-
Regions Financial (RF) is discontinuing its controversial short-term consumer loan product, the company announced Wednesday.
January 15 -
Analysts hammered Regions and Synovus for a rising cost base amid weak economic conditions, while Signature Bank in New York was given a pass since its revenues are growing faster than its expenses.
October 22
Regions Financial (RF) in Birmingham, Ala., said Tuesday that its fourth-quarter earnings fell 14% from the same period in 2012, to $227 million, due to a number of one-time charges it took to strengthen its balance sheet and improve efficiency.
Its earnings per share dipped 11% year over year, to 17 cents, missing by 3 cents the estimates of analysts polled by Bloomberg.
The $117 billion-asset company reported modest increases in both loans and revenue, but overall profits were adversely affected by a series of after-tax charges. Most notably, the company reclassified $686 million of troubled loans as available-for-sale, resulting in a $46 million charge. It also took a $3 million charge relating to the consolidation of 30 branches.
Regions also incurred an additional in legal expenses related to its 2012 sale of the investment firm Morgan Keegan and a $58 million non-tax-deductible charge in connection with a Federal Reserve probe into whether it improperly classified loans that soured during the height of the financial crisis.
In a news release Tuesday the company said it "is in discussions with its banking regulators to resolve these matters."
