Bank of America
Fourth Quarter 2005 Results
Al de Molina
Chief Financial Officer
January 23, 2006
Ken Lewis
President, Chairman and Chief Executive Officer
Exhibit 99.3
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*
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*
*
*
*
*
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*

2
Forward Looking Statements
This
presentation
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)
litigation
liabilities,
including
costs,
expenses,
settlements
and
judgments,
may
adversely
affect
the
company
or
its
businesses;
and
10)
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 .

3
2005
2004
2004
Core net interest income (FTE)
$  30,545    $ 27,472     $  29,272
4 %
Trading-related net interest income
1,444         2,039            2,039
Net interest income (FTE)
31,989        29,511          31,311
2 %
Noninterest income
25,610        20,085          21,603
19 %
Total revenue (FTE)
57,599        49,596          52,914
9 %
Provision for credit losses
4,014
2,769
2,769
45 %
Gains on sales of debt securities
1,084
2,123
2,172
( 50 %)
Noninterest expense (excl merger charges) 
28,269
26,394
28,507
(   1 %)
Net income before merger charges
17,161
14,554
15,314
12 %
Merger & restructuring charges (after-tax)
275
411
411
Net Income
$ 16,886
$14,143      $ 14,903
13 %
Diluted EPS reported
$4.15
$3.69
$ 3.61
15 %
Merger charge impact
.06
.11
.10
Diluted EPS (excl. merger charge)
$4.21
$3.80
$ 3.71
13 %
Summary Earnings Statement
Proforma ¹
% Change
1
Proforma 2004 includes Fleet 1Q04 (supplemental
earnings package includes details)
$ in millions

4
Earnings Highlights –
2005
•
Record earnings of $16.9 billion grew 19% over 2004.  Excluding $275 million merger
charges earnings grew 18%.
–
On a proforma
basis, including Fleet 1Q04 earnings grew 13%, 12% excluding merger charges.
•
2005 highlighted by strong consumer growth while completing Fleet transition and
preparation for MBNA integration
•
2005 also included return of strength in commercial lending.
•
2005 earnings growth despite headwinds of $1.2 billion higher provision costs and $1.0
billion fewer securities gains
•
Revenue growth on a proforma
basis of 9% led by noninterest income growth while net
interest income grew 2%.
•
19% noninterest income growth over proforma
2004 led by mortgage and card income,
equity gains and trading profits.
•
Expenses were down 1% from proforma
2004 driving the efficiency ratio below the
company’s 50% target.

5
4Q05
3Q05
4Q04
Vs. 3Q05
Core net interest income (FTE)
$  7,803     $  7,657     $  7,537
2 %
Trading-related net interest income
300            316             417
Net interest income (FTE)
8,103         7,973          7,954
2 %
Noninterest income
6,262         6,834          5,966
( 8 %)
Total revenue (FTE)
14,365       14,807       13,920
( 3 %)
Provision for credit losses
1,400
1,159
706
21 %
Gains on sales of debt securities
71
29
101
Noninterest expense (excl merger charges) 
7,261
7,165
7,061
1 %
Net income before merger charges
3,808
4,207
4,030
Merger & restructuring charges (after-tax)
40
80
181
Net Income
$ 3,768
$ 4,127       $ 3,849
( 9 %)
Diluted EPS reported (GAAP basis)
$  .93
$1.02
$ .94
( 9 %)
Merger charge impact
.01
.02
.04
Diluted EPS (excl. merger charge)
$  .94
$1.04
$ .98
(10 %)
Summary Earnings Statement
$ in millions

6
Linked Quarter Net Interest Income & Yield
4Q05
3Q05
Change
% Change
Reported net interest income (FTE)    
$   
8,103
$       7,973     $      130 
2 %
Trading related NII
300
316             (16)                ( 5 %)
Core net interest Income (FTE)
7,803
7,657            146
2 %
Avg. earning assets
$ 1,145,541      $ 1,137,619      $ 7,922
1  %
Trading related-earning assets
305,156
312,441       (7,285)
(2 %)
Reported net interest yield
2.82 %
2.80 %
2 bp
Core net interest yield
3.70 %
3.71 %
(1 bp)
Net Interest Income
$ in millions

7
Proforma ¹
vs. 4Q04    vs. 3Q05
2005
2004
2004
% chg
4Q05
% chg
% chg
Net interest income
$ 17,053
$ 15,911    $16,868
1 %
$ 4,373
2 %
2 %
Noninterest income
11,823
9,245
9,698
21 %
3,056
8 %
( 2 %)
Total revenue
28,876
25,156
26,566
9 %
7,429
4 %
-
Securities gains (losses)        ( 2)
117            117
-
Provision expense
4,271
3,333
3,476
23 %
1,299
4%
17 %
Noninterest expense
13,440
12,555
13,317
1 %
3,394
-
2 %
Income tax expense
4,007
3,414
3,613
974
Net income
$   7,156
5,971     $ 6,277
14 %
$ 1,762
10 %
(  6 %)
Global Consumer & Small Business Banking (GCSB)
GCSB (excluding Card Services)
Business Predictability:
High
2006 Earnings Outlook:
Mid-single digit growth
Long-term Outlook:
10%
Card Services (Bank of America only)
Business Predictability:
High
2006 Earnings Outlook:
25% +
Long-term Outlook:
10% +
•
Card services represented 21% of Global
Consumer & Small Business Banking
earnings in 2005.
1
Proforma 2004 includes Fleet 1Q04 (supplemental
earnings package includes details)
($ in millions)

8
68.4%
66.6%
7.7%
11.9%
14.3%
8.9%
9.6%
12.6%
2004
2005
All Other
Direct Mail
E-commerce
Banking Stores
2004¹
2005
Change %
Checking
5.8
6.5
11%
Savings
7.4
7.8
6%
Credit card
6.2
5.6
(10%)
Debit card
4.1
4.8
18%
Online banking
3.8
4.4
17%
Mortgage fundings
.5
.4
(13%)
Home equity fundings
.7
.7
5%
Protection and other products  
1.1
2.0
80%
Total
29.6
32.2
9%
Consumer Sales Activity
Product Sales Mix by Channel
Unit Sales by Product
•
Product
sales
grew
9%
over
2004
and
the
mix
is
shifting
to
less
expensive
channels.
($ in millions)
1
Proforma 2004 includes Fleet 1Q04

9
Global Consumer & Small Business Banking (GCSB)
Proforma ¹
vs. 4Q04    vs. 3Q05
2005
2004
% chg
4Q05
% chg
% chg
Consumer R/E Originations ²
Mortgage
$ 86.8
$  87.5
(1 %)
$  20.7
13 %      ( 25 %)
Home Equity
$ 72.0
61.1
18 %
19.7
22 %
10 %
Avg. managed card bal.
$ 59.0
$  54.4
9 %
59.7
6 %
-
Unit Sales (in millions)
32.2
29.6
9 %
7.3
( 3 %)       ( 15 %)
Purchase/Processing Volume (in billions)
Debit
142.1
113.2           26 %
39.6
24 %
10 %
Credit
87.6
80.7
9 %
24.1
10 %
6 %
Merchant Services   352.9
145.1
143 %
101.6
35 %
11 %
1
Proforma 2004 includes Fleet 1Q04
2
Includes originations across all business segments
($ in billions)
Production Statistics

10
Bringing Together Superior Distribution And Products
•
Distribution capabilities
–
5,873 banking centers
–
16,785 ATMs
–
14.7 million online customers
•
Customer base
–
#1 deposit market share
–
#1 small business lender
–
#1 middle market lender
•
Sales and service skills
•
Broad array of products
•
Attractive customer base
•
Best-in-class credit quality
•
Proven profitability
•
International presence
–
Leading market positions in
Canada, UK, Ireland and Spain
•
Affinity Relationships
–
More than 5,000 affinity partners
worldwide
•
Experienced management team
•
Proven marketing skills
•
Service focus

11
Global Business & Financial Services (GBFS)
GBFS (excluding Global Treasury Services)
Business Predictability:
High
2006 Earnings Outlook:
Mid-single digit growth
Long-term Outlook:
7 -
10%
Global Treasury Services (middle market component)
Business Predictability:
High
2006 Earnings Outlook:
less than 10%
Long-term Outlook:
7 –
10 %
•
Global Treasury Services represented 25%
of Global Business & Financial Services
earnings in 2005.
1
Proforma 2004 includes Fleet 1Q04 (supplemental
earnings package includes details)
($ in millions)
Proforma ¹
vs. 4Q04    vs. 3Q05
2005
2004
2004
% chg
4Q05
% chg
% chg
Net interest income
$   7,788
$ 6,534
$  7,113
9 %
$ 2,027
9 %
3 %
Noninterest income
3,372
2,717
3,128
8 %
872
2 %
( 3 %)
Total revenue
11,160
9,251
10,241
9 %
2,899
7 %
2 %
Securities gains
146
-
-
63
Provision expense
(49)
(442)
(361)
105
Noninterest expense
4,162
3,598
4,157
-
1,088
7 %
3 %
Income tax expense
2,631
2,251
2,370
634
Net income
$   4,562
$ 3,844
$ 4,075
12 %
$ 1,135
( 7 %)
3 %

12
Loan  Mix
4Q05
Annualized
Avg. Loans
Growth vs. 3Q05
Middle Market
$57.0
16 %
Dealer Finance
38.3
18
Commercial R/E
31.3
12
Leasing
19.8
9
Business Banking
18.1
8
Latin America
9.2
20
Business Capital
8.8
12
($ in billions)
Global Business & Financial Services
Other
4%
Latin
America
5%
Business
Banking
10%
Business
Capital
5%
Leasing
10%
Dealer
Finance
20%
Real
Estate
16%
Middle
Mkt
30%

13
Proforma ¹
vs. 4Q04    vs. 3Q05
2005
2004
2004
% chg
4Q05
% chg
% chg
Net interest income
$   3,770
$ 2,869     $ 2,952
28 %
$    993
19 %
7 %
Noninterest income
3,623
3,064
3,506
3 %
936
11 %
3 %
Total revenue
7,393
5,933
6,458
14 %
1,929
15 %
5 %
Provision expense
(5)
(20)
(18)
1
Noninterest expense
3,672
3,431
3,992
(8 %)
939
1 %
3 %
Income tax expense
1,338
917
938
353
Net income
$   2,388
$ 1,605     $ 1,546
54 %
$    636
32 %
9 %
Global Wealth & Investment Management (GWIM)
GWIM
Business Predictability:
High
2006 Earnings Outlook:
High-single digit growth
Long-term
Outlook:
High-single
digit
growth
1
Proforma 2004 includes Fleet 1Q04 (supplemental
earnings package includes details)
($ in millions)

14
•
AUM increased $25 billion or 5% over 3Q
-
Up approximately $23 billion from net inflows
Short-term (cash) up $22 billion
Long-term assets up $1 billion
-
Up approximately $2 billion from market action and
other adjustments
•
82% of the assets in Columbia Management's equity, fixed
income and money market funds are in the 35th percentile
or better
among their peer groups, as measured by Lipper
(based on
funds
with three-year annualized net returns as
of 12/31/05 )
•
39 percent of Columbia Management’s equity and fixed
income funds rated by Morningstar are rated 4 or 5 stars as
of December 31, 2005. ²
Lipper
Inc.
is
an
independent
mutual
fund
performance
monitor.
Lipper
ranks
mutual
funds’
total
performance
(assuming
reinvestment
of
distributions)
against
other
funds
having
similar
investment
objectives
and
strategies.
Lipper
makes
no
adjustment
for
the
effect
of
sales
loads.
Global Wealth & Investment Management
AUM Mix -
$482 Billion
2
36
Columbia
Management funds
had
at
least
one
share
class
earn
an
Overall
Rating
of
4
or
5
stars
by
Morningstar,
Inc.
for
the
period
ended
December
31,
2005.
For
each
fund
with
at
least
a
three-year
history,
Morningstar
calculates
a
Morningstar
Rating
(tm)
based
on
a
Morningstar
Risk-Adjusted
Return
measure.
The
top
10
percent
of
funds
in
each
category
receive
five
stars,
the
next
22.5
percent
receive
four
stars.
The
Overall
Morningstar
Rating
for
a
fund
is
derived from
a
weighted
average
of
the
performance
figures
associated
with
its
three-, five-
and
ten-year
(if
applicable)
Morningstar
Rating
metrics.
Past
performance
is
no
guarantee
of
future
performance.

15
Proforma ¹
vs. 4Q04    vs. 3Q05
2005
2004
2004
% chg
4Q05
% chg
% chg
Net interest income
$   3,298
$ 4,058
$  4,210      (22 %)
$    727
(24 %)
( 6 %)
Noninterest income
5,711
4,988
5,144
11 %
1,219
(1 %)       ( 21 %)
Total revenue
9,009
9,046   
9,354
( 4 %)
1,946
(11 %)
(16 %)
Securities gains (losses)      117
(10)
(10)
31
Provision expense
(244)
(445)
(430)
(7)
Noninterest expense
6,678
6,581
6,714
(1 %)
1,801
18 %
5 %
Income tax expense
956
976
1,041
60
Net income
$   1,736
$1,924
$ 2,019      (14 %)
$    123
(79 %)
(72 %)
Global Corporate & Investment Banking (GCIB)
GCIB (excluding Global Treasury Services)
Business Predictability:
Low
2006 Earnings Outlook:
More than 25%
Long-term Outlook:
10 -
15%
Global Treasury Services (large corporate component)
Business Predictability:
High
2006 Earnings Outlook:
less than 10%
Long-term Outlook:
7 –
10 %
•
Global Treasury Services represented 25%
of Global Corporate & Investment Banking
earnings in 2005.
1
Proforma 2004 includes Fleet 1Q04 (supplemental
earnings package includes details)
($ in millions)

16
Investment Banking Domestic Market Share and Rankings
2.90%
4.00%
6.90%
9.40%
5.20%
9.30%
8.30%
10.70%
17.70%
20.30%
3.20%
4.90%
5.90%
6.50%
7.40%
7.60%
11.90%
12.00%
15.60%
18.30%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
2005
2004
Syndicated loans #2
Leveraged loans #2
High-yield debt #2
Mergers & acquisitions #10
Convertible debt #8
Investment grade debt #5
Mortgage-backed securities #6
Asset-backed securities #9
Public finance #8
Common stock underwriting #10

17
All Other
•
The corporation’s total equity investment gains were $481 million versus $668
million in 3Q05 and $426 million in 4Q04. The majority of these gains are
reported in this segment.
•
Debt securities gains recorded were $71 million, an increase from $29 million in
3Q05 and a  decline from $101 million in 4Q04
•
4Q included repatriation of foreign earnings resulting in a benefit of $70 million

18
4Q05
3Q05
4Q04
Tier 1 Capital
$   74,027   $   73,030    $  64,281
Risk Weighted Assets
901,693
889,979
793,523
Tier 1 Capital Ratio
8.21%
8.21%
8.10%
Total Capital Ratio
11.04%
11.12%
11.63%
Leverage Ratio
5.89%
5.85%
5.82%
Tangible Equity
$   52,676   $   52,604    $ 50,496
Tangible Equity Ratio
4.24%
4.37%
4.76%
Dividends paid
$     2,012    $    2,023     $   1,829
Payout ratio
53%
49%
47%
Dividend yield
4.33%
4.75%
3.83%
Capital Strength
$ in millions

19
•
Expect GDP growth of  3 –
3.5%
•
Core
net interest income growth of 3 -
4%
•
Total revenue growth expected at low end of 6-9% long-term target range
•
Minimal securities gains planned in 2006 vs. $1.1 bb in 2005
•
Consumer credit stable
•
Commercial credit moving toward normalcy
•
Positive operating leverage
•
MBNA impact expected to be neutral in 2006
2006 Outlook

20
Line
of Business View –
On a Diluted Per Share Basis

21
Line
of Business View –
Outlook

22
APPENDIX
*

23
Earnings Highlights –
Fourth Quarter
•
Earnings of $3.8 billion, 2% below prior year quarter and 9% lower than 3Q05.
•
Strong earning asset generation across all segments
–
Consumer loans grew 13% annualized over 3Q05
–
Commercial loans grew $6.5 billion in large corporate space and $6.4 billion in commercial space
over 3Q05
•
Positives include:
–
Continued consumer product sales momentum
–
Increased mortgage banking income
–
Commercial loan strength
–
Assets under management grew 5% to $482 billion over 3Q05
•
4Q05 earnings decline attributable to:
–
$524
million
higher
charge-offs
from
Bankruptcy
reform
leading
to
a
$143
million
provision
expense impact from 3Q05
–
Card revenue reduced by $71 million from bankruptcy impact
–
Lower trading results and equity gains
–
Lower service charges from NSF policy changes

24
Net Income before merger charges
Global Consumer and         2005
% chg
% chg
Small Business ……........   $28.9
15%
9%
Global Business and
Financial Services…..……
$11.2
21%
9%
Global Wealth and
Investment Management..  $ 7.4
25%
14%
Global Corporate and
Investment Banking……..   $ 9.0
-
(4%)
All Other…………………..    $ 1.1      NM
NM
Total
$57.6
16%
9%
Revenue
Business Segment Performance -
2005
Proforma ¹
2004
1
Proforma 2004 includes Fleet 1Q04 (supplemental
earnings package includes details)
Proforma ¹
2004
2004
Global Consumer and         2005
% chg
% chg
Small Business ……........   $ 7.2
20%
14%
Global Business and
Financial Services…..……
$ 4.6
19%
12%
Global Wealth and
Investment Management..  $ 2.4
49%
54%
Global Corporate and
Investment Banking……..   $ 1.7
(10%)
(14%)
All Other…………………..    $ 1.3     NM
NM
Total
$17.2
18%
12%
2004
$ in billions

25
Global Consumer and
4Q05
% chg
Small Business ……............
$  7.4
4%
Global Business and
Financial Services…..………
$  2.9
7%
Global Wealth and
Investment Management….
$  1.9
15%
Global Corporate and
Investment Banking………..
$ 2.0
(11%)
All Other………………………
$   .2
(22%)
Total
$14.4
3%
Revenue
Business Segment Performance –
4Q05 vs. 4Q04
Global Consumer and
4Q05
% chg
Small Business ……............
$ 1.8
10%
Global Business and
Financial Services…..………
$ 1.1
( 7%)
Global Wealth and
Investment Management….
$   .6
32%
Global Corporate and
Investment Banking………..
$   .1
(79%)
All Other………………………
$   .2
16%
Total
$ 3.8
(6 %)
Net Income before merger charges
$ in billions

26
Core Net Interest Income and Yield Trends
$7,537
$7,658
$7,427
$7,657
$7,803
4.03%
3.95%
3.71%
3.71%
3.70%
1.44%
1.02%
0.69%
0.54%
1.59%
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
4Q04
1Q05
2Q05
3Q05
4Q05
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Core net interest income (FTE)
Core net interest yield
5-Year CMS vs. 3-month Libor
BAC Core Net Interest Yield
$ in millions

Net Interest Income Sensitivity
Net
interest
income
sensitivity
–
First
12
months
as
of
12/31/05

28
Net Interest Income Sensitivity

29
Nonperforming Assets and
Allowance for Credit Losses
$2,455
$1,603
0.47%
0.44%
0.36%
0.29%
0.28%
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
4Q04
1Q05
2Q05
3Q05
4Q05
0.0%
0.5%
1.0%
Nonperforming
Assets
Nonperforming
Assets / Loans,
Leases &
Foreclosed
Properties
532%
556%
470%
401%
390%
Allowance for loan and lease losses / NPLs
1.40%
1.50%
1.57%
1.57%
1.65%
Allowance for loan and lease losses / Loans
$8,440
$8,716
$8,702
$8,707
$9,028
Total
395
390
383
394
402
Reserve for unfunded lending commitments
$8,045
$8,326
$8,319
$8,313
$8,626
Allowance for loan and lease losses
Allowance for credit losses:
4Q05
3Q05
2Q05
1Q05
4Q04
$ in millions

30
Consumer Credit Quality
•
Allowance
decreased
as
reserves
were
utilized
for
the
portion
of
incremental
reform-
related
bankruptcy
net
charge-offs
estimated
to
be
accelerated
from
2006.
Decrease
partially
offset
by
reserve
build
for
held
card
growth,
primarily
advances
on
accounts
that
were
previously
securitized
and
continued
seasoning
of
the
portfolio.
4Q04
1Q05
2Q05
3Q05
4Q05
4Q05
Consumer
Consumer charge-offs
938
1,018
1,039
1,072
1,749
Consumer recoveries
137
151
156
166
172
Net consumer charge-offs
801
867
883
906
1,577
1,069
Net consumer c/o ratio
.98%
1.07%
1.09%
1.06%
1.79%
1.21%
Allowance for credit losses
4,378
4,279
4,521
4,793
4,515
Managed Consumer Card Information:
Net losses
837
884
909
864
1,429
905
Net losses  %
5.90%
6.17%
6.23%
5.74%
9.49%   
6.01%
30-day delinquency
4.37%
4.20%
4.25%
4.59%
4.17%
Excl. BK reform
impact
$ in millions

31
4Q04
1Q05
2Q05
3Q05
4Q05
Commercial
Commercial charge-offs
186
140
183
367
226
Commercial recoveries
142
118
186
128
155
Net commercial charge-offs
44
22
(3)
239
71
Net commercial c/o ratio
.09%
.05%
(.01%)
.47%
.13%
Allowance for credit losses
4,248
4,034
3,798
3,533
3,530
Commercial Credit Quality
•
3Q05 charge-offs included $209 million domestic airline industry exposure. 
Net charge-off ratio excluding domestic airline industry charge-offs was .06%
$ in millions

32
•
Net income of $1,771 million in 2005 and $389 million in 4Q05
•
Managed revenue of $3,939 million reflects growth of 6% from 3Q05 and 3%
from 4Q04
•
Average managed receivables of $124.9 billion
–
Growth of 4% vs. 3Q05
–
Growth of 5% vs. 4Q04
•
Managed net charge-offs of $1,849 million, or 5.92% of managed loans
–
Includes $537 million attributable to bankruptcy reform
–
Excluding this impact managed net charge-offs were $1,312 million or 4.20% of
managed loans 
MBNA Results

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