Exhibit 99.2

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Regions Financial Corporation and Subsidiaries
Financial Supplement (unaudited)
Fourth Quarter 2023





Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Table of Contents
 
   Page
Financial Highlights  
Selected Ratios and Other Information*  
Consolidated Balance Sheets  
  
Loans   
Deposits  
Consolidated Statements of Income  
Consolidated Average Daily Balances and Yield / Rate Analysis  
Pre-Tax Pre-Provision Income ("PPI")* and Adjusted PPI*  
Non-Interest Income, Mortgage Income, Wealth Management Income and Capital Markets Income  
Non-Interest Expense  
Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures*  
Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income / Expense, Adjusted Operating Leverage Ratios, Return Ratios, and Tangible Common Ratios
Credit Quality  
Allowance for Credit Losses, Net Charge-Offs and Related Ratios, Adjusted Net Charge-Offs and Related Ratios  
Non-Accrual Loans (excludes loans held for sale), Early and Late Stage Delinquencies  
Forward-Looking Statements

*Use of non-GAAP financial measures
Regions believes that presentation of non-GAAP financial measures provides a meaningful basis for period to period comparisons, which management believes will assist investors in assessing the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Although non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes certain adjustments does not represent the amount that effectively accrues directly to shareholders. Additionally, our non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Financial Highlights
Quarter Ended
($ amounts in millions, except per share data)12/31/20239/30/20236/30/20233/31/202312/31/2022
Earnings Summary
Interest income - taxable equivalent$1,764 $1,779 $1,751 $1,654 $1,565 
Interest expense - taxable equivalent520 475 358 224 151 
Net interest income - taxable equivalent1,244 1,304 1,393 1,430 1,414 
Less: Taxable-equivalent adjustment13 13 12 13 13 
Net interest income 1,231 1,291 1,381 1,417 1,401 
Provision for credit losses155 145 118 135 112 
Net interest income after provision for credit losses1,076 1,146 1,263 1,282 1,289 
Non-interest income580 566 576 534 600 
Non-interest expense1,185 1,093 1,111 1,027 1,017 
Income before income taxes471 619 728 789 872 
Income tax expense80 129 147 177 187 
Net income$391 $490 $581 $612 $685 
Net income available to common shareholders$367 $465 $556 $588 $660 
Weighted-average shares outstanding—during quarter:
Basic931 939 939 935 934 
Diluted931 940 939 942 941 
Earnings per common share - basic$0.39 $0.49 $0.59 $0.63 $0.71 
Earnings per common share - diluted$0.39 $0.49 $0.59 $0.62 $0.70 
Balance Sheet Summary
At quarter-end
Loans, net of unearned income$98,379 $98,942 $99,191 $98,057 $97,009 
Allowance for credit losses(1,700 )(1,677 )(1,633 )(1,596 )(1,582 )
Assets152,194 153,624 155,656 154,135 155,220 
Deposits127,788 126,199 126,959 128,460 131,743 
Long-term borrowings2,330 4,290 4,293 2,307 2,284 
Shareholders' equity17,429 16,100 16,639 16,883 15,947 
Average balances
Loans, net of unearned income$98,293 $98,785 $98,581 $97,277 $95,752 
Assets151,738 153,484 153,774 153,082 155,668 
Deposits126,414 125,220 125,539 129,042 133,007 
Long-term borrowings3,627 4,295 3,517 2,286 2,275 
Shareholders' equity16,274 16,468 16,892 16,457 15,442 



1
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Selected Ratios and Other Information
As of and for Quarter Ended
 12/31/20239/30/20236/30/20233/31/202312/31/2022
Return on average assets* (1)
1.02 %1.26 %1.52 %1.62 %1.75 %
Return on average common shareholders' equity*9.95 %12.45 %14.65 %16.10 %19.01 %
Return on average tangible common shareholders’ equity (non-GAAP)* (2)
16.57 %20.58 %23.82 %26.70 %33.20 %
Return on average tangible common shareholders’ equity excluding AOCI (non-GAAP)* (2)
11.45 %14.58 %18.14 %19.85 %22.91 %
Efficiency ratio65.0 %58.5 %56.4 %52.3 %50.5 %
Adjusted efficiency ratio (non-GAAP) (2)
56.9 %58.2 %56.4 %52.2 %51.6 %
Dividend payout ratio (3)
60.5 %48.5 %33.7 %31.8 %28.3 %
Common book value per share$17.07 $15.38 $15.95 $16.29 $15.29 
Tangible common book value per share (non-GAAP) (2)
$10.77 $9.16 $9.72 $10.01 $9.00 
Total equity to total assets11.45 %10.48 %10.69 %10.95 %10.27 %
Tangible common shareholders’ equity to tangible assets (non-GAAP) (2)
6.79 %5.82 %6.09 %6.31 %5.63 %
Common equity (4)
$12,976$13,056 $12,786 $12,420 $12,066 
Total risk-weighted assets (4)
$126,826$126,900 $126,947 $125,747 $125,752 
Common equity Tier 1 ratio (4)
10.2 %10.3 %10.1 %9.9 %9.6 %
Tier 1 capital ratio (4)
11.5 %11.6 %11.4 %11.2 %10.9 %
Total risk-based capital ratio (4)
13.3 %13.4 %13.1 %12.9 %12.5 %
Leverage ratio (4)
9.7 %9.7 %9.5 %9.3 %8.9 %
Effective tax rate 17.0 %20.9 %20.2 %22.4 %21.5 %
Allowance for credit losses as a percentage of loans, net of unearned income1.73 %1.70 %1.65 %1.63 %1.63 %
Allowance for credit losses to non-performing loans, excluding loans held for sale 211 %261 %332 %288 %317 %
Net interest margin (FTE)* 3.60 %3.73 %4.04 %4.22 %3.99 %
Loans, net of unearned income, to total deposits77.0 %78.4 %78.1 %76.3 %73.6 %
Net charge-offs as a percentage of average loans*0.54 %0.40 %0.33 %0.35 %0.29 %
Adjusted net charge-offs as a percentage of average loans (non-GAAP) * (2)
0.39 %0.40 %0.33 %0.35 %0.29 %
Non-performing loans, excluding loans held for sale, as a percentage of loans0.82 %0.65 %0.50 %0.56 %0.52 %
Non-performing assets (excluding loans 90 days past due) as a percentage of loans, foreclosed properties, and non-performing loans held for sale0.84 %0.67 %0.51 %0.58 %0.53 %
Non-performing assets (including loans 90 days past due) as a percentage of loans, foreclosed properties, and non-performing loans held for sale (5)
1.01 %0.81 %0.64 %0.71 %0.75 %
Associate headcount—full-time equivalent 20,101 20,257 20,349 20,113 20,073 
ATMs 2,023 2,022 2,025 2,034 2,039 
Branch Statistics
Full service1,242 1,243 1,245 1,251 1,252 
Drive-through/transaction service only29 29 31 34 34 
Total branch outlets1,271 1,272 1,276 1,285 1,286 
Year Ended December 31
20232022
Return on average assets (1)
1.36 %1.41 %
Return on average common shareholders' equity13.29 %14.46 %
Return on average tangible common shareholders’ equity (non-GAAP) (2)
21.93 %24.05 %
Return on average tangible common shareholders’ equity excluding AOCI (non-GAAP) (2)
15.91 %19.61 %
Efficiency ratio 57.9 %56.0 %
Adjusted efficiency ratio (non-GAAP) (2)
55.9 %53.9 %
Dividend payout ratio (3)
41.6 %32.2 %
Effective tax rate 20.5 %22.0 %
Net interest margin (FTE) 3.90 %3.36 %
Net charge-offs as a percentage of average loans0.40 %0.29 %
Adjusted net charge-offs as a percentage of average loans (non-GAAP) (2)
0.37 %0.22 %
*Annualized
(1)Calculated by dividing net income by average assets.
(2)See reconciliation of GAAP to non-GAAP Financial Measures that begin on pages 13, 17, 18, 19 and 22.
(3)Dividend payout ratio reflects dividends declared within the applicable period.
(4)Current quarter Common equity as well as Total risk-weighted assets, Common equity Tier 1, Tier 1 capital, Total risk-based capital and Leverage ratios are estimated.
(5)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page 24 for amounts related to these loans.

2
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Consolidated Balance Sheets
As of
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/2022
Assets:
Cash and due from banks$2,635 $1,554 $2,480 $2,395 $1,997 
Interest-bearing deposits in other banks4,166 7,462 7,406 6,438 9,230 
Debt securities held to maturity754 763 777 790 801 
Debt securities available for sale28,104 26,228 27,296 28,230 27,933 
Loans held for sale400 459 554 564 354 
Loans, net of unearned income 98,379 98,942 99,191 98,057 97,009 
Allowance for loan losses
(1,576)(1,547)(1,513)(1,472)(1,464)
Net loans96,803 97,395 97,678 96,585 95,545 
Other earning assets1,417 1,552 1,563 1,335 1,308 
Premises and equipment, net1,642 1,616 1,622 1,705 1,718 
Interest receivable614 625 575 538 511 
Goodwill5,733 5,733 5,733 5,733 5,733 
Residential mortgage servicing rights at fair value (MSRs)906 932 801 790 812 
Other identifiable intangible assets, net205 216 226 238 249 
Other assets8,815 9,089 8,945 8,794 9,029 
Total assets$152,194 $153,624 $155,656 $154,135 $155,220 
Liabilities and Equity:
Deposits:
Non-interest-bearing$42,368 $44,640 $46,898 $49,647 $51,348 
Interest-bearing85,420 81,559 80,061 78,813 80,395 
Total deposits127,788 126,199 126,959 128,460 131,743 
Borrowed funds:
Short-term borrowings— 2,000 3,000 2,000 — 
Long-term borrowings2,330 4,290 4,293 2,307 2,284 
Other liabilities4,583 5,010 4,743 4,466 5,242 
Total liabilities134,701 137,499 138,995 137,233 139,269 
Equity:
Preferred stock, non-cumulative perpetual1,659 1,659 1,659 1,659 1,659 
Common stock10 10 10 10 10 
Additional paid-in capital11,757 11,996 11,979 11,996 11,988 
Retained earnings8,186 8,042 7,802 7,433 7,004 
Treasury stock, at cost(1,371)(1,371)(1,371)(1,371)(1,371)
Accumulated other comprehensive income (loss), net(2,812)(4,236)(3,440)(2,844)(3,343)
Total shareholders’ equity17,429 16,100 16,639 16,883 15,947 
Noncontrolling interest
64 25 22 19 4 
Total equity
17,493 16,125 16,661 16,902 15,951 
Total liabilities and equity
$152,194 $153,624 $155,656 $154,135 $155,220 







3
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
End of Period Loans
As of
    12/31/202312/31/2023
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/2022 vs. 9/30/2023 vs. 12/31/2022
Commercial and industrial$50,865 $51,604 $52,300 $51,811 $50,905 $(739)(1.4)%$(40)(0.1)%
Commercial real estate mortgage—owner-occupied4,887 4,833 4,797 4,938 5,103 54 1.1 %(216)(4.2)%
Commercial real estate construction—owner-occupied281 270 292 306 298 11 4.1 %(17)(5.7)%
Total commercial56,033 56,707 57,389 57,055 56,306 (674)(1.2)%(273)(0.5)%
Commercial investor real estate mortgage 6,605 6,436 6,500 6,392 6,393 169 2.6 %212 3.3 %
Commercial investor real estate construction2,245 2,301 2,132 2,040 1,986 (56)(2.4)%259 13.0 %
Total investor real estate8,850 8,737 8,632 8,432 8,379 113 1.3 %471 5.6 %
Total business64,883 65,444 66,021 65,487 64,685 (561)(0.9)%198 0.3 %
Residential first mortgage20,207 20,059 19,755 19,172 18,810 148 0.7 %1,397 7.4 %
Home equity—lines of credit (1)
3,221 3,240 3,313 3,397 3,510 (19)(0.6)%(289)(8.2)%
Home equity—closed-end (2)
2,439 2,428 2,425 2,446 2,489 11 0.5 %(50)(2.0)%
Consumer credit card1,341 1,261 1,231 1,219 1,248 80 6.3 %93 7.5 %
Other consumer—exit portfolios (3)
43 356 416 488 570 (313)(87.9)%(527)(92.5)%
Other consumer6,245 6,154 6,030 5,848 5,697 91 1.5 %548 9.6 %
Total consumer33,496 33,498 33,170 32,570 32,324 (2)— %1,172 3.6 %
Total Loans$98,379 $98,942 $99,191 $98,057 $97,009 $(563)(0.6)%$1,370 1.4 %
______
(1)     The balance of Regions' home equity lines of credit consists of $1,587 million of first lien and $1,634 million of second lien at 12/31/2023.
(2)    The balance of Regions' closed-end home equity loans consists of $2,067 million of first lien and $372 million of second lien at 12/31/2023.
(3)    Subsequent to the GreenSky loan sale in the fourth quarter of 2023, the exit portfolio consists primarily of indirect auto loans.

As of
End of Period Loans by Percentage12/31/20239/30/20236/30/20233/31/202312/31/2022
Commercial and industrial51.7 %52.2 %52.7 %52.8 %52.5 %
Commercial real estate mortgage—owner-occupied5.0 %5.0 %4.9 %5.0 %5.3 %
Commercial real estate construction—owner-occupied0.3 %0.3 %0.3 %0.3 %0.3 %
Total commercial57.0 %57.5 %57.9 %58.1 %58.1 %
Commercial investor real estate mortgage6.7 %6.5 %6.6 %6.5 %6.6 %
Commercial investor real estate construction2.3 %2.3 %2.1 %2.1 %2.0 %
Total investor real estate9.0 %8.8 %8.7 %8.6 %8.6 %
Total business66.0 %66.3 %66.6 %66.7 %66.7 %
Residential first mortgage20.5 %20.3 %19.9 %19.6 %19.4 %
Home equity—lines of credit 3.3 %3.3 %3.3 %3.5 %3.6 %
Home equity—closed-end 2.5 %2.5 %2.4 %2.5 %2.6 %
Consumer credit card1.4 %1.3 %1.2 %1.2 %1.3 %
Other consumer—exit portfolios— %0.4 %0.4 %0.5 %0.6 %
Other consumer6.3 %5.9 %6.2 %6.0 %5.8 %
Total consumer34.0 %33.7 %33.4 %33.3 %33.3 %
Total Loans100.0 %100.0 %100.0 %100.0 %100.0 %

4
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Average Balances of Loans
 Average Balances
($ amounts in millions)4Q233Q232Q231Q234Q224Q23 vs. 3Q234Q23 vs. 4Q22
Commercial and industrial$50,939 $51,721 $52,039 $51,158 $50,135 $(782)(1.5)%$804 1.6 %
Commercial real estate mortgage—owner-occupied4,864 4,824 4,905 5,013 5,073 40 0.8 %(209)(4.1)%
Commercial real estate construction—owner-occupied272 276 292 292 289 (4)(1.4)%(17)(5.9)%
Total commercial56,075 56,821 57,236 56,463 55,497 (746)(1.3)%578 1.0 %
Commercial investor real estate mortgage6,574 6,333 6,459 6,444 6,406 241 3.8 %168 2.6 %
Commercial investor real estate construction2,198 2,284 2,023 1,960 1,884 (86)(3.8)%314 16.7 %
Total investor real estate8,772 8,617 8,482 8,404 8,290 155 1.8 %482 5.8 %
Total business 64,847 65,438 65,718 64,867 63,787 (591)(0.9)%1,060 1.7 %
Residential first mortgage20,132 19,914 19,427 18,957 18,595 218 1.1 %1,537 8.3 %
Home equity—lines of credit3,231 3,270 3,354 3,460 3,520 (39)(1.2)%(289)(8.2)%
Home equity—closed-end2,432 2,418 2,431 2,461 2,497 14 0.6 %(65)(2.6)%
Consumer credit card1,295 1,245 1,217 1,214 1,207 50 4.0 %88 7.3 %
Other consumer—exit portfolios (1)
110 384 450 527 613 (274)(71.4)%(503)(82.1)%
Other consumer6,246 6,116 5,984 5,791 5,533 130 2.1 %713 12.9 %
Total consumer33,446 33,347 32,863 32,410 31,965 99 0.3 %1,481 4.6 %
Total Loans$98,293 $98,785 $98,581 $97,277 $95,752 $(492)(0.5)%$2,541 2.7 %

Average Balances
Twelve Months Ended December 31
($ amounts in millions)202320222023 vs. 2022
Commercial and industrial$51,465 $47,468 $3,997 8.4 %
Commercial real estate mortgage—owner-occupied4,900 5,170 (270)(5.2)%
Commercial real estate construction—owner-occupied283 276 7 2.5 %
Total commercial56,648 52,914 3,734 7.1 %
Commercial investor real estate mortgage6,453 5,952 501 8.4 %
Commercial investor real estate construction2,117 1,722 395 22.9 %
Total investor real estate8,570 7,674 896 11.7 %
Total business 65,218 60,588 4,630 7.6 %
Residential first mortgage19,612 17,950 1,662 9.3 %
Home equity—lines of credit3,328 3,572 (244)(6.8)%
Home equity—closed-end2,435 2,506 (71)(2.8)%
Consumer credit card1,243 1,168 75 6.4 %
Other consumer—exit portfolios (1)
367 787 (420)(53.4)%
Other consumer6,036 5,711 325 5.7 %
Total consumer33,021 31,694 1,327 4.2 %
Total Loans$98,239 $92,282 $5,957 6.5 %
_____
NM - Not meaningful.
(1)Subsequent to the GreenSky loan sale in the fourth quarter of 2023, the exit portfolio consists primarily of indirect auto loans.


.

5
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
End of Period Deposits
 As of
     12/31/202312/31/2023
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/2022 vs. 9/30/2023 vs. 12/31/2022
Interest-free deposits$42,368 $44,640 $46,898 $49,647 $51,348 $(2,272)(5.1)%$(8,980)(17.5)%
Interest-bearing checking24,480 22,428 22,892 24,066 25,676 2,0529.1%(1,196)(4.7)%
Savings12,604 13,292 14,217 15,286 15,662 (688)(5.2)%(3,058)(19.5)%
Money market—domestic33,364 32,646 32,230 31,688 33,285 7182.2%790.2%
Time deposits14,972 13,193 10,722 7,773 5,772 1,77913.5%9,200159.4%
Total Deposits$127,788 $126,199 $126,959 $128,460 $131,743 $1,5891.3%$(3,955)(3.0)%
 As of
   12/31/202312/31/2023
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/2022 vs. 9/30/2023 vs. 12/31/2022
Consumer Bank Segment$80,031 $80,980 $81,554 $83,296 $83,487 $(949)(1.2)%$(3,456)(4.1)%
Corporate Bank Segment36,883 34,650 35,332 35,185 37,145 2,2336.4%(262)(0.7)%
Wealth Management Segment7,694 7,791 7,176 7,941 9,111 (97)(1.2)%(1,417)(15.6)%
Other (1)(2)
3,180 2,778 2,897 2,038 2,000 40214.5%1,18059.0%
Total Deposits$127,788 $126,199 $126,959 $128,460 $131,743 $1,5891.3%$(3,955)(3.0)%
 As of
    12/31/202312/31/2023
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/2022 vs. 9/30/2023 vs. 12/31/2022
Wealth Management - Private Wealth$6,719 $6,706 $6,552 $7,238 $8,196 $130.2%$(1,477)(18.0)%
Wealth Management - Institutional Services975 1,085 624 703 915 (110)(10.1)%606.6%
Total Wealth Management Segment Deposits$7,694 $7,791 $7,176 $7,941 $9,111 $(97)(1.2)%$(1,417)(15.6)%

As of
End of Period Deposits by Percentage12/31/20239/30/20236/30/20233/31/202312/31/2022
Interest-free deposits33.2 %35.4 %36.9 %38.6 %39.0 %
Interest-bearing checking19.2 %17.8 %18.0 %18.7 %19.5 %
Savings9.9 %10.5 %11.2 %11.9 %11.9 %
Money market—domestic26.1 %25.9 %25.4 %24.7 %25.3 %
Time deposits11.6 %10.4 %8.5 %6.1 %4.3 %
Total Deposits100.0 %100.0 %100.0 %100.0 %100.0 %
(1)Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar trade deposits, selected deposits and brokered time deposits) and included additional wholesale funding arrangements in the second quarter of 2023.
(2)Includes brokered deposits totaling $2.4 billion at 12/31/2023, $1.9 billion at 9/30/2023, $2.0 billion at 6/30/2023, $1.1 billion at 3/31/2023 and $1.2 billion at 12/31/2022.










6
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Average Balances of Deposits
Average Balances
($ amounts in millions)4Q233Q232Q231Q234Q224Q23 vs. 3Q234Q23 vs. 4Q22
Interest-free deposits$43,167 $44,748 $47,178 $49,592 $53,107 $(1,581)(3.5)%$(9,940)(18.7)%
Interest-bearing checking23,128 22,499 22,979 24,697 25,379 629 2.8 %(2,251)(8.9)%
Savings12,858 13,715 14,701 15,418 15,840 (857)(6.2)%(2,982)(18.8)%
Money market—domestic 33,216 32,146 31,567 32,522 33,219 1,070 3.3 %(3)— %
Time deposits14,045 12,112 9,114 6,813 5,462 1,933 16.0 %8,583 157.1 %
Total Deposits$126,414 $125,220 $125,539 $129,042 $133,007 $1,194 1.0 %(6,593)(5.0)%
 Average Balances
($ amounts in millions)4Q233Q232Q231Q234Q224Q23 vs. 3Q234Q23 vs. 4Q22
Consumer Bank Segment$79,384 $80,036 $80,999 $82,200 $83,555 $(652)(0.8)%$(4,171)(5.0)%
Corporate Bank Segment36,291 34,924 34,860 36,273 38,176 1,367 3.9 %(1,885)(4.9)%
Wealth Management Segment7,690 7,451 7,470 8,463 9,065 239 3.2 %(1,375)(15.2)%
Other (1)
3,049 2,809 2,210 2,106 2,211 240 8.5 %838 37.9 %
Total Deposits$126,414 $125,220 $125,539 $129,042 $133,007 $1,194 1.0 %$(6,593)(5.0)%
 Average Balances
($ amounts in millions)4Q233Q232Q231Q234Q224Q23 vs. 3Q234Q23 vs. 4Q22
Wealth Management - Private Wealth$6,677 $6,701 $6,855 $7,785 $8,367 $(24)(0.4)%$(1,690)(20.2)%
Wealth Management - Institutional Services1,013 750 615 678 698 263 35.1 %315 45.1 %
Total Wealth Management Segment Deposits$7,690 $7,451 $7,470 $8,463 $9,065 $239 3.2 %$(1,375)(15.2)%

Average Balances
Twelve Months Ended December 31
($ amounts in millions)202320222023 vs. 2022
Interest-free deposits$46,150 $56,469 $(10,319)(18.3)%
Interest-bearing checking23,319 26,830 (3,511)(13.1)%
Savings14,165 15,940 (1,775)(11.1)%
Money market—domestic32,364 31,876 488 1.5 %
Time deposits10,545 5,578 4,967 89.0 %
Total Deposits$126,543 $136,693 $(10,150)(7.4)%
Average Balances
Twelve Months Ended December 31
($ amounts in millions)202320222023 vs. 2022
Consumer Bank Segment$80,659 $84,146 $(3,487)(4.1)%
Corporate Bank Segment35,585 40,396 (4,811)(11.9)%
Wealth Management Segment7,766 9,764 (1,998)(20.5)%
Other (1)
2,533 2,387 146 6.1 %
Total Deposits$126,543 $136,693 $(10,150)(7.4)%
Average Balances
Twelve Months Ended December 31
($ amounts in millions)202320222023 vs. 2022
Wealth Management - Private Wealth$7,001 $9,029 $(2,028)(22.5)%
Wealth Management - Institutional Services765 735 30 4.1 %
Total Wealth Management Segment Deposits$7,766 $9,764 $(1,998)(20.5)%
________
NM - Not meaningful.
(1)Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar trade deposits, selected deposits and brokered time deposits) and included additional wholesale funding arrangements in the second quarter of 2023.


7
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Consolidated Statements of Income
Quarter Ended
($ amounts in millions, except per share data)12/31/20239/30/20236/30/20233/31/202312/31/2022
Interest income on:
Loans, including fees $1,457 $1,462 $1,454 $1,360 $1,208 
Debt securities192 185 185 187 222 
Loans held for sale9 14 10 7 9 
Other earning assets 93 105 90 87 113 
Total interest income1,751 1,766 1,739 1,641 1,552 
Interest expense on:
Deposits449 367 260 179 114 
Short-term borrowings10 39 42 5 — 
Long-term borrowings61 69 56 40 37 
Total interest expense520 475 358 224 151 
Net interest income 1,231 1,291 1,381 1,417 1,401 
Provision for credit losses155 145 118 135 112 
Net interest income after provision for credit losses1,076 1,146 1,263 1,282 1,289 
Non-interest income:
Service charges on deposit accounts143 142 152 155 152 
Card and ATM fees127 126 130 121 130 
Wealth management income117 112 110 112 108 
Capital markets income48 64 68 42 61 
Mortgage income31 28 26 24 24 
Securities gains (losses), net(2)(1)— (2)— 
Other116 95 90 82 125 
Total non-interest income580 566 576 534 600 
Non-interest expense:
Salaries and employee benefits608 589 603 616 604 
Equipment and software expense102 107 101 102 102 
Net occupancy expense71 72 73 73 74 
Other404 325 334 236 237 
Total non-interest expense1,185 1,093 1,111 1,027 1,017 
Income before income taxes471 619 728 789 872 
Income tax expense 80 129 147 177 187 
Net income $391 $490 $581 $612 $685 
Net income available to common shareholders$367 $465 $556 $588 $660 
Weighted-average shares outstanding—during quarter:
Basic931 939 939 935 934 
Diluted931 940 939 942 941 
Actual shares outstanding—end of quarter924 939 939 935 934 
Earnings per common share: (1)
Basic$0.39 $0.49 $0.59 $0.63 $0.71 
Diluted$0.39 $0.49 $0.59 $0.62 $0.70 
Taxable-equivalent net interest income$1,244 $1,304 $1,393 $1,430 $1,414 
________
(1) Quarterly amounts may not add to year-to-date amounts due to rounding.




8
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Consolidated Statements of Income (continued) (unaudited)
Twelve Months Ended December 31
($ amounts in millions, except per share data)20232022
Interest income on:
Loans, including fees$5,733 $4,088 
Debt securities749 688 
Loans held for sale40 36 
Other earning assets 375 290 
Total interest income6,897 5,102 
Interest expense on:
Deposits1,255 197 
Short-term borrowings96 — 
Long-term borrowings226 119 
Total interest expense1,577 316 
Net interest income5,320 4,786 
Provision for credit losses553 271 
Net interest income after provision for credit losses4,767 4,515 
Non-interest income:
Service charges on deposit accounts592 641 
Card and ATM fees504 513 
Wealth management income 451 419 
Capital markets income222 339 
Mortgage income109 156 
Securities gains (losses), net(5)(1)
Other383 362 
Total non-interest income2,256 2,429 
Non-interest expense:
Salaries and employee benefits2,416 2,318 
Equipment and software expense412 392 
Net occupancy expense289 300 
Other1,299 1,058 
Total non-interest expense4,416 4,068 
Income before income taxes2,607 2,876 
Income tax expense 533 631 
Net income $2,074 $2,245 
Net income available to common shareholders$1,976 $2,146 
Weighted-average shares outstanding—during year:
Basic936 935 
Diluted938 942 
Actual shares outstanding—end of period924 934 
Earnings per common share:
Basic$2.11 $2.29 
Diluted$2.11 $2.28 
Taxable-equivalent net interest income$5,371 $4,833 

9
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Consolidated Average Daily Balances and Yield/Rate Analysis
 Quarter Ended
 12/31/20239/30/2023
($ amounts in millions; yields on taxable-equivalent basis)Average BalanceIncome/ Expense
Yield/ Rate (1)
Average BalanceIncome/ Expense
Yield/ Rate (1)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell$1 $— 5.44 %$1 $— 5.32 %
Debt securities (2)(3)
31,144 192 2.47 31,106 185 2.38 
Loans held for sale459 9 8.15 910 14 5.99 
Loans, net of unearned income:
Commercial and industrial (4)
50,939 784 6.08 51,721 804 6.14 
Commercial real estate mortgage—owner-occupied (5)
4,864 58 4.68 4,824 58 4.72 
Commercial real estate construction—owner-occupied272 4 5.77 276 4 5.74 
Commercial investor real estate mortgage6,574 119 7.09 6,333 113 6.95 
Commercial investor real estate construction2,198 45 7.97 2,284 46 7.84 
Residential first mortgage20,132 187 3.72 19,914 179 3.59 
Home equity5,663 96 6.82 5,688 94 6.63 
Consumer credit card1,295 50 15.29 1,245 48 15.57 
Other consumer—exit portfolios110 1 1.09 384 6 6.35 
Other consumer6,246 126 7.95 6,116 123 7.93 
Total loans, net of unearned income98,293 1,470 5.92 98,785 1,475 5.91 
Interest-bearing deposits in other banks5,753 80 5.56 6,374 90 5.56 
Other earning assets1,336 13 3.66 1,465 15 4.09 
Total earning assets 136,986 1,764 5.10 138,641 1,779 5.08 
Unrealized gains/(losses) on debt securities available for sale, net (2)
(3,788)(3,626)
Allowance for loan losses(1,540)(1,526)
Cash and due from banks2,242 2,165 
Other non-earning assets17,838 17,830 
$151,738 $153,484 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings $12,858 3 0.11 $13,715 4 0.12 
Interest-bearing checking23,128 91 1.56 22,499 74 1.31 
Money market 33,216 215 2.57 32,146 179 2.20 
Time deposits14,045 140 3.95 12,112 110 3.59 
Total interest-bearing deposits (6)
83,247 449 2.14 80,472 367 1.81 
Federal funds purchased and securities sold under agreements to repurchase27 1 5.51 8 — 5.46 
Short-term borrowings652 9 5.58 2,794 39 5.48 
Long-term borrowings3,627 61 6.57 4,295 69 6.31 
Total interest-bearing liabilities87,553 520 2.36 87,569 475 2.15 
Non-interest-bearing deposits (6)
43,167 — — 44,748 — — 
Total funding sources130,720 520 1.58 132,317 475 1.42 
Net interest spread (2)
2.75 2.93 
Other liabilities4,717 4,677 
Shareholders’ equity16,274 16,468 
Noncontrolling interest27 22 
$151,738 $153,484 
Net interest income/margin FTE basis (2)
$1,244 3.60 %$1,304 3.73 %
_______
(1) Amounts have been calculated using whole dollar values.
(2) Debt securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
(3) Interest income includes hedging expense of $1 million for the quarter ended December 31, 2023.
(4) Interest income includes hedging expense of $95 million for the quarter ended December 31, 2023 and $73 million for the quarter ended September 30, 2023.
(5) Interest income includes hedging expense of $12 million for the quarter ended December 31, 2023 and $9 million for the quarter ended September 30, 2023.
(6) Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest bearing deposits. The rates for total deposit costs equal 1.41% for the quarter ended December 31, 2023 and 1.16% for the quarter ended September 30, 2023.


10
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Consolidated Average Daily Balances and Yield/Rate Analysis (continued)
 Quarter Ended
 6/30/20233/31/202312/31/2022
($ amounts in millions; yields on taxable-equivalent basis)Average BalanceIncome/ Expense
Yield/ Rate (1)
Average BalanceIncome/ Expense
Yield/ Rate (1)
Average BalanceIncome/ Expense
Yield/ Rate (1)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell$1 $— 5.02 %$— $— — %$1 $— 3.56 %
Debt securities (2)(3)
31,588 185 2.35 32,044 187 2.33 32,213 222 2.75 
Loans held for sale539 10 7.11 389 7 7.23 537 9 6.53 
Loans, net of unearned income:
Commercial and industrial (4)
52,039 820 6.29 51,158 763 6.02 50,135 647 5.10 
Commercial real estate mortgage—owner-occupied (5)
4,905 64 5.13 5,013 61 4.88 5,073 55 4.27 
Commercial real estate construction—owner-occupied292 4 5.73 292 4 5.26 289 4 4.96 
Commercial investor real estate mortgage6,459 110 6.74 6,444 100 6.23 6,406 89 5.43 
Commercial investor real estate construction2,023 38 7.55 1,960 35 7.09 1,884 30 6.24 
Residential first mortgage19,427 169 3.48 18,957 161 3.40 18,595 155 3.33 
Home equity5,785 90 6.22 5,921 88 5.93 6,017 81 5.31 
Consumer credit card1,217 46 15.10 1,214 45 14.93 1,207 44 14.34 
Other consumer—exit portfolios450 7 6.31 527 8 6.20 613 9 6.07 
Other consumer5,984 118 7.91 5,791 108 7.56 5,533 107 7.77 
Total loans, net of unearned income 98,581 1,466 5.94 97,277 1,373 5.68 95,752 1,221 5.05 
Interest-bearing deposits in other banks6,111 79 5.21 6,508 72 4.49 10,600 100 3.74 
Other earning assets1,411 11 3.05 1,340 15 4.70 1,380 13 3.76 
Total earning assets
138,231 1,751 5.06 137,558 1,654 4.84 140,483 1,565 4.42 
Unrealized gains/(losses) on debt securities available for sale, net (2)
(3,064)(3,081)(3,582)
Allowance for loan losses(1,497)(1,427)(1,447)
Cash and due from banks2,320 2,360 2,406 
Other non-earning assets17,784 17,672 17,808 
$153,774 $153,082 $155,668 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings $14,701 5 0.12 $15,418 4 0.11 $15,840 4 0.10 
Interest-bearing checking22,979 63 1.09 24,697 54 0.89 25,379 42 0.65 
Money market 31,567 130 1.66 32,522 91 1.13 33,219 57 0.69 
Time deposits9,114 62 2.74 6,813 30 1.80 5,462 11 0.80 
Total interest-bearing deposits (6)
78,361 260 1.33 79,450 179 0.91 79,900 114 0.57 
Federal funds purchased and securities sold under agreements to repurchase17 — 5.23 — — — 39 — 3.73 
Short-term borrowings3,242 42 5.06 400 5 4.92 — — — 
Long-term borrowings3,517 56 6.42 2,286 40 6.91 2,275 37 6.38 
Total interest-bearing liabilities 85,137 358 1.69 82,136 224 1.10 82,214 151 0.73 
Non-interest-bearing deposits (6)
47,178 — — 49,592 — — 53,107 — — 
Total funding sources132,315 358 1.08 131,728 224 0.69 135,321 151 0.44 
Net interest spread (2)
3.37 3.73 3.69 
Other liabilities4,548 4,891 4,904 
Shareholders’ equity16,892 16,457 15,442 
Noncontrolling interest19 6 1 
$153,774 $153,082 $155,668 
Net interest income/margin FTE basis (2)
$1,393 4.04 %$1,430 4.22 %$1,414 3.99 %
_______
(1) Amounts have been calculated using whole dollar values.
(2) Debt securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
(3) Interest income includes hedging income of $40 million for the quarter ended December 31, 2022. Hedging income for the quarter ended December 31, 2022 reflects strategies designed to accelerate hedge notional maturities through the use of pay-fixed swaps. Benefits migrated from securities to loans in the first quarter of 2023.
(4) Interest income includes hedging expense of $29 million for the quarter ended June 30, 2023, $13 million for the quarter ended March 31, 2023, and $43 million for the quarter ended December 31, 2022.
(5) Interest income includes hedging expense of $3 million for the quarter ended June 30, 2023, $2 million for the quarter ended March 31, 2023, and $5 million for the quarter ended December 31, 2022.
(6) Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest bearing deposits. The rates for total deposit costs equal 0.83% for the quarter ended June 30, 2023, 0.56% for the quarter ended March 31, 2023 and 0.34% for the quarter ended December 31, 2022.



11
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Consolidated Average Daily Balances and Yield/Rate Analysis (continued)
 Twelve Months Ended December 31
 20232022
($ amounts in millions; yields on taxable-equivalent basis)Average BalanceIncome/ Expense
Yield/ Rate (1)
Average BalanceIncome/ Expense
Yield/ Rate (1)
Assets
Earning assets:
Debt securities (2)(3)
$31,467 $749 2.38 %$31,281 $688 2.20 %
Loans held for sale575 40 6.89 640 36 5.63 
Loans, net of unearned income:
Commercial and industrial (4)
51,465 3,171 6.14 47,468 2,123 4.45 
Commercial real estate mortgage—owner-occupied (5)
4,900 241 4.85 5,170 224 4.28 
Commercial real estate construction—owner-occupied283 16 5.62 276 12 4.33 
Commercial investor real estate mortgage6,453 442 6.76 5,952 222 3.67 
Commercial investor real estate construction2,117 164 7.63 1,722 77 4.40 
Residential first mortgage19,612 696 3.55 17,950 574 3.20 
Home equity5,763 368 6.39 6,078 260 4.27 
Consumer credit card1,243 189 15.23 1,168 155 13.27 
Other consumer—exit portfolios367 22 5.89 787 46 5.88 
Other consumer6,036 475 7.84 5,711 442 7.75 
Total loans, net of unearned income98,239 5,784 5.86 92,282 4,135 4.46 
Interest-bearing deposits in other banks6,185 321 5.19 18,396 239 1.30 
Other earning assets 1,389 54 3.87 1,379 51 3.69 
Total earning assets137,855 6,948 5.02 143,978 5,149 3.56 
Unrealized gains/(losses) on debt securities available for sale, net (2)
(3,392)(2,166)
Allowance for loan losses(1,498)(1,442)
Cash and due from banks2,271 2,321 
Other non-earning assets17,781 16,701 
$153,017 $159,392 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings $14,165 16 0.12 $15,940 19 0.12 
Interest-bearing checking23,319 282 1.21 26,830 72 0.27 
Money market 32,364 615 1.90 31,876 80 0.25 
Time deposits10,545 342 3.24 5,578 26 0.47 
Total interest-bearing deposits (6)
80,393 1,255 1.56 80,224 197 0.25 
Federal funds purchased and securities sold under agreements to repurchase13 1 5.41 10 — 3.73 
Short-term borrowings1,776 95 5.26 — — — 
Long-term borrowings3,437 226 6.51 2,328 119 5.08 
Total interest-bearing liabilities85,619 1,577 1.84 82,562 316 0.38 
Non-interest-bearing deposits (6)
46,150 — — 56,469 — — 
Total funding sources131,769 1,577 1.19 139,031 316 0.23 
Net interest spread (2)
3.18 3.18 
Other liabilities4,708 3,858 
Shareholders’ equity16,522 16,503 
Noncontrolling interest18 — 
$153,017 $159,392 
Net interest income/margin FTE basis (2)
$5,371 3.90 %$4,833 3.36 %
_______
(1) Amounts have been calculated using whole dollar values.
(2) Debt securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
(3)    Interest income includes hedging expense of $1 million for the year ended December 31, 2023 and hedging income of $41 million for the year ended December 31, 2022. Hedging income for the year ended December 31, 2022 reflects strategies designed to accelerate hedge notional maturities through the use of pay fixed swaps. Benefits migrated to cash flow hedges from loans in the first quarter of 2023.
(4) Interest income includes hedging expense of $210 million and and income of $125 million for the years ended December 31, 2023 and 2022, respectively.
(5) Interest income includes hedging expense of $26 million and and income of $15 million for the years ended December 31, 2023 and 2022, respectively.
(6) Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest bearing deposits. The rates for total
deposit costs equal 0.99% and 0.14% for the years ended December 31, 2023 and 2022, respectively.
12
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Pre-Tax Pre-Provision Income ("PPI") and Adjusted PPI (non-GAAP)
The Pre-Tax Pre-Provision Income tables below present computations of pre-tax pre-provision income excluding certain adjustments (non-GAAP). Regions believes that the presentation of PPI and the exclusion of certain items from PPI provides a meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of Regions’ business. It is possible that the activities related to the adjustments may recur; however, management does not consider the activities related to the adjustments to be indications of ongoing operations.
 Quarter Ended
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/20224Q23 vs. 3Q234Q23 vs. 4Q22
Net income available to common shareholders (GAAP)$367 $465 $556 $588 $660 $(98)(21.1)%$(293)(44.4)%
Preferred dividends (GAAP)24 25 25 24 25 (1)(4.0)%(1)(4.0)%
Income tax expense (GAAP)80 129 147 177 187 (49)(38.0)%(107)(57.2)%
Income before income taxes (GAAP)471 619 728 789 872 (148)(23.9)%(401)(46.0)%
Provision for credit losses (GAAP)155 145 118 135 112 10 6.9 %43 38.4 %
Pre-tax pre-provision income (non-GAAP)626 764 846 924 984 (138)(18.1)%(358)(36.4)%
Other adjustments:
Securities (gains) losses, net2 1 — 2 — 1 100.0 %2 NM
Leveraged lease termination gains, net(1)— — (1)— (1)NM(1)NM
Insurance proceeds (1)
— — — — (50)— NM50 100.0 %
FDIC insurance special assessment119 — — — — 119 NM119 NM
Salaries and employee benefits—severance charges28 3 — — — 25 NM28 NM
Branch consolidation, property and equipment charges3 1 1 2 5 2 200.0 %(2)(40.0)%
Early extinguishment of debt(4)— — — — (4)NM(4)NM
Professional, legal and regulatory expenses (1)
1 — — — — 1 NM1 NM
Total other adjustments148 5 1 3 (45)143 NM193 428.9 %
Adjusted pre-tax pre-provision income (non-GAAP)$774 $769 $847 $927 $939 $5 0.7 %$(165)(17.6)%
Year Ended
($ amounts in millions)202320222023 vs. 2022
Net income available to common shareholders (GAAP)$1,976 $2,146 $(170)(7.9)%
Preferred dividends (GAAP) 98 99 (1)(1.0)%
Income tax expense (GAAP)533 631 (98)(15.5)%
Income before income taxes (GAAP)2,607 2,876 (269)(9.4)%
Provision for credit losses (GAAP)553 271 282 104.1 %
Pre-tax pre-provision income (non-GAAP)3,160 3,147 13 0.4 %
Other adjustments:
Securities (gains) losses, net5 1 4 400.0 %
Leveraged lease termination gains, net(2)(1)(1)(100.0)%
Insurance proceeds (1)
— (50)50 100.0 %
FDIC insurance special assessment119 — 119 NM
Salaries and employee benefits—severance charges31 — 31 NM
Branch consolidation, property and equipment charges7 3 4 133.3 %
Early extinguishment of debt(4)— (4)NM
Professional, legal and regulatory expenses (1)
1 179 (178)(99.4)
Total other adjustments157 132 25 18.9 %
Adjusted pre-tax pre-provision income (non-GAAP)$3,317 $3,279 $38 1.2 %
______
NM - Not meaningful
(1) In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement
related to the settlement in the fourth quarter of 2022.





13
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Non-Interest Income
 Quarter Ended
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/20224Q23 vs. 3Q234Q23 vs. 4Q22
Service charges on deposit accounts$143 $142 $152 $155 $152 $1 0.7 %$(9)(5.9)%
Card and ATM fees127 126 130 121 130 1 0.8 %(3)(2.3)%
Wealth management income117 112 110 112 108 5 4.5 %9 8.3 %
Capital markets income (1)
48 64 68 42 61 (16)(25.0)%(13)(21.3)%
Mortgage income31 28 26 24 24 3 10.7 %7 29.2 %
Commercial credit fee income 27 24 28 26 25 3 12.5 %2 8.0 %
Bank-owned life insurance22 20 19 17 17 2 10.0 %5 29.4 %
Market value adjustments on employee benefit assets (2)
12 4 — (1)(9)8 200.0 %21 233.3 %
Securities gains (losses), net(2)(1)— (2)— (1)(100.0)%(2)NM
Insurance proceeds (3)
— — — — 50 — — %(50)NM
Other miscellaneous income55 47 43 40 42 8 17.0 %13 31.0 %
Total non-interest income$580 $566 $576 $534 $600 $14 2.5 %$(20)(3.3)%
Mortgage Income
Quarter Ended
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/20224Q23 vs. 3Q234Q23 vs. 4Q22
Production and sales$9 $10 $18 $13 $11 $(1)(10.0)%$(2)(18.2)%
Loan servicing46 42 39 38 42 4 9.5 %4 9.5 %
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions(24)45 8 (12)— (69)(153.3)%(24)NM
MSRs hedge gain (loss)29 (41)(12)9 (6)70 170.7 %35 NM
MSRs change due to payment decay(29)(28)(27)(24)(23)(1)(3.6)%(6)(26.1)%
MSR and related hedge impact(24)(24)(31)(27)(29)— — %5 17.2 %
Total mortgage income$31 $28 $26 $24 $24 $3 10.7 %$7 29.2 %
Mortgage production - portfolio$475 $762 $970 $580 $712 $(287)(37.7)%$(237)(33.3)%
Mortgage production - agency/secondary market349 408 450 302 314 (59)(14.5)%35 11.1 %
Total mortgage production$824 $1,170 $1,420 $882 $1,026 $(346)(29.6)%$(202)(19.7)%
Mortgage production - purchased90.8 %90.7 %91.3 %88.3 %87.9 %
Mortgage production - refinanced9.2 %9.3 %8.7 %11.7 %12.1 %
 
Wealth Management Income
Quarter Ended
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/20224Q23 vs. 3Q234Q23 vs. 4Q22
Investment management and trust fee income$81 $79 $77 $76 $76 $2 2.5 %$5 6.6 %
Investment services fee income36 33 33 36 32 3 9.1 %4 12.5 %
Total wealth management income (4)
$117 $112 $110 $112 $108 $5 4.5 %$9 8.3 %
Capital Markets Income
Quarter Ended
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/20224Q23 vs. 3Q234Q23 vs. 4Q22
Capital markets income$48 $64 $68 $42 $61 $(16)(25.0)%$(13)(21.3)%
Less: Valuation adjustments on customer derivatives (5)
(5)(3)(9)(33)(11)(2)(66.7)%6 54.5 %
Capital markets income excluding valuation adjustments $53 $67 $77 $75 $72 $(14)(20.9)%$(19)(26.4)%
_________
NM - Not Meaningful
(1)Capital markets income primarily relates to capital raising activities that includes debt securities underwriting and placement, loan syndication and placement, as well as foreign exchange, derivative and merger and acquisition advisory services.
(2)These market value adjustments relate to assets held for employee and director benefits that are offset within salaries and employee benefits expense and other non-interest expense.
(3)In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement related to the settlement in the fourth quarter of 2022.
(4)Total wealth management income presented above does not include the portion of service charges on deposit accounts and similar smaller dollar amounts that are also attributable to the wealth management segment.
(5)For the purposes of determining the fair value of customer derivatives, the Company considers the risk of nonperformance by counterparties, as well as the Company's own risk of nonperformance. The valuation adjustments above are reflective of the values associated with these considerations.
14
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Non-Interest Income
($ amounts in millions)Twelve Months EndedYear-to-Date Change 12/31/2023 vs. 12/31/2022
12/31/202312/31/2022AmountPercent
Service charges on deposit accounts$592 $641 $(49)(7.6)%
Card and ATM fees504 513 (9)(1.8)%
Wealth management income451 419 32 7.6 %
Capital markets income (1)
222 339 (117)(34.5)%
Mortgage income109 156 (47)(30.1)%
Commercial credit fee income 105 96 9 9.4 %
Bank-owned life insurance78 62 16 25.8 %
Market value adjustments on employee benefit assets (2)
15 (45)60 133.3 %
Securities gains (losses), net(5)(1)(4)(400.0)%
Insurance proceeds (3)
— 50 (50)(100.0)%
Other miscellaneous income185 199 (14)(7.0)%
Total non-interest income$2,256 $2,429 $(173)(7.1)%
Mortgage Income
Twelve Months EndedYear-to-Date Change 12/31/2023 vs. 12/31/2022
($ amounts in millions)12/31/202312/31/2022AmountPercent
Production and sales$50 $95 $(45)(47.4)%
Loan servicing165 137 28 20.4 %
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions17 127 (110)(86.6)%
MSRs hedge gain (loss)(15)(125)110 88.0 %
MSRs change due to payment decay(108)(78)(30)(38.5)%
MSR and related hedge impact(106)(76)(30)(39.5)%
Total mortgage income$109 $156 $(47)(30.1)%
Mortgage production - portfolio$2,787 $4,007 $(1,220)(30.4)%
Mortgage production - agency/secondary market1,509 2,339 (830)(35.5)%
Total mortgage production $4,296 $6,346 $(2,050)(32.3)%
Mortgage production - purchased90.4 %80.0 %
Mortgage production - refinanced9.6 %20.0 %
Wealth Management Income
Twelve Months EndedYear-to-Date Change 12/31/2023 vs. 12/31/2022
($ amounts in millions)12/31/202312/31/2022AmountPercent
Investment management and trust fee income$313 $297 $16 5.4 %
Investment services fee income138 122 16 13.1 %
Total wealth management income (4)
$451 $419 $32 7.6 %
Capital Markets Income
Twelve Months EndedYear-to-Date Change 12/31/2023 vs. 12/31/2022
($ amounts in millions)12/31/202312/31/2022AmountPercent
Capital markets income$222 $339 $(117)(34.5)%
Less: Valuation adjustments on customer derivatives (5)
(50)36 (86)(238.9)%
Capital markets income excluding valuation adjustments $272 $303 $(31)(10.2)%
_________
NM - Not Meaningful
(1)Capital markets income primarily relates to capital raising activities that includes debt securities underwriting and placement, loan syndication and placement, as well as foreign exchange, derivative and merger and acquisition advisory services.
(2)These market value adjustments relate to assets held for employee and director benefits that are offset within salaries and employee benefits expense and other non-interest expense.
(3)In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement
related to the settlement in the fourth quarter of 2022
(4)Total wealth management income presented above does not include the portion of service charges on deposit accounts and similar smaller dollar amounts that are also attributable to the wealth management segment.
(5)For the purposes of determining the fair value of customer derivatives, the Company considers the risk of nonperformance by counterparties, as well as the Company's own risk of nonperformance. The valuation adjustments above are reflective of the values associated with these considerations.
15
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Non-Interest Expense
Quarter Ended
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/20224Q23 vs. 3Q234Q23 vs. 4Q22
Salaries and employee benefits$608 $589 $603 $616 $604 $19 3.2 %$4 0.7 %
Equipment and software expense102 107 101 102 102 (5)(4.7)%— — %
Net occupancy expense71 72 73 73 74 (1)(1.4)%(3)(4.1)%
Outside services43 39 42 39 41 4 10.3 %2 4.9 %
Marketing31 26 26 27 27 5 19.2 %4 14.8 %
Professional, legal and regulatory expenses 19 27 20 19 23 (8)(29.6)%(4)(17.4)%
Credit/checkcard expenses15 16 15 14 14 (1)(6.3)%1 7.1 %
FDIC insurance assessments147 27 29 25 18 120 444.4 %129 NM
Visa class B shares expense6 5 9 8 7 1 20.0 %(1)(14.3)%
Early extinguishment of debt(4)— — — — (4)NM(4)NM
Operational losses29 75 95 13 18 (46)(61.3)%11 61.1 %
Branch consolidation, property and equipment charges 3 1 1 2 5 2 200.0 %(2)(40.0)%
Other miscellaneous expenses115 109 97 89 84 6 5.5 %31 36.9 %
Total non-interest expense$1,185 $1,093 $1,111 $1,027 $1,017 $92 8.4 %$168 16.5 %
Twelve Months EndedYear-to-Date Change 12/31/2023 vs. 12/31/2022
($ amounts in millions)12/31/202312/31/2022AmountPercent
Salaries and employee benefits $2,416 $2,318 $98 4.2 %
Equipment and software expense412 392 20 5.1 %
Net occupancy expense289 300 (11)(3.7)%
Outside services163 157 6 3.8 %
Marketing110 102 8 7.8 %
Professional, legal and regulatory expenses 85 263 (178)(67.7)%
Credit/checkcard expenses60 66 (6)(9.1)%
FDIC insurance assessments228 61 167 273.8 %
Visa class B shares expense28 24 4 16.7 %
Early extinguishment of debt(4)— (4)NM
Operational losses212 56 156 278.6 %
Branch consolidation, property and equipment charges 7 3 4 133.3 %
Other miscellaneous expenses410 326 84 25.8 %
Total non-interest expense$4,416 $4,068 $348 8.6 %
_________
NM - Not Meaningful



16
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures
Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income/Expense, Adjusted Operating Leverage Ratios, and Adjusted Total Revenue
The tables below present computations of the efficiency ratio, which is a measure of productivity, generally calculated as non-interest expense divided by total revenue; and the fee income ratio, generally calculated as non-interest income divided by total revenue. Management uses these ratios to monitor performance and believes these measures provide meaningful information to investors. Non-interest expense (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the adjusted efficiency ratio. Non-interest income (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest income (non-GAAP), which is the numerator for the adjusted fee income ratio. Net interest income and non-interest income are added together to arrive at total revenue. Adjustments are made to arrive at adjusted total revenue (non-GAAP). Net interest income on a taxable-equivalent basis and non-interest income are added together to arrive at total revenue on a taxable-equivalent basis. Adjustments are made to arrive at adjusted total revenue on a taxable-equivalent basis (non-GAAP), which is the denominator for the adjusted fee income and adjusted efficiency ratios. Also presented is a computation of the adjusted operating leverage ratio (non-GAAP) which is the period to period percentage change in adjusted total revenue on a taxable-equivalent basis (non-GAAP) less the percentage change in adjusted non-interest expense (non-GAAP).
 Quarter Ended
($ amounts in millions) 12/31/20239/30/20236/30/20233/31/202312/31/20224Q23 vs. 3Q234Q23 vs. 4Q22
Non-interest expense (GAAP)A$1,185 $1,093 $1,111 $1,027 $1,017 $92 8.4 %$168 16.5 %
Adjustments:
FDIC insurance special assessment(119)— — — — (119)NM(119)NM
Branch consolidation, property and equipment charges (3)(1)(1)(2)(5)(2)(200.0)%2 40.0 %
Salaries and employee benefits—severance charges(28)(3)— — — (25)NM(28)NM
Early extinguishment of debt4 — — — — 4 NM4 NM
Professional, legal and regulatory expenses(1)— — — — (1)NM(1)NM
Adjusted non-interest expense (non-GAAP)B$1,038 $1,089 $1,110 $1,025 $1,012 $(51)(4.7)%$26 2.6 %
Net interest income (GAAP)C$1,231 $1,291 $1,381 $1,417 $1,401 $(60)(4.6)%$(170)(12.1)%
Taxable-equivalent adjustment13 13 12 13 13 — — %— — %
Net interest income, taxable-equivalent basisD$1,244 $1,304 $1,393 $1,430 $1,414 $(60)(4.6)%$(170)(12.0)%
Non-interest income (GAAP)E$580 $566 $576 $534 $600 $14 2.5 %$(20)(3.3)%
Adjustments:
Securities (gains) losses, net2 1 — 2 — 1 100.0 %2 NM
Leveraged lease termination gains(1)— — (1)— (1)NM(1)NM
Insurance proceeds (1)
— — — — (50)— NM50 100.0 %
Adjusted non-interest income (non-GAAP)F$581 $567 $576 $535 $550 $14 2.5 %$31 5.6 %
Total revenueC+E=G$1,811 $1,857 $1,957 $1,951 $2,001 $(46)(2.5)%$(190)(9.5)%
Adjusted total revenue (non-GAAP)C+F=H$1,812 $1,858 $1,957 $1,952 $1,951 $(46)(2.5)%$(139)(7.1)%
Total revenue, taxable-equivalent basisD+E=I$1,824 $1,870 $1,969 $1,964 $2,014 $(46)(2.5)%$(190)(9.4)%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)D+F=J$1,825 $1,871 $1,969 $1,965 $1,964 $(46)(2.5)%$(139)(7.1)%
Efficiency ratio (GAAP) (2)
A/I65.0 %58.5 %56.4 %52.3 %50.5 %
Adjusted efficiency ratio (non-GAAP) (2)
B/J56.9 %58.2 %56.4 %52.2 %51.6 %
Fee income ratio (GAAP) (2)
E/I31.8 %30.3 %29.3 %27.2 %29.8 %
Adjusted fee income ratio (non-GAAP) (2)
F/J31.8 %30.3 %29.3 %27.2 %28.0 %
________
NM - Not Meaningful
(1) The Company received an insurance reimbursement in the fourth quarter of 2022 related to a previously settled matter with the Consumer Financial Protection Bureau.
(2) Amounts have been calculated using whole dollar values.






17
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures
Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income/Expense, Adjusted Operating Leverage Ratios, and Adjusted Total Revenue (continued)
Twelve Months Ended December 31
($ amounts in millions)202320222023 vs. 2022
Non-interest expense (GAAP)A$4,416 $4,068 $348 8.6 %
Adjustments:
FDIC insurance special assessment(119)— (119)NM
Branch consolidation, property and equipment charges(7)(3)(4)(133.3)%
Salaries and employee benefits—severance charges(31)— (31)NM
Early extinguishment of debt4 — 4 NM
Professional, legal and regulatory expenses (1)
(1)(179)178 99.4 %
Adjusted non-interest expense (non-GAAP)B$4,262 $3,886 $376 9.7 %
Net interest income (GAAP) C$5,320 $4,786 $534 11.2 %
Taxable-equivalent adjustment51 47 4 8.5 %
Net interest income, taxable-equivalent basisD$5,371 $4,833 $538 11.1 %
Non-interest income (GAAP)E$2,256 $2,429 $(173)(7.1)%
Adjustments:
Securities (gains) losses, net5 1 4 400.0 %
Leveraged lease termination gains(2)(1)(1)(100.0)%
Insurance proceeds (1)
— (50)50 100.0 %
Adjusted non-interest income (non-GAAP)F$2,259 $2,379 $(120)(5.0)%
Total revenueC+E= G$7,576 $7,215 $361 5.0 %
Adjusted total revenue (non-GAAP)C+F=H$7,579 $7,165 $414 5.8 %
Total revenue, taxable-equivalent basisD+E=I$7,627 $7,262 $365 5.0 %
Adjusted total revenue, taxable-equivalent basis (non-GAAP)D+F=J$7,630 $7,212 $418 5.8 %
Operating leverage ratio (GAAP) (2)
I-A(3.5)%
Adjusted operating leverage ratio (non-GAAP) (2)
J-B(3.9)%
Efficiency ratio (GAAP) (2)
A/I57.9 %56.0 %
Adjusted efficiency ratio (non-GAAP) (2)
B/J55.9 %53.9 %
Fee income ratio (GAAP) (2)
E/I29.6 %33.5 %
Adjusted fee income ratio (non-GAAP) (2)
F/J29.6 %33.0 %
______
NM - Not Meaningful
(1)In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement related to the settlement in the fourth quarter of 2022.
(2)Amounts have been calculated using whole dollar values.





18
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures

Return Ratios

The table below provides a calculation of “return on average tangible common shareholders’ equity” (non-GAAP). Tangible common shareholders’ equity ratios have become a focus of some investors and management believes they may assist investors in analyzing the capital position of the Company absent the effects of intangible assets and preferred stock. Analysts and banking regulators have assessed Regions’ capital adequacy using the tangible common shareholders’ equity measure. Because tangible common shareholders’ equity is not formally defined by GAAP or prescribed in any amount by federal banking regulations it is currently considered to be a non-GAAP financial measure and other entities may calculate it differently than Regions’ disclosed calculations. In calculating return on average tangible common shareholders' equity Regions makes adjustments to shareholders' equity including average intangible assets and related deferred taxes, average preferred stock and average accumulated other comprehensive income (AOCI). Since analysts and banking regulators may assess Regions’ capital adequacy using tangible common shareholders’ equity, management believes that it is useful to provide investors the ability to assess Regions’ capital adequacy on this same basis.
Quarter Ended
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/2022
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY*
Net income available to common shareholders (GAAP)A$367 $465 $556 $588 $660 
Average shareholders' equity (GAAP)$16,274 $16,468 $16,892 $16,457 $15,442 
Less:
Average intangible assets (GAAP)5,944 5,955 5,966 5,977 5,996 
Average deferred tax liability related to intangibles (GAAP) (109)(106)(104)(103)(105)
Average preferred stock (GAAP)1,659 1,659 1,659 1,659 1,659 
Average tangible common shareholders' equity (non-GAAP)B$8,780 $8,960 $9,371 $8,924 $7,892 
Less: Average AOCI, after tax(3,925)(3,684)(2,936)(3,081)(3,535)
Average tangible common shareholders' equity excluding AOCI (non-GAAP)C$12,705 $12,644 $12,307 $12,005 $11,427 
Return on average tangible common shareholders' equity (non-GAAP) (1)
A/B16.57 %20.58 %23.82 %26.70 %33.20 %
Return on average tangible common shareholders' equity excluding AOCI (non-GAAP) (1)
A/C11.45 %14.58 %18.14 %19.85 %22.91 %
Year Ended
($ amounts in millions)20232022
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY
Net income available to common shareholders (GAAP)D$1,976 $2,146 
Average shareholders' equity (GAAP)$16,522 $16,503 
Less:
Average intangible assets (GAAP)5,960 6,023 
Average deferred tax liability related to intangibles (GAAP) (106)(103)
Average preferred stock (GAAP)1,659 1,659 
Average tangible common shareholders' equity (non-GAAP)E$9,009 $8,924 
Less: Average AOCI, after tax(3,410)(2,021)
Average tangible common shareholders' equity excluding AOCI (non-GAAP)F$12,419 $10,945 
Return on average tangible common shareholders' equity (non-GAAP) (1)
D/E21.93 %24.05 %
Return on average tangible common shareholders' equity excluding AOCI (non-GAAP) (1)
D/F15.91 %19.61 %
____
*Annualized
(1)Amounts have been calculated using whole dollar values.
19
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Tangible Common Ratios
The following table provides a reconciliation of shareholders’ equity (GAAP) to tangible common shareholders’ equity (non-GAAP) and the calculations of the end of period “tangible common shareholders’ equity to tangible assets” and "tangible common book value per share" ratios (non-GAAP). Since analysts and banking regulators may assess Regions’ capital adequacy using tangible common shareholders' equity, management believes that it is useful to provide investors the ability to assess Regions’ capital adequacy on this same basis.
As of and for Quarter Ended
($ amounts in millions, except per share data)12/31/20239/30/20236/30/20233/31/202312/31/2022
TANGIBLE COMMON RATIOS
Shareholders’ equity (GAAP)A$17,429 $16,100 $16,639 $16,883 $15,947 
Less:
Preferred stock (GAAP)1,659 1,659 1,659 1,659 1,659 
Intangible assets (GAAP)5,938 5,949 5,959 5,971 5,982 
Deferred tax liability related to intangibles (GAAP)(112)(108)(106)(104)(103)
Tangible common shareholders’ equity (non-GAAP)B$9,944 $8,600 $9,127 $9,357 $8,409 
Total assets (GAAP)C$152,194 $153,624 $155,656 $154,135 $155,220 
Less:
Intangible assets (GAAP)5,938 5,949 5,959 5,971 5,982 
Deferred tax liability related to intangibles (GAAP)(112)(108)(106)(104)(103)
Tangible assets (non-GAAP)D$146,368 $147,783 $149,803 $148,268 $149,341 
Shares outstanding—end of quarterE924 939 939 935 934 
Total equity to total assets (GAAP) (1)
A/C11.45 %10.48 %10.69 %10.95 %10.27 %
Tangible common shareholders’ equity to tangible assets (non-GAAP) (1)
B/D6.79 %5.82 %6.09 %6.31 %5.63 %
Tangible common book value per share (non-GAAP) (1)
B/E$10.77 $9.16 $9.72 $10.01 $9.00 
____
(1)Amounts have been calculated using whole dollar values.
20
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Credit Quality
As of and for Quarter Ended
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/2022
Components:
Beginning allowance for loan losses (ALL)$1,547 $1,513 $1,472 $1,464 $1,418 
Cumulative change in accounting guidance (1)
— — — (38)— 
Beginning allowance for loan losses (ALL), as adjusted for change in accounting guidance$1,547 $1,513 $1,472 $1,426 $1,418 
Loans charged-off:
Commercial and industrial41 53 52 49 38 
Commercial real estate mortgage—owner-occupied1 1 — — 1 
Total commercial42 54 52 49 39 
Commercial investor real estate mortgage— — — — 5 
Total investor real estate— — — — 5 
Residential first mortgage— — 1 — — 
Home equity—lines of credit— 1 1 1 1 
Home equity—closed-end— 1 — — — 
Consumer credit card14 14 12 12 11 
Other consumer—exit portfolios (2)
39 3 3 5 4 
Other consumer54 51 43 38 33 
Total consumer107 70 60 56 49 
Total149 124 112 105 93 
Recoveries of loans previously charged-off:
Commercial and industrial7 12 21 10 10 
Commercial real estate mortgage—owner-occupied1 1 — — 1 
Total commercial8 13 21 10 11 
Commercial investor real estate mortgage— — — — 1 
Total investor real estate— — — — 1 
Residential first mortgage— — 1 — 1 
Home equity—lines of credit1 1 2 3 3 
Home equity—closed-end— 1 — — — 
Consumer credit card2 3 1 2 2 
Other consumer—exit portfolios1 — 1 1 1 
Other consumer5 5 5 6 5 
Total consumer9 10 10 12 12 
Total17 23 31 22 24 
Net charge-offs (recoveries):
Commercial and industrial34 41 31 39 28 
Commercial real estate mortgage—owner-occupied— — — — — 
Total commercial34 41 31 39 28 
Commercial investor real estate mortgage— — — — 4 
Total investor real estate— — — — 4 
Residential first mortgage— — — — (1)
Home equity—lines of credit(1)— (1)(2)(2)
Home equity—closed-end— — — — — 
Consumer credit card12 11 11 10 9 
Other consumer—exit portfolios38 3 2 4 3 
Other consumer49 46 38 32 28 
Total consumer98 60 50 44 37 
Total132 101 81 83 69 
Provision for loan losses (2)
161 135 122 129 115 
Ending allowance for loan losses (ALL)1,576 1,547 1,513 1,472 1,464 
Beginning reserve for unfunded credit commitments130 120 124 118 121 
Provision for (benefit from) unfunded credit losses(6)10 (4)6 (3)
Ending reserve for unfunded commitments124 130 120 124 118 
Allowance for credit losses (ACL) at period end$1,700 $1,677 $1,633 $1,596 $1,582 
21
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Credit Quality (continued)
As of and for Quarter Ended
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/2022
Net loan charge-offs as a % of average loans, annualized (3):
Commercial and industrial0.26 %0.31 %0.24 %0.31 %0.22 %
Commercial real estate mortgage—owner-occupied(0.02)%0.04 %0.01 %(0.02)%(0.02)%
Commercial real estate construction—owner-occupied(0.01)%(0.01)%(0.27)%(0.05)%(0.02)%
Total commercial0.24 %0.29 %0.22 %0.28 %0.19 %
Commercial investor real estate mortgage(0.01)%(0.01)%— %— %0.27 %
Commercial investor real estate construction— %— %(0.04)%— %(0.01)%
Total investor real estate(0.01)%— %(0.01)%— %0.21 %
Residential first mortgage— %— %— %— %(0.03)%
Home equity—lines of credit(0.05)%(0.07)%(0.08)%(0.22)%(0.22)%
Home equity—closed-end(0.02)%(0.02)%— %(0.03)%(0.02)%
Consumer credit card3.98 %3.48 %3.38 %3.47 %2.94 %
Other consumer—exit portfolios (2)
135.63 %3.14 %2.56 %2.69 %2.46 %
Other consumer3.13 %2.99 %2.55 %2.26 %2.08 %
Total consumer1.18 %0.71 %0.62 %0.55 %0.48 %
Total0.54 %0.40 %0.33 %0.35 %0.29 %
Non-performing loans, excluding loans held for sale$805 $642 $492 $554 $500 
Non-performing loans held for sale3 2 1 1 3 
Non-performing loans, including loans held for sale808 644 493 555 503 
Foreclosed properties15 15 15 15 13 
Non-performing assets (NPAs)$823 $659 $508 $570 $516 
Loans past due > 90 days (4)
$171 $140 $131 $128 $208 
Criticized loans—business (5)
$4,659 $4,167 $4,039 $3,725 $3,149 
Credit Ratios (3):
ACL/Loans, net1.73 %1.70 %1.65 %1.63 %1.63 %
ALL/Loans, net1.60 %1.56 %1.53 %1.50 %1.51 %
Allowance for credit losses to non-performing loans, excluding loans held for sale211 %261 %332 %288 %317 %
Allowance for loan losses to non-performing loans, excluding loans held for sale196 %241 %308 %266 %293 %
Non-performing loans, excluding loans held for sale/Loans, net0.82 %0.65 %0.50 %0.56 %0.52 %
NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale0.84 %0.67 %0.51 %0.58 %0.53 %
NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale (4)
1.01 %0.81 %0.64 %0.71 %0.75 %
(1)Regions adopted accounting guidance on January 1, 2023 that removed the definition of troubled debt restructurings and replaced it with modifications to borrowers experiencing financial difficulty. The Company recorded the cumulative effect of the change in accounting guidance as an increase in retained earnings and a reduction in deferred tax assets.
(2)In the fourth quarter of 2023, the Company sold substantially all of its portfolio of a third party relationship with an associated allowance of $27 million at the time of the sale. As shown in the table below, there was a $35 million fair value mark recorded through charge-offs, which resulted in a net provision expense of $8 million associated with the sale.
(3)Amounts have been calculated using whole dollar values.
(4)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page 24 for amounts related to these loans.
(5)Business represents the combined total of commercial and investor real estate loans.

Allowance for Credit Losses
Year Ended December 31
($ amounts in millions)20232022
Balance at January 1, as adjusted for change in accounting guidance$1,544 $1,574 
Net charge-offs397 263 
Provision for loan losses547 248 
Provision for unfunded credit losses6 23 
Balance at end of year$1,700 $1,582 

Adjusted Net Charge-offs and Ratio (non-GAAP)
In the fourth quarter of 2023, the Company made the decision to sell substantially all of a loan portfolio associated with a third party relationship. At the end of the third quarter of 2022, the Company made the strategic decision to sell certain unsecured consumer loans. For both of these transactions, the loans were marked to fair value through charge-offs as shown below. Management believes that excluding the incremental increase to net charge-offs from the net charge-off ratio (GAAP) to arrive at an adjusted net charge-off ratio (non-GAAP) will assist investors in analyzing the Company's credit quality performance as well as provide a better basis from which to predict future performance.
For the Quarter EndedFor the Year Ended
($ amounts in millions)12/31/20239/30/20236/30/20233/31/202312/31/202220232022
Net loan charge-offs (GAAP)$132 $101 $81 $83 $69 $397 $263 
Less: charge-offs associated with the sale of loans35 — — — — 35 63 
Adjusted net loan charge-offs (non-GAAP)$97 $101 $81 $83 $69 $362 $200 
Net loan charge-offs as a % of average loans, annualized (GAAP) (1)
0.54 %0.40 %0.33 %0.35 %0.29 %0.40 %0.29 %
Adjusted net loan charge-offs as a % of average loans, annualized (non-GAAP) (1)
0.39 %0.40 %0.33 %0.35 %0.29 %0.37 %0.22 %
______
22
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
(1)     Amounts have been calculated using whole dollar values.
23
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Non-Performing Loans (excludes loans held for sale)
 As of
($ amounts in millions, %'s calculated using whole dollar values)12/31/20239/30/20236/30/20233/31/202312/31/2022
Commercial and industrial$471 0.93 %$361 0.70 %$297 0.57 %$385 0.74 %$347 0.68 %
Commercial real estate mortgage—owner-occupied36 0.74 %43 0.90 %34 0.72 %34 0.68 %29 0.58 %
Commercial real estate construction—owner-occupied8 3.12 %10 3.50 %5 1.60 %6 1.85 %6 1.93 %
Total commercial515 0.92 %414 0.73 %336 0.59 %425 0.74 %382 0.68 %
Commercial investor real estate mortgage233 3.53 %169 2.63 %98 1.51 %67 1.06 %53 0.83 %
Total investor real estate233 2.63 %169 1.94 %98 1.14 %67 0.80 %53 0.63 %
Residential first mortgage22 0.11 %24 0.12 %24 0.12 %26 0.14 %31 0.16 %
Home equity—lines of credit29 0.89 %29 0.91 %28 0.84 %30 0.90 %28 0.79 %
Home equity—closed-end6 0.23 %6 0.23 %6 0.24 %6 0.23 %6 0.24 %
Total consumer57 0.17 %59 0.18 %58 0.17 %62 0.19 %65 0.20 %
Total non-performing loans$805 0.82 %$642 0.65 %$492 0.50 %$554 0.56 %$500 0.52 %

Early and Late Stage Delinquencies
Accruing 30-89 Days Past Due Loans
As of
($ amounts in millions, %'s calculated using whole dollar values)12/31/20239/30/20236/30/20233/31/202312/31/2022
Commercial and industrial $64 0.12 %$52 0.10 %$55 0.10 %$47 0.09 %$56 0.11 %
Commercial real estate mortgage—owner-occupied5 0.10 %7 0.14 %4 0.09 %7 0.14 %9 0.18 %
Commercial real estate construction—owner-occupied1 0.48 %— — %— — %— — %— — %
Total commercial70 0.12 %59 0.10 %59 0.10 %54 0.09 %65 0.12 %
Commercial investor real estate mortgage— — %115 1.78 %1 0.01 %1 0.01 %— — %
Total investor real estate— — %115 1.31 %1 0.01 %1 0.01 %— — %
Residential first mortgage—non-guaranteed (1)
106 0.53 %95 0.48 %83 0.42 %74 0.39 %86 0.47 %
Home equity—lines of credit27 0.84 %33 1.02 %28 0.85 %28 0.83 %30 0.85 %
Home equity—closed-end 14 0.57 %11 0.46 %10 0.43 %10 0.38 %11 0.44 %
Consumer credit card19 1.43 %18 1.43 %16 1.28 %15 1.24 %16 1.26 %
Other consumer—exit portfolios3 5.86 %6 1.71 %6 1.54 %7 1.38 %10 1.75 %
Other consumer91 1.47 %80 1.30 %79 1.32 %69 1.18 %67 1.18 %
Total consumer (1)
260 0.92 %243 0.85 %222 0.78 %203 0.74 %220 0.82 %
Total accruing 30-89 days past due loans (1)
$330 0.34 %$417 0.42 %$282 0.29 %$258 0.26 %$285 0.29 %
Accruing 90+ Days Past Due LoansAs of
($ amounts in millions, %'s calculated using whole dollar values)12/31/20239/30/20236/30/20233/31/202312/31/2022
Commercial and industrial$11 0.02 %$13 0.02 %$10 0.02 %$23 0.04 %$30 0.06 %
Commercial real estate mortgage—owner-occupied— 0.01 %1 0.01 %1 0.02 %— 0.01 %1 0.02 %
Total commercial11 0.02 %14 0.02 %11 0.02 %23 0.04 %31 0.05 %
Commercial investor real estate mortgage23 0.35 %— — %— — %— — %40 0.63 %
Total investor real estate23 0.26 %— — %— — %— — %40 0.48 %
Residential first mortgage—non-guaranteed (2)
61 0.31 %58 0.30 %53 0.28 %47 0.25 %47 0.26 %
Home equity—lines of credit20 0.62 %16 0.49 %19 0.56 %17 0.50 %15 0.44 %
Home equity—closed-end 7 0.30 %7 0.29 %8 0.31 %8 0.36 %8 0.33 %
Consumer credit card20 1.45 %17 1.37 %15 1.26 %15 1.20 %15 1.19 %
Other consumer—exit portfolios— 0.81 %1 0.18 %1 0.18 %1 0.18 %1 0.19 %
Other consumer29 0.46 %27 0.44 %24 0.40 %17 0.30 %17 0.29 %
Total consumer (2)
137 0.51 %126 0.45 %120 0.43 %105 0.42 %103 0.42 %
Total accruing 90+ days past due loans (2)
$171 0.17 %$140 0.14 %$131 0.13 %$128 0.13 %$174 0.18 %
Total delinquencies (1) (2)
$501 0.51 %$557 0.57 %$413 0.42 %$386 0.39 %$459 0.47 %
(1)Excludes loans that are 100% guaranteed by FHA and guaranteed loans sold to Ginnie Mae where Regions has the right but not the obligation to repurchase. Total 30-89 days past due guaranteed loans excluded were $46 million at 12/31/2023, $43 million at 9/30/2023, $36 million at 6/30/2023, $37 million at 3/31/2023, and $46 million at 12/31/2022.
(2)Excludes loans that are 100% guaranteed by FHA and all guaranteed loans sold to Ginnie Mae where Regions has the right but not the obligation to repurchase. Total 90 days or more past due guaranteed loans excluded were $34 million at 12/31/2023, $23 million at 9/30/2023, $24 million at 6/30/2023, $30 million at 3/31/2023, and $34 million at 12/31/2022.
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Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
Forward-Looking Statements
This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objectives,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. Forward-looking statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below:
•Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in interest rates and unemployment rates, inflation, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions.
•Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, which could have a material adverse effect on our businesses and our financial results and conditions.
•Changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital and liquidity.
•Volatility and uncertainty related to inflation and the effects of inflation, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally.
•The impact of pandemics, including the COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any pandemic could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses.
•Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in tax law, adverse changes in the economic environment, declining operations of the reporting unit or other factors.
•The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios, and our ability to return capital to shareholders.
•Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases.
•Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses.
•Possible acceleration of prepayments on mortgage-backed securities due to declining interest rates, and the related acceleration of premium amortization on those securities.
•Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, or the need to price interest-bearing deposits higher due to competitive forces. Either of these activities could increase our funding costs.
•Possible changes in consumer and business spending and saving habits and the related effect on our ability to increase assets and to attract deposits, which could adversely affect our net income.
•Changing interest rates could negatively impact the value of our portfolio of investment securities.
•The loss of value of our investment portfolio could negatively impact market perceptions of us.
•The effects of social media on market perceptions of us and banks generally.
•Volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital.
•Our ability to effectively compete with other traditional and non-traditional financial services companies, including fintechs, some of whom possess greater financial resources than we do or are subject to different regulatory standards than we are.
•Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers’ needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue.
•Our inability to keep pace with technological changes, including those related to the offering of digital banking and financial services, could result in losing business to competitors.
•Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, such as changes to debit card interchange fees, special FDIC assessments, any new long-term debt requirements, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the changes in U.S. presidential administration, control of the U.S. Congress, and changes in personnel at the bank regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.
•Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders.
•Our ability to comply with stress testing and capital planning requirements (as part of the CCAR process or otherwise) may continue to require a significant investment of our managerial resources due to the importance of such tests and requirements.
•Our ability to comply with applicable capital and liquidity requirements (including, among other things, the Basel III capital standards), including our ability to generate capital internally or raise capital on favorable terms, and if we fail to meet requirements, our financial condition and market perceptions of us could be negatively impacted.
•The effects of any developments, changes or actions relating to any litigation or regulatory proceedings brought against us or any of our subsidiaries.
•The costs, including possibly incurring fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results.
•Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our businesses.
•Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and nonfinancial benefits relating to our strategic initiatives.
•The risks and uncertainties related to our acquisition or divestiture of businesses and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses.
•The success of our marketing efforts in attracting and retaining customers.
25
Regions Financial Corporation and Subsidiaries                                
Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release
•Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time.
•Fraud or misconduct by our customers, employees or business partners.
•Any inaccurate or incomplete information provided to us by our customers or counterparties.
•Inability of our framework to manage risks associated with our businesses, such as credit risk and operational risk, including third-party vendors and other service providers, which could, among other things, result in a breach of operating or security systems as a result of a cyber attack or similar act or failure to deliver our services effectively.
•Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms.
•Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms.
•The inability of our internal controls and procedures to prevent, detect or mitigate any material errors or fraudulent acts.
•The effects of geopolitical instability, including wars, conflicts, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our businesses.
•The effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes, and environmental damage (specifically in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and frequency of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change.
•Changes in commodity market prices and conditions could adversely affect the cash flows of our borrowers operating in industries that are impacted by changes in commodity prices (including businesses indirectly impacted by commodities prices such as businesses that transport commodities or manufacture equipment used in the production of commodities), which could impair their ability to service any loans outstanding to them and/or reduce demand for loans in those industries.
•Our ability to identify and address cyber-security risks such as data security breaches, malware, ransomware, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our businesses and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage to our systems, increased costs, losses, or adverse effects to our reputation.
•Our ability to achieve our expense management initiatives.
•Market replacement of LIBOR and the related effect on our LIBOR-based financial products and contracts, including, but not limited to, derivative products, debt obligations, deposits, investments, and loans.
•Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets.
•The effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.
•The effects of the failure of any component of our business infrastructure provided by a third party could disrupt our businesses, result in the disclosure of and/or misuse of confidential information or proprietary information, increase our costs, negatively affect our reputation, and cause losses.
•Our ability to receive dividends from our subsidiaries, in particular Regions Bank, could affect our liquidity and ability to pay dividends to shareholders.
•Changes in accounting policies or procedures as may be required by the FASB or other regulatory agencies could materially affect our financial statements and how we report those results, and expectations and preliminary analyses relating to how such changes will affect our financial results could prove incorrect.
•Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated.
•The effects of anti-takeover laws and exclusive forum provision in our certificate of incorporation and bylaws.
•The effects of any damage to our reputation resulting from developments related to any of the items identified above.
•Other risks identified from time to time in reports that we file with the SEC.
The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” in Regions’ Annual Report on Form 10-K for the year ended December 31, 2022 and in Regions’ subsequent filings with the SEC.
You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law.
Regions’ Investor Relations contact is Dana Nolan at (205) 264-7040; Regions’ Media contact is Jeremy King at (205) 264-4551.
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