Q3 2024 Regions Financial Corp Earnings Call Transcript
Key Points
- Regions Financial Corp (RF) reported strong third quarter earnings of $446 million, with earnings per share of $0.49.
- Total revenue grew on both a reported and adjusted basis, driven by improvements in net interest income and fee revenue.
- Net interest income increased by 3% quarter-over-quarter, outperforming expectations due to stable deposit trends and asset yield expansion.
- Adjusted noninterest income rose by 9%, with notable growth in service charges, capital markets, and wealth management.
- The company maintained a strong capital position with an estimated common equity Tier 1 ratio of 10.6%, allowing for share repurchases and dividend payments.
- Average loans remained stable, but ending loans declined slightly quarter-over-quarter due to modest customer demand and paydowns.
- Average deposits declined slightly, reflecting normal summer spending and competitive rate pressures.
- Certain portfolios within the corporate bank continue to experience stress, although overall credit metrics have stabilized.
- Adjusted noninterest expense increased by 4% compared to the prior quarter, driven by higher salaries and benefits.
- Net charge-offs increased to 48 basis points, with expectations for full-year 2024 net charge-offs to be at the upper end of the 40 to 50 basis point range.
Good morning, and welcome to the Regions Financial Corporation's quarterly earnings call. My name is Christine, and I'll be your operator for today's call. (Operator Instructions)
I will now turn the call over to Dana Nolan to begin.
Good morning. Welcome to Regions Third Quarter 2024 Earnings Call. John and David will provide high-level commentary regarding our results. earnings documents, which is under forward-looking statement disclaimer and non-GAAP information are available in the Investor Relations section of our website. These disclosures cover our presentation materials, prepared comments and Q&A.
I will now turn the call to John.
Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. This morning, we reported strong third quarter earnings of $446 million resulting in earnings per
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