Last week, Goldman Sachs Group Inc. (NYSE: GS) and JPMorgan Chase & Co. (NYSE: JPM) reported stellar quarterly results. Lots more third quarter reports from the big banks are due this week.

However, analysts surveyed by Thomson Reuters anticipate year-over-year earnings declines from Bank of New York Mellon (NYSE: BK), BB&T Corp. (NYSE: BBT), M&T Bank Corp. (NYSE: MTB), Northern Trust Corp. (NASDAQ: NTRS), PNC Financial Services Group Inc. (NYSE: PNC), State Street Corp. (NYSE: STT), US Bancorp (NYSE: USB), and Wells Fargo & Co. (NYSE: WFC).

Analysts surveyed by Thomson Financial expect Bank of America (NYSE: BAC) to post a smaller profit for the first quarter, while Merck & Co. (NYSE: MRK) is expected to report a modest profit gain. Both companies are scheduled to report results on Monday morning.

Bank of America is expected to earn 41 cents per share, which is down 65% from the same period in 2007 when it earned $1.17 per share, but up 87% from the previous quarter when it reported 5 cents per share. While the company was beating quarterly estimates before the credit crunch set in, in the third quarter of 2007 it missed the consensus estimate by 22.2%, and in the fourth quarter it fell short by 72.1%.

Charlotte, NC-based Bank of America is the second-largest bank in the U.S. by assets behind Citigroup (NYSE: C), and boasts the country's most extensive branch network. In the past year, its revenues were $119.2 billion and its net income totaled $14.9 billion. Its EPS growth forecast for the year is -0.9%, which is slightly better than the banking industry average. The consensus recommendation of analysts remains to hold BAC.

The stock has fallen 25.6% in the past year and trades at a P/E of 11.68. Shares closed Friday at $38.56.