The stock of Bank of America (NYSE:BAC) has been on an impressive run over the last two and a half years, but it could still have a lot of room to run.

A quick glance at the earnings of Bank of America reveals despite its remarkable turnaround in 2013, where it earned nearly as much as it did in the previous five years combined, it still drastically trails its highly thought of peers -- and fellow Warren Buffett investments -- Wells Fargo (NYSE:WFC) and US Bancorp (NYSE:USB) in all major profitability metrics. This helps explain why Bank of America trades at a price-to-tangible book value multiple that is in essence half of Wells Fargo and a third of US Bancorp.

In this segment of The Motley Fool's financials-focused show, Where the Money Is, banking analyst David Hanson is joined by Fool contributor Patrick Morris to discuss what Bank of America would have to do to see its returns improve and its multiple expand, which would result in a big boost to its shareholders. And surprisingly, that improvement may be easier than you think.

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David Hanson has no position in any stocks mentioned. Patrick Morris owns shares of Bank of America and US Bancorp. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America and Wells Fargo. 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.