Regions Financial reported third-quarter net income of $611 million ($0.71 per diluted share), up 11% year over year; excluding $15 million in securities repositioning losses, adjusted net income was $622 million. Net interest income rose 2% from the prior quarter to $1.3 billion, with a net interest margin of 3.68%; average loans grew 0.5% while average deposits fell 1.2%. Annualized net charge-offs declined to 29 basis points of average loans. Management expects Q4 net interest margin of approximately 3.70% and net interest income growth of 1% to 2%, assuming a federal funds rate hike in December. CEO John Turner Jr. said new activity in the investor real estate portfolio is slowing and noted some weakness in Texas multifamily due to softer absorption rates.
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