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VOL. 126 | NO. 17 | Wednesday, January 26, 2011

Regions Financial Rebounds to 4Q Profit of $36M

AP

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BIRMINGHAM, Ala. (AP)Regions Financial Corp. reported a return to a fourth-quarter profit, but shares slid nearly 4 percent because the profit could largely be attributed to a one-time securities sale

The Birmingham bank reported net income of $36 million, or 3 cents per share, for the quarter ended Dec. 31. Regions reported a loss of $606 million, or 51 cents per share, in the same quarter a year earlier as the bank booked a loss on the sale of investment securities.

In the latest quarter, Regions' profit was boosted by $333 million in securities gains.

Analysts surveyed by FactSet had expected a loss of 13 cents per share in the latest quarter. Regions did not report an adjusted profit figure to exclude the one-time securities sale. That type of action is typically excluded by analysts when they formulate their estimates.

However, Regions did say that its provision for loan losses was $682 million, down 42 percent from the year-ago quarter. Non-performing assets and delinquencies fell for the third consecutive quarter.

Net interest income, or earnings from deposits and loans, rose 3 percent to $877 million from $850 million in the same quarter a year earlier.

Non-interest income, or money earned from fees and charges, jumped nearly 69 percent to $1.21 billion from $718 million. That increase was driven by the $333 million in securities gains, as well as a $26 million gain related to a sale of residential mortgage loans, and $59 million in leveraged lease termination gains.

For the full year, Regions reported a loss of 62 cents per share, compared with a loss of $1.27 per share in 2009.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 98 172 17,556
MORTGAGES 101 194 20,229
FORECLOSURE NOTICES 0 9 2,654
BUILDING PERMITS 223 349 36,295
BANKRUPTCIES 52 115 11,279
BUSINESS LICENSES 26 58 5,767
UTILITY CONNECTIONS 27 27 6,741
MARRIAGE LICENSES 17 68 3,984