rf-20220422

Exhibit 99.1

Media Contact:

Investor Relations Contact:

Jeremy King

Dana Nolan

(205) 264-4551

(205) 264-7040

Strong Foundation. Positive Results. Regions reports first quarter 2022 earnings of $524 million, earnings per diluted share of $0.55

BIRMINGHAM, Ala. - (BUSINESS WIRE) - April 22, 2022 - Regions Financial Corp. (NYSE:RF) today announced earnings for the first quarter ended March 31, 2022. The company reported first quarter net income available to common shareholders of $524 million and earnings per diluted share of $0.55. Total revenue of $1.6 billion and pre-tax pre-provision income(1) of $666 million reflected a 5 percent increase in net interest income compared to the first quarter of 2021 attributable to higher interest rates as well as loan and deposit growth.

“Our solid first-quarter results are a reflection of Regions' sound business strategy. Factors positioning us for further growth include our passion for delivering a first-class banking experience, an innovative mindset in digital banking and other services, our enhanced specialty capabilities, and exceptional teams that are building and deepening customer relationships in many of the fastest-growing markets in the country,” said John Turner, President and CEO of Regions Financial Corp. “We are proud that our results reflect Regions' strong credit profile, our commitment to prudently managing expenses, and our growth in loan commitments, balances, and pipelines, as well as deposit accounts and balances. We will continue to differentiate Regions through a seamless customer experience, an always-on focus toward evolving and enhancing our services, and exceptional banking teams that are empowered through competitive tools and resources to expand our customer base and build even greater client loyalty.”

Regions' Strategic Plan in Action:

With results including a year-to-year increase in net interest income, well-controlled expenses, solid credit metrics, and more, Regions is delivering quality fundamentals supported by key advantages. Those advantages include:

•Strong in-market migration converting legacy "core" markets into growth markets:

◦Nineteen of Regions' top 25 MSAs are projected to grow faster than the U.S. national average.

◦Twenty of the top 25 U.S. markets with net migration inflows are within Regions' footprint, which includes vibrant markets across the Southeast, Texas, and portions of the Midwest.

◦Regions' deposit-weighted population growth by MSA for 2022-2027 is projected at 3.6% vs. the national average of 3.2%.

◦Consistently onboarding talented and highly experienced, revenue-generating personnel in growth markets, further introducing the Regions brand to more businesses and consumers

•Digital and data supporting a better banking experience:

◦5.5% increase in overall digital users in 1Q22 compared to 1Q21

◦9.5% increase specifically in mobile users in 1Q22 compared to 1Q21

◦4.6% increase in digital transactions as a percentage of total consumer customer transactions in 1Q22 compared to 1Q21

◦Expansion of Regions' Relationship Platform: Regions Bridge provides a single client relationship view to better serve customers across Wealth Management and Mortgage.

◦New Fulfillment & Servicing Platforms for Real Estate Loans: Part of Regions' path to a more omnichannel experience

◦Centralization of Data/Modernization: Leveraging modern Big Data Platforms to accelerate data-driven decision-making processes

SUMMARY OF FIRST QUARTER 2022 RESULTS:


	Quarter Ended
(amounts in millions, except per share data)	3/31/2022		12/31/2021		3/31/2021
Net income	$	548	$	438	$	642
Preferred dividends and other	24		24		28
Net income available to common shareholders	$	524	$	414	$	614

Weighted-average diluted shares outstanding	947		958		968
Actual shares outstanding—end of period	933		942		961

Diluted earnings per common share	$	0.55	$	0.43	$	0.63

Selected items impacting earnings:
Pre-tax adjusted items(1):
Adjustments to non-interest expense(1)	$	(1)	$	(16)	$	(10)
Adjustments to non-interest income(1)	1		—		4
Total pre-tax adjusted items(1)	$	—	$	(16)	$	(6)



Diluted EPS impact*	$	—	$	(0.01)	$	—

Pre-tax additional selected items**:
CECL provision (in excess of) less than net charge-offs***	$	82	$	(66)	$	225
Capital markets income - CVA/DVA	6		—		11
MSR net hedge performance	(5)		(5)		7
PPP loan interest income****	12		39		40



Pension settlement charges	—		(3)		—
Ginnie Mae re-securitization gains	12		—		—

* Based on income taxes at an approximate 25% incremental rate.

** Items impacting results or trends during the period, but are not considered non-GAAP adjustments. These items generally include market-related measures, impacts of new accounting guidance, or event driven actions.

*** Fourth quarter 2021 amount includes $145 million for the initial allowance for non-purchased credit deteriorated acquired EnerBank loans.

**** Interest income for the Small Business Administration's Paycheck Protection Program (PPP) loans includes estimated funding costs.

Non-GAAP adjusted items(1) impacting the company's earnings are identified to assist investors in analyzing Regions' operating results on the same basis as that applied by management and provide a basis to predict future performance. Non-GAAP adjusted items(1) in the current quarter had minimal impact.

Total revenue


	Quarter Ended
($ amounts in millions)	3/31/2022			12/31/2021			3/31/2021			1Q22 vs. 4Q21				1Q22 vs. 1Q21
Net interest income	$	1,015		$	1,019		$	967		$	(4)	(0.4)	%	$	48	5.0	%


Taxable equivalent adjustment	11			10			11			1		10.0	%	—		NM
Net interest income, taxable equivalent basis	$	1,026		$	1,029		$	978		$	(3)	(0.3)	%	$	48	4.9	%
Net interest margin (FTE)	2.85		%	2.83		%	3.02		%
Adjusted net interest margin (FTE) (non-GAAP)(1)	3.43		%	3.34		%	3.40		%

Non-interest income:
Service charges on deposit accounts	$	168		$	166		$	157		2		1.2	%	11		7.0	%
Card and ATM fees	124			127			115			(3)		(2.4)	%	9		7.8	%
Wealth management income	101			100			91			1		1.0	%	10		11.0	%
Capital markets income	73			83			100			(10)		(12.0)	%	(27)		(27.0)	%
Mortgage income	48			49			90			(1)		(2.0)	%	(42)		(46.7)	%
Commercial credit fee income	22			23			22			(1)		(4.3)	%	—		—	%
Bank-owned life insurance	14			14			17			—		—	%	(3)		(17.6)	%
Securities gains (losses), net	—			—			1			—		—	%	(1)		(100.0)	%

Market value adjustments on employee benefit assets*	(14)			—			7			(14)		NM		(21)		(300.0)	%
Gains on equity investment	—			—			3			—		—		(3)		(100.0)	%
Other	48			53			38			(5)		(9.4)	%	10		26.3	%
Non-interest income	$	584		$	615		$	641		$	(31)	(5.0)	%	$	(57)	(8.9)	%
Total revenue	$	1,599		$	1,634		$	1,608		$	(35)	(2.1)	%	$	(9)	(0.6)	%

Adjusted total revenue (non-GAAP)(1)	$	1,598		$	1,634		$	1,604		$	(36)	(2.2)	%	$	(6)	(0.4)	%

NM - Not Meaningful

* These market value adjustments relate to assets held for employee benefits that are offset within salaries and employee benefits expense.

Total revenue of approximately $1.6 billion decreased 2 percent on both a reported and an adjusted basis(1) compared to the fourth quarter of 2021. Net interest income was relatively stable compared to the fourth quarter and benefited from average loan growth and rising interest rates but was offset by a lower contribution from the Paycheck Protection Program (PPP) forgiveness income and two fewer days. Deposit growth trends continued during the quarter, and average cash balances increased to new record levels, negatively impacting the reported net interest margin, which increased 2 basis points to 2.85 percent. Excluding the impact of PPP interest income and excess cash balances held at the Federal Reserve, the company's adjusted net interest margin(1) increased 9 basis points to 3.43 percent.

Non-interest income decreased 5 percent on both a reported and an adjusted basis(1) compared to the fourth quarter of 2021. Service charges, mortgage income, and wealth management income remained relatively stable. Mortgage income includes approximately $12 million in gains associated with previously repurchased Ginnie Mae loans sold during the first quarter. Capital markets income decreased 12 percent as merger and acquisition advisory fees were muted by seasonality as well as timing of transactions. Additionally, debt and real estate capital markets were impacted by interest rate uncertainty, geopolitical tensions and volatility in credit spreads. Card & ATM fees decreased 2 percent due to seasonally lower spend and fewer days in the quarter. Other non-interest income declined 9 percent primarily due to an increase in the value of equity investments in the prior quarter that did not repeat. Additionally, market value adjustments on employment benefit assets that are offset in salaries and benefits decreased during the quarter.

Non-interest expense


	Quarter Ended
($ amounts in millions)	3/31/2022		12/31/2021		3/31/2021		1Q22 vs. 4Q21				1Q22 vs. 1Q21
Salaries and employee benefits	$	546	$	575	$	546	$	(29)	(5.0)	%	$	—	—	%
Equipment and software expense	95		96		90		(1)		(1.0)	%	5		5.6	%
Net occupancy expense	75		76		77		(1)		(1.3)	%	(2)		(2.6)	%
Outside services	38		41		38		(3)		(7.3)	%	—		—	%
Professional, legal and regulatory expenses	17		33		29		(16)		(48.5)	%	(12)		(41.4)	%
Marketing	24		32		22		(8)		(25.0)	%	2		9.1	%
FDIC insurance assessments	14		13		10		1		7.7	%	4		40.0	%
Credit/checkcard expenses	26		15		14		11		73.3	%	12		85.7	%
Branch consolidation, property and equipment charges	1		—		5		1		NM		(4)		(80.0)	%
Visa class B shares expense	5		8		4		(3)		(37.5)	%	1		25.0	%


Other	92		94		93		(2)		(2.1)	%	(1)		(1.1)	%
Total non-interest expense	$	933	$	983	$	928	$	(50)	(5.1)	%	$	5	0.5	%
Total adjusted non-interest expense(1)	$	932	$	967	$	918	$	(35)	(3.6)	%	$	14	1.5	%

NM - Not Meaningful

Non-interest expense decreased 5 percent on a reported basis and 4 percent on an adjusted basis(1) compared to the fourth quarter of 2021. Salaries and benefits decreased 5 percent driven primarily by lower incentive compensation, which was offset by a seasonal increase in payroll taxes and 401(k) expenses. Professional and legal fees decreased $16 million due primarily to elevated expenses associated with the company's fourth quarter acquisitions. Marketing expenses decreased 25 percent attributable primarily to the timing of marketing campaigns. Partially offsetting these reductions, credit and checkcard expenses increased $11 million during the quarter.

The company's first quarter efficiency ratio was 57.9 percent on both a reported and adjusted basis(1). The effective tax rate was approximately 22 percent.

Loans and Leases


	Average Balances

($ amounts in millions)	1Q22		4Q21		1Q21		1Q22 vs. 4Q21				1Q22 vs. 1Q21



Commercial and industrial	$	43,993	$	42,254	$	42,816	$	1,739	4.1	%	$	1,177	2.7%


Commercial real estate—owner-occupied	5,506		5,649		5,678		(143)		(2.5)	%	(172)		(3.0)%
Investor real estate	7,082		7,185		7,222		(103)		(1.4)	%	(140)		(1.9)%
Business Lending	56,581		55,088		55,716		1,493		2.7	%	865		1.6%
Residential first mortgage	17,496		17,413		16,606		83		0.5	%	890		5.4%


Home equity	6,163		6,334		7,085		(171)		(2.7)	%	(922)		(13.0)%

Consumer credit card	1,142		1,155		1,151		(13)		(1.1)	%	(9)		(0.8)%
Other consumer—exit portfolios	987		1,160		1,884		(173)		(14.9)	%	(897)		(47.6)%
Other consumer	5,445		5,398		2,313		47		0.9	%	3,132		135.4%
Consumer Lending	31,233		31,460		29,039		(227)		(0.7)	%	2,194		7.6%
Total Loans	$	87,814	$	86,548	$	84,755	$	1,266	1.5	%	$	3,059	3.6%

NM - Not meaningful.

Average loans and leases increased 1 percent compared to the prior quarter driven primarily by growth in commercial and industrial lending. Average business lending increased 3 percent reflecting broad-based growth in corporate, middle market, and real estate lending across the company's diversified and specialized portfolios. While still below pre-pandemic levels, commercial loan line utilization levels ended the quarter at approximately 43.9 percent, increasing 160 basis points over the prior quarter. Loan production continues to be strong with loan commitment growth of approximately $1.6 billion during the quarter. Average consumer lending decreased 1 percent attributable to lower exit portfolios, home equity and credit card balances, partially offset by growth in residential first mortgage and other consumer credit which includes EnerBank. Additionally, during the quarter, residential first mortgage was impacted by the re-securitization and sale of approximately $285 million of Ginnie Mae loans that had been previously repurchased from their pools.

Deposits


	Average Balances

($ amounts in millions)	1Q22		4Q21		1Q21		1Q22 vs. 4Q21			1Q22 vs. 1Q21
Customer low-cost deposits	$	132,829	$	130,177	$	117,775	$	2,652	2.0%	$	15,054	12.8%
Customer time deposits	5,905		6,505		5,158		(600)		(9.2)%	747		14.5%
Corporate treasury time deposits	—		—		4		—		NM	(4)		(100.0)%
Corporate treasury other deposits	—		—		—		—		NM	—		NM
Total Deposits	$	138,734	$	136,682	$	122,937	$	2,052	1.5%	$	15,797	12.8%

($ amounts in millions)	1Q22		4Q21		1Q21		1Q22 vs. 4Q21			1Q22 vs. 1Q21
Consumer Bank Segment	$	83,054	$	80,930	$	72,949	$	2,124	2.6%	$	10,105	13.9%
Corporate Bank Segment	42,609		42,659		40,285		(50)		(0.1)%	2,324		5.8%
Wealth Management Segment	10,407		10,054		9,281		353		3.5%	1,126		12.1%
Other	2,664		3,039		422		(375)		(12.3)%	2,242		NM
Total Deposits	$	138,734	$	136,682	$	122,937	$	2,052	1.5%	$	15,797	12.8%

Total average deposit balances increased 2 percent to a new record high in the first quarter of 2022. Consumer and Wealth Management deposits increased compared to the fourth quarter, while corporate deposits remained relatively stable.

Asset quality


	As of and for the Quarter Ended
($ amounts in millions)	3/31/2022	12/31/2021	3/31/2021
ACL/Loans, net	1.67%	1.79%	2.44%
ALL/Loans, net	1.59%	1.69%	2.33%
Allowance for credit losses to non-performing loans, excluding loans held for sale	446%	349%	280%
Allowance for loan losses to non-performing loans, excluding loans held for sale	423%	328%	268%
Provision for (benefit from) credit losses	$(36)	$110	$(142)
Net loans charged-off	$46	$44	$83
Net loan charge-offs as a % of average loans, annualized	0.21%	0.20%	0.40%
Non-performing loans, excluding loans held for sale/Loans, net	0.37%	0.51%	0.87%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale	0.39%	0.54%	0.90%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale*	0.53%	0.70%	1.09%

Total Criticized Loans—Business Services**	$2,539	$2,905	$3,756

* Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing.

** Business services represents the combined total of commercial and investor real estate loans.

Positive asset quality performance and waning pandemic concerns partially offset by loan growth and general economic volatility associated primarily with inflation and geopolitical unrest resulted in a net $36 million benefit to the provision for credit losses during the first quarter of 2022. The resulting allowance for credit losses

was equal to 1.67 percent of total loans and 446 percent of total non-performing loans, excluding loans held for sale. Annualized net charge-offs increased 1 basis point to 0.21 percent of average loans during the first quarter. Total non-performing loans, excluding loans held for sale, and total business services criticized loans improved during the quarter. Overall asset quality continues to reflect broad-based improvement across most commercial and consumer loan portfolios, as well as elevated recoveries associated with strong collateral asset values.

Capital and liquidity


	As of and for Quarter Ended
	3/31/2022	12/31/2021	3/31/2021

Common Equity Tier 1 ratio(2)	9.4%	9.6%	10.3%
Tier 1 capital ratio(2)	10.8%	11.0%	11.9%
Tangible common stockholders’ equity to tangible assets (non-GAAP)(1)	5.93%	6.83%	7.43%
Tangible common book value per share (non-GAAP)(1)*	$10.06	$11.38	$11.46
Loans, net of unearned income, to total deposits	63.3%	63.1%	65.4%

* Tangible common book value per share includes the impact of quarterly earnings and changes to market value adjustments within accumulated other comprehensive income, as well as continued capital returns.

Regions maintains a solid capital position as estimated capital ratios remain well above current regulatory requirements. The Tier 1(2) and Common Equity Tier 1(2) ratios were estimated at 10.8 percent and 9.4 percent respectively at quarter-end.

During the first quarter, the company repurchased 9 million shares of common stock for a total of $215 million through open market purchases and declared $159 million in dividends to common shareholders.

(1)Non-GAAP; refer to pages 5, 6, 9, 10 and 19 of the financial supplement to this earnings release for reconciliations.

(2)Current quarter Common Equity Tier 1, and Tier 1 capital ratios are estimated.

Conference Call

In addition to the live audio webcast at 10 a.m. ET on April 22, 2022, an archived recording of the webcast will be available at the Investor Relations page of www.regions.com following the live event. A replay of the earnings call will also be available beginning Friday, April 22, 2022, at 1:30 p.m. ET through Sunday, May 22, 2022. To listen by telephone, please dial 855-859-2056, and use access code 8966427.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $164 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

Forward-Looking Statements

statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below:

•Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in unemployment rates, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions.

•Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, which could have a material adverse effect on our earnings.

•Possible changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital and liquidity.

•The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any pandemic, including the COVID-19 pandemic, could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses.

•Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in tax law, adverse changes in the economic environment, declining operations of the reporting unit or other factors.

•The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios, and our ability to return capital to shareholders.

•Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases.

•Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses.

•Possible acceleration of prepayments on mortgage-backed securities due to low interest rates, and the related acceleration of premium amortization on those securities.

•Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, which could increase our funding costs.

•Possible changes in consumer and business spending and saving habits and the related effect on our ability to increase assets and to attract deposits, which could adversely affect our net income.

•Our ability to effectively compete with other traditional and non-traditional financial services companies, including fintechs, some of whom possess greater financial resources than we do or are subject to different regulatory standards than we are.

•Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers’ needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue.

•Our inability to keep pace with technological changes, including those related to the offering of digital banking and financial services, could result in losing business to competitors.

•Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the changes in U.S. presidential administration, control of the U.S. Congress, and changes in personnel at the bank regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.

•Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders.

•Our ability to comply with stress testing and capital planning requirements (as part of the CCAR process or otherwise) may continue to require a significant investment of our managerial resources due to the importance of such tests and requirements.

•Our ability to comply with applicable capital and liquidity requirements (including, among other things, the Basel III capital standards), including our ability to generate capital internally or raise capital on favorable terms, and if we fail to meet requirements, our financial condition and market perceptions of us could be negatively impacted.

•The effects of any developments, changes or actions relating to any litigation or regulatory proceedings brought against us or any of our subsidiaries.

•The costs, including possibly incurring fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results.

•Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our businesses.

•Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and nonfinancial benefits relating to our strategic initiatives.

•The risks and uncertainties related to our acquisition or divestiture of businesses, including our recently completed acquisitions of EnerBank, Sabal, and Clearsight, and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within the expected timeframes, or might be less than projected; difficulties in integrating the businesses; and the inability of Regions to effectively cross-sell products following these acquisitions.

•The success of our marketing efforts in attracting and retaining customers.

•Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time.

•Fraud or misconduct by our customers, employees or business partners.

•Any inaccurate or incomplete information provided to us by our customers or counterparties.

•Inability of our framework to manage risks associated with our businesses, such as credit risk and operational risk, including third-party vendors and other service providers, which could, among other things, result in a breach of operating or security systems as a result of a cyber attack or similar act or failure to deliver our services effectively.

•Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms.

•The inability of our internal controls and procedures to prevent, detect or mitigate any material errors or fraudulent acts.

•The effects of geopolitical instability, including wars, conflicts, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our businesses.

•The effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes, and environmental damage (specifically in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and frequency of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change.

•Changes in commodity market prices and conditions could adversely affect the cash flows of our borrowers operating in industries that are impacted by changes in commodity prices (including businesses indirectly impacted by commodities prices such as businesses that transport commodities or manufacture equipment used in the production of commodities), which could impair their ability to service any loans outstanding to them and/or reduce demand for loans in those industries.

•Our ability to identify and address cyber-security risks such as data security breaches, malware, ransomware, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our businesses and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage to our systems, increased costs, losses, or adverse effects to our reputation.

•Our ability to achieve our expense management initiatives.

•Market replacement of LIBOR and the related effect on our LIBOR-based financial products and contracts, including, but not limited to, derivative products, debt obligations, deposits, investments, and loans.

•Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets.

•The effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.

•The effects of the failure of any component of our business infrastructure provided by a third party could disrupt our businesses, result in the disclosure of and/or misuse of confidential information or proprietary information, increase our costs, negatively affect our reputation, and cause losses.

•Our ability to receive dividends from our subsidiaries, in particular Regions Bank, could affect our liquidity and ability to pay dividends to shareholders.

•Changes in accounting policies or procedures as may be required by the FASB or other regulatory agencies could materially affect our financial statements and how we report those results, and expectations and preliminary analyses relating to how such changes will affect our financial results could prove incorrect.

•Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated.

•The effects of anti-takeover and exclusive forum laws and provision in our certificate of incorporation and bylaws.

•The effects of any damage to our reputation resulting from developments related to any of the items identified above.

•Other risks identified from time to time in reports that we file with the SEC.

The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC.

Forward-looking statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the COVID-19 pandemic (including the impact of additional variants and resurgences), the effectiveness, availability and acceptance of any vaccines or therapies, and the direct and indirect impact of the COVID-19 pandemic on our customers, third parties and us.

The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objectives,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and

do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law.

Use of non-GAAP financial measures

Management uses pre-tax pre-provision income (non-GAAP) and adjusted pre-tax pre-provision income (non-GAAP), as well as the adjusted efficiency ratio (non-GAAP) and the adjusted fee income ratio (non-GAAP) to monitor performance and believes these measures provide meaningful information to investors. Non-interest expense (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the efficiency ratio. Non-interest income (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest income (non-GAAP), which is the numerator for the fee income ratio. Adjusted non-interest income (non-GAAP) and adjusted non-interest expense (non-GAAP) are used to determine adjusted pre-tax pre-provision income (non-GAAP). Net interest income (GAAP) on a taxable-equivalent basis and non-interest income are added together to arrive at total revenue on a taxable-equivalent basis. Adjustments are made to arrive at adjusted total revenue on a taxable-equivalent basis (non-GAAP), which is the denominator for the fee income and efficiency ratios. Regions believes that the exclusion of these adjustments provides a meaningful basis for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of Regions’ business. It is possible that the activities related to the adjustments may recur; however, management does not consider the activities related to the adjustments to be indications of ongoing operations. Regions believes that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as that applied by management.

The allowance for credit losses (ACL) as a percentage of total loans is an important ratio, especially during periods of economic stress. Management believes this ratio provides investors with meaningful additional information about credit loss allowance levels when the impact of SBA's Paycheck Protection Program loans, which are fully backed by the U.S. government, and any related allowance are excluded from total loans and total allowance which are the denominator and numerator, respectively, used in the ACL ratio. This adjusted ACL ratio represents a non-GAAP financial measure.

Tangible common stockholders’ equity ratios have become a focus of some investors and management believes they may assist investors in analyzing the capital position of the Company absent the effects of intangible assets and preferred stock. Analysts and banking regulators have assessed Regions’ capital adequacy using the tangible common stockholders’ equity measure. Because tangible common stockholders’ equity is not formally defined by GAAP or prescribed in any amount by federal banking regulations it is currently considered to be a non-GAAP financial measure and other entities may calculate it differently than Regions’ disclosed calculations. Since analysts and banking regulators may assess Regions’ capital adequacy using tangible common stockholders’ equity, management believes that it is useful to provide investors the ability to assess Regions’ capital adequacy on this same basis.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to stockholders.

Management and the Board of Directors utilize non-GAAP measures as follows:

•Preparation of Regions' operating budgets

•Monthly financial performance reporting

•Monthly close-out reporting of consolidated results (management only)

•Presentation to investors of company performance

•Metrics for incentive compensation

Regions’ Investor Relations contact is Dana Nolan at (205) 264-7040; Regions’ Media contact is Jeremy King at (205) 264-4551.

Exhibit 99.2

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited)

First Quarter 2022

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Table of Contents



						Page

Financial Highlights						1

Selected Ratios and Other Information						2

Consolidated Statements of Income						3

Consolidated Average Daily Balances and Yield / Rate Analysis						4

Pre-Tax Pre-Provision Income ("PPI") and Adjusted PPI						6

Non-Interest Income, Mortgage Income, Wealth Management Income and Capital Markets Income						7

Non-Interest Expense						8

Reconciliation to GAAP Financial Measures
Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income / Expense, Adjusted Operating Leverage Ratios, and Return Ratios						9

Credit Quality
Allowance for Credit Losses, Net Charge-Offs and Related Ratios						11
Non-Accrual Loans (excludes loans held for sale), Early and Late Stage Delinquencies						13

Consolidated Balance Sheets						14

Loans						15

Deposits						17

Reconciliation to GAAP Financial Measures
Tangible Common Ratios						19

Forward-Looking Statements						20

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Financial Highlights


	Quarter Ended
($ amounts in millions, except per share data)	3/31/2022			12/31/2021			9/30/2021			6/30/2021			3/31/2021
Earnings Summary
Interest income - taxable equivalent	$	1,063		$	1,066		$	1,017		$	1,018		$	1,024
Interest expense - taxable equivalent	37			37			41			43			46

Net interest income - taxable equivalent	1,026			1,029			976			975			978
Less: Taxable-equivalent adjustment	11			10			11			12			11
Net interest income	1,015			1,019			965			963			967
Provision for (benefit from) credit losses	(36)			110			(155)			(337)			(142)
Net interest income after provision for (benefit from) credit losses	1,051			909			1,120			1,300			1,109
Non-interest income	584			615			649			619			641
Non-interest expense	933			983			938			898			928
Income before income taxes	702			541			831			1,021			822
Income tax expense	154			103			180			231			180




Net income	$	548		$	438		$	651		$	790		$	642

Net income available to common shareholders	$	524		$	414		$	624		$	748		$	614



Earnings per common share - basic	$	0.56		$	0.44		$	0.65		$	0.78		$	0.64
Earnings per common share - diluted	$	0.55		$	0.43		$	0.65		$	0.77		$	0.63

Balance Sheet Summary
At quarter-end
Loans, net of unearned income	$	89,335		$	87,784		$	83,270		$	84,074		$	84,755
Allowance for credit losses	(1,492		)	(1,574		)	(1,499		)	(1,684		)	(2,068		)
Assets	164,082			162,938			156,153			155,610			153,331
Deposits	141,022			139,072			132,039			131,484			129,602

Long-term borrowings	2,343			2,407			2,451			2,870			2,916
Shareholders' equity	16,982			18,326			18,605			18,252			17,862
Average balances
Loans, net of unearned income	$	87,814		$	86,548		$	83,350		$	84,551		$	84,755
Assets	161,728			160,051			155,630			154,678			146,554
Deposits	138,734			136,682			131,897			131,132			122,937

Long-term borrowings	2,390			2,433			2,774			2,901			3,192
Shareholders' equity	17,717			18,308			18,453			18,000			18,038

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Selected Ratios and Other Information


	As of and for Quarter Ended
	3/31/2022			12/31/2021			9/30/2021			6/30/2021			3/31/2021
Return on average assets* (1)	1.38		%	1.09		%	1.66		%	2.05		%	1.78		%
Return on average common shareholders' equity*	13.23		%	9.86		%	14.75		%	18.35		%	15.20		%

Return on average tangible common shareholders’ equity (non-GAAP)* (2)	21.00		%	15.07		%	21.34		%	26.91		%	22.28		%

Efficiency ratio	57.9		%	59.8		%	57.7		%	56.4		%	57.3		%
Adjusted efficiency ratio (non-GAAP) (2)	57.9		%	58.8		%	56.6		%	56.9		%	56.8		%
Common book value per share	$	16.42		$	17.69		$	17.75		$	17.38		$	16.87
Tangible common book value per share (non-GAAP) (2)	$	10.06		$	11.38		$	12.32		$	11.94		$	11.46
Tangible common shareholders’ equity to tangible assets (non-GAAP) (2)	5.93		%	6.83		%	7.79		%	7.58		%	7.43		%

Common equity (3)	$	10,912		$	10,844		$	11,628		$	11,190		$	10,952
Total risk-weighted assets (3)	$	116,248		$	113,343		$	108,052		$	107,943		$	106,261
Common equity Tier 1 ratio (3)	9.4		%	9.6		%	10.8		%	10.4		%	10.3		%

Tier 1 capital ratio (3)	10.8		%	11.0		%	12.3		%	11.9		%	11.9		%
Total risk-based capital ratio (3)	12.5		%	12.7		%	14.1		%	13.9		%	14.0		%
Leverage ratio (3)	8.0		%	8.1		%	8.8		%	8.6		%	8.9		%
Effective tax rate	21.9		%	18.9		%	21.7		%	22.6		%	21.9		%


Allowance for credit losses as a percentage of loans, net of unearned income	1.67		%	1.79		%	1.80		%	2.00		%	2.44		%

Allowance for credit losses to non-performing loans, excluding loans held for sale	446		%	349		%	283		%	253		%	280		%
Net interest margin (FTE)*	2.85		%	2.83		%	2.76		%	2.81		%	3.02		%
Adjusted net interest margin (FTE) (non-GAAP) (2) *	3.43		%	3.34		%	3.30		%	3.31		%	3.40		%
Loans, net of unearned income, to total deposits	63.3		%	63.1		%	63.1		%	63.9		%	65.4		%
Net charge-offs as a percentage of average loans*	0.21		%	0.20		%	0.14		%	0.23		%	0.40		%
Non-accrual loans, excluding loans held for sale, as a percentage of loans	0.37		%	0.51		%	0.64		%	0.79		%	0.87		%
Non-performing assets (excluding loans 90 days past due) as a percentage of loans, foreclosed properties, non-marketable investments and non-performing loans held for sale	0.39		%	0.54		%	0.66		%	0.93		%	0.90		%
Non-performing assets (including loans 90 days past due) as a percentage of loans, foreclosed properties, non-marketable investments and non-performing loans held for sale (4)	0.53		%	0.70		%	0.80		%	1.09		%	1.09		%
Associate headcount—full-time equivalent(5)	19,723			19,626			18,963			18,814			18,926
ATMs	2,054			2,068			2,051			2,051			2,101
Branch Statistics
Full service	1,259			1,268			1,276			1,280			1,332
Drive-through/transaction service only	35			34			34			33			34
Total branch outlets	1,294			1,302			1,310			1,313			1,366

*Annualized

(1)Calculated by dividing net income by average assets.

(2)See reconciliation of GAAP to non-GAAP Financial Measures that begin on pages 5, 6, 9, 10, and 19.

(3)Current quarter Common equity as well as Total risk-weighted assets, Common equity Tier 1, Tier 1 capital, Total risk-based capital and Leverage ratios are estimated.

(4)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page 17 for amounts related to these loans.

(5)Associate headcount for the fourth quarter of 2021 includes approximately 620 associates from acquisitions closed in the quarter.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Consolidated Statements of Income


	Quarter Ended
($ amounts in millions, except per share data)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Interest income on:
Loans, including fees	$	876	$	902	$	847	$	849	$	854
Debt securities	138		134		135		131		133
Loans held for sale	9		6		7		12		12

Other earning assets	29		14		17		14		14

Total interest income	1,052		1,056		1,006		1,006		1,013
Interest expense on:
Deposits	13		13		15		17		19

Long-term borrowings	24		24		26		26		27
Total interest expense	37		37		41		43		46


Net interest income	1,015		1,019		965		963		967
Provision for (benefit from) credit losses	(36)		110		(155)		(337)		(142)
Net interest income after provision for (benefit from) credit losses	1,051		909		1,120		1,300		1,109
Non-interest income:
Service charges on deposit accounts	168		166		162		163		157
Card and ATM fees	124		127		129		128		115
Wealth management income	101		100		95		96		91
Capital markets income	73		83		87		61		100
Mortgage income	48		49		50		53		90
Securities gains (losses), net	—		—		1		1		1
Other	70		90		125		117		87
Total non-interest income	584		615		649		619		641
Non-interest expense:
Salaries and employee benefits	546		575		552		532		546
Equipment and software expense	95		96		90		89		90
Net occupancy expense	75		76		75		75		77
Other	217		236		221		202		215
Total non-interest expense	933		983		938		898		928
Income before income taxes	702		541		831		1,021		822
Income tax expense	154		103		180		231		180





Net income	$	548	$	438	$	651	$	790	$	642

Net income available to common shareholders	$	524	$	414	$	624	$	748	$	614
Weighted-average shares outstanding—during quarter:
Basic	938		949		955		958		961
Diluted	947		958		962		965		968
Actual shares outstanding—end of quarter	933		942		955		955		961






Earnings per common share: (1)
Basic	$	0.56	$	0.44	$	0.65	$	0.78	$	0.64
Diluted	$	0.55	$	0.43	$	0.65	$	0.77	$	0.63

Taxable-equivalent net interest income	$	1,026	$	1,029	$	976	$	975	$	978

________

(1) Quarterly amounts may not add to year-to-date amounts due to rounding.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Consolidated Average Daily Balances and Yield/Rate Analysis


	Quarter Ended
	3/31/2022						12/31/2021
($ amounts in millions; yields on taxable-equivalent basis)	Average Balance		Income/ Expense		Yield/ Rate (1)		Average Balance		Income/ Expense		Yield/ Rate (1)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell	$	2	$	—	0.18	%	$	1	$	—	0.18	%
Debt securities (2)	29,342		138		1.88		29,264		134		1.83
Loans held for sale	782		9		4.89		855		6		2.98
Loans, net of unearned income:
Commercial and industrial	43,993		447		4.10		42,254		468		4.39
Commercial real estate mortgage—owner-occupied	5,237		57		4.35		5,386		60		4.34
Commercial real estate construction—owner-occupied	269		3		3.91		263		3		3.95
Commercial investor real estate mortgage	5,514		30		2.19		5,531		30		2.13
Commercial investor real estate construction	1,568		11		2.83		1,654		11		2.72
Residential first mortgage	17,496		135		3.09		17,413		136		3.12
Home equity	6,163		55		3.55		6,334		55		3.51
Consumer credit card	1,142		35		12.48		1,155		35		12.16
Other consumer—exit portfolios	987		14		5.84		1,160		18		5.71
Other consumer	5,445		100		7.42		5,398		96		7.13
Total loans, net of unearned income	87,814		887		4.07		86,548		912		4.18
Interest bearing deposits in other banks	26,606		13		0.20		26,121		10		0.15
Other earning assets	1,306		16		5.02		1,276		4		1.41
Total earning assets	145,852		1,063		2.93		144,065		1,066		2.94
Unrealized gains/(losses) on debt securities available for sale, net (2)	(549)						331
Allowance for loan losses	(1,472)						(1,572)
Cash and due from banks	2,200						2,143
Other non-earning assets	15,697						15,084
	$	161,728					$	160,051
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings	$	15,539	5		0.13		$	14,854	5		0.12
Interest-bearing checking	27,771		2		0.03		26,000		2		0.03
Money market	31,402		2		0.02		31,483		1		0.02
Time deposits	5,905		4		0.30		6,505		5		0.36

Total interest-bearing deposits (3)	80,617		13		0.07		78,842		13		0.07
Federal funds purchased and securities sold under agreements to repurchase	—		—		—		44		—		0.19
Other short-term borrowings	9		—		0.16		—		—		—
Long-term borrowings	2,390		24		4.06		2,433		24		3.93
Total interest-bearing liabilities	83,016		37		0.18		81,319		37		0.18
Non-interest-bearing deposits (3)	58,117		—		—		57,840		—		—
Total funding sources	141,133		37		0.11		139,159		37		0.11
Net interest spread (2)					2.75						2.76
Other liabilities	2,878						2,566
Shareholders’ equity	17,717						18,308
Noncontrolling interest	—						18
	$	161,728					$	160,051
Net interest income /margin FTE basis (2)			$	1,026	2.85	%			$	1,029	2.83	%

_______

(1) Amounts have been calculated using whole dollar values.

(2) Debt securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.

(3) Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest bearing deposits. The rates for total deposit costs equal 0.04% for the quarter ended March 31, 2022 and 0.04% for the quarter ended December 31, 2021.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Consolidated Average Daily Balances and Yield/Rate Analysis (continued)


	Quarter Ended
	9/30/2021						6/30/2021						3/31/2021
($ amounts in millions; yields on taxable-equivalent basis)	Average Balance		Income/ Expense		Yield/ Rate (1)		Average Balance		Income/ Expense		Yield/ Rate (1)		Average Balance		Income/ Expense		Yield/ Rate (1)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell	$	2	$	—	0.18	%	$	9	$	—	0.13	%	$	—	$	—	—	%
Debt securities (2)	29,308		135		1.85		28,633		$	131	1.83		27,180		133		1.96
Loans held for sale	1,044		7		2.64		1,382		12		3.36		1,603		12		3.10
Loans, net of unearned income:
Commercial and industrial	41,892		464		4.38		43,140		467		4.32		42,816		459		4.33
Commercial real estate mortgage—owner-occupied	5,436		60		4.37		5,358		60		4.42		5,375		60		4.48
Commercial real estate construction—owner-occupied	246		2		4.14		276		3		4.05		303		3		3.89
Commercial investor real estate mortgage	5,605		32		2.18		5,521		30		2.19		5,375		30		2.22
Commercial investor real estate construction	1,706		12		2.72		1,761		12		2.73		1,847		13		2.75
Residential first mortgage	17,198		135		3.15		16,795		134		3.19		16,606		134		3.23
Home equity	6,523		58		3.53		6,774		60		3.52		7,085		62		3.55


Consumer credit card	1,128		35		12.19		1,108		33		12.13		1,151		35		12.19
Other consumer—exit portfolios	1,363		19		5.63		1,599		22		5.60		1,884		26		5.66
Other consumer	2,253		41		7.06		2,219		40		7.20		2,313		43		7.47
Total loans, net of unearned income	83,350		858		4.07		84,551		861		4.07		84,755		865		4.11
Interest bearing deposits in other banks	25,144		9		0.15		23,337		7		0.11		16,509		4		0.10
Other earning assets	1,303		8		2.06		1,297		7		2.20		1,279		10		3.27
Total earning assets	140,151		1,017		2.88		139,209		1,018		2.92		131,326		1,024		3.14
Unrealized gains/(losses) on debt securities available for sale, net (2)	674						627						867
Allowance for loan losses	(1,581)						(1,896)						(2,139)
Cash and due from banks	1,937						2,094						1,931
Other non-earning assets	14,449						14,644						14,569
	$	155,630					$	154,678					$	146,554
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings	$	14,328	4		0.13		$	13,914	5		0.14		$	12,340	5		0.15
Interest-bearing checking	25,277		2		0.03		25,044		2		0.03		24,171		2		0.04
Money market	30,765		2		0.02		30,762		2		0.03		29,425		3		0.04
Time deposits	4,527		7		0.55		4,813		8		0.64		5,158		9		0.74
Other deposits	1		—		1.50		4		—		0.55		4		—		1.81
Total interest-bearing deposits (3)	74,898		15		0.08		74,537		17		0.09		71,098		19		0.11


Long-term borrowings	2,774		26		3.65		2,901		26		3.59		3,192		27		3.42
Total interest-bearing liabilities	77,672		41		0.20		77,438		43		0.22		74,290		46		0.25
Non-interest-bearing deposits (3)	56,999		—		—		56,595		—		—		51,839		—		—
Total funding sources	134,671		41		0.12		134,033		43		0.13		126,129		46		0.15
Net interest spread (2)					2.67						2.70						2.89
Other liabilities	2,506						2,645						2,387
Shareholders’ equity	18,453						18,000						18,038

	$	155,630					$	154,678					$	146,554
Net interest income/margin FTE basis (2)			$	976	2.76	%			$	975	2.81	%			$	978	3.02	%

_______

(1) Amounts have been calculated using whole dollar values.

(2) Debt securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.

(3) Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest bearing deposits. The rates for total deposit costs equal 0.04% for the quarter ended September 30, 2021, 0.05% for the quarter ended June 30, 2021 and 0.06% for the quarter ended March 31, 2021.

Adjusted Net Interest Margin (non-GAAP)

Regions believes the adjusted net interest margin (non-GAAP) provides investors with meaningful additional information about Regions' performance when margin associated with the SBA's Paycheck Protection Program (PPP) loans and excess cash are excluded from net interest margin (GAAP).


	Quarter-ended
	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Net interest margin (FTE) (GAAP)	2.85	%	2.83	%	2.76	%	2.81	%	3.02	%
Impact of SBA PPP loans (1)	(0.02)	%	(0.09)	%	(0.05)	%	(0.05)	%	(0.04)	%
Impact of excess cash (2)	0.60	%	0.60	%	0.59	%	0.55	%	0.42	%
Adjusted net interest margin (FTE) (non-GAAP)	3.43	%	3.34	%	3.30	%	3.31	%	3.40	%

_______

(1) The impact of SBA PPP loans was determined using average PPP loan balances and the related net interest income.

(2) The impact of excess cash was determined using the average cash balance in excess of $750 million and the related net interest income. The $750 million threshold approximates the average cash balance for the four quarters preceding the outbreak of the COVID-19 pandemic.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Pre-Tax Pre-Provision Income ("PPI") and Adjusted PPI (non-GAAP)

The Pre-Tax Pre-Provision Income tables below present computations of pre-tax pre-provision income excluding certain adjustments (non-GAAP). Regions believes that the presentation of PPI and the exclusion of certain items from PPI provides a meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of Regions’ business. It is possible that the activities related to the adjustments may recur; however, management does not consider the activities related to the adjustments to be indications of ongoing operations. Regions believes that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a measure of income that excludes certain adjustments does not represent the amount that effectively accrues directly to shareholders.


	Quarter Ended
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021		1Q22 vs. 4Q21				1Q22 vs. 1Q21
Net income available to common shareholders (GAAP)	$	524	$	414	$	624	$	748	$	614	$	110	26.6	%	$	(90)	(14.7)	%
Preferred dividends and other (GAAP) (1)	24		24		27		42		28		—		—	%	(4)		(14.3)	%
Income tax expense (GAAP)	154		103		180		231		180		51		49.5	%	(26)		(14.4)	%
Income before income taxes (GAAP)	702		541		831		1,021		822		161		29.8	%	(120)		(14.6)	%
Provision for (benefit from) credit losses (GAAP)	(36)		110		(155)		(337)		(142)		(146)		(132.7)	%	106		74.6	%
Pre-tax pre-provision income (non-GAAP)	666		651		676		684		680		15		2.3	%	(14)		(2.1)	%
Other adjustments:
Securities (gains) losses, net	—		—		(1)		(1)		(1)		—		NM		1		NM
Gain on equity investment	—		—		—		—		(3)		—		NM		3		100.0	%
Leveraged lease termination gains, net	(1)		—		(2)		—		—		(1)		NM		(1)		NM
Bank-owned life insurance (2)	—		—		—		(18)		—		—		NM		—		NM
Salaries and employee benefits—severance charges	—		1		—		2		3		(1)		(100.0)	%	(3)		(100.0)	%
Branch consolidation, property and equipment charges	1		—		—		—		5		1		NM		(4)		(80.0)	%
Contribution to the Regions Financial Corporation foundation	—		—		—		1		2		—		NM		(2)		(100.0)	%
Loss on early extinguishment of debt	—		—		20		—		—		—		NM		—		NM

Professional, legal and regulatory expenses(3)	—		15		—		—		—		(15)		(100.0)	%	—		NM

Total other adjustments	—		16		17		(16)		6		(16)		(100.0)	%	(6)		(100.0)	%
Adjusted pre-tax pre-provision income (non-GAAP)	$	666	$	667	$	693	$	668	$	686	$	(1)	(0.1)	%	$	(20)	(2.9)	%

______

NM - Not Meaningful

(1) The second quarter 2021 amount includes $13 million of Series A preferred stock issuance costs, which reduced net income available to common shareholders when the shares were redeemed during the second quarter of 2021.

(2) The second quarter 2021 amount relates to an individual BOLI claim benefit.

(3) Amounts are professional and legal expenses related to acquisitions.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Non-Interest Income


	Quarter Ended
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021		1Q22 vs. 4Q21				1Q22 vs. 1Q21
Service charges on deposit accounts	$	168	$	166	$	162	$	163	$	157	$	2	1.2	%	$	11	7.0	%
Card and ATM fees	124		127		129		128		115		(3)		(2.4)	%	9		7.8	%
Wealth management income	101		100		95		96		91		1		1.0	%	10		11.0	%
Capital markets income (1)	73		83		87		61		100		(10)		(12.0)	%	(27)		(27.0)	%
Mortgage income (2)	48		49		50		53		90		(1)		(2.0)	%	(42)		(46.7)	%
Commercial credit fee income	22		23		23		23		22		(1)		(4.3)	%	—		—	%
Bank-owned life insurance	14		14		18		33		17		—		—	%	(3)		(17.6)	%
Market value adjustments on employee benefit assets-other (3)	(14)		—		5		8		7		(14)		NM		(21)		(300.0)	%
Gain on equity investment	—		—		—		—		3		—		—	%	(3)		(100.0)	%
Securities gains (losses), net	—		—		1		1		1		—		—	%	(1)		(100.0)	%

Other miscellaneous income	48		53		79		53		38		(5)		(9.4)	%	10		26.3	%
Total non-interest income	$	584	$	615	$	649	$	619	$	641	$	(31)	(5.0)	%	$	(57)	(8.9)	%

Mortgage Income


	Quarter Ended
($ amounts in millions)	3/31/2022			12/31/2021			9/30/2021			6/30/2021			3/31/2021			1Q22 vs. 4Q21				1Q22 vs. 1Q21
Production and sales	$	43		$	46		$	57		$	50		$	76		$	(3)	(6.5)	%	$	(33)	(43.4)	%
Loan servicing	27			27			26			25			24			—		—	%	3		12.5	%
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions	47			(6)			(3)			(38)			90			53		NM		(43)		(47.8)	%
MSRs hedge gain (loss)	(52)			1			(12)			32			(83)			(53)		NM		31		37.3	%
MSRs change due to payment decay	(17)			(19)			(18)			(16)			(17)			2		10.5	%	—		—	%
MSR and related hedge impact	(22)			(24)			(33)			(22)			(10)			2		8.3	%	(12)		(120.0)	%
Total mortgage income	$	48		$	49		$	50		$	53		$	90		$	(1)	(2.0)	%	(42)		(46.7)	%

Mortgage production - portfolio	$	1,021		$	1,273		$	1,548		$	1,746		$	1,470		$	(252)	(19.8)	%	$	(449)	(30.5)	%
Mortgage production - agency/secondary market	819			1,133			1,276			1,255			1,306			(314)		(27.7)	%	(487)		(37.3)	%
Total mortgage production	$	1,840		$	2,406		$	2,824		$	3,001		$	2,776		$	(566)	(23.5)	%	$	(936)	(33.7)	%

Mortgage production - purchased	65.7		%	58.6		%	59.7		%	63.6		%	51.3		%
Mortgage production - refinanced	34.3		%	41.4		%	40.3		%	36.4		%	48.7		%

Wealth Management Income


	Quarter Ended
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021		1Q22 vs. 4Q21				1Q22 vs. 1Q21
Investment management and trust fee income	$	75	$	74	$	69	$	69	$	66	$	1	1.4	%	$	9	13.6	%
Investment services fee income	26		26		26		27		25		—		—	%	1		4.0	%
Total wealth management income (4)	$	101	$	100	$	95	$	96	$	91	$	1	1.0	%	$	10	11.0	%

Capital Markets Income


	Quarter Ended
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021		1Q22 vs. 4Q21				1Q22 vs. 1Q21
Capital markets income	$	73	$	83	$	87	$	61	$	100	$	(10)	(12.0)	%	$	(27)	(27.0)	%
Less: Valuation adjustments on customer derivatives (5)	6		—		1		(4)		11		6		NM		(5)		(45.5)	%
Capital markets income excluding valuation adjustments	$	67	$	83	$	86	$	65	$	89	$	(16)	(19.3)	%	$	(22)	(24.7)	%

_________

NM - Not Meaningful

(1)Capital markets income primarily relates to capital raising activities that includes debt securities underwriting and placement, loan syndication and placement, as well as foreign exchange, derivative and merger and acquisition advisory services.

(2)Mortgage income in the first quarter of 2022 includes approximately $12 million in gains associated with the re-securitization and sale of approximately $285 million of Ginnie Mae loans that had been previously repurchased from their pools.

(3)These market value adjustments relate to assets held for employee benefits that are offset within salaries and employee benefits expense.

(4)Total wealth management income presented above does not include the portion of service charges on deposit accounts and similar smaller dollar amounts that are also attributable to the wealth management segment.

(5)For the purposes of determining the fair value of customer derivatives, the Company considers the risk of nonperformance by counterparties, as well as the Company's own risk of nonperformance. The valuation adjustments above are reflective of the values associated with these considerations.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Non-Interest Expense


	Quarter Ended
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021		1Q22 vs. 4Q21				1Q22 vs. 1Q21
Salaries and employee benefits	$	546	$	575	$	552	$	532	$	546	$	(29)	(5.0)	%	$	—	—	%
Equipment and software expense	95		96		90		89		90		(1)		(1.0)	%	5		5.6	%
Net occupancy expense	75		76		75		75		77		(1)		(1.3)	%	(2)		(2.6)	%
Outside services	38		41		38		39		38		(3)		(7.3)	%	—		—	%
Marketing	24		32		23		29		22		(8)		(25.0)	%	2		9.1	%
Professional, legal and regulatory expenses	17		33		21		15		29		(16)		(48.5)	%	(12)		(41.4)	%
Credit/checkcard expenses	26		15		16		17		14		11		73.3	%	12		85.7	%
FDIC insurance assessments	14		13		11		11		10		1		7.7	%	4		40.0	%
Visa class B shares expense	5		8		4		6		4		(3)		(37.5)	%	1		25.0	%
Loss on early extinguishment of debt	—		—		20		—		—		—		—	%	—		NM
Branch consolidation, property and equipment charges	1		—		—		—		5		1		NM		(4)		(80.0)	%
Other	92		94		88		85		93		(2)		(2.1)	%	(1)		(1.1)	%
Total non-interest expense	$	933	$	983	$	938	$	898	$	928	$	(50)	(5.1)	%	$	5	0.5	%

_________

NM - Not Meaningful

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income/Expense, Adjusted Operating Leverage Ratios, and Adjusted Total Revenue

The table below presents computations of the efficiency ratio, which is a measure of productivity, generally calculated as non-interest expense divided by total revenue; and the fee income ratio, generally calculated as non-interest income divided by total revenue. Management uses these ratios to monitor performance and believes these measures provide meaningful information to investors. Non-interest expense (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the adjusted efficiency ratio. Non-interest income (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest income (non-GAAP), which is the numerator for the adjusted fee income ratio. Net interest income and non-interest income are added together to arrive at total revenue. Adjustments are made to arrive at adjusted total revenue (non-GAAP). Net interest income on a taxable-equivalent basis and non-interest income are added together to arrive at total revenue on a taxable-equivalent basis. Adjustments are made to arrive at adjusted total revenue on a taxable-equivalent basis (non-GAAP), which is the denominator for the adjusted fee income and adjusted efficiency ratios. Regions believes that the exclusion of these adjustments provides a meaningful basis for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of Regions’ business. It is possible that the activities related to the adjustments may recur; however, management does not consider the activities related to the adjustments to be indications of ongoing operations. Also presented is a computation of the operating leverage ratio (non-GAAP) which is the period to period percentage change in adjusted total revenue on a taxable-equivalent basis (non-GAAP) less the percentage change in adjusted non-interest expense (non-GAAP). Regions believes that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as that applied by management.


		Quarter Ended
($ amounts in millions)		3/31/2022			12/31/2021			9/30/2021			6/30/2021			3/31/2021			1Q22 vs. 4Q21				1Q22 vs. 1Q21
Non-interest expense (GAAP)	A	$	933		$	983		$	938		$	898		$	928		$	(50)	(5.1)	%	$	5	0.5	%
Adjustments:
Contribution to the Regions Financial Corporation foundation		—			—			—			(1)			(2)			—		NM		2		100.0	%
Branch consolidation, property and equipment charges		(1)			—			—			—			(5)			(1)		NM		4		80.0	%

Salaries and employee benefits—severance charges		—			(1)			—			(2)			(3)			1		100.0	%	3		100.0	%
Loss on early extinguishment of debt		—			—			(20)			—			—			—		NM		—		NM
Professional, legal and regulatory expenses (1)		—			(15)			—			—			—			15		100.0	%	—		NM


Adjusted non-interest expense (non-GAAP)	B	$	932		$	967		$	918		$	895		$	918		$	(35)	(3.6)	%	$	14	1.5	%



Net interest income (GAAP)	C	$	1,015		$	1,019		$	965		$	963		$	967		$	(4)	(0.4)	%	$	48	5.0	%
Taxable-equivalent adjustment		11			10			11			12			11			1		10.0	%	—		NM
Net interest income, taxable-equivalent basis	D	$	1,026		$	1,029		$	976		$	975		$	978		$	(3)	(0.3)	%	$	48	4.9	%





Non-interest income (GAAP)	E	584			615			649			619			641			(31)		(5.0)	%	(57)		(8.9)	%
Adjustments:
Securities (gains) losses, net		—			—			(1)			(1)			(1)			—		NM		1		100.0	%
Gain on equity investment		—			—			—			—			(3)			—		NM		3		100.0	%
Leveraged lease termination gains		(1)			—			(2)			—			—			(1)		NM		(1)		NM
Bank-owned life insurance (2)		—			—			—			(18)			—			—		NM		—		NM
Adjusted non-interest income (non-GAAP)	F	$	583		$	615		$	646		$	600		$	637		(32)		(5.2)	%	$	(54)	(8.5)	%
Total revenue	C+E=G	$	1,599		$	1,634		$	1,614		$	1,582		$	1,608		$	(35)	(2.1)	%	$	(9)	(0.6)	%
Adjusted total revenue (non-GAAP)	C+F=H	$	1,598		$	1,634		$	1,611		$	1,563		$	1,604		$	(36)	(2.2)	%	$	(6)	(0.4)	%
Total revenue, taxable-equivalent basis	D+E=I	$	1,610		$	1,644		$	1,625		$	1,594		$	1,619		$	(34)	(2.1)	%	$	(9)	(0.6)	%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)	D+F=J	$	1,609		$	1,644		$	1,622		$	1,575		$	1,615		$	(35)	(2.1)	%	$	(6)	(0.4)	%
Operating leverage ratio (GAAP) (3)	I-A																						(1.1)	%
Adjusted operating leverage ratio (non-GAAP) (3)	J-B																						(1.9)	%
Efficiency ratio (GAAP) (3)	A/I	57.9		%	59.8		%	57.7		%	56.4		%	57.3		%
Adjusted efficiency ratio (non-GAAP) (3)	B/J	57.9		%	58.8		%	56.6		%	56.9		%	56.8		%
Fee income ratio (GAAP) (3)	E/I	36.3		%	37.4		%	40.0		%	38.8		%	39.6		%
Adjusted fee income ratio (non-GAAP) (3)	F/J	36.2		%	37.4		%	39.8		%	38.1		%	39.4		%

________

NM - Not Meaningful

(1)Amounts are professional and legal expenses related to acquisitions.

(2)During the second quarter of 2021, the Company recognized an individual BOLI claim benefit.

(3)Amounts have been calculated using whole dollar values.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measure

Return Ratio

The table below provides a calculation of “return on average tangible common shareholders’ equity”. Tangible common shareholders’ equity ratios have become a focus of some investors and management believes they may assist investors in analyzing the capital position of the Company absent the effects of intangible assets and preferred stock. Analysts and banking regulators have assessed Regions’ capital adequacy using the tangible common shareholders’ equity measure. Because tangible common shareholders’ equity is not formally defined by GAAP or prescribed in any amount by federal banking regulations it is currently considered to be a non-GAAP financial measure and other entities may calculate it differently than Regions’ disclosed calculations. Since analysts and banking regulators may assess Regions’ capital adequacy using tangible common shareholders’ equity, management believes that it is useful to provide investors the ability to assess Regions’ capital adequacy on this same basis.


		Quarter Ended
($ amounts in millions)		3/31/2022			12/31/2021			9/30/2021			6/30/2021			3/31/2021
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY
Net income available to common shareholders (GAAP)	A	$	524		$	414		$	624		$	748		$	614
Average shareholders' equity (GAAP)		$	17,717		$	18,308		$	18,453		$	18,000		$	18,038
Less:
Average intangible assets (GAAP)		6,043			5,852			5,285			5,292			5,309
Average deferred tax liability related to intangibles (GAAP)		(100)			(98)			(96)			(96)			(104)
Average preferred stock (GAAP)		1,659			1,660			1,659			1,659			1,656
Average tangible common shareholders' equity (non-GAAP)	B	$	10,115		$	10,894		$	11,605		$	11,145		$	11,177
Return on average tangible common shareholders' equity (non-GAAP) *(1)	A/B	21.00		%	15.07		%	21.34		%	26.91		%	22.28		%

____

*Annualized

(1)Amounts have been calculated using whole dollar values.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Credit Quality


	As of and for Quarter Ended
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Components:
Beginning allowance for loan losses (ALL)	$	1,479	$	1,428	$	1,597	$	1,976	$	2,167



Loans charged-off:
Commercial and industrial	23		23		21		35		45
Commercial real estate mortgage—owner-occupied	3		—		1		1		1
Commercial real estate construction—owner-occupied	—		—		—		—		1
Total commercial	26		23		22		36		47
Commercial investor real estate mortgage	—		1		—		4		15

Total investor real estate	—		1		—		4		15
Residential first mortgage	—		1		—		—		1
Home equity—lines of credit	1		1		1		2		2
Home equity—closed-end	1		—		—		1		—
Consumer credit card	10		10		9		12		12
Other consumer—exit portfolios	6		6		7		7		11
Other consumer	33		30		20		21		26
Total consumer	51		48		37		43		52
Total	77		72		59		83		114

Recoveries of loans previously charged-off:
Commercial and industrial	13		12		14		14		16
Commercial real estate mortgage—owner-occupied	—		—		2		1		—

Total commercial	13		12		16		15		16
Commercial investor real estate mortgage	—		—		1		2		—

Total investor real estate	—		—		1		2		—
Residential first mortgage	2		2		—		2		1
Home equity—lines of credit	3		3		3		5		3
Home equity—closed-end	1		1		1		2		—
Consumer credit card	2		3		2		3		3
Other consumer—exit portfolios	2		—		2		1		2
Other consumer	8		7		4		6		6
Total consumer	18		16		12		19		15
Total	31		28		29		36		31

Net charge-offs (recoveries):
Commercial and industrial	10		11		7		21		29
Commercial real estate mortgage—owner-occupied	3		—		(1)		—		1
Commercial real estate construction—owner-occupied	—		—		—		—		1
Total commercial	13		11		6		21		31
Commercial investor real estate mortgage	—		1		(1)		2		15

Total investor real estate	—		1		(1)		2		15
Residential first mortgage	(2)		(1)		—		(2)		—
Home equity—lines of credit	(2)		(2)		(2)		(3)		(1)
Home equity—closed-end	—		(1)		(1)		(1)		—
Consumer credit card	8		7		7		9		9
Other consumer—exit portfolios	4		6		5		6		9
Other consumer	25		23		16		15		20
Total consumer	33		32		25		24		37
Total	$	46	$	44	$	30	$	47	$	83

Provision for (benefit from) loan losses	$	(17)	$	86	$	(139)	$	(332)	$	(108)
Initial allowance on acquired purchased credit deteriorated loans	—		9		—		—		—
Ending allowance for loan losses (ALL)	1,416		1,479		1,428		1,597		1,976
Beginning reserve for unfunded credit commitments	95		71		87		92		126
Provision for (benefit from) unfunded credit losses	(19)		24		(16)		(5)		(34)
Ending reserve for unfunded commitments	76		95		71		87		92
Allowance for credit losses (ACL) at period end	$	1,492	$	1,574	$	1,499	$	1,684	$	2,068

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release


Credit Quality (continued)

	As of and for Quarter Ended
($ amounts in millions)	3/31/2022			12/31/2021			9/30/2021			6/30/2021			3/31/2021
Net loan charge-offs as a % of average loans, annualized (1):
Commercial and industrial	0.09		%	0.11		%	0.06		%	0.19		%	0.28		%
Commercial real estate mortgage—owner-occupied	0.20		%	0.01		%	(0.06)		%	(0.03)		%	0.09		%
Commercial real estate construction—owner-occupied	(0.03)		%	0.18		%	0.10		%	0.38		%	0.93		%
Total commercial	0.10		%	0.10		%	0.05		%	0.17		%	0.26		%
Commercial investor real estate mortgage	(0.01)		%	0.01		%	(0.05)		%	0.19		%	1.11		%
Commercial investor real estate construction	—		%	—		%	—		%	(0.01)		%	—		%
Total investor real estate	(0.01)		%	0.01		%	(0.03)		%	0.14		%	0.82		%
Residential first mortgage	(0.05)		%	(0.02)		%	(0.01)		%	(0.04)		%	—		%
Home equity—lines of credit	(0.17)		%	(0.22)		%	(0.24)		%	(0.29)		%	(0.06)		%
Home equity—closed-end	(0.07)		%	(0.16)		%	(0.10)		%	(0.10)		%	—		%
Consumer credit card	2.83		%	2.42		%	2.57		%	3.17		%	3.19		%
Other consumer—exit portfolios	1.83		%	1.69		%	1.58		%	1.49		%	1.98		%
Other consumer	1.89		%	1.69		%	2.80		%	2.63		%	3.56		%
Total consumer	0.44		%	0.39		%	0.35		%	0.34		%	0.52		%
Total	0.21		%	0.20		%	0.14		%	0.23		%	0.40		%
Non-performing loans, excluding loans held for sale	$	335		$	451		$	530		$	666		$	738
Non-performing loans held for sale	7			13			3			99			8
Non-performing loans, including loans held for sale	342			464			533			765			746
Foreclosed properties	9			10			13			15			21

Non-performing assets (NPAs)	$	351		$	474		$	546		$	780		$	767
Loans past due > 90 days (2)	$	125		$	140		$	124		$	134		$	154


Criticized loans—business (3)	$	2,539		$	2,905		$	3,054		$	3,222		$	3,756
Credit Ratios (1):
ACL/Loans, net	1.67		%	1.79		%	1.80		%	2.00		%	2.44		%
ALL/Loans, net	1.59		%	1.69		%	1.71		%	1.90		%	2.33		%
Allowance for credit losses to non-performing loans, excluding loans held for sale	446		%	349		%	283		%	253		%	280		%
Allowance for loan losses to non-performing loans, excluding loans held for sale	423		%	328		%	269		%	240		%	268		%
Non-performing loans, excluding loans held for sale/Loans, net	0.37		%	0.51		%	0.64		%	0.79		%	0.87		%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale	0.39		%	0.54		%	0.66		%	0.93		%	0.90		%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale (2)	0.53		%	0.70		%	0.80		%	1.09		%	1.09		%

(1)Amounts have been calculated using whole dollar values.

(2)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page 16 for amounts related to these loans.

(3)Business represents the combined total of commercial and investor real estate loans.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Non-Performing Loans (excludes loans held for sale)


	As of
($ amounts in millions, %'s calculated using whole dollar values)	3/31/2022				12/31/2021				9/30/2021				6/30/2021				3/31/2021
Commercial and industrial	$	216	0.47	%	$	305	0.70	%	$	359	0.86	%	$	472	1.11	%	$	426	0.98	%
Commercial real estate mortgage—owner-occupied	32		0.61	%	52		0.98	%	68		1.26	%	76		1.41	%	93		1.73	%
Commercial real estate construction—owner-occupied	10		3.75	%	11		4.11	%	11		4.22	%	10		4.02	%	9		3.24	%
Total commercial	258		0.50	%	368		0.75	%	438		0.92	%	558		1.16	%	528		1.08	%
Commercial investor real estate mortgage	2		0.04	%	3		0.06	%	4		0.07	%	4		0.07	%	100		1.86	%

Total investor real estate	2		0.03	%	3		0.05	%	4		0.05	%	4		0.05	%	100		1.39	%
Residential first mortgage	31		0.18	%	33		0.19	%	37		0.22	%	51		0.30	%	53		0.32	%
Home equity—lines of credit	37		1.02	%	40		1.08	%	44		1.15	%	45		1.12	%	48		1.12	%
Home equity—closed-end	7		0.28	%	7		0.27	%	7		0.27	%	8		0.30	%	9		0.31	%
Total consumer	75		0.24	%	80		0.25	%	88		0.31	%	104		0.36	%	110		0.38	%
Total non-performing loans	$	335	0.37	%	$	451	0.51	%	$	530	0.64	%	$	666	0.79	%	$	738	0.87	%

Early and Late Stage Delinquencies


Accruing 30-89 Days Past Due Loans	As of
($ amounts in millions, %'s calculated using whole dollar values)	3/31/2022				12/31/2021				9/30/2021				6/30/2021				3/31/2021
Commercial and industrial	$	37	0.08	%	$	64	0.15	%	$	34	0.08	%	$	35	0.08	%	$	42	0.10	%
Commercial real estate mortgage—owner-occupied	6		0.11	%	4		0.09	%	7		0.14	%	7		0.13	%	9		0.16	%
Commercial real estate construction—owner-occupied	1		0.46	%	—		0.07	%	1		0.23	%	—		0.14	%	1		0.27	%
Total commercial	44		0.09	%	68		0.14	%	42		0.09	%	42		0.09	%	52		0.11	%
Commercial investor real estate mortgage	16		0.29	%	—		—	%	—		—	%	4		0.07	%	2		0.04	%
Commercial investor real estate construction	—		—	%	—		—	%	—		—	%	—		—	%	1		0.03	%
Total investor real estate	16		0.23	%	—		—	%	—		—	%	4		0.06	%	3		0.04	%
Residential first mortgage—non-guaranteed (1)	58		0.34	%	64		0.38	%	60		0.36	%	51		0.31	%	62		0.39	%
Home equity—lines of credit	20		0.55	%	21		0.57	%	22		0.56	%	18		0.45	%	22		0.50	%
Home equity—closed-end	12		0.47	%	11		0.44	%	10		0.40	%	10		0.39	%	12		0.47	%
Consumer credit card	13		1.12	%	15		1.23	%	12		1.02	%	11		0.95	%	12		1.09	%
Other consumer—exit portfolios	11		1.21	%	14		1.30	%	14		1.08	%	15		0.99	%	18		1.06	%
Other consumer	45		0.82	%	46		0.85	%	17		0.75	%	16		0.70	%	17		0.77	%
Total consumer (1)	159		0.64	%	171		0.67	%	135		0.49	%	121		0.43	%	143		0.51	%
Total accruing 30-89 days past due loans (1)	$	219	0.25	%	$	239	0.27	%	$	177	0.21	%	$	167	0.20	%	$	198	0.24	%

Accruing 90+ Days Past Due Loans	As of
($ amounts in millions, %'s calculated using whole dollar values)	3/31/2022				12/31/2021				9/30/2021				6/30/2021				3/31/2021
Commercial and industrial	$	5	0.01	%	$	5	0.01	%	$	3	0.01	%	$	4	0.01	%	$	8	0.02	%
Commercial real estate mortgage—owner-occupied	1		0.01	%	1		0.01	%	2		0.03	%	2		0.03	%	1		0.02	%

Total commercial	6		0.01	%	6		0.01	%	5		0.01	%	6		0.01	%	9		0.02	%



Residential first mortgage—non-guaranteed (2)	61		0.36	%	74		0.44	%	68		0.41	%	75		0.46	%	87		0.55	%
Home equity—lines of credit	19		0.52	%	21		0.56	%	20		0.53	%	21		0.51	%	19		0.45	%
Home equity—closed-end	11		0.45	%	12		0.49	%	13		0.49	%	13		0.48	%	14		0.52	%
Consumer credit card	12		1.11	%	12		1.04	%	11		0.97	%	12		1.05	%	14		1.25	%
Other consumer—exit portfolios	2		0.19	%	2		0.21	%	2		0.18	%	2		0.17	%	3		0.18	%
Other consumer	14		0.25	%	13		0.23	%	5		0.22	%	5		0.24	%	8		0.33	%
Total consumer (2)	119		0.50	%	134		0.58	%	119		0.43	%	128		0.46	%	145		0.52	%
Total accruing 90+ days past due loans (2)	$	125	0.14	%	$	140	0.16	%	$	124	0.15	%	$	134	0.16	%	$	154	0.18	%

Total delinquencies (1) (2)	$	344	0.39	%	$	379	0.43	%	$	301	0.36	%	$	301	0.36	%	$	352	0.42	%

(1)Excludes loans that are 100% guaranteed by FHA and guaranteed loans sold to Ginnie Mae where Regions has the right but not the obligation to repurchase. Total 30-89 days past due guaranteed loans excluded were $39 million at 3/31/2022, $40 million at 12/31/2021, $40 million at 9/30/2021, $46 million at 6/30/2021, and $58 million at 3/31/2021.

(2)Excludes loans that are 100% guaranteed by FHA and all guaranteed loans sold to Ginnie Mae where Regions has the right but not the obligation to repurchase. Total 90 days or more past due guaranteed loans excluded were $37 million at 3/31/2022, $49 million at 12/31/2021, $44 million at 9/30/2021, $44 million at 6/30/2021, and $51 million at 3/31/2021.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Consolidated Balance Sheets


	As of
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Assets:
Cash and due from banks	$	2,227	$	1,350	$	1,741	$	1,820	$	1,918
Interest-bearing deposits in other banks	25,718		28,061		25,766		23,774		23,002
Debt securities held to maturity	864		899		945		993		1,059
Debt securities available for sale	29,384		28,481		28,986		29,290		27,092
Loans held for sale	694		1,003		934		1,194		1,487
Loans, net of unearned income	89,335		87,784		83,270		84,074		84,755
Allowance for loan losses	(1,416)		(1,479)		(1,428)		(1,597)		(1,976)
Net loans	87,919		86,305		81,842		82,477		82,779
Other earning assets	1,504		1,187		1,269		1,246		1,262
Premises and equipment, net	1,794		1,814		1,805		1,825		1,852
Interest receivable	329		319		304		323		336
Goodwill	5,748		5,744		5,181		5,181		5,181
Residential mortgage servicing rights at fair value (MSRs)	542		418		410		392		401
Other identifiable intangible assets, net	292		305		101		108		114
Other assets	7,067		7,052		6,869		6,987		6,848
Total assets	$	164,082	$	162,938	$	156,153	$	155,610	$	153,331
Liabilities and Equity:
Deposits:
Non-interest-bearing	$	59,590	$	58,369	$	57,145	$	56,468	$	55,925
Interest-bearing	81,432		80,703		74,894		75,016		73,677
Total deposits	141,022		139,072		132,039		131,484		129,602
Borrowed funds:




Long-term borrowings	2,343		2,407		2,451		2,870		2,916

Other liabilities	3,735		3,133		3,040		3,004		2,951
Total liabilities	147,100		144,612		137,530		137,358		135,469
Equity:
Preferred stock, non-cumulative perpetual	1,659		1,659		1,659		1,659		1,656

Common stock	10		10		10		10		10
Additional paid-in capital	11,983		12,189		12,479		12,467		12,740
Retained earnings	5,915		5,550		5,296		4,836		4,235
Treasury stock, at cost	(1,371)		(1,371)		(1,371)		(1,371)		(1,371)
Accumulated other comprehensive income, net	(1,214)		289		532		651		592
Total shareholders’ equity	16,982		18,326		18,605		18,252		17,862
Noncontrolling interest	—		—		18		—		—
Total equity	16,982		18,326		18,623		18,252		17,862
Total liabilities and equity	$	164,082	$	162,938	$	156,153	$	155,610	$	153,331

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

End of Period Loans


	As of
											3/31/2022				3/31/2022
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021		vs. 12/31/2021				vs. 3/31/2021
Commercial and industrial	$	45,643	$	43,758	$	41,748	$	42,628	$	43,241	$	1,885	4.3	%	$	2,402	5.6	%
Commercial real estate mortgage—owner-occupied	5,181		5,287		5,446		5,381		5,335		(106)		(2.0)	%	(154)		(2.9)	%
Commercial real estate construction—owner-occupied	273		264		252		245		293		9		3.4	%	(20)		(6.8)	%
Total commercial	51,097		49,309		47,446		48,254		48,869		1,788		3.6	%	2,228		4.6	%
Commercial investor real estate mortgage	5,557		5,441		5,608		5,449		5,405		116		2.1	%	152		2.8	%
Commercial investor real estate construction	1,607		1,586		1,704		1,799		1,817		21		1.3	%	(210)		(11.6)	%
Total investor real estate	7,164		7,027		7,312		7,248		7,222		137		1.9	%	(58)		(0.8)	%
Total business	58,261		56,336		54,758		55,502		56,091		1,925		3.4	%	2,170		3.9	%
Residential first mortgage	17,373		17,512		17,347		17,051		16,643		(139)		(0.8)	%	730		4.4	%
Home equity—lines of credit (1)	3,602		3,744		3,875		4,057		4,286		(142)		(3.8)	%	(684)		(16.0)	%
Home equity—closed-end (2)	2,500		2,510		2,556		2,588		2,631		(10)		(0.4)	%	(131)		(5.0)	%
Consumer credit card	1,133		1,184		1,136		1,131		1,111		(51)		(4.3)	%	22		2.0	%
Other consumer—exit portfolios (3)	909		1,071		1,260		1,479		1,739		(162)		(15.1)	%	(830)		(47.7)	%
Other consumer	5,557		5,427		2,338		2,266		2,254		130		2.4	%	3,303		146.5	%
Total consumer	31,074		31,448		28,512		28,572		28,664		(374)		(1.2)	%	2,410		8.4	%
Total Loans	$	89,335	$	87,784	$	83,270	$	84,074	$	84,755	$	1,551	1.8	%	$	4,580	5.4	%

______

NM - Not meaningful.

(1) The balance of Regions' home equity lines of credit consists of $2,013 million of first lien and $1,589 million of second lien at 3/31/2022.

(2) The balance of Regions' closed-end home equity loans consists of $2,328 million of first lien and $172 million of second lien at 3/31/2022.

(3) Regions ceased originating indirect vehicle loans in the second quarter of 2019 and decided not to renew another third party relationship in the fourth quarter of 2019.


	As of
End of Period Loans by Percentage	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Commercial and industrial	51.1	%	49.9	%	50.1	%	50.7	%	51.0	%
Commercial real estate mortgage—owner-occupied	5.8	%	6.0	%	6.5	%	6.4	%	6.3	%
Commercial real estate construction—owner-occupied	0.3	%	0.3	%	0.3	%	0.3	%	0.3	%
Total commercial	57.2	%	56.2	%	56.9	%	57.4	%	57.6	%
Commercial investor real estate mortgage	6.2	%	6.2	%	6.7	%	6.5	%	6.4	%
Commercial investor real estate construction	1.8	%	1.8	%	2.0	%	2.1	%	2.1	%
Total investor real estate	8.0	%	8.0	%	8.7	%	8.6	%	8.5	%
Total business	65.2	%	64.2	%	65.6	%	66.0	%	66.1	%
Residential first mortgage	19.4	%	19.9	%	20.8	%	20.3	%	19.6	%
Home equity—lines of credit	4.0	%	4.3	%	4.7	%	4.8	%	5.1	%
Home equity—closed-end	2.8	%	2.9	%	3.1	%	3.1	%	3.1	%
Consumer credit card	1.3	%	1.3	%	1.4	%	1.3	%	1.3	%
Other consumer—exit portfolios	1.0	%	1.2	%	1.5	%	1.8	%	2.1	%
Other consumer	6.3	%	6.2	%	2.8	%	2.7	%	2.7	%
Total consumer	34.8	%	35.8	%	34.4	%	34.0	%	33.9	%
Total Loans	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Average Balances of Loans


	Average Balances
($ amounts in millions)	1Q22		4Q21		3Q21		2Q21		1Q21		1Q22 vs. 4Q21				1Q22 vs. 1Q21
Commercial and industrial	$	43,993	$	42,254	$	41,892	$	43,140	$	42,816	$	1,739	4.1	%	$	1,177	2.7	%
Commercial real estate mortgage—owner-occupied	5,237		5,386		5,436		5,358		5,375		(149)		(2.8)	%	(138)		(2.6)	%
Commercial real estate construction—owner-occupied	269		263		246		276		303		6		2.3	%	(34)		(11.2)	%
Total commercial	49,499		47,903		47,574		48,774		48,494		1,596		3.3	%	1,005		2.1	%


Commercial investor real estate mortgage	5,514		5,531		5,605		5,521		5,375		(17)		(0.3)	%	139		2.6	%
Commercial investor real estate construction	1,568		1,654		1,706		1,761		1,847		(86)		(5.2)	%	(279)		(15.1)	%
Total investor real estate	7,082		7,185		7,311		7,282		7,222		(103)		(1.4)	%	(140)		(1.9)	%
Total business	56,581		55,088		54,885		56,056		55,716		1,493		2.7	%	865		1.6	%


Residential first mortgage	17,496		17,413		17,198		16,795		16,606		83		0.5	%	890		5.4	%
Home equity—lines of credit	3,667		3,806		3,956		4,165		4,416		(139)		(3.7)	%	(749)		(17.0)	%
Home equity—closed-end	2,496		2,528		2,567		2,609		2,669		(32)		(1.3)	%	(173)		(6.5)	%
Consumer credit card	1,142		1,155		1,128		1,108		1,151		(13)		(1.1)	%	(9)		(0.8)	%
Other consumer—exit portfolios (1)	987		1,160		1,363		1,599		1,884		(173)		(14.9)	%	(897)		(47.6)	%
Other consumer	5,445		5,398		2,253		2,219		2,313		47		0.9	%	3,132		135.4	%
Total consumer	31,233		31,460		28,465		28,495		29,039		(227)		(0.7)	%	2,194		7.6	%
Total loans	$	87,814	$	86,548	$	83,350	$	84,551	$	84,755	$	1,266	1.5	%	$	3,059	3.6	%

_____

NM - Not meaningful.

(1)Regions ceased originating indirect vehicle lending in the second quarter of 2019 and decided not to renew another third party relationship in the fourth quarter of 2019.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

End of Period Deposits


	As of
												3/31/2022					3/31/2022
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021			vs. 12/31/2021					vs. 3/31/2021

Interest-free deposits	$	59,590	$	58,369	$	57,145	$	56,468	$	55,925		$	1,221		2.1%		$	3,665		6.6%
Interest-bearing checking	28,001		28,018		25,217		25,512		24,757			(17)			(0.1)%		3,244			13.1%
Savings	16,101		15,134		14,573		14,099		13,500			967			6.4%		2,601			19.3%
Money market—domestic	31,677		31,408		30,736		30,725		30,448			269			0.9%		1,229			4.0%

Low-cost deposits	135,369		132,929		127,671		126,804		124,630			2,440			1.8%		10,739			8.6%
Time deposits	5,653		6,143		4,368		4,679		4,970			(490)			(8.0)%		683			13.7%

Corporate treasury time deposits	—		—		—		1		2			—			NM		(2)			(100.0)%

Total Deposits	$	141,022	$	139,072	$	132,039	$	131,484	$	129,602		$	1,950		1.4%		$	11,420		8.8%




	As of
												3/31/2022					3/31/2022
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021			vs. 12/31/2021					vs. 3/31/2021
Consumer Bank Segment	$	85,219	$	82,849	$	79,873	$	78,428	$	77,381		$	2,370		2.9%		$	7,838		10.1%
Corporate Bank Segment	42,836		42,689		41,442		43,147		42,211			147			0.3%		625			1.5%
Wealth Management Segment	10,420		10,853		10,251		9,477		9,537			(433)			(4.0)%		883			9.3%
Other (1)	2,547		2,681		473		432		473			(134)			(5.0)%		2,074			438.5%
Total Deposits	$	141,022	$	139,072	$	132,039	$	131,484	$	129,602		$	1,950		1.4%		$	11,420		8.8%

	As of
												3/31/2022					3/31/2022
($ amounts in millions)	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021			vs. 12/31/2021					vs. 3/31/2021
Wealth Management - Private Wealth	$	9,472	$	10,033	$	9,046	$	8,614	$	8,589		$	(561)		(5.6)%		$	883		10.3%
Wealth Management - Institutional Services	948		820		1,205		863		948			128			15.6%		—			—%
Total Wealth Management Segment Deposits	$	10,420	$	10,853	$	10,251	$	9,477	$	9,537		$	(433)		(4.0)%		$	883		9.3%

									As of
End of Period Deposits by Percentage									3/31/2022			12/31/2021			9/30/2021		6/30/2021			3/31/2021
Interest-free deposits									42.3		%	42.0		%	43.3	%	42.9		%	43.2	%
Interest-bearing checking									19.9		%	20.1		%	19.1	%	19.4		%	19.1	%
Savings									11.4		%	10.9		%	11.0	%	10.7		%	10.4	%
Money market—domestic									22.5		%	22.6		%	23.3	%	23.4		%	23.5	%

Low-cost deposits									96.1		%	95.6		%	96.7	%	96.4		%	96.2	%
Time deposits									3.9		%	4.4		%	3.3	%	3.6		%	3.8	%




Total Deposits									100.0		%	100.0		%	100.0	%	100.0		%	100.0	%

NM - Not meaningful.

(1)Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar trade deposits, selected deposits and brokered time deposits).

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Average Balances of Deposits


	Average Balances
($ amounts in millions)	1Q22		4Q21		3Q21		2Q21		1Q21		1Q22 vs. 4Q21				1Q22 vs. 1Q21

Interest-free deposits	$	58,117	$	57,840	$	56,999	$	56,595	$	51,839	$	277	0.5	%	$	6,278	12.1	%
Interest-bearing checking	27,771		26,000		25,277		25,044		24,171		1,771		6.8	%	3,600		14.9	%
Savings	15,539		14,854		14,328		13,914		12,340		685		4.6	%	3,199		25.9	%
Money market—domestic	31,402		31,483		30,765		30,762		29,425		(81)		(0.3)	%	1,977		6.7	%

Low-cost deposits	132,829		130,177		127,369		126,315		117,775		2,652		2.0	%	15,054		12.8	%
Time deposits	5,905		6,505		4,527		4,813		5,158		(600)		(9.2)	%	747		14.5	%

Corporate treasury time deposits	—		—		1		1		4		—		NM		(4)		(100.0)	%
Corporate treasury other deposits	—		—		—		3		—		—		NM		—		NM
Total Deposits	$	138,734	$	136,682	$	131,897	$	131,132	$	122,937	$	2,052	1.5	%	15,797		12.8	%


	Average Balances
($ amounts in millions)	1Q22		4Q21		3Q21		2Q21		1Q21		1Q22 vs. 4Q21				1Q22 vs. 1Q21
Consumer Bank Segment	$	83,054	$	80,930	$	79,098	$	78,200	$	72,949	$	2,124	2.6	%	$	10,105	13.9	%
Corporate Bank Segment	42,609		42,659		42,525		42,966		40,285		(50)		(0.1)	%	2,324		5.8	%
Wealth Management Segment	10,407		10,054		9,873		9,519		9,281		353		3.5	%	1,126		12.1	%
Other (1)	2,664		3,039		401		447		422		(375)		(12.3)	%	2,242		NM
Total Deposits	$	138,734	$	136,682	$	131,897	$	131,132	$	122,937	$	2,052	1.5	%	$	15,797	12.8	%


	Average Balances
($ amounts in millions)	1Q22		4Q21		3Q21		2Q21		1Q21		1Q22 vs. 4Q21				1Q22 vs. 1Q21
Wealth Management - Private Wealth	$	9,591	$	9,266	$	9,036	$	8,673	$	8,442	$	325	3.5	%	$	1,149	13.6	%
Wealth Management - Institutional Services	816		788		837		846		839		28		3.6	%	(23)		(2.7)	%
Total Wealth Management Segment Deposits	$	10,407	$	10,054	$	9,873	$	9,519	$	9,281	$	353	3.5	%	$	1,126	12.1	%

________

NM - Not meaningful.

(1)Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar trade deposits, selected deposits and brokered time deposits).

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

Tangible Common Ratios

The following tables provide the calculation of the end of period “tangible common shareholders’ equity” and "tangible common book value per share" ratios, and a reconciliation of shareholders’ equity (GAAP) to tangible common shareholders’ equity (non-GAAP). Since analysts and banking regulators may assess Regions’ capital adequacy using tangible common shareholders' equity, we believe that it is useful to provide investors the ability to assess Regions’ capital adequacy on this same basis.


		As of and for Quarter Ended
($ amounts in millions, except per share data)		3/31/2022			12/31/2021			9/30/2021			6/30/2021			3/31/2021
Tangible Common Ratios
Shareholders’ equity (GAAP)		$	16,982		$	18,326		$	18,605		$	18,252		$	17,862
Less:
Preferred stock (GAAP)		1,659			1,659			1,659			1,659			1,656
Intangible assets (GAAP)		6,040			6,049			5,282			5,289			5,295
Deferred tax liability related to intangibles (GAAP)		(101)			(100)			(97)			(96)			(96)
Tangible common shareholders’ equity (non-GAAP)	A	$	9,384		$	10,718		$	11,761		$	11,400		$	11,007
Total assets (GAAP)		$	164,082		$	162,938		$	156,153		$	155,610		$	153,331
Less:
Intangible assets (GAAP)		6,040			6,049			5,282			5,289			5,295
Deferred tax liability related to intangibles (GAAP)		(101)			(100)			(97)			(96)			(96)
Tangible assets (non-GAAP)	B	$	158,143		$	156,989		$	150,968		$	150,417		$	148,132
Shares outstanding—end of quarter	C	933			942			955			955			961
Tangible common shareholders’ equity to tangible assets (non-GAAP) (1)	A/B	5.93		%	6.83		%	7.79		%	7.58		%	7.43		%
Tangible common book value per share (non-GAAP) (1)	A/C	$	10.06		$	11.38		$	12.32		$	11.94		$	11.46

_________

(1)Amounts have been calculated using whole dollar values.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to First Quarter 2022 Earnings Release

Forward-Looking Statements

This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below: