BAC 35.97, -0.94, -2.5%) fourth-quarter earnings sank to $268...

BAC 35.97, -0.94, -2.5%) fourth-quarter earnings sank to $268 million, or 5 cents a share, from $5.26 billion, or $1.16 a share, a year earlier, as its provision for credit losses climbed and it posted a $1.99 billion in net charge-offs. The Charlotte, N.C., bank's net interest income rose to $9.16 billion from $8.6 billion, while its provision for credit losses increased to $3.31 billion from $1.57 billion a year ago. Net interest income on a fully taxable-equivalent basis rose 10% to $9.81 billion. Total average assets at Dec. 31 rose to $1.74 trillion from $1.49 trillion at Dec. 31, 2006. The company is "cautiously optimistic" about 2008, though it sees economic growth " anemic at best" in the first half