Two regional banks with major operations in Chattanooga boosted their third quarter earnings.
Regions Financial Corp., the parent company of Regions Bank, said its net income from continuing operations in the three months ended Sept. 30 totaled $385 million, or 39 cents per share, up 22% from a year earlier. Adjusted revenue for the Birmingham, Alabama-based bank grew 3 percent while adjusted pre-tax pre-provision income increased 4 percent.
"Regions delivered solid financial results during the third quarter, reflecting continued progress in our efforts to build a consistently performing and sustainable bank," Regions CEO John Turner said. "Consistent with our strategic plan, we are making targeted investments in technology and talent to meet the needs of our customers and communities and provide long-term value for shareholders."
The results for Regions met Wall Street expectations. The average estimate of 23 analysts surveyed by Zacks Investment Research was also for earnings of 39 cents per share.
Separately, SmartFinancial Corp., the Knoxville-based parent company of SmartBank, reported a 23.5% gain in its third quarter net income compared with a year ago. SmartBank said it earned $6 million, or 43 cents per diluted share, in third quarter.
"The consistency we are beginning to show in our financial metrics is very exciting, as our team continues to execute on our strategy while maintaining a keen focus on growing our shareholder value," SmartFinancial Chairman Miller Welborn said.