Earnings Preview: Washington Mutual to report 2Q

However, some expect the bank will need to raise additional capital going forward.

Earlier this month, Edward Jones analyst Tom Kersting downgraded the shares to "Sell" from "Hold," based on his concern over the bank's capital position and its ability to raise capital in the future.

"It is likely that WaMu will need to raise additional capital to bolster its financial position due to increasing losses in its loan portfolio," Kersting wrote. "We are concerned about what it will take and how long it may take to improve the performance of the mortgage business, and we believe further near-term disappointments are possible."

Management has indicated potential mortgage-related losses of $12 billion to $19 billion over the next three to four years, but Kersting believes this number could be higher given the company's focus on mortgages and geographic concentrations in higher-risk markets.

STOCK PERFORMANCE: Shares lost 52 percent during the quarter to end the period at $4.93. The stock is down about 56 percent year to date.