The stocks of KeyCorp, Comerica Inc. and Zions Bancorp fell early Thursday after all three reported a drop in deposits and weaker-than-expected quarterly results, as regional banks sustained collateral damage from the collapse of Silicon Valley Bank. Truist Financial Corp.
TFC,
+2.78%
also weighed in with results that fell short of estimates, while Fifth Third Bancorp
FITB,
+3.13%
fell slightly shy of earnings and revenue projections.
Meanwhile, First Republic Bank
FRC,
+12.40%
fell 2.6% after big gains in the previous session, ahead of its first-quarter results on Monday. Dallas, Tx.-based Comerica
CMA,
+5.49%
slid 2.4% premarket Thursday after the regional bank said its first-quarter net income rose to $324 million, or $2.39 a share, from $189 million, or $1.37 a share, in the year-earlier quarter. The numbers were down from the fourth quarter, however, when the bank earned $350 million, or $2.58 a share. Comerica did not provide a revenue number but said it was down 2.9% from the fourth quarter. The bank posted revenue of $1.02 billion in the fourth quarter, and was expected to post revenue of $990 million for the first quarter. Since March 9, the bank’s deposits fell by $3.7 billion, the bank said in a statement. That was the day that the stock of Silicon Valley Bank fell more than 60% after disclosures led to a run on that bank, which was shuttered by the California regulator a day later. That bank’s …
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