8-KOther Events

BANK OF AMERICA CORP /DE/ 8-K Report (Apr 14, 2003)

Filed April 14, 2003For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

Bank of America Corporation (BAC) filed an 8-K on April 14, 2003, to announce its financial results for the first quarter ended March 31, 2003. The company reported robust earnings of $2.42 billion, translating to diluted earnings per common share of $1.59. This filing incorporates by reference the press release and supplemental information detailing these results. Notably, the company highlighted the use of "taxable equivalent basis" (FTE) for interest income reporting, a non-GAAP measure management believes offers a clearer view of the interest margin for comparative analysis. Investors should review the attached exhibits for a comprehensive understanding of the first-quarter performance and the methodologies used in its presentation.

Key Highlights

  • 1Announced Q1 2003 earnings of $2.42 billion.
  • 2Reported diluted earnings per common share of $1.59 for Q1 2003.
  • 3Filed a press release (Exhibit 99.1) detailing Q1 2003 financial results.
  • 4Included supplemental information (Exhibit 99.2) for an investor conference and webcast.
  • 5Highlighted the use of taxable equivalent basis (FTE) for interest income reporting as a non-GAAP measure.
  • 6Management believes FTE provides a more accurate picture of the interest margin for comparative purposes.

Frequently Asked Questions

For the first quarter ended March 31, 2003, Bank of America reported earnings of $2.42 billion and diluted earnings per common share of $1.59.

The taxable equivalent basis (FTE) is a non-GAAP performance measure used by Bank of America's management. They believe it provides investors with a more accurate representation of the interest margin, particularly for comparative purposes across different periods or entities.

Detailed information can be found in the press release dated April 14, 2003 (Exhibit 99.1) and the Supplemental Information package prepared for the investor conference (Exhibit 99.2), both of which are incorporated by reference in this 8-K filing.

The financial results for the first quarter ended March 31, 2003, were announced and discussed on April 14, 2003, through a press release and an investor conference/webcast.