Bank of America (BAC) 10-K 26 Feb 10 2009 FY Annual report Financial data

Statement Of Income Interest Ba

Statement Of Income Interest Based Revenue (USD $)
In Millions, except Share data in Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Interest income
Interest and fees on loans and leases	$48,703	$56,017	$55,681
Interest on debt securities	12,947	13,146	9,784
Federal funds sold and securities borrowed or purchased under agreements to resell	2,894	3,313	7,722
Trading account assets	7,944	9,057	9,417
Other interest income	5,428	4,151	4,700
Total interest income	77,916	85,684	87,304
Interest expense
Deposits	7,807	15,250	18,093
Short-term borrowings	5,512	12,362	21,967
Trading account liabilities	2,075	2,774	3,444
Long-term debt	15,413	9,938	9,359
Total interest expense	30,807	40,324	52,863
Net interest income	47,109	45,360	34,441
Noninterest income
Card income	8,353	13,314	14,077
Service charges	11,038	10,316	8,908
Investment and brokerage services	11,919	4,972	5,147
Investment banking income	5,551	2,263	2,345
Equity investment income	10,014	539	4,064
Trading account profits (losses)	12,235	(5,911)	(4,889)
Mortgage banking income	8,791	4,087	902
Insurance income	2,760	1,833	761
Gains on sales of debt securities	4,723	1,124	180
Other income (loss)	(14)	(1,654)	1,295
Other-than-temporary impairment losses on available-for-sale debt securities:
Total other-than-temporary impairment losses	(3,508)	(3,461)	(398)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income	672	0	0
Net impairment losses recognized in earnings on available-for-sale debt securities	(2,836)	(3,461)	(398)
Total noninterest income	72,534	27,422	32,392
Total revenue, net of interest expense	119,643	72,782	66,833
Provision for credit losses	48,570	26,825	8,385
Noninterest expense
Personnel	31,528	18,371	18,753
Occupancy	4,906	3,626	3,038
Equipment	2,455	1,655	1,391
Marketing	1,933	2,368	2,356
Professional fees	2,281	1,592	1,174
Amortization of intangibles	1,978	1,834	1,676
Data processing	2,500	2,546	1,962
Telecommunications	1,420	1,106	1,013
Other general operating	14,991	7,496	5,751
Merger and restructuring charges	2,721	935	410
Total noninterest expense	66,713	41,529	37,524
Income before income taxes	4,360	4,428	20,924
Income tax expense (benefit)	(1,916)	420	5,942
Net income	6,276	4,008	14,982
Preferred stock dividends and accretion	8,480	1,452	182
Net income (loss) applicable to common shareholders	($2,204)	$2,556	$14,800
Per common share information
Earnings (loss)	-0.29	0.54	3.32
Diluted earnings (loss)	-0.29	0.54	3.29
Dividends paid	0.04	2.24	2.4
Average common shares issued and outstanding (in thousands)	7,728,570	4,592,085	4,423,579
Average diluted common shares issued and outstanding (in thousands)	7,728,570	4,596,428	4,463,213

Statement Of Financial Position

Statement Of Financial Position Unclassified - Deposit Based Operations (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Assets
Cash and cash equivalents	$121,339	$32,857
Time deposits placed and other short-term investments	24,202	9,570
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $57,775 and $2,330 measured at fair value and $189,844 and $82,099 pledged as collateral)	189,933	82,478
Trading account assets (includes $30,921 and $69,348 pledged as collateral)	182,206	134,315
Derivative assets	80,689	62,252
Debt securities:
Available-for-sale (includes $122,708 and $158,939 pledged as collateral)	301,601	276,904
Held-to-maturity, at cost (fair value - $9,684 and $685)	9,840	685
Total debt securities	311,441	277,589
Loans and leases (includes $4,936 and $5,413 measured at fair value and $118,113 and $166,891 pledged as collateral)	900,128	931,446
Allowance for loan and lease losses	(37,200)	(23,071)
Loans and leases, net of allowance	862,928	908,375
Premises and equipment, net	15,500	13,161
Mortgage servicing rights (includes $19,465 and $12,733 measured at fair value)	19,774	13,056
Goodwill	86,314	81,934
Intangible assets	12,026	8,535
Loans held-for-sale (includes $32,795 and $18,964 measured at fair value)	43,874	31,454
Customer and other receivables	81,996	37,608
Other assets (includes $55,909 and $55,113 measured at fair value)	191,077	124,759
Total assets	2,223,299	1,817,943
Deposits in domestic offices:
Noninterest-bearing	269,615	213,994
Interest-bearing (includes $1,663 and $1,717 measured at fair value)	640,789	576,938
Deposits in foreign offices:
Noninterest-bearing	5,489	4,004
Interest-bearing	75,718	88,061
Total deposits	991,611	882,997
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $37,325 measured at fair value at December 31, 2009)	255,185	206,598
Trading account liabilities	65,432	51,723
Derivative liabilities	43,728	30,709
Commercial paper and other short-term borrowings (includes $813 measured at fair value at December 31, 2009)	69,524	158,056
Accrued expenses and other liabilities (includes $19,015 and $7,542 measured at fair value and $1,487 and $421 of reserve for unfunded lending commitments)	127,854	42,516
Long-term debt (includes $45,451 measured at fair value at December 31, 2009)	438,521	268,292
Total liabilities	1,991,855	1,640,891
Shareholders' equity
Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and outstanding - 5,246,660 and 8,202,042 shares	37,208	37,701
Common stock and additional paid-in capital, $0.01 par value; authorized - 10,000,000,000 shares; issued and outstanding - 8,650,243,926 and 5,017,435,592 shares	128,734	76,766
Retained earnings	71,233	73,823
Accumulated other comprehensive income (loss)	(5,619)	(10,825)
Other	(112)	(413)
Total shareholders' equity	231,444	177,052
Total liabilities and shareholders' equity	$2,223,299	$1,817,943

1_Statement Of Financial Positi

Statement Of Financial Position Unclassified - Deposit Based Operations (Parenthetical) (USD $)
In Millions, except Share data	Dec. 31, 2009	Dec. 31, 2008
Federal funds sold and securities borrowed or purchased under agreements to resell, measured at fair value	$57,775	$2,330
Federal funds sold and securities borrowed or purchased under agreements to resell, pledged as collateral	189,844	82,099
Trading account assets, pledged as collateral	30,921	69,348
Available-for-sale, pledged as collateral	122,708	158,939
Held-to-maturity, at cost, fair value	9,684	685
Loans and leases, measured at fair value	4,936	5,413
Loans and leases, pledged as collateral	118,113	166,891
Mortgage servicing rights, measured at fair value	19,465	12,733
Loans held-for-sale, measured at fair value	32,795	18,964
Other assets, measured at fair value	55,909	55,113
Interest-bearing, measured at fair value	1,663	1,717
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value	37,325	0
Commercial paper and other short-term borrowings, measured at fair value	813	0
Accrued expenses and other liabilities, measured at fair value	19,015	7,542
Accrued expenses and other liabilities, reserve for unfunded lending commitments	1,487	421
Long-term debt, measured at fair value	$45,451	$0
Preferred stock, par value	0.01	0.01
Preferred stock, authorized shares	100,000,000	100,000,000
Preferred stock, issued shares	5,246,660	8,202,042
Preferred stock, outstanding shares	5,246,660	8,202,042
Common stock, par value	0.01	0.01
Common stock, authorized shares	10,000,000,000	10,000,000,000
Common stock, issued shares	8,650,243,926	5,017,435,592
Common stock, outstanding shares	8,650,243,926	5,017,435,592

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Millions, except Share data in Thousands	Preferred Stock		Common Stock and Additional Paid-in Capital Amount	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Other	Total
Beginning Balance (in shares) at Dec. 31, 2006		4,458,151
Beginning Balance at Dec. 31, 2006	$2,851		$61,574	$79,024	($7,711)	($466)	$135,272
Cumulative adjustment for accounting change:
Leveraged leases				(1,381)			(1,381)
Fair value option and measurement				(208)			(208)
Income tax uncertainties				(146)			(146)
Net income				14,982			14,982
Net change in available-for-sale debt and marketable equity securities					9,269		9,269
Net change in foreign currency translation adjustments					149		149
Net change in derivatives					(705)		(705)
Employee benefit plan adjustments					127		127
Dividends paid:
Common				(10,696)			(10,696)
Preferred				(182)			(182)
Issuance of preferred stock	1,558						1,558
Common stock issued under employee plans and related tax effects (in shares)		53,464
Common stock issued under employee plans and related tax effects			2,544			10	2,554
Common stock repurchased (in shares)		(73,730)
Common stock repurchased			(3,790)				(3,790)
Ending Balance at Dec. 31, 2007	4,409		60,328	81,393	1,129	(456)	146,803
Ending Balance (in shares) at Dec. 31, 2007		4,437,885
Cumulative adjustment for accounting change:
Net income				4,008			4,008
Net change in available-for-sale debt and marketable equity securities					(8,557)		(8,557)
Net change in foreign currency translation adjustments					(1,000)		(1,000)
Net change in derivatives					944		944
Employee benefit plan adjustments					(3,341)		(3,341)
Dividends paid:
Common				(10,256)			(10,256)
Preferred				(1,272)			(1,272)
Issuance of preferred stock	33,242		1,500				34,742
Stock issued in acquisition			4,201				4,201
Stock issued in acquisition (in shares)		106,776
Issuance of common stock (in shares)		455,000
Issuance of common stock			9,883				9,883
Common stock issued under employee plans and related tax effects (in shares)		17,775
Common stock issued under employee plans and related tax effects			854			43	897
Other	50			(50)			0
Ending Balance at Dec. 31, 2008	37,701		76,766	73,823	(10,825)	(413)	177,052
Ending Balance (in shares) at Dec. 31, 2008		5,017,436
Cumulative adjustment for accounting change:
Other-than-temporary impairment on debt securities				71	(71)		0
Net income				6,276			6,276
Net change in available-for-sale debt and marketable equity securities					3,593		3,593
Net change in foreign currency translation adjustments					211		211
Net change in derivatives					923		923
Employee benefit plan adjustments					550		550
Dividends paid:
Common				(326)			(326)
Preferred				(4,537)			(4,537)
Issuance of preferred stock	26,800		3,200				30,000
Repayment of preferred stock	(41,014)			(3,986)			(45,000)
Issuance of Common Equivalent Securities	19,244						19,244
Stock issued in acquisition	8,605		20,504				29,109
Stock issued in acquisition (in shares)		1,375,476
Issuance of common stock (in shares)		1,250,000
Issuance of common stock			13,468				13,468
Exchange of preferred stock	(14,797)		14,221	576			0
Exchange of preferred stock (in shares)		999,935
Common stock issued under employee plans and related tax effects (in shares)		7,397
Common stock issued under employee plans and related tax effects			575			308	883
Other	669			(664)		(7)	(2)
Ending Balance at Dec. 31, 2009	$37,208		$128,734	$71,233	($5,619)	($112)	$231,444
Ending Balance (in shares) at Dec. 31, 2009		8,650,244

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect Deposit Based Operations (USD $)
In Millions	12 Months Ended Dec. 31, 2009		12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 31, 2007
Operating activities
Net income	$6,276		$4,008		$14,982
Reconciliation of net income to net cash provided by operating activities:
Provision for credit losses	48,570		26,825		8,385
Gains on sales of debt securities	(4,723)		(1,124)		(180)
Depreciation and premises improvements amortization	2,336		1,485		1,168
Amortization of intangibles	1,978		1,834		1,676
Deferred income tax expense (benefit)	370		(5,801)		(753)
Net decrease (increase) in trading and derivative instruments	59,822		(16,973)		(8,108)
Net decrease (increase) in other assets	28,553		(6,391)		(15,855)
Net (decrease) increase in accrued expenses and other liabilities	(16,601)		(8,885)		4,190
Other operating activities, net	3,150		9,056		5,531
Net cash provided by operating activities	129,731		4,034		11,036
Investing activities
Net decrease in time deposits placed and other short-term investments	19,081		2,203		2,191
Net decrease in federal funds sold and securities borrowed or purchased under agreements to resell	31,369		53,723		6,294
Proceeds from sales of available-for-sale debt securities	164,155		120,972		28,107
Proceeds from paydowns and maturities of available-for-sale debt securities	59,949		26,068		19,233
Purchases of available-for-sale debt securities	(185,145)		(184,232)		(28,016)
Proceeds from maturities of held-to-maturity debt securities	2,771		741		630
Purchases of held-to-maturity debt securities	(3,914)		(840)		(314)
Proceeds from sales of loans and leases	7,592		52,455		57,875
Other changes in loans and leases, net	21,257		(69,574)		(177,665)
Net purchases of premises and equipment	(2,240)		(2,098)		(2,143)
Proceeds from sales of foreclosed properties	1,997		1,187		104
Cash received (paid) upon acquisition, net	31,804		6,650		(19,816)
Other investing activities, net	9,249		(10,185)		5,040
Net cash provided by (used in) investing activities	157,925		(2,930)		(108,480)
Financing activities
Net increase in deposits	10,507		14,830		45,368
Net decrease in federal funds purchased and securities loaned or sold under agreements to repurchase	(62,993)		(34,529)		(1,448)
Net (decrease) increase in commercial paper and other short-term borrowings	(126,426)		(33,033)		32,840
Proceeds from issuance of long-term debt	67,744		43,782		67,370
Retirement of long-term debt	(101,207)		(35,072)		(28,942)
Proceeds from issuance of preferred stock	49,244		34,742		1,558
Repayment of preferred stock	(45,000)		0		0
Proceeds from issuance of common stock	13,468		10,127		1,118
Common stock repurchased	0		0		(3,790)
Cash dividends paid	(4,863)		(11,528)		(10,878)
Excess tax benefits of share-based payments	0		42		254
Other financing activities, net	(42)		(56)		(38)
Net cash provided by (used in) financing activities	(199,568)		(10,695)		103,412
Effect of exchange rate changes on cash and cash equivalents	394		(83)		134
Net increase (decrease) in cash and cash equivalents	88,482	[1]	(9,674)	[1]	6,102	[1]
Cash and cash equivalents at January 1	32,857		42,531		36,429
Cash and cash equivalents at December 31	121,339		32,857		42,531
Supplemental cash flow disclosures
Cash paid for interest	37,602		36,387		51,829
Cash paid for income taxes	$2,933		$4,700		$9,196
[1]During 2009, the Corporation exchanged $14.8 billion of preferred stock by issuing 1.0 billion shares of common stock valued at $11.5 billion. During 2009, the Corporation transferred credit card loans of $8.5 billion and the related allowance for loan and lease losses of $750 million in exchange for a $7.8 billion held-to-maturity debt security that was issued by the Corporation's U.S. Credit Card Securitization Trust. The fair values of noncash assets acquired and liabilities assumed in the Merrill Lynch acquisition were $618.4 billion and $626.2 billion at January 1, 2009. Approximately 1.4 billion shares of common stock, valued at approximately $20.5 billion and 376 thousand shares of preferred stock valued at $8.6 billion were issued in connection with the Merrill Lynch acquisition. The Corporation securitized $14.0 billion and $26.1 billion of residential mortgage loans into mortgage-backed securities and $0 and $4.9 billion of automobile loans into asset-backed securities which were retained by the Corporation during 2009 and 2008. The fair values of noncash assets acquired and liabilities assumed in the Countrywide acquisition were $157.4 billion and $157.8 billion at July 1, 2008. Approximately 107 million shares of common stock, valued at approximately $4.2 billion were issued in connection with the Countrywide acquisition. The fair values of noncash assets acquired and liabilities assumed in the LaSalle Bank Corporation acquisition were $115.8 billion and $97.1 billion at October 1, 2007. The fair values of noncash assets acquired and liabilities assumed in the U.S. Trust Corporation acquisition were $12.9 billion and $9.8 billion at July 1, 2007.

Summary of Significant Accounti

Summary of Significant Accounting Principles
	12 Months Ended Dec. 31, 2009 USD / shares
Summary of Significant Accounting Principles	NOTE 1 Summary of Significant Accounting Principles Bank of America Corporation (the Corporation), through its banking and nonbanking subsidiaries, provides a diverse range of financial services and products throughout the U.S. and in certain international markets. At December31, 2009, the Corporation operated its banking activities primarily under two charters: Bank of America, National Association (Bank of America, N.A.) and FIA Card Services, N.A. In connection with certain acquisitions including Merrill Lynch Co. Inc. (Merrill Lynch) and Countrywide Financial Corporation (Countrywide), the Corporation acquired banking subsidiaries that have been merged into Bank of America, N.A. with no impact on the Consolidated Financial Statements of the Corporation. On January1, 2009, the Corporation acquired Merrill Lynch through its merger with a subsidiary of the Corporation in exchange for common and preferred stock with a value of $29.1 billion. On July1, 2008, the Corporation acquired all of the outstanding shares of Countrywide through its merger with a subsidiary of the Corporation in exchange for common stock with a value of $4.2 billion. On October1, 2007, the Corporation acquired all the outstanding shares of ABN AMRO North America Holding Company, parent of LaSalle Bank Corporation (LaSalle), for $21.0 billion in cash. On July1, 2007, the Corporation acquired all the outstanding shares of U.S. Trust Corporation for $3.3 billion in cash. The results of operations of the acquired companies were included in the Corporations results from their dates of acquisition. Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries, and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest of 20 percent to 50 percent and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments are included in other assets and are subject to impairment testing. The Corporations proportionate share of income or loss is included in equity investment income. The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect reported amounts and disclosures. Realized results could differ from those estimates and assumptions. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC). Certain prior period amounts have been reclassified to conform to current period presentation. N

Merger and Restructuring Activi

Merger and Restructuring Activity
	12 Months Ended Dec. 31, 2009 USD / shares
Merger and Restructuring Activity	NOTE 2 Merger and Restructuring Activity Merrill Lynch On January1, 2009, the Corporation acquired Merrill Lynch through its merger with a subsidiary of the Corporation in exchange for common and preferred stock with a value of $29.1 billion, creating a financial services franchise with significantly enhanced wealth management, investment banking and international capabilities. Under the terms of the merger agreement, Merrill Lynch common shareholders received 0.8595 of a share of Bank of America Corporation common stock in exchange for each share of Merrill Lynch common stock. In addition, Merrill Lynch non-convertible preferred shareholders received Bank of America Corporation preferred stock having substantially identical terms. Merrill Lynch convertible preferred stock remains outstanding and is convertible into Bank of America common stock at an equivalent exchange ratio. With the acquisition, the Corporation has one of the largest wealth management businesses in the world with approximately 15,000 financial advisors and more than $2.1 trillion in client assets. Global investment management capabilities include an economic ownership interest of approximately 34 percent in BlackRock, Inc. (BlackRock), a publicly traded investment management company. In addition, the acquisition adds strengths in debt and equity underwriting, sales and trading, and merger and acquisition advice, creating significant opportunities to deepen relationships with corporate and institutional clients around the globe. Merrill Lynchs results of operations were included in the Corporations results beginning January1, 2009. The purchase price was allocated to the acquired assets and liabilities based on their estimated fair values at the Merrill Lynch acquisition date as summarized in the following table. Goodwill of $5.1 billion was calculated as the purchase premium after adjusting for the fair value of net assets acquired and represents the value expected from the synergies created from combining the Merrill Lynch wealth management and corporate and investment banking businesses with the Corporations capabilities in consumer and commercial banking as well as the economies of scale expected from combining the operations of the two companies. No goodwill is expected to be deductible for federal income tax purposes. The goodwill was allocated principally to the Global Wealth Investment Management (GWIM) and Global Markets business segments. Merrill Lynch Purchase Price Allocation (Dollars in billions, except per share amounts) Purchase price Merrill Lynch common shares exchanged (in millions) 1,600 Exchange ratio 0.8595 The Corporations common shares issued (in millions) 1,375 Purchase price per share of the Corporations common stock (1) $ 14.08 Total value of the Corporations common stock and cash exchanged for fractional shares $ 19.4 Merrill Lynch preferred stock 8.6 Fair value of outstanding employee stock awards 1.1 Total purchase price $ 29.1 Allocation of the purchase price Merrill Lynch stockholders equity 19.9 Merrill Lynch good

Trading Account Assets and Liab

Trading Account Assets and Liabilities
	12 Months Ended Dec. 31, 2009 USD / shares
Trading Account Assets and Liabilities	NOTE 3 Trading Account Assets and Liabilities The following table presents the components of trading account assets and liabilities at December31, 2009 and 2008. December31 (Dollars in millions) 2009 2008 Trading account assets U.S. government and agency securities (1) $ 44,585 $ 60,038 Corporate securities, trading loans and other 57,009 34,056 Equity securities 33,562 20,258 Foreign sovereign debt 28,143 13,614 Mortgage trading loans and asset-backed securities 18,907 6,349 Total trading account assets $ 182,206 $ 134,315 Trading account liabilities U.S. government and agency securities $ 26,519 $ 27,286 Equity securities 18,407 12,128 Foreign sovereign debt 12,897 7,252 Corporate securities and other 7,609 5,057 Total trading account liabilities $ 65,432 $ 51,723 (1) Includes $23.5 billion and $52.6 billion at December31, 2009 and 2008 of government-sponsored enterprise (GSE) obligations.

Derivatives

Derivatives
	12 Months Ended Dec. 31, 2009 USD / shares
Derivatives	NOTE 4 Derivatives Derivative Balances Derivatives are held for trading, as economic hedges, or as qualifying accounting hedges. The Corporation enters into derivatives to facilitate client transactions, for proprietary trading purposes and to manage risk exposures. The following table identifies derivative instruments included on the Corporations Consolidated Balance Sheet in derivative assets and liabilities at December31, 2009 and 2008. Balances are provided on a gross basis, prior to the application of the impact of counterparty and collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by the cash collateral applied. December31, 2009 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional(1) Trading Derivatives and Economic Hedges Qualifying Accounting Hedges(2) Total Trading Derivatives and Economic Hedges Qualifying Accounting Hedges(2) Total Interest rate contracts Swaps $ 45,261.5 $ 1,121.3 $ 5.6 $ 1,126.9 $ 1,105.0 $ 0.8 $ 1,105.8 Futures and forwards 11,842.1 7.1 7.1 6.1 6.1 Written options 2,865.5 84.1 84.1 Purchased options 2,626.7 84.1 84.1 Foreign exchange contracts Swaps 661.9 23.7 4.6 28.3 27.3 0.5 27.8 Spot, futures and forwards 1,750.8 24.6 0.3 24.9 25.6 0.1 25.7 Written options 383.6 13.0 13.0 Purchased options 355.3 12.7 12.7 Equity contracts Swaps 58.5 2.0 2.0 2.0 2.0 Futures and forwards 79.0 3.0 3.0 2.2 2.2 Written options 283.4 25.1 0.4 25.5 Purchased options 273.7 27.3 27.3 Commodity contracts Swaps 65.3 6.9 0.1 7.0 6.8 6.8 Futures and forwards 387.8 10.4 10.4 9.6 9.6 Written options 54.9 7.9 7.9 Purchased options 50.9 7.6 7.6 Credit derivatives Purchased credit derivatives: Credit default swaps 2,800.5 105.5 105.5 45.2 45.2 Total return swaps/other 21.7 1.5 1.5 0.4 0.4 Written credit derivatives: Credit default swaps 2,788.8 44.1 44.1 98.4 98.4 Total return swaps/other 33.1 1.8 1.8 1.1 1.1 Gross derivative ass

Securities

Securities
	12 Months Ended Dec. 31, 2009 USD / shares
Securities	NOTE 5 Securities The amortized cost, gross unrealized gains and losses in accumulated OCI, and fair value of AFS debt and marketable equity securities at December31, 2009 and 2008 were: (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses FairValue Available-for-sale debt securities, December31, 2009 U.S. Treasury and agency securities $ 22,648 $ 414 $ (37 ) $ 23,025 Mortgage-backed securities: Agency 164,677 2,415 (846 ) 166,246 Agency-collateralized mortgage obligations 25,330 464 (13 ) 25,781 Non-agency residential (1) 37,940 1,191 (4,028 ) 35,103 Non-agency commercial 6,354 671 (116 ) 6,909 Foreign securities 4,732 61 (896 ) 3,897 Corporate bonds 6,136 182 (126 ) 6,192 Other taxable securities (2) 19,475 245 (478 ) 19,242 Total taxable securities 287,292 5,643 (6,540 ) 286,395 Tax-exempt securities 15,334 115 (243 ) 15,206 Total available-for-sale debt securities $ 302,626 $ 5,758 $ (6,783 ) $ 301,601 Available-for-sale marketable equity securities (3) $ 6,020 $ 3,895 $ (507 ) $ 9,408 Available-for-sale debt securities, December31, 2008 U.S. Treasury and agency securities $ 4,540 $ 121 $ (14 ) $ 4,647 Mortgage-backed securities: Agency 191,913 3,064 (146 ) 194,831 Non-agency residential 40,139 860 (8,825 ) 32,174 Non-agency commercial 3,085 (512 ) 2,573 Foreign securities 5,675 6 (678 ) 5,003 Corporate bonds 5,560 31 (1,022 ) 4,569 Other taxable securities (2) 24,832 11 (1,300 ) 23,543 Total taxable securities 275,744 4,093 (12,497 ) 267,340 Tax-exempt securities 10,501 44 (981 ) 9,564 Total available-for-sale debt securities $ 286,245 $ 4,137 $ (13,478 ) $ 276,904 Available-for-sale marketable equity securities (3) $ 18,892 $ 7,717 $ (1,537 ) $ 25,072 (1) Includes approximately 85 percent of prime bonds, 10 percent of Alt-A bonds and five percent of subprime bonds. (2) Includes substantially all ABS. (3) Recorded in other assets on the Corporations Consolidated Balance Sheet. At December31, 2009, the amortized cost and fair value of HTM debt securities was $9.8 billion and $9.7 billion, which includes ABS that were issued by the Corporations credit card securitization trust and retained by the Corporation with an amortized cost of $6.6 billion and a fair value of $6.4 billion. At December31, 2008, both the amortized cost and fair value of HTM debt securities were $685 million. The accumulated net unrealized gains (losses) on AFS debt and marketable equity securities included in accumulated OCI were $(628) million and $2.1 billio

Outstanding Loans and Leases

Outstanding Loans and Leases
	12 Months Ended Dec. 31, 2009 USD / shares
Outstanding Loans and Leases	NOTE 6 Outstanding Loans and Leases Outstanding loans and leases at December31, 2009 and 2008 were: December31 (Dollars in millions) 2009 2008 Consumer Residential mortgage (1) $ 242,129 $ 248,063 Home equity 149,126 152,483 Discontinued real estate (2) 14,854 19,981 Credit card domestic 49,453 64,128 Credit card foreign 21,656 17,146 Direct/Indirect consumer (3) 97,236 83,436 Other consumer (4) 3,110 3,442 Total consumer 577,564 588,679 Commercial Commercial domestic (5) 198,903 219,233 Commercial real estate (6) 69,447 64,701 Commercial lease financing 22,199 22,400 Commercial foreign 27,079 31,020 Total commercial loans 317,628 337,354 Commercial loans measured at fair value (7) 4,936 5,413 Total commercial 322,564 342,767 Total loans and leases $ 900,128 $ 931,446 (1) Includes foreign residential mortgages of $552 million at December 31, 2009 mainly from the Merrill Lynch acquisition. The Corporation did not have any material foreign residential mortgage loans prior to January 1, 2009. (2) Includes $13.4 billion and $18.2 billion of pay option loans and $1.5 billion and $1.8 billion of subprime loans at December31, 2009 and 2008. The Corporation no longer originates these products. (3) Includes dealer financial services loans of $41.6 billion and $40.1 billion, consumer lending of $19.7 billion and $28.2 billion, securities-based lending margin loans of $12.9 billion and $0, and foreign consumer loans of $7.8 billion and $1.8 billion at December31, 2009 and 2008. (4) Includes consumer finance loans of $2.3 billion and $2.6 billion, and other foreign consumer loans of $709 million and $618 million at December31, 2009 and 2008. (5) Includes small business commercial domestic loans, primarily credit card related, of $17.5 billion and $19.1 billion at December31, 2009 and 2008. (6) Includes domestic commercial real estate loans of $66.5 billion and $63.7 billion and foreign commercial real estate loans of $3.0 billion and $979 million at December31, 2009 and 2008. (7) Certain commercial loans are accounted for under the fair value option and include commercial domestic loans of $3.0 billion and $3.5 billion, commercial foreign loans of $1.9 billion and $1.7 billion, and commercial real estate loans of $90 million and $203 million at December31, 2009 and 2008. See Note 20 Fair Value Measurements for additional discussion of fair value for certain financial instruments. The Corporation mitigates a portion of its credit risk through synthetic securitizations which are cash collateralized and provide mezzanine risk protection of $2.5 billion which will reimburse the Corporation in the event that losses exceed 10 bps of the original pool balance. As of December31, 2009 and 2008, $70.7 billion and $109.3 billion of mortgage loans were protected by these agreements. The decrease in these credit prot

Allowance for Credit Losses

Allowance for Credit Losses
	12 Months Ended Dec. 31, 2009 USD / shares
Allowance for Credit Losses	NOTE 7 Allowance for Credit Losses The following table summarizes the changes in the allowance for credit losses for 2009, 2008 and 2007. (Dollars in millions) 2009 2008 2007 Allowance for loan and lease losses, January1 $ 23,071 $ 11,588 $ 9,016 Loans and leases charged off (35,483 ) (17,666 ) (7,730 ) Recoveries of loans and leases previously charged off 1,795 1,435 1,250 Net charge-offs (33,688 ) (16,231 ) (6,480 ) Provision for loan and lease losses 48,366 26,922 8,357 Write-downs on consumer purchased impaired loans (1) (179 ) n/a n/a Other (370 ) 792 695 Allowance for loan and lease losses, December31 37,200 23,071 11,588 Reserve for unfunded lending commitments, January1 421 518 397 Provision for unfunded lending commitments 204 (97 ) 28 Other 862 93 Reserve for unfunded lending commitments, December31 1,487 421 518 Allowance for credit losses, December31 $ 38,687 $ 23,492 $ 12,106 (1) Represents the write-downs on certain pools of purchased impaired loans that exceed the original purchase accounting adjustments. n/a = not applicable The Corporation recorded $3.7 billion in provision, including a $3.5 billion addition to the allowance for loan and leases losses, during 2009 specifically for the purchased impaired loan portfolio. The amount of the allowance for loan and lease losses associated with the purchased impaired loan portfolio was $3.9 billion at December 31, 2009. In the above table, the 2009 other amount under allowance for loan and lease losses includes a $750 million reduction in the allowance for loan and lease losses related to $8.5 billion of credit card loans that were exchanged for a $7.8 billion HTM debt security that was issued by the Corporations U.S. Credit Card Securitization Trust and retained by the Corporation. This reduction was partially offset by a $340 million increase associated with the reclassification to other assets of the December31, 2008 amount expected to be reimbursable under residential mortgage cash collateralized synthetic securitizations. The 2008 other amount under allowance for loan and lease losses, includes the $1.2 billion addition of the Countrywide allowance for loan losses as of July1, 2008. The 2007 other amount under allowance for loan and lease losses includes the $725 million and $25 million additions of the LaSalle and U.S. Trust Corporation allowance for loan losses as of October1, 2007 and July1, 2007. In the previous table, the 2009 other amount under the reserve for unfunded lending commitments represents the fair value of the acquired Merrill Lynch reserve excluding those accounted for under the fair value option, net of accretion and the impact of funding previously unfunded portions. The 2007 other amount under the reserve for unfunded lending commitments includes the $124 million addition of the LaSalle reserve as of October1, 2007.

Securitizations

Securitizations
	12 Months Ended Dec. 31, 2009 USD / shares
Securitizations	NOTE 8 Securitizations The Corporation routinely securitizes loans and debt securities. These securitizations are a source of funding for the Corporation in addition to transferring the economic risk of the loans or debt securities to third parties. In a securitization, various classes of debt securities may be issued and are generally collateralized by a single class of transferred assets which most often consist of residential mortgages, but may also include commercial mortgages, credit card receivables, home equity loans, automobile loans or MBS. The securitized loans may be serviced by the Corporation or by third parties. With each securitization, the Corporation may retain a portion of the securities, subordinated tranches, interest-only strips, subordinated interests in accrued interest and fees on the securitized receivables or, in some cases, overcollateralization and cash reserve accounts, all of which are referred to as retained interests. These retained interests are recorded in other assets, AFS debt securities, or trading account assets and are generally carried at fair value or amounts that approximate fair value with changes recorded in income or accumulated OCI, or are recorded as HTM debt securities and carried at amortized cost. Changes in the fair value of credit card related interest- only strips are recorded in card income. In addition, the Corporation may enter into derivatives with the securitization trust to mitigate the trusts interest rate or foreign currency risk. These derivatives are entered into at market terms and are generally senior in payment. The Corporation also may serve as the underwriter and distributor of the securitization, serve as the administrator of the trust, and from time to time, make markets in securities issued by the securitization trusts. First Lien Mortgage-related Securitizations As part of its mortgage banking activities, the Corporation securitizes a portion of the residential mortgage loans it originates or purchases from third parties in conjunction with or shortly after loan closing or purchase. In addition, the Corporation may, from time to time, securitize commercial mortgages and first lien residential mortgages that it originates or purchases from other entities. The following table summarizes selected information related to mortgage securitizations at and for the years ended December31, 2009 and 2008. Residential Mortgage Agency Non-Agency Prime Subprime Alt-A CommercialMortgage (Dollars in millions) 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 For the Year Ended December31 Cash proceeds from new securitizations (1) $ 346,448 $ 123,653 $ $ 1,038 $ $ 1,377 $ $ $ 313 $ 3,557 Gains on securitizations (2,3) 73 25 2 24 29 Cash flows received on residual interests 25 6 71 33 5 4 23 At December31

Variable Interest Entities

Variable Interest Entities
	12 Months Ended Dec. 31, 2009 USD / shares
Variable Interest Entities	NOTE 9 Variable Interest Entities The Corporation utilizes SPEs in the ordinary course of business to support its own and its customers financing and investing needs. These SPEs are typically structured as VIEs and are thus subject to consolidation by the reporting enterprise that absorbs the majority of the economic risks and rewards of the VIE. To determine whether it must consolidate a VIE, the Corporation qualitatively analyzes the design of the VIE to identify the creators of variability within the VIE, including an assessment as to the nature of the risks that are created by the assets and other contractual arrangements of the VIE, and identifies whether it will absorb a majority of that variability. In addition, the Corporation uses VIEs such as trust preferred securities trusts in connection with its funding activities, as described in more detail in Note 13 Long-term Debt. The Corporation also uses VIEs in theform of synthetic securitization vehicles to mitigate a portion of thecreditrisk on its residential mortgage loan portfolio as described in Note6 Outstanding Loans and Leases. The Corporation has also provided support to or has loss exposure resulting from its involvement with other VIEs, including certain cash funds managed within GWIM, as described in more detail in Note 14 Commitments and Contingencies. These VIEs are not included in the tables below. The table below presents the assets and liabilities of VIEs that are consolidated on the Corporations Consolidated Balance Sheet at December31, 2009, total assets of consolidated VIEs at December31, 2008, and the Corporations maximum exposure to loss resulting from its involvement with consolidated VIEs as of December31, 2009 and 2008. The Corporations maximum exposure to loss is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Corporations Consolidated Balance Sheet but also potential losses associated with off-balance sheet commitments such as unfunded liquidity commitments and other contractual arrangements. The Corporations maximum exposure to loss does not include losses previously recognized through write-downs of assets. Consolidated VIEs (Dollars in millions) Multi-Seller Conduits LoanandOther Investment Vehicles CDOs Leveraged LeaseTrusts Other Vehicles Total Consolidated VIEs, December31, 2009 Maximum loss exposure $ 9,388 $ 8,265 $ 3,863 $ 5,634 $ 1,463 $ 28,613 Consolidated Assets (1) Trading account assets $ $ 145 $ 2,785 $ $ 548 $ 3,478 Derivative assets 579 830 1,409 Available-for-sale debt securities 3,492 1,799 1,414 23 6,728 Held-to-maturity debt securities 2,899 2,899 Loans and leases 318 11,752 5,650 17,720 All other assets 4 3,087 184 3,275 Total $ 6,713 $ 17,362 $ 4,199 $ 5,650 $ 1,585 $

Goodwill and Intangible Assets

Goodwill and Intangible Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Goodwill and Intangible Assets	NOTE 10 Goodwill and Intangible Assets The following table presents goodwill at December31, 2009 and 2008, which includes $5.1 billion of goodwill from the acquisition of Merrill Lynch and $4.4 billion of goodwill from the acquisition of Countrywide. As discussed in more detail in Note 23 Business Segment Information, the Corporation changed its basis of presentation from three segments to six segments effective January1, 2009 in connection with the Merrill Lynch acquisition. The reporting units utilized for goodwill impairment tests are the business segments or one level below the business segments. December31 (Dollars in millions) 2009 2008 Deposits $ 17,875 $ 17,805 Global Card Services 22,292 22,271 Home Loans Insurance 4,797 4,797 Global Banking 27,550 28,409 Global Markets 3,358 2,080 Global Wealth Investment Management 10,411 6,503 All Other 31 69 Total goodwill $ 86,314 $ 81,934 No goodwill impairment was recognized for 2009 and 2008. For more information on goodwill impairment testing, see the Goodwill and Intangible Assets section of Note 1 Summary of Significant Accounting Principles. Based on the results of the annual impairment test at June30, 2009, and due to continued stress on Home Loans Insurance and Global Card Services as a result of current market conditions, the Corporation concluded that an additional impairment analysis should be performed for these two reporting units as of December31, 2009. In performing the first step of the additional impairment analysis, the Corporation compared the fair value of each reporting unit to its carrying amount, including goodwill. Consistent with the annual test, the Corporation utilized a combination of the market approach and the income approach for Home Loans Insurance and the income approach for Global Card Services. For Home Loans Insurance the carrying value exceeded the fair value, and accordingly, the second step analysis of comparing the implied fair value of the reporting units goodwill with the carrying amount of that goodwill was performed. Although Global Card Services passed step one of the goodwill impairment analysis, to further substantiate the value of the goodwill balance, the Corporation also performed the step two analysis for this reporting unit. The results of the second step of the goodwill impairment test, which were consistent with the results of the annual impairment test, indicated that no goodwill was impaired for 2009. The following table presents the gross carrying values and accumulated amortization related to intangible assets at December31, 2009 and 2008. Gross carrying amounts include $5.4 billion of intangible assets related to the Merrill Lynch acquisition consisting of $800 million of core deposit intangibles, $3.1 billion of customer relationships and $1.5 billion of non-amortizing other intangibles. December31 2009 2008 (Dollars in millions) GrossCarrying Value Accumulated Amortization GrossCarrying Value Accumulated Amortization Purchased c

Deposits

Deposits
	12 Months Ended Dec. 31, 2009 USD / shares
Deposits	NOTE 11 Deposits The Corporation had domestic certificates of deposit and other domestic time deposits of $100 thousand or more totaling $99.4 billion and $136.6 billion at December31, 2009 and 2008. Foreign certificates of deposit and other foreign time deposits of $100 thousand or more totaled $67.2 billion and $85.4 billion at December31, 2009 and 2008. Time deposits of $100 thousand or more (Dollars in millions) Threemonths or less Overthreemonths to twelve months Thereafter Total Domestic certificates of deposit and other time deposits $ 44,723 $ 45,651 $ 9,058 $ 99,432 Foreign certificates of deposit and other time deposits 62,473 3,488 1,282 67,243 At December31, 2009, the scheduled maturities for total time deposits were as follows: (Dollars in millions) Domestic Foreign Total Due in 2010 $ 174,731 $ 72,507 $ 247,238 Due in 2011 14,511 402 14,913 Due in 2012 3,256 312 3,568 Due in 2013 3,284 216 3,500 Due in 2014 2,873 40 2,913 Thereafter 2,282 342 2,624 Total time deposits $ 200,937 $ 73,819 $ 274,756

Short-term Borrowings

Short-term Borrowings
	12 Months Ended Dec. 31, 2009 USD / shares
Short-term Borrowings	NOTE 12 Short-term Borrowings Bank of America, N.A. maintains a global program to offer up to a maximum of $75.0 billion outstanding at any one time, of bank notes with fixed or floating rates and maturities of at least seven days from the date of issue. Short-term bank notes outstanding under this program totaled $20.6 billion at December31, 2009 compared to $10.5 billion at December31, 2008. These short-term bank notes, along with Federal Home Loan Bank advances, U.S. Treasury tax and loan notes, and term federal funds purchased, are reflected in commercial paper and other short-term borrowings on the Consolidated Balance Sheet. See Note 13 Long-term Debt for information regarding the long-term notes that may be issued under the $75.0 billion bank note program. The following table presents information for short-term borrowings. Short-term Borrowings 2009 2008 2007 (Dollars in millions) Amount Rate Amount Rate Amount Rate Federal funds purchased At December31 $ 4,814 0.09 % $ 14,432 0.11 % $ 14,187 4.15 % Average during year 4,239 0.05 8,969 1.67 7,595 4.84 Maximum month-end balance during year 4,814 18,788 14,187 Securities loaned or sold under agreements to repurchase At December31 250,371 0.39 192,166 0.84 207,248 4.63 Average during year 365,624 0.96 264,012 2.54 245,886 5.21 Maximum month-end balance during year 430,067 295,537 277,196 Commercial paper At December31 13,131 0.65 37,986 1.80 55,596 4.85 Average during year 26,697 1.03 57,337 3.09 57,712 5.03 Maximum month-end balance during year 37,025 65,399 69,367 Other short-term borrowings At December31 56,393 1.72 120,070 2.07 135,493 4.95 Average during year 92,083 1.87 125,392 2.99 113,621 5.18 Maximum month-end balance during year 169,602 160,150 142,047

Long-term Debt

Long-term Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Long-term Debt	NOTE 13 Long-term Debt Long-term debt consists of borrowings having an original maturity of one year or more. The following table presents the balance of long-term debt at December31, 2009 and 2008 and the related rates and maturity dates at December31, 2009. December31 (Dollars in millions) 2009 2008 Notes issued by Bank of America Corporation Senior notes: Fixed, with a weighted-average rate of 4.80%, ranging from 0.61% to 7.63%, due 2010 to 2043 $ 78,282 $ 64,799 Floating, with a weighted-average rate of 1.17%, ranging from 0.15% to 4.57%, due 2010 to 2041 47,731 51,488 Structured notes 8,897 5,565 Subordinated notes: Fixed, with a weighted-average rate of 5.69%, ranging from 2.40% to 10.20%, due 2010 to 2038 28,017 29,618 Floating, with a weighted-average rate of 1.60%, ranging from 0.60% to 4.39%, due 2016 to 2019 681 650 Junior subordinated notes (related to trust preferred securities): Fixed, with a weighted-average rate of 6.71%, ranging from 5.25% to 11.45%, due 2026 to 2055 15,763 15,606 Floating, with a weighted-average rate of 0.88%, ranging from 0.50% to 3.63%, due 2027 to 2056 3,517 3,736 Total notes issued by Bank of America Corporation 182,888 171,462 Notes issued by Merrill Lynch Co., Inc. and subsidiaries Senior notes: Fixed, with a weighted-average rate of 5.24%, ranging from 0.05% to 8.83%, due 2010 to 2066 52,506 Floating, with a weighted-average rate of 0.80%, ranging from 0.13% to 5.29%, due 2010 to 2044 36,624 Structured notes 48,518 Subordinated notes: Fixed, with a weighted-average rate of 6.07%, ranging from 0.12% to 8.13%, due 2010 to 2038 9,258 Floating, with a weighted-average rate of 1.12%, ranging from 0.83% to 1.26%, due 2017 to 2037 1,857 Junior subordinated notes (related to trust preferred securities): Fixed, with a weighted-average rate of 6.93%, ranging from 6.45% to 7.38%, due 2062 to 2066 3,552 Other long-term debt 2,636 Total notes issued by Merrill Lynch Co., Inc. and subsidiaries 154,951 Notes issued by Bank of America, N.A. and other subsidiaries Senior notes: Fixed, with a weighted-average rate of 2.16%, ranging from 0.40% to 8.10%, due 2010 to 2027 12,461 6,103 Floating, with a weighted-average rate of 0.38%, ranging from 0.15% to 3.31%, due 2010 to 2051 24,846 28,467 Subordinated notes: Fixed, with a weighted-average rate of 5.91%, ranging from 5.30% to 7.13%, due 2012 to 2036 5,193 5,593 Floating, with a weighted-average rate of 0.73%, ranging from 0.25% to 3.76%, due 2010 to 2027 2,272 2,796 Total notes issued by Bank of America, N.A. and other subsidiaries 44,772 42,959 Notes issued by NB Holdings Corporation Junior subordinated notes (related to trust preferred securities): Floating, 0.85%, due 2027 258 258 Total notes

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingencies	NOTE 14 Commitments and Contingencies In the normal course of business, the Corporation enters into a number of off-balance sheet commitments. These commitments expose the Corporation to varying degrees of credit and market risk and are subject to the same credit and market risk limitation reviews as those instruments recorded on the Corporations Consolidated Balance Sheet. Credit Extension Commitments The Corporation enters into commitments to extend credit such as loan commitments, SBLCs and commercial letters of credit to meet the financing needs of its customers. The unfunded legally binding lending commitments shown in the following table are net of amounts distributed (e.g., syndicated) to other financial institutions of $30.9 billion and $46.9 billion at December31, 2009 and 2008. At December31, 2009, the carrying amount of these commitments, excluding commitments accounted for under the fair value option, was $1.5 billion, including deferred revenue of $34 million and a reserve for unfunded legally binding lending commitments of $1.5 billion. At December31, 2008, the comparable amounts were $454 million, $33 million and $421 million. The carrying amount of these commitments is recorded in accrued expenses and other liabilities. The table below also includes the notional amount of commitments of $27.0 billion and $16.9 billion at December31, 2009 and 2008, which are accounted for under the fair value option. However, the table below excludes the fair value adjustment of $950 million and $1.1 billion on these commitments that was recorded in accrued expenses and other liabilities. For information regarding the Corporations loan commitments accounted for at fair value, see Note 20 Fair Value Measurements. (Dollars in millions) Expiresin1 YearorLess Expiresafter1 Yearthrough3 Years Expiresafter3 Years through 5 Years Expiresafter 5 Years Total Credit extension commitments, December31, 2009 Loan commitments $ 149,248 $ 187,585 $ 30,897 $ 28,489 $ 396,219 Home equity lines of credit 1,810 3,272 10,667 76,924 92,673 Standby letters of credit and financial guarantees (1) 29,794 27,789 4,923 13,739 76,245 Commercial letters of credit 2,020 40 1,465 3,525 Legally binding commitments (2) 182,872 218,686 46,487 120,617 568,662 Credit card lines (3) 541,919 541,919 Total credit extension commitments $ 724,791 $ 218,686 $ 46,487 $ 120,617 $ 1,110,581 Credit extension commitments, December31, 2008 Loan commitments $ 128,992 $ 120,234 $ 67,111 $ 31,200 $ 347,537 Home equity lines of credit 3,883 2,322 4,799 96,415 107,419 Standby letters of credit and financial guarantees (1) 33,350 26,090 8,328 9,812 77,580 Commercial letters of credit 2,228 29 1 1,507 3,765 Legally binding commitments (2) 168,453 148,675 80,239 138,934 536,301 Credit

Shareholders' Equity and Earnin

Shareholders' Equity and Earnings Per Common Share
	12 Months Ended Dec. 31, 2009 USD / shares
Shareholders' Equity and Earnings Per Common Share	NOTE 15 Shareholders Equity and Earnings Per Common Share Common Stock In January 2009, the Corporation issued 1.4 billion shares of common stock in connection with its acquisition of Merrill Lynch. For additional information regarding the Merrill Lynch acquisition, see Note 2 Merger and Restructuring Activity. During 2009 and 2008, in connection with preferred stock issuances to the U.S. government under TARP, the Corporation issued warrants to purchase 121.8million shares of common stock at an exercise price of $30.79 per share and 150.4million shares of common stock at an exercise price of $13.30 per share. The U.S. Treasury recently announced its intention to auction, during March 2010, these warrants. During the second quarter of 2009, the Corporation issued 1.25 billion shares of its common stock at an average price of $10.77 per share through an at-the-market issuance program resulting in gross proceeds of approximately $13.5 billion. The Corporation may repurchase shares, subject to certain restrictions, from time to time, in the open market or in private transactions through the Corporations approved repurchase program. In 2009, the Corporation did not repurchase any shares of common stock and issued approximately 7.4million shares under employee stock plans. At December31, 2009, the Corporation had reserved 1.3 billion of unissued common shares for future issuances. In October 2009, the Board declared a fourth quarter cash dividend of $0.01 per common share which was paid on December24, 2009 to common shareholders of record on December4, 2009. In July 2009, the Board declared a third quarter cash dividend of $0.01 per common share which was paid on September25, 2009 to common shareholders of record on September4, 2009. In April 2009, the Board declared a second quarter cash dividend of $0.01 per common share which was paid on June26, 2009 to shareholders of record on June5, 2009. In January 2009, the Board declared a first quarter cash dividend of $0.01 per common share which was paid on March27, 2009 to shareholders of record on March6, 2009. In addition, in January 2010, the Board declared a regular quarterly cash dividend on common stock of $0.01 per share, payable on March26, 2010 to common shareholders of record on March5, 2010. Preferred Stock During 2009, the Corporation entered into agreements with certain holders of non-government perpetual preferred stock to exchange their holdings of approximately $7.3 billion aggregate liquidation preference of perpetual preferred stock for approximately 545million shares of common stock. In addition, the Corporation exchanged approximately $3.9 billion aggregate liquidation preference of non-government preferred stock for approximately 200million shares of common stock in an exchange offer. In total, these exchanges resulted in the exchange of approximately $11.3 billion aggregate liquidation preference of preferred stock into approximately 745million shares of common stock. The table below provides further detail on the non-convertible perpetual preferred stock exchanges. (Dollars in millions, actual shares) Series Preferred Share

Regulatory Requirements and Res

Regulatory Requirements and Restrictions
	12 Months Ended Dec. 31, 2009 USD / shares
Regulatory Requirements and Restrictions	NOTE 16 Regulatory Requirements and Restrictions The Federal Reserve requires the Corporations banking subsidiaries to maintain reserve balances based on a percentage of certain deposits. Average daily reserve balances required by the Federal Reserve were $10.9 billion and $7.1 billion for 2009 and 2008. Currency and coin residing in branches and cash vaults (vault cash) are used to partially satisfy the reserve requirement. The average daily reserve balances, in excess of vault cash, held with the Federal Reserve amounted to $3.4 billion and $133 million for 2009 and 2008. The primary sources of funds for cash distributions by the Corporation to its shareholders are dividends received from its banking subsidiaries, Bank of America, N.A. and FIA Card Services, N.A. In 2009, the Corporation received $3.4 billion in dividends from Bank of America, N.A. In 2010, Bank of America, N.A. and FIA Card Services, N.A. can declare and pay dividends to the Corporation of $1.4 billion and $0 plus an additional amount equal to their net profits for 2010, as defined by statute, up to the date of any such dividend declaration. The other subsidiary national banks can initiate aggregate dividend payments in 2010 of $373 million plus an additional amount equal to their net profits for 2010, as defined by statute, up to the date of any such dividend declaration. The amount of dividends that each subsidiary bank may declare in a calendar year without approval by the Office of the Comptroller of the Currency (OCC) is the subsidiary banks net profits for that year combined with its net retained profits, as defined, for the preceding two years. The Federal Reserve, OCC, Federal Deposit Insurance Corporation (FDIC) and Office of Thrift Supervision (collectively, joint agencies) have in place regulatory capital guidelines for U.S. banking organizations. Failure to meet the capital requirements can initiate certain mandatory and discretionary actions by regulators that could have a material effect on the Corporations financial position. The regulatory capital guidelines measure capital in relation to the credit and market risks of both on- and off-balance sheet items using various risk weights. Under the regulatory capital guidelines, Total capital consists of three tiers of capital. Tier 1 capital includes common shareholders equity, Trust Securities, noncontrolling interests and qualifying preferred stock, less goodwill and other adjustments. Tier 2 capital consists of preferred stock not qualifying as Tier 1 capital, mandatorily convertible debt, limited amounts of subordinated debt, other qualifying term debt, the allowance for credit losses up to 1.25 percent of risk-weighted assets and other adjustments. Tier 3 capital includes subordinated debt that is unsecured, fully paid, has an original maturity of at least two years, is not redeemable before maturity without prior approval by the Federal Reserve and includes a lock-in clause precluding payment of either interest or principal if the payment would cause the issuing banks risk-based capital ratio to fall or remain below the required minimum. Tier 3 capital can only be used to satisfy the Corporation

Employee Benefit Plans

Employee Benefit Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Employee Benefit Plans	NOTE 17 Employee Benefit Plans Pension and Postretirement Plans The Corporation sponsors noncontributory trusteed pension plans that cover substantially all officers and employees, a number of noncontributory nonqualified pension plans, and postretirement health and life plans. The plans provide defined benefits based on an employees compensation and years of service. The Bank of America Pension Plan (the Pension Plan) provides participants with compensation credits, generally based on years of service. For account balances based on compensation credits prior to January1, 2008, the Pension Plan allows participants to select from various earnings measures, which are based on the returns of certain funds or common stock of the Corporation. The participant-selected earnings measures determine the earnings rate on the individual participant account balances in the Pension Plan. Participants may elect to modify earnings measure allocations on a periodic basis subject to the provisions of the Pension Plan. For account balances based on compensation credits subsequent to December31, 2007, the account balance earnings rate is based on a benchmark rate. For eligible employees in the Pension Plan on or after January1, 2008, the benefits become vested upon completion of three years of service. It is the policy of the Corporation to fund not less than the minimum funding amount required by ERISA. The Pension Plan has a balance guarantee feature for account balances with participant-selected earnings, applied at the time a benefit payment is made from the plan that effectively provides principal protection for participant balances transferred and certain compensation credits. The Corporation is responsible for funding any shortfall on the guarantee feature. In May 2008, the Corporation and the IRS entered into a closing agreement resolving all matters relating to an audit by the IRS of the Pension Plan and the Bank of America 401(k) Plan. The audit included a review of voluntary transfers by participants of 401(k) Plan accounts to the Pension Plan. In connection with the agreement, the Pension Plan transferred approximately $1.2 billion of assets and liabilities associated with the transferred accounts to a newly established defined contribution plan during 2009. As a result of recent acquisitions, the Corporation assumed the obligations related to the pension plans of FleetBoston, MBNA, U.S. Trust Corporation, LaSalle and Countrywide. These plans, together with the Pension Plan, are referred to as the Qualified Pension Plans. The Bank of America Pension Plan for Legacy Fleet (the FleetBoston Pension Plan) and the Bank of America Pension Plan for Legacy U.S. Trust Corporation (the U.S. Trust Pension Plan) are substantially similar to the Pension Plan discussed above; however, these plans do not allow participants to select various earnings measures; rather the earnings rate is based on a benchmark rate. In addition, both plans include participants with benefits determined under formulas based on average or career compensation and years of service rather than by reference to a pension account. The Bank of America Pension Plan for Legacy MBN

Stock-Based Compensation Plans

Stock-Based Compensation Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Stock-Based Compensation Plans	NOTE 18 Stock-Based Compensation Plans The compensation cost for the plans described below was $2.8 billion, $885 million and $1.2 billion in 2009, 2008 and 2007, respectively. The related income tax benefit was $1.0 billion, $328 million and $438 million for 2009, 2008 and 2007, respectively. The table below presents the assumptions used to estimate the fair value of stock options granted on the date of grant using the lattice option-pricing model. Lattice option-pricing models incorporate ranges of assumptions for inputs and those ranges are disclosed in the table below. The risk-free interest rate for periods within the contractual life of the stock option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatilities are based on implied volatilities from traded stock options on the Corporations common stock, historical volatility of the Corporations common stock, and other factors. The Corporation uses historical data to estimate stock option exercise and employee termination within the model. The expected term of stock options granted is derived from the output of the model and represents the period of time that stock options granted are expected to be outstanding. The estimates of fair value from these models are theoretical values for stock options and changes in the assumptions used in the models could result in materially different fair value estimates. The actual value of the stock options will depend on the market value of the Corporations common stock when the stock options are exercised. No stock options were granted in 2009. 2008 2007 Risk-free interest rate 2.053.85 % 4.725.16 % Dividend yield 5.30 4.40 Expected volatility 26.0036.00 16.0027.00 Weighted-average volatility 32.80 19.70 Expected lives (years) 6.6 6.5 Excluded from the table above are assumptions used to estimate the fair value of approximately 108 million stock options assumed in connection with the Merrill Lynch acquisition. The fair value of these awards was estimated using a Black-Scholes option pricing model. Similar to options valued using the lattice option-pricing model described above, key assumptions used include the implied volatility based on the Corporations common stock of 75 percent, the risk-free interest rate based on the U.S. Treasury yield curve in effect at December 31, 2008, an expected dividend yield of 4.2 percent and the expected life of the options based on their actual remaining term. The Corporation has equity compensation plans which include the Key Employee Stock Plan, the Key Associate Stock Plan and the Merrill Lynch Employee Stock Compensation Plan. Descriptions of the material features of the equity compensation plans follow. Key Employee Stock Plan The Key Employee Stock Plan, as amended and restated, provided for different types of awards including stock options, restricted stock shares and restricted stock units. Under the plan, 10-year options to purchase approximately 260million shares of common stock were granted through December31, 2002 to certain employees at the closing market price on the

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes	NOTE 19 Income Taxes The components of income tax expense (benefit) for 2009, 2008 and 2007 were as follows: (Dollars in millions) 2009 2008 2007 Current income tax expense (benefit) Federal $ (3,576 ) $ 5,075 $ 5,210 State 555 561 681 Foreign 735 585 804 Total current expense (benefit) (2,286 ) 6,221 6,695 Deferred income tax expense (benefit) Federal 792 (5,269 ) (710 ) State (620 ) (520 ) (18 ) Foreign 198 (12 ) (25 ) Total deferred expense (benefit) 370 (5,801 ) (753 ) Total income tax expense (benefit) (1) $ (1,916 ) $ 420 $ 5,942 (1) Does not reflect the deferred tax effects of unrealized gains and losses on AFS debt and marketable equity securities, foreign currency translation adjustments, derivatives and employee benefit plan adjustments that are included in accumulated OCI. As a result of these tax effects, accumulated OCI decreased $1.6 billion in 2009, increased $5.9 billion in 2008 and decreased $5.0 billion in 2007. Also, does not reflect the tax effects associated with the Corporations employee stock plans which decreased common stock and additional paid-in capital $295 million and $9 million in 2009 and 2008, and increased common stock and additional paid-in capital $251 million in 2007. Goodwill was reduced $0, $9 million and $47 million in 2009, 2008 and 2007, respectively, reflecting certain tax benefits attributable to exercises of employee stock options issued by acquired companies which had vested prior to the merger dates. Income tax expense (benefit) for 2009, 2008 and 2007 varied from the amount computed by applying the statutory income tax rate to income before income taxes. A reconciliation between the expected federal income tax expense using the federal statutory tax rate of 35 percent to the Corporations actual income tax expense (benefit) and resulting effective tax rate for 2009, 2008 and 2007 is presented in the following table. 2009 2008 2007 (Dollars in millions) Amount Percent Amount Percent Amount Percent Expected federal income tax expense $ 1,526 35.0 % $ 1,550 35.0 % $ 7,323 35.0 % Increase (decrease) in taxes resulting from: State tax expense (benefit), net of federal effect (42 ) (1.0 ) 27 0.6 431 2.1 Tax-exempt income, including dividends (863 ) (19.8 ) (631 ) (14.3 ) (683 ) (3.3 ) Foreign tax differential (709 ) (16.3 ) (192 ) (4.3 ) (485 ) (2.3 ) Low income housing credits/other credits (668 ) (15.3 ) (722 ) (16.3 ) (590 ) (2.8 ) Change in U.S. federal valuation allowance (650 ) (14.9 ) Loss on certain foreign subsidiary stock (595 ) (13.7 )

Fair Value Measurements

Fair Value Measurements
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Value Measurements	NOTE 20 Fair Value Measurements Under applicable accounting guidance, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Corporation determines the fair values of its financial instruments based on the fair value hierarchy established under applicable accounting guidance which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value. The Corporation accounts for certain corporate loans and loan commitments, LHFS, structured reverse repurchase agreements, long-term deposits and long-term debt under the fair value option. For a detailed discussion regarding the fair value hierarchy and how the Corporation measures fair value, see Note 1 Summary of Significant Accounting Principles. Level 1, 2 and 3 Valuation Techniques Financial instruments are considered Level 1 when valuation can be based on quoted prices in active markets for identical assets or liabilities. Level 2 financial instruments are valued using quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or models using inputs that are observable or can be corroborated by observable market data of substantially the full term of the assets or liabilities. Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques, and at least one significant model assumption or input is unobservable and when determination of the fair value requires significant management judgment or estimation. The Corporation also uses market indices for direct inputs to certain models where the cash settlement is directly linked to appreciation or depreciation of that particular index (primarily in the context of structured credit products). In those cases, no material adjustments are made to the index-based values. In other cases, market indices are also used as inputs to valuation, but are adjusted for trade specific factors such as rating, credit quality, vintage and other factors. Trading Account Assets and Liabilities and Available-for-Sale Debt Securities The fair values of trading account assets and liabilities are primarily based on actively traded markets where prices are based on either direct market quotes or observed transactions. The fair values of AFS debt securities are generally based on quoted market prices or market prices for similar assets. Liquidity is a significant factor in the determination of the fair values of trading account assets and liabilities and AFS debt securities. Market price quotes may not be readily available for some positions, or positions within a market sector where trading activity has slowed significantly or ceased such as certain CDO positions and other ABS. Some of these instruments are valued using a net asset value approach which considers the va

Fair Value of Financial Instrum

Fair Value of Financial Instruments
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Value of Financial Instruments	NOTE 21 Fair Value of Financial Instruments The fair values of financial instruments have been derived, in part, by the Corporations assumptions, the estimated amount and timing of future cash flows and estimated discount rates. Different assumptions could significantly affect these estimated fair values. Accordingly, the net realizable values could be materially different from the estimates presented below. In addition, the estimates are only indicative of the value of individual financial instruments and should not be considered an indication of the fair value of the Corporation. The following disclosures represent financial instruments in which the ending balance at December31, 2009 and 2008 are not carried at fair value in its entirety on the Corporations Consolidated Balance Sheet. Short-term Financial Instruments The carrying value of short-term financial instruments, including cash and cash equivalents, time deposits placed, federal funds sold and purchased, resale and certain repurchase agreements, commercial paper and other short-term investments and borrowings, approximates the fair value of these instruments. These financial instruments generally expose the Corporation to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market. The Corporation elected to account for certain structured reverse repurchase agreements under the fair value option. See Note 20 Fair Value Measurements for additional information on these structured reverse repurchase agreements. Loans Fair values were generally determined by discounting both principal and interest cash flows expected to be collected using an observable discount rate for similar instruments with adjustments that the Corporation believes a market participant would consider in determining fair value. The Corporation estimates the cash flows expected to be collected using internal credit risk, interest rate and prepayment risk models that incorporate the Corporations best estimate of current key assumptions, such as default rates, loss severity and prepayment speeds for the life of the loan. The Corporation elected to account for certain large corporate loans which exceeded the Corporations single name credit risk concentration guidelines under the fair value option. See Note 20 Fair Value Measurements for additional information on loans for which the Corporation adopted the fair value option. Deposits The fair value for certain deposits with stated maturities was calculated by discounting contractual cash flows using current market rates for instruments with similar maturities. The carrying value of foreign time deposits approximates fair value. For deposits with no stated maturities, the carrying amount was considered to approximate fair value and does not take into account the significant value of the cost advantage and stability of the Corporations long-term relationships with depositors. The Corporation elected to account for certain long-term fixed-rate deposits which are economically hedged with derivatives under the fair value option. See Note 20 Fair Value Measurements for additional in

Mortgage Servicing Rights

Mortgage Servicing Rights
	12 Months Ended Dec. 31, 2009 USD / shares
Mortgage Servicing Rights	NOTE 22 Mortgage Servicing Rights The Corporation accounts for consumer MSRs at fair value with changes in fair value recorded in the Consolidated Statement of Income in mortgage banking income. The Corporation economically hedges these MSRs with certain derivatives and securities including MBS and U.S. Treasuries. The securities that economically hedge the MSRs are recorded in other assets with changes in the fair value of the securities and the related interest income recorded as mortgage banking income. The following table presents activity for residential first mortgage MSRs for 2009 and 2008. (Dollars in millions) 2009 2008 Balance, January1 $ 12,733 $ 3,053 Merrill Lynch balance, January1, 2009 209 Countrywide balance, July1, 2008 17,188 Additions / sales 5,728 2,587 Impact of customer payments (3,709 ) (3,313 ) Other changes in MSR market value 4,504 (6,782 ) Balance, December31 $ 19,465 $ 12,733 Mortgage loans serviced for investors (in billions) $ 1,716 $ 1,654 During 2009 and 2008, other changes in MSR market value were $4.5 billion and $(6.8) billion. These amounts reflect the change in discount rates and prepayment speed assumptions, mostly due to changes in interest rates, as well as the effect of changes in other assumptions. The amounts do not include $782 million in gains in 2009 resulting from lower than expected prepayments and $(333) million in losses in 2008 resulting from higher than expected prepayments. The net amounts of $5.3 billion and $(7.1) billion are included in the line mortgage banking income (loss) in the table Level 3 Total Realized and Unrealized Gains (Losses) Included in Earnings in Note 20 Fair Value Measurements. At December31, 2009 and 2008, the fair value of consumer MSRs was $19.5 billion and $12.7 billion. The Corporation uses an OAS valuation approach to determine the fair value of MSRs which factors in prepayment risk. This approach consists of projecting servicing cash flows under multiple interest rate scenarios and discounting these cash flows using risk-adjusted discount rates. The key economic assumptions used in valuations of MSRs include weighted-average lives of the MSRs and the OAS levels. Key economic assumptions used in determining the fair value of MSRs at December31, 2009 and 2008 were as follows: December31 2009 2008 (Dollars in millions) Fixed Adjustable Fixed Adjustable Weighted-average option adjusted spread 1.67 % 4.64 % 1.71 % 6.40 % Weighted-average life, in years 5.62 3.26 3.26 2.71 The following table presents the sensitivity of the weighted-average lives and fair value of MSRs to changes in modeled assumptions. The sensitivities in the following table are hypothetical and should be used with caution. As the amounts indicate, changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value

Business Segment Information

Business Segment Information
	12 Months Ended Dec. 31, 2009 USD / shares
Business Segment Information	NOTE 23 Business Segment Information The Corporation reports the results of its operations through six business segments: Deposits, Global Card Services, Home Loans Insurance, Global Banking, Global Markets and Global Wealth Investment Management (GWIM), with the remaining operations recorded in All Other. The Corporation may periodically reclassify business segment results based on modifications to its management reporting methodologies and changes in organizational alignment. Prior period amounts have been reclassified to conform to current period presentation. Deposits Deposits includes the results of consumer deposits activities which consist of a comprehensive range of products provided to consumers and small businesses. In addition, Deposits includes student lending results and the net effect of its ALM activities. Deposits products include traditional savings accounts, money market savings accounts, CDs and IRAs, and noninterest- and interest-bearing checking accounts. These products provide a relatively stable source of funding and liquidity. The Corporation earns net interest spread revenue from investing this liquidity in earning assets through client-facing lending and ALM activities. The revenue is allocated to the deposit products using a funds transfer pricing process which takes into account the interest rates and maturity characteristics of the deposits. Deposits also generate fees such as account service fees, non-sufficient funds fees, overdraft charges and ATM fees. In addition, Deposits includes the impact of migrating customers and their related deposit balances between GWIM and Deposits. As of the date of migration, the associated net interest income, service fees and noninterest expense are recorded in the segment to which deposits were transferred. Global Card Services Global Card Services provides a broad offering of products including U.S. consumer and business card, consumer lending, international card and debit card to consumers and small businesses. The Corporation reports Global Card Services results on a managed basis which is consistent with the way that management evaluates the results of Global Card Services. Managed basis assumes that securitized loans were not sold and presents earnings on these loans in a manner similar to the way loans that have not been sold (i.e., held loans) are presented. Loan securitization is an alternative funding process that is used by the Corporation to diversify funding sources. Loan securitization removes loans from the Consolidated Balance Sheet through the sale of loans to an off-balance sheet QSPE that is excluded from the Corporations Consolidated Financial Statements in accordance with applicable accounting guidance. The performance of the managed portfolio is important in understanding Global Card Services results as it demonstrates the results of the entire portfolio serviced by the business. Securitized loans continue to be serviced by the business and are subject to the same underwriting standards and ongoing monitoring as held loans. In addition, excess servicing income is exposed to similar credit risk and repricing of interest rates as held loans

Parent Company Information

Parent Company Information
	12 Months Ended Dec. 31, 2009 USD / shares
Parent Company Information	NOTE 24 Parent Company Information The following tables present the Parent Company Only financial information: Condensed Statement of Income (Dollars in millions) 2009 2008 2007 Income Dividends from subsidiaries: Bank holding companies and related subsidiaries $ 4,100 $ 18,178 $ 20,615 Nonbank companies and related subsidiaries 27 1,026 181 Interest from subsidiaries 1,179 3,433 4,939 Other income 7,784 940 3,319 Total income 13,090 23,577 29,054 Expense Interest on borrowed funds 4,737 6,818 7,834 Noninterest expense 4,238 1,829 3,127 Total expense 8,975 8,647 10,961 Income before income taxes and equity in undistributed earnings of subsidiaries 4,115 14,930 18,093 Income tax benefit 85 1,793 1,136 Income before equity in undistributed earnings of subsidiaries 4,200 16,723 19,229 Equity in undistributed earnings (losses) of subsidiaries: Bank holding companies and related subsidiaries (2,183 ) (11,221 ) (4,497 ) Nonbank companies and related subsidiaries 4,259 (1,494 ) 250 Total equity in undistributed earnings (losses) of subsidiaries 2,076 (12,715 ) (4,247 ) Net income $ 6,276 $ 4,008 $ 14,982 Net income (loss) applicable to common shareholders $ (2,204 ) $ 2,556 $ 14,800 Condensed Balance Sheet December31 (Dollars in millions) 2009 2008 Assets Cash held at bank subsidiaries $ 91,892 $ 98,525 Debt securities 8,788 16,241 Receivables from subsidiaries: Bank holding companies and related subsidiaries 58,931 39,239 Nonbank companies and related subsidiaries 13,043 23,518 Investments in subsidiaries: Bank holding companies and related subsidiaries 206,994 172,460 Nonbank companies and related subsidiaries 47,078 20,355 Other assets 13,773 20,428 Total assets $ 440,499 $ 390,766 Liabilities and shareholders equity Commercial paper and other short-term borrowings $ 5,968 $ 26,536 Accrued expenses and other liabilities 19,204 15,244 Payables to subsidiaries: Bank holding companies and related subsidiaries 363 469 Nonbank companies and related subsidiaries 632 3 Long-term debt 182,888 171,462 Shareholders equity 231,444 177,052 Total liabilities and shareholders equity $ 440,499 $ 390,766 Condensed Statement of Cash Flows (Dollars in millions) 2009 2008 2007 Operating activities Net income $ 6,276 $ 4,008 $ 14,982 Reconciliation of net income to net cash provided by operating activities: Equity in undi

Performance by Geographical Are

Performance by Geographical Area
	12 Months Ended Dec. 31, 2009 USD / shares
Performance by Geographical Area	NOTE 25 Performance by Geographical Area Since the Corporations operations are highly integrated, certain asset, liability, income and expense amounts must be allocated to arrive at total assets, total revenue, net of interest expense, income before income taxes and net income by geographic area. The Corporation identifies its geographic performance based on the business unit structure used to manage the capital or expense deployed in the region as applicable. This requires certain judgments related to the allocation of revenue so that revenue can be appropriately matched with the related expense or capital deployed in the region. December31 Year Ended December31 (Dollars in millions) Year TotalAssets(1) Total Revenue,Net of Interest Expense(2) Income (Loss) Before IncomeTaxes NetIncome (Loss) Domestic (3) 2009 $ 1,840,232 $ 98,278 $ (6,901 ) $ (1,025 ) 2008 1,678,853 67,549 3,289 3,254 2007 60,245 18,039 13,137 Asia(4) 2009 118,921 10,685 8,096 5,101 2008 50,567 1,770 1,207 761 2007 1,613 1,146 721 Europe, Middle East and Africa 2009 239,374 9,085 2,295 1,652 2008 78,790 3,020 (456 ) (252 ) 2007 4,097 894 592 Latin America and the Caribbean 2009 24,772 1,595 870 548 2008 9,733 443 388 245 2007 878 845 532 Total Foreign 2009 383,067 21,365 11,261 7,301 2008 139,090 5,233 1,139 754 2007 6,588 2,885 1,845 Total Consolidated 2009 $ 2,223,299 $ 119,643 $ 4,360 $ 6,276 2008 1,817,943 72,782 4,428 4,008 2007 66,833 20,924 14,982 (1) Total assets include long-lived assets, which are primarily located in the U.S. (2) There were no material intercompany revenues between geographic regions for any of the periods presented. (3) Includes the Corporations Canadian operations, which had total assets of $31.1 billion and $13.5 billion at December31, 2009 and 2008; total revenue, net of interest expense of $2.5 billion, $1.2 billion and $770 million; income before income taxes of $723 million, $552 million and $292 million; and net income of $488 million, $404 million and $195 million for 2009, 2008 and 2007, respectively. (4) The year ended December31, 2009 amount includes pre-tax gains of $7.3 billion ($4.7 billion net-of-tax) on the sale of common shares of the Corporations initial investment in CCB.

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 24, 2010	Jun. 30, 2009
Trading Symbol	BAC
Entity Registrant Name	BANK OF AMERICA CORP /DE/
Entity Central Index Key	0000070858
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		10,032,005,453
Entity Public Float			$114,282,338,121