Regions posts improved net income of $335M

Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF) increased its first-quarter net income by 68.3 percent to $335 million, up from $199 million in the same time period a year ago.

The holding company, which operates three Regions Bank branches in Springfield, reported diluted earnings per share of 23 cents, a 12-cent increase from first-quarter 2012, according to a news release.

“This quarter’s results demonstrate that our disciplined approach to meeting more customer needs is continuing to drive solid performance across our franchise,” Regions President and CEO Grayson Hall said in the release. “Building on this foundation while prudently managing expenses, Regions is moving forward to take advantage of growth opportunities in all of our businesses as the economy improves.”

First-quarter financial notes:

• Regions' total revenue dropped 3.8 percent to $1.3 million from $1.4 million a year ago.
• Provision for loan losses plummeted 91.5 percent to $10 million from $117 million.
• Net interest income declined by 3.5 percent to $798 million from $827 million.

Regions operates about 1,700 branches in 16 states and holds assets of $120 billion, the release said.

RF shares were trading at $8.05 as of 10:01 a.m., compared to a 52-week range of $5.46 to $8.44.