10 Key Earnings Reports from The Financial Sector

Published January 19, 2022 at 4:07 pm EST Updated August 19, 2026 at 7:01 am EDT

In this article, we will take a look at the 10 key earnings reports from the financial sector.

Leading financial stocks, including Bank of America Corporation (NYSE:BAC), The Goldman Sachs Group, Inc. (NYSE:GS) and The Charles Schwab Corporation (NYSE:SCHW), just announced their financial results for the fourth quarter.

Shares of Goldman Sachs and Charles Schwab turned red after the two missed earnings expectations for the fourth quarter. On the other hand, Bank of America shares jumped more than four percent in the pre-market trading session on Wednesday, January 19, after delivering upbeat profit.

Photo by Nick Chong on Unsplash

We will discuss the detailed performance of these companies in the remaining article.

Key Earnings Reports from The Financial Sector

10. First Midwest Bancorp, Inc. (NASDAQ:FMBI)

Number of Hedge Fund Holders: 16

Shares of First Midwest Bancorp, Inc. (NASDAQ:FMBI) slightly moved down on Tuesday, January 18, 2022, after announcing lower-than-expected financial results for the fourth quarter. The Illinois-based bank reported adjusted earnings of 41 cents per share, missing the consensus forecast of 44 cents per share.

Revenue for the quarter rose four percent on a year-over-year basis to $183 million. However, analysts were expecting First Midwest Bancorp, Inc. to post revenue of $190.3 million.

If we look at some of the key growth metrics, total loans in the quarter increased three percent versus last year to $15 billion, while total average deposit jumped 10 percent to $17 billion in the quarter.

In addition, First Midwest Bancorp, Inc. reported that net interest income for the quarter fell 6.3 percent versus last year. In addition, the total average funding sources for the quarter increased by $1.1 billion versus the same period last year.

9. Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Number of Hedge Fund Holders: 20

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) rose nearly four percent in the after-hours trading session on Tuesday, January 18, 2022, after beating profit and sales expectations for the fourth quarter.

Pinnacle Financial Partners, Inc. earned $1.70 per share on an adjusted basis, up from $1.58 per share in the year-ago quarter. Revenue for the quarter jumped 46.1 percent on a year-over-year basis to $339.486 million. The results easily exceeded analysts’ average estimate of $1.58 per share for earnings and $35.460 million for revenue.

In addition, Pinnacle Financial Partners, Inc. said net interest income for the quarter jumped eight percent versus last year to $238.8 million. Moreover, total assets at the end of fourth-quarter stood at $38.5 billion, representing a surge of 10.1 percent from the same period of 2020.

Like Pinnacle Financial Partners, Inc., Bank of America Corporation, The Goldman Sachs Group, Inc. and The Charles Schwab Corporation, also came into the limelight after posting their quarterly results.

8. Hancock Whitney Corporation (NASDAQ:HWC)

Number of Hedge Fund Holders: 23

Hancock Whitney Corporation (NASDAQ:HWC) recently announced mixed financial results for the fourth quarter. The Mississippi-based bank reported adjusted earnings of $1.51 per share on revenue of $318.9 million.

Analysts were expecting Hancock Whitney Corporation to report earnings of $1.36 per share on revenue of $323.4 million. Looking at the key growth drivers, net interest income for the fourth quarter fell two percent on a sequential basis to $231.9 million. On the bright side, the total deposit for the quarter increased four percent versus the prior quarter to $30.5 billion.

Speaking on the results, CEO of Hancock Whitney Corporation, John Hairston, said in a statement:

“Expense management efforts are evident as we surpassed our target for the fourth quarter of 2021, while revenue initiatives are underway. Today our credit metrics are among the best in class, and our capital remains solid despite the impact of excess liquidity on our TCE ratio.”

7. Interactive Brokers Group, Inc. (NASDAQ:IBKR)

Number of Hedge Fund Holders: 31

Shares of Interactive Brokers Group, Inc. (NASDAQ:IBKR) slipped nearly two percent in the after-hours trading session on Tuesday, January 18, 2022, after missing revenue expectations for the fourth quarter.

Interactive Brokers Group, Inc. posted revenue of $603 million, below the consensus forecast of $669.8 million. Nevertheless, the adjusted earnings of 83 cents per share were in line with the expectations.

Moreover, net interest income for the quarter jumped 31 percent on a year-over-year basis to $295 million. The surge was mainly driven by higher margin loan balances and solid securities lending activities during the quarter.

In addition, Interactive Brokers Group, Inc. reported that its customers account in the quarter climbed 56 percent versus last year to 1.68 million. On the downside, noninterest income fell 18 percent to $308 million.

Like Interactive Brokers Group, Inc., investors are also closely watching Bank of America Corporation, The Goldman Sachs Group, Inc. and The Charles Schwab Corporation, following their earnings reports.

6. Silvergate Capital Corporation (NYSE:SI)

Number of Hedge Fund Holders: 32

Shares of Silvergate Capital Corporation (NYSE:SI) plummeted about 25 percent, hitting a nearly four-month low, on Tuesday, January 18, 2022, after reporting a lower-than-expected profit for the fourth quarter.

Silvergate Capital Corporation posted earnings of 66 cents per share, compared to 47 cents per share in the same period last year. However, analysts were looking for earnings of 72 cents per share.

Net interest income for the quarter increased to $40.2 million versus $22.4 million in the comparable period of 2020. In comparison, noninterest income fell 21.3 percent on a year-over-year basis to $11.1 million.

Silvergate Capital Corporation is also a leading provider of financial infrastructure services to the cryptocurrency market. Its digital currency customer-related fee income for the quarter rose to $9.3 million, more than doubled from $3.8 million in the year-ago quarter. In addition, average digital currency customer deposits increased to $13.3 billion.

Discussing the results, CEO of Silvergate Capital Corporation, Alan Lane, said in a statement:

“2021 was another year of significant growth and momentum for Silvergate, driven by strong demand for our digital currency solutions powered by the SEN. Total deposits grew to $14.3 billion at the end of 2021 and our full year net income more than tripled compared to last year, reflecting growth in both fee income and net interest income.”

5. Truist Financial Corporation (NYSE:TFC)

Number of Hedge Fund Holders: 34

Shares of Truist Financial Corporation (NYSE:TFC) slightly moved down on Tuesday, January 18, 2022, despite announcing better-than-expected profit for the fourth quarter. The North Carolina-based bank holding company reported adjusted earnings of $1.38 per share, up 17 percent from the comparable period of 2020.

Revenue for the quarter came in at $5.6 billion, nearly unchanged from last year. Analysts were expecting Truist Financial Corporation to post earnings of $1.25 per share on revenue of $5.6 billion.

Speaking on the results, CEO of Truist Financial Corporation, Bill Rogers, said:

“The quarter reflects improved revenue momentum and excellent credit quality, as well as significant capital deployment, and the achievement of our cost savings targets. Our diverse business model and progress on the merger, combined with a better economic environment drove stronger 2021 performance compared with 2020.”

4. The PNC Financial Services Group, Inc. (NYSE:PNC)

Number of Hedge Fund Holders: 41

Shares of The PNC Financial Services Group, Inc. (NYSE:PNC) fell more than two percent on Tuesday, January 18, 2022, even though the bank holding company beat profit and sales expectations for the fourth quarter.

The PNC Financial Services Group, Inc. reported adjusted earnings of $3.68 per share, up from $3.27 per share in the same period last year. Revenue came in at $5.127 billion, compared to $4.208 billion in the year-ago quarter. The results surpassed analysts’ average estimate of $3.22 per share for earnings and $5.14 billion for revenue.

In addition, The PNC Financial Services Group, Inc. reported a net interest income of $2.86 billion for the quarter versus $2.42 billion for the same period last year. Moreover, the noninterest income also increased to $2.27 billion, compared to $1.78 billion for the comparable period of 2020.

Discussing the results, CEO of The PNC Financial Services Group, Inc., Bill Demchak, said:

“2021 was a pivotal year for PNC. We delivered solid financial results, closed and converted BBVA USA in less than a year, launched our overdraft solution Low Cash ModeSM and announced an $88 billion plan to expand economic opportunities for minorities and low- and moderate-income individuals and communities.”

3. The Charles Schwab Corporation (NYSE:SCHW)

Number of Hedge Fund Holders: 59

Shares of The Charles Schwab Corporation fell more than three percent on Tuesday, January 18, 2022, after posting lower-than-expected financial results for the fourth quarter.

The Charles Schwab Corporation earned 86 cents per share on an adjusted basis, compared to 74 cents per share in the year-ago quarter. Analysts were looking for earnings of 88 cents per share.

In addition, The Charles Schwab Corporation posted revenue of $4.71 billion, up 13 percent from the comparable period of 2020 but slightly below the consensus forecast of $4.79 billion. The company ended the quarter with total assets of $667 billion, up 22 percent on a year-over-year basis.

Commenting on the results, CFO of The Charles Schwab Corporation, Peter Crawford, said in a statement:

“The operating environment, our own strategic and competitive success, and unprecedented levels of client engagement and activity all came together in 2021 to help us deliver impressive financial performance.”

2. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 72

Shares of Bank of America Corporation jumped more than four percent in the pre-market trading session on Wednesday, January 19, 2022, after delivering impressive financial results for the fourth quarter.

Bank of America Corporation reported earnings of 82 cents per share, up from 59 cents per share in the comparable period of 2020. Revenue for the quarter jumped 9.8 percent on a year-over-year basis to $22.16 billion. Analysts were looking for earnings of 77 cents per share on revenue of $22.18 billion.

Net interest income for the quarter jumped 11 percent versus last year to $1.2 billion, while noninterest income rose 8 percent to $10.7 billion. In addition, the average deposits also climbed 16 percent to $2.0 trillion in the quarter.

If we look at the sales performance of Bank of America Corporation’s key business segments, Consumer Baking revenue for the quarter rose eight percent versus last year to $8.9 billion, mainly driven by higher net interest and card income.

In comparison, Global Wealth and Investment Management generated recorded revenue of $5.4 billion, translating to a year-over-year surge of 16 percent. In addition, Global Banking revenue climbed 24 percent to $5.9 billion, while Global Markets revenue slipped two percent to $3.8 billion in the quarter.

Speaking on the results, CEO of Bank of America Corporation, Brian Moynihan, said in a statement:

“Our fourth-quarter results were driven by strong organic growth, record levels of digital engagement, and an improving economy. We grew loans by $51 billion and added $100 billion of deposits during the quarter, further strengthening our position as the leader in retail deposits.”

1. The Goldman Sachs Group, Inc. (NYSE:GS)

Number of Hedge Fund Holders: 74

Shares of The Goldman Sachs Group, Inc. fell to a nearly seven-month low on Tuesday, January 18, 2022, after announcing disappointing profit for the fourth quarter, primarily due to weak trading activity.

The Goldman Sachs Group, Inc. earned $10.81 per share, down from $12.08 per share in the year-ago quarter and below expectations of $11.77 per share. However, the quarterly revenue of $12.64 billion was up eight percent versus last year and ahead of analysts’ average estimate of $12.04 billion.

Speaking on the results, CEO of The Goldman Sachs Group, Inc., David Solomon, said:

“2021 was a record year for Goldman Sachs. The firm’s extraordinary performance is a testament to the strength of our client franchise and people. Moving forward, our leadership team remains committed to growing Goldman Sachs, diversifying our businesses and delivering strong returns for shareholders.”

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