After the implosion of IndyMac Bancorp (NYSE: IMB) and news of the deterioration of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) last week, there's bound to be a certain level of trepidation as the earnings crunch begins this coming week and many big financial companies report. Here's a look at what Wall Street was expecting (see The week in preview: Expectations as the earnings crunch begins for expectations of other reporting companies.)

Analysts surveyed by Thomson Financial are expecting the following of companies to report lower earnings when compared to the same period of the previous year.

• JPMorgan Chase & Co. (NYSE: JPM): 44 cents EPS (-63.3%) on sales of $16.4 billion (-13.2%)
• Comerica Inc. (NYSE: CMA): 51 cents EPS (-59.2%) on sales of $680.2 million (-7.3%)
• Zions Bancorp. (NYSE: ZION): 75 cents EPS (-47.6%) on sales of $627.3. million (+2.7%)
• Huntington Bancshares Inc. (NYSE: HBAN): 23 cents EPS (-32.4%) on sales of $617.1 million (+50.7%)
• Capital One Financial Corp. (NYSE: COF): $1.31 EPS (-30.7%) on sales of $4.4 billion (+7.8%)
• Wells Fargo & Co. (NYSE: WFC): 50 cents EPS (-25.4%) on sales of $10.7 billion (+7.7%)
• M&T Bank Corp. (NYSE: MTB): $1.50 EPS (-23.1%) on sales of $756.6 million (+1.6%)
• BB&T Corp. (NYSE: BBT): 69 cents EPS (-16.9%) on sales of $1.8 billion (+5.9%)
• U.S. Bancorp (NYSE: USB): 60 cents EPS (-7.7%) on sales of $3.8 billion (+8.3%)
• PNC Financial Services Group Inc. (NYSE: PNC): $1.16 EPS (-7.2%) on sales of $1.9 billion (+8.5%)

Analysts surveyed by Thomson Financial expect M&T Bank Corp. (NYSE: MTB) and US Bancorp (NYSE: USB) to post smaller profits in the first quarter. Both banks are scheduled to report results on Tuesday.

M&T is expected to earn $1.55 per share, which is down marginally from the same period in 2007 when it earned $1.57. The company missed quarterly estimates in the past two quarters. In the third quarter of 2007, it fell short of the consensus estimate by 5.3%, and in the fourth quarter by 63.1%.

M&T is based in Buffalo, New York. M&T Bank offers deposit accounts and loans to individuals and small and mid-sized businesses, and its subsidiaries provide brokerage, leasing, loan servicing, and other services. In the past year, its revenues were $4.6 billion and its net income totaled $654 million. Its EPS growth forecast for the year is 14.1%, better than the banking industry average and the S&P 500. Yet the consensus recommendation of analysts continues to be to hold M&T.

The stock has fallen 20.6% in the past year and trades at a P/E of 14.05. Shares closed Friday at $83.62.

For more earnings forecasts, see Peter Cohan's Earnings expectations for 10 banks tell a mixed story.

Thomson Financial expects M&T Bank Corp. (NYSE: MTB) to earn $1.63 when it announces its fourth-quarter earnings on January 14th. That's down 13% from the same period in 2006 when it earned $1.88.

M&T Bank is a Buffalo, NY-based bank operating in five segments: Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. In the last year, its revenues were $3.5 billion and its net income totaled $803 million. Its stock has lost 39% of its value in the last year and it trades at a P/E of 10.4.

It has a mixed track record when it comes to actual versus expected earnings. In the second quarter of 2007, it beat by 4.8% but in the third quarter it missed by 5.2%. My hunch is that it will miss again.

Peter Cohan is president of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in M&T Bank securities.