Regions Bank 2010 Annual Report Download - page 5
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our intense focus and commitment to providing these business
owners the fi nancial access, tools and advice to help them succeed.
During 2010, we were recognized by Greenwich Associates for
providing distinguished quality service to small business and
middle market customers, and the Small Business Administration
has recognized Regions as a top small business lender. For a tenth
consecutive record year, Morgan Keegan continued to perform
extremely well with assets under management increasing to over
$157 billion and net revenues over $1.3 billion.
The net interest margin grew during 2010, due to improved
funding mix and costs. Net interest income increased $97 million,
and net interest margin improved 23 basis points. Importantly,
at year-end we achieved our goal of 3.00 percent net interest
margin. Non-interest revenue was $3.5 billion as compared to
$3.8 billion for 2009. Brokerage revenue, debit card and ATM
fees had a particularly strong year. However, insuffi cient fund
fees were down due to regulatory changes that were instituted
mid-year. This change required enhanced communication to
customers and a requirement that customers make elections
regarding how we authorize and process insuffi cient fund
transactions. We work closely with our customers to reach the
best solution for their needs.
While credit-related costs lead by other real estate expenses
remained elevated, we were able to keep our core expenses in
check. Throughout the year, we kept disciplined focus on expense
management and improved effi ciency. We are leaving no expense
category unchallenged and target all areas of staffi ng, occupancy,
discretionary spending, incentives and credit-related expenses.
Disciplined expense control is fundamental to our culture and
values. Since 2007, we reduced the number of branch offi ces
by 10 percent and personnel by 16 percent while concurrently
improving customer service and loyalty measures.
Disciplined
expense control
is fundamental
to our culture
and values.
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