Regions Financial Corporation (RF) Q3 2024 Earnings Call Transcript

Regions Financial Corporation (NYSE:RF) Q3 2024 Earnings Conference Call October 18, 2024 10:00 AM ET

Company Participants

Dana Nolan – Executive Vice President, Investor Relations
John Turner – Chairman, President and Chief Executive Officer
David Turner – Senior Executive Vice President, Chief Financial Officer

Conference Call Participants

Scott Siefers – Piper Sandler
John Pancari – Evercore
Ebrahim Poonawala – Bank of America
Erika Najarian – UBS
Matt O’Connor – Deutsche Bank
Betsy Graseck – Morgan Stanley

Operator

Good morning and welcome to the Regions Financial Corporation’s Quarterly Earnings Call. My name is Christine and I’ll be your operator for today’s call. I would like to remind everyone that all participant phone lines have been placed on listen-only. At the end of the call, there will be a question-and-answer session. [Operator Instructions]

I will now turn the call over to Dana Nolan to begin.

Dana Nolan

Thank you, Christine. Welcome to Regions’ Third Quarter 2024 Earnings Call. John and David will provide high-level commentary regarding our results. Earnings documents, which include our forward-looking statement disclaimer and non-GAAP information are available in the Investor Relations section of our website. These disclosures cover our presentation materials, prepared comments and Q&A.

I will now turn the call to John.

John Turner

Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. This morning, we reported strong third quarter earnings of $446 million resulting in earnings per share of $0.49.

For the third quarter, total revenue grew on a reported and adjusted basis as both net interest income and fee revenue improved quarter-over-quarter. In fact, almost every category within fee revenue experienced growth compared to the second quarter.

In line with the growth in revenue, adjusted noninterest expense increased modestly quarter-over-quarter. Average loans remained stable, while ending loans declined slightly quarter-over-quarter, reflecting modest customer demand, continued