Regions Financial Q3 2024 10-Q Filed

TL;DR

**REGIONS FINANCIAL CORP (RF) FILED ITS Q3 2024 10-Q ON 11/5/24. KEY FINANCIALS AVAILABLE.**

AI Summary

Regions Financial Corp filed its Q3 2024 10-Q report on November 5, 2024, detailing its financial performance for the period ending September 30, 2024. The report covers the company's financial position, results of operations, and cash flows, including details on common stock, preferred stock, and fair value measurements. Key financial data for the third quarter and year-to-date periods of 2024 and 2023 are presented.

Why It Matters

This filing provides investors and analysts with the latest official financial data for Regions Financial, crucial for understanding the company's performance and making informed investment decisions.

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 Q3 — Reporting Period (The third quarter of 2024 financial results are detailed.)
• 2024-09-30 — As of Date (The financial position as of the end of the third quarter.)
• 2023-12-31 — Prior Year End (Comparison point for financial performance and position.)

Key Players & Entities

• REGIONS FINANCIAL CORP (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241105 (date) — Filing date of the report
• 0001281761 (company) — Central Index Key for Regions Financial Corp

FAQ

Key Financial Figures

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

Filing Documents

• rf-20240930.htm (10-Q) — 6066KB
• rf-2024930xex101.htm (EX-10.1) — 53KB
• rf-2024930xex311.htm (EX-31.1) — 10KB
• rf-2024930xex312.htm (EX-31.2) — 10KB
• rf-2024930xex32.htm (EX-32) — 8KB
• 0001281761-24-000097.txt ( ) — 26682KB
• rf-20240930.xsd (EX-101.SCH) — 70KB
• rf-20240930_cal.xml (EX-101.CAL) — 83KB
• rf-20240930_def.xml (EX-101.DEF) — 504KB
• rf-20240930_lab.xml (EX-101.LAB) — 841KB
• rf-20240930_pre.xml (EX-101.PRE) — 662KB
• rf-20240930_htm.xml (XML) — 7821KB

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 14

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 15 Note 1 "Basis of Presentation" 15 Note 2 "Variable Interest Entities" 15 Note 3 "Debt Securities" 16 Note 4 "Loans and the Allowance for Credit Losses" 19 Note 5 "Servicing of Financial Assets" 32 Note 6 "Shareholders' Equity and Accumulated Other Comprehensive Income (Loss)" 34 Note 7 "Earnings per Common Share" 38 Note 8 "Pension and Other Postretirement Benefits" 39 Note 9 "Derivative Financial Instruments and Hedging Activities" 40 Note 10 "Fair Value Measurements" 44 Note 11 "Business Segment Information" 47 Note 12 "Commitments, Contingencies and Guarantees" 49 Note 13 "Recent Accounting Pronouncements" 50

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 52

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 82

Controls and Procedures

Item 4. Controls and Procedures 82

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 83

Risk Factors

Item 1A. Risk Factors 83

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83

Exhibits

Item 6. Exhibits 84

Signatures

Signatures 85 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. FDIC - The Federal Deposit Insurance Corporation. Federal Reserve - The Board of Governors of the Federal Reserve System. FHA - Federal Housing Administration.

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (In millions, except share data) Assets Cash and due from banks $ 2,665 $ 2,635 Interest-bearing deposits in other banks 7,856 4,166 Debt securities held to maturity (estimated fair value of $ 2,759 and $ 716 , respectively) 2,787 754 Debt securities available for sale (amortized cost of $ 30,090 and $ 30,864 , respectively) 28,698 28,104 Loans held for sale (includes $ 255 and $ 201 measured at fair value, respectively) 522 400 Loans, net of unearned income 96,789 98,379 Allowance for loan losses ( 1,607 ) ( 1,576 ) Net loans 95,182 96,803 Other earning assets 1,625 1,417 Premises, equipment and software, net 1,648 1,642 Interest receivable 596 614 Goodwill 5,733 5,733 Residential mortgage servicing rights at fair value 971 906 Other identifiable intangible assets, net 178 205 Other assets 8,965 8,815 Total assets $ 157,426 $ 152,194 Liabilities and Equity Deposits: Non-interest-bearing $ 39,698 $ 42,368 Interest-bearing 86,678 85,420 Total deposits 126,376 127,788 Borrowed funds: Short-term borrowings 1,500 — Long-term borrowings 6,016 2,330 Total borrowed funds 7,516 2,330 Other liabilities 4,807 4,583 Total liabilities 138,699 134,701 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 1,715 1,659 Common stock, authorized 3 billion shares, par value $0 .01 per share: Issued including treasury stock— 951,606,236 and 963,375,681 shares, respectively 10 10 Additional paid-in capital 11,438 11,757 Retained earnings 8,778 8,186 Treasury stock, at cost— 41,032,676 shares ( 1,371 ) ( 1,371 ) Accumulated other comprehensive income (loss), net ( 1,894 ) ( 2,812 ) Total shareholders' equity 18,676 17,429 Noncontrolling interest 51 64 Tot

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View this 10-Q filing on SEC EDGAR