NEW YORK: Banks were among the poorest-performing sectors on Wall Street on Thursday , after earnings from midsized lenders pointed to a weakening profit outlook in the aftermath of a recent industry crisis.
The reports were not all bad, with the three banks reporting profitable quarters. Further, despite an uncertain economic backdrop, the banks did not suffer a huge uptick in loan delinquencies. In contrast, the midsized banks have"less deposit power and their margins are going to get squeezed," Yokum added.
The Salt Lake City lender noted that its deposits were higher at the end of the first quarter compared with the end of 2019, before the coronavirus pandemic.
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