“As this quarter’s results show, our steady business performance and prudent investments are laying the foundation for long term growth,” said Grayson Hall, president and chief executive officer. “As the financial services industry manages through a prolonged and uneven economic recovery, we remain focused on our customers and finding more ways to help them succeed financially.”
Continued growth in middle market commercial and industrial and indirect auto lending partially offset other loan portfolio declines as customers continue to deleverage
Strong growth in indirect auto loan production and continued steady performance in commercial and industrial lending partially offset declines driven by anticipated runoff of real estate loans and continued deleveraging among both commercial clients and consumers. Average loans declined 1.3 percent sequentially driven by declines in investor real estate of 6.3 percent and commercial owner occupied loans of 3.1 percent. Investor real estate loan average balances have declined 28 percent since last year.
Commercial and industrial loans experienced continued growth in the third quarter, particularly in lending to middle market customers. Average loans in this category were up 1.5 percent compared to the prior quarter and 8.6 percent over last year. Total commercial and industrial commitments grew $986 million, or 3 percent linked quarter, while commercial loan production (including renewals) totaled $11.7 billion, of which $4 billion were new loan originations.Consumer loan production totaled $3 billion in the third quarter, which is an increase of 7 percent over last quarter. Indirect auto loans experienced the highest quarter of loan production since the company re-entered the business with an increase in average balances of 6.3 percent. This was offset by declines in the residential mortgage and home equity portfolios. During the quarter Regions introduced a new home equity loan product to attract a new set of customers that will increase overall home equity production. Regions continues to deepen customer relationships and diversify our consumer loan portfolio through both the expansion of the indirect auto business and re-entry into the credit card business, which the company expects to grow incrementally over time.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV