On Thursday, shares of the nation’s second-biggest bank, Bank of America Corp. (BAC Quick QuoteBAC - Free Report) , are on a roll, hitting an 8-year high of $23.24 per share. The stock is currently up around 1.8% in late-afternoon trading.

Like many of its peers, Bank of America has spent the better part of the past seven years rebuilding its brand and its business after the financial crisis. At its lowest, BAC stock traded at just $3.14 per share back in March 2009.

If the Fed decides to hike interest rates this month, Bank of America will likely feel some positive after-effects. It’s well-known that most banks’ earnings and growth potential have been held back by the very low short-term interest rates put in place since the financial crisis. If short- and long-term rates were to rise just one-percentage-point, BofA's net interest income could be boosted by an additional $5.3 billion over the next 12 months, notes Kiplinger.

BAC has gained over 35% year-to-date, and is expected to earn $16 billion in profit this year thanks to rising deposits, moderate loan growth, and a continuing cost-cutting program. Zacks currently rates the stock as a #1 (Strong Buy) on the Zacks Rank, with year-over-year sales and earnings growth estimates for the current quarter of 6.15% and 36.36%, respectively.

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