Shares of Regions Financial Corp. (NYS:RF) dropped 4.2% in premarket trading Thursday, to extend its pullback from a 14-year high to a third session, after the regional bank reported fourth-quarter profit that fell below expectations, while revenue matched forecasts. Net income declined to $414 million, or 43 cents a share, from $588 million, or 61 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 49 cents. Total revenue fell 3.1% to $1.63 billion, matching the FactSet consensus, as net interest income increased 1.3% to $1.02 billion to also match analyst forecasts. Total adjusted noninterest expenses rose 4.0% to $967 million, while salaries and employee benefits expense fell 1.0% to $575 million. Loans and leases for commercial and industrial declined 3.7% to $42.25 billion, for residential first mortgage increased 6.0% to $17.4 billion and for consumer credit card fell 2.9% to $1.16 billion. The stock, which has shed 6.9% since closing at a 14-year high on Jan. 14, has gained 0.6% over the past three months while the S&P 500 (S&P:SPX) has slipped 0.1%.
Jan. 20, 2022, 6:20 a.m. EST