NEW YORK ( TheStreet) -- Bank of America ( BAC) posted first-quarter earnings Thursday morning that beat analysts' estimates as did Morgan Stanley ( MS). The two banks were among the following companies reporting earnings Thursday: DuPont ( DD), Travelers ( TRV), Danaher ( DHR), Verizon ( VZ), EMC ( EMC) and Nokia ( NOK). Bank of America The bank reported first-quarter earnings of 3 cents a share on $22.5 billion in revenue. On a valuation-adjusted basis, earnings came in at 28 cents a share, topping analysts' estimates of 12 cents a share on $22.51 billion in revenue. "The narrowing of our credit spreads reflects the significant progress we've made to strengthen the balance sheet," Chief Financial Officer Bruce Thompson said in a statement. "During the quarter, we increased our Tier 1 common equity ratio by 92 basis points from the prior quarter, improved our liquidity to record levels and continued to reduce risk-weighted assets. While the improvement in our credit spreads results in a negative adjustment to earnings this quarter, it should not overshadow the positive momentum that we are seeing in our businesses." Shares of Bank of America rose 2.8% in premarket trading Thursday to $9.17. TheStreet Ratings gives Bank of America a C- grade and hold rating.