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Regions Reports Fourth Quarter 2008 Loss Largely Driven by
Non-cash Goodwill Impairment Charge
Company accelerated disposition of problem assets, bolstered loan loss reserve,
BIRMINGHAM, Ala. (BUSINESS WIRE) January 20, 2009 Regions Financial Corporation (NYSE:RF) today reported a loss for the quarter and year ending December 31, 2008.
Key points for the quarter included:
Loss of $9.01 per diluted share for the quarter ended December 31, 2008 was largely driven by a $6 billion non-cash charge for impairment of goodwill. Excluding goodwill impairment, Regions loss totaled 35 cents per diluted share for the quarter (see reconciliation in Earnings Highlights table below). Regulatory and tangible capital ratios were unaffected by the goodwill impairment.
Full-year results reflect a net loss available to common shareholders of $5.6 billion or $8.09 cents per diluted share. Excluding the goodwill impairment charge and $124 million in after-tax merger-related expenses, full-year earnings from continuing operations available to common shareholders were 74 cents per diluted share.
Issuance of preferred stock, as a participant in the Treasurys Capital Purchase Program, strengthened the Tier 1 capital ratio to an estimated 10.39 percent, $5 billion above well-capitalized level
Accelerated disposition of problem assets, with approximately $1 billion in non-performing assets sold or transferred to held for sale, resulting in approximately $479 million of losses
Net loan charge-offs rose to an annualized 3.19 percent of average loans
Increased loan loss provision to $1.150 billion, $354 million above net charge-offs; raised allowance for credit losses to 1.95 percent of loans
Tax settlement benefits earnings per share by 40 cents, resolves tax years 1999 through 2006
Non-cash impairment charge on mortgage servicing rights reduced earnings per share 9 cents
Grew total customer deposits 6.6 percent, with low-cost deposits posting 4.5 percent linked-quarter gain
Regions Financial Corporation
Post Office Box 11007
Birmingham, Alabama 35288
The following information was filed by Regions Financial Corp (RF) on Tuesday, January 20, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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