Bank of America (NYSE: BAC) opened higher this morning after posting a bottom-line beat in the fourth quarter. However, it has been all downhill since amid worries about oil-related losses at the bank.

The highlight for the quarter was EPS of $0.28, versus the consensus of $0.27. EPS adjusted for specials including charge on TruPS redemption, negative impact of UK tax law changes, FAS91, DVA, etc., was EPS closer to $0.33 Nomura equity analyst Steven Carcache calculated. This was versus his forecast of $0.30.

The beat was driven driven by higher Net interest income, modestly higher trading revenues, and a lower tax rate, partially offset by lower IBD revenues.

Credit Suisse analyst Susan Roth Katzke said positives in the quarter were core loan and deposit growth with improvement in the NIM, trading and investment banking were better than forecast. She also highlighted: solid net positive AuM flows; LAS operating expense run rate now sub-$800mn. ROTCE was 7.3% (still a good bit of room for improvement).

Weak trading was a lowlight, according to Katzke, but it was still better than feared. In addition, higher losses and requisite loan loss reserve build against energy credits were also lowlights.

Investors were also keenly focused on the company's energy-related exposure given weak oil prices. During the call, the company said it has $21.3 billion in energy-related loans. This is about 2% of total loans. The company increased provision for credit losses by $264 million in the quarter, which was largely energy-related.

"As we continue to assess and react to future changes in the energy sector we could see lumpiness that could potentially drive provision expense over $900 million," CFO Paul Donofrio said on the company's quarterly conference call.

Notably, at $14.08 (-2.6%), Bank of America is trading at a 10% discount to tangible book value, which increased 8% to $15.62.