Bank of America - Financial Fundamentals

Company FundamentalsCompany Fundamentals\Company Profile

COMPANY PROFILE Figures in U.S. Dollars

A Wright Investors' Service Research Report: Bank of America Corporation

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Quality Rating:ABB 4

Bank of America Corporation. The Group's principal activity is to provide banking and certain non-banking financial services and products both domestically and internationally. It operates in three segments: Global Consumer and Small Business Banking (GCSBB), Global Corporate and Investment Banking (GCIB) and Global Wealth and Investment management (GWIM). These segments provide services include deposit products, lending loans, investment banking, capital markets, and leasing and financial advisory services. It operates in 50 states and the District of Columbia through its network of 6,100 banking centers, 18,700 ATMs located in 40 countries. The operations are carried out in the United States, Asia, Europe, Middle East, Africa, Mexico and Latin America. 01-Jul-2008 it acquired Countrywide Financial Corporation and LaSalle Bank and on 01-Jan-2009, acquired Merrill Lynch & Co., Inc.

Stock Price (5/8/2009): 14.17

Stock Chart

Recent stock performance1 Week 62.9%4 Weeks 48.4%13 Weeks 131.2%52 Weeks -61.3%

Chairman, President & Chief Executive

Kenneth D. Lewis

Chief Financial Officer Joe L. Price

Secretary James W. Kiser

Officers

Earnings / Dividends (as of 3/31/2009) Earnings Dividends

Most Recent Qtr 0.44 0.01 Last 12 Months 0.77 0.98

Ratio AnalysisPrice / Earnings Ratio 18.40 Dividend Yield 6.92% Price / Sales Ratio 0.80 Payout Ratio 127.27%

Key Data

Ticker: BAC

2008 Sales: 112,991,000,000

Major Industry: Financial

Sub Industry: Commercial Banks

Country: United States

Currency: U.S. Dollars

Fiscal Year Ends: December

Employees 243,000

Exchanges: NYSE BSE MSE PBW PCS

Share Type: Common

Market Capitalization: 90,701,461,429

Total Shares Outstanding: 6,400,949,995

Closely Held Shares: 49,477,929

Price / Book Ratio 0.51 % Held by Insiders 0.77%

Address100 North Tryon Street Charlotte, NORTH CAROLINA 28255 UNITED STATES

Phone +1 704 386-5681 Home Page http://www.bankofamerica.com

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission.

Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report: Bank of America Corporation Provided By CorporateInformation.com

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report

Report Date: 5/8/2009

Company Description Bank of America Corporation. The Group's principal activity is to provide banking and certain non-banking financial services and products both domestically and internationally. It operates in three segments: Global Consumer and Small Business Banking (GCSBB), Global Corporate and Investment Banking (GCIB) and Global Wealth and Investment management (GWIM). These segments provide services include deposit products, lending loans, investment banking, capital markets, and leasing and financial advisory services. It operates in 50 states and the District of Columbia through its network of 6,100 banking centers, 18,700 ATMs located in 40 countries. The operations are carried out in the United States, Asia, Europe, Middle East, Africa, Mexico and Latin America. 01-Jul-2008 it acquired Countrywide Financial Corporation and LaSalle Bank and on 01-Jan-2009, acquired Merrill Lynch & Co., Inc.

Competitor Analysis

Bank of America Corporation operates in the National commercial banks sector. This analysis compares Bank of America with three other companies in this sector in the United States: JPMorgan Chase & Co. (2008 sales of $101.49 billion of which 23% was Retail Financial Services), Royal Bank of Scotland Group plc (The) ($107.61 billion of which 28% was Global Banking & Mkts), and Citigroup Inc. ($105.76 billion of which 27% was Consumer Banking).

Sales Analysis

Bank of America reported sales of $112.99 billion for the year ending December of 2008. This represents a decrease of 5.2% versus 2007, when the company's sales were $119.19 billion. Contributing to the drop in overall sales was the 1.7% decline in Global Wealth and Investment Management, from $7.92 billion to $7.79 billion. . However, these declines were partially offset by the increase in sales of Global Consumer and Small Business Banking (up 22.4% to $58.34 billion) and Global Corporate and Investment Banking (up 0.2% to $13.44 billion) .

Recent Sales at Bank of America

(Figures in Billions of U.S. Dollars) Most of the company's 2008 sales were in its home market of the United States: in 2008, this region's sales were $67.55 billion, which is equivalent to 59.8% of total sales. On a geographical basis, contributing to the decline in the company's sales in 2008 were the declines in Latin America, where sales dropped 49.5% to $443.00 million. Sales in Europe were also lower, falling 26.3% (to $3.02 billion) . However, not all regions experienced a decline in sales. Sales in the United States increased 13.1% (to $67.55 billion). Sales also increased in Asia (up 9.7% to $1.77 billion) . Bank of America currently has 243,000 employees. With sales of $112.99 billion , this equates to sales of US$464,984 per employee. The sales per employee levels at the three comparable companies vary greatly, from US$323,512 to US$539,393, as shown in the following table. Some of the variation may be due to the way each of these companies counts employees (and if they count subcontractors, independent contractors, etc).

Sales Comparisons (Fiscal Year ending 2008)

49

66

85

117

119

113

2003 2004 2005 2006 2007 2008

Sales Sales Sales/

Recent Stock Performance

In recent years, this stock has performed terribly. In 2006, the stock traded as high as $55.08, versus $14.17 on 5/8/2009. For the 52 weeks ending 5/8/2009, the stock of this company was down 61.3% to $14.17. During the past 13 weeks, the stock has increased 131.2%. During the 12 months ending 3/31/2009, earnings per share totalled $0.77 per share. Thus, the Price / Earnings ratio is 18.40. These 12 month earnings are greater than the earnings per share achieved during the calendar year ending last December, when the company reported earnings of 0.55 per share. Earnings per share fell 83.3% in 2008 from 2007. Note that the earnings number includes a $.17 pre-tax credit and $.40 pre-tax charge in 2008 ($.17 pre-tax credit and $.20 pre-tax charge Dec, $.40 pre-tax charge Sep, $.16 pre-tax charge Jun and $.16 pre-tax charge Mar). This company is currently trading at 0.80 times sales. Bank of America is trading at 0.51 times book value. Since the price to book ratio is less than 1, this means that theoretically, the net value of the assets is greater than the value of a company as a going concern. At the end of 2008, this company's intangible assets were quite sizable, at $103.53 billion, while the total common equity stood at $137.79 billion. If these intangible assets were to be excluded, the company's price to book ratio would be significantly higher.

Summary of company valuations (as of 5/8/2009).

The market capitalization of this company is $90.70 billion . Management, directors, and other insiders own less than 2% of the outstanding stock. The capitalization of the floating stock (i.e., that which is not closely held) is $90.00 billion .

Dividend Analysis

During the 12 months ending 3/31/2009, Bank of America paid dividends totalling $0.98 per share. Since the stock is currently trading at $14.17, this implies a dividend yield of 6.9%. During the quarter ended 3/31/2009, the company paid dividends of $0.01 per share. The company has paid a dividend for 6 straight years. During the same 12 month period ended 3/31/2009, the Company reported earnings of $0.77 per share. Thus, the company is paying out dividends that are higher than the earnings.

Profitability Analysis The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were $96.05 billion, or 85.0% of sales. This EBITDA margin is worse than the company achieved in 2007, when the EBITDA margin was equal to 88.7% of sales. The three comparable companies had EBITDA margins that were all less (between 29.3% and 83.0%) than that achieved by Bank of America. In 2008, earnings before extraordinary items at Bank of America were $4.01 billion, or 3.5% of sales. This profit margin is lower than the level the company achieved in 2007, when the profit margin was 12.6% of sales. The company's return on equity in 2008 was 2.8%. This was significantly worse than the 11.3% return the company achieved in 2007. (Extraordinary items have been excluded). Bank of America reports profits by product line. During 2008, the itemized operating profits at all divisions were $5.62 billion, which is equal to 5.0% of total sales. Of all the product lines, Global Wealth and Investment Management had the highest operating profits in 2008, with operating profits equal to 28.5% of sales. (However, Global Wealth and Investment Management only accounts for 7% of total sales at Bank of America). In fact, during each of the previous 3 years, Global Wealth and Investment Management has had the highest operating profits of all product lines at Bank of America. Global Corporate and Investment Banking had the lowest operating profit margin in 2008, with the operating profit showing a loss equivalent to 0.2% of sales. In 2007, Global Corporate and Investment Banking also was the product line with the lowest operating profit margin. This product line was profitable during 2007, when it reported profits of $840.00 million on sales of $13.42 billion, or approximately 6% of sales.

Financial Position

Company (blns) Growth Emp (US$) Largest Region

Bank of America 112.991 -5.2% 464,984 the United States (59.8%)

JPMorgan Chase & Co. 101.491 -12.8% 451,149 the United States (49.1%)

Royal Bank of Scotland Group plc (The) 107.609 -1.8% 539,393 the United Kingdom (24.0%)

Citigroup Inc. 105.756 -33.6% 323,512 Asia-Pacific (14.8%)

Company P/EPrice/

BookPrice/ Sales

52 Wk Pr Chg

Bank of America 18.4 0.51 0.80 -61.30%

JPMorgan Chase & Co. 67.1 1.07 1.44 -16.38%

Royal Bank of Scotland Group plc (The) N/A 0.41 0.27 -88.95%

Citigroup Inc. N/A 0.31 0.21 -82.99%

As of December 2008, the company's long term debt was $225.41 billion and total liabilities (i.e., all monies owed) were $1.64 trillion. The long term debt to equity ratio of the company is 1.27.

Financial Positions

Bank of America has made acquisitions during each of the three previous years. The company acquired Countrywide Financial Corporation and Lasalle Bank in 2008 and Merrill Lynch and Co., Inc. in 2009. This followed acquisition of Abn Amro North America Holding Co and Us Trust Corp in 2007 and Countrywide Financial Corporation and Lasalle Bank in 2008. Finally, it purchased Mbna Corporation and Healthlogic Systems Corporation in 2006.

Company YearLT Debt/ Equity

Bank of America 2008 1.27

JPMorgan Chase & Co. 2008 2.72

Royal Bank of Scotland Group plc (The) 2008 3.07

Citigroup Inc. 2008 3.82

Copyright 2001-2009 The Winthrop Corporation Distributed by Wright Investors' Service, Inc.

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: Bank of America Corporation Per Share- U.S. Dollars

Year Price Value Ratios Equity Capital Earnings Dividends

Calendar

Year

Market Price Last

Price/ Earnings

Ratio

Price/ Book Ratio

Dividend Yield

% Earned Growth

% Profit Rate (ROE)

Book Value

Begin Yr

12 Month Earnings

Per Share%

Change

% Payout Ratio

12 Month Dividends Per Share

2000 22.94 10.1 1.8 4.5% 9.5% 17.4% 12.97 BF 2.26 0.9% 45.6% 1.03

2001 31.48 15.1 2.1 3.6% 6.4% 14.1% 14.78 BCF 2.09 -7.5% 54.5% 1.14

2002 34.79 11.8 2.3 3.5% 11.3% 19.2% 15.35 BCF 2.96 41.4% 41.3% 1.22

2003 D 40.22 11.3 2.5 3.6% 13.1% 22.0% 16.18 BCF 3.57 20.6% 40.4% 1.44

2004 D 46.99 12.7 2.9 3.6% 12.3% 22.8% 16.19 BCF 3.69 3.5% 46.1% A 1.70

2005 D 46.15 11.4 1.9 4.1% 8.7% 16.4% 24.62 BF 4.04 9.5% 47.0% 1.90

2006 D 53.39 11.6 2.1 4.0% 9.8% 18.1% 25.32 BCF 4.59 13.6% 46.2% 2.12

2007 D 41.26 12.5 1.4 5.8% 3.0% 11.1% 29.70 BF 3.30 -28.1% 72.7% 2.40

2008 D 14.08 25.6 0.4 15.9% -5.3% 1.7% 31.69 BF 0.55 -83.3% 407.3% 2.24

5/8/2009 14.17 18.4 0.5 6.9% n/a n/a 27.46 0.77 n/c 127.3% 0.98

(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 2:1 ON 08/30/2004

(B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS $.17 PRETAX CR & $.40 PRETAX CHG IN 2008 ($.17 PRETAX CR & $.20 PRETAX CHG DEC, $.40 PRETAX CHG SEP, $.16 PRETAX CHG JUN & $.16 PRETAX CHG MAR), INCLS $.06 CHG IN 2007 ($.02 CHG DEC, $.01 CHG SEP, $.01 CHG JUN & $.02 CHG MAR), INCLS $.11 CHG IN 2006 ($.03 CHG DEC, $.04 CHG SEP, $.03 CHG JUN & $.01 CHG MAR), INCLS $.07 CHG IN 2005 ($.01 CHG DEC, $.02 CHG SEP, $.02 CHG JUN & $.02 CHG MAR), INCLS $.16 PRETAX CHG IN 2004 ($.07 PRETAX CHG DEC, $.06 PRETAX CHG SEP & $.03 PRETAX CHG JUN), INCLS $.08 PRETAX CHG IN 2003 ($.04 PRETAX CHG DEC & $.04 PRETAX CHG SEP), INCLS $.07 PRETAX CHG DEC 2002, INCLS $.40 CHG & $.15 PRETAX CHG IN 2001 ($.15 PRETAX CHG DEC & $.40 CHG SEP), INCLS $.01 CHG SEP 2000, INCLS $.20 CHG IN 1999 ($.12 CHG DEC & $.08 CHG JUN), INCLS $.90 CHG & $.24 PRETAX CR IN 1998 ($.25 CHG DEC, $.29 CHG SEP, $.24 PRETAX CR JUN, $.36 CHG MAR)

(C): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED SFAS 158 EMPLOYERS ACCOUNTING FOR DEFINED BENEFIT PENSION AND OTHER POSTRETIREMENT PLANS, AN AMENDMENT OF FASB STATEMENTS NO. 87, 88, 106, AND 132(R), SFAS 156 ACCOUNTING FOR SERVICING OF FINANCIAL ASSETS, AN AMENDMENT OF FASB STATEMENT 140, SAB 108 CONSIDERING THE EFFECTS OF PRIOR YEAR MISSTATEMENTS WHEN QUANTIFYING MISSTATEMENTS IN CURRENT YEAR FINANCIAL STATEMENTS IN 2006, - ADOPTED FAS 106-2 FOR ACCOUNTING & DISCLOSURE REQUIREMENTS RELATED TO THE MEDICARE PRESCRIPTION DRUG, IMPROVEMENT & MODERNIZATION ACT OF 2003, FIN 46R FOR CONSOLIDATION OF VARIABLE INTEREST ENTITIES, AN INTERPRETATION OF ARB 51 & SAB 105 FOR APPLICATION OF ACCOUNTING PRINCIPLES TO LOAN COMMITMENTS IN 2004, EARNINGS IMPACT NOT SPECIFIED IN THE FIRST CASE & EARNINGS IMPACT IMMATERIAL IN THE LAST TWO CASES, - ADOPTED SFAS 150 FOR CERTAIN FINANL INSTRUMENTS WITH CHARACTERISTICS OF BOTH LIABS & EQUITY, 149, AN AMDMT TO SFAS 133 FOR DERIVATIVE INSTRUMENTS & HEDGING ACTVTS, 148, AN AMDMT TO SFAS 123 FOR STK-BASED COMPSN-TRANST & DISCL, FIN 46 FOR CONSLDN OF VARIABLE INTEREST ENTITIES & FIN 45 FOR GTORS DISCL REQMNT FOR GTEES INC INDIRECT GTEES OF INDEBTEDNESS OF OTHS IN 2003, - ADOPTED SFAS 142 FOR GOODWILL & OTHER INTANGIBLE ASSETS IN 2002, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED SFAS 133 AS AMENDED BY SFAS 137 & 138 FOR ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES & SFAS 140 ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENTS OF LIABILITIES IN 2001. EARNINGS IMPACT IMMATERIAL IN EITHER CASE, - ADOPTED SFAS 131 TO ACCOUNT FOR DISCLOSURES ABOUT SEGMENTS OF AN ENTERPRISE AND RELATED INFORMATION IN 1998

(D): ACQ'D - COUNTRYWIDE FINANCIAL CORPORATION & LASALLE BANK IN 2008 & MERRILL LYNCH & CO., INC. IN 2009, ABN AMRO NORTH AMERICA HOLDING CO & US TRUST CORP IN 2007 & COUNTRYWIDE FINANCIAL CORPORATION & LASALLE BANK IN 2008, MBNA CORPORATION & HEALTHLOGIC SYSTEMS CORPORATION IN 2006, COMMERCIAL CARD

TECHNOLOGY & RELATED BUSINESS OF WORKS INC IN 2005 & MBNA CORPORATION & HEALTHLOGIC SYSTEMS CORPORATION IN 2006, FLEETBOSTON FINANCIAL CORPORATION & NATIONAL PROCESSING INC IN 2004, 24.9% OF GRUPO FINANCIERO SANTANDER SERFIN & FRAMEWORK INC IN 2003, BA MERCHANT SERVICES INC IN 1999, BANKAMERICA CORP (OLD) & BARNETT BANKS INC IN 1998

(E): NAME CHANGED FROM BANKAMERICA CORP IN APR 1999, NAME CHANGED FROM NATIONSBANK IN SEP 1998

(F): BASED ON FULLY DILUTED SHARES

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy,

completeness and opinions are not guaranteed.

Company Fundamentals\Sales Analysis

SALES ANALYSIS: Bank of America Corporation Figures in millions of U.S. Dollars

Year

RevenuesOperating Expense

- Total

Earnings before Interest, Taxes,

Depreciation, and Amortization

(EBITDA)

After Tax Income before

Extraordinary Charges and

Credits Employees

Amount in

millions

Year-to-year

Growth

Amount in

millions% of

Revenues

Amount in

millions% of

Revenues

Amount in

millions% of

Revenues Number

Revenues Per

Employee

After Tax Income

Per Employee

1999 51,632 -0.3% 38,892 75.3% 16,844 32.6% 7,882 15.3% 155,906 331,174 50,556

2000 57,772 11.9% 45,434 78.6% 17,668 30.6% 7,517 13.0% 142,724 404,781 52,668

2001 53,116 -8.1% 40,815 76.8% 14,766 27.8% 6,792 12.8% 143,000 371,441 47,497

2002 46,444 -12.6% 33,243 71.6% 16,332 35.2% 9,249 19.9% 133,944 346,742 69,051

2003 49,006 5.5% 32,925 67.2% 18,785 38.3% 10,810 22.1% 133,549 366,951 80,944

2004 65,910 34.5% 43,608 66.2% 24,597 37.3% 14,143 21.5% 175,742 375,038 80,476

2005 85,064 29.1% 60,172 70.7% 29,857 35.1% 16,465 19.4% 176,638 481,572 93,213

2006 116,574 37.0% 83,796 71.9% 40,121 34.4% 21,133 18.1% 203,425 573,056 103,886

2007 119,190 2.2% 97,856 82.1% 31,451 26.4% 14,982 12.6% 210,000 567,571 71,343

2008 112,991 -5.2% 107,743 95.4% 15,851 14.0% 4,008 3.5% 243,000 464,984 16,494

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable,

but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Price Analysis

PRICE ANALYSIS: Bank of America Corporation Per Share- U.S. Dollars

QuarterHigh Price

Low Price

Closing Price

Quarterly %Change

12 months %Change

2000 Jan - Mar 27.594 21.157 26.219 n/a n/a

Apr - Jun 30.500 21.500 21.688 -17.3% n/a

Jul - Sep 28.813 21.813 26.188 20.7% n/a

Oct - Dec 27.375 18.157 22.938 -12.4% n/a

2001 Jan - Mar 27.970 22.500 27.375 19.3% 4.4%

Apr - Jun 31.090 24.325 30.015 9.6% 38.4%

Jul - Sep 32.770 25.125 29.200 -2.7% 11.5%

Oct - Dec 32.495 26.050 31.475 7.8% 37.2%

2002 Jan - Mar 34.805 28.755 34.010 8.1% 24.2%

Apr - Jun 38.545 33.410 35.180 3.4% 17.2%

Jul - Sep 36.350 27.555 31.900 -9.3% 9.2%

Oct - Dec 36.000 26.975 34.785 9.0% 10.5%

2003 Jan - Mar 36.250 32.130 33.420 -3.9% -1.7%

Apr - Jun 40.000 33.600 39.515 18.2% 12.3%

Jul - Sep 42.450 37.290 39.020 -1.3% 22.3%

Oct - Dec 41.375 36.225 40.215 3.1% 15.6%

2004 Jan - Mar 41.500 38.800 40.490 0.7% 21.2%

Apr - Jun 42.840 38.505 42.310 4.5% 7.1%

Jul - Sep 44.990 41.700 43.330 2.4% 11.0%

Oct - Dec 47.470 42.940 46.990 8.4% 16.8%

2005 Jan - Mar 47.200 43.400 44.100 -6.2% 8.9%

Apr - Jun 47.440 43.470 45.610 3.4% 7.8%

Jul - Sep 46.050 41.130 42.100 -7.7% -2.8%

Oct - Dec 47.250 41.380 46.150 9.6% -1.8%

2006 Jan - Mar 47.240 40.930 45.540 -1.3% 3.3%

Apr - Jun 50.500 45.260 48.100 5.6% 5.5%

Jul - Sep 54.000 47.590 53.570 11.4% 27.2%

Oct - Dec 55.080 51.320 53.390 -0.3% 15.7%

2007 Jan - Mar 54.210 48.360 51.020 -4.4% 12.0%

Apr - Jun 52.200 48.550 48.890 -4.2% 1.6%

Jul - Sep 52.780 46.520 50.270 2.8% -6.2%

Oct - Dec 52.960 40.610 41.260 -17.9% -22.7%

2008 Jan - Mar 45.080 33.120 37.910 -8.1% -25.7%

Apr - Jun 41.864 22.440 23.870 -37.0% -51.2%

Jul - Sep 39.500 18.440 35.000 46.6% -30.4%

Oct - Dec 38.500 10.010 14.080 -59.8% -65.9%

2009 Jan - Mar 14.810 2.530 6.820 -51.6% -82.0%

5/8/2009 14.170 131.2% -61.3%

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission.

Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS: Bank of America Corporation Per Share- U.S. Dollars Fiscal Year Ends in December

(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 2:1 ON 08/30/2004

(B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS $.17 PRETAX CR & $.40 PRETAX CHG IN 2008 ($.17 PRETAX CR & $.20 PRETAX CHG DEC, $.40 PRETAX CHG SEP, $.16 PRETAX CHG JUN & $.16 PRETAX CHG MAR), INCLS $.06 CHG IN 2007 ($.02 CHG DEC, $.01 CHG SEP, $.01 CHG JUN & $.02 CHG MAR), INCLS $.11 CHG IN 2006 ($.03 CHG DEC, $.04 CHG SEP, $.03 CHG JUN & $.01 CHG MAR), INCLS $.07 CHG IN 2005 ($.01 CHG DEC, $.02 CHG SEP, $.02 CHG JUN & $.02 CHG MAR), INCLS $.16 PRETAX CHG IN 2004 ($.07 PRETAX CHG DEC, $.06 PRETAX CHG SEP & $.03 PRETAX CHG JUN), INCLS $.08 PRETAX CHG IN 2003 ($.04 PRETAX CHG DEC & $.04 PRETAX CHG SEP), INCLS $.07 PRETAX CHG DEC 2002, INCLS $.40 CHG & $.15 PRETAX CHG IN 2001 ($.15 PRETAX CHG DEC & $.40 CHG SEP), INCLS $.01 CHG SEP 2000, INCLS $.20 CHG IN 1999 ($.12 CHG DEC & $.08 CHG JUN)

(C): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED SFAS 158 EMPLOYERS ACCOUNTING FOR DEFINED BENEFIT PENSION AND OTHER POSTRETIREMENT PLANS, AN AMENDMENT OF FASB STATEMENTS NO. 87, 88, 106, AND 132(R), SFAS 156 ACCOUNTING FOR SERVICING OF FINANCIAL ASSETS, AN AMENDMENT OF FASB STATEMENT 140, SAB 108 CONSIDERING THE EFFECTS OF PRIOR YEAR MISSTATEMENTS WHEN QUANTIFYING MISSTATEMENTS IN CURRENT YEAR FINANCIAL STATEMENTS IN 2006, - ADOPTED FAS 106-2 FOR ACCOUNTING & DISCLOSURE REQUIREMENTS RELATED TO THE MEDICARE PRESCRIPTION DRUG, IMPROVEMENT & MODERNIZATION ACT OF 2003, FIN 46R FOR CONSOLIDATION OF VARIABLE INTEREST ENTITIES, AN INTERPRETATION OF ARB 51 & SAB 105 FOR APPLICATION OF ACCOUNTING PRINCIPLES TO LOAN COMMITMENTS IN 2004, EARNINGS IMPACT NOT SPECIFIED IN THE FIRST CASE & EARNINGS IMPACT IMMATERIAL IN THE LAST TWO CASES, - ADOPTED SFAS 150 FOR CERTAIN FINANL INSTRUMENTS WITH CHARACTERISTICS OF BOTH LIABS & EQUITY, 149, AN AMDMT TO SFAS 133 FOR DERIVATIVE INSTRUMENTS & HEDGING ACTVTS, 148, AN AMDMT TO SFAS 123 FOR STK-BASED COMPSN-TRANST & DISCL, FIN 46 FOR CONSLDN OF VARIABLE INTEREST ENTITIES & FIN 45 FOR GTORS DISCL REQMNT FOR GTEES INC INDIRECT GTEES OF INDEBTEDNESS OF OTHS IN 2003, - ADOPTED SFAS 142 FOR GOODWILL & OTHER INTANGIBLE ASSETS IN 2002, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED SFAS 133 AS AMENDED BY SFAS 137 & 138 FOR ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES & SFAS 140 ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENTS OF LIABILITIES

Calendar Years

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Earnings%

ChangeQ1

Mar.Q2

Jun.Q3

Sep.Q4

Dec. Dividends%

ChangeQ1

Mar.Q2

Jun.Q3

Sep.Q4

Dec.%

Payout

1998 1.45 -30.5% 0.38 0.64 0.11 0.33 0.80 n/c 0.19 0.19 0.19 0.23 50.2%

1999 DE BF 2.24 54.5% 0.54 0.54 0.62 0.55 0.93 16.4% 0.23 0.23 0.23 0.25 40.5%

2000 BF 2.26 0.9% 0.67 0.62 0.55 0.43 1.03 11.4% 0.25 0.25 0.25 0.28 45.0%

2001 BCF 2.09 -7.5% 0.58 0.62 0.26 0.64 1.14 10.7% 0.28 0.28 0.28 0.30 53.4%

2002 BCF 2.96 41.4% 0.69 0.70 0.73 0.85 1.22 7.0% 0.30 0.30 0.30 0.32 40.1%

2003 D BCF 3.57 20.6% 0.79 0.90 0.96 0.92 1.44 18.0% 0.32 0.32 0.40 0.40 39.6%

2004 D BCF 3.69 3.5% 0.91 0.93 0.91 0.94 A 1.70 18.1% 0.40 0.40 0.45 0.45 45.7%

2005 D BF 4.04 9.5% 1.07 1.14 0.95 0.88 1.90 11.8% 0.45 0.45 0.50 0.50 46.7%

2006 D BCF 4.59 13.6% 1.06 1.19 1.18 1.16 2.12 11.6% 0.50 0.50 0.56 0.56 45.7%

2007 D BF 3.30 -28.1% 1.15 1.28 0.82 0.05 2.40 13.2% 0.56 0.56 0.64 0.64 72.3%

2008 D BF 0.55 -83.3% 0.22 0.70 0.15 -0.52 2.24 -6.7% 0.64 0.64 0.64 0.32 n/c

2009 n/a n/c 0.44 n/a n/a n/a n/a n/c 0.01 0.01 n/a n/a n/c

IN 2001. EARNINGS IMPACT IMMATERIAL IN EITHER CASE

(D): ACQ'D - COUNTRYWIDE FINANCIAL CORPORATION & LASALLE BANK IN 2008 & MERRILL LYNCH & CO., INC. IN 2009, ABN AMRO NORTH AMERICA HOLDING CO & US TRUST CORP IN 2007 & COUNTRYWIDE FINANCIAL CORPORATION & LASALLE BANK IN 2008, MBNA CORPORATION & HEALTHLOGIC SYSTEMS CORPORATION IN 2006, COMMERCIAL CARD TECHNOLOGY & RELATED BUSINESS OF WORKS INC IN 2005 & MBNA CORPORATION & HEALTHLOGIC SYSTEMS CORPORATION IN 2006, FLEETBOSTON FINANCIAL CORPORATION & NATIONAL PROCESSING INC IN 2004, 24.9% OF GRUPO FINANCIERO SANTANDER SERFIN & FRAMEWORK INC IN 2003, BA MERCHANT SERVICES INC IN 1999

(E): NAME CHANGED FROM BANKAMERICA CORP IN APR 1999

(F): BASED ON FULLY DILUTED SHARES

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but accuracy, completeness and opinions are not guaranteed.

Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Bank of America Corporation Figures are expressed as Percent of Total Assets. Total Assets are in millions of U.S. Dollars.

Fiscal Year 2008 2007 2006 2005 2004

Fiscal Year End Date 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004

Assets

Total Assets 1,817,943.0 1,715,746.0 1,459,737.0 1,291,803.0 1,110,457.0

Cash & Due from Banks

1.8% 2.5% 2.5% 2.9% 2.6%

Investments – Total 35.6% 33.3% 35.8% 42.7% 39.0%

Treasury Securities 0.3% 0.0% 0.0% 0.1% 0.1%

Federal Agency Securities

State and Municipal Securities

Trading Account Securities

8.8% 9.4% 10.5% 10.2% 8.4%

Securities Purchased under Resale Agreements

Mortgage Backed Securities

12.6% 9.5% 10.7% 14.9% 15.6%

Federal Funds 4.5% 7.6% 9.3% 11.6% 8.2%

Other Securities 3.8% 4.0% 2.6% 2.6% 2.2%

Other Investments 5.7% 2.7% 2.6% 3.4% 4.5%

Loans – Total 51.2% 51.1% 48.4% 44.4% 47.0%

Interbank Loans

Lease Financing 1.2% 1.3% 1.5% 1.6% 1.9%

Commercial & Industrial Loans

12.2% 12.4% 11.1% 10.9% 11.0%

Consumer & Instalment Loans

16.6% 15.0% 14.6% 13.4% 13.1%

Real Estate Mortgage Loans

18.3% 19.6% 19.0% 16.9% 18.9%

Foreign Loans 2.9% 2.8% 2.2% 1.7% 2.0%

Broker & Financial Institution Loans

Unspecified/Other Loans

0.0% 0.0% 0.0% 0.0% 0.0%

Unearned Income

Reserves for Loan Losses

1.3% 0.7% 0.6% 0.6% 0.8%

Loans - Net 50.0% 50.4% 47.8% 43.8% 46.2%

Investment in Associated Companies

0.2% 0.0%

Customer Liabilities on Acceptances (Assets)

0.0% 0.0% 0.0% 0.0% 0.0%

Real Estate Assets 0.1% 0.0% 0.0% 0.0% 0.0%

Property Plant and Equipment - Gross

Accumulated Depreciation

Property Plant and Equipment – Net

0.7% 0.7% 0.6% 0.6% 0.7%

Other Assets 11.8% 13.1% 13.3% 9.8% 11.4%

Interest Receivable

Deferred Charges

Tangible Other Assets

6.1% 7.8% 8.0% 5.9% 6.8%

Intangible Other Assets

5.7% 5.3% 5.4% 4.0% 4.6%

Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%

Liabilities & Shareholders' Equity

Total Liabilities & Shareholders' Equity

1,817,943.0 1,715,746.0 1,459,737.0 1,291,803.0 1,110,457.0

Deposits - Total 48.6% 46.9% 47.5% 49.1% 55.7%

Demand Deposits 11.8% 11.0% 12.3% 13.9% 14.8%

Savings/Other Time Deposits

31.7% 29.3% 28.6% 29.7% 35.7%

Foreign Office Deposits

5.1% 6.7% 6.5% 5.5% 5.2%

Unspecified Deposits

0.0% 0.0% 0.0% 0.0% 0.0%

Total Debt 34.8% 35.6% 34.6% 35.4% 26.7%

Short Term Debt & Current Portion of Long Term Debt

22.4% 25.8% 25.8% 28.5% 18.7%

Long-Term Debt 12.4% 9.7% 8.8% 6.9% 8.0%

Long-Term Debt Excluding Capitalized Leases

12.4% 9.7% 8.8% 6.9% 8.0%

Capitalized Lease Obligations

0.0% 0.0% 0.0% 0.0% 0.0%

Provision for Risks and Charges

Deferred Income 0.0% 0.0% 0.0% 0.0% 0.0%

Deferred Taxes

Deferred Taxes-Credit

Deferred Taxes-Debit

Deferred Tax Liability in Untaxed Reserves

Other Liabilities 6.9% 9.0% 8.6% 7.6% 8.6%

Total Liabilities 90.3% 91.4% 90.7% 92.1% 91.0%

Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock 2.2% 0.3% 0.2% 0.0% 0.0%

Preferred Stock Issued for ESOP

ESOP Guarantees-Preferred Issued

Common Equity 7.6% 8.3% 9.1% 7.8% 8.9%


100.0% 100.0% 100.0% 100.0% 100.0%

Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): Bank of America Corporation Figures are the Percent Changes from the Prior Year.

Fiscal Year 2008 2007 2006 2005 2004


Assets

Total Assets 6.0% 17.5% 13.0% 16.3% 50.8%

Cash & Due from Banks -22.7% 16.8% -1.5% 27.9% 6.8%

Investments – Total 13.3% 9.6% -5.3% 27.1% 61.9%

Treasury Securities 512.3% 10.3% -4.0% -13.1% 15.7%




-1.6% 5.9% 16.2% 40.7% 36.5%



40.2% 4.3% -18.3% 10.8% 210.0%

Federal Funds -36.3% -4.4% -9.6% 64.0% 19.4%

Other Securities -1.3% 80.2% 15.8% 35.0% 86.5%

Other Investments 122.4% 24.2% -14.7% -12.4% -5.6%

Loans – Total 6.3% 24.0% 23.1% 10.0% 40.5%

Interbank Loans

Lease Financing -0.8% 3.3% 5.6% -4.1%


4.2% 31.4% 15.3% 15.1% 26.3%


17.1% 20.4% 23.5% 18.6% 49.2%


-1.0% 21.2% 27.1% 4.0% 31.6%

Foreign Loans 12.0% 50.1% 48.5% -4.8% 27.4%



Unearned Income

Reserves for Loan Losses 99.1% 28.5% 12.1% -6.7% 40.0%

Loans - Net 5.0% 24.0% 23.3% 10.2% 40.5%


1,415.2% -40.4%


Real Estate Assets 420.5% 408.7% -25.0% -9.8% -31.1%




17.1% 21.4% 18.9% 3.6% 24.5%

Other Assets -5.0% 15.7% 53.3% 0.0% 81.9%

Interest Receivable

Deferred Charges

Tangible Other Assets -17.6% 15.0% 54.0% 0.4% 31.1%

Intangible Other Assets 13.5% 16.7% 52.1% -0.5% 317.6%

Total Assets 6.0% 17.5% 13.0% 16.3% 50.8%



6.0% 17.5% 13.0% 16.3% 50.8%

Deposits - Total 9.7% 16.1% 9.3% 2.6% 49.4%

Demand Deposits 13.5% 4.6% 0.4% 9.6% 38.3%


15.0% 20.0% 8.8% -3.1% 51.4%

Foreign Office Deposits -19.8% 20.7% 34.1% 22.1% 73.0%

Unspecified Deposits

Total Debt 3.8% 20.8% 10.3% 54.4% 51.3%


-8.0% 17.8% 2.1% 77.1% 56.6%

Long-Term Debt 34.9% 29.7% 43.7% 1.2% 40.2%


34.9% 29.7% 43.7% 1.2% 40.2%



Deferred Income

Deferred Taxes




Other Liabilities -18.7% 21.9% 28.9% 2.1% 22.1%


Non-Equity Reserves

Minority Interest

Preferred Stock 790.5% 54.6% 952.0% 0.0% 401.9%



Common Equity -3.2% 7.5% 30.8% 1.9% 107.3%


6.0% 17.5% 13.0% 16.3% 50.8%

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Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Bank of America Corporation Figures in millions of U.S. Dollars.

Fiscal Year 2008 2007 2006 2005 2004


Assets

Total Assets 1,479,137.2 1,262,837.6 1,051,780.0 884,185.4 754,263.0

Cash & Due from Banks 35,550.4 34,395.8 30,884.2 28,965.8 27,068.6

Investments – Total 545,323.8 469,294.8 401,725.8 330,909.6 249,135.2

Treasury Securities 1,527.2 740.4 730.8 850.2 5,066.8




139,986.4 121,791.4 102,177.8 81,036.2 63,303.0



183,093.0 148,356.2 127,544.6 110,787.2 79,879.6

Federal Funds 117,730.6 116,533.4 99,598.6 78,124.6 53,778.6

Other Securities 46,804.6 35,755.0 23,858.0 18,387.2 13,055.8

Other Investments 56,182.0 46,118.4 47,816.0 41,724.2 34,051.4

Loans – Total 721,981.6 609,985.0 503,267.2 427,799.8 391,480.2

Interbank Loans

Lease Financing 21,829.4


171,852.2 146,828.2 125,261.4 116,506.0 122,838.2


218,070.8 177,379.2 143,448.0 117,735.0 103,552.6


274,982.8 240,317.2 198,689.2 163,296.2 136,502.6

Foreign Loans 35,246.4 28,111.0 23,035.6 21,802.4 24,267.6



0.0 0.0 0.0 0.0 0.0

Unearned Income

Reserves for Loan Losses

12,069.2 8,687.6 7,740.2 7,312.0 7,070.6

Loans - Net 709,912.4 601,297.4 495,527.0 420,487.8 384,409.6


783.4 183.4


0.0 0.0 0.0 0.0 394.4

Real Estate Assets 488.2 152.4 127.2 193.8 225.2




9,791.8 8,366.8 7,462.2 6,894.0 6,623.4

Other Assets 177,431.0 148,624.4 115,270.2 95,951.0 86,223.2

Interest Receivable

Deferred Charges

Tangible Other Assets

102,268.6 91,694.4 74,078.0 67,395.0 63,670.8

Intangible Other Assets

75,162.4 56,930.0 41,192.2 27,996.0 21,106.0

Total Assets 1,479,137.2 1,262,837.6 1,051,780.0 884,185.4 754,263.0



1,479,137.2 1,262,837.6 1,051,780.0 884,185.4 754,263.0

Deposits - Total 726,982.2 633,205.4 549,461.6 485,461.2 431,376.0

Demand Deposits 185,219.0 166,119.2 152,963.2 139,329.8 123,160.0


455,544.0 392,562.8 338,650.4 299,171.0 264,735.6

Foreign Office Deposits

86,219.2 74,523.4 57,848.0 46,960.4 43,480.4

Unspecified Deposits 0.0 0.0 0.0 0.0 0.0

Total Debt 500,398.8 412,983.0 322,474.4 247,997.0 188,273.8


360,495.6 305,531.8 236,646.4 177,749.4 126,299.4

Long-Term Debt 139,903.2 107,451.2 85,828.0 70,247.6 61,974.4


139,903.2 107,451.2 85,828.0 70,241.6 61,962.2


0.0


Deferred Income 0.0 0.0 0.0 0.0 0.0

Deferred Taxes




Other Liabilities 119,695.2 110,402.6 92,894.2 80,021.8 73,697.8

Total Liabilities 1,347,076.2 1,156,591.0 964,830.2 813,480.0 693,347.6

Non-Equity Reserves 0.0 0.0 0.0 0.0 0.0

Minority Interest 0.0 0.0 0.0 0.0 0.0

Preferred Stock 9,412.6 1,571.2 701.0 1,249.8 2,201.0



Common Equity 122,648.4 104,675.4 86,248.8 69,455.6 58,714.4


1,479,137.2 1,262,837.6 1,051,780.0 884,185.4 754,263.0

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Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): Bank of America Corporation Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of U.S. Dollars.

Fiscal Year 2008 2007 2006 2005 2004

Net Sales or Revenues 112,991.0 119,190.0 116,574.0 85,064.0 65,910.0

Interest Income - Total 75.8% 73.2% 67.4% 68.9% 65.6%

Interest and Fees on Loans 49.6% 46.7% 41.4% 41.0% 42.8%

Interest Income on Federal Funds 2.9% 6.5% 6.7% 5.9% 3.1%

Interest Income on Bank Deposits 0.0% 0.0% 0.0% 0.0% 0.0%

Interest Income on Government Securities

11.6% 8.2% 10.0% 12.9% 11.0%

Other Interest or Dividend Income 11.7% 11.8% 9.3% 9.2% 8.7%

Interest Expense - Total 35.7% 44.4% 37.7% 32.8% 21.9%

Interest Expense on Bank Deposits 13.5% 15.2% 12.4% 11.2% 9.5%

Interest Expense on Federal Funds

Interest Expense on Other Borrowed Funds

13.4% 21.3% 19.3% 16.4% 8.7%

Interest Expense on Debt 8.8% 7.9% 6.0% 5.2% 3.6%

Interest Capitalized 0.0% 0.0% 0.0% 0.0% 0.0%

Net Interest Income 40.1% 28.9% 29.7% 36.1% 43.7%

Non-Interest Income 24.2% 26.8% 32.6% 31.1% 34.4%

Investment Income

Foreign Exchange Income

Gains/Losses on Sale of Securities - Pretax

1.0% 0.2% -0.4% 1.3% 3.2%

Non-Operating Interest Income

Trading Account Income -5.2% -4.3% 2.7% 2.1% 1.3%

Trusts & Fiduciary Income/Commission & Fees

27.3% 25.6% 25.1% 23.9% 25.9%

Trust Income 0.0% 0.0%

Commission & Fees 27.3% 25.6% 25.1% 23.9% 25.9%

Other Operating Income 1.1% 5.3% 5.1% 3.8% 3.9%

Non-Interest Expense 35.9% 30.7% 29.8% 33.2% 40.1%

Staff Costs 16.3% 15.7% 15.6% 17.7% 20.4%

Equipment Expense 3.4% 2.7% 2.6% 3.3% 4.0%

Depreciation and Depletion 1.3% 1.0% 1.0% 1.1% 1.5%

Taxes Other than Income Taxes

Operating Provisions

Other Operating Expenses 15.0% 11.3% 10.7% 11.1% 14.2%

Provision for Loan Losses 23.7% 7.0% 4.3% 4.7% 4.2%

Operating Income 4.6% 17.9% 28.1% 29.3% 33.8%

Extraordinary Credit - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%

Extraordinary Charge - Pretax 1.4% 0.3% 0.7% 0.5% 1.6%

Other Income/Expense - Net 0.7% 0.0% 0.0% 0.0% 0.0%

Pretax Equity in Earnings

Reserves - Increase/Decrease 0.0% 0.0% 0.0% 0.0% 0.0%

Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)

14.0% 26.4% 34.4% 35.1% 37.3%

Earnings before Interest & Taxes(EBIT)

12.7% 25.4% 33.5% 34.0% 35.8%

Pretax Income 3.9% 17.6% 27.4% 28.8% 32.2%

Income Taxes 0.4% 5.0% 9.3% 9.4% 10.7%


Equity in Earnings 0.0%

After Tax Other Income/Expense 0.0% 0.0% 0.0% 0.0% 0.0%

Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income before Extraordinary Items/Preferred Dividends

3.5% 12.6% 18.1% 19.4% 21.5%

Extraordinary Items & Gain/Loss Sale of Assets

0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Dividend Requirements 1.3% 0.2% 0.0% 0.0% 0.0%

Net Income after Preferred Dividends - available to Common

2.3% 12.4% 18.1% 19.3% 21.4%

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Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): Bank of America Corporation Figures are the Percent Changes from the Prior Year.

Fiscal Year 2008 2007 2006 2005 2004

Net Sales or Revenues -5.2% 2.2% 37.0% 29.1% 34.5%

Interest Income - Total -1.9% 11.1% 34.0% 35.6% 36.6%

Interest and Fees on Loans 0.6% 15.3% 38.5% 23.5% 30.2%

Interest Income on Federal Funds -57.1% -1.3% 56.1% 145.3% 48.8%

Interest Income on Bank Deposits

Interest Income on Government Securities 34.4% -16.1% 6.6% 50.5% 129.9%

Other Interest or Dividend Income -6.4% 30.3% 38.3% 37.4%

Interest Expense - Total -23.7% 20.2% 57.7% 93.3% 41.8%

Interest Expense on Bank Deposits -15.7% 25.0% 52.5% 51.3%


Interest Expense on Other Borrowed Funds -40.5% 13.1% 60.8% 143.1% 77.7%

Interest Expense on Debt 6.2% 33.1% 59.2% 83.8% 18.2%

Interest Capitalized

Net Interest Income 31.7% -0.5% 12.5% 6.7% 34.2%

Non-Interest Income -14.4% -16.1% 43.7% 16.6% 30.6%

Investment Income


Gains/Losses on Sale of Securities - Pretax 524.4% -140.9%

-48.9% 125.6%


Trading Account Income -262.1%

74.7% 108.5% 112.5%


1.3% 4.1% 44.3% 18.8% 34.0%

Trust Income

Commission & Fees 1.3% 4.1% 44.3% 18.8% 34.0%

Other Operating Income -80.7% 6.4% 84.4% 24.6% -20.1%

Non-Interest Expense 10.9% 5.2% 23.1% 7.0% 32.7%

Staff Costs -2.0% 3.0% 21.0% 11.7% 29.0%

Equipment Expense 16.4% 7.2% 7.5% 7.9% 20.9%

Depreciation and Depletion 27.1% 4.8% 16.2% -1.3% 9.2%



Other Operating Expenses 26.3% 8.0% 31.8% 0.9% 45.9%

Provision for Loan Losses 219.9% 67.4% 24.8% 45.0% -2.5%

Operating Income -75.4% -34.9% 31.7% 11.6% 38.7%

Extraordinary Credit - Pretax

Extraordinary Charge - Pretax 289.3% -49.1% 95.4% -61.9% 391.4%

Other Income/Expense - Net


Reserves - Increase/Decrease


-49.6% -21.6% 34.4% 21.4% 30.9%

Earnings before Interest & Taxes(EBIT) -52.6% -22.4% 35.0% 22.3% 32.0%

Pretax Income -78.8% -34.6% 30.6% 15.4% 33.8%

Income Taxes -92.9% -45.2% 35.2% 13.2% 40.1%

Minority Interest

Equity in Earnings

After Tax Other Income/Expense

Discontinued Operations


-73.2% -29.1% 28.4% 16.4% 30.8%


Preferred Dividend Requirements 697.8% 727.3% 22.2% 12.5% 300.0%


-82.7% -29.9% 28.4% 16.4% 30.7%


Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Bank of America Corporation Figures in millions of U.S. Dollars.

Fiscal Year 2008 2007 2006 2005 2004

Net Sales or Revenues 99,945.8 87,148.8 72,599.6 59,908.0 54,449.6

Interest Income - Total 70,685.2 59,877.0 48,848.4 40,790.0 37,697.8

Interest and Fees on Loans 44,606.2 37,736.4 31,006.2 26,784.6 26,179.6

Interest Income on Federal Funds 5,182.6 4,794.6 3,424.2 2,142.4 1,610.8

Interest Income on Bank Deposits 0.0

Interest Income on Government Securities

10,557.4 8,560.2 7,410.4 5,820.6 4,634.4

Other Interest or Dividend Income 10,339.0

Interest Expense - Total 35,901.6 29,872.6 21,546.0 16,347.8 15,733.2

Interest Expense on Bank Deposits 12,718.0


Interest Expense on Other Borrowed Funds

16,553.0 14,173.2 9,759.2 6,327.6 5,301.6

Interest Expense on Debt 6,630.6 5,049.8 3,669.0 3,021.2 3,129.6

Interest Capitalized 0.0 0.0 0.0 0.0 0.0

Net Interest Income 34,783.6 30,004.4 27,302.4 24,442.2 21,964.6

Non-Interest Income 29,260.6 27,271.8 23,751.2 19,118.0 16,751.8

Investment Income


Gains/Losses on Sale of Securities - Pretax

813.6 777.0 867.0 1,050.6 838.8


Trading Account Income -1,039.0 225.0 1,406.8 1,142.0 1,164.2


25,604.8 21,983.2 18,223.4 14,150.6 11,897.8

Trust Income 0.0

Commission & Fees 25,604.8 21,983.2 18,223.4 14,150.6 11,897.8

Other Operating Income 3,881.2 4,286.6 3,254.0 2,774.8 2,851.0

Non-Interest Expense 33,332.8 29,195.4 25,537.0 22,362.6 20,325.4

Staff Costs 16,772.4 15,187.4 13,347.6 11,641.2 10,510.4

Equipment Expense 3,109.4 2,783.8 2,535.2 2,334.0 2,155.4

Depreciation and Depletion 1,139.6 1,020.6 964.2 912.2 904.4



Other Operating Expenses 12,311.4 10,203.6 8,690.0 7,475.2 6,755.2

Provision for Loan Losses 9,400.6 4,603.4 3,665.8 3,442.2 3,146.4

Operating Income 21,310.8 23,477.4 21,850.8 17,755.4 15,244.6

Extraordinary Credit - Pretax 0.0 0.0 0.0 0.0 0.0

Extraordinary Charge - Pretax 860.8 585.6 545.6 821.4 849.0

Other Income/Expense - Net 155.2 0.0 0.0 0.0 0.0


Reserves - Increase/Decrease 0.0 0.0 0.0 0.0 0.0


28,375.4 28,962.2 25,938.4 20,867.4 18,429.6

Earnings before Interest & Taxes(EBIT)

27,235.8 27,941.6 24,974.2 19,955.2 17,525.2

Pretax Income 20,605.2 22,891.8 21,305.2 16,934.0 14,395.6

Income Taxes 6,459.0 7,385.2 6,945.2 5,442.2 4,693.4


Equity in Earnings

After Tax Other Income/Expense 0.0 0.0 0.0 0.0 0.0

Discontinued Operations 0.0 0.0 0.0 0.0 0.0


14,146.2 15,506.6 14,360.0 11,491.8 9,702.2


0.0 0.0 0.0 0.0 0.0

Preferred Dividend Requirements 338.0 48.4 13.0 9.6 7.2


13,808.2 15,458.2 14,347.0 11,482.2 9,695.0


Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: Bank of America Corporation Currency figures are in millions of U.S. Dollars. Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year 2008 2007 2006 2005 2004


Total Capital 402,462.0 313,876.0 264,078.0 191,193.0 188,212.0

Percent of Total Capital

Short Term Debt 101.3% 141.1% 142.4% 192.5% 110.4%

Long Term Debt 56.0% 53.2% 48.8% 46.9% 47.1%

Other Liabilities 31.0% 49.0% 47.8% 51.2% 50.9%



Preferred Stock 9.8% 1.4% 1.1% 0.1% 0.1%

Retained Earnings 18.3% 25.9% 29.9% 35.3% 30.8%

Common Equity 34.2% 45.4% 50.1% 53.0% 52.8%

Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%

Year to Year Net Changes

Short Term Debt -3,542.3 6,693.8 790.9 16,026.2 7,513.3

Long Term Debt 5,833.7 3,826.7 3,914.6 109.3 2,541.7

Other Liabilities -2,878.6 2,759.3 2,831.3 200.3 1,734.0

Total Liabilities 7,194.8 24,447.8 13,419.5 17,945.8 32,234.7


Preferred Stock 3,485.2 155.8 258.0 0.0 21.7

Retained Earnings -757.0 236.9 1,147.2 954.6 779.3

Common Equity -460.3 997.3 3,115.9 188.8 5,144.8

Total Capital 8,858.6 4,979.8 7,288.5 298.1 7,708.2

Year to Year Percent Changes

Short Term Debt -8.0% 17.8% 2.1% 77.1% 56.6%

Long Term Debt 34.9% 29.7% 43.7% 1.2% 40.2%

Other Liabilities -18.7% 21.9% 28.9% 2.1% 22.1%


Minority Interest

Preferred Stock 790.5% 54.6% 952.0% 0.0% 401.9%

Retained Earnings -9.3% 3.0% 17.0% 16.5% 15.5%

Common Equity -3.2% 7.5% 30.8% 1.9% 107.3%

Total Capital 28.2% 18.9% 38.1% 1.6% 69.4%

Total Liabilities & Common Equity

Total Liabilities 1,640,891.0 1,568,943.0 1,324,465.0 1,190,270.0 1,010,812.0

Net Change in Liabilities as % of Total Liabilities

4.4% 15.6% 10.1% 15.1% 31.9%

Common Equity 137,791.0 142,394.0 132,421.0 101,262.0 99,374.0

Net Change in Common Equity as % of Common Equity

-3.3% 7.0% 23.5% 1.9% 51.8%

Cash Flow

Operating Activities 4,034.0 11,036.0 14,509.0 -12,223.0 -3,955.0

Financing Activities -10,695.0 103,412.0 53,133.0 170,817.0 132,875.0

Investing Activities 2,930.0 108,480.0 68,304.0 150,445.0 127,132.0Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not

Financial Ratio AnalysesFinancial Ratio Analyses\Employee Efficiency

Employee Efficiency: Bank of America Corporation Values per Employee are in U.S. Dollars.

Fiscal Year 2008 2007 2006 2005 2004


Employees 243,000 210,000 203,425 176,638 175,742

Values per Employee

Sales 464,984 567,571 573,056 481,572 375,038

Net Income 10,519 70,476 103,778 93,111 80,385

Cash Earnings 149,313 146,710 153,890 129,406 91,173

Working Capital

Total Debt 2,604,716 2,904,914 2,481,637 2,591,583 1,686,660

Total Capital 1,656,222 1,494,648 1,298,159 1,082,400 1,070,956

Total Assets 7,481,247 8,170,219 7,175,799 7,313,279 6,318,677

Year to Year % Change per Employee

Employees 15.7% 3.2% 15.2% 0.5% 31.6%

Sales -18.1% -1.0% 19.0% 28.4% 2.2%

Net Income -85.1% -32.1% 11.5% 15.8% -0.7%

Cash Earnings 1.8% -4.7% 18.9% 41.9% -10.2%

Working Capital

Total Debt -10.3% 17.1% -4.2% 53.7% 15.0%

Total Capital 10.8% 15.1% 19.9% 1.1% 28.7%

Total Assets -8.4% 13.9% -1.9% 15.7% 14.6%Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not

Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Bank of America Corporation

Fiscal Year 2008 2007 2006 2005 2004


EBIT/Total Interest Expense

1.4 3.2 5.5 6.5 9.8

EBIT/Net Interest 1.4 3.2 5.5 6.5 9.8

EBIT/(Total Interest Exp + Pfd Div)

1.4 3.2 5.5 6.5 9.8

EBIT/Dividends on Common Shares

1.2 2.8 4.0 3.8 3.7

EBIT/(Dividends on Common + Pfd)

1.2 2.8 4.0 3.8 3.7

EBITDA/Total Interest Expense

1.6 3.4 5.7 6.8 10.2

EBITDA/Net Interest 1.6 3.4 5.7 6.8 10.2

EBITDA/(Total Interest Exp + Pfd Div)

1.6 3.3 5.7 6.8 10.2

EBITDA/Dividends on Com Shares

1.4 2.9 4.2 3.9 3.8

EBITDA/(Dividends on Com + Pfd)

1.4 2.9 4.2 3.9 3.8


Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Bank of America Corporation

Fiscal Year 2008 2007 2006 2005 2004


Long Term Debt % of EBIT

1,569.1% 551.7% 330.2% 310.3% 374.9%

Long Term Debt % of EBITDA

1,422.1% 531.2% 321.0% 300.3% 360.1%

Long Term Debt % of Total Assets

12.4% 9.7% 8.8% 6.9% 8.0%

Long Term Debt % of Total Capital

56.0% 53.2% 48.8% 46.9% 47.1%

Long Term Debt % of Com Equity

163.6% 117.3% 97.3% 88.5% 89.1%

Total Debt % of EBIT 4,405.9% 2,014.4% 1,294.2% 1,584.1% 1,254.7%

Total Debt % of EBITDA 3,993.1% 1,939.6% 1,258.3% 1,533.2% 1,205.1%

Total Debt % of Total Assets

34.8% 35.6% 34.6% 35.4% 26.7%

Total Debt % of Total Capital

157.3% 194.4% 191.2% 239.4% 157.5%

Total Debt % of Total Capital & Short Term Debt

78.1% 80.6% 78.9% 81.8% 74.8%

Total Debt % of Common Equity

459.4% 428.4% 381.2% 452.1% 298.3%

Minority Interest % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of EBITDA

0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of Total Assets

0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of Total Capital

0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of Com Equity

0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of EBIT 273.3% 14.6% 7.3% 0.9% 1.1%

Preferred Stock % of EDITDA

247.7% 14.0% 7.1% 0.9% 1.1%

Preferred Stock % of Total Assets

2.2% 0.3% 0.2% 0.0% 0.0%

Preferred Stock % of Total Capital

9.8% 1.4% 1.1% 0.1% 0.1%

Preferred Stock % of Total Equity

28.5% 3.1% 2.2% 0.3% 0.3%

Common Equity % of Total Assets

7.6% 8.3% 9.1% 7.8% 8.9%

Common Equity % of Total Capital

34.2% 45.4% 50.1% 53.0% 52.8%

Total Capital % of Total Assets

22.1% 18.3% 18.1% 14.8% 16.9%

Capital Expenditure % of Sales

Fixed Assets % of Common Equity

9.6% 7.9% 7.0% 7.7% 7.6%

Working Capital % of Total Capital

Dividend Payout 72.3% 45.7% 46.7% 45.7%

Funds From Operations % of Total Debt

5.7% 5.1% 6.2% 5.0% 5.4%


Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Bank of America Corporation Figures are expressed as per unit of respective shares. Figures are in U.S. Dollars.

Fiscal Year 2008 2007 2006 2005 2004


Sales 22.52 26.86 26.15 21.27 16.29

Operating Income 1.05 4.81 7.35 6.22 5.51

Pre-tax Income 0.88 4.71 7.17 6.12 5.24

Net Income (Continuing Operations)

Net Income Before Extra Items

0.80 3.38 4.74 4.12 3.50

Extraordinary Items 0.00 0.00 0.00 0.00 0.00

Net Income After Extraordinary Items

0.80 3.38 4.74 4.12 3.50

Net Income Available to Common Shares

0.55 3.30 4.59 4.04 3.69

Fully Diluted Earnings 0.55 3.30 4.59 4.04 3.69

Common Dividends 2.24 2.40 2.12 1.90 1.70

Cash Earnings 7.86 6.88 6.81 5.62 4.19

Book Value 27.46 31.69 29.70 25.32 24.62

Retained Earnings 14.71 18.34 17.73 16.89 14.33

Assets 362.33 386.61 327.43 322.98 274.42Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not

Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Bank of America Corporation Currency figures are in U.S. Dollars.

Fiscal Year 2008 2007 2006 2005 2004

Fiscal Year End Date

12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004

Gross Income Margin

Operating Income Margin

4.6% 17.9% 28.1% 29.3% 33.8%

Pretax Income Margin

3.9% 17.6% 27.4% 28.8% 32.2%

EBIT Margin 12.7% 25.4% 33.5% 34.0% 35.8%

Net Income Margin

3.5% 12.6% 18.1% 19.4% 21.5%

Return on Equity - Total

1.8% 10.8% 18.1% 16.3% 19.2%

Return on Invested Capital

1.3% 3.0% 4.3% 4.0% 4.9%

Return on Assets

0.6% 1.3% 1.9% 1.6% 1.7%

Asset Turnover

0.1 0.1 0.1 0.1 0.1

Financial Leverage

459.4% 428.4% 381.2% 452.1% 298.3%

Interest Expense on Debt

9,938,000,000 9,359,000,000 7,034,000,000 4,418,000,000 2,404,000,000

Effective Tax Rate

9.5% 28.4% 33.9% 32.7% 33.4%

Cash Flow % Sales

32.1% 25.8% 26.9% 26.9% 24.3%

Selling, General &

Administrative Expenses % of Sales

Research & Development Expense

Operating Income Return On Total Capital

28.2% 18.9% 38.1% 1.6% 69.4%


Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Bank of America Corporation Currency figures are in millions of U.S. Dollars.

Wright Quality Rating ABB 4

Investment Acceptance Rating ABB 4

Total Market Value of Shares Outstanding - Three Year Average 232,790

- Current Year 90,702

Public Market Value (Excludes Closely Held) - Three Year Average 230,990


Trading Volume - Three Year Average 422,509


Turnover Rate - Three Year Average 181.5%

- Current Year 818.5%

Stock Exchange Listings NYSE BSE MSE PBW PCS

Number of Institutional Investors 1,759

Number of Shareholders 263,495

Closely Held Shares as % of Total Shares Outstanding 0.8%Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical,

Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: Bank of America Corporation


Financial Strength Rating ABB 4

Total Shareholders' Equity (Millions of U.S. Dollars) 166,272

Total Shareholders' Equity as % Total Capital 24.4%

Equity as % of Assets 7.2%

Adjusted Equity % Total Assets 7.7%

Total Capital as % of Deposits 71.3%

Cash & Securities / as % of Deposits 86.0%

Non Performing Loans as % of Loan Loss Reserves 56.5%

Loan Losses as % of Loans Outstanding 1.7%Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not

Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Bank of America Corporation


Profitability & Stability Rating ABB 4

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 13.8%

- Basic Trend -4.0%

Cash Earnings Return on Equity - Time-Weighted Average 24.5%

- Basic Trend -0.1%

Cash Earnings Return on Equity - Stability Index 45.6%

Return On Assets (Time-Weighted Average) 1.7%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 1.5%

Operating Income as % of Total Assets (Time-Weighted Average) 2.1%

Operating Income as % of Total Capital (Adjusted Rate) 15.3%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 1.5%

Operating Income as % of Total Assets (Time-Weighted Average) 2.1%

Operating Income as % of Total Capital (Adjusted Rate) 15.3%Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not

Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Bank of America Corporation Figures are expressed on a Per Share Basis.

Wright Quality Rating ABB 4 Growth Rating ABB 4Normal Earnings Growth 4.0%

Cash Earnings Growth 12.5%

Cash Earnings Stability Index 93.6%

Earned Equity Growth 5.9%

Dividend Growth -0.7%

Operating Income Growth 2.0%

Assets Growth 9.1%

Sales/Revenues Growth 9.7%Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not

Bank of America - Financial Fundamentals

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