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Margins renew slide at regional lenders

Jul. 22, 2016 2:52 PM ETU.S. Bancorp (USB) StockUSB, HBAN, CFGBy: Stephen Alpher, SA News Editor
  • "Both the knuckles are white, but we’re hanging in there," said U.S. Bancorp (USB +0.6%) CEO Richard Davis on his company's earnings call last week.
  • Net interest margins for banks got a brief boost early this year after the Fed hiked rates in December, but there's been no hikes since, and margins are back on the decline.
  • "This is really difficult for banks," said Huntington Bancshares (HBAN +1.1%) CEO Steve Steinour, whose bank last year stopped assuming any rate increases when making financial projections.
  • "There are ways to compensate," said Citizens Financial (CFG +0.8%) CEO Bruce Van Saun, whose company topped expectations, and announced new cost-cutting initiatives.

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