Regions among top 25 auto lenders in the 1Q
Regions was one of the largest auto lenders in the nation in the first quarter, according to SNL Financial.
Regions Financial Corp. (NYSE: RF)’s auto loans grew almost 7 percent in the first quarter from the prior quarter, according to a recent report by SNL Financial[5].
The Birmingham-based bank was the 23rd largest depository auto lender with $2.36 billion in auto loans in the three months ended March 31. Those loans make up 3.14 percent of the bank’s total loans, according to SNL.
During the first quarter earnings conference call, Regions Chief Financial Officer David Turner[6] said Regions’ indirect auto loan portfolio continued to produce solid results as it continues to expand its dealer’s network. Turner said the bank had approximately 2,000 dealers at the end of the first quarter and plans to add an additional 300 dealers by the end of the year.
Since Regions’ return to the indirect auto lending in 2010 after a two-year hiatus[7], it has been a steady source of loan growth[8] for the bank.
Nationwide, total auto loans at the top 100 U.S. depositories grew by only 0.64 percent to $395.3 billion in the first quarter, compared to $392.8 billion at year-end 2012, SNL reported. Of the 100 largest depository auto lenders, 43 were banks or thrifts, while 57 were credit unions as of the first quarter, SNL said.
Antrenise Cole covers banking, finance, small business lending, venture capital, accounting and law for the Birmingham Business Journal. Click here to follow her on Twitter.[9]
References
- ^ Antrenise Cole (feeds.bizjournals.com)
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- ^ Twitter (twitter.com)
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- ^ according to a recent report by SNL Financial (www.snl.com)
- ^ David Turner (feeds.bizjournals.com)
- ^ return to the indirect auto lending in 2010 after a two-year hiatus (www.bizjournals.com)
- ^ steady source of loan growth (www.bizjournals.com)
- ^ Click here to follow her on Twitter. (twitter.com)