A batch of the nation's biggest banking companies reported mostly sunny second-quarter results Wednesday, and for the most part quelled fears that loan losses would rise sharply.

First Union Corp., the sixth-largest U.S. banking company, reported net income of $873 million and operating income that beat analysts' expectations by a penny. While Wall Street is far from ready to give the Charlotte, N.C.-based company a clean bill of health, analysts said the worst of First Union's acquisition and restructuring costs may be behind it.

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