https://www.wsj.com/finance/banking/regional-banks-had-another-ugly-quarter-db141a0e
The article is behind a paywall. The earnings reports are not good. They are troubled. I have not had time to dig in yet.
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Here’s a snippet:
2023 bank crisis is over, but the worst may be yet to come for some regional and community lenders.Profits dropped sharply at regional banks in the fourth quarter, including at the bigger ones that have generally fared better than their smaller peers. Net income was down roughly 90% from a year earlier at
KeyCorp KEY 1.87%increase; green up pointing triangle
, around 70% at
Citizens Financial Group CFG 1.89%increase; green up pointing triangle
and more than 40% at
PNC Financial Services Group PNC 0.66%increase; green up pointing triangle
.
swung to a loss.
Midsize players also struggled. Net income was down around 90% at
and more than 50% at
Zions Bancorporation ZION 3.55%increase; green up pointing triangle
. The Federal Reserve is positioned to end its aggressive campaign to curb inflation, which could offer some relief to banks after interest rates hit the highest levels in decades. But recent uncertainty around potential rate cuts has muddled the outlook.
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I deleted this post to put it up as a thread of its own.