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Regions Financial reports lower Q3 net income YOY

Regions Financial Corp. reported third-quarter net income available to common shareholders of $385 million, or 39 cents per share, down from $548 million, or 50 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the third quarter was 39 cents.

Average deposit balances for the quarter amounted to $94.06 billion, 0.1% up from $93.94 billion in the year-ago quarter.

Average loan balances were $82.99 billion in the most recent quarter, up 2.4% from $81.02 billion in the year-ago quarter.

Net interest income and other financing income, on a taxable equivalent basis, was $950 million in the third quarter, down 0.5% from the year-ago period's $955 million.

Net interest margin dipped to 3.44% in the most recent quarter from 3.45% in the second quarter and 3.47% in the third quarter of 2018. Annualized net loan charge-offs as a percentage of average loans were 0.44%, compared with 0.40% in the comparable period in 2018.