Over the last five trading days, Q1 earnings took precedence, with all eyes turning to the banks’ performance. Going into the earnings season, the overall mood was pessimistic for banks. Banks witnessed significant downward revisions in estimates over the last couple of months, but it enhanced chance of surpassing expectations.Results from the mega players reflect persistent fundamental weaknesses. As projected, both equity and bond trading activities were disappointing. Also, because of the huge sell-offs in the equity markets in January and February, investment banking and advisory fees were hurt. Further compounding the woes for banks was the stressed energy sector, which led to a rise in provisions.Additionally, the Fed’s rate hike in Dec 2015 was minimally beneficial on banks’ net interest income. Mortgage originations were modest as well. All these had an adverse effect on banks’ top line.Though efforts by banks to improve efficiency and restructure operations as well as the absence of legal costs kept a lid on expenses, these were not enough to support the bottom line. As a result, net income declined year over year.(Read: Bank Stock Roundup for the week ending Apr 8, 2016)Recap of the Week’s Important Earnings:1. JPMorgan Chase & Co.’s JPM first-quarter 2016 earnings of $1.35 per share surpassed the Zacks Consensus Estimate of $1.26, which was pretty conservative given the number of downward revisions over the last couple of months. Though the quarter witnessed a decent decrease in expenses and negligible legal costs, weak trading and significantly higher provisions (mainly pertaining to energy sector lending) hurt results (read more: JPMorgan Beats on Q1 Earnings, Stock Up Pre Market).2. Lower trading revenues as well as a rise in credit costs led Bank of America Corporation’s BAC first-quarter 2016 earnings of 21 cents per share, which lagged the Zacks Consensus Estimate by a penny. Weaknesses in equity and fixed income trading revenues, investment banking fees and mortgage banking revenue were the headwinds. Further, a jump in provisions owing to the energy sector exposure added to concerns (read more: Weak Trading Hit BofA Q1 Earnings, Stock Down).3. Buoyed by strong top-line growth, Wells Fargo & Company’s WFC first-quarter 2016 earnings recorded a positive surprise of about 1%. Earnings of 99 cents per share beat the Zacks Consensus Estimate by a penny. The company witnessed organic growth aided by higher revenues along with strong loans and deposit balances. However, higher provisions and expenses were a concern (read more: Wells Fargo Q1 Earnings Top Estimate; Provisions Up).4. The PNC Financial Services Group, Inc. PNC, which delivered positive earnings surprises in the trailing four quarters, snapped its winning streak. The company’s first-quarter 2016 earnings per share of $1.68 missed the Zacks Consensus Estimate by a penny. Results were primarily affected by lower non-interest income due to weakness in equity markets and reduced capital markets activity. Also, the quarter recorded higher provisions. However, on a positive note, the company witnessed higher net interest income and lower expenses (read more: PNC Financial Q1 Earnings Down on Lower Fee Income).5. Bank of the Ozarks, Inc.’s OZRK first-quarter 2016 earnings of 57 cents per share surpassed the Zacks Consensus Estimate of 54 cents. Better-than-expected results were driven by a rise in net interest income and a decline in expenses as well as provisions, partly offset by a reduction in non-interest income (read more: Bank of the Ozarks Q1 Earnings Top, Provisions Dip).Price PerformancePerformance of bank stocks over the last five trading sessions got off to a flying start, with all major banks ending in the green. This is perhaps because banks’ results were mostly as expected.Overall, the performance of banking stocks was bullish. Here is how the seven major stocks performed: CompanyLast Week6 monthsJPM8.4%5.8%BAC9.8%-9.0%WFC3.7%-3.9%C11.1%-11.1%COF7.2%-0.4%USB4.8%4.2%PNC4.1%-0.6% In the last five trading sessions, Citigroup Inc. C and BofA were the major gainers, with their shares surging 11.1% and 9.8%, respectively. Further, JPMorgan rose 8.4%.Over the last six months, Citigroup was the weakest performer, with its shares declining 11.1%, followed by BofA, which fell 9%. On the other hand, JPMorgan and U.S. Bancorp USB increased 5.8% and 4.2%, respectively.What's Next in the Banking Universe?The focus will entirely be on earnings releases over the next five trading sessions. Comerica Incorporated CMA is reporting on Apr 19 and U.S. Bancorp on Apr 20. Further, on Apr 21, we have four major banks reporting – KeyCorp. KEY, BB&T Corporation BBT, Fifth Third Bancorp FITB and The Bank of New York Mellon Corporation BK.Performance of banking stocks is expected to solely depend on the upcoming results.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMORGAN CHASE (JPM): Free Stock Analysis Report BB&T CORP (BBT): Free Stock Analysis Report PNC FINL SVC CP (PNC): Free Stock Analysis Report COMERICA INC (CMA): Free Stock Analysis Report US BANCORP (USB): Free Stock Analysis Report KEYCORP NEW (KEY): Free Stock Analysis Report FIFTH THIRD BK (FITB): Free Stock Analysis Report BANK OF NY MELL (BK): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report CITIGROUP INC (C): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report BANK OZARKS (OZRK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research