Why are bank stocks down when we expect rate hikes?

All the major bank stocks are down today, including Wells Fargo, Bank of America, and Chase. For the last month they've been down roughly 6-8%.

BAC: $37 raised to $64.

JPM: $149 raised to $210.

WFC: $47 raised to $65.

What's causing the drop in bank stock prices? Shouldn't rate hikes greatly benefit banks? Is this a sign that we're going into a recession? Would you invest in these banks right now?