Most of the U.S. regional banks with $10 billion to $100 billion in assets that reported quarterly results between Oct. 13 and Oct. 26 logged higher earnings in the third quarter.

Out of 67 banks that reported earnings during this period, 40 recorded higher quarter-over-quarter and year-over-year earnings, according to S&P Global Market Intelligence data. Only seven banks logged both sequential and yearly EPS decreases, while 14 banks posted just a decline from a year ago, amid persistent inflationary pressures and economic slowdown.

At $50B-$100B banks

Out of the 10 banks with total assets between $50 billion and $100 billion as of Sept. 30, eight posted both sequential and yearly earnings increases, including Comerica Inc., First Horizon Corp., Western Alliance Bancorp. and Wintrust Financial Corp., a stark improvement compared to the previous two quarters.

Puerto Rico-based Popular Inc. reported diluted EPS of $5.70 in the third quarter, a 106% increase from the previous quarter's EPS of $2.77 and an 84% increase year over year. The increase was partly driven by the bank's conclusion of the Evertec Inc. common stock sale, which resulted in an aggregate after-tax gain of $226.6 million in the third quarter, according to a Form 8-K filing.

With an EPS of 30 cents, New York Community Bancorp Inc. registered an 11% decline from the previous quarter, while its earnings remained unchanged year over year. Last quarter, the bank extended its pending deal with Troy, Mich.-based Flagstar Bancorp Inc. to Oct. 31. The transaction was expected to enhance the company's asset sensitivity and provide it with double-digit EPS accretion. On Oct. 28, the two parties again extended the deal to Dec. 31.

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At $10B-$50B banks

Out of the 57 banks with total assets between $10 billion and $50 billion as of Sept. 30, 32 recorded increases in earnings on a sequential and yearly basis. Thirteen banks — including FB Financial Corp., Hilltop Holdings Inc., Flagstar Bancorp Inc., Eagle Bancorp Inc. and Simmons First National Corp. — posted sequential earnings increases but logged a decline in a year-over-year comparison.

Seven banks posted both sequential and yearly declines in earnings, including Bank of Hawaii Corp., Atlantic Union Bankshares Corp., Berkshire Hills Bancorp Inc., Fulton Financial Corp. and UMB Financial Corp.

Beverly Hills, Calif.-based PacWest Bancorp's EPS of $1.02 remained unchanged from the second quarter but represented an approximately 13% decline on a year-over-year basis. CEO Matthew Wagner said on the bank's third-quarter earnings call that certain businesses within the company, such as fixed-rate lending, were showing signs of a slowdown, leading to the bank's focus on expenses and judicious hiring.

Rising rates to impact mortgage banking business

As a result of high rates, banks witnessed a decline in residential mortgage businesses, which is expected to continue.

Tacoma, Wash.-based Columbia Banking System Inc.'s residential mortgage business continued to suffer, even as the company saw record loan performance in the third quarter.

"As a result of higher rates, we continue to see a decline in our residential mortgage production with sold loans dropping from $39 million [in the] linked quarter to $18 million for the third quarter," COO Christopher Merrywell said during the company's third-quarter earnings call.