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Shareholders of SunTrust, BB&T and PNC will vote on say on pay, quiz executives on future plans.
April 23 -
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April 24
Regions Financial Corp.'s (RF) first-quarter earnings more than doubled as the regional lender set aside less to cover loan losses and saw noninterest income edge up.
The parent of Regions Bank, with branches in 16 states across the southern and midwestern U.S., has struggled to find firm footing after suffering heavy losses from real-estate loans gone bad during the financial crisis. As with its peers, Regions's bottom-line has been helped of late by reduced provisions set aside to cover souring loans, but revenue growth has been a greater challenge amid continued low interest rates.
Earlier this month, Regions sold its regional brokerage Morgan Keegan & Co. to wealth manager Raymond James Financial Inc. (RJF) for $1.2 billion. Regions used the funds to repay the U.S. Treasury $3.5 billion, allowing it to exit the federal government's financial bailout program.
Regions reported a profit of $199 million, or 11 cents a share, up from $69 million, or a penny a share, a year earlier. Excluding items, earnings from continuing operations rose to 14 cents from break-even a year earlier.
Net-interest income declined 3.3% to $827 million while noninterest income, excluding securities gains, grew 2.8% to $512 million.
Analysts polled by Thomson Reuters had most recently forecast earnings of 8 cents on revenue of $1.34 billion.
Loan-loss provisions were $117 million, down from $482 million a year earlier and $295 million in the fourth quarter. Net charge-offs, or loans lenders don't think are collectible, fell to 1.73% of average loans from 2.37% a year ago and 2.16% in the prior quarter.
