Regions Financial Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Regions Financial Corp. has submitted its comprehensive 2023 annual report detailing financial performance and operations.</b>

AI Summary

REGIONS FINANCIAL CORP (RF-PF) filed a Annual Report (10-K) with the SEC on February 23, 2024. Regions Financial Corp. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 1900 Fifth Avenue North, Birmingham, AL 35203. The filing includes data related to various financial instruments and accounts, such as Deposit Accounts, Credit and Debit Cards, Asset Management, Capital Markets, and Mortgage Banking. The report also references financial data for the fiscal years 2021, 2022, and 2023, including details on common stock, preferred stock, and accumulated other comprehensive income.

Why It Matters

For investors and stakeholders tracking REGIONS FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides a detailed overview of Regions Financial Corp.'s financial health, operational segments, and risk factors for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The extensive data on various financial activities and historical performance allows for in-depth analysis of trends and comparisons against previous years, aiding investment decisions.

Risk Assessment

Risk Level: medium — REGIONS FINANCIAL CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains a wealth of information, it does not inherently signal immediate positive or negative developments beyond the routine disclosure of financial performance and business operations.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Regions Financial Corp.'s performance and potential challenges in the past fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-23 — Filing Date (Filed as of date)
• 2023 — Fiscal Year (Reported fiscal year)
• 2022 — Previous Fiscal Year (Comparison year)
• 2021 — Prior Fiscal Year (Comparison year)

Key Players & Entities

• REGIONS FINANCIAL CORP (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-23 (date) — Filed as of date
• 1900 FIFTH AVENUE NORTH (address) — Business address street 1
• BIRMINGHAM (location) — Business address city
• AL (location) — Business address state
• 35203 (postal_code) — Business address zip
• 0001281761 (company_id) — Central Index Key

FAQ

Industry Context

Regions Financial Corp. operates within the National Commercial Banks industry (SIC 6021).

Regulatory Implications

The filing is a standard 10-K report submitted under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators for FY2023.
2. Examine the breakdown of business segments including Deposit Accounts, Credit and Debit Cards, Asset Management, Capital Markets, and Mortgage Banking.
3. Review any disclosed risk factors to understand potential challenges and their impact on the company.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing the latest annual financial overview for Regions Financial Corp. Specific comparative data against the previous filing (likely the 2022 10-K) would be found within the document itself.

Key Financial Figures

• $152.2 b — al consolidated assets of approximately $152.2 billion, total consolidated deposits of a
• $127.8 billion — consolidated deposits of approximately $127.8 billion and total consolidated shareholders' eq
• $17.4 billion — d shareholders' equity of approximately $17.4 billion. The terms "Regions," the "Company," "

Filing Documents

• rf-20231231.htm (10-K) — 7407KB
• rf-20231231xex411.htm (EX-4.11) — 41KB
• rf-20231231xex1025.htm (EX-10.25) — 51KB
• rf-20231231xex1040.htm (EX-10.40) — 77KB
• rf-20231231exx21.htm (EX-21) — 145KB
• rf-20231231xex23.htm (EX-23) — 6KB
• rf-20231231xex24.htm (EX-24) — 11KB
• rf-20231231xex311.htm (EX-31.1) — 10KB
• rf-20231231xex312.htm (EX-31.2) — 10KB
• rf-20231231xex32.htm (EX-32) — 8KB
• eyllpsignature201510ka88.jpg (GRAPHIC) — 126KB
• image_0.jpg (GRAPHIC) — 25KB
• rf-20231231_g1.jpg (GRAPHIC) — 107KB
• 0001281761-24-000010.txt (&nbsp;) — 35211KB
• rf-20231231.xsd (EX-101.SCH) — 127KB
• rf-20231231_cal.xml (EX-101.CAL) — 131KB
• rf-20231231_def.xml (EX-101.DEF) — 807KB
• rf-20231231_lab.xml (EX-101.LAB) — 1560KB
• rf-20231231_pre.xml (EX-101.PRE) — 1144KB
• rf-20231231_htm.xml (XML) — 9092KB

Risk Factors 22

Item 1A. Risk Factors 22

Unresolved Staff Comments 42

Item 1B. Unresolved Staff Comments 42

Cybersecurity 42

Item 1C. Cybersecurity 42

Properties 43

Item 2. Properties 43

Legal Proceedings 43

Item 3. Legal Proceedings 43

Mine Safety Disclosures 43

Item 4. Mine Safety Disclosures 43 PART II

Market for Registrant's Common Equity, Related shareholder Matters and Issuer Purchases of Equity Securities 45

Item 5. Market for Registrant's Common Equity, Related shareholder Matters and Issuer Purchases of Equity Securities 45

[Reserved] 46

Item 6. [Reserved] 46

Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Quantitative and Qualitative Disclosures about Market Risk 87

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 87

Financial Statements and Supplementary Data 88

Item 8. Financial Statements and Supplementary Data 88

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 165

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 165

Controls and Procedures 165

Item 9A. Controls and Procedures 165

Other Information 165

Item 9B. Other Information 165

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 165

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 165 PART III

Directors, Executive Officers and Corporate Governance 166

Item 10. Directors, Executive Officers and Corporate Governance 166

Executive Compensation 166

Item 11. Executive Compensation 166

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 166

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 166

Certain Relationships and Related Transactions, and Director Independence 166

Item 13. Certain Relationships and Related Transactions, and Director Independence 166

Principal Accountant Fees and Services 166

Item 14. Principal Accountant Fees and Services 166 PART IV

Exhibits and Financial Statement Schedules 167

Item 15. Exhibits and Financial Statement Schedules 167

Form 10-K Summary 172

Item 16. Form 10-K Summary 172 SIGNATURES 173 Table of Contents Glossary of Defined Terms Agencies - collectively, FNMA, FHLMC, and GNMA. ACL - Allowance for credit losses. ALCO - Asset/Liability Management Committee. Allowance - Allowance for credit losses. AMLA - Anti-Money Laundering Act of 2020. AOCI - Accumulated other comprehensive income. ASU - Accounting Standards Update. ATM - Automated teller machine. Bank - Regions Bank. Basel III - Basel Committee's 2010 Regulatory Capital Framework (Third Accord). Basel III Endgame - New rules for capital requirements that include broad-based changes to the risk-weighting framework that were proposed by U.S. federal regulators in 2023. Basel III Rules - Final capital rules adopting the Basel III capital framework approved by U.S. federal regulators in 2013. Basel Committee - Basel Committee on Banking Supervision. BHC - Bank Holding Company. BHC Act - Bank Holding Company Act of 1956, as amended. BITS - Technology policy division of the Bank Policy Institute. Board - The Company's Board of Directors. BSBY - Bloomberg Short-Term Bank Yield index. BTFP - Bank Term Funding Program. Call Report - Regions Bank's FFIEC 031 filing. CAP - Customer Assistance Program. CCAR - Comprehensive Capital Analysis and Review. CCPA - California Privacy Rights Act of 2018, as amended by the California Privacy Rights Act of 2020. CECL - Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments ("Current Expected Credit Losses"). CEO - Chief Executive Officer. CET1 - Common Equity Tier 1. CFO - Chief Financial Officer. CFPB - Consumer Financial Protection Bureau. CFTC - Commodity Futures Trading Commission CHR - Compensation and Human Resources. Company - Regions Financial Corporation and its subsidiaries. COSO - Committee of Sponsoring Organizations of the Treadway Commission. COVID-19 - Coronavirus Disease 2019. CPI- Consumer Price Index. CPR - Constant (or Condition

Business

Item 1. Business Regions Financial Corporation is a FHC headquartered in Birmingham, Alabama operating in the South, Midwest and Texas. In addition, Regions operates several offices delivering specialty capabilities in New York, Washington D.C., Chicago and other locations nationwide. Regions provides financial solutions for a wide range of clients including retail and mortgage banking services, commercial banking services and wealth and investment services. Further, Regions and its subsidiaries deliver other financial services capabilities described below. At December 31, 2023, Regions had total consolidated assets of approximately $152.2 billion, total consolidated deposits of approximately $127.8 billion and total consolidated shareholders' equity of approximately $17.4 billion. The terms "Regions," the "Company," "we," "us" and "our" as used herein mean collectively Regions Financial Corporation, a Delaware corporation, together with its subsidiaries when or where appropriate. Its principal executive offices are located at 1900 Fifth Avenue North, Birmingham, Alabama 35203, and its telephone number at that address is (800) 734-4667. Banking Operations Regions conducts its banking operations through Regions Bank, an Alabama state-chartered commercial bank that is a member of the Federal Reserve System. At December 31, 2023, Regions operated 2,023 ATMs and 1,271 total branch outlets primarily across the South, Midwest and Texas. The following table reflects the distribution of branch locations in each of the states in which Regions conducts its banking operations. Branches Florida 272 Tennessee 198 Alabama 186 Georgia 117 Mississippi 99 Texas 90 Louisiana 82 Arkansas 57 Missouri 49 Illinois 41 Indiana 40 South Carolina 18 Kentucky 9 North Carolina 7 Iowa 5 Utah 1 Total 1,271 Other Financial Services Operations In addition to its banking operations, Regions and its subsidiaries deliver specialty capabilities including merger and acquisiti

View Full Filing

View this 10-K filing on SEC EDGAR