The latest earnings report from Bank of America is the new definition of the word "noisy." That's how one leading analyst described the numbers, which seemed open to wide interpretation because of billions of dollars in litigation charges.
Excluding one-time items, BofA said Wednesday it made 14 cents a share in the first quarter—which compares with consensus estimates of 5 cents. Revenue also came in at a better-than-expected $22.57 billion.
"It looks like it's an operating beat, but they got there probably like no one thought they would," Raymond James bank analyst Anthony Polini said on CNBC's "Squawk Box" right after the earnings announcement.
"It looks like they added some liquidity on the balance sheet, which brought the margin down, and kept spread income slightly below than expectations," he added.
The stock initially traded higher in premarket trading, but turned lower (click here for the latest quote).
Polini said he's not surprised by that move: "It was a miss on net interest income. And I think the fee income side—even though it was higher than we thought—is probably not sustainable."
Net interest income on a GAAP basis was $10.1 billion for the three months ended in March.