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RF · Regions Financial

25 filings

10-K

RF 10-K Annual Reports

Regions Financial - 25 annual reports

Filing record · 2016–202610-K1210-Q328-K207

2025
Regions Financial Annual Report, Year Ended Dec 31, 2025
Regions Financial Corporation, a Birmingham, Alabama-based financial holding company, reported 2025 net income of $2.16 billion, or $2.30 per diluted share on net income available to common shareholders of $2.06 billion, up from $1.93 per diluted share in 2024. Net interest income rose to $4.99 billion on a GAAP basis, and taxable-equivalent net interest margin improved to 3.61 percent from 3.54 percent, driven mainly by lower funding costs and securities reinvestment. Non-interest income increased to $2.54 billion, while non-interest expense rose modestly to $4.31 billion. Total assets were $158.8 billion, deposits $131.1 billion, and shareholders' equity $19.0 billion at December 31, 2025. Credit quality improved over the year. Net charge-offs were $513 million, or 0.53 percent of average loans, compared with 0.47 percent in 2024, while the provision for credit losses was $470 million. Non-performing loans excluding held-for-sale fell to $698 million from $928 million, and the allowance equaled 1.76 percent of total loans. Total loans declined $1.1 billion to $95.6 billion. The company reported a CET1 ratio of 10.89 percent, with well-capitalized status for both Regions and Regions Bank, and its stress capital buffer is floored at 2.5 percent through the third quarter of 2027. Capital returns remained significant. Common dividends declared totaled $916 million, and the company repurchased $1.07 billion of common stock in 2025. The Board authorized a new $3.0 billion repurchase program covering January 1, 2026 through December 31, 2027, and the company redeemed its Series D preferred stock for $350 million. Management highlighted ongoing risks including interest rate sensitivity, commercial real estate office exposure, trucking and commodity-related credits, cybersecurity, and evolving regulation.
Feb 24, 2026
2024
Regions Financial Annual Report, Year Ended Dec 31, 2024
Regions Financial Corporation reported 2024 net income of $1.89 billion, with net income available to common shareholders of $1.8 billion, or $1.93 per diluted share, compared with $2.0 billion, or $2.11 per diluted share, in 2023. Net interest income (taxable-equivalent basis) fell to $4.9 billion from $5.4 billion, and net interest margin declined 36 basis points to 3.54 percent, driven primarily by higher funding costs in a prolonged high-rate environment. Non-interest income was broadly flat at $2.3 billion, while non-interest expense fell to $4.2 billion from $4.4 billion, mainly due to lower operational losses and FDIC assessments tied to the 2023 special assessment. The provision for credit losses decreased to $487 million from $553 million, though non-performing loans rose $120 million year over year and net charge-offs increased to $458 million. Regions ended 2024 with total assets of $157.3 billion, deposits of $127.6 billion and shareholders' equity of $17.9 billion. The Company reported a CET1 ratio of 10.80 percent and a Tier 1 capital ratio of 12.17 percent, and both Regions and Regions Bank were classified as well-capitalized. Management repurchased shares under a program that was extended through the fourth quarter of 2025, and the Board's stress-test-related stress capital buffer is floored at 2.5 percent. Management highlighted ongoing exposure to office and commercial real estate, a $4.7 billion increase in long-term borrowings during the year, and a pending USAA patent lawsuit filed January 28, 2025. The filing describes a balance sheet that is mostly neutral to interest rate changes, with net interest income sensitivity of $27 million for a +100 basis point gradual shift over 12 months. Management noted that the FOMC cut the federal funds rate by 100 basis points during the second half of 2024, and that the regulatory environment may change under the new administration, including proposed Basel III endgame and long-term debt rules.
Feb 21, 2025
2023
Regions Financial Annual Report, Year Ended Dec 31, 2023
Regions Financial Corporation reported 2023 net income of $2.07 billion, with net income available to common shareholders of $1.98 billion, or $2.11 per diluted share, versus $2.1 billion, or $2.28 per diluted share, in 2022. Net interest income rose to $5.32 billion from $4.79 billion, and the net interest margin widened 54 basis points to 3.90 percent, driven by higher market rates and average loan growth. Non-interest income declined to $2.26 billion from $2.43 billion, while non-interest expense rose to $4.42 billion from $4.07 billion, including a $119 million FDIC special assessment and higher operational losses. The provision for credit losses increased to $553 million from $271 million, and net charge-offs were $397 million, or 0.40 percent of average loans. Deposits fell to $127.8 billion from $131.7 billion, with non-interest-bearing demand deposits dropping $9.0 billion as customers shifted into higher-yielding products such as time deposits, which rose to $15.0 billion. Total shareholders' equity reached $17.4 billion, and the Common Equity Tier 1 ratio was an estimated 10.26 percent at year-end. Regions Bank was well capitalized, and the Company's stress capital buffer remained floored at 2.5 percent. Management expects 2024 net interest income of $4.7 to $4.8 billion, reflecting an anticipated decline from 2023 levels, along with net charge-offs of 40 to 50 basis points of average loans.
Feb 23, 2024
2022
Regions Financial Annual Report, Year Ended Dec 31, 2022
Regions Financial Corporation (RF) reported net income available to common shareholders of $2.1 billion, or $2.28 per diluted share, in 2022, compared to $2.4 billion, or $2.49 per diluted share, in 2021. Net interest income (taxable-equivalent basis) rose to $4.8 billion from $4.0 billion, and net interest margin increased 51 basis points to 3.36 percent, driven primarily by higher market interest rates and the EnerBank home improvement loan acquisition. Non-interest income declined to $2.4 billion from $2.5 billion, mainly due to lower mortgage income, while non-interest expense rose to $4.1 billion from $3.7 billion, including professional, legal and regulatory expenses tied to the CFPB settlement. Loans grew $9.2 billion, or 10.5 percent, to $97.0 billion, led by a $7.0 billion increase in commercial loans. Deposits declined approximately $7.3 billion to $131.7 billion, and non-performing loans increased to $503 million from $464 million. The allowance for credit losses was $1.6 billion, or 1.63 percent of total loans, down from 1.79 percent a year earlier. Regions reported that it was well-capitalized at year-end, with a CET1 ratio of 9.60 percent and an SCB floored at 2.5 percent, and it repurchased about 8 million shares in 2022 under its capital plans. The filing's 2023 expectations include total adjusted revenue up 8-10 percent, adjusted non-interest expense up 4.5-5.5 percent, ending loans up about 4 percent, ending deposits down $3-$5 billion in the first half of 2023, and net charge-offs of 25-35 basis points of average loans. The company also flagged risks from elevated interest rates, deposit outflows, LIBOR transition, and cybersecurity.
Feb 24, 2023
2021
Regions Financial Annual Report, Year Ended Dec 31, 2021
Regions Financial Corporation reported net income available to common shareholders of $2.4 billion, or $2.49 per diluted share, for 2021, compared with $991 million, or $1.03 per diluted share, in 2020. Net interest income rose to $3.9 billion (taxable-equivalent $4.0 billion), while the net interest margin declined to 2.85 percent from 3.21 percent, driven by elevated liquidity held at the Federal Reserve. The company recorded a benefit from credit losses of $524 million in 2021, versus a provision of $1.3 billion in 2020, as the economic outlook improved and credit performance remained strong. Non-interest income increased to $2.5 billion and non-interest expense rose to $3.7 billion. The balance sheet grew to $162.9 billion in total assets and $139.1 billion in deposits at year-end 2021, with total loans of $87.8 billion, up $2.5 billion. Growth was supported by the EnerBank acquisition (about $3.1 billion of loans), while the company redeemed $1.6 billion of senior notes and repurchased about 20.8 million common shares for $467 million under a $2.5 billion authorization. Regions and Regions Bank were classified as well-capitalized at year-end, with a CET1 ratio of 9.57 percent, and the company's 2022 expectations include adjusted total revenue growth of 4-5 percent and average loan growth of 4-5 percent. For investors, the filing points to a stronger earnings base and improved capital and credit profile, but also to risks from interest rate sensitivity, the transition away from LIBOR, the ongoing COVID-19 pandemic, cybersecurity, and a pending CFPB investigation into overdraft practices.
Feb 24, 2022
2020
Regions Financial Annual Report, Year Ended Dec 31, 2020
Regions Financial Corporation (NYSE: RF), headquartered in Birmingham, Alabama, reported net income of $1.09 billion for 2020, or $1.03 per diluted share, compared with $1.58 billion in 2019. Total consolidated assets were approximately $147.4 billion, deposits were approximately $122.5 billion, and shareholders' equity was approximately $18.1 billion at December 31, 2020. Results were shaped by the COVID-19 pandemic: the provision for credit losses rose to $1.3 billion from $387 million, reflecting the January 1, 2020 CECL adoption, a changed economic outlook, and higher net charge-offs of $512 million. The allowance for credit losses reached $2.3 billion, or 2.69 percent of total loans, up from 1.10 percent a year earlier. Net interest margin declined to 3.21 percent from 3.45 percent, while non-interest income rose to $2.4 billion from $2.1 billion, driven by capital markets and mortgage income. Capital and liquidity remained strong. The CET1 ratio was estimated at 9.84 percent at year-end 2020, and Regions was classified as well-capitalized. Regions Bank held $16.4 billion in cash on deposit with the Federal Reserve. The Federal Reserve set Regions' stress capital buffer at 3.0 percent and extended limits on common dividends and share repurchases through the first quarter of 2021. Regions made no share repurchases in 2020, and on February 3, 2021 it declared a first-quarter 2021 dividend of $0.155 per share. The company acquired Ascentium Capital, an equipment finance business, on April 1, 2020, which added about $1.9 billion in loans and leases. For 2021, management guided that total adjusted revenue would be down modestly, depending on the timing and amount of PPP forgiveness; adjusted non-interest expense would be relatively stable to down modestly; ending loans would be up low single digits; and net charge-offs would fall in a range of 55 to 65 basis points of average loans. The effective tax rate was expected to be 20 to 22 percent.
Feb 24, 2021
2019
Regions Financial Annual Report, Year Ended Dec 31, 2019
Regions Financial Corporation, headquartered in Birmingham, Alabama, reported net income from continuing operations available to common shareholders of $1.5 billion, or $1.50 per diluted share, in 2019, compared with $1.5 billion, or $1.36 per diluted share, in 2018. Net interest income and other financing income (taxable-equivalent basis) was $3.8 billion in both years, with the net interest margin at 3.45 percent in 2019, down 3 basis points from 2018. Non-interest income rose to $2.1 billion and non-interest expense fell to $3.5 billion from $3.6 billion. The provision for loan losses increased to $387 million from $229 million, driven by higher average loan balances, higher net charge-offs and an increase in classified loans. At December 31, 2019, the company reported total consolidated assets of approximately $126.2 billion, deposits of approximately $97.5 billion and stockholders' equity of approximately $16.3 billion. Basel III Tier 1 and total capital ratios were estimated at 10.91 percent and 12.68 percent, and the CET1 ratio at 9.68 percent. During 2019 the company increased its quarterly common dividend from $0.14 to $0.155 per share and began a $1.37 billion share repurchase plan, under which it had repurchased approximately 47.5 million shares for about $721.5 million by year-end. Management's 2020 expectations include low single digit adjusted average loan growth, net charge-offs of 45 to 55 basis points of average loans, and an effective tax rate of 20 to 22 percent. The company also disclosed that it adopts the CECL accounting standard on January 1, 2020, with an expected allowance increase of approximately $500 million. The filing also highlights several risk and business developments: the company discontinued its indirect auto lending business in January 2019, sold Regions Insurance Group in 2018 for a $281 million pre-tax gain, and is cooperating with an investigation by the United States Attorney's Office for the Eastern District of New York related to a former customer's accounts and Bank Secrecy Act compliance.
Feb 21, 2020
2018
Regions Financial Annual Report, Year Ended Dec 31, 2018
Regions Financial Corporation, a Birmingham, Alabama-based financial holding company with total consolidated assets of approximately $125.7 billion, deposits of approximately $94.5 billion and stockholders' equity of approximately $15.1 billion at December 31, 2018, reported 2018 net income from continuing operations available to common shareholders of $1.5 billion, or $1.36 per diluted share, compared with $0.98 per diluted share in 2017. Net interest margin (taxable-equivalent) rose to 3.50 percent from 3.32 percent, driven by higher earning-asset yields, while non-interest income was $2.0 billion in both years and non-interest expense rose to $3.6 billion from $3.5 billion. The provision for loan losses increased to $229 million from $150 million, and net charge-offs were 0.40 percent of average loans. The effective tax rate fell to 19.8 percent from 33.3 percent, primarily due to Tax Reform's reduction of the federal statutory rate to 21 percent. Net income also benefited from discontinued operations, including a $196 million after-tax gain on the sale of Regions Insurance Group, Inc. that closed July 2, 2018. Capital and shareholder returns were significant in 2018. The Federal Reserve did not object to Regions' 2018 capital plan, which raised the quarterly common dividend from $0.09 to $0.14 per share and authorized up to $2.031 billion in share repurchases; roughly $1.7 billion had been repurchased under that plan by year-end. The Basel III common equity Tier 1 ratio was estimated at 9.90 percent, and the company and its bank were classified as well-capitalized. Management expects 2019 adjusted average loan growth in the low single digits, an effective tax rate of 20 to 22 percent, and full-year net charge-offs of 40 to 50 basis points of average loans. The filing also highlights regulatory and strategic developments. Regions expects to be a Category IV firm under proposed Tailoring rules, which would remove LCR and company-run stress testing requirements, and the Federal Reserve granted a one-year extension of the capital plan submission deadline. In January 2019 Regions decided to discontinue its indirect auto lending business. Total deposits declined about $2.4 billion during 2018, while long-term borrowings rose to $12.4 billion. Ratings agencies included a Moody's outlook revision to Positive and a DBRS upgrade to A (Low) for the holding company's senior unsecured debt.
Feb 22, 2019
2017
Regions Financial Annual Report, Year Ended Dec 31, 2017
Regions Financial Corporation reported 2017 net income of $1.263 billion, or $1.00 per diluted share from continuing operations available to common shareholders of $1.2 billion, compared with $0.87 per diluted share in 2016. Net interest income and other financing income (taxable-equivalent basis) rose to $3.6 billion from $3.5 billion, with the net interest margin up 18 basis points to 3.32 percent. Non-interest income declined to $2.1 billion from $2.2 billion, while non-interest expense held at $3.6 billion. The provision for loan losses fell to $150 million from $262 million, and net charge-offs were 0.38 percent of average loans, up from 0.34 percent. The allowance for loan losses was 1.17 percent of total loans at year-end, down from 1.36 percent. The company's capital position was reported as well-capitalized at both Regions Financial Corporation and Regions Bank as of December 31, 2017. The estimated Basel III CET1 ratio was 11.05 percent, and the fully phased-in pro-forma CET1 ratio (non-GAAP) was 10.95 percent. The company repurchased approximately 65.7 million shares under a $1.47 billion plan authorized in June 2017, with additional repurchases of about 12.5 million shares through February 21, 2018. The quarterly common dividend was increased to $0.09 per share beginning in the third quarter of 2017. Total assets were $124.3 billion, deposits were $96.9 billion, and stockholders' equity was $16.2 billion at December 31, 2017. The filing notes that Tax Reform, enacted December 22, 2017, lowered the federal corporate tax rate to 21 percent and required an additional income tax expense of approximately $52 million in the fourth quarter of 2017. Management's 2018 expectations include average loan growth in the low single digits (excluding the indirect-vehicle portfolio), adjusted net interest income growth of 3 to 5 percent, and net charge-offs of 35 to 50 basis points, currently expected at the lower end of that range.
Feb 26, 2018
2016-A
Regions Financial Annual Report (Amendment), Year Ended Dec 31, 2016
Regions Financial Corporation reported 2016 net income available to common shareholders from continuing operations of $1.1 billion, or $0.87 per diluted share, compared with $1.0 billion, or $0.76 per diluted share, in 2015. Net interest income and other financing income (taxable-equivalent basis) from continuing operations rose to $3.5 billion from $3.4 billion, and the net interest margin was 3.14 percent, up 1 basis point. Non-interest income was $2.2 billion and non-interest expenses were $3.6 billion in both 2016 and 2015. The provision for loan losses increased to $262 million from $241 million, primarily reflecting higher net charge-offs, including $37 million of energy charge-offs, and downward risk rating migration in the energy portfolio. Total loans declined $1.1 billion, or 1 percent, to $80.1 billion, with the decline concentrated in commercial and industrial loans, owner-occupied commercial real estate and investor real estate, partially offset by growth in residential first mortgages and indirect-other consumer loans. Net charge-offs were 0.34 percent of average loans, compared with 0.30 percent in 2015. The allowance for loan losses was 1.36 percent of total loans at both year-end 2016 and 2015, and the allowance-to-non-performing loans coverage ratio fell to 1.10x from 1.41x. Non-performing loans increased, primarily because of pressure on the energy lending portfolio. Capital and liquidity remained strong. Regions reported a Basel III CET1 ratio of 11.21 percent on a transitional basis and an estimated fully phased-in CET1 ratio (non-GAAP) of 11.05 percent at December 31, 2016. The Federal Reserve did not object to the 2016 capital plan, which covers the period through the second quarter of 2017 and includes a quarterly common dividend of $0.065 per share and up to $640 million in share repurchases. The Company had repurchased about 46.5 million shares at a cost of about $485 million under the plan through year-end, and total authorization was increased to $760 million. For 2017, management expects net interest income and other financing income to rise 2 to 4 percent, full-year net charge-offs of 35 to 50 basis points, and average loan growth in the low single digits.
Mar 1, 2017
2016
Regions Financial Annual Report, Year Ended Dec 31, 2016
Regions Financial Corporation, a Birmingham, Alabama-based financial holding company operating in the South, Midwest and Texas, reported total consolidated assets of approximately $126.0 billion, deposits of approximately $99.0 billion and stockholders' equity of approximately $16.7 billion at December 31, 2016. Net income available to common shareholders from continuing operations was $1.1 billion, or $0.87 per diluted share, in 2016, compared with $1.0 billion, or $0.76 per diluted share, in 2015. Net interest margin (taxable-equivalent) was 3.14 percent, up 1 basis point, and the provision for loan losses rose to $262 million from $241 million, driven by higher net charge-offs, including $37 million of 2016 energy charge-offs and downward risk rating migration in the energy portfolio. Capital return was a major focus. The Federal Reserve did not object to Regions' 2016 capital plan, which included a quarterly common dividend of $0.065 per share and up to $640 million in share repurchases; the Board later authorized an additional $120 million, bringing the plan to $760 million. As of December 31, 2016, about 46.5 million shares had been repurchased for roughly $485 million, with further repurchases continuing into 2017. Estimated Basel III fully phased-in CET1 was 11.05 percent, and both Regions and Regions Bank were classified as well-capitalized. Management expects 2017 net interest income to rise 2 to 4 percent and net charge-offs of 35 to 50 basis points, and it flagged energy-related credit as a continuing pressure point. Regions' credit ratings were upgraded during 2016 by Moody's and DBRS, and S&P revised its outlook to Positive on February 10, 2017. The filing also discloses a Community Reinvestment Act rating downgrade to "Needs to Improve" that was reinstated to "Satisfactory" on December 19, 2016, and an ongoing indemnification obligation to Raymond James related to the 2012 sale of Morgan Keegan, carried at approximately $28 million.
Feb 24, 2017
2015
Regions Financial Annual Report, Year Ended Dec 31, 2015
Regions Financial Corporation, a financial holding company headquartered in Birmingham, Alabama, reported total consolidated assets of approximately $126.1 billion, deposits of approximately $98.4 billion and stockholders' equity of approximately $16.8 billion at December 31, 2015. The company reported net income available to common shareholders from continuing operations of $1.0 billion, or $0.76 per diluted share, in 2015, compared with $1.1 billion, or $0.78 per diluted share, in 2014. Net interest margin (taxable-equivalent) was 3.13 percent, down 8 basis points, and the provision for loan losses rose to $241 million from $69 million, driven mainly by criticized and classified energy-related commercial loans, which totaled $3.4 billion at year-end. Non-interest income rose to $2.1 billion, helped by $91 million of insurance proceeds tied to the settlement of a 2010 class-action lawsuit, while non-interest expense increased to $3.6 billion. Regions reported a Basel III CET1 ratio of 10.93 percent on a transitional basis and an estimated fully phased-in CET1 ratio of 10.69 percent. The company repurchased approximately 52 million shares under its $875 million plan through year-end and continued repurchases into 2016. The filing also discloses that Regions Bank's CRA rating was downgraded from Satisfactory to Needs to Improve, which restricts certain acquisitions and branch applications, and that the company operates under regulatory orders entered in June 2014. For investors, the filing shows a bank with stable capital ratios, growing loans of $81.2 billion, and improving credit metrics overall, offset by pressure in the energy portfolio, margin compression, and ongoing regulatory constraints. The company guides to 2016 net interest income growth of 2 to 4 percent and average loan growth of 3 to 5 percent.
Feb 16, 2016
2014-A
Regions Financial Annual Report (Amendment), Year Ended Dec 31, 2014
This Form 10-K/A (Amendment No. 1) from Regions Financial Corporation amends its Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as originally filed on February 17, 2015. The amendment is filed solely to correct a typographical error on the Form 10-K signatures page. The error was the inclusion of the name of John R. Roberts, a former board member who retired from the Board of Directors during 2014. The corrected signatures page is provided as Exhibit 99.1. The filing states that it does not update any disclosures for developments since the Original Filing and does not amend or change the financial statements or disclosures in the Original Filing. It adds Section 302 certifications from the Chief Executive Officer and Chief Financial Officer as Exhibits 31.1 and 31.2. The cover page reports an aggregate market value of common equity held by non-affiliates of $14,164,817,197 as of June 30, 2014, and 1,342,894,228 common shares outstanding as of February 9, 2015. The registrant's depositary shares for its 6.375% Non-Cumulative Perpetual Preferred Stock, Series A and 6.375% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B are listed on the New York Stock Exchange.
Feb 19, 2015
2014
Regions Financial Annual Report, Year Ended Dec 31, 2014
Regions Financial Corporation, a financial holding company headquartered in Birmingham, Alabama, reported net income available to common shareholders of $1.1 billion, or $0.80 per diluted share, for 2014, compared with $1.1 billion, or $0.77 per diluted share, in 2013. Net interest income was $3.3 billion in both years, and the net interest margin was 3.21 percent in 2014. The provision for loan losses fell to $69 million from $138 million, and net charge-offs were 0.40 percent of average loans versus 0.96 percent in 2013. Non-interest income declined to $1.8 billion from $2.0 billion, driven mainly by an $87 million decrease in mortgage income, while non-interest expense fell to $3.4 billion from $3.6 billion, although 2014 included a $100 million charge for contingent legal and regulatory accruals. At December 31, 2014, Regions had total consolidated assets of approximately $119.7 billion, deposits of approximately $94.2 billion and stockholders' equity of approximately $17.0 billion. The Tier 1 capital ratio was 12.54 percent, the total capital ratio was 15.26 percent, and the estimated Basel III CET1 ratio under a fully phased-in framework was 11.00 percent, against a stated Basel III minimum of 7 percent. Management expects 2015 period-end loan growth of 4 to 6 percent and states that the net interest margin will remain stable to moderately rising if rates moderately increase, or come under pressure of about 10 to 12 basis points if rates remain at year-end 2014 levels. Capital actions were significant in 2014. The Federal Reserve did not object to the 2014 capital plan, which included raising the quarterly common dividend from $0.03 to $0.05 per share, issuing $500 million of 6.375% Series B preferred stock, and up to $350 million in share repurchases. Regions repurchased about 25 million shares for roughly $248 million under that plan and completed it in February 2015. The filing also discloses ongoing regulatory matters, including a June 2014 joint consent order and deferred prosecution agreement, a Federal Housing Administration mortgage investigation, and an indemnification obligation to Raymond James related to the 2012 sale of Morgan Keegan, carried at about $206 million.
Feb 17, 2015
2013
Regions Financial Annual Report, Year Ended Dec 31, 2013
Regions Financial Corporation, a financial holding company headquartered in Birmingham, Alabama, reported net income available to common shareholders of $1.1 billion, or $0.77 per diluted share, for 2013, compared with $991 million, or $0.71 per diluted share, in 2012. At December 31, 2013, the company had total consolidated assets of approximately $117.4 billion, deposits of approximately $92.5 billion and stockholders' equity of approximately $15.8 billion. Net interest margin rose to 3.20 percent from 3.11 percent, the provision for loan losses fell to $138 million from $213 million, and non-performing assets declined to $1.3 billion from $1.9 billion. Loan growth returned in 2013, with total loans up $614 million to $74.6 billion, led by commercial and industrial loans and indirect auto lending. Non-interest income declined to $2.0 billion from $2.1 billion, mainly because mortgage income fell $127 million. Non-interest expense rose to $3.6 billion, including a $58 million regulatory charge tied to inquiries from banking supervisors. Capital was strengthened: the Tier 1 capital ratio was 11.68 percent, the total capital ratio 14.73 percent, and the estimated Basel III CET1 ratio 10.58 percent. The company raised its quarterly common dividend from $0.01 to $0.03 per share and repurchased approximately $340 million of common stock under a $350 million plan. The filing also flags several risks. Regions' long-term debt is rated below investment grade by Moody's, the company is cooperating with a HUD Office of Inspector General and Department of Justice inquiry into FHA-insured mortgage origination, and it has a $260 million indemnification obligation to Raymond James related to the 2012 sale of Morgan Keegan. Its operations are concentrated in the Southeastern United States.
Feb 21, 2014
2012
Regions Financial Annual Report, Year Ended Dec 31, 2012
Regions Financial Corporation, headquartered in Birmingham, Alabama, reported net income available to common shareholders of $991 million, or $0.71 per diluted common share, for 2012, compared with a net loss of $429 million in 2011. Results from continuing operations improved markedly: the provision for loan losses fell to $213 million from $1.5 billion, and income from continuing operations available to common shareholders was $1.05 billion. Net charge-offs totaled $1.0 billion, or 1.37 percent of average loans, down from $2.0 billion, or 2.44 percent, in 2011. Non-performing assets decreased $1.1 billion to $1.9 billion at year-end. The company ended 2012 with total assets of $121.3 billion, deposits of $95.5 billion and stockholders' equity of $15.5 billion. It sold Morgan Keegan to Raymond James Financial, Inc., which closed on April 2, 2012 for a total purchase price of $1.2 billion, and redeemed $3.5 billion of TARP Series A preferred stock. Regions also issued $500 million of 6.375% Non-Cumulative Perpetual Preferred Stock, Series A, in November 2012. The Tier 1 common risk-based ratio was 10.84 percent, and the estimated Basel III Tier 1 common ratio was approximately 8.87 percent, above the 7 percent minimum. Key risks highlighted in the filing include the Morgan Keegan indemnification obligation, carried at approximately $345 million; the Dodd-Frank Act and pending Basel III rules; concentration of operations in the Southeastern United States; and exposure to real estate markets, particularly Florida second-lien home equity loans. The filing states that the Federal Reserve committed to responding to the 2013 capital plan by March 14, 2013.
Feb 21, 2013
2011
Regions Financial Annual Report, Year Ended Dec 31, 2011
Regions Financial Corporation (RF) reported a net loss available to common shareholders of $429 million, or $0.34 per diluted share, for 2011. The result was driven largely by a $731 million (net of $14 million tax impact) non-cash goodwill impairment tied to the sale of Morgan Keegan, of which $253 million was in continuing operations and $478 million in discontinued operations. Excluding the goodwill impairment and a $44 million income tax benefit from a regulatory settlement, the company reports income from continuing operations available to common shareholders of $211 million, or $0.17 per diluted share. Credit trends improved: the provision for loan losses fell to $1.5 billion from $2.9 billion, net charge-offs totaled $2.0 billion, and non-performing assets declined to $3.0 billion from $3.9 billion. On January 11, 2012, Regions agreed to sell Morgan Keegan to Raymond James Financial for approximately $930 million in cash, plus a $250 million pre-closing dividend, for total proceeds of about $1.18 billion, subject to adjustment. The transaction is expected to close around the end of the first quarter of 2012, subject to regulatory approvals. Capital and liquidity remain sound: the Tier 1 capital ratio was 13.28%, the Tier 1 common ratio 8.51%, and the parent company held $2.5 billion in cash. Regions' senior debt remains below investment grade at Moody's and S&P, and the quarterly dividend has been cut to $0.01 per share, with no expected increase.
Feb 24, 2012
2010-A
Regions Financial Annual Report (Amendment), Year Ended Dec 31, 2010
Regions Financial Corporation, headquartered in Birmingham, Alabama, filed this Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2010. The amendment amends the original Form 10-K filed with the SEC on February 24, 2011, and its sole purpose is to furnish Exhibit 101, the eXtensible Business Reporting Language (XBRL) version of the annual report data, as required by Rule 405 of Regulation S-T. The filing states that no other changes were made to the Form 10-K and that it does not reflect subsequent events or update any disclosures. The filing states that investors should continue to rely on the originally filed Form 10-K for investment decisions. It also states that the XBRL interactive data files are deemed not filed for purposes of Sections 11, 12 and 18 of the relevant securities acts. The cover page reports 1,257,753,611 common shares outstanding as of February 15, 2011, and an aggregate market value of non-affiliate common equity of $8,081,116,041 as of June 30, 2010. The registrant is a large accelerated filer and a well-known seasoned issuer. The exhibit index references the company's governance and compensation documents, its Trust Preferred Securities of Regions Financing Trust III (8.875%, listed on the New York Stock Exchange), and its participation in the U.S. Treasury program, including a warrant to purchase up to 48,253,677 shares of common stock issued November 14, 2008, and Fixed Rate Cumulative Perpetual Preferred Stock Series A. Operating and financial results for 2010 are presented in the originally filed Form 10-K.
Mar 18, 2011
2010
Regions Financial Annual Report, Year Ended Dec 31, 2010
Regions Financial Corporation reported a net loss available to common shareholders of $763 million, or $0.62 per diluted share, for 2010, compared with a net loss of $1.3 billion, or $1.27 per diluted share, in 2009. The primary drivers were an elevated provision for loan losses of $2.9 billion, a $200 million regulatory charge related to Morgan Keegan & Company, Inc., and elevated other real estate expenses, partially offset by higher net interest income. Net interest income rose to $3.4 billion from $3.3 billion, with the net interest margin improving to 2.90 percent from 2.67 percent as deposit costs fell from 1.35 percent to 0.78 percent. Total assets declined to $132.4 billion at year-end from $142.3 billion, and total deposits fell to $94.6 billion. Credit quality showed signs of moderation but remained under pressure. Non-performing assets decreased to $3.9 billion from $4.4 billion, net charge-offs were 3.22 percent of average loans, and the allowance for credit losses was $3.3 billion, or 3.93 percent of loans. Management stated that unemployment remains high and property valuations remain under pressure, and that credit costs are expected to remain elevated compared with historical levels. Investor real estate loans fell substantially, from $21.7 billion to $15.9 billion. Capital and regulatory matters remain central to the investment case. Tier 1 capital and Tier 1 common ratios were 12.40 percent and 7.85 percent at year-end. Credit ratings from Moody's and S&P were below investment grade after 2010 downgrades. The quarterly common dividend was reduced to $0.01 per share, and the U.S. Treasury's $3.5 billion Series A preferred investment remains outstanding under the Capital Purchase Program, restricting dividend increases and share repurchases until November 2011 absent Treasury consent. The filing also describes significant regulatory uncertainty from the Dodd-Frank Act, proposed debit card interchange limits that could reduce debit card income, and pending Basel III requirements.
Feb 24, 2011
2009
Regions Financial Annual Report, Year Ended Dec 31, 2009
Regions Financial Corporation, a financial holding company headquartered in Birmingham, Alabama, reported a net loss available to common shareholders of $1.3 billion, or $1.27 per diluted share, for 2009, compared with a net loss of $5.6 billion in 2008, which included a $6.0 billion non-cash goodwill impairment charge. The loss was driven primarily by credit deterioration: the provision for loan losses rose to $3.5 billion from $2.1 billion, net charge-offs were $2.3 billion (2.38 percent of average loans), and non-performing assets reached $4.4 billion. Net interest income fell to $3.3 billion and the net interest margin declined to 2.67 percent from 3.23 percent. Non-interest income increased to $3.8 billion, helped by $587 million in leveraged lease termination gains (largely offset by related income tax expense) and mortgage income, which rose to $259 million. Capital was strengthened in 2009 through a $1.8 billion common stock offering, $278 million of mandatorily convertible preferred stock, and an exchange of common shares for trust preferred securities. At year-end, the Tier 1 capital ratio was 11.54 percent, the total capital ratio was 15.78 percent, and the Tier 1 common risk-based ratio was 7.15 percent. Regions Bank remained well capitalized. The company reduced its quarterly dividend to $0.01 per share and does not expect to increase it for the foreseeable future. The filing also notes ongoing regulatory uncertainty, including proposed Financial Crisis Responsibility Fees, pending regulatory reform, and several litigation matters involving Morgan Keegan, including SEC and FINRA Wells notices and class actions tied to the Morgan Keegan Select Funds and auction rate securities.
Feb 22, 2010
2008
Regions Financial Annual Report, Year Ended Dec 31, 2008
Regions Financial Corporation, a financial holding company headquartered in Birmingham, Alabama, reported a net loss available to common shareholders of $5.6 billion for 2008, compared with net income of $1.3 billion in 2007. The loss was driven by a $6.0 billion non-cash goodwill impairment charge recorded in the fourth quarter of 2008 against the General Banking/Treasury reporting unit. Excluding the goodwill impairment and merger-related charges, earnings from continuing operations were $513.6 million in 2008 compared with $1.6 billion in 2007. Net interest income fell to $3.8 billion from $4.4 billion, with the net interest margin declining to 3.23 percent from 3.79 percent. Provision for loan losses rose to $2.1 billion from $555.0 million, and net charge-offs were $1.5 billion, or 1.59 percent of average loans. Credit quality deteriorated sharply, with non-performing assets reaching $1.7 billion, or 1.76 percent of ending loans, up from $864.1 million at year-end 2007. The company attributed the stress primarily to its residential homebuilder, condominium and Florida-concentrated home equity portfolios. Total assets were $146.2 billion and total deposits were $90.9 billion at year-end 2008. Tier 1 capital ratio was 10.38 percent and total capital ratio was 14.64 percent, both above regulatory well-capitalized thresholds, following the company's receipt of $3.5 billion from the U.S. Treasury under the Capital Purchase Program in November 2008. The filing also highlights dividend and regulatory constraints. The quarterly common dividend was cut to $0.10 per share, and the company's ability to increase dividends or repurchase shares is limited under the CPP until November 14, 2011. Regions Bank does not expect to be able to pay dividends to the parent company in the near term without regulatory approval. Moody's downgraded the company's long-term senior debt from A2 to A3 in February 2009, and the filing notes that the ratings remain on negative outlook.
Feb 25, 2009
2007
Regions Financial Annual Report, Year Ended Dec 31, 2007
Regions Financial Corporation (RF) reported net income of $1.25 billion for 2007, down from $1.35 billion in 2006, with diluted EPS of $1.76 versus $2.67. Income from continuing operations was $1.39 billion ($1.95 diluted EPS), and the EquiFirst sale and wind-down produced a $142.1 million after-tax loss from discontinued operations. Results were weighed down by $217.5 million in after-tax merger-related expenses tied to the November 2006 AmSouth merger. Excluding discontinued operations and merger charges, diluted EPS was $2.26, compared with $2.83 in 2006, as reported in the filing's non-GAAP reconciliation. Credit quality deteriorated sharply in late 2007. The provision for loan losses rose to $555.0 million from $142.4 million, net charge-offs reached $270.5 million (0.29 percent of average loans), and non-performing assets increased to $864.1 million from $379.1 million, driven largely by the residential homebuilder portfolio totaling $7.2 billion. Management expects net loan charge-offs of 0.55 to 0.65 percent of net loans for 2008 and anticipates non-performing assets will continue to rise. Net interest margin fell to 3.79 percent from 4.17 percent, and the company noted it expects a reduction in net interest income following the 125 basis point federal funds cut in January 2008. Capital remained above well-capitalized standards, with a Tier 1 capital ratio of 7.29 percent and total capital ratio of 11.25 percent at December 31, 2007. The company repurchased 40.8 million shares for $1.4 billion during 2007 but stated it does not expect significant repurchases in 2008. Total assets were $141.0 billion, total deposits $94.8 billion, and stockholders' equity $19.8 billion. The filing also discloses class-action lawsuits related to Morgan Keegan Select Funds, for which the company cannot estimate exposure.
Feb 27, 2008
2006
Regions Financial Annual Report, Year Ended Dec 31, 2006
Regions Financial Corporation's Form 10-K for fiscal 2006, filed March 1, 2007, reports that the company completed its merger with AmSouth Bancorporation on November 4, 2006, which transformed its balance sheet. At December 31, 2006, Regions reported total consolidated assets of approximately $143.4 billion, deposits of approximately $101.2 billion and stockholders' equity of approximately $20.7 billion, compared with $84.8 billion of assets and $10.6 billion of equity at year-end 2005. Net income available to common shareholders was $1.35 billion, or $2.67 per diluted share, up from $1.00 billion ($2.15 per diluted share) in 2005. Excluding merger-related charges of $60.3 million after tax, diluted earnings per share were $2.79 in 2006, compared with $2.38 in 2005. Net interest income rose to $3.35 billion from $2.82 billion, and the net interest margin increased from 3.91 percent to 4.17 percent. The filing describes a company in integration mode. Management expects about $400 million in annual cost savings from the AmSouth merger, reaching the full run rate in the second quarter of 2008, and estimates roughly $700 million in one-time merger costs. The company must divest 52 branches with approximately $2.8 billion of deposits, expected to close in the first quarter of 2007. Management also said it expects some compression of the net interest margin in 2007 as the full-year effect of the AmSouth merger is reflected. Credit metrics remained sound in 2006: net charge-offs were 0.22 percent of average loans, the provision for loan losses fell to $142.5 million from $165.0 million, and non-performing assets declined to $379.1 million. Management expects losses to increase modestly in 2007. Capital remained above regulatory requirements. The Tier 1 capital ratio was 8.07 percent and the total capital ratio was 11.54 percent at year-end 2006. The board approved an additional repurchase authorization of 50 million shares in January 2007, and the quarterly dividend was raised to $0.36 per share from $0.35. The company also agreed on January 19, 2007 to sell its non-prime wholesale mortgage unit, EquiFirst Corporation, to Barclays Bank PLC for an estimated $225 million, with closing expected in the first half of 2007.
Mar 1, 2007
2005
Regions Financial Annual Report, Year Ended Dec 31, 2005
Regions Financial Corporation's Form 10-K for fiscal year 2005 reports net income of $1.00 billion, or $2.15 per diluted share, compared with $823.8 million in 2004. Net income available to common shareholders was $1,000,544 thousand in 2005, up 22% from 2004, and included $115.4 million (net of tax) in merger and storm-related expenses, or $.24 per diluted share. Total consolidated assets were approximately $84.8 billion, deposits $60.4 billion and stockholders' equity $10.6 billion at December 31, 2005. The results reflect a full year of the July 2004 Union Planters merger, which added $35.7 billion in assets, $22.3 billion in loans and $22.9 billion in deposits. Net interest income rose to $2.8 billion from $2.1 billion, and the net interest margin widened to 3.91% from 3.66%, which management attributed mainly to balance sheet positioning in a rising rate environment. Non-interest income totaled $1.8 billion, with brokerage and investment banking income of $548.7 million and service charges on deposit accounts up 24%. Non-interest expense increased to $3.0 billion, including $176.8 million of merger and storm-related charges. Net charge-offs were $136.2 million, or 0.23% of average loans, versus 0.29% in 2004, and non-performing assets fell $45.4 million to $406.9 million. Regions' Tier 1 capital ratio was 8.60% and its leverage ratio 7.42%, both above the well-capitalized thresholds. Management expects modest loan growth and moderate compression of the net interest margin in 2006 as short-term rate increases slow. The company also cited an effect from Hurricane Katrina, with about $1.2 billion of loans in the most affected areas and an allowance of approximately $61 million identified for that portfolio. In January 2006 the board raised the quarterly dividend to $.35 per share from $.34, the 35th consecutive annual increase.
Mar 9, 2006
2004
Regions Financial Annual Report, Year Ended Dec 31, 2004
Regions Financial Corporation's 10-K for fiscal 2004 reports a transformational year driven by the July 1, 2004 merger with Union Planters Corporation, which was accounted for as a purchase. Total assets rose to $84.1 billion at December 31, 2004, from $48.6 billion a year earlier, and total deposits reached $58.7 billion. Net income was $823.8 million, or $2.19 per diluted share, including $39 million (net of tax) in merger-related expenses. Net interest income increased to $2.1 billion from $1.5 billion, and the net interest margin improved to 3.66% from 3.49%. Non-interest income rose to $1.65 billion, with Morgan Keegan, the brokerage and investment banking unit, contributing $83.6 million to net income. Credit quality metrics were mixed. Net charge-offs were $131.0 million, or 0.29% of average loans, compared with 0.33% in 2003. Non-performing assets including loans past due 90 days rose $188.4 million to $527.0 million, though they declined as a percentage of total loans and other real estate. The allowance for loan losses stood at 1.31% of loans. Non-accrual loans increased to $388.4 million, largely due to loans acquired in the Union Planters transaction. Capital remained strong, with a Tier 1 capital ratio of 9.04%, a total risk-based capital ratio of 13.51%, and a leverage ratio of 7.47%, all above well-capitalized thresholds. In January 2005 the board approved a 2.0% increase in the quarterly dividend to $.34 per share. The filing also highlights integration risks, including retention of key personnel and systems integration, as well as ongoing merger-related expenses of $55.1 million in 2004. Regions expects modest loan growth in 2005 and describes its balance sheet as slightly asset sensitive.
Mar 14, 2005