Dallas, Texas 05/07/2014 (FINANCIALSTRENDS) – Regions Financial Corporation (NYSE:RF) is holding steady at just above the $10 mark thanks to a decent first quarter earnings report, along with a stock repurchase program announcement coupled with the board approving a dividend for shareholders.
Regions Financial Corp First Quarter Earnings Report
Regions Financial Corp reported net income of $311 million for the first quarter, representing an increase of 42% over the earnings posted in the same quarter in 2013. Earnings per diluted share for the first quarter this were pegged at $0.22.
Total ending loans increased $1.1 billion during the first quarter, taking the total to $76 billion. Total new and renewed loan production was likewise up 2% year over year. Deposit balances were pegged at $93 billion at the end of the first quarter, representing an increase of 1% over the previous quarter.
Net interest income for the quarter was reported to be $831 million, a decrease of 1.8% from the previous quarter. This decline is attributed to the quarter having less days, and a drop in the interest rate on loan yields.
Statement by Regions Financial Corp CEO Grayson Hall
Regions Financial Corp Chairman, President and CEO Grayson Hall said that, “We are off to a solid start in 2014 and this quarter’s results demonstrate that our focus on identifying and meeting more customer needs is generating steady and sustainable growth.”
Another plus point was the completion of the annual Comprehensive Capital Analysis and Review process, which produced no objection to capital actions including a hike in quarterly dividend to $0.05 per share, and a $350 million stock repurchase program for common shares.
Regions Financial Corporation has $118 billion in assets, and is a member of the S&P 500 Index. It is one of the largest full-service consumer and commercial banking firms in the country which also offers varied financial products and services including mortgage, insurance and wealth management.