$Bank of America(BAC)$Bank stocks are likely to continue outperforming as interest rates climb higher, benefiting from the higher net interest income.  There have been studies backing that banks profitability generally trend higher in a high interest rate environment. This is because the volume of loans do not decline by much even though the cost of borrowing has picked up. 

That said, there could be some offsetting effect if the US economy tips into a recession, with businesses cutting capex and laying off workers. Non-interest income side could also weaken as IPO and wealth advisory activity comes down. For commercial banks like BofA, as opposed to investment banks (IB) , they are more exposed to the loans side, rather than the IB side, so they are fairly insulated from the weakness from non-interest income.