BANK OF AMERICA

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Bank of America Reports First Quarter Earnings Per Share Rose 8 Percent

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Solid business momentum continues

Noninterest income up 10%

Loans continue double digit growth

CHARLOTTE, N.C., April 19 /PRNewswire-FirstCall/ -- Bank of America Corporation today reported net income rose 5 percent in the first quarter of 2007 to $5.26 billion from $4.99 billion a year earlier. Diluted earnings per share increased 8 percent to $1.16 from $1.07. Return on average common shareholders' equity was 16.16 percent.

Excluding pretax merger and restructuring charges of $111 million, equal to 1 cent per share, the company earned $5.33 billion, or $1.17 per share, in the first quarter. A year earlier merger and restructuring charges of $98 million also were equal to 1 cent per share.

These improved results were primarily driven by increases in service fee income, investment banking income, mortgage banking income and equity investment gains. The benefits of doing more business with more customers was somewhat offset on the bottom line by the impact of a flat yield curve and normalizing credit costs.

"Bank of America is off to a solid start in 2007 despite a challenging operating environment," said Kenneth D. Lewis, chairman and chief executive officer. "We demonstrated strong customer momentum across our lines of business; added thousands of net new checking account customers thanks to innovative products like Keep the Change(TM); generated double-digit loan growth and deepened relationships with business and corporate clients."

    First Quarter 2007 Highlights (vs. a year earlier)

    -- Card Services posted average managed loan growth of $14.48 billion, an
       8 percent increase, and added 3 million new accounts in the first
       quarter.
    -- Net new retail checking accounts grew by 487,000 in the first quarter
       helped by innovative products such as Keep the Change(TM). Since
       inception, more than 4 million customers have enrolled in Keep the
       Change(TM) and saved about $400 million.
    -- Total sales of retail products rose 6 percent to nearly 12 million
       units resulting from strong growth in checking, savings, credit card,
       mortgage, small business and online banking activations. E-commerce
       sales remain strong, representing 20 percent of total retail product
       sales. Sales of deposit and credit products through E-commerce
       increased by 47 percent.
    -- Debit card income rose 16 percent to $500 million and purchase volume
       grew to $43.57 billion.
    -- Average loans to small businesses with less than $2.5 million in annual
       sales increased 30 percent to $14.01 billion.
    -- Total first quarter average loans and leases rose 10 percent in Global
       Corporate and Investment Banking to more than $247 billion.
    -- Investment banking fees rose 35 percent, driven by debt underwriting
       and mergers and acquisitions deal volume.
    -- Bank of America began offering $0 Online Equity Trades in late 2006.
       With the addition of California in the first quarter, the program is
       now offered nationally.  The program helped generate growth in self-
       directed client brokerage assets, which exceeded $28 billion at March
       31, 2007, up 35 percent.
    -- Investment and brokerage services in Global Wealth and Investment
       Management rose 12 percent on strong client asset inflows and record
       brokerage income.
    -- Total assets under management in Global Wealth and Investment
       Management increased 11 percent to more than $547 billion.  On a 3-year
       assets under management weighted basis, 89 percent of Columbia's equity
       mutual funds were in the top 2 performance quartiles compared with
       their peer group. (1)

    (1) Results shown are defined by Columbia Management's calculation of its
        percentage of  assets under management in the top two quartiles of
        categories based on Morningstar.  The category percentile rank was
        calculated by ranking the three year net return of share classes
        within the categories. The assets of the number of funds within the
        top 2 quartile results were added and then divided by Columbia
        Managements total assets under management. Past performance is no
        guarantee of future results. The share class earning the ranking may
        have limited eligibility and may not be available to all investors.


    First Quarter 2007 Financial Summary

    Revenue

Revenue on a fully taxable-equivalent basis increased 3 percent to $18.42 billion from $17.94 billion in the first quarter of 2006.

Noninterest income rose 10 percent to $9.83 billion from $8.90 billion in the first quarter of 2006. Results were driven by continued strength in service fee income, investment banking income, mortgage banking income and equity investment gains.

Net interest income on a fully taxable-equivalent basis was $8.60 billion compared with $9.04 billion the previous year. The decline is a result of higher cost deposits, divestitures of businesses and the impact of hedging activities. The net interest yield decreased 37 basis points to 2.61 percent.

Efficiency

The efficiency ratio on a fully taxable-equivalent basis was 49.38 percent for the first quarter of 2007 (48.78 percent excluding merger and restructuring charges). Noninterest expense increased 2 percent to $9.10 billion from $8.92 billion a year earlier. Expenses were up primarily due to higher incentive and personnel expense, reflecting investment in various business platforms.

The quarter's results also included $397 million, or 6 cents per share, in expense from the impact of SFAS 123R, which accelerates the recognition of certain equity-based compensation expenses for retirement-eligible associates. A year ago the expense was $320 million, or 5 cents per share. Also included in first quarter 2007 expenses were $111 million in pre-tax merger and restructuring charges related to the MBNA acquisition compared with $98 million a year earlier.

Credit Quality

Overall credit quality remained sound. Compared with the first quarter of 2006, net charge-offs increased reflecting portfolio seasoning and the trend toward more normalized levels post bankruptcy reform. Provision expense in the first quarter was down slightly from a year ago as higher net charge-offs were more than offset by reductions in reserves from consumer credit card securitization activities and the sale of the Argentina portfolio.

    -- Provision for credit losses was $1.24 billion, down from $1.57 billion
       in the fourth quarter of 2006, and $1.27 billion in the first quarter
       of 2006.
    -- Net charge-offs were $1.43 billion, or 0.81 percent of total average
       loans and leases. This compared with $1.42 billion, or 0.82 percent, in
       the fourth quarter of 2006 and $822 million, or 0.54 percent, in the
       first quarter of 2006.  Reported net charge-offs in the first quarter
       of 2006 excluded $210 million, or 0.14 percent, as a result of
       recording impaired MBNA loans at fair value.
    -- Total managed losses were $2.57 billion, or 1.26 percent of total
       average managed loans and leases compared with $2.45 billion, or 1.23
       percent, in the fourth quarter of 2006 and $1.48 billion, or 0.84
       percent, in the first quarter of 2006.  Managed losses in the first
       quarter of 2006 excluded $210 million, or 0.11 percent, as a result of
       recording impaired MBNA loans at fair value.
    -- Nonperforming assets were $2.06 billion, or 0.29 percent of total
       loans, leases and foreclosed properties, at March 31 compared with
       $1.86 billion, or 0.26 percent, at December 31, 2006 and $1.68 billion,
       or 0.27 percent at March 31, 2006.
    -- The allowance for loan and lease losses was $8.73 billion, or 1.21
       percent of total loans and leases, at March 31 compared with $9.02
       billion, or 1.28 percent at December 31, 2006 and $9.07 billion, or
       1.46 percent, at March 31, 2006.

    Capital Management

Total shareholders' equity was $134.86 billion at March 31. Period-end assets grew to $1.5 trillion. The Tier 1 Capital Ratio was 8.57 percent, down from 8.64 percent at December 31, 2006 and up from 8.45 percent a year ago.

During the quarter, Bank of America paid a cash dividend of $0.56 per share. The company also issued 28.9 million common shares related to employee stock options and ownership plans and repurchased 48.0 million common shares. Period-ending common shares issued and outstanding were 4.44 billion for the first quarter of 2007, compared with 4.46 billion for the fourth quarter of 2006 and 4.58 billion for the first quarter of 2006.



    First Quarter 2007 Business Segment Results

    Global Consumer and Small Business Banking^

    (Dollars in millions)                        Q1 2007             Q1 2006

    Total Managed Revenue(1)                     $11,422             $10,842

    Managed credit impact                          2,411               1,901
    Noninterest expense                            4,728               4,612

    Net Income                                     2,696               2,724

    Efficiency ratio                               41.40 %             42.54 %
    Return on average equity                       17.58               16.73

    Managed loans and leases(2)                 $308,105            $279,382
    Deposits(2)                                  326,552             332,702

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

Managed revenue rose 5 percent as higher card income, service charges and mortgage banking income helped generate a 17 percent increase in noninterest income. Net income decreased 1 percent from a year ago as credit costs increased.

Bank of America's combination with MBNA continued to show positive results. Increases in card income and service charges were offset by higher managed credit costs. The increase in credit costs reflected portfolio seasoning and the trend toward more normalized levels post bankruptcy reform, partially offset by reserve reductions from consumer credit card securitization activities.

    -- Deposits revenue increased 9 percent to $4.24 billion and net income
       increased 19 percent to $1.29 billion. Consumer organic deposit growth
       of 2 percent was driven by solid account growth in checking and CD
       products.
    -- Card Services managed revenue of $6.13 billion was up 2 percent while
       net income of $1.15 billion declined 18 percent because of increased
       credit costs.
    -- Consumer Real Estate, which includes the home equity and mortgage
       businesses, had $840 million in revenue up 21 percent partly from
       increased home equity balances. Net income increased 33 percent to $227
       million.

    ^ Managed basis.  Managed basis assumes that loans that have been
      securitized were not sold and presents earnings on these loans in a
      manner similar to the way loans that have not been sold (i.e. held
      loans) are presented.  For more information and detailed reconciliation,
      please refer to the data pages supplied with this Press Release.



    Global Corporate and Investment Banking

    (Dollars in millions)                        Q1 2007             Q1 2006

    Total Revenue(1)                              $5,321              $5,268

    Provision for credit losses                      115                  25
    Noninterest expense                            2,900               2,832

    Net Income                                     1,447               1,524

    Efficiency ratio                               54.49 %             53.75 %
    Return on average equity                       14.36               14.72

    Loans and leases(2)                         $247,898            $224,907
    Trading-related assets(2)                    360,530             315,733
    Deposits(2)                                  208,488             186,626

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

Revenue increased 1 percent as investment banking income raised noninterest income 5 percent. Net income declined 5 percent on higher provision expense and increased compensation costs, which more than offset the increase in revenue.

The revenue increase was driven by Capital Markets and Advisory Services, as investments in personnel and trading infrastructure continued to produce strong results. Investment banking revenue rose 35 percent from the first quarter of 2006, as increased market activity and deal flow continued to produce higher advisory and debt and equity underwriting fees.

Provision expense rose $90 million because of higher net charge offs resulting mainly from lower commercial recoveries.

    -- Business Lending revenue was flat at $1.35 billion while net income was
       down 14 percent due to increased provision expense and continued spread
       compression. Improved results from lower cost of credit mitigation and
       gains in both Leasing and Commercial Real Estate Banking helped balance
       the impact compared with the first quarter 2006.
    -- Capital Markets and Advisory Services revenue increased 3 percent to
       $2.36 billion driven by strong investment banking fees partially offset
       by prior year record sales and trading revenue. Net income rose 3
       percent.
    -- Treasury Services revenue was unchanged at $1.62 billion, while net
       income decreased 4 percent reflecting the impact of a client shift from
       non-interest bearing to interest bearing deposits and investment
       spending.  The deposit shift offset strong average deposit growth of
       $2.36 billion compared with a year earlier.



    Global Wealth and Investment Management

    (Dollars in millions)                        Q1 2007             Q1 2006

    Total Revenue(1)                              $1,888              $1,829

    Provision for credit losses                       23                   -
    Noninterest expense                            1,017                 967

    Net Income                                       531                 542

    Efficiency ratio                               53.90 %             52.88 %
    Return on average equity                       21.59               20.67

    Loans and leases(2)                          $65,841             $58,146
    Deposits(2)                                  114,958             101,028

    (in billions)                             At 3/31/07          At 3/31/06
    Assets under management                       $547.4              $493.9

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

Revenue increased 3 percent as higher customer activity and improved client asset flows resulted in an 8 percent increase in noninterest income. Net income declined 2 percent from a year ago as credit costs rose related to one client.

Asset management fees increased 12 percent from the first quarter of 2006 on higher assets under management from net asset inflows of $40 billion in addition to increased market values of more than $13 billion.

    -- The Private Bank had revenue of $485 million, down 4 percent, and net
       income of $98 million, 24 percent lower than a year earlier reflecting
       the impact of a single charge-off in the first quarter of 2007 as well
       as a non-recurring gain in the first quarter of 2006.
    -- Columbia Management revenue rose nearly 17 percent to $425 million
       supported by strong client inflows and increased market values. Net
       income increased 22 percent to $96 million.
    -- Premier Banking and Investments revenue rose 9 percent to $907 million
       on record results in investment and brokerage services, up 20 percent
       from a year ago. Net income increased 12 percent to $312 million.



    All Other(1)

    (Dollars in millions)                         Q1 2007             Q1 2006

    Total Revenue(2)                               $(209)                 $2

    Reported credit impact                        (1,314)               (656)
    Noninterest expense                              452                 513

    Net Income                                       581                 196

    Loans and leases(3)                          $92,198             $53,533

    (1) All Other consists primarily of equity investments, the residual
        impact of the allowance for credit losses and the cost allocation
        processes, Merger and Restructuring Charges, intersegment
        eliminations, and the results of certain consumer finance and
        commercial lending businesses that are being liquidated. All Other
        also includes the offsetting securitization impact to present Global
        Consumer and Small Business Banking on a managed basis. (See data
        pages provided with this Press Release for a reconciliation.)
    (2) Fully taxable-equivalent basis
    (3) Balances averaged for period

For the first quarter of 2007, All Other net income rose to $581 million from $196 million a year earlier. Equity Investment gains were $896 million, up from $571 million. Included in All Other was a net gain of $46 million and a $131 million release of credit reserves related to the divestiture of certain Latin America business operations. During the first quarter of 2006 the company recognized mark-to-market losses of approximately $175 million on certain derivatives that did not qualify for SFAS 133 hedge accounting. This did not significantly impact first quarter 2007 results.

Note: Chief Executive Officer Kenneth D. Lewis and Joseph L. Price, chief financial officer, will discuss first quarter 2007 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 Investor Relations 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 56 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with nearly 22 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 80 percent of the Fortune Global 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
                                                        Three Months
                                                        Ended March 31
                                                   2007               2006
    (Dollars in millions, except per
     share data; shares in thousands)

    Financial Summary

    Earnings                                       $5,255             $4,986
        Earnings per common share                    1.18               1.08
        Diluted earnings per common share            1.16               1.07

    Dividends paid per common share                  0.56               0.50
    Closing market price per common share           51.02              45.54
    Average common shares issued and
     outstanding                                4,432,664          4,609,481
    Average diluted common shares issued
     and outstanding                            4,497,028          4,666,405

    Summary Income Statement

    Net interest income                            $8,268             $8,776
    Total noninterest income                        9,825              8,901
    Total revenue                                  18,093             17,677
    Provision for credit losses                     1,235              1,270
    Gains (losses) on sales of debt
     securities                                        62                 14
    Other noninterest expense                       8,986              8,826
    Merger and restructuring charges                  111                 98
    Income before income taxes                      7,823              7,497
    Income tax expense                              2,568              2,511
    Net income                                     $5,255             $4,986

    Summary Average Balance Sheet

    Total loans and leases                       $714,042           $615,968
    Securities                                    186,498            234,606
    Total earning assets                        1,321,946          1,219,611
    Total assets                                1,521,418          1,416,373
    Total deposits                                686,704            659,821
    Shareholders' equity                          133,588            131,153
    Common shareholders' equity                   130,737            130,881

    Performance Ratios

    Return on average assets                         1.40 %             1.43
    Return on average common
     shareholders' equity                           16.16              15.44


    Credit Quality

    Net charge-offs                                $1,427               $822
        Annualized net charge-offs as a %
         of average loans and leases
         outstanding                                 0.81 %             0.54
    Managed credit card net losses as a %
     of average managed credit card receivables      4.73               3.12



                                                         March 31
                                                  2007              2006

    Balance Sheet Highlights

    Loans and leases                            $723,633          $619,525
    Total securities                             181,886           238,073
    Total earning assets                       1,302,856         1,176,694
    Total assets                               1,502,157         1,375,080
    Total deposits                               692,801           682,449
    Total shareholders' equity                   134,856           129,426
    Common shareholders' equity                  132,005           129,155
        Book value per share                       29.74             28.19

    Tangible equity ratio (1)                       4.20 %            4.04 %

    Risk-based capital ratios:
         Tier 1                                     8.57 *            8.45
         Total                                     11.94 *           11.32

    Leverage ratio                                  6.24 *            6.18

    Period-end common shares issued and
     outstanding                               4,439,070         4,581,318

    Allowance for credit losses:
      Allowance for loan and lease losses         $8,732            $9,067
      Reserve for unfunded lending commitments       374               395
           Total                                  $9,106            $9,462
    Allowance for loan and lease losses
     as a % of total loans and leases
     measured at historical cost(2)                 1.21 %            1.46 %
    Allowance for loan and lease losses
     as a % of total nonperforming loans
     and leases                                      443               572
    Total nonperforming loans and leases          $1,970            $1,584
    Total nonperforming assets                     2,059             1,680
    Nonperforming assets as a % of:
         Total assets                               0.14 %            0.12 %
         Total loans, leases and
          foreclosed properties(2)                  0.29              0.27
    Nonperforming loans and leases as a %
     of total loans and leases(2)                   0.27              0.26

    Other Data

    Full-time equivalent employees               199,429           202,503
    Number of banking centers - domestic           5,737             5,786
    Number of branded ATMs - domestic             17,117            16,716


    * Preliminary data
    (1) Tangible equity ratio equals shareholders' equity less goodwill and
        intangible assets divided by total assets less goodwill and intangible
        assets.
    (2) Ratios do not include loans measured at fair value in accordance with
        SFAS 159 at March 31, 2007.

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




    BUSINESS SEGMENT RESULTS
                                   Global      Global
                                  Consumer   Corporate    Global
                                 and Small      and      Wealth and
                                  Business   Investment  Investment     All
                                 Banking (1)   Banking   Management  Other(1)
     Three Months Ended March 31,
      2007
    Total revenue (FTE) (2)        $11,422       $5,321     $1,888     $(209)
    Net income                       2,696        1,447        531       581
    Shareholder value added          1,346          372        277       173
    Return on average equity         17.58        14.36      21.59       n/m
    Average loans and leases      $308,105     $247,898    $65,841   $92,198

     Three Months Ended March 31,
      2006
    Total revenue (FTE) (2)        $10,842       $5,268     $1,829        $2
    Net income                       2,724        1,524        542       196
    Shareholder value added          1,311          425        272       (71)
    Return on average equity         16.73        14.72      20.67       n/m
    Average loans and leases      $279,382     $224,907    $58,146   $53,533

    n/m = not meaningful



                                                   Three Months Ended
                                                        March 31
                                                 2007              2006

    SUPPLEMENTAL FINANCIAL DATA

    Fully taxable-equivalent basis data (2)
    Net interest income                           $8,597            $9,040
    Total revenue                                 18,422            17,941
    Net interest yield                              2.61 %            2.98 %
    Efficiency ratio                               49.38             49.74

    Reconciliation of net income to
     operating earnings
    Net income                                    $5,255            $4,986
    Merger and restructuring charges                 111                98
    Related income tax benefit                       (41)              (37)
    Operating earnings                            $5,325            $5,047

    Reconciliation of average
     shareholders' equity to average
     tangible shareholders' equity
    Average shareholders' equity                $133,588          $131,153
    Average goodwill                             (65,703)          (66,094)
    Average tangible shareholders' equity        $67,885           $65,059

    Operating Basis
    Diluted earnings per common share              $1.17             $1.08
    Return on average assets                        1.42 %            1.45 %
    Return on average common
     shareholders' equity                          16.38             15.63
    Return on average tangible
     shareholders' equity                          31.81             31.46
    Efficiency ratio (FTE) (2)                     48.78             49.19

    Reconciliation of net income to
     shareholder value added
    Net income                                    $5,255            $4,986
    Amortization of intangibles                      389               440
    Merger and restructuring charges, net
     of tax benefit                                   70                61
    Capital charge                                (3,546)           (3,550)
    Shareholder value added                       $2,168            $1,937


    (1) Effective January 1, 2007 the Corporation changed its basis of
        presentation to present Global Consumer and Small Business Banking,
        specifically Card Services on a managed basis with a corresponding
        offset in All Other
    (2) Fully taxable-equivalent (FTE) basis is a performance measure used by
        management in operating the business that management believes provides
        investors with a more accurate picture of the interest margin for
        comparative purposes.

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



    Bank of America Corporation
    Reconciliation - Managed to GAAP
    (Dollars in millions; except as noted)

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

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

     - Managed net interest income includes Global Consumer and Small Business
       Banking's net interest income on held loans and interest income on the
       securitized loans less the internal funds transfer pricing allocation
       related to securitized loans.
     - Managed noninterest income includes Global Consumer and Small Business
       Banking's noninterest income on held loans less the reclassification of
       certain components of card income (e.g., excess servicing income) to
       record managed net interest income and managed credit impact.
       Noninterest income, both on a held and managed basis, also includes the
       impact of adjustments to the interest-only strip that are recorded in
       card income as senior management continues to manage this impact within
       Global Consumer and Small Business Banking.
     - The managed credit impact represents the provision for credit losses on
       held loans combined with realized credit losses associated with the
       securitized loan portfolio.



    Global Consumer and Small Business Banking

                                                  First Quarter 2007
                                           Managed  Securitizations
                                            Basis     Impact (1)    Held Basis

    Net interest income (2)                   $7,028      $(1,890)     $5,138
    Noninterest income
    Card income                                2,451          839       3,290
    Service charges                            1,377          -         1,377
    Mortgage banking income                      302          -           302
    All other income                             264          (77)        187
        Total noninterest income               4,394          762       5,156
    Total revenue (2)                         11,422       (1,128)     10,294

    Provision for credit losses                2,411       (1,128)      1,283
    Gains (losses) on sales of debt
     securities                                   (1)         -            (1)
    Noninterest expense                        4,728          -         4,728
    Income before income taxes (2)             4,282          -         4,282
    Income tax expense                         1,586          -         1,586
     Net income                               $2,696         $-        $2,696

     Average loans and leases               $308,105    $(101,776)   $206,329



    Global Consumer and Small Business Banking

                                                  First Quarter 2006
                                           Managed  Securitizations
                                            Basis     Impact (1)    Held Basis

    Net interest income (2)                   $7,092     $(1,946)     $5,146
    Noninterest income
    Card income                                2,107       1,402       3,509
    Service charges                            1,190         -         1,190
    Mortgage banking income                      205         -           205
    All other income                             248        (110)        138
        Total noninterest income               3,750       1,292       5,042
    Total revenue (2)                         10,842        (654)     10,188

    Provision for credit losses                1,901        (654)      1,247
    Gains (losses) on sales of debt
     securities                                   (1)        -            (1)
    Noninterest expense                        4,612         -         4,612
    Income before income taxes (2)             4,328         -         4,328
    Income tax expense                         1,604         -         1,604
     Net income                               $2,724        $-        $2,724

     Average loans and leases               $279,382    $(92,776)   $186,606



    All Other

                                                   First Quarter 2007
                                           Managed  Securitizations    As
                                            Basis     Impact (1)    Adjusted

    Net interest income (2)                 $(1,769)     $1,890        $121
    Noninterest income
    Card income                                 722        (839)       (117)
    Equity investment gains                     896         -           896
    All other income                            (58)         77          19
        Total noninterest income              1,560        (762)        798
    Total revenue (2)                          (209)      1,128         919

    Provision for credit losses              (1,314)      1,128        (186)
    Gains on sales of debt securities            61         -            61
    Merger and restructuring charges            111         -           111
    All other noninterest expense               341         -           341
    Income before income taxes (2)              714         -           714
    Income tax expense (benefit)                133         -           133
     Net income                                $581        $-          $581

     Average loans and leases               $92,198    $101,776    $193,974



    All Other

                                                   First Quarter 2006
                                           Managed  Securitizations    As
                                            Basis      Impact (1)    Adjusted

    Net interest income (2)                  $(1,480)     $1,946         $466
    Noninterest income
    Card income                                1,168      (1,402)        (234)
    Equity investment gains                      571         -            571
    All other income                            (257)        110         (147)
        Total noninterest income               1,482      (1,292)         190
    Total revenue (2)                              2         654          656

    Provision for credit losses                 (656)        654           (2)
    Gains on sales of debt securities              1         -              1
    Merger and restructuring charges              98         -             98
    All other noninterest expense                415         -            415
    Income before income taxes (2)               146         -            146
    Income tax expense (benefit)                 (50)        -            (50)
     Net income                                 $196        $-           $196

     Average loans and leases                $53,533     $92,776     $146,309

    (1) The securitization impact on Net Interest Income is on a funds
        transfer pricing methodology consistent with the way we allocate
        funding costs to our businesses
    (2) Fully taxable-equivalent basis

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

SOURCE Bank of America

CONTACT: Investors, Kevin Stitt, +1-704-386-5667; or Lee McEntire, +1-704-388-6780; or Leyla Pakzad, +1-704-386-2024; or Reporters, Scott Silvestri, +1-704-388-9921, scott.silvestri@bankofamerica.com, all of Bank of America