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Regions Financial Corporation (NYSE:RF) today announced earnings for the third quarter of 2013. The company reported net income available to common shareholders of $285 million and earnings per diluted share available to common shareholders of $0.20. These results reflect continued loan and revenue growth and an expanding customer base.
Staying focused and moving forward
Regions’ continued focus on identifying and meeting the needs of customers resulted in loan growth in both the consumer and business categories and across the geographic markets it serves. The company’s profitability was driven by acquiring new customers and deepening existing customer relationships while achieving year to date growth in households.
“This quarter’s results demonstrate that our focus on meeting customers’ needs is driving sustainable growth across our franchise as we increase loans and households served,” said Grayson Hall, president, chairman and CEO. “This marks the second consecutive quarter that we achieved loan growth and expanded net interest income. At the same time, our asset quality continues to improve and our strong capital levels position us well for the future.”
Loan growth continued
Loan balances increased $902 million ending the quarter at $76 billion. Importantly, both the business and consumer loan portfolios grew during the third quarter and new loan production increased 18 percent over the previous year to $8 billion.
New customer acquisition and solid loan production drove continued growth in business lending. Compared to the prior quarter, total business loans increased $692 million to $47 billion. Total business lending production increased 18 percent from the previous year supported by growth from the asset based and specialized lending groups as well as real estate corporate banking. The commercial and industrial portfolio increased 13 percent from the prior year to $30 billion. Commercial and industrial new loan production increased $824 million or 24 percent from the previous year and commitments for future loans increased 17 percent to $38 billion.