Still, Harralson noted an increase in reserves for bad loans at JPMorgan "gives us slight pause," however, he believes Bank of America's reserves will still be below his $400 million estimate "given JPMorgan 's low overall reserve level.

Analysts surveyed by Thomson Reuters are looking for Bank of America to lose seven cents per share on revenues of $21.89 billion. The bank earned 19 cents per share on revenues of $22.20 billion in the second quarter and 58 cents on revenues of $28.70 billion in the third quarter of 2011.

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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