Banks, Related Firms Report Mixed Q3 Results

Quarterly results across banks and related companies were mixed: Bank First, U.S. Bancorp, Independent Bank, Citizens Financial, Wells Fargo and Goldman Sachs reported strong quarters or clear momentum, while PNC and First Horizon faced negative market reactions despite beating estimates, and Insteel missed expectations. Key drivers of outperformance included loan growth, rising net interest income and margin expansion, broad fee growth at U.S. Bancorp and Wells Fargo, and capital markets strength at Citizens and Goldman. Operational benefits from acquisitions and process automation supported results at Independent Bank, Bank First and Goldman. Principal headwinds were deposit-mix pressure and higher-cost commercial deposits that compressed net interest margins at PNC, competitive and concentration risks around deposits and commercial real estate at First Horizon and Citizens, and supply constraints and inventory build weighing on Insteel amid weak residential construction. Managements emphasized sensitivity to Fed policy timing, continued focus on credit quality, productivity initiatives and selective M&A as drivers of near-term performance. Investors showed divergent valuation views, with Bank First trading at roughly an 18x P/E premium to peers while Citizens trades below analyst fair value.