JPM), which posted a decline in the same area of 6%. Even with the slippage in BofA's net interest income, I didn't believe then there was cause for concern. The fact that the stock has regained its losses since the April report suggests that the Street has come to this same realization. Over the past couple of months, management has been working to stabilize the business. So far, the results have been positive. Deposits have begun to change course, after posting declines the past couple of quarters. And as investors overreacted to the declines, many also seem to have forgotten that Bank of America still leads both JPMorgan and Wells Fargo ( WFC) in overall deposits.
I'm not discounting that Bank of America still faces plenty of legacy operational issues. But it seems that despite the ample signs of progress, management still isn't getting any credit. The Street also ignored management's shedding some of the bank's low-performing assets and loans as it strives to improve its ability to return value to shareholders.
Read: 5 Best Surf Schools Basel 3 is a global regulatory standard that serves to prevent too-big-to-fail scenarios by enforcing not only bank capital requirements, but also by adding minimum standards on liquidity and leverage. Basel 3 requires banks to hold 4.5% of common equity. This is an area in which CEO Brian Moynihan has taken a personal interest in an effort to help build back trust in the bank. In that regard, there are signs that the bank is starting to regain both investor and consumer confidence after a long-fought battle toward recovery. There's still plenty of work to be done, but with mortgage originations on the rise as the housing recovery continues, it's safe to say that the worst for Bank of America is over. I would be a buyer here ahead of earnings. At the time of publication, the author held no position in any stock mentioned. Follow @saintssense This article was written by an independent contributor, separate from TheStreet's regular news coverage.