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RF · Regions Financial

50 filings

10-Q

RF 10-Q Quarterly Reports

Regions Financial - 50 quarterly reports

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

RF filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 207 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Mar ’20Mar ’20
  2. Leadership change8-K · Jun ’22Jun ’22
  3. FY2024 annual report10-K · Feb ’25Feb ’25
  1. 2026-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2026

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2026 reports second-quarter net income of $570 million, or $0.64 per diluted share on net income available to common shareholders of $549 million, compared with $534 million, or $0.59 per diluted share, in the second quarter of 2025. Net interest income rose to $1.277 billion from $1.259 billion, and the net interest margin (taxable-equivalent) was 3.66 percent, up 1 basis point year over year. The provision for credit losses fell to $68 million from $126 million, while net charge-offs were $102 million, or 0.42 percent of average loans, versus $113 million, or 0.47 percent, a year earlier. Non-interest income declined to $630 million from $646 million, reflecting securities losses tied to a second-quarter repositioning, while non-interest expense rose to $1.121 billion from $1.073 billion. On the balance sheet, total assets were $161.3 billion at June 30, 2026, up from $158.8 billion at December 31, 2025, driven by loans, net of unearned income, which grew to $99.2 billion from $95.6 billion. Total deposits edged down to $130.7 billion, while short-term borrowings rose to $3.0 billion and long-term borrowings to $4.6 billion. Shareholders' equity was $18.8 billion, and the filing reports an estimated Common Equity Tier 1 ratio of 10.7 percent for the holding company. The company repurchased $460 million of common stock in the first six months of 2026 under a $3.0 billion authorization covering 2026 and 2027, and on July 15, 2026 its board declared an increase in the quarterly common dividend to $0.30 per share. The filing notes that the Delaware derivative litigation tied to the 2022 CFPB Consent Order is stayed through November 2, 2026 while a Special Litigation Committee investigates, and that there are no material changes to risk factors from the 2025 Form 10-K. Credit metrics improved, with non-performing loans excluding loans held for sale at $668 million, or 0.67 percent of loans, versus $698 million at year-end 2025.

    Aug 6, 2026
  2. 2026-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2026

    Regions Financial Corporation's Form 10-Q for the quarter ended March 31, 2026 reports net income of $559 million, or $0.62 diluted earnings per common share on net income available to common shareholders of $539 million, compared with $490 million net income and $0.51 diluted EPS in the first quarter of 2025. Net interest income rose to $1.248 billion from $1.194 billion, and the net interest margin (taxable-equivalent) was 3.67 percent, up 15 basis points year over year. Non-interest income increased to $625 million from $590 million, while non-interest expense rose to $1.068 billion from $1.039 billion. The provision for credit losses fell to $91 million from $124 million, and net charge-offs were $130 million, or 0.54 percent of average loans. Total assets grew to $160.7 billion at March 31, 2026 from $158.8 billion at December 31, 2025, driven by loan growth: net loans rose to $97.9 billion from $95.6 billion, with commercial and industrial loans up $2.0 billion. Deposits increased to $131.9 billion, and short-term borrowings rose to $3.2 billion while long-term borrowings fell to $3.1 billion after the repayment of $1.0 billion in FHLB advances. Shareholders' equity declined to $18.8 billion from $19.0 billion, reflecting $401 million of common stock repurchases and $183 million of other comprehensive loss. The company reported a CET1 ratio estimated at 10.7 percent and non-performing loans of $692 million, excluding held-for-sale loans, which decreased $6 million from year-end 2025. The allowance for credit losses was $1.6 billion, or 1.68 percent of loans. Subsequent to quarter-end, the company sold approximately $900 million of available-for-sale debt securities, realizing approximately $40 million in pre-tax losses, and had repurchased 1.4 million shares for approximately $40 million through May 6, 2026. The Board has authorized up to $3.0 billion of common stock repurchases through December 31, 2027, of which $2.6 billion remained available at March 31, 2026.

    May 7, 2026
  3. 2025-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2025

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2025 shows third-quarter net income of $569 million, or $0.61 diluted earnings per common share on net income available to common shareholders of $548 million, compared with $490 million net income and $0.49 per diluted share in the third quarter of 2024. Net interest income rose to $1.257 billion from $1.218 billion, and the net interest margin (taxable-equivalent) was 3.59 percent versus 3.54 percent a year earlier. Non-interest income increased to $659 million from $572 million, though this was helped by a smaller securities loss of $27 million compared with $78 million in the prior-year quarter. Non-interest expense rose to $1.103 billion from $1.069 billion. Credit metrics were mixed. The provision for credit losses was $105 million, down from $113 million, and net charge-offs were $135 million, or 0.55 percent of average loans, up from 0.48 percent. Non-performing loans excluding held for sale fell to $758 million from $928 million at year-end 2024, and the allowance for credit losses totaled $1.713 billion, or 1.78 percent of loans. Total loans, net of unearned income, declined to $96.1 billion from $96.7 billion at year-end 2024, while total deposits grew to $130.3 billion from $127.6 billion. Shareholders' equity reached $19.0 billion, and the company reported a CET1 ratio estimated at 10.9 percent at quarter-end. Capital actions during the period included the redemption of Series D preferred stock for $350 million and common stock repurchases of $637 million in the first nine months of 2025. Subsequent to quarter-end, the company repurchased 8.0 million shares for approximately $195 million through November 3, 2025. The quarterly common dividend was raised to $0.265 per share from $0.25.

    Nov 4, 2025
  4. 2025-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2025

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2025 reports second-quarter 2025 net income of $563 million, or $534 million available to common shareholders, equal to $0.59 per diluted share, compared with $501 million net income and $0.52 per diluted share in the second quarter of 2024. For the first six months, net income was $1.05 billion versus $869 million a year earlier. Net interest income rose to $1.26 billion in the quarter from $1.19 billion, the net interest margin was 3.65 percent (taxable-equivalent) versus 3.51 percent, and non-interest income increased to $646 million from $545 million, while non-interest expense rose to $1.07 billion from $1.00 billion. Credit metrics were mixed but improved in several areas. The provision for credit losses was $126 million in the quarter versus $102 million a year earlier, and net charge-offs were $113 million, or 0.47 percent of average loans. Non-performing loans, excluding loans held for sale, fell to $776 million from $928 million at year-end 2024, and the allowance for credit losses totaled $1.74 billion, or 1.80 percent of loans. Total loans, net of unearned income, were flat at $96.7 billion, while total deposits grew to $130.9 billion from $127.6 billion. On the balance sheet and capital side, total assets were $159.2 billion and shareholders' equity was $18.7 billion at June 30, 2025. The company redeemed all Series D preferred stock for $350 million during the quarter, reclassified $2.0 billion of available-for-sale debt securities to held-to-maturity, and repurchased common stock for $386 million year to date. The CET1 ratio for Regions Financial Corporation was 10.76 percent, and the board declared a quarterly common dividend increase to $0.265 per share, payable October 1, 2025.

    Aug 5, 2025
  5. 2025-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2025

    Regions Financial Corporation reported first-quarter 2025 net income of $490 million, or $465 million available to common shareholders, and diluted earnings per common share of $0.51, compared with $343 million and $0.37 per diluted share in the first quarter of 2024. Net interest income rose to $1.194 billion from $1.184 billion, the provision for credit losses fell to $124 million from $152 million, and non-interest expense declined to $1.039 billion from $1.131 billion. Net interest margin on a taxable-equivalent basis was 3.52 percent, down 3 basis points year over year, which the filing attributes to a shift in earning asset mix toward higher cash balances held at the Federal Reserve. Total assets were $159.8 billion at March 31, 2025, up from $157.3 billion at year-end 2024, driven by a $3.4 billion increase in deposits to $131.0 billion and higher cash balances. Loans, net of unearned income, declined about $994 million to $95.7 billion, mainly in commercial and industrial loans. Credit quality was mixed: net charge-offs were $123 million, or 0.52 percent of average loans, the allowance for credit losses was $1.73 billion (1.81 percent of loans), and non-performing loans excluding held for sale fell to $843 million from $928 million. Shareholders' equity rose to $18.5 billion, and the estimated CET1 ratio was 10.8 percent. The company repurchased $242 million of common stock during the quarter and declared $0.25 per share in quarterly dividends. The filing also discloses that Regions reclassified about $1.0 billion of debt securities from available for sale to held to maturity to reduce AOCI volatility, and that office and trucking portfolios remain portfolios of interest. Management states that the economic environment has become more uncertain since March 31, 2025, and that trade policy changes add to forecast uncertainty.

    May 6, 2025
  6. 2024-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2024

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2024 reports third-quarter 2024 net income of $490 million and net income available to common shareholders of $446 million, or $0.49 per diluted share, compared with $465 million, or $0.49 per diluted share, in the third quarter of 2023. Net interest income (taxable-equivalent basis) was $1.2 billion, down $74 million year over year, and the net interest margin was 3.54 percent, a 19 basis point decrease. The provision for credit losses was $113 million, net charge-offs were $117 million (0.48 percent of average loans), and non-interest income included $75 million of securities losses tied to third-quarter portfolio repositioning. Total assets rose to $157.4 billion from $152.2 billion at year-end 2023, funded in part by $3.7 billion of net long-term borrowing growth and $1.5 billion of short-term FHLB borrowings. Capital and shareholder-return activity was active during the period. Regions issued $500 million of Series F preferred stock and redeemed all $500 million of its Series B preferred stock. The Board declared a quarterly common dividend of $0.25 per share, up $0.01, and the company repurchased 14 million common shares for $290 million in the first nine months of 2024. The CET1 ratio was estimated at 10.58 percent at September 30, 2024, compared with 10.26 percent at December 31, 2023. Moody's revised its outlook on Regions' senior unsecured debt to stable from negative. Management's 2024 expectations include net interest income of approximately $4.8 billion, adjusted non-interest expense of approximately $4.25 billion, and net charge-offs of 40 to 50 basis points of average loans, expected toward the upper end. The filing also notes that Hurricanes Helene and Milton affected the Southeastern footprint, with impacts to operations, premises and the allowance expected to be immaterial at this time.

    Nov 5, 2024
  7. 2024-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2024

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2024 reports net income of $501 million for the second quarter of 2024, compared with $581 million in the second quarter of 2023. Net income available to common shareholders was $477 million, or $0.52 per diluted share, versus $556 million, or $0.59 per diluted share, a year earlier. For the first six months, net income was $869 million ($0.89 per diluted share) compared with $1.193 billion ($1.22 per diluted share) in the prior-year period. Net interest income fell to $1.186 billion in the quarter from $1.381 billion, and the net interest margin (taxable-equivalent) was 3.51 percent versus 4.04 percent a year earlier, driven mainly by higher deposit and funding costs. Credit quality and capital were steady in the filing. The provision for credit losses was $102 million in the quarter, and net charge-offs were $101 million, or 0.42 percent of average loans. Total non-performing loans were $847 million at June 30, 2024, and the allowance for credit losses stood at $1.732 billion. The CET1 ratio was estimated at 10.42 percent, and the stress capital buffer remains floored at 2.5 percent. Total shareholders' equity was $17.2 billion, down from $17.4 billion at year-end 2023, as accumulated other comprehensive loss grew to $3.265 billion. Balance sheet funding shifted toward borrowings. Total long-term borrowings rose to $5.083 billion from $2.330 billion, including a $750 million senior notes issuance in June 2024 and $2.0 billion of FHLB advances, and short-term borrowings were $513 million. Total deposits declined to $126.6 billion from $127.8 billion. The filing also reports $1.1 billion of securities gains and losses in the period: the company recorded $100 million in pre-tax losses on securities sales during the first half of 2024 as part of a portfolio repositioning. The company also disclosed a July 2024 offering of $500 million in Series F preferred stock and a quarterly common dividend increase to $0.25 per share.

    Aug 6, 2024
  8. 2024-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2024

    Regions Financial Corporation reported first-quarter 2024 net income of $368 million, down from $612 million in the first quarter of 2023. Net income available to common shareholders was $343 million, or $0.37 per diluted share, compared with $588 million, or $0.62 per diluted share, a year earlier. Net interest income fell to $1,184 million from $1,417 million, and the net interest margin (taxable-equivalent basis) was 3.55 percent, a 67 basis point decrease. The filing attributes the decline mainly to higher deposit and funding costs from market interest rates and deposit remixing, partly offset by higher asset yields. Credit costs rose modestly. The provision for credit losses was $152 million versus $135 million, and net charge-offs were $121 million, or 0.50 percent of average loans, compared with $83 million, or 0.35 percent, in the prior-year quarter. Management cited continued normalization of asset quality, adverse risk migration and higher qualitative adjustments in portfolios previously identified as under stress. Non-performing loans, excluding loans held for sale, rose to $906 million from $805 million at year-end 2023. Non-interest income increased to $563 million from $534 million, while non-interest expense rose to $1,131 million from $1,027 million, including a $18 million adjustment to the FDIC special assessment accrual. On the balance sheet, total assets were $154.9 billion at March 31, 2024. Cash increased as the company used $1.0 billion of FHLB advances, and total deposits rose to $129.0 billion. The company repurchased 6 million shares for $102 million in the quarter and declared $0.24 per share in quarterly dividends, up from $0.20. The estimated CET1 ratio was 10.32 percent, and total liquidity sources were $60.8 billion. The company's 2024 expectations include net interest income of $4.7 to $4.8 billion and net charge-offs of 40 to 50 basis points of average loans.

    May 7, 2024
  9. 2023-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2023

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2023 reports third-quarter 2023 net income of $490 million, or $0.49 basic EPS, versus $429 million in the third quarter of 2022. Net income available to common shareholders was $465 million, or $0.49 per diluted share, up $61 million from $404 million, or $0.43 per diluted share, a year earlier. Net interest income rose to $1,291 million from $1,262 million, and the net interest margin (taxable-equivalent) was 3.73 percent, up 20 basis points. Non-interest income fell to $566 million from $605 million, and non-interest expense declined to $1,093 million from $1,170 million, largely because a 2022 CFPB settlement did not recur. The provision for credit losses was $145 million, and net charge-offs were $101 million, or 0.40 percent of average loans. Nine-month results show net income of $1,683 million versus $1,560 million a year earlier. Total deposits fell to $126.2 billion from $131.7 billion at year-end 2022, while total borrowed funds rose to $6.3 billion, including $2.0 billion of FHLB short-term borrowings and $2.0 billion of FHLB long-term advances. Loans, net of unearned income, grew to $98.9 billion from $97.0 billion. Shareholders' equity was $16.1 billion, and the CET1 ratio was estimated at 10.29 percent. The filing notes the failure of three U.S. depository institutions in the first half of 2023 and the creation of the BTFP, and states that Moody's changed its outlook on Regions Financial Corporation to negative from stable, with Regions' ratings otherwise affirmed. Management's 2023 expectations include adjusted total revenue growth of 5 to 6 percent, adjusted non-interest expense growth of about 9.5 percent, and an effective tax rate of 21 to 22 percent. The company did not repurchase common stock in the first nine months of 2023, and it raised its quarterly common dividend to $0.24 per share in the third quarter from $0.20.

    Nov 7, 2023
  10. 2023-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2023

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2023 reports net income of $581 million for the second quarter of 2023, compared to $583 million a year earlier, and net income available to common shareholders of $556 million, or $0.59 per diluted share, versus $558 million, or $0.59 per diluted share, in the second quarter of 2022. Net interest income rose to $1.381 billion from $1.108 billion, with the net interest margin (taxable-equivalent basis) at 4.04 percent, up 98 basis points from a year earlier. Those gains were offset by non-interest income of $576 million (down from $640 million), non-interest expense of $1.111 billion (up from $948 million, driven largely by operational losses tied to a spike in check fraud), and a provision for credit losses of $118 million versus $60 million. On the balance sheet, total assets were $155.66 billion at June 30, 2023, and total deposits fell to $126.96 billion from $131.74 billion at year-end 2022, while short-term borrowings of $3.0 billion and long-term borrowings of $4.29 billion rose as the company used FHLB advances. Shareholders' equity increased to $16.6 billion, and the estimated CET1 ratio was 10.07 percent. Net charge-offs were $81 million, or 0.33 percent of average loans, in the quarter, and the allowance for credit losses reached $1.633 billion. The filing also discloses that on July 19, 2023, the Board declared a 20 percent increase in the quarterly common stock dividend to $0.24, payable October 2, 2023. Management's 2023 expectations include adjusted total revenue growth of 6-8 percent, adjusted non-interest expense growth of about 6.5 percent, ending loan growth of 3-4 percent, and net charge-offs of about 35 basis points of average loans. The company also notes that the Federal Reserve's Moody's rating outlook for Regions was revised to negative from stable on August 7, 2023.

    Aug 8, 2023
  11. 2023-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2023

    Regions Financial Corporation's first-quarter 2023 Form 10-Q reports net income of $612 million and net income available to common shareholders of $588 million, or $0.62 per diluted share, compared with $524 million, or $0.55 per diluted share, in the first quarter of 2022. The primary driver of the increase was higher net interest income, which rose to $1.417 billion from $1.015 billion, with a net interest margin of 4.22 percent, up 137 basis points year over year. Non-interest income declined to $534 million from $584 million, and non-interest expense rose to $1.027 billion from $933 million. The provision for credit losses was $135 million, compared with a benefit of $36 million a year earlier, and net charge-offs were $83 million, or 0.35 percent of average loans. Total assets were $154.1 billion at March 31, 2023, and total deposits fell about $3.3 billion from year-end 2022 to $128.5 billion, which the filing attributes largely to seasonal activity and rate-seeking behavior. The company drew $2.0 billion in short-term FHLB borrowings in March amid banking-industry liquidity concerns. The filing states that estimated uninsured deposits totaled $46.8 billion. Shareholders' equity rose to $16.9 billion, and the CET1 ratio was an estimated 9.88 percent. Management's 2023 expectations include net interest income growth of 12-14 percent for the full year and a second-quarter decline of 1.5-3.5 percent from the first quarter. The filing also notes the adoption of new accounting guidance eliminating troubled debt restructuring accounting effective January 1, 2023, which increased retained earnings by $28 million net of taxes. Management states that the Company did not repurchase any shares in the first quarter of 2023 under its $2.5 billion authorization.

    May 5, 2023
  12. 2022-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2022

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2022 shows net income of $429 million for the third quarter, compared to $651 million a year earlier, and diluted earnings per share of $0.43 versus $0.65. Net income available to common shareholders was $404 million. The decline was driven mainly by a provision for credit losses of $135 million (versus a $155 million benefit in the prior-year quarter) and total non-interest expense of $1.17 billion, which rose $232 million, primarily due to professional, legal and regulatory expenses tied to a CFPB settlement. Net interest income rose to $1.26 billion from $965 million, and net interest margin (taxable-equivalent) was 3.53% versus 2.76%. Balance sheet figures show total assets of $157.8 billion at September 30, 2022, down from $162.9 billion at December 31, 2021, while net loans grew to $93.3 billion from $86.3 billion. Total deposits declined to $135.4 billion from $139.1 billion, and shareholders' equity fell to $15.2 billion from $18.3 billion, mainly due to a $3.9 billion negative change in accumulated other comprehensive income tied to rising interest rates. The estimated CET1 ratio was 9.29%. On September 28, 2022, Regions entered a Consent Order with the CFPB involving a $50 million civil monetary penalty and approximately $141 million in customer redress, partly offset by $50 million in expected insurance reimbursement. Management highlighted asset-sensitive positioning for the next 12 months, a 2022 expectation for ending deposits to decline by $5 to $10 billion, and an expected full-year 2022 effective tax rate of 22% to 23%. Non-performing loans rose compared with year-end 2021, and the company recorded a $20 million reserve for Hurricane Ian. Regions also disclosed a $2.5 billion share repurchase authorization approved on April 20, 2022, under which about 725 thousand shares had been repurchased for $15 million as of September 30, 2022.

    Nov 3, 2022
  13. 2022-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2022

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2022 reports second-quarter net income available to common shareholders of $558 million, or $0.59 per diluted share, compared with $748 million, or $0.77 per diluted share, in the second quarter of 2021. The decline was driven mainly by a $60 million provision for credit losses versus a $337 million benefit a year earlier, partially offset by net interest income of $1.1 billion, up $144 million year over year. Net interest margin (taxable-equivalent) was 3.06 percent versus 2.81 percent. Non-interest income rose $21 million to $640 million, led by capital markets income, while non-interest expense rose $50 million to $948 million. Total assets were $160.9 billion at June 30, 2022, down from $162.9 billion at year-end 2021, while loans, net of unearned income, grew to $93.5 billion from $87.8 billion. Deposits declined to $138.3 billion, and shareholders' equity fell to $16.5 billion from $18.3 billion, mainly because accumulated other comprehensive income swung to a loss of $2.1 billion from a gain of $289 million. The CET1 ratio was estimated at 9.25 percent. The allowance for credit losses was $1.5 billion, or 1.62 percent of total loans. Capital actions were active: the Board authorized a new repurchase program of up to $2.5 billion on April 20, 2022, and on July 20, 2022 approved an 18 percent increase in the quarterly common dividend to $0.20 per share. The filing also discloses an ongoing CFPB investigation into historical overdraft practices, for which Regions states a possible loss in excess of amounts accrued is reasonably possible and could be material to results of operations, though the amount cannot currently be estimated.

    Aug 5, 2022
  14. 2022-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2022

    Regions Financial Corporation's Form 10-Q for the quarter ended March 31, 2022 reports net income available to common shareholders of $524 million, or $0.55 per diluted share, versus $614 million, or $0.63 per diluted share, in the first quarter of 2021. Net income was $548 million versus $642 million. The filing attributes the decline mainly to a smaller benefit from credit losses ($36 million benefit in 2022 versus $142 million in 2021) and lower non-interest income ($584 million versus $641 million), partially offset by higher net interest income of $1.015 billion versus $967 million. Net interest margin was 2.85 percent versus 3.02 percent, which the company attributes largely to elevated liquidity held as higher cash balances at the Federal Reserve. Credit quality improved during the quarter. Net charge-offs were $46 million, or an annualized 0.21 percent of average loans, down from $83 million (0.40 percent). The allowance for credit losses was $1.49 billion, or 1.67 percent of total loans, versus 1.79 percent at year-end 2021. Total loans rose to $89.3 billion from $87.8 billion, led by commercial and industrial growth, while deposits increased to $141.0 billion. Shareholders' equity fell to $17.0 billion from $18.3 billion, mainly because of a $1.5 billion decline in accumulated other comprehensive income driven by rising interest rates. The estimated CET1 ratio was 9.39 percent. Capital returns continued. Regions repurchased about 9.1 million shares for $215 million under its 2021 plan, which concluded in the first quarter. In April 2022 the Board authorized a new repurchase program of up to $2.5 billion covering the second quarter of 2022 through the fourth quarter of 2024, and declared a $0.17 per share second-quarter dividend. The filing also discloses that Regions is cooperating with a CFPB investigation into certain overdraft practices and that a loss is reasonably possible, though the amount cannot currently be estimated.

    May 6, 2022
  15. 2021-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2021

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2021 reports net income of $651 million ($0.65 per diluted share) for the third quarter, compared with $530 million in the third quarter of 2020, and net income of $2.08 billion for the first nine months of 2021 versus $478 million a year earlier. Net income available to common shareholders was $624 million for the quarter. The results were helped by a $155 million benefit from credit losses in the quarter, driven by positive credit performance and an improved economic forecast, and total allowance for credit losses fell to $1.5 billion from $2.3 billion at year-end 2020. Net interest income declined to $965 million from $988 million, and the net interest margin was 2.76 percent versus 3.13 percent a year earlier, reflecting elevated excess cash balances and lower market rates. Total assets rose to $156.2 billion from $147.4 billion at December 31, 2020, driven by a $9.6 billion increase in cash and cash equivalents and $9.6 billion of deposit growth to $132.0 billion. Loans, net of unearned income, declined to $83.3 billion from $85.3 billion, largely due to PPP loan forgiveness. Shareholders' equity was $18.6 billion, and the company's common stock repurchase plan of up to $2.5 billion was paused in the third quarter pending the EnerBank acquisition, which closed October 1, 2021. The filing also describes the pending acquisition of Sabal Capital Partners, LLC, expected to close in the fourth quarter of 2021, subject to regulatory approval. The filing discloses an ongoing CFPB investigation into certain overdraft practices, and management states that pending litigation is not expected to have a material effect, while noting reasonably possible losses in excess of accruals of up to approximately $20 million. Management expects the full-year 2021 effective tax rate of 22 to 23 percent and a 2021 net charge-off ratio of approximately 25 basis points.

    Nov 4, 2021
  16. 2021-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2021

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2021 reports net income of $790 million for the second quarter, or $0.77 per diluted share on net income available to common shareholders of $748 million, compared with a net loss of $214 million in the second quarter of 2020. The swing was driven mainly by a $337 million benefit from credit losses versus an $882 million provision a year earlier, as the company cited continued credit improvement, a better economic forecast and vaccine deployment. Net interest income was $963 million, roughly flat year over year, and non-interest income rose to $619 million, up $46 million, while non-interest expense fell to $898 million. Net interest margin was 2.81 percent, down from 3.19 percent, which the filing attributes largely to excess cash balances from deposit growth and lower market rates on repriced fixed-rate loans and securities. Balance sheet growth was concentrated in liquidity. Total assets reached $155.6 billion at June 30, 2021, up from $147.4 billion at year-end 2020, with cash on deposit at the Federal Reserve rising to about $23.8 billion, and deposits increased about $9.0 billion to $131.5 billion, driven largely by government stimulus payments and new accounts. Loans declined modestly to $84.1 billion, and the allowance for credit losses fell to $1.7 billion from $2.3 billion at year-end. Shareholders' equity rose to $18.3 billion. During the quarter the company issued $400 million of Series E preferred stock, redeemed its $500 million Series A preferred stock, and repurchased about 8.0 million common shares for $167 million under a $2.5 billion authorization approved April 21, 2021. The filing also discloses a pending acquisition of EnerBank USA, announced June 8, 2021 and expected to close in the fourth quarter of 2021 subject to regulatory approval. The company stated it exceeded all minimum capital levels in a voluntary 2021 CCAR participation, and that its CET1 ratio was 10.37 percent at June 30, 2021. Fitch revised its outlook on Regions to Positive on July 13, 2021, and the board declared a third-quarter dividend of $0.17 per share on July 21, 2021, a 10 percent increase.

    Aug 6, 2021
  17. 2021-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2021

    Regions Financial Corporation's first-quarter 2021 Form 10-Q reports net income of $642 million, or $0.63 per diluted share on net income available to common shareholders of $614 million, compared with net income of $162 million ($0.14 per diluted share) in the first quarter of 2020. The improvement was driven by a benefit from credit losses of $142 million versus a provision of $373 million a year earlier, along with higher non-interest income of $641 million (up $156 million) and net interest income of $967 million (up from $928 million). Non-interest expense rose to $928 million, primarily from higher salaries and employee benefits. Net interest margin was 3.02 percent versus 3.44 percent a year earlier, which management attributed to elevated excess liquidity and lower market rates. Credit metrics improved during the quarter. The allowance for credit losses declined to $2.1 billion ($2,068 million) from $2.3 billion at year-end 2020, and net charge-offs were $83 million, or an annualized 0.40 percent of average loans. Non-performing loans held steady at 0.87 percent of total loans, and deferrals fell to $437 million from $5.7 billion at June 30, 2020. Total deposits rose to $129.6 billion, driven largely by government stimulus payments, while cash on deposit with the Federal Reserve increased to approximately $23.0 billion. Shareholders' equity declined to $17.9 billion, mainly because accumulated other comprehensive income fell by $723 million. Capital and shareholder-return actions are a key focus. On April 21, 2021, the Board authorized repurchases of up to $2.5 billion of common stock for the period from the second quarter of 2021 through the first quarter of 2022, and no shares were repurchased in the first quarter. The company declared a $0.155 per share quarterly dividend, subject to Federal Reserve stress capital buffer restrictions. Regions also completed a $400 million Series E preferred stock offering on May 4, 2021, with proceeds intended to redeem its Series A preferred stock, and it submitted to the 2021 CCAR with results expected by June 30, 2021.

    May 5, 2021
  18. 2020-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2020

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2020 reports net income of $530 million for the third quarter ($501 million available to common shareholders, or $0.52 per diluted share), compared with $409 million in the third quarter of 2019. For the first nine months of 2020, net income was $478 million, down from $1.19 billion a year earlier, reflecting a provision for credit losses of $1.37 billion following the January 1, 2020 CECL adoption and the COVID-19 pandemic. Total assets rose to $145.18 billion, deposits to $118.45 billion, and shareholders' equity to $17.90 billion, while the allowance for credit losses reached $2.43 billion, or 2.74 percent of total loans. Net interest income was $988 million in the third quarter, up from $937 million, driven by PPP lending, the April 2020 Ascentium equipment finance acquisition and lower deposit costs, though the net interest margin fell to 3.13 percent from 3.44 percent. Non-interest income rose to $655 million, aided by higher mortgage income ($108 million versus $56 million) and a $44 million valuation gain on an equity investment. Management rescinded its 2020 and three-year financial targets, and it did not plan share repurchases for 2020; the third-quarter common dividend was held at $0.155 per share under Federal Reserve limits. Credit metrics show pressure: non-performing loans rose to 0.87 percent of total loans from 0.61 percent at year-end 2019, and total customer payment deferrals of about $1.5 billion had declined from the second quarter. The company also disclosed a civil investigative demand from the CFPB regarding overdraft practices and noted that it is reasonably possible that losses in excess of accruals could reach approximately $20 million.

    Nov 5, 2020
  19. 2020-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2020

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2020 shows a second-quarter net loss available to common shareholders of $(237) million, or $(0.25) per diluted share, compared with income of $374 million, or $0.37 per diluted share, in the second quarter of 2019. The swing was driven by a provision for credit losses of $882 million (versus $92 million a year earlier), reflecting the adoption of CECL on January 1, 2020 and the economic effects of the COVID-19 pandemic. The allowance for credit losses rose to $2.4 billion, or 2.68 percent of total loans, from 1.10 percent at December 31, 2019. Net interest income was $972 million and non-interest income was $573 million for the quarter. Balance sheet growth was substantial. Total assets reached $144.07 billion at June 30, 2020, versus $126.24 billion at year-end 2019, largely driven by deposits, which rose to $116.78 billion from $97.48 billion. Loans, net of unearned income, increased to $90.55 billion, including approximately $4.5 billion of PPP loans and $1.9 billion of loans acquired with Ascentium Capital, which closed April 1, 2020. Goodwill rose to $5.19 billion. Shareholders' equity was $17.60 billion, and the company issued $350 million of Series D preferred stock in June 2020. The filing also addresses capital and shareholder returns. The Federal Reserve indicated Regions exceeded all minimum capital levels under the supervisory stress test, but the company's capital plan reflects no share repurchases through year-end 2020, and the Board declared a third-quarter 2020 dividend of $0.155 per share within the Federal Reserve's limit. Management has rescinded previously issued 2020 financial targets and three-year targets, and the company disclosed an ongoing U.S. Attorney's Office investigation in the Eastern District of New York related to a former customer relationship and BSA/AML compliance.

    Aug 5, 2020
  20. 2020-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2020

    Regions Financial Corporation's first-quarter 2020 Form 10-Q shows net income of $162 million, or $0.14 per diluted share available to common shareholders of $139 million, compared with $378 million, or $0.37 per diluted share, in the first quarter of 2019. The decline was driven mainly by a provision for credit losses of $373 million, up from $91 million, following the January 1, 2020 adoption of CECL. The company increased its allowance by an additional $250 million to $1.7 billion, citing economic uncertainty from COVID-19, and the allowance was 1.89 percent of total loans at March 31, 2020, compared with 1.10 percent at December 31, 2019. Net interest income fell to $928 million from $948 million, and non-interest income declined to $485 million from $502 million. Balance sheet growth was significant. Total assets rose to $133.5 billion from $126.2 billion, driven by a $5.1 billion increase in loans to $88.1 billion, largely from increased commercial and industrial line utilization, and higher FHLB borrowings. Shareholders' equity increased to $17.3 billion, helped by a $1.4 billion increase in accumulated other comprehensive income. Management stated it has no plans to reduce common dividends and anticipates no share repurchases in 2020, and it rescinded previously issued 2020 financial targets. Regions also disclosed that it is cooperating with an investigation by the U.S. Attorney's Office for the Eastern District of New York relating to a former customer and Bank Secrecy Act compliance. Management described the COVID-19 pandemic as having adversely affected first-quarter results and as likely to continue doing so. Subsequent to quarter-end, Moody's and Fitch revised their outlooks on Regions to stable from positive, and the company reported that deferral requests and PPP authorizations had been processed in significant volumes.

    May 6, 2020
  21. 2019-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2019

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2019 shows net income of $409 million for the third quarter of 2019, compared with $564 million in the third quarter of 2018. The prior-year figure included discontinued operations of $194 million, tied to the sale of Regions Insurance Group. Net income available to common shareholders was $385 million, or $0.39 per diluted share, versus $0.50 per diluted share a year earlier. Net income from continuing operations available to common shareholders was $385 million ($0.39 per diluted share), compared with $354 million ($0.32 per diluted share) in the third quarter of 2018. Total non-interest income rose to $558 million, and non-interest expense fell to $871 million from $922 million. The provision for loan losses increased to $108 million from $84 million. The balance sheet grew modestly, with total assets of $128.1 billion at September 30, 2019, up from $125.7 billion at December 31, 2018. Total loans, net of unearned income, were $82.8 billion, slightly below year-end 2018. Total deposits were $94.3 billion, and stockholders' equity rose to $16.6 billion. The company issued $500 million of Series C preferred stock in the second quarter of 2019. It also repurchased $969 million of common stock during the first nine months of 2019 under its authorization. The Board authorized up to $1.37 billion in repurchases covering the period from the third quarter of 2019 through the second quarter of 2020, and about $589 million had been used as of September 30, 2019. The Company's disclosed capital ratios remained above the minimum requirements, with a Basel III common equity Tier 1 ratio of 9.58% for Regions Financial Corporation. The filing also notes ongoing risks. Management expects the adoption of CECL on January 1, 2020 to increase the allowance for credit losses by approximately $500 million to $600 million. Regions is also cooperating with an investigation by the United States Attorney's Office for the Eastern District of New York relating to a former customer and Bank Secrecy Act compliance, and it estimates a reasonably possible loss in excess of accrued amounts of up to approximately $20 million.

    Nov 6, 2019
  22. 2019-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2019

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2019 reports net income of $390 million for the second quarter, or $374 million available to common shareholders ($0.37 per diluted share), compared with $359 million ($0.32 per diluted share) in the second quarter of 2018. The filing attributes the increase primarily to lower non-interest expense, partly offset by a higher provision for loan losses of $92 million versus $60 million a year earlier. Non-interest expense from continuing operations fell to $861 million from $911 million, and non-interest income declined to $494 million from $512 million, driven by lower capital markets and mortgage income and net securities losses of $19 million. Total assets rose to $127.52 billion at June 30, 2019 from $125.69 billion at December 31, 2018, while total loans, net of unearned income, were $83.55 billion. Total deposits increased to $94.97 billion, and short-term borrowings rose to $4.25 billion as long-term borrowings fell to $9.21 billion from $12.42 billion. Stockholders' equity reached $16.61 billion, including $1.31 billion of preferred stock after the issuance of Series C preferred stock in the second quarter. The allowance for loan losses was $853 million, or 1.02 percent of total loans. Capital and shareholder return actions were significant during the period. Regions repurchased $380 million of common stock in the first six months and, on June 27, 2019, announced a new $1.37 billion repurchase plan running through the second quarter of 2020, with about 9.3 million shares repurchased as of August 6, 2019 at a cost of approximately $144.8 million. The Board also declared an increase in the quarterly common dividend to $0.155 per share on July 24, 2019. The company disclosed an investigation by the U.S. Attorney's Office for the Eastern District of New York relating to a former customer and anti-money laundering compliance, and management stated that pending matters are not expected to have a material effect, while estimating reasonably possible losses in excess of accruals of up to approximately $20 million.

    Aug 7, 2019
  23. 2019-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2019

    Regions Financial Corporation's first-quarter 2019 Form 10-Q reports net income of $394 million for the three months ended March 31, 2019, compared to $414 million in the first quarter of 2018. Net income available to common shareholders was $378 million, or $0.37 per diluted share, versus $398 million, or $0.35 per diluted share, a year earlier. The filing states the primary driver of the decrease was a higher provision for loan losses, which was $91 million compared to a credit of $(10) million, partially offset by higher net interest income and other financing income of $948 million (up from $909 million) and lower non-interest expense of $860 million (down from $884 million). Net interest margin on a taxable-equivalent basis was 3.53 percent, up from 3.46 percent. Total assets grew to $128.80 billion at March 31, 2019, from $125.69 billion at December 31, 2018, and loans, net of unearned income, increased to $84.43 billion from $83.15 billion. Total deposits rose to $95.72 billion. Non-performing loans, excluding loans held for sale, were $523 million, and the filing states non-performing loans rose to 0.62 percent of total loans, net of unearned income, from 0.60 percent at year-end 2018. Net charge-offs were $78 million, or an annualized 0.38 percent of average loans. Regions reported Basel III common equity Tier 1 ratio of 9.81 percent for the holding company, and stated it is compliant with the LCR requirements at March 31, 2019. The filing also discloses that Regions decided in January 2019 to discontinue its indirect auto lending business, and that it is cooperating with an investigation by the U.S. Attorney's Office for the Eastern District of New York related to a former customer relationship and Anti-Money Laundering and Bank Secrecy Act compliance. Management believes the outcome of pending litigation and inquiries will not have a material effect on the company, though the filing notes that reasonably possible losses in excess of accruals could be up to approximately $20 million. Subsequent to quarter-end, Regions completed a $500 million issuance of Series C preferred stock on April 30, 2019.

    May 8, 2019
  24. 2018-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2018

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2018 reports net income of $564 million for the third quarter of 2018 versus $311 million a year earlier, and net income available to common shareholders of $548 million, or $0.50 per diluted share. Income from continuing operations available to common shareholders was $354 million, or $0.32 per diluted share. The third-quarter results were driven by a $281 million pre-tax gain ($196 million after tax) on the July 2, 2018 sale of Regions Insurance Group, reported in discontinued operations, along with higher net interest income and lower income tax expense. Net interest margin on a taxable-equivalent basis rose to 3.50% from 3.36%, and non-interest expense rose $69 million to $922 million, including a $60 million contribution to the Regions Financial Corporation Foundation. Balance sheet totals were $124.6 billion in assets and $93.3 billion in deposits at September 30, 2018, with total stockholders' equity falling to $14.8 billion from $16.2 billion at year-end 2017. The decline reflects $1.8 billion of common share repurchases in the first nine months and a $645 million reduction in accumulated other comprehensive income. Long-term borrowings rose to $11.2 billion from $8.1 billion. Credit quality improved: the allowance for loan losses was $840 million (1.03% of loans) versus $934 million at year-end 2017, and non-performing loans fell to $554 million. The company also disclosed a new $2.031 billion common stock repurchase plan running through the second quarter of 2019 and a quarterly dividend increase to $0.14 per share. The filing states full-year 2018 expectations, including adjusted net interest income growth of 5 to 6 percent, net charge-offs of 35 to 50 basis points (toward the lower end), and an effective tax rate of approximately 21 percent. It also notes a legal settlement of the Morgan Keegan-related New Jersey matter and an ongoing investigation by the U.S. Attorney's Office for the Eastern District of New York.

    Nov 7, 2018
  25. 2018-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2018

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2018 reports net income of $375 million for the second quarter of 2018 ($359 million available to common shareholders, or $0.32 per diluted share), compared with $316 million ($0.25 per diluted share) in the second quarter of 2017. Net income for the six months ended June 30, 2018 was $789 million. Net interest income and other financing income rose to $926 million for the quarter from $882 million a year earlier, and non-interest income rose to $512 million from $490 million. The provision for loan losses was $60 million, compared with $48 million, and non-interest expense increased to $911 million from $875 million, driven primarily by higher salaries and employee benefits, including severance charges. Balance sheet totals were $124.56 billion in total assets and $15.78 billion in stockholders' equity at June 30, 2018. Total deposits declined to $95.28 billion from $96.89 billion at year-end 2017, while long-term borrowings rose to $9.89 billion from $8.13 billion. The allowance for loan losses fell to $838 million from $934 million, and non-performing loans were 0.75 percent of loans and non-performing loans held for sale. The company reported that it had received no objection from the Federal Reserve to its 2018 capital plan, authorized a new $2.031 billion common stock repurchase plan, and approved an increase in the quarterly common dividend to $0.14 per share. The filing also states that the sale of Regions Insurance Group, Inc. to BB&T closed on July 2, 2018, with an after-tax gain of approximately $200 million expected in the third quarter. Management's 2018 expectations include adjusted net interest income growth of 4 to 6 percent, with the company currently expecting the upper end of that range, an adjusted efficiency ratio below 60 percent, and an effective tax rate of 20 to 22 percent. The filing also discloses a cooperation with a U.S. Attorney's Office investigation in the Eastern District of New York relating to a former customer and Anti-Money Laundering compliance, and states that management does not expect material effects on the company's financial position.

    Aug 8, 2018
  26. 2018-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2018

    Regions Financial Corporation's Form 10-Q for the quarter ended March 31, 2018 reports net income of $414 million, or $0.35 per diluted share on net income available to common shareholders of $398 million, compared with $285 million, or $0.23 per diluted share, in the first quarter of 2017. The primary drivers of the year-over-year improvement were higher net interest income and other financing income ($909 million versus $859 million) and a provision credit for loan losses of $(10) million versus a $70 million provision a year earlier. Net interest margin on a taxable-equivalent basis rose to 3.46 percent from 3.25 percent, and non-interest income increased to $507 million from $474 million, while non-interest expense rose to $884 million from $843 million. Credit quality metrics improved over the period. Net charge-offs were $84 million, or an annualized 0.42 percent of average loans, and the allowance for loan losses fell to $840 million, or 1.05 percent of total loans, from $934 million, or 1.17 percent, at year-end 2017. Non-performing loans declined to 0.75 percent of total loans from 0.81 percent. Total assets were $122.9 billion at March 31, 2018, down from $124.3 billion at December 31, 2017, and stockholders' equity was $15.9 billion, down from $16.2 billion, largely due to a $402 million decline in accumulated other comprehensive income. The company repurchased $235 million of common stock during the quarter and paid a $0.09 per share common dividend. Regions also entered into an April 4, 2018 agreement to sell Regions Insurance Group, Inc. to BB&T Insurance Holdings, Inc., expected to close in the third quarter of 2018 with an after-tax gain of approximately $200 million and Common Equity Tier 1 capital of approximately $300 million. The insurance business is reported as discontinued operations. Management's 2018 expectations include adjusted net interest income growth of 4 to 6 percent and a full-year effective tax rate of 20 to 22 percent.

    May 9, 2018
  27. 2017-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2017

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2017 reports net income available to common shareholders of $295 million, or $0.25 per diluted share, for the third quarter of 2017, compared with $304 million, or $0.24 per diluted share, in the third quarter of 2016. For the nine months, net income available to common shareholders was $880 million, or $0.73 per diluted share. The company attributes the year-over-year decline in quarterly results mainly to a higher provision for loan losses ($76 million versus $29 million), which includes an estimated $40 million of hurricane-related losses, and lower non-interest income ($515 million versus $599 million). These were partly offset by higher net interest income and other financing income ($898 million versus $835 million) and lower non-interest expense ($886 million versus $934 million). The net interest margin on a taxable-equivalent basis rose to 3.36 percent from 3.06 percent. Total assets declined to $123.27 billion from $125.97 billion at year-end 2016, and total deposits fell to $97.59 billion from $99.04 billion, driven mainly by reductions in interest-bearing transaction and money market accounts. Long-term borrowings decreased to $6.10 billion from $7.76 billion. Credit quality improved on a stated basis: non-performing loans were 0.96 percent of total loans at September 30, 2017, down from 1.24 percent at year-end 2016, and net charge-offs were 0.38 percent of average loans in the third quarter. Management reiterated 2017 expectations, including net interest income growth of 3 to 5 percent and full-year net charge-offs of 35 to 50 basis points. The filing also notes that Regions repurchased about 34.6 million shares under a new $1.47 billion plan during the third quarter, and that Fitch upgraded the company's senior unsecured debt rating to BBB+ on October 3, 2017. The company remained above regulatory minimums under the Basel III transitional rules, with a common equity Tier 1 ratio of 11.30 percent, and it disclosed an ongoing investigation by the U.S. Attorney's Office for the Eastern District of New York relating to a former customer and Anti-Money Laundering compliance.

    Nov 8, 2017
  28. 2017-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2017

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2017 shows net income of $316 million for the second quarter of 2017 (versus $275 million in the second quarter of 2016), and net income available to common shareholders of $300 million, or $0.25 per diluted share. For the six months, net income was $617 million. Net interest income and other financing income from continuing operations was $882 million for the quarter, up from $848 million, and the net interest margin (taxable-equivalent basis) was 3.32 percent versus 3.15 percent a year earlier. The provision for loan losses fell to $48 million from $72 million, and non-interest expense was $909 million, down from $915 million. At June 30, 2017, total assets were $124.64 billion, total deposits were $98.09 billion, and total stockholders' equity was $16.89 billion, compared with $16.66 billion at year-end 2016. Loans, net of unearned income, were $80.13 billion, essentially flat. The allowance for loan losses was 1.30 percent of loans, down from 1.36 percent at December 31, 2016. Non-performing assets were $912 million, down from $1.1 billion at year-end 2016. Capital actions were prominent. On June 28, 2017, Regions received no objection from the Federal Reserve to its 2017 capital plan submitted under the CCAR process. The Board authorized a new $1.47 billion common stock repurchase plan running from the third quarter of 2017 through the second quarter of 2018, and a quarterly common dividend increase to $0.09 per share, approved July 27, 2017. The filing also discloses an ongoing investigation by the U.S. Attorney's Office for the Eastern District of New York relating to a former customer and Anti-Money Laundering and Bank Secrecy Act compliance, along with the Morgan Keegan-related indemnification of Raymond James.

    Aug 4, 2017
  29. 2017-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2017

    Regions Financial Corporation's Form 10-Q for the quarter ended March 31, 2017 reports net income of $301 million, or $0.23 per diluted share for income from continuing operations, versus $273 million in the first quarter of 2016. Net income available to common shareholders was $285 million, or $0.23 per diluted share, compared with $257 million, or $0.20 per diluted share. The filing states the primary driver of the year-over-year increase was a decreased provision for loan losses, which fell to $70 million from $113 million. Net charge-offs rose to $100 million, or an annualized 0.51 percent of average loans, from $68 million, mainly due to large-dollar commercial charge-offs. Total assets declined to $124.5 billion from $126.0 billion at year-end 2016, driven largely by lower long-term borrowings, which fell to $6.0 billion from $7.8 billion as FHLB advances were reduced. Total deposits rose to $99.4 billion. Stockholders' equity was $16.7 billion. Net interest income and other financing income on a taxable-equivalent basis was $881 million, versus $883 million a year earlier, and the net interest margin was 3.25 percent compared with 3.19 percent. Non-interest income was $510 million and non-interest expense was $877 million. The filing reports 2017 expectations, including net interest income growth of 3 to 5 percent, full-year net charge-offs of 35 to 50 basis points, and an effective tax rate of 30 to 32 percent. Subsequent to quarter-end, the board approved an increase in the quarterly common dividend to $0.07 per share from $0.065, and the company had repurchased about 9.1 million additional shares through May 4, 2017 under its repurchase plan.

    May 5, 2017
  30. 2016-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2016

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2016 reports net income of $320 million for the third quarter of 2016, compared to $258 million a year earlier. Net income available to common shareholders was $304 million, or $0.24 per diluted share, versus $242 million, or $0.18 per diluted share, in the third quarter of 2015. For the nine months, net income was $868 million. Net interest income and other financing income was $835 million for the quarter, roughly flat year over year, and non-interest income rose to $599 million from $497 million, helped by $47 million of insurance proceeds tied to the HUD/FHA settlement. Non-interest expense was $934 million, up from $895 million. Credit metrics were mixed. The provision for loan losses fell to $29 million in the third quarter from $60 million, and net charge-offs were $54 million, or an annualized 0.26 percent of average loans. However, total non-performing assets rose to $1.2 billion from $920 million at year-end 2015, driven primarily by a few large energy and energy-related loans. The allowance for loan losses was 1.39 percent of total loans at September 30, 2016, up from 1.36 percent at December 31, 2015. Total assets were $125.2 billion and stockholders' equity was $17.4 billion. Capital and funding actions continued. The Federal Reserve did not object to the 2016 capital plan, which allows continued $0.065 quarterly common dividends and up to $640 million of share repurchases. The Board later increased the repurchase authorization to $760 million. Management's 2016 outlook includes net interest income growth of 2 to 4 percent and full-year net charge-offs of 25 to 35 basis points. In October 2016 Fitch revised its outlook to Positive, and on November 2, 2016 Moody's upgraded Regions' senior unsecured and subordinated debt ratings to Baa2.

    Nov 4, 2016
  31. 2016-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2016

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2016 reports second-quarter 2016 net income of $275 million, or $259 million available to common shareholders ($0.20 per diluted share), compared to $285 million net income and $269 million available to common shareholders in the second quarter of 2015. Net interest income and other financing income rose to $848 million from $820 million, while non-interest income fell to $526 million from $590 million, largely due to $90 million of insurance proceeds recognized in the second quarter of 2015. Non-interest expense declined to $915 million from $934 million, and the provision for loan losses increased to $72 million from $63 million. The net interest margin (taxable-equivalent) was 3.15 percent versus 3.16 percent a year earlier. Credit quality weakened modestly, driven by energy lending. Total non-performing assets rose to $1.1 billion at June 30, 2016 from $920 million at December 31, 2015, which the filing attributes to large energy credits being downgraded as oil prices stayed low. The allowance for loan losses was 1.41 percent of total loans, up from 1.36 percent at year-end 2015. Total assets were $126.2 billion and stockholders' equity was $17.4 billion. The company's capital plan received no objection from the Federal Reserve on June 29, 2016, and a new $640 million common stock repurchase plan was authorized on July 14, 2016, under which about 9.4 million shares had been repurchased as of August 4, 2016. Management's 2016 expectations include average loan growth of 3 to 5 percent, net interest income growth of 2 to 4 percent, and full-year net charge-offs of 25 to 35 basis points, expected at the top end of that range. The company also plans to eliminate $300 million of non-interest expenses between 2016 and 2018.

    Aug 5, 2016
  32. 2016-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2016

    Regions Financial Corporation's Form 10-Q for the quarter ended March 31, 2016 reports net income of $273 million, or $0.20 per diluted share on net income available to common shareholders of $257 million, compared with $234 million net income and $218 million available to common shareholders ($0.16 per diluted share) in the first quarter of 2015. Net interest income and other financing income rose to $862 million from $815 million, non-interest income increased to $506 million from $470 million, and non-interest expense fell to $869 million from $905 million, which included a $43 million loss on early extinguishment of debt in the prior-year period. The filing attributes the increase in the provision for loan losses to $113 million (from $49 million) primarily to a higher allowance for energy-related loans, and notes that non-performing assets rose to $1.1 billion from $920 million at year-end 2015, driven by downgrades of large energy credits as oil prices remained low. Balance sheet totals were $125.5 billion in total assets and $17.2 billion in stockholders' equity at March 31, 2016, versus $126.0 billion and $16.8 billion at December 31, 2015. Total deposits were $98.2 billion and long-term borrowings declined to $7.9 billion. The company reported a net interest margin of 3.19 percent (taxable-equivalent) and net charge-offs of 0.34 percent of average loans. Regions repurchased about 22.9 million shares in February 2016 for approximately $175 million in the quarter, and the Board approved an increase in the quarterly common dividend to $0.065 per share on April 21, 2016. Capital ratios remained above the well-capitalized thresholds in the filing, with a Basel III common equity Tier 1 ratio of 10.87 percent for Regions Financial Corporation on a transitional basis. The company is a standardized approach bank, and management expects 2016 net charge-offs of 25 to 35 basis points, at the higher end of that range given oil prices.

    May 6, 2016
  33. 2015-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2015

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2015 reports third-quarter 2015 net income available to common shareholders of $242 million, or $0.18 per diluted share, compared with $300 million, or $0.22 per diluted share, in the third quarter of 2014. Net income from continuing operations available to common shareholders was $246 million, or $0.19 per diluted share, versus $297 million, or $0.21, a year earlier. The filing attributes the decline mainly to a higher provision for loan losses ($60 million versus $24 million) and higher non-interest expense ($895 million versus $826 million), partially offset by higher net interest income ($836 million versus $821 million). Net interest margin was 3.13 percent versus 3.18 percent a year earlier, and the company cited an increase in provision tied to energy-related loans and loan growth. Total assets were $124.8 billion at September 30, 2015, up from $119.6 billion at year-end 2014, while total deposits rose to $97.2 billion and long-term borrowings increased to $7.4 billion, largely from $4.2 billion of additional FHLB advances. Loans, net of unearned income, grew to $81.1 billion from $77.3 billion. Non-performing assets declined to $926 million from $991 million at year-end 2014, and the allowance for loan losses was $1.1 billion, or 1.38 percent of total loans. Capital and shareholder returns were active during the period. Stockholders' equity was $17.0 billion, and the company reported a Basel III common equity Tier 1 ratio of 10.98 percent on a transitional basis. Regions repurchased approximately 44 million shares for about $442 million under an $875 million plan authorized in April 2015, and quarterly common dividends rose to $0.06 per share. The filing also notes a $90 million insurance-funded recovery tied to the settled 2010 class action and a $43 million pre-tax loss on early extinguishment of debt in the first quarter.

    Nov 5, 2015
  34. 2015-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2015

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2015 reports net income of $285 million for the second quarter of 2015 versus $296 million a year earlier, and net income available to common shareholders of $269 million, or $0.20 per diluted share, compared with $288 million, or $0.21 per diluted share, in the second quarter of 2014. The filing attributes the year-over-year decline primarily to a higher provision for loan losses ($63 million versus $35 million) and higher non-interest expense ($934 million versus $820 million), partly offset by higher non-interest income ($590 million versus $475 million), which includes $90 million of insurance proceeds tied to the settlement of the 2010 class-action lawsuit. Total assets were $121.9 billion at June 30, 2015, up from $119.6 billion at December 31, 2014, driven mainly by a $2.8 billion increase in net loans, while total deposits rose about $2.9 billion to $97.1 billion. Credit metrics improved on a balance basis: non-performing assets fell to $911 million from $991 million at year-end 2014, and the allowance for loan losses was $1.1 billion, or 1.39 percent of total loans. Management noted net interest margin compression to 3.16 percent in the second quarter from 3.24 percent a year earlier, as yields on earning assets declined. Capital actions included a $875 million common stock repurchase plan authorized in April 2015, a quarterly common dividend increase to $0.06 per share effective July 2015, and roughly 17 million shares repurchased in the second quarter for about $172 million. The filing also discloses ongoing exposure to Morgan Keegan-related litigation, which Regions has indemnified Raymond James against, with a carrying indemnification obligation of about $203 million at June 30, 2015. The company reported that it is reasonably possible that losses in excess of accruals could reach approximately $40 million in aggregate, and it disclosed energy-related loans of about $3.3 billion, with management noting that continued low oil prices could pressure credit quality.

    Aug 5, 2015
  35. 2015-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2015

    Regions Financial Corporation reported first-quarter 2015 net income of $234 million, or $218 million available to common shareholders, equal to $0.16 per diluted share, compared with $307 million, or $0.22 per diluted share, in the first quarter of 2014. Management attributed the year-over-year decline primarily to a higher provision for loan losses ($49 million versus $2 million) and higher non-interest expense ($905 million versus $817 million), which included a $43 million loss on early extinguishment of debt and $22 million in branch consolidation and property charges. Total assets grew to $122.4 billion at March 31, 2015 from $119.6 billion at year-end 2014, driven by a $1.9 billion increase in interest-bearing deposits held in other banks and a $936 million increase in loans, funded mainly by a $3.3 billion increase in deposits. Credit quality metrics improved on a year-over-year basis. Net charge-offs were $54 million, or an annualized 0.28 percent of average loans, versus $82 million, or 0.44 percent, a year earlier. Non-performing assets declined to $970 million from $991 million at December 31, 2014, and the allowance for loan losses was 1.40 percent of total loans, compared with 1.43 percent at year-end. Net interest margin on a taxable-equivalent basis compressed to 3.18 percent from 3.26 percent, which management attributed to lower yields on earning assets. Capital actions were significant during the quarter. Regions received no objection from the Federal Reserve to its 2015 capital plan under CCAR. On April 23, 2015, the Board approved an increase in the quarterly common dividend to $0.06 per share from $0.05, and authorized a new $875 million share repurchase plan running through the second quarter of 2016. As of May 5, 2015, the company had repurchased approximately 7 million shares for about $68 million under that plan. Basel III common equity Tier 1 ratio on a fully phased-in pro-forma basis was estimated at 11.16 percent.

    May 6, 2015
  36. 2014-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2014

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2014 reports net income of $325 million for the third quarter of 2014 (versus $293 million a year earlier) and net income available to common shareholders of $305 million, or $0.22 per diluted share, compared with $285 million, or $0.20 per diluted share, in the third quarter of 2013. Total non-interest expense from continuing operations fell to $826 million from $884 million, driven primarily by lower deposit administrative fees and a benefit in the provision for unfunded credit losses, while non-interest income declined to $478 million from $495 million. Net interest income was essentially flat at $821 million, and the net interest margin (taxable-equivalent) narrowed to 3.18 percent from 3.24 percent. Credit metrics improved. Net charge-offs were $75 million, or an annualized 0.39 percent of average loans, versus $114 million (0.60 percent) a year earlier, and non-performing assets fell to $1.0 billion from $1.3 billion at year-end 2013. Total assets rose to $119.2 billion from $117.4 billion, and stockholders' equity increased to $17.2 billion from $15.8 billion, reflecting $944 million of nine-month net income, the April 2014 issuance of $500 million of Series B preferred stock, and improved fair values of available-for-sale securities. The company's estimated Basel III CET1 ratio was 11.22 percent at September 30, 2014, above the 7 percent minimum, and Regions began a new $350 million common stock repurchase plan, with approximately 11.6 million shares repurchased through November 4, 2014 at a cost of about $114.7 million. The filing also discloses ongoing legal and regulatory exposures, including Morgan Keegan-related litigation subject to an indemnification obligation to Raymond James (carrying value about $208 million), a reasonably possible loss in excess of accruals of up to about $170 million, and investigative requests concerning FHA-insured and GSE-sold mortgage loan practices. Management believes the outcome of pending matters will not have a material effect on the company as a whole, though it notes adverse outcomes could be material in a particular period.

    Nov 5, 2014
  37. 2014-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2014

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2014 reports net income of $300 million for the second quarter (versus $267 million a year earlier) and net income available to common shareholders of $292 million, or $0.21 per diluted share, compared with $259 million, or $0.18 per diluted share, in the second quarter of 2013. Net interest income rose to $822 million from $808 million, and the net interest margin (taxable-equivalent) was 3.24 percent versus 3.16 percent. Non-interest income fell to $457 million from $497 million, driven primarily by a $26 million decrease in mortgage income, while non-interest expense declined to $820 million from $884 million. Total loans, net of unearned income, reached $76.5 billion, and total assets were $118.7 billion at June 30, 2014. Credit metrics improved: net charge-offs were $67 million, or an annualized 0.35 percent of average loans, in the second quarter, compared with $144 million (0.77 percent) a year earlier. Non-performing assets fell to $1.0 billion from $1.3 billion at year-end 2013, and the allowance for loan losses was 1.61 percent of total loans. Stockholders' equity rose to $17.0 billion from $15.8 billion, including $486 million of net proceeds from a new Series B preferred stock issuance in April 2014. The company raised its quarterly common dividend to $0.05 per share and authorized a new $350 million common stock repurchase plan, under which no shares had been repurchased as of the filing date. The filing also discloses a June 19, 2014 deferred prosecution agreement with the SEC and a June 25, 2014 consent order with the Federal Reserve and Alabama State Banking Department, which resolved inquiries about accounting for certain problem loans at the end of the first quarter of 2009; Regions Bank paid a $51 million civil money penalty. The company also reports an unresolved HUD Office of Inspector General investigation and continuing litigation related to the Morgan Keegan sale, which is subject to an indemnification obligation to Raymond James.

    Aug 6, 2014
  38. 2014-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2014

    Regions Financial Corporation's Form 10-Q for the quarter ended March 31, 2014 reports net income of $319 million, or $311 million available to common shareholders, compared with $335 million and $327 million in the first quarter of 2013. Diluted earnings per share were $0.22, versus $0.23 a year earlier. Net interest income rose to $816 million from $798 million, while the provision for loan losses fell to $2 million from $10 million. Non-interest income declined to $438 million from $501 million, mainly because mortgage income dropped $32 million as mortgage production fell 47 percent. Net charge-offs were $82 million, or an annualized 0.44 percent of average loans, down from 0.99 percent a year earlier. Total assets were $117.93 billion at March 31, 2014, up from $117.40 billion at year-end 2013. Loans, net of unearned income, reached $75.68 billion, and deposits were $93.39 billion. Stockholders' equity rose to $16.13 billion. The company reported an estimated Basel III CET1 ratio of 10.77 percent and a Tier 1 common ratio of 11.38 percent, both above stated minimums. Management also noted that the Board approved an increase in the quarterly common dividend to $0.05 per share and a new $350 million share repurchase plan, and that on April 29, 2014 the company issued $500 million of 6.375% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B. The filing also discloses a $35 million net gain on the sale of troubled debt restructured residential mortgage loans held for sale. It identifies potential exposure to a U.S. Department of Housing and Urban Development investigation, and management states that pending litigation is not expected to have a material effect, although losses above amounts accrued could reach about $100 million in aggregate.

    May 7, 2014
  39. 2013-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2013

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2013 reports net income of $293 million for the third quarter of 2013 versus $301 million a year earlier, and net income available to common shareholders of $285 million, or $0.20 per diluted share, compared with $301 million, or $0.21 per diluted share, in the third quarter of 2012. Net interest income rose to $824 million from $817 million, and the provision for loan losses fell to $18 million from $33 million. Non-interest income declined to $495 million from $533 million, mainly due to a $54 million decrease in mortgage income, while non-interest expense rose to $884 million from $869 million. The net interest margin improved to 3.24 percent from 3.08 percent. Total assets declined to $116.9 billion at September 30, 2013 from $121.3 billion at December 31, 2012, reflecting a reduced securities portfolio, which fell $3.2 billion to $24.0 billion, and lower interest-bearing deposits in other banks. Loans, net of unearned income, grew about $1.9 billion to $75.9 billion, led by commercial and industrial loans. Deposits decreased to $92.3 billion, and stockholders' equity was $15.5 billion. Non-performing assets fell to $1.5 billion from $1.9 billion, and the allowance for loan losses declined to 2.03 percent of total loans from 2.59 percent. Regions repurchased approximately 36 million common shares for about $340 million under a $350 million plan, and the company reported a Basel III Tier 1 common ratio estimate of 10.37 percent. The filing also discloses ongoing legal and regulatory matters, including the 2010 securities class action, Morgan Keegan-related litigation subject to an indemnification agreement with Raymond James, and an HUD Office of Inspector General subpoena. Management believes these will not have a material effect, though it notes that an adverse outcome could be material in a given period. The company estimates reasonably possible losses above accruals of up to approximately $90 million.

    Nov 6, 2013
  40. 2013-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2013

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2013 reports net income of $267 million for the second quarter ($602 million for the six months) and net income available to common shareholders of $259 million, or $0.18 per diluted share, versus $284 million, or $0.20 per diluted share, a year earlier. Net interest income fell to $808 million from $838 million, the provision for loan losses rose to $31 million from $26 million, and non-interest expense rose to $884 million, driven mainly by a $56 million loss on early extinguishment of debt. The net interest margin was 3.16 percent in both quarters, and net charge-offs declined to $144 million, or an annualized 0.77 percent of average loans. The balance sheet shrank, with total assets of $118.7 billion at June 30, 2013 versus $121.3 billion at December 31, 2012, as the company reduced its securities portfolio, which the filing says it did in response to loan growth and the Federal Reserve's comments on quantitative easing. Loans, net of unearned income, rose about $1.0 billion to $75.0 billion, while total deposits fell about $3 billion to $92.5 billion. Credit metrics continued to improve: non-performing assets were $1.7 billion, down from $1.9 billion, and the allowance for loan losses fell to 2.18 percent of total loans from 2.59 percent. Capital and regulatory items include stockholders' equity of $15.3 billion, a Tier 1 common risk-based ratio of 11.09 percent, and an estimated Basel III Tier 1 common ratio of 10.31 percent. The company also disclosed a goodwill test for its Business Services unit that found no impairment, the Morgan Keegan indemnification obligation carried at about $257 million, and a $350 million share repurchase plan under which about $173 million had been used by June 30, 2013.

    Aug 8, 2013
  41. 2013-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2013

    Regions Financial Corporation reported first-quarter 2013 net income of $335 million, and net income available to common shareholders of $327 million, or $0.23 per diluted share, compared with $145 million, or $0.11 per diluted share, in the first quarter of 2012. The filing attributes the improvement mainly to a significant decline in the provision for loan losses ($10 million versus $117 million), lower non-interest expenses ($842 million versus $913 million), and lower preferred stock dividends and accretion ($8 million versus $54 million). Net interest income declined to $798 million from $827 million, while non-interest income fell to $501 million from $524 million. Net charge-offs were $180 million, or an annualized 0.99 percent of average loans, down from $332 million, or 1.73 percent, a year earlier. The balance sheet shrank modestly, with total assets of $119.7 billion at March 31, 2013, down from $121.3 billion at year-end 2012, and total deposits of $94.1 billion, down about $1.3 billion. Loans, net of unearned income, were $73.9 billion, roughly flat from year-end. Stockholders' equity rose to $15.7 billion. The filing reports a Tier 1 common risk-based ratio of 11.23 percent and an estimated Basel III Tier 1 common ratio of 9.12 percent. Management also disclosed a new $350 million share repurchase plan, a dividend increase to $0.03 per share for the second quarter of 2013, and subsequent-period actions including a tender offer for up to $350 million of senior notes and a $750 million senior note issuance. The filing also highlights ongoing legal and regulatory exposures, including class-action litigation tied to Morgan Keegan funds and securities, for which Regions has agreed to indemnify Raymond James. Management stated that pending litigation is not expected to have a material effect on the company as a whole, while noting that an adverse outcome in individual matters could be material. Goodwill of $4.8 billion was tested for impairment in the first quarter because of a shortfall between market capitalization and book value; the Business Services unit did not require impairment.

    May 8, 2013
  42. 2012-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2012

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2012 shows net income of $301 million, or $0.21 per diluted share, for the third quarter of 2012, compared with $101 million, or $0.08 per diluted share, in the third quarter of 2011 (net income available to common shareholders). The improvement was driven mainly by a provision for loan losses of $33 million, down from $355 million a year earlier. Net charge-offs were $262 million, or an annualized 1.38 percent of average loans. Total assets declined to $121.8 billion from $127.1 billion at year-end 2011, mainly from lower loans and the closing of the Morgan Keegan sale. Total loans, net of unearned income, were $75.3 billion, down $2.3 billion from year-end 2011. Non-performing assets fell to $2.2 billion from $3.0 billion. Revenue trends were mixed. Net interest income from continuing operations on a taxable-equivalent basis was $830 million, down from $859 million, while the net interest margin rose to 3.08 percent from 3.04 percent. Service charges on deposit accounts fell $66 million year over year, reflecting debit card legislation and Regulation E. Mortgage income rose $38 million to a record for the company. Non-interest expense increased $19 million to $869 million. Stockholders' equity was $14.9 billion, and the tangible common equity ratio was 8.49 percent, compared with 6.57 percent at year-end 2011. The company repurchased its Series A preferred stock from the U.S. Treasury in April 2012 and sold Morgan Keegan to Raymond James on April 2, 2012. Subsequent to quarter-end, on November 1, 2012, Regions issued $500 million of 6.375% Non-Cumulative Perpetual Preferred Stock, Series A, and gave notice that it will redeem approximately $345 million of 8.875% Junior Subordinated Notes on December 3, 2012. The filing also discloses that Moody's credit ratings for Regions Financial Corporation and Regions Bank were below investment grade at September 30, 2012, and that Moody's placed the ratings on review for upgrade on October 3, 2012. Pending litigation is discussed in the filing, and the company estimates reasonably possible losses in excess of accruals of up to approximately $100 million.

    Nov 5, 2012
  43. 2012-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2012

    Regions Financial Corporation's Form 10-Q for the quarter ended June 30, 2012 reports net income of $355 million for the second quarter, or $554 million for the six months, compared with $109 million and $178 million in the prior-year periods. Net income available to common shareholders was $284 million, or $0.20 per diluted share, for the second quarter of 2012, versus $55 million, or $0.04 per diluted share, a year earlier. The filing states that a decline in the second-quarter provision for loan losses, which fell to $26 million from $398 million, was the primary driver of the improvement in continuing operations. Net charge-offs were $265 million, or an annualized 1.39 percent of average loans, and non-performing assets declined to $2.3 billion from $3.0 billion at December 31, 2011. The balance sheet shrank, with total assets of $122.3 billion versus $127.1 billion at year-end 2011 and total stockholders' equity of $14.5 billion versus $16.5 billion. Capital actions drove much of the equity change: Regions issued 153 million common shares for approximately $875 million net proceeds, repurchased all 3.5 million Series A preferred shares from the U.S. Treasury for $3.5 billion, and repurchased the associated warrant for $45 million. Regions also completed the sale of Morgan Keegan & Company, Inc. and related affiliates to Raymond James Financial, Inc. on April 2, 2012, which is now reported as discontinued operations and produced a loss of $36 million for the six months, driven largely by professional and legal costs. The filing also flags remaining risks. Moody's credit ratings for Regions Financial Corporation and Regions Bank were below investment grade at June 30, 2012. The company disclosed contingent litigation exposure, including a $383 million indemnification obligation to Raymond James related to pre-closing Morgan Keegan activities, and reasonably possible losses in excess of accruals of up to approximately $200 million. The estimated Basel III Tier 1 common ratio was 8.0 percent, and the filing notes that Regions is currently under the 100 percent liquidity coverage ratio target under its interpretation of proposed rules.

    Aug 6, 2012
  44. 2012-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2012

    Regions Financial Corporation's first-quarter 2012 Form 10-Q reports net income of $199 million for the three months ended March 31, 2012, compared to $69 million a year earlier. Net income available to common shareholders was $145 million, or $0.11 per diluted share, versus $17 million, or $0.01, in the first quarter of 2011. Income from continuing operations available to common shareholders was $185 million, or $0.14 per diluted share, compared to a loss of $2 million in the prior-year period. The improvement was driven mainly by a lower provision for loan losses, which fell to $117 million from $482 million, while net charge-offs were $332 million, or an annualized 1.73 percent of average loans. Net interest income declined to $827 million from $855 million, and non-interest income fell to $524 million from $580 million. Total assets rose to $128.3 billion at March 31, 2012 from $127.1 billion at year-end 2011, mainly from higher securities available for sale and interest-bearing deposits. Loans, net of unearned income, declined $874 million to $76.7 billion, driven by runoff in investor real estate and home equity. Stockholders' equity increased to $17.5 billion from $16.5 billion, reflecting an $875 million common stock offering completed in March 2012. Non-performing assets decreased to $2.6 billion from $3.0 billion. The filing also describes the pending-then-closed sale of Morgan Keegan & Company, Inc. to Raymond James Financial, Inc., which closed April 2, 2012, with an expected gain or loss in the second quarter and an indemnification liability estimated at $200 million to $250 million. Subsequent to quarter-end, Regions repurchased its $3.5 billion of Series A preferred stock from the U.S. Treasury on April 4, 2012.

    May 3, 2012
  45. 2011-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2011

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2011 reports net income of $155 million for the third quarter, or $101 million available to common shareholders ($0.08 per diluted share), compared with a net loss available to common shareholders of $209 million ($0.17 per diluted share) in the third quarter of 2010. The provision for loan losses fell to $355 million from $760 million, which the filing identifies as the primary driver of improvement, and net charge-offs were $511 million, or an annualized 2.52 percent of average loans. For the nine months, net income was $333 million, against a net loss of $628 million a year earlier. Total assets declined to $129.8 billion from $132.4 billion at year-end 2010, mainly on lower loans, which fell to $79.4 billion as the company reduced its investor real estate concentration. Deposits rose to $95.9 billion, and stockholders' equity increased to $17.3 billion. The allowance for loan losses was 3.73 percent of loans, and non-performing assets declined to $3.4 billion from $3.9 billion. Noninterest income was $745 million for the quarter and noninterest expense $1.07 billion. The filing also flags material risks for investors. Regions' senior and subordinated debt ratings from S&P and Moody's are below investment grade, and the company announced on June 22, 2011 that it would explore strategic alternatives for its Morgan Keegan brokerage unit. Goodwill of $5.6 billion was tested for impairment; the Banking/Treasury unit's implied fair value exceeded its carrying amount by approximately 24 percent after a control premium assumption was raised to 60 percent. Management expects net charge-offs to remain elevated for the rest of 2011, and it estimates a debit interchange revenue impact of approximately $170 million from the Durbin Amendment.

    Nov 3, 2011
  46. 2011-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2011

    Regions Financial Corporation's second-quarter 2011 Form 10-Q reports net income of $109 million for the quarter, or $55 million available to common shareholders ($0.04 per diluted share), compared with a net loss available to common shareholders of $335 million ($0.28 per diluted share) in the second quarter of 2010. The provision for loan losses fell to $398 million from $651 million, which the filing identifies as the primary driver of the improvement. The quarter also included a $200 million Morgan Keegan regulatory charge in the prior-year period, $77 million in branch consolidation charges in 2011, and a $44 million tax benefit tied to the Morgan Keegan settlement. Total assets declined to $130.9 billion at June 30, 2011 from $132.4 billion at December 31, 2010, driven mainly by lower loans, which fell to $81.2 billion as the company reduced its investor real estate concentration. Net charge-offs were $548 million in the quarter, or an annualized 2.71 percent of average loans. Non-performing assets fell to $3.6 billion from $3.9 billion at year-end 2010, and the allowance for loan losses was 3.84 percent of total loans. Stockholders' equity rose to $16.9 billion, and the Tier 1 capital ratio was 12.57 percent. The filing also discloses ongoing exposures. Regions announced plans to explore strategic alternatives for Morgan Keegan, and the company's Moody's and S&P credit ratings were below investment grade at June 30, 2011. Several litigation matters remain pending, and management expects net loan charge-offs to stay at an elevated level during 2011.

    Aug 4, 2011
  47. 2011-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2011

    Regions Financial Corporation's first-quarter 2011 Form 10-Q reports net income of $69 million, or $17 million available to common shareholders ($0.01 per diluted share), compared with a net loss available to common shareholders of $255 million ($0.21 loss per diluted share) in the first quarter of 2010. The primary driver of improvement was a $482 million provision for loan losses, $288 million lower than a year earlier, reflecting improving credit trends. Net interest margin improved to 3.07 percent from 2.77 percent, and non-interest expense fell $63 million to $1.167 billion, largely because the prior-year period included a $53 million loss on early extinguishment of debt. Credit quality remained under pressure but showed some stabilization. Net charge-offs were $481 million, or an annualized 2.37 percent of average loans, down from 3.16 percent a year earlier. Non-performing assets were flat at $3.9 billion compared with year-end 2010 and down from $4.6 billion at March 31, 2010. Total loans declined to $81.4 billion, reflecting a strategic reduction in investor real estate exposure. Florida second-lien home equity loans remained a significant source of losses. Total assets were $131.8 billion and stockholders' equity was $16.6 billion. The filing also highlights ongoing risks. Moody's and S&P ratings for Regions Financial Corporation were below investment grade at March 31, 2011, and several class-action and regulatory proceedings tied to Morgan Keegan's Regions Morgan Keegan Select Funds and auction rate securities remain pending. Management said it expects net charge-offs to remain elevated during 2011, with the provision likely trending down through the year. The Banking/Treasury goodwill test passed Step Two with no impairment, though the company disclosed sensitivity to discount rate and valuation multiplier changes.

    May 5, 2011
  48. 2010-Q3

    Regions Financial Quarterly Report for Q3 Ended Sep 30, 2010

    Regions Financial Corporation's Form 10-Q for the quarter ended September 30, 2010 reports a net loss available to common shareholders of $209 million, or $0.17 per diluted share, for the third quarter of 2010, compared with a net loss available to common shareholders of $437 million, or $0.37 per diluted share, in the third quarter of 2009. The provision for loan losses fell to $760 million from $1.025 billion, which the filing identifies as the primary driver of the improvement, while credit costs remained elevated. For the nine months ended September 30, 2010, the company reported a net loss of $628 million, including a $200 million non-tax-deductible regulatory charge tied to Morgan Keegan's matter with the SEC, FINRA and a state task force. Total assets declined to $133.5 billion from $142.3 billion at year-end 2009, mainly from lower loans, and total deposits fell to $94.98 billion. Capital and funding metrics were stated as above regulatory requirements, with the Tier 1 Common risk-based ratio at 7.63% and the Tier 1 Capital ratio at 12.07%. Net interest margin improved to 2.96% in the third quarter from 2.73% a year earlier, and management expects the margin to reach 3.00% by year-end 2010. Non-performing assets were $4.2 billion including loans held for sale. On November 1, 2010, Moody's downgraded the obligations of Regions Financial Corporation, leaving its long-term debt rating below investment grade, and the filing notes that many obligations remain on negative watch or outlook. The filing also addresses regulatory and legal exposures, including Dodd-Frank Act implementation, Basel III capital proposals, and several pending class actions and proceedings involving Morgan Keegan and Regions, none of which management expects to have a material effect except as the filing notes. Regions has not paid a dividend increase, with the quarterly common dividend held at $0.01 per share.

    Nov 3, 2010
  49. 2010-Q2

    Regions Financial Quarterly Report for Q2 Ended Jun 30, 2010

    Regions Financial Corporation reported a net loss available to common shareholders of $335 million, or $0.28 per diluted share, for the second quarter of 2010, compared with a net loss available to common shareholders of $244 million, or $0.28 per diluted share, in the second quarter of 2009. The quarter included a $200 million regulatory charge recorded by Morgan Keegan related to SEC, FINRA and state task force administrative proceedings concerning certain Regions Morgan Keegan Select Funds. Excluding that charge, the loss was $0.11 per diluted share. The company attributes improvement mainly to lower credit costs: the second-quarter provision for loan losses was $651 million, $261 million lower than a year earlier, and net interest margin rose to 2.87 percent from 2.62 percent. Total assets declined to $135.3 billion at June 30, 2010 from $142.3 billion at December 31, 2009, driven by lower loans, which fell to $85.9 billion from $90.7 billion as management reduced investor real estate concentration and loan demand stayed weak. Non-performing assets excluding loans held for sale were $4.0 billion, versus $4.1 billion at year-end 2009. The allowance for loan losses equaled 3.71 percent of loans, net of unearned income. Stockholders' equity was $17.5 billion, and the Series B mandatorily convertible preferred stock was converted into about 63 million common shares in June 2010. The Tier 1 common risk-based ratio was 7.68 percent. The filing also highlights regulatory and legal uncertainty. The Dodd-Frank Act was signed into law on July 21, 2010, and its effects, including the Durbin amendment's impact on interchange revenue, are not yet defined. Management expects net loan charge-offs to remain elevated during 2010 and expects net interest margin to reach 3.00 percent by year-end 2010. Several class-action and regulatory matters tied to Morgan Keegan remain pending.

    Aug 4, 2010
  50. 2010-Q1

    Regions Financial Quarterly Report for Q1 Ended Mar 31, 2010

    Regions Financial Corporation's first-quarter 2010 Form 10-Q, filed May 5, 2010, reports a net loss available to common shareholders of $255 million, or $0.21 per diluted share, compared with diluted earnings of $0.04 in the first quarter of 2009. The loss was driven primarily by credit costs: the provision for loan losses was $770 million, versus $425 million a year earlier, and net charge-offs were $700 million, or an annualized 3.16% of average loans. Management says credit costs are stabilizing and expects non-performing assets and net charge-offs to peak by the end of the second quarter of 2010. Total non-performing assets excluding loans held for sale were $4.3 billion, up from $4.1 billion at December 31, 2009. Balance sheet totals shrank over the quarter. Total assets fell to $137.2 billion from $142.3 billion, and loans, net of unearned income, declropped $2.5 billion to $88.2 billion, reflecting weak demand and deliberate reductions in investor real estate. Total deposits were $98.3 billion and stockholders' equity was $17.6 billion. Non-interest income fell to $812 million from $1.07 billion, mainly because leveraged lease termination gains dropped from $323 million to $19 million. The company recorded a $53 million loss on early extinguishment of debt from prepaying about $1.5 billion of FHLB advances. Net interest margin improved to 2.77% from 2.64%. Several subsequent events and risk items matter to investors. In April 2010 Regions issued $750 million of senior unsecured notes and announced the conversion of all 267,665 Series B preferred shares into common stock, effective on or about June 18, 2010. The filing discloses that Standard & Poor's and DBRS downgraded Regions' ratings during the quarter, and it describes pending SEC, FINRA and state administrative proceedings against Morgan Keegan. The quarterly common dividend was $0.01, and management does not expect to raise it above that level in the foreseeable future.

    May 5, 2010