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Regions Financial sees lower NIM, higher noninterest income YOY in Q4'19

Birmingham, Ala.-based Regions Financial Corp. reported net income available to common shareholders of $366 million, or 38 cents per share, in the fourth quarter of 2019, compared with $390 million, or 37 cents per share, in the year-ago period.

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

Net interest margin, on a fully tax-equivalent basis, for the quarter was 3.39%, representing decreases from 3.44% in the previous quarter and 3.52% in the year-ago period. Net interest income and other financing income, on a taxable equivalent basis, decreased quarter over quarter to $931 million from $950 million and year over year from $971 million. Regions Financial primarily attributed the quarter-over-quarter decrease in net interest margin and net interest income and other financing income to lower market interest rates, which was partially offset by declining deposit costs and a more favorable funding mix. The company attributed the year-over-year decrease in net interest margin and net interest income and other financing income to lower market rates and higher funding costs.

Noninterest income for the quarter, however, increased year over year to $562 million from $481 million. Year-over-year increases were seen for income related to service charges on deposit accounts, card and ATM fees, wealth management, capital markets, mortgage and bank-owned life insurance. The company's total revenue for the quarter increased year over year to $1.48 billion from $1.44 billion.

Provision for loan losses and net loans charged-off for the quarter ended Dec. 31, 2019, each slightly increased year over year to $96 million from $95 million. Annualized net loan charge-offs as a percentage of average loans stayed flat year over year at 0.46%.

Regions Financial in the fourth quarter of 2019 repurchased 7.8 million common shares for $132 million through open market purchases.

Average balance of total loans as of the end of the fourth quarter of 2019 was $82.39 billion, compared with $82.99 billion in the previous quarter and $81.87 billion in the year-ago period.

Average balance of total deposits at the end of the fourth quarter of 2019 was $94.51 billion, compared with $94.06 billion in the previous quarter and $93.16 billion in the year-ago period.

Regions Financial reported net income available to common shareholders of $1.50 billion, or $1.50 per share, for full year 2019, compared with $1.70 billion, or $1.54 per share, for full year 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the year was $1.52.