Regions Financial reported net income of $362 million in Q2/18, an increase of 21% compared to Q2/17. Total revenue grew 5% while pre-tax pre-provision income grew 6% over the prior year. In addition, Regions recorded an average balance of $36,874 million in commercial and industrial loans and leases in Q2/18, up 1.1% compared to Q1/18 and 3.6% compared to Q2/17.

“Regions is making meaningful progress on its strategic plan to grow revenues, develop deeper customer relationships, deliver enhanced services to the marketplace and operate more effectively over time,” said John Turner, president and CEO of Regions Financial. “We continue to make prudent investments to ensure Regions is well-positioned to meet the needs of today’s customers, and also anticipate and meet the needs of tomorrow’s customers. Importantly, our deposit base remains strong, and asset quality continues to improve.”

Below are select Q2/18 results compared to Q1/18:

• Net interest income and other financing income increased $17 million, and net interest margin was 3.49%, up three basis points.
• Non-interest income increased 1%, and 2% on an adjusted basis.
• Non-interest expense increased 3%, and 2% on an adjusted basis.
• Average loans and leases increased $66 million and totaled $80.0 billion. Adjusted loans and leases increased $382 million.
• Business lending balances increased $161 million.
• Net charge-offs decreased 10 basis points on a reported basis and eight basis points on an adjusted basis to 0.32% of average loans.
• Non-performing loans, excluding loans held for sale, decreased one basis point to 0.74% of loans outstanding.
• Business services criticized loans decreased 14 percent.
• Allowance for loan and lease losses decreased one basis point to 1.04% of total loans.
• Allowance for loan and lease losses as a percent of non-performing loans increased to 141% from 140%.

On a year-over-year basis:

• Net interest income and other financing income increased 5% while net interest margin increased 17 basis points.
• Non-interest income increased 4% and 6% on an adjusted basis.
• Non-interest expenses increased 4%, and 1% on an adjusted basis.
• Average loans and leases decreased $153 million, and increased $803 million on an adjusted basis.
• Business lending balances decreased $183 million.
• Net charge-offs decreased two basis points to 0.32% of average loans.
• Non-performing loans, excluding loans held for sale, decreased 29 basis points to 0.74% of loans outstanding.