Regions’ 1Q net income rises 13%

Diluted earnings per share were 65 cents, unchanged from a year before. That figure includes 4 cents per share in charges related to Regions’ November merger with Birmingham-based AmSouth.

Income from continuing operations for the quarter was $474.1 million, including $30.4 million in after-tax, merger-related expenses. Net income was $333 million, a 13 percent increase from $294.7 million the previous year.

On March 30, Regions sold its nonconforming wholesale mortgage originator, EquiFirst Holdings Corp., to Barclays Bank PLC. EquiFirst, which had a first-quarter after-tax net loss of $141.1 million. The business “had become increasingly difficult and was outside the company’s strategic focus,” according to a Regions news release.

Also during the quarter, the company repurchased 10 million of its common shares at an average cost of $36.09 per share. Under current authorizations, 53.9 million shares may be bought back.

Company shares (NYSE: RF) closed Tuesday at $34.23, compared to a 52-week range of $32.37 to $39.15.[[In-content Ad]]