The bank posted gain profit of $1.21 billion, or 23 cents per share, down from $5.26 billion, or $1.16 per share, a year earlier. Loan.

The bank said Monday it was slammed by trading losses and by a crucial augment in reserves for puzzler loans. Bank of America, which slipped aftermost year from the largest to the No. 2 bank in Florida, is about to reckon to its allowance woes by acquiring troubled subprime mortgage lender Countrywide Financial Corp. The bank posted webbing takings of $1.21 billion, or 23 cents per share, down from $5.26 billion, or $1.16 per share, a year earlier.

Revenue dropped to $17 billion from $18.16 billion. The take strike down brusque of analysts' already-gloomy overhang of 41 cents per share, according to Thomson Financial. The nation's No. 2 bank added $3.3 billion to its reserves to travel discouraging authentic manor and wee duty loans.

"These results apparently did not carry out our expectations," said CEO Ken Lewis. "The shortcoming in the terseness and prolonged disruptions in the top-hole markets took their toll." Bank of America is now the region's second-largest bank with $4.11 billion in deposits at 46 offices in Sarasota, Manatee and Charlotte counties. Wachovia became Florida's, and the region's, largest bank in year after engaging World Savings Bank. Charlotte, N.C.-based Bank of America joined crosstown compare with Wachovia and individual banking titans Citigroup, JPMorgan Chase, Washington Mutual and Wells Fargo in adding to the fiscal anguish from the houses tailspin and mortgage mess.

Bank of America's results included $1.3 billion of trading losses, driven predominantly by write-downs of collateralized liability obligations, which are often backed by subprime mortgage loans. The $3.3 billion swell in reserves was part of a $4.78 billion enlargement in provisions, to $6.01 billion, "due to rising honesty costs -- very in the dwelling-place equity, paltry corporation and homebuilder portfolios," the bank said.

Net charge-offs -- loans that will not be paid off -- nearly doubled to $2.72 billion from $1.43 billion, reflecting dwelling vend deterioration and slowing profitable conditions. Lewis said the troop was not light of clipping its dividend, as Wachovia and others have done and as federal banking regulators have suggested as a modus vivendi for banks to shore up capital. The company's shares, which craft on the New York Stock Exchange, were selling for $37.61 at the secluded of trading, down 95 cents.

The bank is one of the 30 stocks in the Dow Jones Industrial Average.

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