Regions Bank turns around 4Q results

Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF) posted fourth-quarter net income of $261 million, a turnaround from a net loss of $602 million in fourth-quarter 2011. According to a Jan. 22 news release, the holding company that operates three Regions Bank branches in Springfield reported year-end net income of $1.1 billion, or 76 cents per diluted share.

With earnings of 18 cents per share for the quarter ending Dec. 31, the bank improved from a loss of 48 cents per share in the same quarter a year ago.

“Although challenging economic headwinds persist, Regions has maintained an intense focus on meeting the needs of our customers,” Regions President and CEO Grayson Hall said in a news release, which cited the recent launch of a relationship banking model dubbed Regions360. The model is designed to make customer referrals across its consumer services, business and wealth management product lines, while implementing best practices and measuring customer performance results, the release said.

Other fourth-quarter results:

• Net interest income slid to $818 million, from $849 million in fourth-quarter 2011, resulting in net interest margin of 3.10 percent;

• Noninterest revenue was $536 million, a 1 percent increase compared to the same quarter a year ago;

• Commercial loan production, including renewals, totaled $10.4 billion, of which $4.3 billion were new loan originations;

• Commercial and industrial loans grew by $1.4 billion, or 4.2 percent, from fourth-quarter 2011, with strong movement in middle-market customers; and

• The loan-to-deposit ratio was 78 percent.

Regions operates about 1,700 branches in 16 states and holds assets of $121 billion, the release said.

As of 11:07 a.m., the company's shares were trading at $7.71, compared to a 52-week range of $4.80 to $7.73.