Regions Financial (RF) Reports In-Line Q3 EPS

Regions Financial (NYSE: RF) reported Q3 EPS of $0.25, in-line with the analyst estimate of $0.25. Revenue for the quarter came in at $1.43 billion versus the consensus estimate of $1.44 billion.

Third quarter 2017 results compared to second quarter 2017:

• Net interest income and other financing income on a fully taxable equivalent basis increased 2 percent; the resulting net interest margin was 3.36 percent, up 4 basis points.
• Non-interest income decreased 2 percent, and 3 percent on an adjusted basis(1).
• Non-interest expense decreased 3 percent, and 2 percent on an adjusted basis(1).
• Average loans and leases totaled $79.6 billion, a decrease of less than 1 percent.
  • Consumer lending balances increased $180 million on an average basis.
  • Business lending balances decreased $705 million on an average basis.
• Average deposits totaled $96.9 billion, a decrease of less than 1 percent.
• Hurricane-related charges include a net $13 million impact associated with elevated non-interest expenses or waived fee income and estimated loan losses of $40 million included in third quarter provision for loan losses.
• Allowance for loan and lease losses increased 1 basis point to 1.31 percent of total loans; the allowance for loan and lease losses attributable to direct energy loans decreased from 6.9 percent to 6.1 percent.
• Net charge-offs increased 4 basis points to 0.38 percent of average loans; non-accrual loans, excluding loans held for sale, decreased 8 percent to 0.96 percent of loans outstanding.

For earnings history and earnings-related data on Regions Financial (RF) click here.

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