So, Bank of America (NYSE:BAC), what's next? How can you further satisfy the ravenous beast that is Wall Street? After all, you're so big you can't buy another regular U.S. bank, and there are fewer and fewer options out there that will really make a big impact.

Maybe the secret lies in expanding overseas. Plenty of markets, from Mexico to Korea to Turkey. offer the possibility of long-term growth. Or maybe you should expand your asset-management business -- we all know about the graying of America, so maybe a bigger trust or mutual fund business would help. Then again, maybe Bank of America will just continue to crank out solid returns and give the surplus cash back to shareholders.

Because of the acquisition of MBNA, year-over-year comparisons at Bank of America are no picnic this quarter. Revenue was up 25%, net income was up 18%, and EPS was up just 4%, but all of those numbers are thrown off by that big acquisition. So, too, with return on assets and equity, although both of those metrics held up quite nicely.

Honestly, there's so much to cover at Bank of America that I can't hope to do the financials justice. Please run through them yourself, and if you need some help in deciphering some of the terminology, check out my past column, A Closer Look at Bank Stocks. Suffice it to say, the company is hurting from the interest rate environment, but its major franchises look quite strong.

There's no shortage of ways to look at and value bank stocks, but I'm struck that a lot of the smaller and obscure banking names look pretty fairly valued, while many of the larger players seem undervalued relative to their earning and cash-generation potential. That's true of Bank of America, Citigroup (NYSE:C), JPMorganChase (NYSE:JPM), and Wachovia (NYSE:WB). Accordingly, I think Bank of America could be an interesting total return play from here -- even though it's not far removed from its 52-week high.

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Fool contributor Stephen Simpson owns shares of JPMorgan but has no financial interest in any other stocks mentioned (that means he's neither long nor short the shares).