Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2023

Presented below are condensed financial statements of Regions Financial Corporation:

Balance Sheets


	December 31
	2023		2022
	(In millions)
Assets
Interest-bearing deposits in other banks	$	1,869	$	1,594

Debt securities available for sale	20		21
Premises and equipment, net	47		28
Investments in subsidiaries:
Banks	16,882		15,676
Non-banks	425		385
	17,307		16,061
Other assets	291		275
Total assets	$	19,534	$	17,979
Liabilities and Shareholders’ Equity

Long-term borrowings	$	1,832	$	1,786
Other liabilities	273		246
Total liabilities	2,105		2,032
Shareholders’ equity:
Preferred stock	1,659		1,659
Common stock	10		10
Additional paid-in capital	11,757		11,988
Retained earnings	8,186		7,004
Treasury stock, at cost	(1,371)		(1,371)
Accumulated other comprehensive income, net	(2,812)		(3,343)
Total shareholders’ equity	17,429		15,947
Total liabilities and shareholders’ equity	$	19,534	$	17,979

Statements of Income


	Year Ended December 31
	2023		2022		2021
	(In millions)
Income:
Dividends received from subsidiaries	$	1,609	$	1,351	$	2,250
Interest from subsidiaries	1		4		8
Other	7		(3)		22
	1,617		1,352		2,280
Expenses:
Salaries and employee benefits	65		64		61
Interest expense	134		86		68
Equipment and software expense	(2)		4		4
Other	70		62		96
	267		216		229
Income before income taxes and equity in undistributed earnings of subsidiaries	1,350		1,136		2,051
Income tax benefit	(43)		(36)		(43)





Income before equity in undistributed earnings of subsidiaries and preferred stock dividends	1,393		1,172		2,094
Equity in undistributed earnings of subsidiaries:
Banks	644		1,066		372
Non-banks	37		7		55
	681		1,073		427
Net income	2,074		2,245		2,521
Preferred stock dividends	(98)		(99)		(121)
Net income available to common shareholders	$	1,976	$	2,146	$	2,400

Statements of Cash Flows


	Year Ended December 31
	2023		2022		2021
	(In millions)
Operating activities:
Net income	$	2,074	$	2,245	$	2,521
Adjustments to reconcile net cash from operating activities:
Equity in undistributed earnings of subsidiaries	(681)		(1,073)		(427)
Provision for (benefit from) deferred income taxes	(4)		(3)		(21)
Depreciation, amortization and accretion, net	2		2		3
Loss on sale of assets	(6)		—		—
Loss (gain) on early extinguishment of debt	—		—		20

Net change in operating assets and liabilities:
Other assets	(11)		12		61
Other liabilities	(9)		(27)		1
Other	74		(89)		(51)
Net cash from operating activities	1,439		1,067		2,107
Investing activities:
(Investment in) / repayment of investment in subsidiaries	(8)		(23)		(21)
Proceeds from sales and maturities of debt securities available for sale	13		8		5
Purchases of debt securities available for sale	(11)		(9)		(3)



Other, net	(21)		—		—
Net cash from investing activities	(27)		(24)		(19)
Financing activities:

Proceeds from long-term borrowings	—		—		646
Payments on long-term borrowings	—		—		(1,424)
Cash dividends on common stock	(787)		(663)		(608)
Cash dividends on preferred stock	(98)		(99)		(108)
Net proceeds from issuance of preferred stock	—		—		390
Payment for redemption of preferred stock	—		—		(500)
Repurchases of common stock	(252)		(230)		(467)

Net cash from financing activities	(1,137)		(992)		(2,071)
Net change in cash and cash equivalents	275		51		17
Cash and cash equivalents at beginning of year	1,594		1,543		1,526
Cash and cash equivalents at end of year	$	1,869	$	1,594	$	1,543