published Wednesday, October 23rd, 2013

Regions Financial profits drop in third quarter

A Regions Bank sign decorates the facade of the Tallen Building in this file photo.
A Regions Bank sign decorates the facade of the Tallen Building in this file photo.

Regions Financial Corp. reported a 5.3 percent drop in profit in the third quarter as mortgage refinancings declined as interest rates rose this summer.

The Birmingham, Ala.-based bank, the third largest in the Chattanooga area, earned net income of $285 million, or 20 cents a share, in the three months ended Sept. 30. In the same period a year earlier, the bank earned $301 million, or 21 cents. In trading on the New York Stock Exchange, shares in Regions bank fell Tuesday by 36 cents per share to close at $9.60.

Regions Chief Executive Officer Grayson Hall said the bank is focusing on cutting costs in response to the drop in mortgage and other lending activity. Mortgage income declined $17 million from the second quarter.

"While its net interest margin came in higher than expected and loan balances increased, the company was unable to reduce expenses in the face of lower fee income," Jason Goldberg, a Barclays Plc analyst, said in a note Tuesday.

about Staff Report...

Get breaking news from the Times Free Press on Twitter at or by visiting us on Facebook or Twitter at the right:

Other National Articles

videos »         

photos »         

e-edition »


Find a Business

400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, Permissions, Terms & Conditions, Privacy Policy, Ethics policy - Copyright ©2014, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.