Regions posts 1Q net income decrease

Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF) posted $319 million earnings in the first quarter, a 4.8 percent decrease compared to its $335 million earnings in the opening quarter of 2013.

The holding company of three Regions Bank branches in Springfield reported diluted share earnings of 22 cents for the three months ended March 31, a 1-cent decrease from first-quarter 2013, according to a news release.

First-quarter financial notes:

• Regions grew loan balances by $1.1 billion to $76 billion.
• Net interest income increased to $816 million from $798 million, while noninterest income decreased to $438 million from $501 million.
• Total revenue decreased to $1.25 million from $1.3 million a year ago.

As of March 31, Regions held $118 billion in assets and $93 billion in deposits. The company operates some 1,700 branches in 16 states, according to the release.

RF shares were trading at $10.46 as of 9:02 a.m., compared to a 52-week range of $7.85 to $11.54.