Regions Financial Corp Q2 2024 10-Q Filing

TL;DR

**REGIONS FINANCIAL CORP (RF) FILED ITS Q2 2024 10-Q. CHECK FINANCIALS.**

AI Summary

Regions Financial Corp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position for the second quarter of 2024. Key financial data and disclosures relevant to investors and regulators are presented.

Why It Matters

This filing provides a detailed look at Regions Financial's financial health and operational performance during the second quarter of 2024, crucial for understanding its current standing and future prospects.

Risk Assessment

Risk Level: medium — As a financial institution, Regions Financial is subject to various market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial data)
• 2024-06-30 — As of Date (End of the reporting period for financial statements)
• 2023-12-31 — Prior Year End (Comparison point for financial position)

Key Players & Entities

• REGIONS FINANCIAL CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Date of filing
• 0001281761 (company) — Central Index Key for Regions Financial Corp
• 6021 (industry_code) — Standard Industrial Classification for National Commercial Banks

FAQ

Key Financial Figures

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

Filing Documents

• rf-20240630.htm (10-Q) — 5732KB
• rf-2024630xex311.htm (EX-31.1) — 10KB
• rf-2024630xex312.htm (EX-31.2) — 10KB
• rf-2024630xex32.htm (EX-32) — 8KB
• 0001281761-24-000062.txt ( ) — 25441KB
• rf-20240630.xsd (EX-101.SCH) — 68KB
• rf-20240630_cal.xml (EX-101.CAL) — 77KB
• rf-20240630_def.xml (EX-101.DEF) — 496KB
• rf-20240630_lab.xml (EX-101.LAB) — 819KB
• rf-20240630_pre.xml (EX-101.PRE) — 648KB
• rf-20240630_htm.xml (XML) — 7454KB

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" 31 Note 6 "Shareholders' Equity and Accumulated Other Comprehensive Income" 32 Note 7 "Earnings per Common Share" 35 Note 8 "Pension and Other Postretirement Benefits" 36 Note 9 "Derivative Financial Instruments and Hedging Activities" 37 Note 10 "Fair Value Measurements" 41 Note 11 "Business Segment Information" 44 Note 12 "Commitments, Contingencies and Guarantees" 46 Note 13 "Recent Accounting Pronouncements" 48

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 49

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 79

Controls and Procedures

Item 4. Controls and Procedures 79

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 80

Risk Factors

Item 1A. Risk Factors 80

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 80

Exhibits

Item 6. Exhibits 81

Signatures

Signatures 82 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 June 30, 2024 December 31, 2023 (In millions, except share data) Assets Cash and due from banks $ 2,955 $ 2,635 Interest-bearing deposits in other banks 5,524 4,166 Debt securities held to maturity (estimated fair value of $ 690 and $ 716 , respectively) 733 754 Debt securities available for sale (amortized cost of $ 31,612 and $ 30,864 , respectively) 28,537 28,104 Loans held for sale (includes $ 278 and $ 201 measured at fair value, respectively) 552 400 Loans, net of unearned income 97,508 98,379 Allowance for loan losses ( 1,621 ) ( 1,576 ) Net loans 95,887 96,803 Other earning assets 1,844 1,417 Premises, equipment and software, net 1,630 1,642 Interest receivable 608 614 Goodwill 5,733 5,733 Residential mortgage servicing rights at fair value 1,020 906 Other identifiable intangible assets, net 187 205 Other assets 8,842 8,815 Total assets $ 154,052 $ 152,194 Liabilities and Equity Deposits: Non-interest-bearing $ 40,927 $ 42,368 Interest-bearing 85,689 85,420 Total deposits 126,616 127,788 Borrowed funds: Short-term borrowings 513 — Long-term borrowings 5,083 2,330 Total borrowed funds 5,596 2,330 Other liabilities 4,638 4,583 Total liabilities 136,850 134,701 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— 955,892,989 and 963,375,681 shares, respectively 10 10 Additional paid-in capital 11,575 11,757 Retained earnings 8,561 8,186 Treasury stock, at cost— 41,032,676 shares ( 1,371 ) ( 1,371 ) Accumulated other comprehensive income (loss), net ( 3,265 ) ( 2,812 ) Total shareholders' equity 17,169 17,429 Noncontrolling interest 33 64 Total equity

View Full Filing

View this 10-Q filing on SEC EDGAR