Regions nets $69M in 1Q earnings

Regions Financial Corp. (NYSE: RF), the Birmingham, Ala.-based holding company for Regions Bank, recorded first-quarter net income of $69 million, a 135 percent increase compared to first-quarter 2010 net loss of $196 million.

For the three months ending March 31, the company recorded earnings of 5 cents per diluted share, compared to a loss of 16 cents per share in the same quarter last year.

"We're making solid headway toward sustainable profitability, and key credit metrics continue to improve," Regions President and CEO Grayson Hall said in the release. "The economic recovery is slow, especially in our southeastern markets, but our focus on customers is paying off."

Other first-quarter results included a 23 percent drop in nonperforming loans compared the same quarter in 2010.

New or renewed loan commitments totaled $13.3 billion during the first quarter, driven by residential first mortgage production and lending to commercial customers, including small businesses, the release said.

First-quarter 2011 net income fell 22.5 percent from fourth-quarter 2010 net earnings of $89 million, while earnings per diluted share dropped two cents.

Regions Financial Corp., which has roughly $132 billion in assets, operates approximately 1,800 banking offices and 2,200 ATMs in 16 states.

Regions shares were trading at $7.01 as of 9:50 a.m., compared to a 52-week range of $5.12 to $9.33.[[In-content Ad]]