Bank of America Corp. hit a milestone in its years-long effort to get costs under control.

The bank revealed Friday that it is facing hefty regulatory penalties and will likely have to restate first-quarter earnings. Declines in loan balances and fee income and questions about upcoming stress tests are only adding to investors' worries.

The firm warned Friday that it may take a charge of as much as $1 billion to settle a U.S. probe of its consumer business.

Record loan originations and strong growth in wealth assets under management more than offset a double-digit increase in expenses at the San Francisco company.

The Pittsburgh company reported a 39% gain in retail banking profits amid a lot of strong first-quarter numbers, yet it still fell short of analysts' earnings expectations by a penny and wants to push for stronger loan growth.

First Horizon CEO Bryan Jordan said the bank is still on track to meet cost-cutting targets from its November acquisition of Capital Bank in North Carolina.

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Revenue increased 2.8% to $18.9 billion thanks to gains in equities trading and other factors, but the bank still wants to improve its efficiency ratio, which could get harder as the year goes on.

Revenue and profit for the first three months of 2018 rose to all-time highs, the bank said Friday, spurred by record results from stock trading.

The Chicago company said its decision was largely based on intense competition, very low margins and economic changes.

Investors are growing worried about lackluster loan growth this year at community banks.

Loan growth and higher yields helped offset a 20% increase in expenses at the Arkansas bank in the first quarter. Meanwhile, it warned of one-time rebranding costs to come in the third quarter.

The Kansas City, Mo., company also benefited from higher yields on its loans and flat funding costs.

The Seattle bank's improved loan yields offset higher expenses tied to Bank Secrecy Act remediation. Washington Federal had to delay a pending acquisition after issues emerged with its anti-money-laundering compliance.

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The San Francisco-based online lender reported a net loss of $115 million for 2017, more than half of which was connected to warrants issued in a deal that stabilized the struggling firm.

The Indiana-based credit union made significant gains in membership, lending, assets and more.

The company will take a nearly $10 million hit after setting aside funds to cover a case of potential borrower fraud.

Deposit prices are starting to rise, deposit growth is slowing, commercial loan growth remains tepid (with some exceptions) and concerns are mounting about the economic toll of U.S. trade policy, bank executives said just a few weeks ahead of the end of the quarter.

The company received bad news about the commercial loan after it reported a narrow profit in mid-February.