Regions Financial's CEO Discusses Q3 2011 Results - Earnings Call Transcript
Executives
Matthew Lusco -
Barbara Godin - Chief Credit Officer, Executive Vice President and Head of Credit Operations - Regions Bank
O. B. Grayson Hall - Vice Chairman, Chief Executive Officer, President, Chief Executive Officer of Regions Bank, President of Regions Bank and Director of Regions Bank
M. List Underwood - Director of Investor Relations
David J. Turner - Chief Financial Officer, Senior Executive Vice President, Member of the Executive Council, President of Central Region, Chief Financial Officer of Regions Bank and Senior Executive Vice President of Regions Bank
Analysts
Robert Placet - Deutsche Bank AG, Research Division
Jefferson Harralson - Keefe, Bruyette, & Woods, Inc., Research Division
Jennifer H. Demba - SunTrust Robinson Humphrey, Inc., Research Division
Leanne Erika Penala - BofA Merrill Lynch, Research Division
John G. Pancari - Evercore Partners Inc., Research Division
Kenneth M. Usdin - Jefferies & Company, Inc., Research Division
Betsy Graseck - Morgan Stanley, Research Division
Unknown Analyst -
Brian Foran - Nomura Securities Co. Ltd., Research Division
Regions Financial ( RF ) Q3 2011 Earnings Call October 25, 2011 11:00 AM ET
Operator
Good morning, and welcome to the Regions Financial Corporation's quarterly earnings call. My name is Melissa, and I will be your operator for today's call. [Operator Instructions] I will now turn the call over to Mr. List Underwood to begin.
M. List Underwood
Thank you, Operator, and good morning, everyone. We appreciate your participation on our call. Our presenters today are our President and Chief Executive Officer, Grayson Hall; our Chief Financial Officer, David Turner; and also available to answer questions this morning are Matt Lusco, our Chief Risk Officer; and Barb Godin, our Chief Credit Officer.
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A point Barb made is important to note, I mean, at the beginning of the cycle, we made a very conscious decision to start reducing our tender. And most of our -- as a big percentage of our commercial real estate loans did all the tenant in one year.
Sales volumes increased 11 percent over the prior-year period principally through the sales contribution of Big Quill Resources, the Canadian producer of high-purity sulfate of potash that the company acquired in January 2011.
And in Mississippi, voters rejected, 58 percent to 42 percent, a state constitutional amendment pushed by social conservatives that would have defined a fertilized egg as a "person," which would have outlawed all abortions and many forms of
(But maybe that's the point; sometimes I get the feeling the City operates like a big cash register. Planning staff says in the project's staff report that the non-development agreement alternative is an apartment building half the size,
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So our first loan is centered in Fort Worth Texas where the applicant lives in Dallas and his workplace is in Fort Worth. He needed $20,000 for undisclosed reasons, and he had a recent bankruptcy that was not discharged yet. He wanted to borrow the money as quickly as possible, like all borrowers I suppose, and he was extremely upfront about his financial situation and his recent bankruptcy. He knew that getting any kind of conventional credit wasn’t likely to happen considering that the basic rule of thumb is a seven year period when a consumer can’t get credit after discharge.
Over in New Mexico we had another bankrupt applicant who had declared personal bankruptcy in mid-2011. Her pre-application form was filled out for Albuquerque , and “sometimes” Santa Fe , New Mexico. This is not a good way to apply for loan on any application form (offline or on a web site). Of course, there was a perfectly good explanation for listing Santa Fe and Albuquerque in the application – the borrower works in Albuquerque, and lives in Santa Fe.
This applicant needed to borrow $3000 quickly for some emergency bills that had to be paid, or she would be experiencing some difficulty with carrying out her responsibilities as an employee for property owners. She is an apartment building manager near Montgomery Blvd., Northeast and San Pedro Dr., Northeast in Albuquerque. She doesn’t have rent to pay, but she does have a cell phone bill that is long overdue and in risk of being cut off. She has to have the phone to do her job.
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