Springfield, MO

Regions cites hurricane impact for earnings drop

Posted online

Birmingham, Alabama-based Regions Financial Corp. (NYSE: RF) CEO Grayson Hall cited the impact of recent hurricanes on the company’s bottom line.

The operator of Regions Bank, including two branches in Springfield, posted net income available to common shareholders of $295 million, a 3 percent dip from $304 million a year earlier. Still, diluted share earnings improved by 1 cent to 25 cents, according to a news release.

The company operates branches in the hurricane-hit areas of Texas and Florida, as well as other states in the South.

“While the third quarter presented challenges from recent hurricanes, I am immensely proud of how our teams responded to serve affected customers and meet the needs of fellow Regions associates and our surrounding communities,” Hall said in the release. “Throughout the impacted communities we serve, our associates mobilized resources to quickly restore essential financial services in hard-hit areas, and we continue to work with customers on disaster-recovery needs.”

Third-quarter financial notes:
    •    Total revenue came to $1.4 billion, a 1.9 percent increase from a year earlier.
    •    Regions reported $10 million worth of impairment charges related to operating lease assets and pension settlement charges.
    •    Salaries and employee benefits fell slightly to $483 million.

As of Sept. 30, Regions’s assets were $123 billion and deposits were $96.9 billion. The company operates 1,500 branches and 1,900 ATMs in the Midwest, South and Texas, according to the release.

RF shares were up by about 2.6 percent this morning after the release of the earnings report. The company’s shares were trading at $15.40 as of 9 a.m., compared with a 52-week range of $10.32 to $16.03.


No comments on this story |
Please log in to add your comment
Editors' Pick

Startup Corner: Eden Garrett, Eden’s Flower Truck

The 21-year-old is working to graduate in May while cultivating her small business.

Most Read
SBJ Live logo
Need to Focus Leads to Sale of Business

“It’s been hard for me to choose. There is a point when I knew I needed to focus on one of these businesses,” says Elle Feldman, owner of Elle’s Patisserie and Lavare Spa (now rebranded as …

My Mentor - My Teammate in Life “He was a strong man of faith and courage and very wise - my biggest supporter in any endeavor in life,” says Tami North, Executive Director of the Rogersville Area Chamber of Commerce and one of …
From Cutbacks to Cutting Tracks “Every day you’ve gotta wake up and say, ‘I’ve gotta make money today,’ says, Ricky Smiley, Founder and Producer of Smiley Records, LLC. When Smiley was laid off from a job he held for 18 …
Consistent Marketing  “Marketing for a company can be very interesting, in the sense that it’s hard to stand out in the crowd from everyone else,” says Alisa Lawler, Vice President of Marketing and Business …
Booked - The 7 Habits of Highly Effective People “I think it’s a really great book and I wish I had read it earlier in my career,” says Candida Deckard, the Director of Human Resources and Safety at CNH Industrial Reman and one of Springfield …