The financial sector as a whole hasn't been a great performer recently. Many banks have underperformed the S&P 500 as investors fear a recession leading to a rise in defaults, as well as a slowdown in consumer spending.

However, for patient long-term investors there are some attractive opportunities in the banking space. Here are two in particular -- both of which are cornerstones of my own stock portfolio -- that are trading at cheap valuations and could deliver market-beating total returns in the years ahead.

Bank of America (NYSE: BAC) has seen its margins increase dramatically as interest rates rise. In fact, the bank's net interest income in the fourth quarter was 29% higher year over year. However, the stock trades for a low valuation of just over 1.1 times book value and less than 11 times forward earnings, and one of the biggest reasons is a fear that a recession could lead to widespread consumer defaults.

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Source Fool.com