Bank of America Corp. (NYSE: BAC) has joined the banking ranks with its fourth-quarter earnings report. The stock was already about 2% within its 52-week highs, and now it appears to breaking above those highs after the report. The company’s credit metrics improved, even if legal issues remain a challenge.

Net income was $3.4 billion, or $0.29 per share, on revenue of $21.49 billion. Thomson Reuters was calling for $0.26 per share and $21.24 billion. The bank’s headcount was 242,117 at the end of 2013.

Book value is still growing. Bank of America had a stated book value of $20.17 per share at the end of December, versus $20.50 at the end of September. Its tangible book value was $13.79 per share, versus $13.62 per share the prior quarter.

Return on average tangible equity was 8.53%, and its return on average assets was 0.64%. The bank’s net interest margin was 2.56%. Bank of America’s Basel 1 Tier 1 common equity ratio was 10.43%, and the Basel 1 Tier 1 capital ratio was 11.19%.

Other key metrics were as follows:

• Net interest income $10.8 billion
• Provision for credit losses $336 million
• Net charge-offs $1.58 billion
• Pretax litigation expenses $2.3 billion
• Equities sales and trading revenue (ex-DVA) was $904 million
• Fixed income, currency and commodities sales and trading revenue (ex-DVA) $2.1 billion
• Commercial loans at $396 billion
• Real estate services loss of $1.06 billion
• Average deposit balances $528.8 billion

Bank of America shares were rising 2.3% to $17.15 in the early trading indications Wednesday. The prior 52-week trading range was $10.98 to $16.93, and the consensus analyst target prior to earnings was $16.28.

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