In the following video, Motley Fool financial analyst Matt Koppenheffer takes us through a one-minute look at Bank of America's (NYSE:BAC) earnings statement. He tells us how, had this same earnings report come out a year ago, it might have been well-received, but recent gains have pushed expectations higher than what this report delivered. This is partly due to shrinking net interest margins for banks across the sector, though BAC's other revenue streams -- fees and investment banking -- were both good. Finally, he tells us he thinks BAC has reached a turning point with settling its legal issues, and may finally be putting them behind it.

Fool contributor Matt Koppenheffer owns shares of Bank of America. The Motley Fool owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.