Regions Financial Corp. (NYSE:RF) reported a net income of $285 million for the quarter ending June 30, up about 22 percent from the previous quarter.
It's slightly down from the same quarter last year, where Birmingham's only Fortune 500 company reported a net income of $296 million.
The increase from the last quarter was bolstered in part by a $1.9 billion increase in long-term loans, about a 2 percent increase.
Earnings per diluted share were 20 cents.
Net charge-offs - or debts owed to Regions that it's unlikely to recover - declined 15 percent.
"This quarter's results reflect continued momentum in 2015," President and CEO Grayson Hall said in a release. "We continued to grow loans, increasing 2 percent 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."
Regions reported an increase of 137 percent in professional, legal and regulatory expenses from the same quarter last year, coming out to $71 million for the quarter.
1:17 p.m.: This article has been corrected to reflect the correct calculation of increase in net income.