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Merger costs cut into B of A profit

Monday, July 19, 1999 | 10:42 a.m.

CHARLOTTE, N.C. -- Bank of America Corp., the largest bank in Nevada, today reported a 17 percent drop in second quarter earnings as it absorbed some ongoing costs of its merger with NationsBank.

Bank of America reported net income of $1.92 billion, or $1.07 a share, compared with $2.3 billion, or $1.28 a share, in the same period a year ago.

Those results include a one-time charge of $145 million for the cost of the merger with NationsBank. Excluding that charge, profits from operations totaled $2.06 billion, or $1.15 a share, a penny above analysts' estimates, according to First Call.

"There was some evidence of synergies from the BankAmerica-NationsBank merger. Operating expense base looked good," said Thomas Theurkauf, an analyst at Keefe, Bruyette & Woods. He rates the bank stock "attractive." The Charlotte-based bank had revenues of $8.19 billion, down slightly from $8.30 billion in the year-ago quarter.

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