Regions Bank posts $300M net income

Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF) recorded second-quarter net income of $300 million, a 12.4 percent increase over earnings of $267 million in the same quarter last year.

The holding company, which operates three Regions Bank branches in Springfield, increased diluted earnings per share to 21 cents during the latest quarter, up 3 cents from second-quarter 2013, according to a news release.

"These results demonstrate continued momentum as we effectively execute our business plans," Regions Chairman, President and CEO Grayson Hall said in the release. "By focusing on meeting our customers' needs, we are delivering sustainable and diversified revenue growth while controlling expenses and maintaining prudent credit standards."

Second-quarter financial notes:

• Regions' net interest income increased 1.7 percent to $822 million from $808 million in second-quarter 2013.
• The company grew loan balances to $77 billion, up $833 million or 1.1 percent from the prior quarter.
• Employee headcount was roughly flat at 23,416, down slightly from 23,692 in the same quarter last year.

Regions held $118.7 billion in assets as of June 30, as well as deposits of $93.8 billion. The company operates nearly 1,700 branches in 16 states, according to the release.

RF shares were trading at $10.11 as of 9:26 a.m., compared to a 52-week range of $8.84 to $11.54.