Bank Earnings on Tap After Wild Quarter

Scroll down to listen to audio clips of Laurie Kulikowski's interview with Hardesty Capital Management's Eric Schopf for an investor's take on banks repaying bailout money and the Public Private Investment Program.

With the economy still fumbling through a deep recession and regulators and Congress pushing for greater control over the inner workings of banking institutions, the second quarter did not represent ordinary times in the financial sector.

The bank stress tests conducted by the federal government, subsequent capital raises, stock conversions and accounting changes that went into effect between April and the end of June all will significantly impact bank earnings, which are set to begin rolling out with JPMorgan Chase's (JPM Quote) results on Thursday and Citigroup's (C Quote) and Bank of America's (BAC Quote) reports the following day.

Citi, BofA and Wells Fargo (WFC Quote) are among nine of the nation's 19 largest banks that have not yet repaid the federal government's preferred equity investments made through the Troubled Asset Relief Program. Others, like JPMorgan, US Bancorp (USB Quote) and BB&T (BBT Quote) have repaid the government after stress tests determined they were adequately capitalized. ...