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; 11) mergers and acquisitions and their integration into the company; and 12) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov.

Please consider the investment objectives, risks, charges and expenses of Columbia mutual funds carefully before investing. Contact your financial advisor for a prospectus which contains this and other important information about the fund. Read it carefully before you invest.

Columbia Management is the primary investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and advise institutional and mutual fund portfolios. Columbia Funds are distributed by Columbia Management Distributors, Inc., member NASD, SIPC. Columbia Management Distributors, Inc. is part of Columbia Management and an affiliate of Bank of America Corporation.


    Bank of America
    Selected Financial Data (1)

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

                                Three Months                Six Months
                                Ended June 30              Ended June 30
                             2006          2005         2006          2005
    Financial Summary

    Earnings                $5,475      $ 4,657     $ 10,461       $9,050
     Earnings per common
      share                   1.21         1.16         2.29         2.25
     Diluted earnings per
      common share            1.19         1.14         2.25         2.21
    Dividends paid per
     common share             0.50         0.45         1.00         0.90
    Closing market price
     per common share        48.10        45.61        48.10        45.61
    Average common shares
     issued and
     outstanding         4,534,627    4,005,356    4,572,013    4,019,089
    Average diluted
     common shares
     issued and
     outstanding         4,601,169    4,065,355    4,636,959    4,081,921

    Summary Income Statement
    Net interest income     $8,630      $ 7,637     $ 17,406      $15,143
    Total noninterest
     income                  9,598        6,955       18,499       12,987
    Total revenue           18,228       14,592       35,905       28,130
    Provision for credit
     losses                  1,005          875        2,275        1,455
    Gains (losses) on sales of
     debt securities            (9)         325            5          984
    Other noninterest
     expense                 8,523        6,898       17,349       13,843
    Merger and
     restructuring charges     194          121          292          233
    Income before
     income taxes            8,497        7,023       15,994       13,583
    Income tax expense       3,022        2,366        5,533        4,533
    Net income              $5,475       $4,657      $10,461       $9,050

    Summary Average Balance Sheet
    Total loans and
     leases               $635,649     $520,415     $625,863     $522,656
    Securities             236,967      227,182      235,793      215,940
    Total earning assets 1,253,895    1,118,518    1,236,848    1,081,908
    Total assets         1,456,004    1,277,478    1,436,298    1,239,380
    Total deposits         674,796      640,593      667,350      634,043
    Shareholders' equity   127,373       98,829      129,253       99,114
    Common shareholders'
     equity                127,102       98,558      128,981       98,842

    Performance Ratios
    Return on average
     assets                   1.51%        1.46%        1.47%        1.47%
    Return on average
     common shareholders'
     equity                  17.26        18.93        16.34        18.44
    Return on average
     tangible common
     shareholders' equity    36.05        35.09        33.55        34.09


    Credit Quality
    Net charge-offs         $1,023         $880       $1,845       $1,769
     Annualized net
      charge-offs as a %
      of average loans
      and leases
      outstanding             0.65%        0.68%        0.59%        0.68%
    Managed credit card
     net losses as a %
     of average
     managed credit
     card receivables         3.67         6.23         3.39         6.20


                                 At June 30
                             2006          2005

    Balance Sheet Highlights

    Loans and leases      $667,953     $529,428
    Total securities       235,846      233,586
    Total earning assets 1,245,274    1,086,676
    Total assets         1,445,193    1,246,339
    Total deposits         676,865      635,417
    Total shareholders'
     equity                127,841      101,335
    Common shareholders'
     equity                127,570      101,064
     Book value per share    28.17        25.16

    Tangible equity
     ratio(2)                3.76%        4.38%

    Risk-based capital ratios:
     Tier 1                  8.33*         8.16
     Total                  11.25*        11.23

    Leverage ratio           6.13*         5.66

    Period-end common shares
     issued and
     outstanding         4,527,941    4,016,704

    Allowance for credit losses:
     Allowance for loan
    and lease losses        $9,080      $ 8,319
     Reserve for unfunded
      lending commitments      395          383
    Total                   $9,475      $ 8,702
    Allowance for loan and
     lease losses as a % of
     total loans and leases  1.36%        1.57%
    Allowance for loan and
     lease losses as a % of
     total nonperforming
     loans and leases          579          470
    Total nonperforming
     loans and leases       $1,567      $ 1,770
    Total nonperforming
     assets                  1,641        1,895
    Nonperforming assets as a % of:
     Total assets            0.11%        0.15%
     Total loans, leases and
      foreclosed properties   0.25         0.36
    Nonperforming loans and
     leases as a % of total
     loans and leases         0.23         0.33

    Other Data

    Full-time equivalent
     employees             201,898      178,107
    Number of banking
     centers - domestic      5,779        5,880
    Number of branded
     ATMs - domestic        16,984       16,687


    * Preliminary data

     Information for periods beginning January 1, 2006 includes the MBNA
              acquisition; prior periods have not been restated.

    BUSINESS SEGMENT RESULTS

                          Global         Global        Global
                       Consumer and     Corporate     Wealth and
                      Small Business  and Investment  Investment     All
                          Banking       Banking       Management    Other

     Three Months Ended June 30, 2006

    Total revenue
     (FTE)(3)              $10,479       $5,717       $1,955        $ 373
    Net income               3,105        1,716          634           20
    Shareholder value added  1,750          574          382         (152)
    Return on average
     equity                 19.69%       15.94%       25.76%          n/m
    Average loans and
     leases               $187,607     $243,140     $ 60,412    $ 144,490


     Three Months Ended June 30, 2005

    Total revenue (FTE)(3)  $6,903       $4,908       $1,790       $1,182
    Net income               1,534        1,705          556          862
    Shareholder value added    876          620          293          449
    Return on average
     equity                 21.17%       16.62%       21.64%          n/m
    Average loans and
     leases               $141,353     $207,927      $53,047     $118,088


     Six Months Ended June 30, 2006

    Total revenue (FTE)(3) $20,651      $11,277       $3,923        $ 614
    Net income               5,775        3,299        1,248          139
    Shareholder value added  3,023        1,037          718         (287)
    Return on average equity 18.10        15.47        24.15          n/m
    Average loans and
     leases               $187,108     $239,996     $ 59,594    $ 139,165


     Six Months Ended June 30, 2005

    Total revenue (FTE)(3) $13,762      $10,354       $3,603         $802
    Net income               3,416        3,553        1,139          942
    Shareholder value added  2,120        1,367          628          110
    Return on average equity 23.81        17.18        22.77          n/m
    Average loans and
     leases               $140,508     $206,947      $51,946     $123,255

    n/m = not meaningful



                            Three Months Ended        Six Months Ended
                                  June 30                  June 30
                             2006         2005        2006         2005

    SUPPLEMENTAL FINANCIAL DATA

    Fully taxable-equivalent basis data (3)
    Net interest income     $8,926       $7,828      $17,966      $15,534
    Total revenue           18,524       14,783       36,465       28,521
    Net interest yield       2.85%        2.80%        2.91%        2.88%
    Efficiency ratio         47.06        47.49        48.38        49.36


    Reconciliation of net income to operating earnings
    Net income              $5,475       $4,657      $10,461       $9,050
    Merger and
     restructuring charges     194          121          292          233
    Related income tax
     benefit                   (71)         (41)        (108)         (78)
    Operating earnings      $5,598       $4,737      $10,645       $9,205

    Operating Basis
    Diluted earnings per
     common share            $1.22        $1.16        $2.29       $ 2.25
    Return on average assets  1.54%        1.49%        1.49%        1.50%
    Return on average common
     shareholders' equity    17.65        19.26        16.63        18.76
    Return on average
     tangible common
     shareholders' equity    36.85        35.70        34.14        34.68
    Efficiency ratio         46.01        46.67        47.58        48.54

    Reconciliation of net income to shareholder value added
    Net income              $5,475      $ 4,657     $ 10,461       $9,050
    Amortization of
     intangibles               441          204          881          412
    Merger and restructuring
     charges, net of tax
     benefit                   123           80          184          155
    Capital charge          (3,485)      (2,703)      (7,035)      (5,392)
    Shareholder value added $2,554      $ 2,238       $4,491       $4,225


    (1) Certain prior period amounts have been reclassified to conform to
        current period presentation.
    (2) Tangible equity ratio equals shareholders' equity less goodwill, core
        deposit intangibles and other intangibles divided by total assets less
        goodwill, core deposit intangibles and other intangibles.
    (3) Fully taxable-equivalent (FTE) basis is a performance measure used by
        management in operating the business that management believes provides
        investors with a more accurate picture of the interest margin for
        comparative purposes.

     Information for periods beginning January 1, 2006 includes the MBNA
              acquisition; prior periods have not been restated.

Source: Bank of America

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