Most of the U.S. regional banks with $10 billion to $100 billion in assets that reported quarterly results between Jan. 9 and Jan. 20 saw both sequential and annual earnings growth in the fourth quarter of 2022.

Out of the 22 banks that posted earnings during this period, 14 recorded higher quarter-over-quarter and year-over-year EPS, according to S&P Global Market Intelligence data, maintaining the momentum from the previous two quarters. Four banks logged lower quarter-over-quarter earnings, out of which two recorded sequential and yearly EPS decreases. Only three banks did not log any change in EPS sequentially, yet recorded higher yearly earnings.

Heading into the earnings season, banks were expected to report improved earnings through net interest margin expansion and revenue growth that have been boosted by higher interest rates and loan growth.

At $10B-$25B banks

Out of 11 banks with total assets between $10 billion and $25 billion as of Dec. 31, 2022, seven logged higher EPS quarter over quarter and year over year. These included Home BancShares Inc., Independent Bank Corp., Banner Corp., OceanFirst Financial Corp. and BancFirst Corp.

Oklahoma City-based BancFirst Corp. logged diluted EPS of $1.70, a 47.8% increase compared to the year-ago period and a 3% increase from the previous quarter.

With exposure to the declining cryptocurrency market during the year, Silvergate Capital Corp. posted a loss of $33.16 per common share in the fourth quarter of 2022. During its 2022 fourth-quarter earnings call, the company attributed the loss to a "modest decline" in its digital asset customers sparked by a "crisis of confidence" after several high-profile bankruptcies in the space.

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At $25B to $100B banks

Out of the 11 banks with total assets between $25 billion and $100 billion as of Dec. 31, 2022, seven posted higher quarterly and yearly earnings. These included Texas Capital Bancshares Inc., which logged $4.23 in diluted EPS in the 2022 fourth quarter, a 472% increase on a sequential basis and around a 255% increase from the quarter ended Dec. 31, 2021.

Comerica Inc. and Pinnacle Financial Partners Inc. logged yearly EPS increases but sequential declines in the 2022 fourth quarter. In its 2022 fourth-quarter earnings call, Pinnacle Financial expressed its intent to reduce its dependence on Bankers Healthcare Group LLC, the financial technology company it holds a minority stake in, as a function of its earnings stream.

"We're projecting BHG to not be a major part of the earnings growth story that we believe we have," said Michael Turner, president and CEO of the company, according to a transcript.

BankUnited Inc. was the only one in the group to post both a sequential and yearly decline.

Economic uncertainty to continue this year

Banks are expecting a volatile economic environment and a possible recession in the coming quarters. As a result, many are driving up their credit loss reserves.

"The higher provision expense in the fourth quarter was primarily a result of less-favorable macroeconomic environment conditions, including wider projected credit spreads and less-favorable commercial real estate price index data included in the economic forecast that we use," Wintrust Financial Corp. COO David Dykstra said on a call discussing the company's 2022 fourth-quarter earnings.