Regions reports 19% drop in earnings

Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF) reported third-quarter net income available to common shareholders of $242 million, a 19.3 percent drop compared to $300 million earnings a year earlier.

The holding company, which operates three Regions Bank branches in Springfield, posted diluted share earnings of 18 cents for the quarter ended Sept. 30, a 4-cent decrease compared to the third-quarter 2014, according to a news release.

Third-quarter financial notes:
    •    Income from continuing operations declined 17.4 percent to $262 million from $317 million.
    •    The company repurchased $270 million, or 26.6 million shares, of its common stock. It also declared $79 million in dividends to common shareholders.
    •    Salaries and employee benefits cost the company $470 million during the quarter, up from $456 million a year earlier.

As of Sept. 30, Regions managed $125 billion in assets and $97.2 billion in deposits. Regions operates over 1,600 branches in 16 states, according to the release.

RF shares were trading at $9.23 as of 11:45 a.m., compared to a 52-week range of $8.54 to $10.86.