Regions Financial Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Regions Financial Corp filed its Q1 2024 10-Q, detailing financial performance and balance sheet information.</b>

AI Summary

REGIONS FINANCIAL CORP (RF-PF) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Regions Financial Corp reported financial results for the quarter ending March 31, 2024. The filing includes data for various financial instruments and accounts, such as common stock, preferred stock, and retained earnings. Key financial periods covered include Q1 2024, Q1 2023, and year-end 2023. Specific segments like Deposit Accounts, Credit and Debit Card, Asset Management, Capital Markets, and Mortgage Banking are detailed. Fair value measurements for recurring items as of March 31, 2024, and December 31, 2023, are provided.

Why It Matters

For investors and stakeholders tracking REGIONS FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides a detailed look at Regions Financial Corp's financial health and operational segments for the first quarter of 2024, crucial for investors assessing performance and trends. The inclusion of specific segment data and fair value measurements allows for a granular analysis of the company's revenue streams and asset valuations.

Risk Assessment

Risk Level: medium — REGIONS FINANCIAL CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a large financial institution, which inherently carries market and regulatory risks, but no specific immediate red flags are apparent in the provided header data.

Analyst Insight

Investors should review the detailed segment performance and fair value measurements within the full 10-Q to understand the drivers of Regions Financial Corp's Q1 2024 results.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (10-Q filing)
• 2024-05-07 — Filed As Of Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 2023-12-31 — Previous Year End (10-Q filing)

Key Players & Entities

• REGIONS FINANCIAL CORP (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filed as of date
• 2024-01-01 (date) — Quarterly period start date
• 2023-12-31 (date) — Previous year-end date
• USD (currency) — Currency for financial reporting

FAQ

Key Dates

• 2024-03-31: Quarter End Date — Reporting period for the 10-Q
• 2024-05-07: Filing Date — Date the 10-Q was submitted to the SEC

Key Financial Figures

• $0 — authorized 3 billion shares, par value $0 .01 per share: Issued including treas

Filing Documents

• rf-20240331.htm (10-Q) — 4802KB
• rf-2024331xex101.htm (EX-10.1) — 15KB
• rf-2024331xex102.htm (EX-10.2) — 322KB
• rf-2024331xex103.htm (EX-10.3) — 327KB
• rf-2024331xex104.htm (EX-10.4) — 284KB
• rf-2024331xex311.htm (EX-31.1) — 10KB
• rf-2024331xex312.htm (EX-31.2) — 10KB
• rf-2024331xex32.htm (EX-32) — 8KB
• image_0.jpg (GRAPHIC) — 0KB
• image_01.jpg (GRAPHIC) — 0KB
• image_02.jpg (GRAPHIC) — 0KB
• 0001281761-24-000032.txt (&nbsp;) — 22944KB
• rf-20240331.xsd (EX-101.SCH) — 67KB
• rf-20240331_cal.xml (EX-101.CAL) — 77KB
• rf-20240331_def.xml (EX-101.DEF) — 492KB
• rf-20240331_lab.xml (EX-101.LAB) — 818KB
• rf-20240331_pre.xml (EX-101.PRE) — 642KB
• rf-20240331_htm.xml (XML) — 6140KB

Forward-Looking Statements

Forward-Looking Statements

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 9 Consolidated Balance Sheets 9 Consolidated Statements of Income 10 Consolidated Statements of Comprehensive Income (Loss) 11 Consolidated Statements of Changes in Shareholders' Equity 12 Consolidated Statements of Cash Flows 13

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 14 Note 1 "Basis of Presentation" 14 Note 2 "Variable Interest Entities" 14 Note 3 "Debt Securities" 15 Note 4 "Loans and the Allowance for Credit Losses" 18 Note 5 "Servicing of Financial Assets" 28 Note 6 "Shareholders' Equity and Accumulated Other Comprehensive Income" 30 Note 7 "Earnings per Common Share" 32 Note 8 "Pension and Other Postretirement Benefits" 33 Note 9 "Derivative Financial Instruments and Hedging Activities" 33 Note 10 "Fair Value Measurements" 37 Note 11 "Business Segment Information" 40 Note 12 "Commitments, Contingencies and Guarantees" 41 Note 13 "Recent Accounting Pronouncements" 43

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 73

Controls and Procedures

Item 4. Controls and Procedures 73

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 74

Risk Factors

Item 1A. Risk Factors 74

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 74

Exhibits

Item 6. Exhibits 75

Signatures

Signatures 76 3 Table of Contents Glossary of Defined Terms Agencies - collectively, FNMA and GNMA. ACL - Allowance for credit losses. ALCO - Asset/Liability Management Committee. Allowance - Allowance for credit losses. 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. Board - The Company's Board of Directors. BSBY - Bloomberg Short-Term Bank Yield index. Call Report - Regions Bank's FFIEC 031 filing. CAP - Customer Assistance Program. CCAR - Comprehensive Capital Analysis and Review. CECL - Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments ("Current Expected Credit Losses") CET1 - Common Equity Tier 1. CFPB - Consumer Financial Protection Bureau. CME Term SOFR - Chicago Mercantile Exchange published term Secured Overnight Financing Rate. Company - Regions Financial Corporation and its subsidiaries. CPI - Consumer price index. CPR - Constant (or Conditional) prepayment rate. DIF - Deposit Insurance Fund. Dodd-Frank Act - The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. DPD - Days past due. DBRS - Dominion Bond Rating Service Morningstar. DUS - Fannie Mae Delegated Underwriting & Servicing. EVE - Economic Value of Equity. FASB - Financial Accounting Standards Board. FCA - Financial Conduct Authority. FDIC - The Federal Deposit Insurance Corporation. Federal Reserve - The Board of Governors of the Federal Reserve System. FH

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (In millions, except share data) Assets Cash and due from banks $ 2,527 $ 2,635 Interest-bearing deposits in other banks 8,723 4,166 Debt securities held to maturity (estimated fair value of $ 701 and $ 716 , respectively) 743 754 Debt securities available for sale (amortized cost of $ 30,909 and $ 30,864 , respectively) 27,881 28,104 Loans held for sale (includes $ 259 and $ 201 measured at fair value, respectively) 417 400 Loans, net of unearned income 96,862 98,379 Allowance for loan losses ( 1,617 ) ( 1,576 ) Net loans 95,245 96,803 Other earning assets 1,478 1,417 Premises, equipment and software, net 1,635 1,642 Interest receivable 588 614 Goodwill 5,733 5,733 Residential mortgage servicing rights at fair value 1,026 906 Other identifiable intangible assets, net 196 205 Other assets 8,717 8,815 Total assets $ 154,909 $ 152,194 Liabilities and Equity Deposits: Non-interest-bearing $ 41,824 $ 42,368 Interest-bearing 87,158 85,420 Total deposits 128,982 127,788 Borrowed funds: Short-term borrowings 1,000 — Long-term borrowings 3,327 2,330 Total borrowed funds 4,327 2,330 Other liabilities 4,522 4,583 Total liabilities 137,831 134,701 Equity: Preferred stock, authorized 10 million shares, par value $ 1.00 per share: Non-cumulative perpetual, including related surplus, net of issuance costs; issued— 1,403,500 shares 1,659 1,659 Common stock, authorized 3 billion shares, par value $0 .01 per share: Issued including treasury stock— 958,004,085 and 963,375,681 shares, respectively 10 10 Additional paid-in capital 11,666 11,757 Retained earnings 8,304 8,186 Treasury stock, at cost— 41,032,676 shares ( 1,371 ) ( 1,371 ) Accumulated other comprehensive income (loss), net ( 3,224 ) ( 2,812 ) Total shareholders' equity 17,044 17,429 Noncontrolling interest 34 64 Total equ

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View this 10-Q filing on SEC EDGAR