This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Regions' Profits Rise

Regions Financial (RF) says third-quarter profits rose 37% from a year ago because of a combination of cost cuts and bigger profits from its Morgan Keegan brokerage firm.

In the quarter, the southeastern regional lender earned $352 million, or 77 cents a share, compared with $256.6 million, or 55 cents per share. The year-ago quarter included a 6-cents-a-share acquisition charge.

Analysts, as surveyed by Thomson Financial, were looking for earnings of 77 cents a share.

"We reduced operating expenses and achieved higher net interest income, solid fee revenues and lower credit-related costs, all of which contributed to our third quarter's bottom-line strength," says Jackson Moore, Regions chairman and chief executive.

Fee revenue at the Birmingham, Ala., company, which has $87 billion in assets, inched higher by 3.5%, to $466 million. Expenses fell 3.5% from a year earlier and by 7% from the second quarter, to $715 million, Regions says.

Regions says loans rose 2% from a year earlier, to $59 billion; deposits rose 5%, to $62 billion.

Credit quality remained positive. Net charge-offs fell by $7 million from the second quarter and by $13 million from the year earlier quarter, to $24 million, the company says. Nonperforming assets fell by 29% from a year earlier to $312 million.

But mortgage banking continued to be a drag on the company. Regions says mortgage servicing and origination fees fell by 5.6% from a year ago, to $33 million.

The company expects to complete its acquisition of AmSouth Bancorp (ASO), also of Birmingham, in November. Shareholders of both companies approved the deal earlier this month.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,413.62 -11.23 -0.07%
S&P 500 1,861.94 -0.37 -0.02%
NASDAQ 4,086.9160 +0.6910 0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs