Restatement
Overview
Bank of America Corporation (the “Corporation”) is restating its historical financial statements for the quarters ended March 31, 2005, June 30,
2005 and September 30, 2005, the year ended December 31, 2004, including the quarters ended March 31, 2004, June 30, 2004 and September 30, 2004, the year ended December 31, 2003, and other selected financial data for the years ended December 31,
2002 and 2001. These restatements and revisions relate to the accounting treatment for certain derivative transactions under the Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging
Activities, as amended (SFAS 133). The Corporation is presenting this restatement in its 2005 Annual Report on Form 10-K.
The restatement has the following impact on Net Income and Diluted Earnings Per Common Share (EPS) by period:
|
(Dollars in millions, except per share information)
|
|
Net Income
Adjustment
|
| Diluted EPS
Adjustment
|
|
| Beginning Balance Adjustment |
|
$ |
1,011 |
| Not Applicable |
|
| 2003 |
| (49) |
| (0.02) |
|
| 2004 |
|
| 1st Quarter 04 |
| (33) |
| (0.01) |
|
| 2nd Quarter 04 |
| (508) |
| (0.12) |
|
| 3rd Quarter 04 |
| 339 |
| 0.08 |
|
| 4th Quarter 04 |
| 7 |
| — |
|
|
|
|
|
|
|
|
| Year 2004 |
| (196) |
| (0.05) |
|
|
|
|
|
|
|
|
| 2005 |
|
| 1st Quarter 05 |
| (302) |
| (0.07) |
|
| 2nd Quarter 05 |
| 361 |
| 0.09 |
|
| 3rd Quarter 05 |
| (285) |
| (0.07) |
|
| 4th Quarter 05 |
| (194) |
| (0.05) |
|
|
|
|
|
|
|
|
| Year 2005 |
| (421) |
| (0.11) |
|
|
|
|
|
|
|
|
| Total |
|
$ |
345 |
|
|
|
|
|
|
|
|
Footnote (1) |
|
For presentation purposes, certain numbers have been rounded. |
For additional information relating to the effect of the restatement, see the following items:
|
