Regions ends year flat in earnings

With $272 million in fourth-quarter profits, 2015 remained stagnant for Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF).

Full-year net income for the holding company of three Regions Bank branches in Springfield totaled $1.01 billion, slightly below the $1.08 billion in earnings the company posted in 2014. Earnings per diluted share for 2015 dropped 2 cents to 76 cents, according to a news release.

Regions’ 2015 financial notes:
    •    The company returned $925 million to shareholders, which comprises $621 million in share repurchases and $304 million in dividends. According to the release, payouts accounted for 93 percent of net income available to common shareholders.
    •    Loans and leases increased 5 percent to $81 billion.
    •    Noninterest income rose 4 percent to $2 billion, while noninterest expense moved up 3 percent.

According to the St. Louis Business Journal, Regions announced this week it would eliminate 260 jobs in the first quarter. Taking place across the company’s 16-state footprint, the cuts would amount to just over 1 percent of its workforce of 24,000.

“As we start 2016, we believe Regions is positioned well with a continued focus on our strategic objectives to grow and diversify revenue, manage expenses and effectively deploy capital,” Regions Chairman, President and CEO Grayson Hall said in the release.

As of Dec. 31, Regions held $126 billion in assets and deposits of $97 billion. The company operates 1,630 branches, according to the release.

RF shares were trading at $7.75 as of 9:32 a.m., compared to a 52-week range of $7.08 to $10.86.