Shares of Regions Financial Corp. rose 0.4% in premarket trading Friday, after the Alabama-based regional bank reported first-quarter profit and revenue that rose above expectations, while net interest income came up shy. Net income increased to $642 million, or 63 cents a share, from $162 million, or 14 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 48 cents. Total revenue grew 13.7% to $1.60 billion, topping the FactSet consensus of $1.55 billion. Net interest income increased 4.2% to $967 million but missed expectations of $987.5 million, while noninteret income rose 32.2% to $641 million to beat expectations of $565.7 million. The bank said net interest income was negatively impacted by lower loan balances and the remixing out of higher yielding consumer indirect categories. The bank declared $149 million in dividends during the quarter, but did not repurchase any shares. “While we are all still dealing with the lingering effects of the pandemic, our ongoing conversations with customers reflect optimism about further economic recovery and growth,” said Chief Executive John Turner. The stock has rallied 25.9% year to date through Thursday, while the SPDR Financial Select Sector ETF has advanced 17.8% and the S&P 500 has gained 10.1%.

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