Regions Financial Corporation has reported a net loss of $602m, or $0.48 per diluted share, for the fourth quarter of 2011, compared to a net income of $36m, or $0.03 per diluted share, for the same period in 2010.
The net loss was largely driven by a $731m non-cash goodwill impairment charge (net of tax) related to the company’s investment banking/brokerage/trust segment as a result of the process of selling Morgan Keegan.
Net interest income for the fourth quarter of 2011 declined to $849m from $863m in the prior-year quarter.
Regions Financial president and CEO Grayson Hall said that despite a continued challenging economic and legislative environment in 2011 they were able to stay focused on their business plan and deliver solid results.
"We improved our fundamentals, profitably grew our customer base, further de-risked our balance sheet, and took actions that better position us for the future," added Hall.