5 'Noisy' Banks and What They Really Earned

Miller said that "Over a long time horizon, we expect the company to record $2.0B to $2.5B of trading revenue per quarter and if we were to normalize the trading line, we would arrive at a first-quarter operating result closer to $1.25 per share, in line with our expectations for roughly $5.00 in earnings per year. "

The analyst rates JPMorgan Chase "Outperform," with a $50 price target, and estimate the company will earn $5.26 a share this year, followed by 2013 EPs of $5.80.

Despite returning 32% year-to-date through Friday's close at $43.35, JPMorgan's shares were trading for less than eight times the consensus 2013 earnings estimate of $5.60, among analysts polled by Thomson Reuters. JPMorgan is also paying an attractive quarterly dividend of 30 cents, for a dividend yield of 2.77%.

Interested in more on JPMorgan Chase? See TheStreet Ratings' report card for this stock.

Bank of America

Bank of America reported first-quarter net income of $653 million, or three cents a share, however, the results included "negative valuation adjustments of $4.8 billion pretax, or $0.28 per share, from the narrowing of the company's credit spreads."