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regions 2Q 08SUPP
- Regions Financial reported quarterly earnings of $0.30 per share, or $0.39 per share excluding merger charges. Earnings were impacted by several significant items including a loan loss provision that was $100 million above net charge-offs. - The company reduced its common stock dividend to strengthen capital ratios in light of rising credit costs. The dividend cut will boost capital levels by an estimated $1.2 billion by the end of 2009. - Non-performing assets and net charge-offs increased during the quarter, driven by weakness in the home equity and residential homebuilder portfolios. Allowances for credit losses were also up.
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