Supplemental Information

Exhibit 99.2

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 Quarter 2003			Fourth Quarter 2002			Third Quarter 2002			Second Quarter 2002			First Quarter 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 Quarter 2003			Fourth Quarter 2002			Third Quarter 2002			Second Quarter 2002			First Quarter 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 Quarter 2003			Fourth Quarter 2002			Third Quarter 2002			Second Quarter 2002			First Quarter 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 2003			December 31 2002			March 31 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						Fourth Quarter 2002						First Quarter 2002
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Time deposits placed and other short-term investments	$	6,987	$	43	2.49	%	$	8,853	$	56	2.49	%	$	10,242	$	61	2.43	%
Federal funds sold and securities purchased under agreements to resell		57,873		194	1.35			49,169		208	1.68			44,682		215	1.94
Trading account assets		99,085		1,053	4.27			84,181		994	4.71			70,613		888	5.06
Securities⁽¹⁾		67,784		793	4.69			83,751		1,078	5.15			73,542		963	5.24
Loans and leases⁽²⁾:
Commercial—domestic		103,663		1,836	7.18			105,333		1,777	6.70			116,160		1,978	6.90
Commercial—foreign		18,876		156	3.35			20,538		180	3.48			21,917		226	4.17
Commercial real estate—domestic		19,955		215	4.37			20,359		245	4.77			22,251		275	5.01
Commercial real estate—foreign		301		3	3.88			426		4	3.93			389		4	4.00

Total commercial		142,795		2,210	6.27			146,656		2,206	5.97			160,717		2,483	6.26

Residential mortgage		113,695		1,582	5.59			108,019		1,699	6.28			81,104		1,389	6.88
Home equity lines		23,054		267	4.70			23,347		300	5.10			22,010		294	5.42
Direct/Indirect consumer		31,393		503	6.49			30,643		523	6.76			30,360		550	7.34
Consumer finance		8,012		154	7.76			8,943		174	7.75			12,134		255	8.46
Credit card		24,684		644	10.57			23,535		613	10.33			19,383		490	10.26
Foreign consumer		2,029		17	3.45			1,956		17	3.48			2,093		19	3.71

Total consumer		202,867		3,167	6.30			196,443		3,326	6.74			167,084		2,997	7.24

Total loans and leases		345,662		5,377	6.29			343,099		5,532	6.41			327,801		5,480	6.76

Other earning assets		35,701		417	4.71			32,828		417	5.07			22,231		358	6.52

Total earning assets⁽³⁾		613,092		7,877	5.18			601,881		8,285	5.48			549,111		7,965	5.86

Cash and cash equivalents		21,699						21,242						22,037
Other assets, less allowance for credit losses		78,508						72,345						66,530

Total assets	$	713,299					$	695,468					$	637,678

Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	22,916	$	34	0.59	%	$	22,142	$	35	0.63	%	$	20,716	$	33	0.64	%
NOW and money market deposit accounts		142,338		291	0.83			137,229		325	0.94			127,218		335	1.07
Consumer CDs and IRAs		66,937		695	4.21			66,266		728	4.36			69,359		730	4.27
Negotiable CDs, public funds and other time deposits		3,598		16	1.78			3,400		17	1.97			4,671		32	2.82

Total domestic interest-bearing deposits		235,789		1,036	1.78			229,037		1,105	1.91			221,964		1,130	2.06

Foreign interest-bearing deposits⁽⁴⁾
Banks located in foreign countries		14,218		80	2.27			15,286		104	2.70			15,464		107	2.79
Governments and official institutions		1,785		6	1.31			1,737		7	1.68			2,904		14	1.96
Time, savings, and other		18,071		61	1.38			17,929		76	1.68			19,620		93	1.93

Total foreign interest-bearing deposits		34,074		147	1.75			34,952		187	2.12			37,988		214	2.29

Total interest-bearing deposits		269,863		1,183	1.78			263,989		1,292	1.94			259,952		1,344	2.10

Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		123,041		453	1.49			123,434		558	1.79			86,870		477	2.23
Trading account liabilities		34,858		308	3.58			30,445		289	3.77			31,066		285	3.72
Long-term debt and trust preferred securities		67,399		572	3.40			65,702		609	3.71			67,694		612	3.62

Total interest-bearing liabilities⁽³⁾		495,161		2,516	2.05			483,570		2,748	2.26			445,582		2,718	2.47

Noninterest-bearing sources:
Noninterest-bearing deposits		115,897						117,392						104,451
Other liabilities		52,841						46,432						40,189
Shareholders’ equity		49,400						48,074						47,456

Total liabilities and shareholders’ equity	$	713,299					$	695,468					$	637,678

Net interest spread					3.13						3.22						3.39
Impact of noninterest-bearing sources					0.39						0.44						.46

Net interest income/yield on earning assets			$	5,361	3.52	%			$	5,537	3.66	%			$	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
	1 Qtr 03			4 Qtr 02			3 Qtr 02			2 Qtr 02			1 Qtr 02
Key Measures
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
	1 Qtr 03			4 Qtr 02			3 Qtr 02			2 Qtr 02			1 Qtr 02
Key Measures

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.

Source: Thomson Financial

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				4Q02				1Q03
	Amt.		Ratio		Amt.		Ratio		Amt.		Ratio		Amt.		Ratio		Amt.			Ratio
Commercial—domestic	$	370	1.29	%	$	383	1.38	%	$	240	0.90	%	$	478	1.80	%	$	239		0.94	%
Commercial—foreign		49	0.90			119	2.23			148	2.77			205	3.95			120		2.57
Commercial real estate—domestic		14	0.25			8	0.14			6	0.12			9	0.20			9		0.18

Total commercial		433	1.09			510	1.32			394	1.05			692	1.87			368		1.04

Residential mortgage		11	0.05			8	0.03			5	0.02			18	0.07			2		0.01
Home equity lines		8	0.15			7	0.12			5	0.08			6	0.10			6		0.11
Direct/indirect consumer		64	0.86			38	0.50			48	0.63			60	0.78			56		0.72
Consumer finance		75	2.49			49	1.77			54	2.13			77	3.44			68		3.42
Credit card		241	5.05			269	5.28			285	5.09			299	5.03			323		5.31
Other consumer domestic		7	n/m			7	n/m			11	n/m			11	n/m			9		n/m
Foreign consumer		1	0.16			—	—			2	0.32			2	0.38			1		0.20

Total consumer		407	0.99			378	0.84			410	0.85			473	0.95			465		0.93

Total net charge-offs	$	840	1.04		$	888	1.06		$	804	0.94		$	1,165	1.35		$	833		0.98


By Business Segment:
Consumer & commercial banking	$	427	0.95	%	$	449	0.99	%	$	420	0.92	%	$	509	1.10	%	$	488		1.06	%
Global corporate & investment banking		264	1.60			216	1.35			203	1.32			526	3.44			272		1.96
Asset management		26	0.44			143	2.37			118	1.99			30	0.52			(4	)	(0.06	)
Equity investments		—	—			—	—			—	—			7	6.26			1		0.72
Corporate other		123	0.92			80	0.50			63	0.34			93	0.50			76		0.38

Total net charge-offs	$	840	1.04		$	888	1.06		$	804	0.94		$	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, 2003		December 31, 2002		Increase/(Decrease) 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 Loan Commitments		Other Financing⁽¹⁾		Derivative Assets		Securities/ Other Investments⁽²⁾		Total Cross- border Exposure⁽³⁾		Gross Local Country Exposure⁽⁴⁾		Total Foreign Exposure March 31, 2003		Increase/ (Decrease) from December 31, 2002
Region/Country
Asia
China	$	59	$	9	$	40	$	27	$	135	$	62	$	197	$	(47	)
Hong Kong⁽⁵⁾		294		57		88		137		576		3,395		3,971		167
India		392		59		73		32		556		899		1,455		82
Indonesia		58		—		16		30		104		2		106		(14	)
Korea (South)		227		346		34		23		630		902		1,532		296
Malaysia		8		3		—		2		13		170		183		(57	)
Pakistan		6		—		—		—		6		—		6		(1	)
Philippines		28		19		3		20		70		58		128		(28	)
Singapore		118		15		189		3		325		1,464		1,789		121
Taiwan		321		201		32		7		561		556		1,117		28
Thailand		36		9		16		26		87		258		345		82
Other		3		17		1		—		21		80		101		5

Total	$	1,550	$	735	$	492	$	307	$	3,084	$	7,846	$	10,930	$	634

Central and Eastern Europe
Russian Federation	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(5	)
Turkey		29		5		—		19		53		—		53		(5	)
Other		24		32		32		46		134		—		134		(167	)

Total	$	53	$	37	$	32	$	65	$	187	$	—	$	187	$	(177	)

Latin America
Argentina	$	210	$	45	$	2	$	88	$	345	$	93	$	438	$	(27	)
Brazil		289		226		42		87		644		428		1,072		(103	)
Chile		111		24		7		10		152		—		152		11
Colombia		80		7		5		4		96		—		96		8
Mexico		852		154		125		497		1,628		312		1,940		351
Venezuela		112		2		—		102		216		—		216		(16	)
Other		108		91		—		40		239		—		239		14

Total	$	1,762	$	549	$	181	$	828	$	3,320	$	833	$	4,153	$	238

Total	$	3,365	$	1,321	$	705	$	1,200	$	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.