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Regions also hit by refinance slowdown

Oct. 22, 2013 8:00 AM ETRegions Financial Corporation (RF) StockRFBy: Stephen Alpher, SA News Editor
  • Net interest income of $824M up 2% from Q2, with net interest margin of 3.24% up eight basis points thanks to lower funding costs.
  • Noninterest income of $495M is slightly lower than Q2, led by a 16% decline in mortgage production volume. Mortgage income of $17M is off from $52M last quarter. New home originations jump to 60% of total from 37% as refinancing disappears.
  • Noninterest expense of $884M is flat from Q2, but headcount is up 376. "Regions continues to prudently invest for the future, which includes investments in talent and technology to support both innovation and risk management."
  • Net charge-offs off $148M, or 56% from a year ago. Total provisions for Q of $18M vs. $33M a year ago.
  • 11.6% capital ratio. Tangible book value per share of $7.32 vs. $7.11 last quarter.
  • Q3 results, press release.
  • RF unchanged premarket.

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