Regions Financial reported first quarter 2011 earnings available to common shareholders of $17 million compared to a net loss in the same quarter last year of $255 million. The bank said first quarter profit marked the company’s second consecutive quarterly profit and included solid core business performance and improving credit trends.

The bank’s provision for credit losses of $482 million was down from $770 million in the same year ago period as net charge-offs decreased $201 million or 29% versus the prior quarter.

Regions noted that average commercial and industrial loans grew $933 million, driven by customers’ capital expenditures, increasing investments in inventory and M&A

“We’re making solid headway towards sustainable profitability and key credit metrics continue to improve,” said Grayson Hall, president and chief executive officer. “The economic recovery is slow, especially in our southeastern markets, but our focus on customers is paying off. We’re taking market share, gaining new customers and expanding existing relationships. At the same time, we are improving productivity and efficiency and taking steps to expediently and prudently deal with credit problems and more stressed credit portfolios.”

To read the full text of the Regions Financial news release:
click here.