Regions Financial announced earnings for Q2/15 of $269 million compared to $288 million a year earlier. Earnings per diluted share of $0.20 met analysts’ polled by Thomson Reuters expectations.
Total Q2/15 revenue of $1,410 million was up 8.6% from $1,298 million in Q2/14 primarily as a result of an increase in noninterest income of $115 million. The increase included a non-recurring $90 million of insurance proceeds which resulted from a previously disclosed 2010 class action lawsuit.
The following was excerpted from the news release:
- Credit quality improved as net charge-offs declined 31%, representing
0.23% of average loans, and nonperforming loans declined 16%. - The company recorded a $27 million charge related to the valuation of
properties identified for sale, which were originally purchased for
future branch sites. - Non-interest expense from continuing operations of $934 million was up
14% from $820 million a year earlier – included $48 million for
additional contingent legal and regulatory items.
“This quarter’s results reflect continued momentum in 2015,” said Grayson Hall, chairman, president and CEO. “We continued to grow loans, increasing 2% over the previous quarter, and we also grew fee revenue from sources such as capital markets, mortgage and cards. We are continuing to expand our customer base and deepen those relationships by meeting more customer needs, which is creating sustainable growth.”
Read the full release from Regions here.