Regions Financial Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting several key performance metrics and strategic developments.
As of September 30, 2024, Regions' total assets increased to $157.4 billion from $152.2 billion at the end of 2023. Cash and due from banks rose slightly to $2.7 billion, while interest-bearing deposits in other banks surged to $7.9 billion, up from $4.2 billion. However, net loans decreased to $95.2 billion from $96.8 billion, reflecting a decline in commercial and industrial loans, which fell to $49.6 billion from $50.9 billion.
Total interest income for Q3 2024 was $1.8 billion, an increase from $1.8 billion in Q3 2023. However, net interest income decreased to $1.2 billion from $1.3 billion year-over-year, with a net interest margin of 3.54%, down from 3.73%. For the nine months ended September 30, 2024, net interest income totaled $3.6 billion, compared to $4.1 billion in the same period of 2023.
Regions reported net income of $490 million for Q3 2024, unchanged from Q3 2023, while net income for the nine months decreased to $1.4 billion from $1.7 billion in the prior year. Earnings per share remained stable at $0.49 for Q3 2024, but decreased to $1.38 for the nine months, down from $1.72 in 2023.
Non-interest income for Q3 2024 was $572 million, slightly up from $566 million in Q3 2023, driven by increased capital markets income. However, the company incurred $78 million in net realized losses from securities during the quarter. Total non-interest expense decreased to $1.1 billion from $1.1 billion in the prior year, attributed to lower operational losses and FDIC insurance assessments.
Regions' strategic actions included the issuance of $500 million in Series F preferred stock and the redemption of Series B preferred stock for $500 million. The company repurchased approximately 31 million shares of common stock for $557 million under its existing repurchase authorization.
The allowance for credit losses increased to $1.7 billion as of September 30, 2024, reflecting a stable credit quality environment. Non-performing loans rose slightly to $821 million from $805 million at year-end 2023. The company’s capital ratios improved, with a Common Equity Tier 1 (CET1) ratio of 10.58%, up from 10.26% at the end of 2023.
Overall, Regions Financial Corporation's performance in Q3 2024 showed resilience amid a challenging economic environment, with strategic initiatives aimed at enhancing capital structure and managing credit risk effectively.
About REGIONS FINANCIAL CORP
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