Most US regional banks reported weaker earnings in the first quarter on a sequential basis, as the sector wrestled with the fallout of several historic bank failures and an industrywide liquidity crisis.

More than three quarters of the 34 banks with assets of $10 billion to $100 billion that announced results between April 13 and April 20 saw earnings per share fall from the fourth quarter of 2022, according to S&P Global Market Intelligence data. Five of them logged lower earnings compared to the previous quarter and year-ago period.

There were 20 companies that reported weaker EPS quarter over quarter but stronger results on a year-over-year basis. Only seven banks posted both sequential and yearly EPS increases.

First Financial Bankshares, Banc of California, Eagle Bancorp among smaller regionals to struggle

Out of the 16 banks with assets between $10 billion and $25 billion as of March 31, 12 of them reported EPS declines quarter over quarter, including Home BancShares Inc., Cathay General Bancorp, Independent Bank Corp., First Financial Bankshares Inc. and OceanFirst Financial Corp.

Eight banks in the category logged lower earnings sequentially but reported gains on a year-over-year basis.

Red Bank, NJ-based OceanFirst Financial posted diluted EPS of 46 cents in the first quarter, a 48.3% decline from the linked quarter, but a 9.5% increase compared to the year-ago period.

Three banks posted both quarterly and yearly declines in EPS: First Financial Bankshares, Banc of California Inc. and Eagle Bancorp Inc.

Bethesda, Md.-based Eagle Bancorp's first-quarter diluted EPS was 78 cents, a decline of 40.9% from the linked quarter, and a decline of 45.1% from the quarter ended March 31, 2022.

Hilltop Holdings Inc., First Financial Bancorp., Sandy Spring Bancorp Inc. and Banner Corp. were the only four banks that logged higher sequential and yearly EPS. Sandy Spring Bancorp's diluted EPS was $1.14 in the first quarter, a 50% increase sequentially and a 18.8% increase from the year-ago period.

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Bank OZK, Wintrust Financial, F.N.B. stand out among larger regionals

Out of the 18 banks in the $25 billion-to-$100 billion asset category, 14 institutions logged sequential earnings declines in the period. A dozen companies in that category recorded higher earnings on a year-over-year basis, however, including Comerica Inc., Webster Financial Corp., East West Bancorp Inc., Zions Bancorp. NA, Associated Banc-Corp and Synovus Financial Corp.

With a diluted EPS of 70 cents, Texas Capital Bancshares Inc. registered an 83.4% decline from the previous quarter and an about 1.4% increase from the first quarter of 2022.

Bank OZK, Wintrust Financial Corp. and F.N.B. Corp. were the only three banks that posted both yearly and quarterly EPS increases.

Glacier Bancorp Inc. and Western Alliance Bancorp. logged lower earnings on a sequential and yearly basis.