Regions posts smaller losses in fourth quarter

Alabama-based Regions Financial Corp. (NYSE: RF) posted quarterly and yearly losses, but both were smaller than losses in 2008.

Net income was a loss of 51 cents per diluted share for the quarter ended Dec. 31, 2009, compared to a loss of $9.01 per share in the fourth-quarter of 2008. For the year, diluted shares lost $1.27 each.

The losses, according to the company earnings release, reflect continued efforts to improve the risk profile of company balance sheets, including an increase in loan-loss provisions - up to $1.18 billion for the fourth quarter - and a loss from the sale of primarily nonagency investment securities.

Low-cost deposits increased for the fourth consecutive quarter, up 14 percent from the year before, while the bank opened more than 1 million new retail and business deposit checking accounts for the year, up 27 percent from 2008.

Shares of Regions Financial closed Tuesday at $6.08, compared to a 52-week range of $2.35-$7.60.