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Bank earnings preview: Week ending Oct. 19

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Bank earnings preview: Week ending Oct. 19

The week of Oct. 15-19 will be loaded with quarterly results of large and midsize U.S. banks and thrifts.

Bank of America Corp. is the biggest bank scheduled to report third-quarter results before markets open on Monday, Oct. 15. The Charlotte, N.C.-based bank — which is the top bank by total deposits in 2018, according to the Federal Deposit Insurance Corp.'s Summary of Deposits survey — reported earnings of 46 cents per share in the 2017 third quarter. The S&P Global Market Intelligence consensus estimate for normalized third-quarter 2018 earnings per share is 62 cents.

During BofA's July 16 second-quarter earnings call, management said there are no concerns about rising deposit costs as the bank pursues a funding strategy that sells customers on a suite of services. Management also said loan growth continues to do well.

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Dallas-based Comerica Inc. and Memphis, Tenn.-based First Horizon National Corp. are scheduled to announce quarterly results before markets open Tuesday, Oct. 16, and analysts expect both banks to report higher third-quarter 2018 earnings, year over year.

Analysts expect First Horizon to report third-quarter 2018 EPS of 36 cents, up from the 28 cents EPS the bank reported in the year-ago quarter. First Horizon expects the sale of its holdings of Visa Inc.'s class B shares to result in a net pretax gain of $213 million in the quarter ended Sept. 30, 2018. The sale is also expected to increase First Horizon's third-quarter 2018 after-tax net income by $160 million and EPS by 49 cents.

On Thursday, Oct. 18, Winston-Salem, N.C.-based BB&T Corp. and Cleveland-based KeyCorp are on deck to report quarterly results in the morning, while Bridgeport, Conn.-based People's United Financial Inc. will report results after markets close. Analysts expect all three banks to post higher earnings, year over year.

BB&T reported EPS of 74 cents in the 2017 third quarter, and analysts expect the bank to report third-quarter 2018 EPS of $1.00. During the bank's July 19 second-quarter earnings call, Chairman and CEO Kelly King said the bank is looking to acquire a bank with $20 billion or $30 billion in assets.

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