Stocks of KeyCorp Inc., Comerica Inc., and Zions Bancorp all fell on Thursday morning after they reported lower-than-expected deposits and quarterly results. Regional banks suffered collateral damage as a result of the collapse of Silicon Valley Bank.

Truist Financial Corp. TFC, +2.78% reported results that were below estimates. Fifth Third Bancorp FITB,+3.13% was also slightly behind projected earnings and revenues.

First Republic Bank , FRC, +12.40%, fell 2.6%, after a big gain in the previous session. Its first-quarter results are due on Monday.

Comerica , a Dallas-based bank, CMA, +5.49%, fell 2.4% Thursday premarket after it announced that its net income for the first quarter rose from $189 to $324, or $2.39 per share.

However, the numbers were lower than the fourth quarter when the bank made $350 million or $2.58 per share.

Comerica didn’t provide a number for revenue but stated that it was down 2,9% from the previous quarter.

The bank reported revenue of $1.0 billion for the fourth quarter and expected revenue of $990 millions for the first.

The bank stated that since March 9, deposits have fallen by $3.7 billion. The stock of Silicon Valley Bank dropped more than 60% on March 9, after disclosures caused a run. The California regulator shut down the bank a day later.

The failure of that bank led to a massive flight of deposits from regional banks into larger ones.

Comerica reported that uninsured deposit decreased by $10 billion to $35 billion or 54% of the total deposits for the quarter. In order to create a buffer, the bank added $13.8 Billion in liquidity during the quarter.

Net interest income increased to $708 millions in the third quarter, up from $456million a year earlier. The company set aside $30m as a provision to cover loan losses after cutting the provisions by $11m a year earlier.

The S&P 500 is up 8%, but the stock has dropped 30%.

On Tuesday, three top U.S. government officials gave testimony to the Senate Banking Committee about the causes of the collapse of Silicon Valley Bank & Signature Bank as well as how they plan to prevent a repeat. Photo: Samuel Corum/Bloomberg Via Getty Images

KeyCorp fails to meet credit loss allowance

KeyCorp KeyCorp, +2.40% fell 2.8% during premarket trading after missing its first-quarter earning target due to a rise in credit loss allowances and a fall in deposits.

The Cleveland-based lender reported that its net income for the first quarter fell to $275,000,000, or 30 cents per share, down from $420,000,000, or 45-cents-per-share, during the same period last year. The company missed the analyst’s estimate of 44 cents per share.

The latest quarter included a 14-cents-per share allowance to reflect “changes in our economic outlook.”

KeyCorp’s first-quarter revenue rose to $1.714 from $1.696, but fell short of analyst estimates of $1.79 billion.

The average deposit fell by $6.8 billion, to $143.4 billion.

The company stated that “the successful de-risking our loan portfolios during the past decade positions Key for outperform from a credit standpoint.”

Read Now: Assets seized from Silicon Valley Bank Signature Bank fetch 85-90 cents per dollar

Profits for Truist rise but fall short of forecast

Truist Financial TFC, +2.78% ,, the Charlotte-based regional lender said that its first-quarter profit rose from $1.33billion, or 99c per share, to $1.41billion, or $1.05 per share. Total revenue increased from $5.35billion to $6.15billion.

FactSet polled analysts who expected earnings per share of $1.14 on revenues of $6.09 Billion.

Truist stocks fell by 1.1%.

The bank reported that average deposits fell by 1.2% in comparison to the previous quarter, primarily due to the impact of tighter monetary policy and the higher rate alternatives. The bank took a provision of $502 million for credit losses compared with $467 million during the fourth quarter, and a gain of $95 million in the quarter before.

Zions Bancorp shares fall after earnings miss forecasts

Zions Bancorp released its earnings after the closing bell of Wednesday. ZION +7.42% reported its first-quarter earnings increased from $195 millions, or $1.27 per share in the same period last year.

The bank’s earnings were below the analyst forecast of $1.53 per share.

Deposits dropped by 16%

The bank reported a net interest income for the year of $679, which is a 25% increase from last year, but lower than analysts’ expectations of $688, million.

The net interest margin (the difference between the interest banks receive on loans and the interest they pay depositors) was 3.33% in the third quarter of the year, up from 2.6% the previous quarter.

Zions shares fell 4.5% in Thursday’s premarket trading.

Stock of Fifth Third Bancorp drops after results

Fifth Third Bancorp Fitb, +3.13%, based in Cincinnati, Ohio, fell 1.6% during premarket trading after its first quarter earnings of 78c per share missed analyst expectations by one penny, according to FactSet.

The revenue of $2.218 billion was slightly below the estimated $2.228 billion.

The company reported that the average and total deposits at the end of the period remained the same as the fourth quarter.

The company stated that “we have been able to successfully navigate an uncertain economic environment, delivering good deposit results throughout the first quarter.”

Fifth Third announced that it had added “new quality relationships” to its commercial business and new households to its consumer unit, and also acquired Big Data Healthcare in order for its peer-lending digital payment and managed service products.

Bill Peters, Steve Goldstein and Bill Peters contributed to the article.