NEW YORK — Bank shares dropped Friday after JPMorgan Chase & Co.'s fourth-quarter results shook investor confidence.

While the banking giant's fourth-quarter earnings quadrupled and topped analysts' expectations, revenue missed projections and Chief Executive James Dimon warned the company is cautious about the future, noting "consumer-credit costs remain high, and weak employment and home prices persist."

In recent trading, JPMorgan shares slid 2.5% to $43.59, down about 8% over the past three months but still up 80% over the past 12. Shares have rebounded sharply from their low of $14.96 in March.

"Keep in mind that JPMorgan was up 3 points last week," Raymond James analyst Anthony Polini said. "To lose a point or so doesn't necessarily mean it missed the quarter. It just may not have lived up to the pre-earnings hype."

Polini added that credit quality will be the key focus for banks, and an inflection point for industry credit quality is likely a quarter or two away.

"JPMorgan is a good leading indicator to what the rest of the guys are going to do," Polini said.

In recent trading, the KBW Bank Index declined 2.4%. Among the big banks, Bank of America Corp. fell 3.1% to $16.31, and Citigroup Inc. lost 2.3% to $3.43. Goldman Sachs Group Inc. slipped 2.1% to $165.08, and Morgan Stanley declined 3.3% to $30.17.

Regional banks also declined, with the KBW Regional Banking Index down 2.4%. Synovus Financial Corp. fell 7.2% to $2.57, Fifth Third Bancorp dropped 4.8% to $11.21 and KeyCorp lost 2.8% to $6.66. Regions Financial Corp. slipped 3.7% to $6.31.

Bank of the Ozarks Inc. slid 4.5% to $29.40 despite reporting its fourth-quarter profit rose 6.1% as loan and lease payments exceeded new loans and leases and its loan-loss provision fell.

Stephens Inc. analyst Matt Olney said the stock has had a good run in the couple months since it repaid Tarp funds and the "bar was set much higher than it had been previously."

In addition, he said earnings appeared good, but they were helped by many non-recurring items. Olney said most analysts are putting earnings excluding items at 41 cents to 46 cents, below the Street estimate of 50 cents.

"Most analysts are assuming it was a miss because of non-recurring gains in there," Olney said.

Meanwhile, JPMorgan reported a fourth-quarter profit of 74 cents a share, up from 6 cents a year earlier. The year-earlier quarter included $1.1 billion in gains related to its 2008 acquisition of Washington Mutual and another $853 million in hedging gains.

Revenue on a managed basis, which excludes the impact of credit-card securitizations and is on a tax-equivalent basis, jumped 32% to $25.23 billion.

Analysts polled by Thomson Reuters had most recently forecast earnings of 61 cents a share on $26.81 billion in revenue.

Still, overall, "the results will likely be viewed as modestly disappointing on revenues and the cautious tone around credit outlook," Sanford C. Bernstein & Co. analyst John E. McDonald wrote in a research note.

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