Regions Financial Q3 Profit Misses Estimates - Quick Facts

(RTTNews) - Regions Financial Corp. (RF) reported third quarter results that reflected continued growth in loans and higher net Interest income. Net interest income increased 2 percent. Non-interest income increased 1 percent on an adjusted basis.

"This quarter's results affirm that our focus on meeting customer needs and diversifying our business model is producing results. We acquired new customers and increased loans to consumers and businesses while also growing net interest income," said Grayson Hall, chairman, president and CEO.

Average deposit balances totaled $97 billion, an increase of 3 percent; low-cost deposits increased 5 percent. Ending loans totaled $81 billion, an increase of 6 percent as production increased 20 percent.

For the quarter, net income from continuing operations to shareholders declined to $246 million, or $0.19 per share from $297 million, or $0.21 per share, last year. On average, 31 analysts polled by Thomson Reuters expected the company to report profit per share of $0.20 for the quarter. Analysts' estimates typically exclude special items.

Adjusted total revenue, taxable-equivalent basis, rose to $1.34 billion from $1.32 billion last year. Analysts expected revenue of $1.33 billion for the quarter.