BANK OF AMERICA

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Bank of America Announces 15 Percent Increase in Earnings Per Share

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Supplemental first quarter 2003 financial information

Net income is $2.42 billion Consumer loans increase 21% Convertibles, Mortgage-backed securities achieve significant market share gains Domestic deposits grow 9% Domestic deposits grow 9% Large corporate nonperforming loans decline for first time in six quarters

CHARLOTTE, Apr 14, 2003 /PRNewswire-FirstCall via COMTEX/ -- Bank of America Corporation today reported first quarter earnings of $2.42 billion, or $1.59 per share (diluted), a 15 percent increase in earnings per share from $2.18 billion, or $1.38 per share, a year ago. The return on common equity increased to 19.92 percent.

All three of the company's major businesses increased their net income, a significant accomplishment in the current economic environment. These results reflect the success of the company's customer relationship strategy as multiple products recorded substantial increases, including strong mortgage sales, further penetration in debit and credit card and growth in deposits and loans.

"Bank of America's results show that we are uniquely positioned to leverage our brand and scale," said Kenneth D. Lewis, chairman and chief executive officer. "We are clearly demonstrating the benefits of our customer-focused strategy and how it is achieving high shareholder returns."

Financial highlights (compared to a year earlier)

  • Shareholder Value Added grew 37 percent to $1.14 billion.
  • The loan-to-domestic-deposit ratio was 94 percent versus 99 percent a year earlier.
  • Mortgage banking income rose 108 percent to $405 million.
  • Card income was up 18 percent to $681 million.
  • Investment banking income rose 11 percent to $378 million.

Customer highlights

  • Bank of America earned the highest Community Reinvestment Act rating -- Outstanding -- from the Office of the Comptroller of the Currency (OCC) following an intensive one-year examination.
  • Bank of America became the first bank to have more than five million active online banking customers. This is a 57 percent increase in users from the prior year.
  • In the first quarter, the company's market share in convertible debt underwriting increased to 14.2 percent from 3.3 percent a year ago. Mortgage-backed securities' market share nearly doubled to 7.8 percent.
  • On March 5, 2003, the company completed its 24.9 percent acquisition of Santander Central Hispano's subsidiary, Grupo Financiero Santander Serfin, the most profitable and third-largest bank in Mexico. This alliance furthers Bank of America's strategy to better serve the Hispanic market.
  • The number of Small Business Administration (SBA) loans increased 275 percent from a year ago as Small Business Banking reduced cycle time and improved processes.

Revenue

Revenue grew 4 percent from the previous year to $8.89 billion.

Net interest income of $5.21 billion was relatively unchanged from the previous year.

Noninterest income increased 7 percent to $3.69 billion. Strong refinance levels continued to drive higher mortgage banking income results. Card income rose as a result of higher interchange and other fees. Total service charges increased 8 percent.

Other income was up due primarily to $242 million in gains on residential loan sales taken to reduce prepayment risk.

During the quarter, the company realized $273 million in net securities gains as the discretionary portfolio was repositioned in line with market conditions and the company's belief on the direction of interest rates.

Efficiency

Expenses increased 5 percent from a year ago to $4.72 billion. This growth was driven by the development and launch of a new, national advertising campaign and an increase in employee benefits as healthcare costs escalated. Additionally, the company began expensing employee stock options this quarter, a pre-tax impact of $26 million.

Credit quality

Credit losses improved from the fourth quarter. The consumer and middle market portfolios continue to be stable to improving. While there were declines in nonperforming large corporate loans, the company remains cautious about this portfolio.

  • Provision for credit losses was $833 million, down 28 percent from $1.17 billion in the fourth quarter and down from $840 million a year earlier.
  • Net charge-offs were $833 million, or 0.98 percent of loans and leases, down from $1.17 billion, or 1.35 percent, in the fourth quarter and down from $840 million, or 1.04 percent, a year earlier.
  • Nonperforming assets were $5.03 billion, or 1.46 percent of loans, leases and foreclosed properties as of March 31, 2003. This was down 4 percent from the fourth quarter and was relatively unchanged from $4.99 billion a year earlier.
  • The allowance for credit losses, at $6.85 billion or 2 percent of loans and leases, was virtually unchanged from both the fourth quarter and the prior year. As of March 31, 2003, the allowance for credit losses represented 143 percent of nonperforming loans, up from 136 percent in the fourth quarter but down from 149 percent a year earlier.

Capital management

Total shareholders' equity was $50.05 billion at March 31, 2003, up 4 percent from a year ago and represented 7 percent of period-end assets of $680 billion. The Tier 1 Capital Ratio was 8.20 percent, a decrease of 28 basis points from a year ago and 2 basis points from the December 31, 2002 level.

During the quarter, Bank of America repurchased 18.4 million shares and issued 15.2 million shares related to employee options and stock ownership plans. Average common shares outstanding were 1.50 billion in the first quarter, down 3 percent from 1.54 billion a year earlier.

Consumer and Commercial Banking

Consumer and Commercial Banking (CCB) earned $1.59 billion, up 2 percent from a year ago. Total revenue grew 7 percent to $6.03 billion while expenses increased 9 percent due to marketing costs and an increase in mortgage banking personnel. Return on equity was 32.6 percent and SVA grew $75 million to $1.1 billion.

The successful results were driven by the ongoing strength of the consumer and middle market businesses. Not only were transaction levels of credit and debit cards higher, but overall transaction dollar amounts also increased. The credit card delinquency rates decreased. Checking, credit card and debit card accounts increased along with middle market investment banking services.

Noninterest income was up 17 percent to $2.30 billion, driven by higher consumer service charges, mortgage banking income and card income. It was also driven by a 48 percent increase in middle market investment banking income.

Net interest income was relatively unchanged at $3.73 billion. Average loans grew 2 percent, led by consumer loan growth as customers continued to take advantage of the interest rate environment for mortgages, home equity lines, automobile loans and credit card accounts. Middle market loans and deposits saw positive growth.

Global Corporate and Investment Banking

Global Corporate and Investment Banking (GCIB) earned $481 million, up 5 percent from last year, due to favorable market conditions in fixed-income products. Revenue increased 3 percent to $2.34 billion while expenses remained flat. Return on equity was 18.6 percent and SVA increased $80 million to $203 million.

Strong trading revenue and expense management drove these results.

Investment banking income increased 14 percent to $373 million from last year. The increase in fees was led by the strong demand for fixed income and convertible securities.

Net interest income was up 10 percent to $1.28 billion from a year ago, primarily driven by the growth in trading assets and lower funding costs. Total trading-related revenue in GCIB, which includes trading-related net interest income and trading fees, was $911 million, up 15 percent from last year primarily due to gains in fixed income.

Asset Management

Asset Management net income rose 2 percent from a year ago to $140 million as a result of lower provision expense. Despite more than 20% declines in market indices, overall revenue decreased only 3 percent to $578 million. Expenses increased 2 percent, reflecting the increase in distribution capabilities over the last several quarters. Return on equity was 20.3 percent and SVA declined $4 million to $66 million. Assets under management decreased 6 percent to $297 billion.

Continuing to focus on expanding distribution capabilities, Asset Management will increase its number of financial advisors by approximately 20 percent again this year.

More than 75% of the mutual fund assets managed by Banc of America Capital Management LLC were ranked in the top two performance quartiles in their respective Lipper categories for the one-year, three-year and five-year periods ended March 31.

Equity Investments

Equity Investments reported a loss of $86 million, compared to a loss of $32 million a year ago. Principal Investing reported cash gains of $45 million in the first quarter offset by $77 million in impairments and $41 million in mark-to-market adjustments.

Note: James H. Hance, Jr., vice chairman and chief financial officer, will discuss first quarter results in a conference call at 9:30 a.m. (Eastern Time) today. The call can be accessed via a webcast available on the Bank of America Web site at http://www.bankofamerica.com/investor/. These comments will include certain non-GAAP (generally accepted accounting principles) financial measures that are discussed in more detail on the company's website.

One of the world's leading financial services companies, Bank of America is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives.

Shares of Bank of America (ticker: BAC), the second largest banking company in the United States by market capitalization, are listed on the New York, Pacific and London stock exchanges. The company's Web site is www.bankofamerica.com. News, speeches and other corporate information may be found at www.bankofamerica.com/newsroom.

Additional financial tables are available at www.bankofamerica.com/investor/.

Forward-Looking Statements

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



                               Bank of America

                           Supplemental Information
                              First Quarter 2003

                                April 14, 2003

     This information is preliminary and based on company data available at
     the time of the presentation. It speaks only as of the particular date or
     dates included in the accompanying pages. Bank of America does not
     undertake an obligation to, and disclaims any duty to, correct or update
     any of the information provided. Any forward-looking statements in this
     information are subject to the forward-looking language contained in Bank
     of America's reports filed with the SEC pursuant to the Securities
     Exchange Act of 1934, which are available at the SEC's website
     (www.sec.gov) or at Bank of America's website (www.bankofamerica.com).
     Bank of America's future financial performance is subject to risks and
     uncertainties as described in its SEC filings.

    Bank of America Corporation
    Results Overview

     * Diluted EPS of $1.59, up 15% over same period last year, down 6% from
       prior quarter. Net income in fourth quarter 2002 included $.32 per
       share in tax benefits related to the settlement of federal income tax
       returns through 1999.

     * Diversity of businesses produced fee-based revenue growth across all
       businesses of 7% versus prior quarter and first quarter a year ago.

     * Net interest income was up 1% over first quarter 2002 but down 3% from
       the fourth quarter, as expected, due to the rate environment.

     * Net charge-offs declined $332 million from the prior quarter.

     * Nonperforming asset levels declined 4% below year-end 2002 levels.

     * Growth in consumer loans of 21% and deposit levels of 8% over the first
       quarter 2002 continues to benefit from improved quality and
       productivity initiatives.

     * Net new checking account growth of 243,000 in first quarter doubled the
       level of prior year quarter.

     * Banking center product sales have grown more than 20% in the most
       recent quarter.

     * Banc of America Securities continues to gain important product market
       share gains in investment banking.


     Bank of America Corporation
     Consolidated Financial Highlights
     (Dollars in millions, except per share information; shares in thousands)


                            First     Fourth      Third     Second      First
                          Quarter    Quarter    Quarter    Quarter    Quarter
                             2003       2002       2002       2002       2002

    Income statement
    Total revenue          $8,894     $8,804     $8,522     $8,575     $8,593
    Provision for credit
      losses                  833      1,165        804        888        840
    Gains on sales of
      securities              273        304        189         93         44
    Noninterest expense     4,717      4,832      4,620      4,490      4,494
    Income tax expense      1,193        497      1,052      1,069      1,124
    Net income              2,424      2,614      2,235      2,221      2,179
    Diluted earnings per
      common share           1.59       1.69       1.45       1.40       1.38
    Average diluted
      common shares
      outstanding       1,526,288  1,542,482  1,546,347  1,592,250  1,581,848
    Cash dividends paid
      per common share      $0.64      $0.64      $0.60      $0.60      $0.60

    Performance ratios
    Return on average
      assets                 1.38%      1.49%      1.33%      1.38%      1.39%
    Return on average
      common shareholders'
      equity                19.92      21.58      19.02      18.47      18.64
    Book value per share of
      common stock          33.38     $33.49     $32.07     $31.47     $31.15

    Market price per share
      of common stock:
      High for the period  $72.50     $71.99     $71.94     $77.08     $69.61
      Low for the period    64.26      53.98      57.90      66.82      57.51
      Closing price         66.84      69.57      63.80      70.36      68.02
    Market capitalization 100,095    104,403     95,838    106,642    105,058

    Number of banking
      centers               4,202      4,208      4,226      4,232      4,246
    Number of ATM's        13,266     13,013     12,489     12,827     13,161
    Full-time equivalent
      employees           132,583    133,944    134,135    135,489    137,240

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


     Bank of America Corporation
     Supplemental Financial Data and Reconciliations to GAAP Financial
     Measures
     (Dollars in millions)

     Certain non-GAAP (generally accepted accounting principles) performance
     measures and ratios, including shareholder value added and
     taxable-equivalent net interest income, net interest yield and operating
     efficiency calculated on a taxable-equivalent basis are used in managing
     the business. Management believes that these measures provide users of
     this financial information a more accurate picture of the interest margin
     for comparative purposes. Other companies may define or calculate
     supplemental financial data differently. See the Table below for
     supplemental financial data and corresponding reconciliations to GAAP
     financial measures for the three months ended March 31, 2003,
     December 31, 2002, September 30, 2002, June 30, 2002, and March 31, 2002.

     Management reviews net interest income on a taxable-equivalent basis. In
     this non-GAAP presentation, net interest income is adjusted to reflect
     tax-exempt interest income on an equivalent before-tax basis. This
     measure ensures comparability of net interest income arising from both
     taxable and tax-exempt sources. Net interest income on a
     taxable-equivalent basis is also used in the calculation of the
     efficiency ratio and the net interest yield. The efficiency ratio, which
     is calculated by dividing noninterest expense by total revenue, measures
     how much it costs to produce one dollar of revenue. Net interest income
     on a taxable-equivalent basis is also used in business segment reporting.



                            First     Fourth      Third     Second      First
                          Quarter    Quarter    Quarter    Quarter    Quarter
                             2003       2002       2002       2002       2002

    Net interest income
    Taxable-equivalent
      basis data
    Net interest income    $5,361     $5,537     $5,465     $5,262     $5,247
    Total revenue           9,046      8,967      8,685      8,743      8,687
    Net interest yield       3.52%      3.66%      3.75%      3.75%      3.85%
    Net interest yield
      without taxable-
      equivalent income      3.45       3.54       3.63       3.63       3.81
    Efficiency ratio        52.14      53.90      53.19      51.34      51.74
    Efficiency ratio
      without taxable-
      equivalent income     53.03      54.90      54.21      52.35      52.30
    Reconciliation of net
      income to shareholder
      value added
    Net income             $2,424     $2,614     $2,235     $2,221     $2,179
    Amortization expense       54         54         54         55         55
    Capital charge         (1,338)    (1,454)    (1,409)    (1,442)    (1,402)
    Shareholder value
      added                 1,140      1,214        880        834        832

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


     Bank of America Corporation
     Consolidated Statement of Income
     (Dollars in millions, except per share information; shares in thousands)

                            First     Fourth      Third     Second      First
                          Quarter    Quarter    Quarter    Quarter    Quarter
                             2003       2002       2002       2002       2002

    Interest income
    Interest and fees on
      loan and leases      $5,348     $5,502     $5,553     $5,530     $5,445
    Interest and dividends
      on securities           778      1,061      1,104        924        946
    Federal funds sold and
      securities purchased
      under agreements to
      resell                  194        208        177        270        215
    Trading account assets  1,042        979      1,006        948        878
    Other interest income     363        371        345        312        387
      Total interest income 7,725      8,121      8,185      7,984      7,871

    Interest expense
    Deposits                1,183      1,292      1,414      1,384      1,344
    Short-term borrowings     453        557        526        529        477
    Trading account
      liabilities             308        289        342        344        285
    Long-term debt            572        609        601        633        612
      Total interest
        expense             2,516      2,747      2,883      2,890      2,718
    Net interest income     5,209      5,374      5,302      5,094      5,153

    Noninterest income
    Consumer service charges  777        802        761        732        691
    Corporate service charges 577        571        586        566        567
      Total service charges 1,354      1,373      1,347      1,298      1,258
    Consumer investment and
      brokerage services      378        370        373        420        381
    Corporate investment and
      brokerage services      165        171        174        178        170
      Total investment and
        brokerage services    543        541        547        598        551
    Mortgage banking income   405        209        220        138        195
    Investment banking income 378        422        318        464        341
    Equity investment gains
      (losses)                (68)       (54)      (216)       (36)        26
    Card income               681        736        686        621        577
    Trading account profits   114         99         71        263        345
    Other income              278        104        247        135        147
      Total noninterest
        income              3,685      3,430      3,220      3,481      3,440

    Total revenue           8,894      8,804      8,522      8,575      8,593

    Provision for credit
      losses                  833      1,165        804        888        840

    Gains on sales of
      securities              273        304        189         93         44

    Noninterest expense
    Personnel               2,459      2,482      2,368      2,386      2,446
    Occupancy                 472        450        457        441        432
    Equipment                 284        292        291        279        262
    Marketing                 230        203        210        170        170
    Professional fees         125        186        126        122         91
    Amortization of
      intangibles              54         54         54         55         55
    Data processing           266        291        295        226        205
    Telecommunications        124        120        119        123        119
    Other general operating   703        754        700        688        714
      Total noninterest
        expense             4,717      4,832      4,620      4,490      4,494
    Income before income
      taxes                 3,617      3,111      3,287      3,290      3,303
    Income tax expense      1,193        497      1,052      1,069      1,124

    Net income             $2,424     $2,614     $2,235     $2,221     $2,179

    Net income available
      to common
      shareholders         $2,423     $2,613     $2,233     $2,220     $2,178
    Per common share
      information
      Earnings              $1.62      $1.74      $1.49      $1.45      $1.41
      Diluted earnings      $1.59      $1.69      $1.45      $1.40      $1.38
      Dividends             $0.64      $0.64      $0.60      $0.60      $0.60
    Average common shares
      issued and
      outstanding       1,499,405  1,499,557  1,504,017  1,533,783  1,543,471
    Average diluted
      common shares
      issued and
      outstanding       1,526,288  1,542,482  1,546,347  1,592,250  1,581,848

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


     Bank of America Corporation
     Consolidated Balance Sheet
     (Dollars in millions)


                                              March 31  December 31  March 31
                                                  2003         2002      2002
    Assets
    Cash and cash equivalents                  $25,069      $24,973   $22,444
    Time deposits placed and other short-term
      investments                                5,523        6,813     7,056
    Federal funds sold and securities purchased
      under agreements to resell                49,809       44,878    40,771
    Trading account assets                      65,733       63,996    58,569
    Derivative assets                           35,409       34,310    19,116
    Securities:
      Available-for-sale                        75,511       68,122    74,306
      Held-to-maturity                             927        1,026     1,037
        Total securities                        76,438       69,148    75,343

    Loans and leases                           343,412      342,755   331,210
    Allowance for credit losses                 (6,853)      (6,851)   (6,869)
      Loans and leases, net of allowance for
        credit losses                          336,559      335,904   324,341

    Premises and equipment, net                  6,643        6,717     6,748
    Mortgage banking assets                      1,995        2,110     4,104
    Goodwill                                    11,396       11,389    10,950
    Core deposit intangibles and other
      intangibles                                1,065        1,095     1,256
    Other assets                                64,126       59,125    49,223
      Total assets                            $679,765     $660,458  $619,921

    Liabilities
    Deposits in domestic offices:
      Noninterest-bearing                     $121,127     $122,686  $108,409
      Interest-bearing                         242,287      232,320   224,630
    Deposits in foreign offices:
      Noninterest-bearing                        2,331        1,673     1,677
      Interest-bearing                          29,431       29,779    32,484
        Total deposits                         395,176      386,458   367,200

    Federal funds purchased and securities
      sold under agreements to repurchase       72,976       65,079    48,545
    Trading account liabilities                 23,578       25,574    25,258
    Derivative liabilities                      22,876       23,566    12,053
    Commercial paper and other short-term
      borrowings                                29,729       25,234    21,992
    Accrued expenses and other liabilities      15,905       17,052    31,138
    Long-term debt                              63,442       61,145    60,036
    Trust preferred securities                   6,031        6,031     5,530
      Total liabilities                        629,713      610,139   571,752

    Shareholders' equity
    Preferred stock, $0.01 par value;
      authorized - 100,000,000 shares; issued
      and outstanding 1,336,200; 1,356,749;
      and 1,452,249 shares                          57           58        62
    Common stock, $0.01 par value; authorized -
      5,000,000,000 shares; issued and outstanding
      1,497,530,740; 1,500,691,103; and
      1,544,521,073 shares                         127          496     3,949
    Retained earnings                           49,978       48,517    44,245
    Accumulated other comprehensive income
      /(loss)                                       74        1,232       (72)
    Other                                         (184)          16       (15)
      Total shareholders' equity                50,052       50,319    48,169
        Total liabilities and shareholders'
          equity                              $679,765     $660,458  $619,921



    Bank of America Corporation
    Capital Management
    (Dollars in Millions)

                          1Q02         2Q02      3Q02       4Q02       1Q03*
    Tier 1 capital      $42,078     $41,097    $41,732    $43,105    $43,821
    Total capital        64,158      63,108     63,505     65,169     65,695
    Net risk-weighted
     assets             496,227     508,008    513,085    524,175    534,722
    Tier 1 capital ratio   8.48%       8.09%      8.13%      8.22%      8.20%
    Total capital ratio   12.93       12.42      12.38      12.43      12.29
    Ending equity /
     ending assets         7.77        7.48       7.31       7.62       7.36
    Ending capital /
     ending assets         8.66        8.35       8.22       8.53       8.25
    Average equity /
     average assets        7.44        7.47       6.97       6.91       6.92

    *Preliminary

     Share Repurchase Program

     18 million common shares were repurchased in the first quarter of 2003 as
     a part of ongoing share repurchase programs.

     135 million shares remain outstanding under the current authorized
     program (133 million net of outstanding put options)

     15 million shares were issued in the first quarter of 2003, mostly due to
     stock incentive plans.


     Bank of America Corporation
     Average Balances and Interest Rates - Taxable-Equivalent Basis
     (Dollars in millions)
                                               First Quarter 2003
                                                     Interest/
                                        Average        Income          Yield/
                                        Balance        Expense         Rate
    Earning assets
     Time deposits placed
      and other  short-term
      investments                       $ 6,987           $ 43          2.49 %
     Federal funds sold and
      securities purchased under
      agreements to resell               57,873            194          1.35
     Trading account assets              99,085          1,053          4.27
     Securities (1)                      67,784            793          4.69
     Loans and leases (2) :
       Commercial - domestic            103,663          1,836          7.18
       Commercial - foreign              18,876            156          3.35
       Commercial real estate
        - domestic                       19,955            215          4.37
       Commercial real
        estate - foreign                    301              3          3.88
         Total commercial               142,795          2,210          6.27
       Residential mortgage             113,695          1,582          5.59
       Home equity lines                 23,054            267          4.70
       Direct/Indirect consumer          31,393            503          6.49
       Consumer finance                   8,012            154          7.76
       Credit card                       24,684            644         10.57
       Foreign consumer                   2,029             17          3.45
         Total consumer                 202,867          3,167          6.30
           Total loans and leases       345,662          5,377          6.29
     Other earning assets                35,701            417          4.71
         Total earning assets (3)       613,092          7,877          5.18
    Cash and cash equivalents            21,699
    Other assets, less allowance
     for credit losses                   78,508
        Total assets                   $713,299

    Interest-bearing liabilities
     Domestic interest-
      bearing deposits:
     Savings                           $ 22,916           $ 34          0.59 %
     NOW and money market
      deposit accounts                  142,338            291          0.83
     Consumer CDs and IRAs               66,937            695          4.21
     Negotiable CDs, public funds
      and other time deposits             3,598             16          1.78
        Total domestic interest-
         bearing deposits               235,789          1,036          1.78
     Foreign interest-bearing
      deposits (4)
       Banks located in foreign
        countries                        14,218             80          2.27
       Governments and official
        institutions                      1,785              6          1.31
       Time, savings, and other          18,071             61          1.38
        Total foreign interest-
         bearing deposits                34,074            147          1.75
          Total interest-bearing
           deposits                     269,863          1,183          1.78
     Federal funds purchased,
      securities sold under
      agreements to repurchase
      and other short-term borrowings   123,041            453          1.49
     Trading account liabilities         34,858            308          3.58
     Long-term debt and trust
      preferred securities               67,399            572          3.40
          Total interest-bearing
           liabilities (3)              495,161          2,516          2.05
     Noninterest-bearing sources:
      Noninterest-bearing deposits      115,897
      Other liabilities                  52,841
      Shareholders' equity               49,400
          Total liabilities and
           shareholders' equity        $713,299
     Net interest spread                                                3.13
     Impact of noninterest-
      bearing sources                                                   0.39
    Net interest income/yield
      on earning assets                                 $5,361          3.52 %



                                                Fourth Quarter 2002
                                                      Interest/
                                           Average      Income          Yield/
                                           Balance     Expense          Rate

    Earning assets
     Time deposits placed and
      other short-term
      investments                            $ 8,853      $ 56          2.49 %
     Federal funds sold and
      securities purchased under
      agreements to resell                    49,169       208          1.68
     Trading account assets                   84,181       994          4.71
     Securities (1)                           83,751     1,078          5.15
     Loans and leases (2) :
       Commercial - domestic                 105,333     1,777          6.70
       Commercial - foreign                   20,538       180          3.48
       Commercial real estate
        - domestic                            20,359       245          4.77
       Commercial real
        estate - foreign                         426         4          3.93
         Total commercial                    146,656     2,206          5.97
       Residential mortgage                  108,019     1,699          6.28
       Home equity lines                      23,347       300          5.10
       Direct/Indirect consumer               30,643       523          6.76
       Consumer finance                        8,943       174          7.75
       Credit card                            23,535       613         10.33
       Foreign consumer                        1,956        17          3.48
         Total consumer                      196,443     3,326          6.74
           Total loans and leases            343,099     5,532          6.41
      Other earning assets                    32,828       417          5.07
           Total earning assets (3)          601,881     8,285          5.48
     Cash and cash equivalents                21,242
     Other assets, less allowance
      for credit losses                       72,345
           Total assets                     $695,468

    Interest-bearing liabilities
     Domestic interest-bearing deposits:
     Savings                                $ 22,142      $ 35          0.63 %
     NOW and money market
      deposit accounts                       137,229       325          0.94
     Consumer CDs and IRAs                    66,266       728          4.36
     Negotiable CDs, public funds
      and other time deposits                  3,400        17          1.97
       Total domestic interest-
        bearing deposits                     229,037     1,105          1.91
     Foreign interest-bearing
      deposits (4)
       Banks located in foreign countries     15,286       104          2.70
       Governments and official
        institutions                           1,737         7          1.68
       Time, savings, and other               17,929        76          1.68
       Total foreign interest-
        bearing deposits                      34,952       187          2.12
         Total interest-bearing
          deposits                           263,989     1,292          1.94
     Federal funds purchased,
      securities sold under
      agreements to repurchase
      and other short-term borrowings        123,434       558          1.79
     Trading account liabilities              30,445       289          3.77
     Long-term debt and trust
      preferred securities                    65,702       609          3.71
         Total interest-bearing
          liabilities (3)                    483,570     2,748          2.26
     Noninterest-bearing sources:
     Noninterest-bearing deposits            117,392
     Other liabilities                        46,432
     Shareholders' equity                     48,074
         Total liabilities and
          shareholders' equity              $695,468
     Net interest spread                                                3.22
     Impact of noninterest-bearing sources                              0.44
     Net interest income/yield
      on earning assets                                 $5,537          3.66 %


                                                  First Quarter 2002
                                                      Interest/
                                           Average      Income         Yield/
                                           Balance     Expense          Rate

    Earning assets
     Time deposits placed
      and other short-term
      investments                      $ 10,242           $ 61          2.43 %
     Federal funds sold and
      securities purchased under
      agreements to resell               44,682            215          1.94
     Trading account assets              70,613            888          5.06
     Securities (1)                      73,542            963          5.24
     Loans and leases (2) :
       Commercial - domestic            116,160          1,978          6.90
       Commercial - foreign              21,917            226          4.17
       Commercial real estate
        - domestic                       22,251            275          5.01
       Commercial real estate
        - foreign                           389              4          4.00
         Total commercial               160,717          2,483          6.26
       Residential mortgage              81,104          1,389          6.88
       Home equity lines                 22,010            294          5.42
       Direct/Indirect consumer          30,360            550          7.34
       Consumer finance                  12,134            255          8.46
       Credit card                       19,383            490         10.26
       Foreign consumer                   2,093             19          3.71
         Total consumer                 167,084          2,997          7.24
           Total loans and leases       327,801          5,480          6.76
      Other earning assets               22,231            358          6.52
           Total earning assets (3)     549,111          7,965          5.86
      Cash and cash equivalents          22,037
      Other assets, less allowance
       for credit losses                 66,530
            Total assets               $637,678

    Interest-bearing liabilities
     Domestic interest-bearing
      deposits:
       Savings                         $ 20,716           $ 33          0.64 %
       NOW and money market
        deposit accounts                127,218            335          1.07
       Consumer CDs and IRAs             69,359            730          4.27
       Negotiable CDs, public funds
        and other time deposits           4,671             32          2.82
         Total domestic interest-
          bearing deposits              221,964          1,130          2.06
     Foreign interest-
      bearing deposits (4)
       Banks located in
        foreign countries                15,464            107          2.79
       Governments and official
        institutions                      2,904             14          1.96
       Time, savings, and other          19,620             93          1.93
         Total foreign interest-
          bearing deposits               37,988            214          2.29
           Total interest-bearing
            deposits                    259,952          1,344          2.10
     Federal funds purchased,
      securities sold under
      agreements to repurchase
      and other short-term borrowings    86,870            477          2.23
     Trading account liabilities         31,066            285          3.72
     Long-term debt and trust
      preferred securities               67,694            612          3.62
           Total interest-bearing
            liabilities (3)             445,582          2,718          2.47
     Noninterest-bearing sources:
     Noninterest-bearing deposits       104,451
     Other liabilities                   40,189
     Shareholders' equity                47,456
           Total liabilities and
            shareholders' equity       $637,678
     Net interest spread                                                3.39
     Impact of noninterest-
      bearing sources                                                    .46
     Net interest income/yield
      on earning assets                                 $5,247          3.85 %


    (1) The average balance and yield on securities are based on the average
        of historical amortized cost balances.

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

    (3) Interest income includes the impact of interest rate risk management
        contracts, which increased interest income on the underlying assets
        $563 in the first quarter of 2003 and $517 and $560 in the fourth and
        first quarters of 2002, respectively. These amounts were substantially
        offset by corresponding decreases in the income earned on the
        underlying assets. Interest expense includes the impact of interest
        rate risk management contracts, which (increased) decreased interest
        expense on the underlying liabilities $(46) in the first quarter of
        2003 and $(62) and $55 in the fourth and first quarters of 2002,
        respectively. These amounts were substantially offset by corresponding
        decreases or increases in the interest paid on the underlying
        liabilities.

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


    Bank of America Corporation
    Consumer and Commercial Banking Segment Results
    (Dollars in millions)

                                              Quarterly
    Key Measures      1 Qtr 03    4 Qtr 02    3 Qtr 02    2 Qtr 02  1 Qtr 02
    Total revenue*      $6,033      $6,192      $6,051      $5,723    $5,650
    Provision for credit
     losses                488         510         420         449       427
    Net income           1,591       1,721       1,679       1,587     1,556
    Shareholder value
     added               1,099       1,169       1,145       1,056     1,024
    Return on average
     equity               32.6 %      34.7 %      34.9 %      33.1 %    32.4 %
    Efficiency ratio*     50.0        47.5        49.4        48.3      49.1

    Selected Average Balance
    Sheet Components
    Total loans and
     leases           $185,779    $184,161    $182,083    $181,955  $181,415
    Total deposits     295,654     292,259     283,769     280,161   276,655
    Total earning
     assets            321,945     314,604     286,248     279,025   275,108

    Period End (in billions)
    Mortgage servicing
     portfolio          $257.2      $264.5      $278.7      $287.8    $289.9
    Mortgage originations
     Retail               21.8        22.2        15.3         9.5      13.0
     Wholesale            10.8         9.7         8.6         4.9       4.9

     * Taxable-equivalent basis

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


    Bank of America Corporation
    E-Commerce & BankofAmerica.com

    Bank of America has the largest active online banking customer base with
    over 5.2 million subscribers. This represents an active customer
    penetration rate of 35%.

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

    2.0 million active bill pay users paid over $9.5 billion worth of bills
    this quarter. The number of customers who sign up and use Bank of America
    Bill Pay Service continues to far surpass that of any other financial
    institution.

    Currently, 225 companies are presenting nearly 3.0 million e-bills per
    quarter.


    Bank of America Corporation
    Consumer Credit Card Results
    Included within Consumer Products
    (Dollars in millions)

                                            Quarterly
     Key Measures     1 Qtr 03   4 Qtr 02   3 Qtr 02   2 Qtr 02   1 Qtr 02

    Outstandings:
     Held (Period-End) $24,819    $24,729    $23,062    $21,155    $19,535
     Managed
      (Period-End)      29,064     29,461     28,057     27,089     26,558

     Held (Average)     24,684     23,535     22,263     20,402     19,383
     Managed (Average)  29,161     28,406     27,540     26,902     26,539

    Managed Income Statement:
     Total revenue        $965       $943       $895       $806       $826
     Provision for credit
      losses               409        386        392        393        371
     Noninterest expense   275        244        254        249        244
     Income before income
      taxes                281        313        249        164        211

    Shareholder Value
     Added                $128       $152       $114        $62        $92

    Credit Quality:

    Held:
     Charge-off $         $323       $299       $285       $269       $241
     Charge-off %         5.31 %     5.03 %     5.09 %     5.28 %     5.05 %

    Managed:
     Losses $             $378       $357       $356       $375       $355
     Losses %             5.25 %     4.99 %     5.13 %     5.59 %     5.43 %

    Managed Delinquency %:
     30+                  4.18 %     3.94 %     3.63 %     3.78 %     4.16 %
     90+                  1.91       1.71       1.66       1.76       1.95


    Bank of America Corporation
    Global Corporate and Investment Banking Segment Results
    (Dollars in millions)

                                             Quarterly
    Key Measures       1 Qtr 03   4 Qtr 02   3 Qtr 02   2 Qtr 02    1 Qtr 02
    Total revenue*       $2,343     $2,085     $2,001     $2,306      $2,285
    Provision for credit
     losses                 272        524        203        216         264
    Net income              481        206        385        509         457
    Shareholder value added 203       (120)        62        183         123
    Return on average
     equity                18.6 %      7.4 %     14.0 %     18.3 %      16.0 %
    Efficiency ratio*      56.5       60.4       60.5       56.2        57.1

    Selected Average Balance
    Sheet Components
    Total loans and
     leases             $56,521    $60,558    $61,091    $64,172     $67,018
    Total deposits       67,315     65,879     66,163     63,770      63,212
    Total earning
     assets             226,122    207,850    203,596    201,458     192,570

    * Taxable-equivalent basis

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


    Bank of America Corporation
    Global Corporate & Investment Banking Strategic Progress Continues

    Significant US market share gains
    Largest market share gain of the quarter was dollar-denominated
    convertible debt where market share quadrupled from 3.3% and an eighth
    place rank in the first quarter 2002 to 14.2% and a third place rank.

    Mortgage-backed securities market share doubled from one year ago to
    finish with a 7.8% share and a seventh place rank.

    Banc of America Securities maintained its second place market share
    ranking for both syndicated and leveraged lending while continuing its
    dominance in number of deals.

    Common stock issuance market share moved form 2.3% to 4.1% while the
    ranking moved from 10th to 8th.


    Bank of America Corporation
    Asset Management Segment Results
    (Dollars in millions)

                                             Quarterly
    Key Measures       1 Qtr 03   4 Qtr 02   3 Qtr 02   2 Qtr 02   1 Qtr 02
    Total revenue*         $578       $588       $571       $622       $598
    Provision for credit
     losses                  (4)        30        118        143         26
    Net income              140        108         63         66        137
    Shareholder value
     added                   66         26        (14)        (2)        70
    Return on average
     equity                20.3 %     15.5 %      9.6 %     11.4 %     23.9 %
    Efficiency ratio*      63.3       67.3       63.8       61.0       59.9

    Selected Average Balance
    Sheet Components
    Total loans and
     leases             $22,683    $22,950    $23,637    $24,308    $24,794
    Total deposits       12,859     12,531     11,967     11,776     11,837
    Total earning assets 23,415     23,693     24,238     24,907     25,445

    Period End (in billions)
    Assets under
     management          $297.0     $310.4     $271.9     $295.2     $314.9
    Client brokerage
     assets                90.8       90.8       87.1       90.5       96.6
    Assets in custody      45.1       46.6       42.1       41.0       46.0
      Total client
       assets            $432.9     $447.8     $401.1     $426.7     $457.5


    * Taxable-equivalent basis

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


    Bank of America Corporation
    Equity Investments Segment Results
    (Dollars in millions)

                                             Quarterly
    Key Measures       1 Qtr 03   4 Qtr 02   3 Qtr 02   2 Qtr 02   1 Qtr 02
    Total revenue*        ($107)     ($100)     ($233)      ($84)      ($28)
    Provision for credit
     losses                   1          7         --         --         --
    Net income              (86)       (83)      (161)       (55)       (32)
    Shareholder value
     added                 (141)      (146)      (223)      (120)       (94)
    Return on average
     equity               (16.7) %   (15.6) %   (30.7) %   (10.1) %    (6.2) %
    Efficiency ratio*     (24.2)     (27.5)     (11.6)     (10.5)     (98.4)

    Selected Average Balance
    Sheet Components
    Total loans and leases $434       $438       $446       $448       $427
    Total deposits           --         --         --         --         --
    Total earning assets    434        438        446        448        433

    Period End
    Investment balances for
     principal investing $5,435     $5,395     $5,429     $5,429     $5,520

    * Taxable-equivalent basis

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


    Bank of America Corporation
    Corporate Other Results (1)
    (Dollars in millions)

                                             Quarterly
    Key Measures       1 Qtr 03   4 Qtr 02   3 Qtr 02   2 Qtr 02   1 Qtr 02
    Total revenue*         $199       $202       $295       $176       $182
    Provision for credit
     losses                  76         94         63         80        123
    Net income (2)          298        662        269        114         61
    Shareholder value
     added                  (87)       285        (90)      (283)      (291)

    Selected Average Balance
    Sheet Components
    Total loans and
     leases             $80,245    $74,992    $73,228    $64,802    $54,147
    Total deposits        9,932     10,713     12,034     10,279     12,699
    Total earning
     assets             161,018    171,269    158,047    138,771    132,263


    * Taxable-equivalent basis

    (1)  Corporate Other consists primarily of gains and losses associated
         with managing the balance sheet of the Corporation, certain consumer
         finance and commercial lending businesses being liquidated, and
         certain residential mortgages originated by the mortgage group or
         otherwise acquired and held for asset/liability management purposes.

    (2)  Includes $488 tax benefit in the fourth quarter of 2002 related to
         the settlement of federal income tax returns through 1999.

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


    Bank of America Corporation
    Net Charge-offs and Net Charge-off Ratios
     (Dollars in millions)

                                1Q02           2Q02              3Q02
                             Amt.  Ratio    Amt.  Ratio       Amt.   Ratio
    Commercial - domestic   $370    1.29 %  $383   1.38 %      $240    0.90 %
    Commercial - foreign     49     0.90     119   2.23         148    2.77
    Commercial real estate -
     domestic                14     0.25       8   0.14           6    0.12
       Total commercial     433     1.09     510   1.32         394    1.05
    Residential mortgage     11     0.05       8   0.03           5    0.02
    Home equity lines         8     0.15       7   0.12           5    0.08
    Direct/indirect consumer 64     0.86      38   0.50          48    0.63
    Consumer finance         75     2.49      49   1.77          54    2.13
    Credit card             241     5.05     269   5.28         285    5.09
    Other consumer domestic   7      n/m       7    n/m          11     n/m
    Foreign consumer          1     0.16      --     --           2    0.32
       Total consumer       407     0.99     378   0.84         410    0.85
       Total net
        charge-offs        $840     1.04    $888   1.06        $804    0.94

    By Business Segment:
     Consumer & commercial
      banking              $427     0.95 %  $449   0.99 %      $420    0.92 %
     Global corporate &
      investment banking    264     1.60     216   1.35         203    1.32
     Asset management        26     0.44     143   2.37         118    1.99
     Equity investments      --       --      --     --          --      --
     Corporate other        123     0.92      80   0.50          63    0.34
     Total net charge-offs $840     1.04    $888   1.06        $804    0.94


                                     4Q02                 1Q03
                                  Amt.   Ratio         Amt.    Ratio
    Commercial - domestic        $478    1.80 %       $239     0.94 %
    Commercial - foreign          205    3.95          120     2.57
    Commercial real estate -
     domestic                       9    0.20            9     0.18
    Total commercial              692    1.87          368     1.04
    Residential mortgage           18    0.07            2     0.01
    Home equity lines               6    0.10            6     0.11
    Direct/indirect consumer       60    0.78           56     0.72
    Consumer finance               77    3.44           68     3.42
    Credit card                   299    5.03          323     5.31
    Other consumer domestic        11     n/m            9      n/m
    Foreign consumer                2    0.38            1     0.20
    Total consumer                473    0.95          465     0.93
    Total net charge-offs      $1,165    1.35         $833     0.98

    By Business Segment:
    Consumer & commercial
     banking                     $509    1.10 %       $488     1.06 %
    Global corporate & investment
     banking                      526    3.44          272     1.96
    Asset management               30    0.52           (4)   (0.06)
    Equity investments              7    6.26            1     0.72
    Corporate other                93    0.50           76     0.38
    Total net charge-offs      $1,165    1.35         $833     0.98

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


     Bank of America Corporation
     Nonperforming Assets
     (Dollars in millions)

                             1Q02       2Q02       3Q02       4Q02       1Q03

    Commercial - domestic  $3,207     $2,847     $3,132     $2,781     $2,605
    Commercial - foreign      583        980        854      1,359      1,279
    Commercial real estate -
      domestic                216        202        172        161        173
    Commercial real estate -
      foreign                   2          3          3          3          3
      Total commercial      4,008      4,032      4,161      4,304      4,060
    Residential mortgage      477        503        585        612        628
    Home equity lines          73         64         57         66         63
    Direct/Indirect consumer   26         27         31         30         28
    Consumer finance            8          8          8         19         18
    Foreign consumer            9          8          7          6          9
      Total consumer          593        610        688        733        746
    Total nonperforming
      loans                 4,601      4,642      4,849      5,037      4,806
    Foreclosed properties     391        297        282        225        227

      Total nonperforming
        assets(1)          $4,992     $4,939     $5,131      5,262      5,033

    Loans past due 90 days
      or more and still
      accruing               $662       $605       $726       $764       $808
    Nonperforming Assets /
      Total Assets           0.81%      0.77%      0.78%      0.80%      0.74%
    Nonperforming Assets /
      Total Loans, Leases
      and Foreclosed
      Properties             1.51       1.45       1.50       1.53       1.46
    Nonperforming Loans /
      Total Loans and Leases 1.39       1.36       1.42       1.47       1.40

    Allowance for Loan
      Losses               $6,869     $6,873     $6,861     $6,851     $6,853
    Allowance / Total Loans  2.07%      2.02%      2.01%      2.00%      2.00%
    Allowance / Total
      Nonperforming Loans     149        148        142        136        143

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

     (1) Balances do not include $174, $120, $184, $221, and $304 of
         nonperforming assets included in other assets at March 31, 2003,
         December 31, 2002, September 30, 2002, June 30, 2002, and March 31,
         2002, respectively.


    Bank of America Corporation
    Significant Industry Non-Real Estate Outstanding Commercial Loans and
     Leases
    (Dollars in millions)

                                 March 31,   December 31,  Increase/(Decrease)
                                    2003          2002         from 12/31/02

    Retailing                     $10,710        $10,165              5 %
    Transportation                  8,189          8,030              2
    Leisure and sports, hotels
     and restaurants                7,986          8,139             (2)
    Materials                       7,820          7,972             (2)
    Food, beverage and tobacco      7,563          7,335              3
    Diversified financials          7,507          8,344            (10)
    Capital goods                   7,098          7,088              0
    Commercial services and
     supplies                       6,216          6,449             (4)
    Education and government        5,565          5,206              7
    Utilities                       4,938          5,590            (12)
    Media                           4,883          5,911            (17)
    Health care equipment and
     services                       3,987          3,912              2
    Energy                          3,003          3,076             (2)
    Telecommunications services     2,796          3,105            (10)
    Consumer durables and apparel   2,545          2,591             (2)
    Religious and social
     organizations                  2,512          2,426              4
    Banks                           1,602          1,881            (15)
    Insurance                       1,409          1,616            (13)
    Technology hardware and
     equipment                      1,305          1,368             (5)
    Food and drug retailing         1,232          1,344             (8)
    Other (1)                      22,591         23,417             (4)
        Total                    $121,457       $124,965             (3) %

    (1) At March 31, 2003 and December 31, 2002, Other includes $9,403 and
        $9,090, respectively, of loans outstanding to individuals and
        trusts, representing 2.7% of total outstanding loans and leases for
        both period ends. The remaining balance in Other includes loans to
        industries which primarily include automobiles and components,
        software and services, pharmaceuticals and biotechnology, and
        household and personal products.


     Bank of America Corporation
     Selected Emerging Markets
     (Dollars in Millions)

                        Loans and                              Securities /
                             Loan         Other    Derivative        Other
                      Commitments     Financing (1)    Assets  Investments (2)

    Region/Country
    Asia
      China                   $59            $9           $40          $27
      Hong Kong (5)           294            57            88          137
      India                   392            59            73           32
      Indonesia                58            --            16           30
      Korea (South)           227           346            34           23
      Malaysia                  8             3            --            2
      Pakistan                  6            --            --           --
      Philippines              28            19             3           20
      Singapore               118            15           189            3
      Taiwan                  321           201            32            7
      Thailand                 36             9            16           26
      Other                     3            17             1           --
        Total              $1,550          $735          $492         $307

    Central and Eastern
      Europe
      Russian Federation      $--           $--           $--          $--
      Turkey                   29             5            --           19
      Other                    24            32            32           46
        Total                 $53           $37           $32          $65

    Latin America
      Argentina              $210           $45            $2          $88
      Brazil                  289           226            42           87
      Chile                   111            24             7           10
      Colombia                 80             7             5            4
      Mexico                  852           154           125          497
      Venezuela               112             2            --          102
      Other                   108            91            --           40
        Total              $1,762          $549          $181         $828
    Total                  $3,365        $1,321          $705       $1,200

                                                        Total    Increase /
                            Total         Gross       Foreign    (Decrease)
                           Cross-         Local      Exposure         from
                           border       Country      March 31,  December 31,
                         Exposure (3)  Exposure (4)      2003         2002

    Region/Country
    Asia
      China                  $135           $62          $197         $(47)
      Hong Kong (5)           576         3,395         3,971          167
      India                   556           899         1,455           82
      Indonesia               104             2           106          (14)
      Korea (South)           630           902         1,532          296
      Malaysia                 13           170           183          (57)
      Pakistan                  6            --             6           (1)
      Philippines              70            58           128          (28)
      Singapore               325         1,464         1,789          121
      Taiwan                  561           556         1,117           28
      Thailand                 87           258           345           82
      Other                    21            80           101            5
        Total              $3,084        $7,846       $10,930         $634

    Central and Eastern
      Europe
      Russian Federation      $--           $--           $--          $(5)
      Turkey                   53            --            53           (5)
      Other                   134            --           134         (167)
        Total                $187           $--          $187        $(177)

    Latin America
      Argentina              $345           $93          $438         $(27)
      Brazil                  644           428         1,072         (103)
      Chile                   152            --           152           11
      Colombia                 96            --            96            8
      Mexico                1,628           312         1,940          351
      Venezuela               216            --           216          (16)
      Other                   239            --           239           14
        Total              $3,320          $833        $4,153         $238
    Total                  $6,591        $8,679       $15,270         $695

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

     (2) Amounts outstanding in the table above for Philippines, Argentina,
         Mexico, Venezuela and Latin America Other have been reduced by $12,
         $85, $332, $137 and $38, respectively, at March 31, 2003, and $12,
         $90, $505, $131 and $37, respectively, at December 31, 2002. Such
         amounts represent the fair value of U.S. Treasury securities held as
         collateral outside the country of exposure.

     (3) Cross-border exposure includes amounts payable to the Corporation by
         residents of countries other than the one in which the credit is
         booked, regardless of the currency in which the claim is denominated,
         consistent with FFIEC reporting rules.

     (4) Gross local country exposure includes amounts payable to the
         Corporation by residents of countries in which the credit is booked,
         regardless of the currency in which the claim is denominated.
         Management does not net local funding or liabilities against local
         exposures as allowed by the FFIEC.

     (5) Gross local country exposure to Hong Kong consisted of $1,811 of
         consumer loans and $1,584 of commercial exposure at March 31, 2003.
         The consumer loans were collateralized primarily by residential real
         estate. The commercial exposure was primarily to local clients and
         was diversified across many industries.

SOURCE Bank of America Corporation

Investors
Kevin Stitt
Bank of America
704-386-5667

Lee McEntire
Bank of America
704-388-6780

Media
Eloise Hale
Bank of America
704-387-0013
eloise.hale@bankofamerica.com