Regions Financial Corp., Alabama’s biggest bank, gave Chief Executive Officer Grayson Hall a $1.44 million cash bonus for last year as the lender repaid its government bailout.
Hall’s total compensation in 2012 was $11.9 million, which includes some pay from previous years, according to a filing today by the Birmingham-based lender. That’s an 86 percent increase over 2011, when he didn’t receive a bonus, according to the filing.
The Troubled Asset Relief Program prohibited awarding short- or long-term cash compensation based on performance. Regions last year raised $900 million through a share sale to repay $3.5 billion in taxpayer funds received in 2008. The bank posted a profit in 2012 after reporting net losses in the previous four years. Its shares gained 66 percent last year.
Chief Financial Officer David Turner received a cash bonus of $640,705, according to the filing.