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8-K

Regions Financial Corp (RF)

8-K 2024-01-19 For: 2024-01-19
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Added on April 11, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 19, 2024

REGIONS FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware 001-34034 63-0589368
(State or other jurisdiction<br>of incorporation) (Commission<br>File Number) (IRS Employer<br>Identification No.)

1900 Fifth Avenue North

Birmingham, Alabama 35203

(Address, including zip code, of principal executive office)

Registrant’s telephone number, including area code: (800) 734-4667

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $.01 par value RF New York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
6.375% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B RF PRB New York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
5.700% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C RF PRC New York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
4.45% Non-Cumulative Perpetual Preferred Stock, Series E RF PRE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02    Results of Operations and Financial Condition.

Item 7.01    Regulation FD Disclosure.

On January 19, 2024, Regions Financial Corporation (“Regions”) issued a press release announcing its preliminary results of operations for the quarter and year ended December 31, 2023. A copy of the press release is attached hereto as Exhibit 99.1. Supplemental financial information for the quarter and year ended December 31, 2023 is attached as Exhibit 99.2. Executives from Regions will review the results via a live audio webcast at 10:00 a.m. Eastern time on January 19, 2024. A copy of a visual presentation that will be a part of that review is attached as Exhibit 99.3. All of the attached exhibits are incorporated herein by reference and may also be found on Regions’ website at www.regions.com. An archived recording of the webcast will be available for a limited time on the Investor Relations page of that website.

In accordance with general instruction B.2. of Form 8-K, this information is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in any such filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description of Exhibit
99.1 Press Release dated January 19, 2024.
99.2 Supplemental Financial Information for the Quarter Ended December 31, 2023.
99.3 Visual Presentation of January 19, 2024.
104 Cover Page Interactive Data (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

REGIONS FINANCIAL CORPORATION
By: /s/ Karin K. Allen
Name: Karin K. Allen
Title: Executive Vice President and Assistant Controller (Chief Accounting Officer and Authorized Officer)

Date: January 19, 2024

Document

newsrelease_logoa78.jpgExhibit 99.1

Media Contact: Investor Relations Contact:
Jeremy King Dana Nolan
(205) 264-4551 (205) 264-7040

Record performance. Solid foundation. Regions reports 2023 earnings of $2.0 billion, earnings per diluted share of $2.11

$7.6 billion in total revenue reflects 5 percent year-over-year growth

BIRMINGHAM, Ala. - (BUSINESS WIRE) - Jan. 19, 2024 - Regions Financial Corp. (NYSE:RF) today reported earnings for the fourth quarter and full-year ended Dec. 31, 2023. The company reported fourth quarter net income available to common shareholders of $367 million and earnings per diluted share of $0.39. Fourth quarter results include the industry-wide FDIC special assessment, increased severance-related charges, and a net provision expense associated with an unsecured consumer loan portfolio sale. For the full-year 2023, the company reported net income available to common shareholders of $2.0 billion and record pre-tax pre-provision income(1) of $3.2 billion. Compared to 2022, total revenue increased 5 percent to a record $7.6 billion driven by growth in net interest income.

"I want to thank our 20,000 associates for their hard work and dedication throughout 2023. Their commitment and resilience allowed us to help our customers navigate through ongoing inflation and higher interest rates with confidence. We have positioned Regions to continue delivering solid results with a business plan focused on soundness, profitability and growth across economic cycles," said John Turner, President and CEO of Regions Financial Corp.

Turner added, "We are pleased with our fourth quarter and full-year performance. Our results reflect the strength and diversity of our balance sheet, robust liquidity position, and prudent risk management. Our protective hedging strategies continue to position us for success in any rate environment and support our commitment to generating consistent, sustainable long-term performance. While the industry continues to face economic and regulatory uncertainty, we are confident in our ability to adapt to the changing landscape while continuing to deliver one of the best returns in our peer group. We remain confident in our strategic plan, and our strong performance in 2023 provides a solid foundation as we enter 2024."

SUMMARY OF FOURTH QUARTER and FULL-YEAR 2023 RESULTS:

Quarter Ended Year Ended
(amounts in millions, except per share data) 12/31/2023 9/30/2023 12/31/2022 2023 2022
Net income $ 391 $ 490 $ 685 2,074 2,245
Preferred dividends and other 24 25 25 98 99
Net income available to common shareholders $ 367 $ 465 $ 660 $ 1,976 $ 2,146
Weighted-average diluted shares outstanding 931 940 941 938 942
Actual shares outstanding—end of period 924 939 934 924 934
Diluted earnings per common share $ 0.39 $ 0.49 $ 0.70 $ 2.11 $ 2.28
Selected items impacting earnings:
Pre-tax adjusted items(1):
Adjustments to non-interest expense(1) $ (147) $ (4) $ (5) $ (154) $ (182)
Adjustments to non-interest income(1) (1) (1) 50 (3) 50
Net provision benefit/(expense) from sale of unsecured consumer loans*** (8) — — (8) 31
Total pre-tax adjusted items(1) $ (156) $ (5) $ 45 $ (165) $ (101)
Diluted EPS impact* $ (0.13) $ — $ 0.03 $ (0.13) $ (0.09)
Pre-tax additional selected items**:
Incremental operational losses related to fraud $ — $ (53) $ — $ (135) $ —
Provision release of hurricane-related allowance for loan losses — — 20 — —
Capital markets income (loss) - CVA/DVA (5) (3) (11) (50) 36
Residential MSR net hedge performance 5 4 (6) 2 2
Pension settlement charges (10) (7) (6) (17) (6)

*     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.

***     The fourth quarter of 2023 loan sale had an associated allowance of $27 million and incurred a $35 million fair value mark recorded through charge-offs, resulting in a net provision expense of $8 million. The third quarter of 2022 loan sale had an associated allowance of $94 million and incurred a $63 million fair value mark recorded through charge-offs, resulting in a net provision benefit of $31 million.

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.

Total revenue

Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Net interest income $ 1,231 $ 1,291 $ 1,401 $ (60) (4.6) % $ (170) (12.1) %
Taxable equivalent adjustment 13 13 13 — — % — — %
Net interest income, taxable equivalent basis $ 1,244 $ 1,304 $ 1,414 $ (60) (4.6) % $ (170) (12.0) %
Net interest margin (FTE) 3.60 % 3.73 % 3.99 %
Non-interest income:
Service charges on deposit accounts $ 143 $ 142 $ 152 1 0.7 % (9) (5.9) %
Card and ATM fees 127 126 130 1 0.8 % (3) (2.3) %
Wealth management income 117 112 108 5 4.5 % 9 8.3 %
Capital markets income 48 64 61 (16) (25.0) % (13) (21.3) %
Mortgage income 31 28 24 3 10.7 % 7 29.2 %
Commercial credit fee income 27 24 25 3 12.5 % 2 8.0 %
Bank-owned life insurance 22 20 17 2 10.0 % 5 29.4 %
Securities gains (losses), net (2) (1) — (1) (100.0) % (2) NM
Market value adjustments on employee benefit assets* 12 4 (9) 8 200.0 % 21 233.3 %
Insurance proceeds — — 50 — — (50) NM
Other 55 47 42 8 17.0 % 13 31.0 %
Non-interest income $ 580 $ 566 $ 600 $ 14 2.5 % $ (20) (3.3) %
Total revenue $ 1,811 $ 1,857 $ 2,001 $ (46) (2.5) % $ (190) (9.5) %
Adjusted total revenue (non-GAAP)(1) $ 1,812 $ 1,858 $ 1,951 $ (46) (2.5) % $ (139) (7.1) %

NM - Not Meaningful

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

Total revenue of approximately $1.8 billion decreased approximately 2 percent on both a reported and adjusted basis(1) compared to the third quarter of 2023. Consistent with the company's expectations, net interest income decreased during the quarter to $1.2 billion or 5 percent compared to the third quarter attributable to higher deposit and funding costs and a portion of the company's forward starting interest rate hedges becoming active, partially offset by the impact of higher market interest rates on new fixed-rate asset originations. Total net interest margin decreased 13 basis points to 3.60 percent.

Non-interest income increased 2 percent on a reported and 3 percent on an adjusted basis(1) compared to the third quarter of 2023 primarily driven by modest increases in most categories partially offset by lower capital markets income. Service charges increased 1 percent while treasury management produced another record year in 2023. Mortgage income increased during the quarter primarily attributable to higher servicing income associated with a bulk purchase of the rights to service $6.2 billion of residential mortgage loans that closed in the third quarter. Wealth management increased 4 percent primarily attributable to better production and improved markets contributing to another record year in 2023. Other non-interest income also increased driven primarily by gains associated with lease sales during the quarter. The decrease in capital markets income was primarily attributable to lower real estate capital markets income, as well as lower merger and acquisitions advisory services.

Non-interest expense

Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Salaries and employee benefits $ 608 $ 589 $ 604 $ 19 3.2 % $ 4 0.7 %
Equipment and software expense 102 107 102 (5) (4.7) % — — %
Net occupancy expense 71 72 74 (1) (1.4) % (3) (4.1) %
Outside services 43 39 41 4 10.3 % 2 4.9 %
Professional, legal and regulatory expenses 19 27 23 (8) (29.6) % (4) (17.4) %
Marketing 31 26 27 5 19.2 % 4 14.8 %
FDIC insurance assessments 147 27 18 120 444.4 % 129 NM
Credit/checkcard expenses 15 16 14 (1) (6.3) % 1 7.1 %
Operational losses 29 75 18 (46) (61.3) % 11 61.1 %
Branch consolidation, property and equipment charges 3 1 5 2 200.0 % (2) (40.0) %
Visa class B shares expense 6 5 7 1 20.0 % (1) (14.3) %
Gain on early extinguishment of debt (4) — — (4) NM (4) NM
Other 115 109 84 6 5.5 % 31 36.9 %
Total non-interest expense $ 1,185 $ 1,093 $ 1,017 $ 92 8.4 % $ 168 16.5 %
Total adjusted non-interest expense(1) $ 1,038 $ 1,089 $ 1,012 $ (51) (4.7) % $ 26 2.6 %

NM - Not Meaningful

Non-interest expense increased 8 percent on a reported basis, but decreased 5 percent on an adjusted basis(1) compared to the third quarter of 2023. Fourth quarter adjusted items included $119 million for Regions' FDIC insurance special assessment and $28 million associated with severance charges. Salaries and benefits increased 3 percent driven primarily by higher severance costs during the quarter partially offset by lower incentive compensation and reduced headcount. Excluding severance costs, salaries and benefits would have decreased 1 percent compared to the third quarter. As expected, operational losses decreased significantly compared to the prior quarter.

The company's fourth quarter efficiency ratio was 65.0 percent on a reported basis and 56.9 percent on an adjusted basis(1). The effective tax rate was 17.0 percent in the fourth quarter compared to 20.9 percent in the third quarter. The effective tax rate reflects lower than expected pre-tax income for the year causing the impact of tax preferential items to increase during the quarter, as well as discrete income tax benefits related to prior year income tax filings.

Loans and Leases

Average Balances
($ amounts in millions) 4Q23 3Q23 4Q22 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Commercial and industrial $ 50,939 $ 51,721 $ 50,135 $ (782) (1.5) % $ 804 1.6%
Commercial real estate—owner-occupied 5,136 5,100 5,362 36 0.7 % (226) (4.2)%
Investor real estate 8,772 8,617 8,290 155 1.8 % 482 5.8%
Business Lending 64,847 65,438 63,787 (591) (0.9) % 1,060 1.7%
Residential first mortgage 20,132 19,914 18,595 218 1.1 % 1,537 8.3%
Home equity 5,663 5,688 6,017 (25) (0.4) % (354) (5.9)%
Consumer credit card 1,295 1,245 1,207 50 4.0 % 88 7.3%
Other consumer—exit portfolios 110 384 613 (274) (71.4) % (503) (82.1)%
Other consumer* 6,246 6,116 5,533 130 2.1 % 713 12.9%
Consumer Lending 33,446 33,347 31,965 99 0.3 % 1,481 4.6%
Total Loans $ 98,293 $ 98,785 $ 95,752 $ (492) (0.5) % $ 2,541 2.7%

NM - Not meaningful.

*     Other consumer loans includes EnerBank (Regions' point of sale home improvement portfolio).

Average loans and leases remained relatively stable compared to the prior quarter. Average business loans decreased 1 percent, offset by modest growth in consumer loans. Commercial loan line utilization levels ended the quarter at approximately 42.3 percent, decreasing 100 basis points over the prior quarter, while line commitments decreased 1 percent. The growth in consumer loans was driven by residential first mortgage and EnerBank partially offset by the sale of an unsecured consumer exit portfolio.

Deposits

Average Balances
($ amounts in millions) 4Q23 3Q23 4Q22 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Total interest-bearing deposits $ 83,247 $ 80,472 $ 79,900 $ 2,775 3.4% $ 3,347 4.2%
Non-interest-bearing deposits 43,167 44,748 53,107 (1,581) (3.5)% (9,940) (18.7)%
Total Deposits $ 126,414 $ 125,220 $ 133,007 $ 1,194 1.0% $ (6,593) (5.0)%
($ amounts in millions) 4Q23 3Q23 4Q22 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Consumer Bank Segment $ 79,384 $ 80,036 $ 83,555 $ (652) (0.8)% $ (4,171) (5.0)%
Corporate Bank Segment 36,291 34,924 38,176 1,367 3.9% (1,885) (4.9)%
Wealth Management Segment 7,690 7,451 9,065 239 3.2% (1,375) (15.2)%
Other 3,049 2,809 2,211 240 8.5% 838 37.9%
Total Deposits $ 126,414 $ 125,220 $ 133,007 $ 1,194 1.0% $ (6,593) (5.0)% Ending Balances as of
--- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/2023 12/31/2023
($ amounts in millions) 12/31/2023 9/30/2023 12/31/2022 vs. 9/30/2023 vs. 12/31/2022
Consumer Bank Segment $ 80,031 $ 80,980 $ 83,487 $ (949) (1.2)% $ (3,456) (4.1)%
Corporate Bank Segment 36,883 34,650 37,145 2,233 6.4% (262) (0.7)%
Wealth Management Segment 7,694 7,791 9,111 (97) (1.2)% (1,417) (15.6)%
Other 3,180 2,778 2,000 402 14.5% 1,180 59.0%
Total Deposits $ 127,788 $ 126,199 $ 131,743 $ 1,589 1.3% $ (3,955) (3.0)%

The company's deposit base continues to be a source of strength and a differentiator in liquidity and margin performance. Total ending and average deposits increased modestly during the fourth quarter and included continued remixing out of non-interest-bearing products into interest-bearing products. Declines in average Consumer deposits were offset by stability or growth in other segments.

Asset quality

As of and for the Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 12/31/2022
Allowance for credit losses (ACL) at period end $1,700 $1,677 $1,582
ACL/Loans, net 1.73% 1.70% 1.63%
ALL/Loans, net 1.60% 1.56% 1.51%
Allowance for credit losses to non-performing loans, excluding loans held for sale 211% 261% 317%
Allowance for loan losses to non-performing loans, excluding loans held for sale 196% 241% 293%
Provision for credit losses $155 $145 $112
Net loans charged-off $132 $101 $69
Adjusted net loan charge-offs (non-GAAP)(1) $97 $101 $69
Net loans charged-off as a % of average loans, annualized 0.54% 0.40% 0.29%
Adjusted net loan charge-offs as a % of average loans, annualized (non-GAAP) (1) 0.39% 0.40% 0.29%
Non-performing loans, excluding loans held for sale/Loans, net 0.82% 0.65% 0.52%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale 0.84% 0.67% 0.53%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale* 1.01% 0.81% 0.75%
Total Criticized Loans—Business Services** $4,659 $4,167 $3,149

* 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.

Overall asset quality continued to normalize during the quarter. Business services criticized loans and non-performing loans increased driven primarily by downgrades within loan categories previously identified as under stress. The increase in non-performing loans in the fourth quarter was primarily attributable to office, transportation, consumer discretionary manufacturing, and restaurant lending. Total reported net charge-offs for the quarter were $132 million, or 54 basis points of average loans; however, excluding the fair value mark associated with the sale of a consumer unsecured exit portfolio, adjusted net charge-offs(1) declined 1 basis point to 39 basis points of average loans.

The increase to the allowance for credit losses compared to the third quarter was attributable primarily to adverse risk migration and continued credit quality normalization, as well as higher qualitative adjustments for incremental risk in certain higher risk portfolios.

The allowance for credit loss ratio increased 3 basis points to 1.73 percent of total loans, while the allowance as a percentage of nonperforming loans decreased to 211 percent. Excluding the consumer unsecured exit portfolio sold in the fourth quarter, the allowance for credit loss ratio would have increased 6 basis points.

Capital and liquidity

As of and for Quarter Ended
12/31/2023 9/30/2023 12/31/2022
Common Equity Tier 1 ratio(2) 10.2% 10.3% 9.6%
Tier 1 capital ratio(2) 11.5% 11.6% 10.9%
Tangible common stockholders’ equity to tangible assets (non-GAAP)(1) 6.79% 5.82% 5.63%
Tangible common book value per share (non-GAAP)(1)* $10.77 $9.16 $9.00
Loans, net of unearned income, to total deposits 77.0% 78.4% 73.6%

* 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 with estimated capital ratios remaining well above current regulatory requirements. The Common Equity Tier 1(2) and Tier 1(2) ratios were estimated at 10.2 percent and 11.5 percent, respectively, at quarter-end.

During the fourth quarter, the company repurchased 16 million shares of common stock for a total of $252 million through open market purchases and declared $223 million in dividends to common shareholders.

The company's liquidity position also remains robust as of Dec. 31, 2023, with total primary liquidity of approximately $38.2 billion, which includes cash held at the Federal Reserve, FHLB borrowing capacity and unencumbered securities. The loan-to-deposit ratio totaled 77 percent at the end of the quarter.

(1)Non-GAAP; refer to pages 13, 17, 18, 19, 20 and 22 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 Jan. 19, 2024, an archived recording of the webcast will be available at the Investor Relations page of ir.regions.com following the live event.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $152 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 1,250 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

This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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. 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. 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:

•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 interest rates and unemployment rates, inflation, 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 businesses and our financial results and conditions.

•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.

•Volatility and uncertainty related to inflation and the effects of inflation, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally.

•The impact of pandemics, including the COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any 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 declining 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, or the need to price interest-bearing deposits higher due to competitive forces. Either of these activities 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.

•Changing interest rates could negatively impact the value of our portfolio of investment securities.

•The loss of value of our investment portfolio could negatively impact market perceptions of us.

•The effects of social media on market perceptions of us and banks generally.

•Volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital.

•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, such as changes to debit card interchange fees, special FDIC assessments, any new long-term debt requirements, 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 and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses.

•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.

•Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms.

•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 laws and exclusive forum 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” in Regions’ Annual Report on Form 10-K for the year ended December 31, 2022 and in Regions’ subsequent filings with the SEC.

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 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. 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 adjusted fee income and adjusted efficiency ratios. Net loan charge-offs (GAAP) are presented excluding adjustments to arrive at adjusted net loan-charge offs (non-GAAP). Adjusted net loan charge-offs as a percentage of average loans (non-GAAP) are calculated as adjusted net loan charge-offs (non-GAAP) divided by average loans (GAAP) and annualized. 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.

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.

11

Document

Exhibit 99.2

regionslogob22.jpg

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited)

Fourth Quarter 2023

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Table of Contents

Page
Financial Highlights 1
Selected Ratios and Other Information* 2
Consolidated Balance Sheets 3
Loans 4
Deposits 6
Consolidated Statements of Income 8
Consolidated Average Daily Balances and Yield / Rate Analysis 10
Pre-Tax Pre-Provision Income ("PPI")* and Adjusted PPI* 13
Non-Interest Income, Mortgage Income, Wealth Management Income and Capital Markets Income 14
Non-Interest Expense 16
Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures*
Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income / Expense, Adjusted Operating Leverage Ratios, Return Ratios, and Tangible Common Ratios 17
Credit Quality
Allowance for Credit Losses, Net Charge-Offs and Related Ratios, Adjusted Net Charge-Offs and Related Ratios 21
Non-Accrual Loans (excludes loans held for sale), Early and Late Stage Delinquencies 24
Forward-Looking Statements 25

*Use of non-GAAP financial measures

Regions believes that presentation of non-GAAP financial measures provides a meaningful basis for period to period comparisons, which management believes will assist investors in assessing 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 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 certain adjustments does not represent the amount that effectively accrues directly to shareholders. Additionally, our non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Financial Highlights

Quarter Ended
($ amounts in millions, except per share data) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Earnings Summary
Interest income - taxable equivalent $ 1,764 $ 1,779 $ 1,751 $ 1,654 $ 1,565
Interest expense - taxable equivalent 520 475 358 224 151
Net interest income - taxable equivalent 1,244 1,304 1,393 1,430 1,414
Less: Taxable-equivalent adjustment 13 13 12 13 13
Net interest income 1,231 1,291 1,381 1,417 1,401
Provision for credit losses 155 145 118 135 112
Net interest income after provision for credit losses 1,076 1,146 1,263 1,282 1,289
Non-interest income 580 566 576 534 600
Non-interest expense 1,185 1,093 1,111 1,027 1,017
Income before income taxes 471 619 728 789 872
Income tax expense 80 129 147 177 187
Net income $ 391 $ 490 $ 581 $ 612 $ 685
Net income available to common shareholders $ 367 $ 465 $ 556 $ 588 $ 660
Weighted-average shares outstanding—during quarter:
Basic 931 939 939 935 934
Diluted 931 940 939 942 941
Earnings per common share - basic $ 0.39 $ 0.49 $ 0.59 $ 0.63 $ 0.71
Earnings per common share - diluted $ 0.39 $ 0.49 $ 0.59 $ 0.62 $ 0.70
Balance Sheet Summary
At quarter-end
Loans, net of unearned income $ 98,379 $ 98,942 $ 99,191 $ 98,057 $ 97,009
Allowance for credit losses (1,700 ) (1,677 ) (1,633 ) (1,596 ) (1,582 )
Assets 152,194 153,624 155,656 154,135 155,220
Deposits 127,788 126,199 126,959 128,460 131,743
Long-term borrowings 2,330 4,290 4,293 2,307 2,284
Shareholders' equity 17,429 16,100 16,639 16,883 15,947
Average balances
Loans, net of unearned income $ 98,293 $ 98,785 $ 98,581 $ 97,277 $ 95,752
Assets 151,738 153,484 153,774 153,082 155,668
Deposits 126,414 125,220 125,539 129,042 133,007
Long-term borrowings 3,627 4,295 3,517 2,286 2,275
Shareholders' equity 16,274 16,468 16,892 16,457 15,442

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Selected Ratios and Other Information

As of and for Quarter Ended
12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Return on average assets* (1) 1.02 % 1.26 % 1.52 % 1.62 % 1.75 %
Return on average common shareholders' equity* 9.95 % 12.45 % 14.65 % 16.10 % 19.01 %
Return on average tangible common shareholders’ equity (non-GAAP)* (2) 16.57 % 20.58 % 23.82 % 26.70 % 33.20 %
Return on average tangible common shareholders’ equity excluding AOCI (non-GAAP)* (2) 11.45 % 14.58 % 18.14 % 19.85 % 22.91 %
Efficiency ratio 65.0 % 58.5 % 56.4 % 52.3 % 50.5 %
Adjusted efficiency ratio (non-GAAP) (2) 56.9 % 58.2 % 56.4 % 52.2 % 51.6 %
Dividend payout ratio (3) 60.5 % 48.5 % 33.7 % 31.8 % 28.3 %
Common book value per share $ 17.07 $ 15.38 $ 15.95 $ 16.29 $ 15.29
Tangible common book value per share (non-GAAP) (2) $ 10.77 $ 9.16 $ 9.72 $ 10.01 $ 9.00
Total equity to total assets 11.45 % 10.48 % 10.69 % 10.95 % 10.27 %
Tangible common shareholders’ equity to tangible assets (non-GAAP) (2) 6.79 % 5.82 % 6.09 % 6.31 % 5.63 %
Common equity (4) $ 12,976 $ 13,056 $ 12,786 $ 12,420 $ 12,066
Total risk-weighted assets (4) $ 126,826 $ 126,900 $ 126,947 $ 125,747 $ 125,752
Common equity Tier 1 ratio (4) 10.2 % 10.3 % 10.1 % 9.9 % 9.6 %
Tier 1 capital ratio (4) 11.5 % 11.6 % 11.4 % 11.2 % 10.9 %
Total risk-based capital ratio (4) 13.3 % 13.4 % 13.1 % 12.9 % 12.5 %
Leverage ratio (4) 9.7 % 9.7 % 9.5 % 9.3 % 8.9 %
Effective tax rate 17.0 % 20.9 % 20.2 % 22.4 % 21.5 %
Allowance for credit losses as a percentage of loans, net of unearned income 1.73 % 1.70 % 1.65 % 1.63 % 1.63 %
Allowance for credit losses to non-performing loans, excluding loans held for sale 211 % 261 % 332 % 288 % 317 %
Net interest margin (FTE)* 3.60 % 3.73 % 4.04 % 4.22 % 3.99 %
Loans, net of unearned income, to total deposits 77.0 % 78.4 % 78.1 % 76.3 % 73.6 %
Net charge-offs as a percentage of average loans* 0.54 % 0.40 % 0.33 % 0.35 % 0.29 %
Adjusted net charge-offs as a percentage of average loans (non-GAAP) * (2) 0.39 % 0.40 % 0.33 % 0.35 % 0.29 %
Non-performing loans, excluding loans held for sale, as a percentage of loans 0.82 % 0.65 % 0.50 % 0.56 % 0.52 %
Non-performing assets (excluding loans 90 days past due) as a percentage of loans, foreclosed properties, and non-performing loans held for sale 0.84 % 0.67 % 0.51 % 0.58 % 0.53 %
Non-performing assets (including loans 90 days past due) as a percentage of loans, foreclosed properties, and non-performing loans held for sale (5) 1.01 % 0.81 % 0.64 % 0.71 % 0.75 %
Associate headcount—full-time equivalent 20,101 20,257 20,349 20,113 20,073
ATMs 2,023 2,022 2,025 2,034 2,039
Branch Statistics
Full service 1,242 1,243 1,245 1,251 1,252
Drive-through/transaction service only 29 29 31 34 34
Total branch outlets 1,271 1,272 1,276 1,285 1,286
Year Ended December 31
--- --- --- --- ---
2023 2022
Return on average assets (1) 1.36 % 1.41 %
Return on average common shareholders' equity 13.29 % 14.46 %
Return on average tangible common shareholders’ equity (non-GAAP) (2) 21.93 % 24.05 %
Return on average tangible common shareholders’ equity excluding AOCI (non-GAAP) (2) 15.91 % 19.61 %
Efficiency ratio 57.9 % 56.0 %
Adjusted efficiency ratio (non-GAAP) (2) 55.9 % 53.9 %
Dividend payout ratio (3) 41.6 % 32.2 %
Effective tax rate 20.5 % 22.0 %
Net interest margin (FTE) 3.90 % 3.36 %
Net charge-offs as a percentage of average loans 0.40 % 0.29 %
Adjusted net charge-offs as a percentage of average loans (non-GAAP) (2) 0.37 % 0.22 %

*Annualized

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

(2)See reconciliation of GAAP to non-GAAP Financial Measures that begin on pages 13, 17, 18, 19 and 22.

(3)Dividend payout ratio reflects dividends declared within the applicable period.

(4)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.

(5)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page 24 for amounts related to these loans.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Consolidated Balance Sheets

As of
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Assets:
Cash and due from banks $ 2,635 $ 1,554 $ 2,480 $ 2,395 $ 1,997
Interest-bearing deposits in other banks 4,166 7,462 7,406 6,438 9,230
Debt securities held to maturity 754 763 777 790 801
Debt securities available for sale 28,104 26,228 27,296 28,230 27,933
Loans held for sale 400 459 554 564 354
Loans, net of unearned income 98,379 98,942 99,191 98,057 97,009
Allowance for loan losses (1,576) (1,547) (1,513) (1,472) (1,464)
Net loans 96,803 97,395 97,678 96,585 95,545
Other earning assets 1,417 1,552 1,563 1,335 1,308
Premises and equipment, net 1,642 1,616 1,622 1,705 1,718
Interest receivable 614 625 575 538 511
Goodwill 5,733 5,733 5,733 5,733 5,733
Residential mortgage servicing rights at fair value (MSRs) 906 932 801 790 812
Other identifiable intangible assets, net 205 216 226 238 249
Other assets 8,815 9,089 8,945 8,794 9,029
Total assets $ 152,194 $ 153,624 $ 155,656 $ 154,135 $ 155,220
Liabilities and Equity:
Deposits:
Non-interest-bearing $ 42,368 $ 44,640 $ 46,898 $ 49,647 $ 51,348
Interest-bearing 85,420 81,559 80,061 78,813 80,395
Total deposits 127,788 126,199 126,959 128,460 131,743
Borrowed funds:
Short-term borrowings — 2,000 3,000 2,000 —
Long-term borrowings 2,330 4,290 4,293 2,307 2,284
Other liabilities 4,583 5,010 4,743 4,466 5,242
Total liabilities 134,701 137,499 138,995 137,233 139,269
Equity:
Preferred stock, non-cumulative perpetual 1,659 1,659 1,659 1,659 1,659
Common stock 10 10 10 10 10
Additional paid-in capital 11,757 11,996 11,979 11,996 11,988
Retained earnings 8,186 8,042 7,802 7,433 7,004
Treasury stock, at cost (1,371) (1,371) (1,371) (1,371) (1,371)
Accumulated other comprehensive income (loss), net (2,812) (4,236) (3,440) (2,844) (3,343)
Total shareholders’ equity 17,429 16,100 16,639 16,883 15,947
Noncontrolling interest 64 25 22 19 4
Total equity 17,493 16,125 16,661 16,902 15,951
Total liabilities and equity $ 152,194 $ 153,624 $ 155,656 $ 154,135 $ 155,220

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

End of Period Loans

As of
12/31/2023 12/31/2023
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 vs. 9/30/2023 vs. 12/31/2022
Commercial and industrial $ 50,865 $ 51,604 $ 52,300 $ 51,811 $ 50,905 $ (739) (1.4) % $ (40) (0.1) %
Commercial real estate mortgage—owner-occupied 4,887 4,833 4,797 4,938 5,103 54 1.1 % (216) (4.2) %
Commercial real estate construction—owner-occupied 281 270 292 306 298 11 4.1 % (17) (5.7) %
Total commercial 56,033 56,707 57,389 57,055 56,306 (674) (1.2) % (273) (0.5) %
Commercial investor real estate mortgage 6,605 6,436 6,500 6,392 6,393 169 2.6 % 212 3.3 %
Commercial investor real estate construction 2,245 2,301 2,132 2,040 1,986 (56) (2.4) % 259 13.0 %
Total investor real estate 8,850 8,737 8,632 8,432 8,379 113 1.3 % 471 5.6 %
Total business 64,883 65,444 66,021 65,487 64,685 (561) (0.9) % 198 0.3 %
Residential first mortgage 20,207 20,059 19,755 19,172 18,810 148 0.7 % 1,397 7.4 %
Home equity—lines of credit (1) 3,221 3,240 3,313 3,397 3,510 (19) (0.6) % (289) (8.2) %
Home equity—closed-end (2) 2,439 2,428 2,425 2,446 2,489 11 0.5 % (50) (2.0) %
Consumer credit card 1,341 1,261 1,231 1,219 1,248 80 6.3 % 93 7.5 %
Other consumer—exit portfolios (3) 43 356 416 488 570 (313) (87.9) % (527) (92.5) %
Other consumer 6,245 6,154 6,030 5,848 5,697 91 1.5 % 548 9.6 %
Total consumer 33,496 33,498 33,170 32,570 32,324 (2) — % 1,172 3.6 %
Total Loans $ 98,379 $ 98,942 $ 99,191 $ 98,057 $ 97,009 $ (563) (0.6) % $ 1,370 1.4 %

______

(1)     The balance of Regions' home equity lines of credit consists of $1,587 million of first lien and $1,634 million of second lien at 12/31/2023.

(2)    The balance of Regions' closed-end home equity loans consists of $2,067 million of first lien and $372 million of second lien at 12/31/2023.

(3)    Subsequent to the GreenSky loan sale in the fourth quarter of 2023, the exit portfolio consists primarily of indirect auto loans.

As of
End of Period Loans by Percentage 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Commercial and industrial 51.7 % 52.2 % 52.7 % 52.8 % 52.5 %
Commercial real estate mortgage—owner-occupied 5.0 % 5.0 % 4.9 % 5.0 % 5.3 %
Commercial real estate construction—owner-occupied 0.3 % 0.3 % 0.3 % 0.3 % 0.3 %
Total commercial 57.0 % 57.5 % 57.9 % 58.1 % 58.1 %
Commercial investor real estate mortgage 6.7 % 6.5 % 6.6 % 6.5 % 6.6 %
Commercial investor real estate construction 2.3 % 2.3 % 2.1 % 2.1 % 2.0 %
Total investor real estate 9.0 % 8.8 % 8.7 % 8.6 % 8.6 %
Total business 66.0 % 66.3 % 66.6 % 66.7 % 66.7 %
Residential first mortgage 20.5 % 20.3 % 19.9 % 19.6 % 19.4 %
Home equity—lines of credit 3.3 % 3.3 % 3.3 % 3.5 % 3.6 %
Home equity—closed-end 2.5 % 2.5 % 2.4 % 2.5 % 2.6 %
Consumer credit card 1.4 % 1.3 % 1.2 % 1.2 % 1.3 %
Other consumer—exit portfolios — % 0.4 % 0.4 % 0.5 % 0.6 %
Other consumer 6.3 % 5.9 % 6.2 % 6.0 % 5.8 %
Total consumer 34.0 % 33.7 % 33.4 % 33.3 % 33.3 %
Total Loans 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Average Balances of Loans

Average Balances
($ amounts in millions) 4Q23 3Q23 2Q23 1Q23 4Q22 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Commercial and industrial $ 50,939 $ 51,721 $ 52,039 $ 51,158 $ 50,135 $ (782) (1.5) % $ 804 1.6 %
Commercial real estate mortgage—owner-occupied 4,864 4,824 4,905 5,013 5,073 40 0.8 % (209) (4.1) %
Commercial real estate construction—owner-occupied 272 276 292 292 289 (4) (1.4) % (17) (5.9) %
Total commercial 56,075 56,821 57,236 56,463 55,497 (746) (1.3) % 578 1.0 %
Commercial investor real estate mortgage 6,574 6,333 6,459 6,444 6,406 241 3.8 % 168 2.6 %
Commercial investor real estate construction 2,198 2,284 2,023 1,960 1,884 (86) (3.8) % 314 16.7 %
Total investor real estate 8,772 8,617 8,482 8,404 8,290 155 1.8 % 482 5.8 %
Total business 64,847 65,438 65,718 64,867 63,787 (591) (0.9) % 1,060 1.7 %
Residential first mortgage 20,132 19,914 19,427 18,957 18,595 218 1.1 % 1,537 8.3 %
Home equity—lines of credit 3,231 3,270 3,354 3,460 3,520 (39) (1.2) % (289) (8.2) %
Home equity—closed-end 2,432 2,418 2,431 2,461 2,497 14 0.6 % (65) (2.6) %
Consumer credit card 1,295 1,245 1,217 1,214 1,207 50 4.0 % 88 7.3 %
Other consumer—exit portfolios (1) 110 384 450 527 613 (274) (71.4) % (503) (82.1) %
Other consumer 6,246 6,116 5,984 5,791 5,533 130 2.1 % 713 12.9 %
Total consumer 33,446 33,347 32,863 32,410 31,965 99 0.3 % 1,481 4.6 %
Total Loans $ 98,293 $ 98,785 $ 98,581 $ 97,277 $ 95,752 $ (492) (0.5) % $ 2,541 2.7 %
Average Balances
--- --- --- --- --- --- --- --- ---
Twelve Months Ended December 31
($ amounts in millions) 2023 2022 2023 vs. 2022
Commercial and industrial $ 51,465 $ 47,468 $ 3,997 8.4 %
Commercial real estate mortgage—owner-occupied 4,900 5,170 (270) (5.2) %
Commercial real estate construction—owner-occupied 283 276 7 2.5 %
Total commercial 56,648 52,914 3,734 7.1 %
Commercial investor real estate mortgage 6,453 5,952 501 8.4 %
Commercial investor real estate construction 2,117 1,722 395 22.9 %
Total investor real estate 8,570 7,674 896 11.7 %
Total business 65,218 60,588 4,630 7.6 %
Residential first mortgage 19,612 17,950 1,662 9.3 %
Home equity—lines of credit 3,328 3,572 (244) (6.8) %
Home equity—closed-end 2,435 2,506 (71) (2.8) %
Consumer credit card 1,243 1,168 75 6.4 %
Other consumer—exit portfolios (1) 367 787 (420) (53.4) %
Other consumer 6,036 5,711 325 5.7 %
Total consumer 33,021 31,694 1,327 4.2 %
Total Loans $ 98,239 $ 92,282 $ 5,957 6.5 %

_____

NM - Not meaningful.

(1)Subsequent to the GreenSky loan sale in the fourth quarter of 2023, the exit portfolio consists primarily of indirect auto loans.

.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

End of Period Deposits

As of
12/31/2023 12/31/2023
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 vs. 9/30/2023 vs. 12/31/2022
Interest-free deposits $ 42,368 $ 44,640 $ 46,898 $ 49,647 $ 51,348 $ (2,272) (5.1)% $ (8,980) (17.5)%
Interest-bearing checking 24,480 22,428 22,892 24,066 25,676 2,052 9.1% (1,196) (4.7)%
Savings 12,604 13,292 14,217 15,286 15,662 (688) (5.2)% (3,058) (19.5)%
Money market—domestic 33,364 32,646 32,230 31,688 33,285 718 2.2% 79 0.2%
Time deposits 14,972 13,193 10,722 7,773 5,772 1,779 13.5% 9,200 159.4%
Total Deposits $ 127,788 $ 126,199 $ 126,959 $ 128,460 $ 131,743 $ 1,589 1.3% $ (3,955) (3.0)%
As of
12/31/2023 12/31/2023
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 vs. 9/30/2023 vs. 12/31/2022
Consumer Bank Segment $ 80,031 $ 80,980 $ 81,554 $ 83,296 $ 83,487 $ (949) (1.2)% $ (3,456) (4.1)%
Corporate Bank Segment 36,883 34,650 35,332 35,185 37,145 2,233 6.4% (262) (0.7)%
Wealth Management Segment 7,694 7,791 7,176 7,941 9,111 (97) (1.2)% (1,417) (15.6)%
Other (1)(2) 3,180 2,778 2,897 2,038 2,000 402 14.5% 1,180 59.0%
Total Deposits $ 127,788 $ 126,199 $ 126,959 $ 128,460 $ 131,743 $ 1,589 1.3% $ (3,955) (3.0)%
As of
12/31/2023 12/31/2023
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 vs. 9/30/2023 vs. 12/31/2022
Wealth Management - Private Wealth $ 6,719 $ 6,706 $ 6,552 $ 7,238 $ 8,196 $ 13 0.2% $ (1,477) (18.0)%
Wealth Management - Institutional Services 975 1,085 624 703 915 (110) (10.1)% 60 6.6%
Total Wealth Management Segment Deposits $ 7,694 $ 7,791 $ 7,176 $ 7,941 $ 9,111 $ (97) (1.2)% $ (1,417) (15.6)%
As of
--- --- --- --- --- --- --- --- --- --- ---
End of Period Deposits by Percentage 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Interest-free deposits 33.2 % 35.4 % 36.9 % 38.6 % 39.0 %
Interest-bearing checking 19.2 % 17.8 % 18.0 % 18.7 % 19.5 %
Savings 9.9 % 10.5 % 11.2 % 11.9 % 11.9 %
Money market—domestic 26.1 % 25.9 % 25.4 % 24.7 % 25.3 %
Time deposits 11.6 % 10.4 % 8.5 % 6.1 % 4.3 %
Total Deposits 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

(1)Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar trade deposits, selected deposits and brokered time deposits) and included additional wholesale funding arrangements in the second quarter of 2023.

(2)Includes brokered deposits totaling $2.4 billion at 12/31/2023, $1.9 billion at 9/30/2023, $2.0 billion at 6/30/2023, $1.1 billion at 3/31/2023 and $1.2 billion at 12/31/2022.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Average Balances of Deposits

Average Balances
($ amounts in millions) 4Q23 3Q23 2Q23 1Q23 4Q22 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Interest-free deposits $ 43,167 $ 44,748 $ 47,178 $ 49,592 $ 53,107 $ (1,581) (3.5) % $ (9,940) (18.7) %
Interest-bearing checking 23,128 22,499 22,979 24,697 25,379 629 2.8 % (2,251) (8.9) %
Savings 12,858 13,715 14,701 15,418 15,840 (857) (6.2) % (2,982) (18.8) %
Money market—domestic 33,216 32,146 31,567 32,522 33,219 1,070 3.3 % (3) — %
Time deposits 14,045 12,112 9,114 6,813 5,462 1,933 16.0 % 8,583 157.1 %
Total Deposits $ 126,414 $ 125,220 $ 125,539 $ 129,042 $ 133,007 $ 1,194 1.0 % (6,593) (5.0) %
Average Balances
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ amounts in millions) 4Q23 3Q23 2Q23 1Q23 4Q22 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Consumer Bank Segment $ 79,384 $ 80,036 $ 80,999 $ 82,200 $ 83,555 $ (652) (0.8) % $ (4,171) (5.0) %
Corporate Bank Segment 36,291 34,924 34,860 36,273 38,176 1,367 3.9 % (1,885) (4.9) %
Wealth Management Segment 7,690 7,451 7,470 8,463 9,065 239 3.2 % (1,375) (15.2) %
Other (1) 3,049 2,809 2,210 2,106 2,211 240 8.5 % 838 37.9 %
Total Deposits $ 126,414 $ 125,220 $ 125,539 $ 129,042 $ 133,007 $ 1,194 1.0 % $ (6,593) (5.0) % Average Balances
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ amounts in millions) 4Q23 3Q23 2Q23 1Q23 4Q22 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Wealth Management - Private Wealth $ 6,677 $ 6,701 $ 6,855 $ 7,785 $ 8,367 $ (24) (0.4) % $ (1,690) (20.2) %
Wealth Management - Institutional Services 1,013 750 615 678 698 263 35.1 % 315 45.1 %
Total Wealth Management Segment Deposits $ 7,690 $ 7,451 $ 7,470 $ 8,463 $ 9,065 $ 239 3.2 % $ (1,375) (15.2) %
Average Balances
--- --- --- --- --- --- --- --- ---
Twelve Months Ended December 31
($ amounts in millions) 2023 2022 2023 vs. 2022
Interest-free deposits $ 46,150 $ 56,469 $ (10,319) (18.3) %
Interest-bearing checking 23,319 26,830 (3,511) (13.1) %
Savings 14,165 15,940 (1,775) (11.1) %
Money market—domestic 32,364 31,876 488 1.5 %
Time deposits 10,545 5,578 4,967 89.0 %
Total Deposits $ 126,543 $ 136,693 $ (10,150) (7.4) %
Average Balances
--- --- --- --- --- --- --- --- ---
Twelve Months Ended December 31
($ amounts in millions) 2023 2022 2023 vs. 2022
Consumer Bank Segment $ 80,659 $ 84,146 $ (3,487) (4.1) %
Corporate Bank Segment 35,585 40,396 (4,811) (11.9) %
Wealth Management Segment 7,766 9,764 (1,998) (20.5) %
Other (1) 2,533 2,387 146 6.1 %
Total Deposits $ 126,543 $ 136,693 $ (10,150) (7.4) %
Average Balances
--- --- --- --- --- --- --- --- ---
Twelve Months Ended December 31
($ amounts in millions) 2023 2022 2023 vs. 2022
Wealth Management - Private Wealth $ 7,001 $ 9,029 $ (2,028) (22.5) %
Wealth Management - Institutional Services 765 735 30 4.1 %
Total Wealth Management Segment Deposits $ 7,766 $ 9,764 $ (1,998) (20.5) %

________

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) and included additional wholesale funding arrangements in the second quarter of 2023.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Consolidated Statements of Income

Quarter Ended
($ amounts in millions, except per share data) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Interest income on:
Loans, including fees $ 1,457 $ 1,462 $ 1,454 $ 1,360 $ 1,208
Debt securities 192 185 185 187 222
Loans held for sale 9 14 10 7 9
Other earning assets 93 105 90 87 113
Total interest income 1,751 1,766 1,739 1,641 1,552
Interest expense on:
Deposits 449 367 260 179 114
Short-term borrowings 10 39 42 5 —
Long-term borrowings 61 69 56 40 37
Total interest expense 520 475 358 224 151
Net interest income 1,231 1,291 1,381 1,417 1,401
Provision for credit losses 155 145 118 135 112
Net interest income after provision for credit losses 1,076 1,146 1,263 1,282 1,289
Non-interest income:
Service charges on deposit accounts 143 142 152 155 152
Card and ATM fees 127 126 130 121 130
Wealth management income 117 112 110 112 108
Capital markets income 48 64 68 42 61
Mortgage income 31 28 26 24 24
Securities gains (losses), net (2) (1) — (2) —
Other 116 95 90 82 125
Total non-interest income 580 566 576 534 600
Non-interest expense:
Salaries and employee benefits 608 589 603 616 604
Equipment and software expense 102 107 101 102 102
Net occupancy expense 71 72 73 73 74
Other 404 325 334 236 237
Total non-interest expense 1,185 1,093 1,111 1,027 1,017
Income before income taxes 471 619 728 789 872
Income tax expense 80 129 147 177 187
Net income $ 391 $ 490 $ 581 $ 612 $ 685
Net income available to common shareholders $ 367 $ 465 $ 556 $ 588 $ 660
Weighted-average shares outstanding—during quarter:
Basic 931 939 939 935 934
Diluted 931 940 939 942 941
Actual shares outstanding—end of quarter 924 939 939 935 934
Earnings per common share: (1)
Basic $ 0.39 $ 0.49 $ 0.59 $ 0.63 $ 0.71
Diluted $ 0.39 $ 0.49 $ 0.59 $ 0.62 $ 0.70
Taxable-equivalent net interest income $ 1,244 $ 1,304 $ 1,393 $ 1,430 $ 1,414

________

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

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Consolidated Statements of Income (continued) (unaudited)

Twelve Months Ended December 31
($ amounts in millions, except per share data) 2023 2022
Interest income on:
Loans, including fees $ 5,733 $ 4,088
Debt securities 749 688
Loans held for sale 40 36
Other earning assets 375 290
Total interest income 6,897 5,102
Interest expense on:
Deposits 1,255 197
Short-term borrowings 96 —
Long-term borrowings 226 119
Total interest expense 1,577 316
Net interest income 5,320 4,786
Provision for credit losses 553 271
Net interest income after provision for credit losses 4,767 4,515
Non-interest income:
Service charges on deposit accounts 592 641
Card and ATM fees 504 513
Wealth management income 451 419
Capital markets income 222 339
Mortgage income 109 156
Securities gains (losses), net (5) (1)
Other 383 362
Total non-interest income 2,256 2,429
Non-interest expense:
Salaries and employee benefits 2,416 2,318
Equipment and software expense 412 392
Net occupancy expense 289 300
Other 1,299 1,058
Total non-interest expense 4,416 4,068
Income before income taxes 2,607 2,876
Income tax expense 533 631
Net income $ 2,074 $ 2,245
Net income available to common shareholders $ 1,976 $ 2,146
Weighted-average shares outstanding—during year:
Basic 936 935
Diluted 938 942
Actual shares outstanding—end of period 924 934
Earnings per common share:
Basic $ 2.11 $ 2.29
Diluted $ 2.11 $ 2.28
Taxable-equivalent net interest income $ 5,371 $ 4,833

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Consolidated Average Daily Balances and Yield/Rate Analysis

Quarter Ended
12/31/2023 9/30/2023
($ 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 $ 1 $ — 5.44 % $ 1 $ — 5.32 %
Debt securities (2)(3) 31,144 192 2.47 31,106 185 2.38
Loans held for sale 459 9 8.15 910 14 5.99
Loans, net of unearned income:
Commercial and industrial (4) 50,939 784 6.08 51,721 804 6.14
Commercial real estate mortgage—owner-occupied (5) 4,864 58 4.68 4,824 58 4.72
Commercial real estate construction—owner-occupied 272 4 5.77 276 4 5.74
Commercial investor real estate mortgage 6,574 119 7.09 6,333 113 6.95
Commercial investor real estate construction 2,198 45 7.97 2,284 46 7.84
Residential first mortgage 20,132 187 3.72 19,914 179 3.59
Home equity 5,663 96 6.82 5,688 94 6.63
Consumer credit card 1,295 50 15.29 1,245 48 15.57
Other consumer—exit portfolios 110 1 1.09 384 6 6.35
Other consumer 6,246 126 7.95 6,116 123 7.93
Total loans, net of unearned income 98,293 1,470 5.92 98,785 1,475 5.91
Interest-bearing deposits in other banks 5,753 80 5.56 6,374 90 5.56
Other earning assets 1,336 13 3.66 1,465 15 4.09
Total earning assets 136,986 1,764 5.10 138,641 1,779 5.08
Unrealized gains/(losses) on debt securities available for sale, net (2) (3,788) (3,626)
Allowance for loan losses (1,540) (1,526)
Cash and due from banks 2,242 2,165
Other non-earning assets 17,838 17,830
$ 151,738 $ 153,484
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings $ 12,858 3 0.11 $ 13,715 4 0.12
Interest-bearing checking 23,128 91 1.56 22,499 74 1.31
Money market 33,216 215 2.57 32,146 179 2.20
Time deposits 14,045 140 3.95 12,112 110 3.59
Total interest-bearing deposits (6) 83,247 449 2.14 80,472 367 1.81
Federal funds purchased and securities sold under agreements to repurchase 27 1 5.51 8 — 5.46
Short-term borrowings 652 9 5.58 2,794 39 5.48
Long-term borrowings 3,627 61 6.57 4,295 69 6.31
Total interest-bearing liabilities 87,553 520 2.36 87,569 475 2.15
Non-interest-bearing deposits (6) 43,167 — — 44,748 — —
Total funding sources 130,720 520 1.58 132,317 475 1.42
Net interest spread (2) 2.75 2.93
Other liabilities 4,717 4,677
Shareholders’ equity 16,274 16,468
Noncontrolling interest 27 22
$ 151,738 $ 153,484
Net interest income/margin FTE basis (2) $ 1,244 3.60 % $ 1,304 3.73 %

_______

(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) Interest income includes hedging expense of $1 million for the quarter ended December 31, 2023.

(4) Interest income includes hedging expense of $95 million for the quarter ended December 31, 2023 and $73 million for the quarter ended September 30, 2023.

(5) Interest income includes hedging expense of $12 million for the quarter ended December 31, 2023 and $9 million for the quarter ended September 30, 2023.

(6) 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 1.41% for the quarter ended December 31, 2023 and 1.16% for the quarter ended September 30, 2023.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

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

Quarter Ended
6/30/2023 3/31/2023 12/31/2022
($ 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 $ 1 $ — 5.02 % $ — $ — — % $ 1 $ — 3.56 %
Debt securities (2)(3) 31,588 185 2.35 32,044 187 2.33 32,213 222 2.75
Loans held for sale 539 10 7.11 389 7 7.23 537 9 6.53
Loans, net of unearned income:
Commercial and industrial (4) 52,039 820 6.29 51,158 763 6.02 50,135 647 5.10
Commercial real estate mortgage—owner-occupied (5) 4,905 64 5.13 5,013 61 4.88 5,073 55 4.27
Commercial real estate construction—owner-occupied 292 4 5.73 292 4 5.26 289 4 4.96
Commercial investor real estate mortgage 6,459 110 6.74 6,444 100 6.23 6,406 89 5.43
Commercial investor real estate construction 2,023 38 7.55 1,960 35 7.09 1,884 30 6.24
Residential first mortgage 19,427 169 3.48 18,957 161 3.40 18,595 155 3.33
Home equity 5,785 90 6.22 5,921 88 5.93 6,017 81 5.31
Consumer credit card 1,217 46 15.10 1,214 45 14.93 1,207 44 14.34
Other consumer—exit portfolios 450 7 6.31 527 8 6.20 613 9 6.07
Other consumer 5,984 118 7.91 5,791 108 7.56 5,533 107 7.77
Total loans, net of unearned income 98,581 1,466 5.94 97,277 1,373 5.68 95,752 1,221 5.05
Interest-bearing deposits in other banks 6,111 79 5.21 6,508 72 4.49 10,600 100 3.74
Other earning assets 1,411 11 3.05 1,340 15 4.70 1,380 13 3.76
Total earning assets 138,231 1,751 5.06 137,558 1,654 4.84 140,483 1,565 4.42
Unrealized gains/(losses) on debt securities available for sale, net (2) (3,064) (3,081) (3,582)
Allowance for loan losses (1,497) (1,427) (1,447)
Cash and due from banks 2,320 2,360 2,406
Other non-earning assets 17,784 17,672 17,808
$ 153,774 $ 153,082 $ 155,668
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings $ 14,701 5 0.12 $ 15,418 4 0.11 $ 15,840 4 0.10
Interest-bearing checking 22,979 63 1.09 24,697 54 0.89 25,379 42 0.65
Money market 31,567 130 1.66 32,522 91 1.13 33,219 57 0.69
Time deposits 9,114 62 2.74 6,813 30 1.80 5,462 11 0.80
Total interest-bearing deposits (6) 78,361 260 1.33 79,450 179 0.91 79,900 114 0.57
Federal funds purchased and securities sold under agreements to repurchase 17 — 5.23 — — — 39 — 3.73
Short-term borrowings 3,242 42 5.06 400 5 4.92 — — —
Long-term borrowings 3,517 56 6.42 2,286 40 6.91 2,275 37 6.38
Total interest-bearing liabilities 85,137 358 1.69 82,136 224 1.10 82,214 151 0.73
Non-interest-bearing deposits (6) 47,178 — — 49,592 — — 53,107 — —
Total funding sources 132,315 358 1.08 131,728 224 0.69 135,321 151 0.44
Net interest spread (2) 3.37 3.73 3.69
Other liabilities 4,548 4,891 4,904
Shareholders’ equity 16,892 16,457 15,442
Noncontrolling interest 19 6 1
$ 153,774 $ 153,082 $ 155,668
Net interest income/margin FTE basis (2) $ 1,393 4.04 % $ 1,430 4.22 % $ 1,414 3.99 %

_______

(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) Interest income includes hedging income of $40 million for the quarter ended December 31, 2022. Hedging income for the quarter ended December 31, 2022 reflects strategies designed to accelerate hedge notional maturities through the use of pay-fixed swaps. Benefits migrated from securities to loans in the first quarter of 2023.

(4) Interest income includes hedging expense of $29 million for the quarter ended June 30, 2023, $13 million for the quarter ended March 31, 2023, and $43 million for the quarter ended December 31, 2022.

(5) Interest income includes hedging expense of $3 million for the quarter ended June 30, 2023, $2 million for the quarter ended March 31, 2023, and $5 million for the quarter ended December 31, 2022.

(6) 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 0.83% for the quarter ended June 30, 2023, 0.56% for the quarter ended March 31, 2023 and 0.34% for the quarter ended December 31, 2022.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

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

Twelve Months Ended December 31
2023 2022
($ 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:
Debt securities (2)(3) $ 31,467 $ 749 2.38 % $ 31,281 $ 688 2.20 %
Loans held for sale 575 40 6.89 640 36 5.63
Loans, net of unearned income:
Commercial and industrial (4) 51,465 3,171 6.14 47,468 2,123 4.45
Commercial real estate mortgage—owner-occupied (5) 4,900 241 4.85 5,170 224 4.28
Commercial real estate construction—owner-occupied 283 16 5.62 276 12 4.33
Commercial investor real estate mortgage 6,453 442 6.76 5,952 222 3.67
Commercial investor real estate construction 2,117 164 7.63 1,722 77 4.40
Residential first mortgage 19,612 696 3.55 17,950 574 3.20
Home equity 5,763 368 6.39 6,078 260 4.27
Consumer credit card 1,243 189 15.23 1,168 155 13.27
Other consumer—exit portfolios 367 22 5.89 787 46 5.88
Other consumer 6,036 475 7.84 5,711 442 7.75
Total loans, net of unearned income 98,239 5,784 5.86 92,282 4,135 4.46
Interest-bearing deposits in other banks 6,185 321 5.19 18,396 239 1.30
Other earning assets 1,389 54 3.87 1,379 51 3.69
Total earning assets 137,855 6,948 5.02 143,978 5,149 3.56
Unrealized gains/(losses) on debt securities available for sale, net (2) (3,392) (2,166)
Allowance for loan losses (1,498) (1,442)
Cash and due from banks 2,271 2,321
Other non-earning assets 17,781 16,701
$ 153,017 $ 159,392
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings $ 14,165 16 0.12 $ 15,940 19 0.12
Interest-bearing checking 23,319 282 1.21 26,830 72 0.27
Money market 32,364 615 1.90 31,876 80 0.25
Time deposits 10,545 342 3.24 5,578 26 0.47
Total interest-bearing deposits (6) 80,393 1,255 1.56 80,224 197 0.25
Federal funds purchased and securities sold under agreements to repurchase 13 1 5.41 10 — 3.73
Short-term borrowings 1,776 95 5.26 — — —
Long-term borrowings 3,437 226 6.51 2,328 119 5.08
Total interest-bearing liabilities 85,619 1,577 1.84 82,562 316 0.38
Non-interest-bearing deposits (6) 46,150 — — 56,469 — —
Total funding sources 131,769 1,577 1.19 139,031 316 0.23
Net interest spread (2) 3.18 3.18
Other liabilities 4,708 3,858
Shareholders’ equity 16,522 16,503
Noncontrolling interest 18 —
$ 153,017 $ 159,392
Net interest income/margin FTE basis (2) $ 5,371 3.90 % $ 4,833 3.36 %

_______

(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)    Interest income includes hedging expense of $1 million for the year ended December 31, 2023 and hedging income of $41 million for the year ended December 31, 2022. Hedging income for the year ended December 31, 2022 reflects strategies designed to accelerate hedge notional maturities through the use of pay fixed swaps. Benefits migrated to cash flow hedges from loans in the first quarter of 2023.

(4) Interest income includes hedging expense of $210 million and and income of $125 million for the years ended December 31, 2023 and 2022, respectively.

(5) Interest income includes hedging expense of $26 million and and income of $15 million for the years ended December 31, 2023 and 2022, respectively.

(6) 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 0.99% and 0.14% for the years ended December 31, 2023 and 2022, respectively.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 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.

Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Net income available to common shareholders (GAAP) $ 367 $ 465 $ 556 $ 588 $ 660 $ (98) (21.1) % $ (293) (44.4) %
Preferred dividends (GAAP) 24 25 25 24 25 (1) (4.0) % (1) (4.0) %
Income tax expense (GAAP) 80 129 147 177 187 (49) (38.0) % (107) (57.2) %
Income before income taxes (GAAP) 471 619 728 789 872 (148) (23.9) % (401) (46.0) %
Provision for credit losses (GAAP) 155 145 118 135 112 10 6.9 % 43 38.4 %
Pre-tax pre-provision income (non-GAAP) 626 764 846 924 984 (138) (18.1) % (358) (36.4) %
Other adjustments:
Securities (gains) losses, net 2 1 — 2 — 1 100.0 % 2 NM
Leveraged lease termination gains, net (1) — — (1) — (1) NM (1) NM
Insurance proceeds (1) — — — — (50) — NM 50 100.0 %
FDIC insurance special assessment 119 — — — — 119 NM 119 NM
Salaries and employee benefits—severance charges 28 3 — — — 25 NM 28 NM
Branch consolidation, property and equipment charges 3 1 1 2 5 2 200.0 % (2) (40.0) %
Early extinguishment of debt (4) — — — — (4) NM (4) NM
Professional, legal and regulatory expenses (1) 1 — — — — 1 NM 1 NM
Total other adjustments 148 5 1 3 (45) 143 NM 193 428.9 %
Adjusted pre-tax pre-provision income (non-GAAP) $ 774 $ 769 $ 847 $ 927 $ 939 $ 5 0.7 % $ (165) (17.6) % Year Ended
--- --- --- --- --- --- --- --- ---
($ amounts in millions) 2023 2022 2023 vs. 2022
Net income available to common shareholders (GAAP) $ 1,976 $ 2,146 $ (170) (7.9) %
Preferred dividends (GAAP) 98 99 (1) (1.0) %
Income tax expense (GAAP) 533 631 (98) (15.5) %
Income before income taxes (GAAP) 2,607 2,876 (269) (9.4) %
Provision for credit losses (GAAP) 553 271 282 104.1 %
Pre-tax pre-provision income (non-GAAP) 3,160 3,147 13 0.4 %
Other adjustments:
Securities (gains) losses, net 5 1 4 400.0 %
Leveraged lease termination gains, net (2) (1) (1) (100.0) %
Insurance proceeds (1) — (50) 50 100.0 %
FDIC insurance special assessment 119 — 119 NM
Salaries and employee benefits—severance charges 31 — 31 NM
Branch consolidation, property and equipment charges 7 3 4 133.3 %
Early extinguishment of debt (4) — (4) NM
Professional, legal and regulatory expenses (1) 1 179 (178) (99.4)
Total other adjustments 157 132 25 18.9 %
Adjusted pre-tax pre-provision income (non-GAAP) $ 3,317 $ 3,279 $ 38 1.2 %

______

NM - Not meaningful

(1) In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement

related to the settlement in the fourth quarter of 2022.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Non-Interest Income

Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Service charges on deposit accounts $ 143 $ 142 $ 152 $ 155 $ 152 $ 1 0.7 % $ (9) (5.9) %
Card and ATM fees 127 126 130 121 130 1 0.8 % (3) (2.3) %
Wealth management income 117 112 110 112 108 5 4.5 % 9 8.3 %
Capital markets income (1) 48 64 68 42 61 (16) (25.0) % (13) (21.3) %
Mortgage income 31 28 26 24 24 3 10.7 % 7 29.2 %
Commercial credit fee income 27 24 28 26 25 3 12.5 % 2 8.0 %
Bank-owned life insurance 22 20 19 17 17 2 10.0 % 5 29.4 %
Market value adjustments on employee benefit assets (2) 12 4 — (1) (9) 8 200.0 % 21 233.3 %
Securities gains (losses), net (2) (1) — (2) — (1) (100.0) % (2) NM
Insurance proceeds (3) — — — — 50 — — % (50) NM
Other miscellaneous income 55 47 43 40 42 8 17.0 % 13 31.0 %
Total non-interest income $ 580 $ 566 $ 576 $ 534 $ 600 $ 14 2.5 % $ (20) (3.3) %

Mortgage Income

Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Production and sales $ 9 $ 10 $ 18 $ 13 $ 11 $ (1) (10.0) % $ (2) (18.2) %
Loan servicing 46 42 39 38 42 4 9.5 % 4 9.5 %
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions (24) 45 8 (12) — (69) (153.3) % (24) NM
MSRs hedge gain (loss) 29 (41) (12) 9 (6) 70 170.7 % 35 NM
MSRs change due to payment decay (29) (28) (27) (24) (23) (1) (3.6) % (6) (26.1) %
MSR and related hedge impact (24) (24) (31) (27) (29) — — % 5 17.2 %
Total mortgage income $ 31 $ 28 $ 26 $ 24 $ 24 $ 3 10.7 % $ 7 29.2 %
Mortgage production - portfolio $ 475 $ 762 $ 970 $ 580 $ 712 $ (287) (37.7) % $ (237) (33.3) %
Mortgage production - agency/secondary market 349 408 450 302 314 (59) (14.5) % 35 11.1 %
Total mortgage production $ 824 $ 1,170 $ 1,420 $ 882 $ 1,026 $ (346) (29.6) % $ (202) (19.7) %
Mortgage production - purchased 90.8 % 90.7 % 91.3 % 88.3 % 87.9 %
Mortgage production - refinanced 9.2 % 9.3 % 8.7 % 11.7 % 12.1 %

Wealth Management Income

Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Investment management and trust fee income $ 81 $ 79 $ 77 $ 76 $ 76 $ 2 2.5 % $ 5 6.6 %
Investment services fee income 36 33 33 36 32 3 9.1 % 4 12.5 %
Total wealth management income (4) $ 117 $ 112 $ 110 $ 112 $ 108 $ 5 4.5 % $ 9 8.3 %

Capital Markets Income

Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Capital markets income $ 48 $ 64 $ 68 $ 42 $ 61 $ (16) (25.0) % $ (13) (21.3) %
Less: Valuation adjustments on customer derivatives (5) (5) (3) (9) (33) (11) (2) (66.7) % 6 54.5 %
Capital markets income excluding valuation adjustments $ 53 $ 67 $ 77 $ 75 $ 72 $ (14) (20.9) % $ (19) (26.4) %

_________

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)These market value adjustments relate to assets held for employee and director benefits that are offset within salaries and employee benefits expense and other non-interest expense.

(3)In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement related to the settlement in the fourth quarter of 2022.

(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 Fourth Quarter 2023 Earnings Release

Non-Interest Income

($ amounts in millions) Twelve Months Ended Year-to-Date Change 12/31/2023 vs. 12/31/2022
12/31/2023 12/31/2022 Amount Percent
Service charges on deposit accounts $ 592 $ 641 $ (49) (7.6) %
Card and ATM fees 504 513 (9) (1.8) %
Wealth management income 451 419 32 7.6 %
Capital markets income (1) 222 339 (117) (34.5) %
Mortgage income 109 156 (47) (30.1) %
Commercial credit fee income 105 96 9 9.4 %
Bank-owned life insurance 78 62 16 25.8 %
Market value adjustments on employee benefit assets (2) 15 (45) 60 133.3 %
Securities gains (losses), net (5) (1) (4) (400.0) %
Insurance proceeds (3) — 50 (50) (100.0) %
Other miscellaneous income 185 199 (14) (7.0) %
Total non-interest income $ 2,256 $ 2,429 $ (173) (7.1) %

Mortgage Income

Twelve Months Ended Year-to-Date Change 12/31/2023 vs. 12/31/2022
($ amounts in millions) 12/31/2023 12/31/2022 Amount Percent
Production and sales $ 50 $ 95 $ (45) (47.4) %
Loan servicing 165 137 28 20.4 %
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions 17 127 (110) (86.6) %
MSRs hedge gain (loss) (15) (125) 110 88.0 %
MSRs change due to payment decay (108) (78) (30) (38.5) %
MSR and related hedge impact (106) (76) (30) (39.5) %
Total mortgage income $ 109 $ 156 $ (47) (30.1) %
Mortgage production - portfolio $ 2,787 $ 4,007 $ (1,220) (30.4) %
Mortgage production - agency/secondary market 1,509 2,339 (830) (35.5) %
Total mortgage production $ 4,296 $ 6,346 $ (2,050) (32.3) %
Mortgage production - purchased 90.4 % 80.0 %
Mortgage production - refinanced 9.6 % 20.0 %

Wealth Management Income

Twelve Months Ended Year-to-Date Change 12/31/2023 vs. 12/31/2022
($ amounts in millions) 12/31/2023 12/31/2022 Amount Percent
Investment management and trust fee income $ 313 $ 297 $ 16 5.4 %
Investment services fee income 138 122 16 13.1 %
Total wealth management income (4) $ 451 $ 419 $ 32 7.6 %

Capital Markets Income

Twelve Months Ended Year-to-Date Change 12/31/2023 vs. 12/31/2022
($ amounts in millions) 12/31/2023 12/31/2022 Amount Percent
Capital markets income $ 222 $ 339 $ (117) (34.5) %
Less: Valuation adjustments on customer derivatives (5) (50) 36 (86) (238.9) %
Capital markets income excluding valuation adjustments $ 272 $ 303 $ (31) (10.2) %

_________

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)These market value adjustments relate to assets held for employee and director benefits that are offset within salaries and employee benefits expense and other non-interest expense.

(3)In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement

related to the settlement in the fourth quarter of 2022

(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 Fourth Quarter 2023 Earnings Release

Non-Interest Expense

Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Salaries and employee benefits $ 608 $ 589 $ 603 $ 616 $ 604 $ 19 3.2 % $ 4 0.7 %
Equipment and software expense 102 107 101 102 102 (5) (4.7) % — — %
Net occupancy expense 71 72 73 73 74 (1) (1.4) % (3) (4.1) %
Outside services 43 39 42 39 41 4 10.3 % 2 4.9 %
Marketing 31 26 26 27 27 5 19.2 % 4 14.8 %
Professional, legal and regulatory expenses 19 27 20 19 23 (8) (29.6) % (4) (17.4) %
Credit/checkcard expenses 15 16 15 14 14 (1) (6.3) % 1 7.1 %
FDIC insurance assessments 147 27 29 25 18 120 444.4 % 129 NM
Visa class B shares expense 6 5 9 8 7 1 20.0 % (1) (14.3) %
Early extinguishment of debt (4) — — — — (4) NM (4) NM
Operational losses 29 75 95 13 18 (46) (61.3) % 11 61.1 %
Branch consolidation, property and equipment charges 3 1 1 2 5 2 200.0 % (2) (40.0) %
Other miscellaneous expenses 115 109 97 89 84 6 5.5 % 31 36.9 %
Total non-interest expense $ 1,185 $ 1,093 $ 1,111 $ 1,027 $ 1,017 $ 92 8.4 % $ 168 16.5 % Twelve Months Ended Year-to-Date Change 12/31/2023 vs. 12/31/2022
--- --- --- --- --- --- --- --- ---
($ amounts in millions) 12/31/2023 12/31/2022 Amount Percent
Salaries and employee benefits $ 2,416 $ 2,318 $ 98 4.2 %
Equipment and software expense 412 392 20 5.1 %
Net occupancy expense 289 300 (11) (3.7) %
Outside services 163 157 6 3.8 %
Marketing 110 102 8 7.8 %
Professional, legal and regulatory expenses 85 263 (178) (67.7) %
Credit/checkcard expenses 60 66 (6) (9.1) %
FDIC insurance assessments 228 61 167 273.8 %
Visa class B shares expense 28 24 4 16.7 %
Early extinguishment of debt (4) — (4) NM
Operational losses 212 56 156 278.6 %
Branch consolidation, property and equipment charges 7 3 4 133.3 %
Other miscellaneous expenses 410 326 84 25.8 %
Total non-interest expense $ 4,416 $ 4,068 $ 348 8.6 %

_________

NM - Not Meaningful

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures

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

The tables below present 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. Also presented is a computation of the adjusted 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).

Quarter Ended
( amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22
Non-interest expense (GAAP) $ 1,185 $ 1,093 $ 1,111 $ 1,027 $ 1,017 $ 92 8.4 % $ 168 16.5 %
Adjustments:
FDIC insurance special assessment (119) — — — — (119) NM (119) NM
Branch consolidation, property and equipment charges (3) (1) (1) (2) (5) (2) (200.0) % 2 40.0 %
Salaries and employee benefits—severance charges (28) (3) — — — (25) NM (28) NM
Early extinguishment of debt 4 — — — — 4 NM 4 NM
Professional, legal and regulatory expenses (1) — — — — (1) NM (1) NM
Adjusted non-interest expense (non-GAAP) $ 1,038 $ 1,089 $ 1,110 $ 1,025 $ 1,012 $ (51) (4.7) % $ 26 2.6 %
Net interest income (GAAP) $ 1,231 $ 1,291 $ 1,381 $ 1,417 $ 1,401 $ (60) (4.6) % $ (170) (12.1) %
Taxable-equivalent adjustment 13 13 12 13 13 — — % — — %
Net interest income, taxable-equivalent basis $ 1,244 $ 1,304 $ 1,393 $ 1,430 $ 1,414 $ (60) (4.6) % $ (170) (12.0) %
Non-interest income (GAAP) $ 580 $ 566 $ 576 $ 534 $ 600 $ 14 2.5 % $ (20) (3.3) %
Adjustments:
Securities (gains) losses, net 2 1 — 2 — 1 100.0 % 2 NM
Leveraged lease termination gains (1) — — (1) — (1) NM (1) NM
Insurance proceeds (1) — — — — (50) — NM 50 100.0 %
Adjusted non-interest income (non-GAAP) $ 581 $ 567 $ 576 $ 535 $ 550 $ 14 2.5 % $ 31 5.6 %
Total revenue $ 1,811 $ 1,857 $ 1,957 $ 1,951 $ 2,001 $ (46) (2.5) % $ (190) (9.5) %
Adjusted total revenue (non-GAAP) $ 1,812 $ 1,858 $ 1,957 $ 1,952 $ 1,951 $ (46) (2.5) % $ (139) (7.1) %
Total revenue, taxable-equivalent basis $ 1,824 $ 1,870 $ 1,969 $ 1,964 $ 2,014 $ (46) (2.5) % $ (190) (9.4) %
Adjusted total revenue, taxable-equivalent basis (non-GAAP) $ 1,825 $ 1,871 $ 1,969 $ 1,965 $ 1,964 $ (46) (2.5) % $ (139) (7.1) %
Efficiency ratio (GAAP) (2) 65.0 % 58.5 % 56.4 % 52.3 % 50.5 %
Adjusted efficiency ratio (non-GAAP) (2) 56.9 % 58.2 % 56.4 % 52.2 % 51.6 %
Fee income ratio (GAAP) (2) 31.8 % 30.3 % 29.3 % 27.2 % 29.8 %
Adjusted fee income ratio (non-GAAP) (2) 31.8 % 30.3 % 29.3 % 27.2 % 28.0 %

All values are in US Dollars. ________

NM - Not Meaningful

(1) The Company received an insurance reimbursement in the fourth quarter of 2022 related to a previously settled matter with the Consumer Financial Protection Bureau.

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

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures

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

Twelve Months Ended December 31
( amounts in millions) 2023 2022 2023 vs. 2022
Non-interest expense (GAAP) $ 4,416 $ 4,068 $ 348 8.6 %
Adjustments:
FDIC insurance special assessment (119) — (119) NM
Branch consolidation, property and equipment charges (7) (3) (4) (133.3) %
Salaries and employee benefits—severance charges (31) — (31) NM
Early extinguishment of debt 4 — 4 NM
Professional, legal and regulatory expenses (1) (1) (179) 178 99.4 %
Adjusted non-interest expense (non-GAAP) $ 4,262 $ 3,886 $ 376 9.7 %
Net interest income (GAAP) $ 5,320 $ 4,786 $ 534 11.2 %
Taxable-equivalent adjustment 51 47 4 8.5 %
Net interest income, taxable-equivalent basis $ 5,371 $ 4,833 $ 538 11.1 %
Non-interest income (GAAP) $ 2,256 $ 2,429 $ (173) (7.1) %
Adjustments:
Securities (gains) losses, net 5 1 4 400.0 %
Leveraged lease termination gains (2) (1) (1) (100.0) %
Insurance proceeds (1) — (50) 50 100.0 %
Adjusted non-interest income (non-GAAP) $ 2,259 $ 2,379 $ (120) (5.0) %
Total revenue $ 7,576 $ 7,215 $ 361 5.0 %
Adjusted total revenue (non-GAAP) $ 7,579 $ 7,165 $ 414 5.8 %
Total revenue, taxable-equivalent basis $ 7,627 $ 7,262 $ 365 5.0 %
Adjusted total revenue, taxable-equivalent basis (non-GAAP) $ 7,630 $ 7,212 $ 418 5.8 %
Operating leverage ratio (GAAP) (2) (3.5) %
Adjusted operating leverage ratio (non-GAAP) (2) (3.9) %
Efficiency ratio (GAAP) (2) 57.9 % 56.0 %
Adjusted efficiency ratio (non-GAAP) (2) 55.9 % 53.9 %
Fee income ratio (GAAP) (2) 29.6 % 33.5 %
Adjusted fee income ratio (non-GAAP) (2) 29.6 % 33.0 %

All values are in US Dollars. ______

NM - Not Meaningful

(1)In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement related to the settlement in the fourth quarter of 2022.

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

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures

Return Ratios

The table below provides a calculation of “return on average tangible common shareholders’ equity” (non-GAAP). 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. In calculating return on average tangible common shareholders' equity Regions makes adjustments to shareholders' equity including average intangible assets and related deferred taxes, average preferred stock and average accumulated other comprehensive income (AOCI). 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) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY*
Net income available to common shareholders (GAAP) $ 367 $ 465 $ 556 $ 588 $ 660
Average shareholders' equity (GAAP) $ 16,274 $ 16,468 $ 16,892 $ 16,457 $ 15,442
Less:
Average intangible assets (GAAP) 5,944 5,955 5,966 5,977 5,996
Average deferred tax liability related to intangibles (GAAP) (109) (106) (104) (103) (105)
Average preferred stock (GAAP) 1,659 1,659 1,659 1,659 1,659
Average tangible common shareholders' equity (non-GAAP) $ 8,780 $ 8,960 $ 9,371 $ 8,924 $ 7,892
Less: Average AOCI, after tax (3,925) (3,684) (2,936) (3,081) (3,535)
Average tangible common shareholders' equity excluding AOCI (non-GAAP) $ 12,705 $ 12,644 $ 12,307 $ 12,005 $ 11,427
Return on average tangible common shareholders' equity (non-GAAP) (1) 16.57 % 20.58 % 23.82 % 26.70 % 33.20 %
Return on average tangible common shareholders' equity excluding AOCI (non-GAAP) (1) 11.45 % 14.58 % 18.14 % 19.85 % 22.91 %

All values are in US Dollars.

Year Ended
( amounts in millions) 2023 2022
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY
Net income available to common shareholders (GAAP) $ 1,976 $ 2,146
Average shareholders' equity (GAAP) $ 16,522 $ 16,503
Less:
Average intangible assets (GAAP) 5,960 6,023
Average deferred tax liability related to intangibles (GAAP) (106) (103)
Average preferred stock (GAAP) 1,659 1,659
Average tangible common shareholders' equity (non-GAAP) $ 9,009 $ 8,924
Less: Average AOCI, after tax (3,410) (2,021)
Average tangible common shareholders' equity excluding AOCI (non-GAAP) $ 12,419 $ 10,945
Return on average tangible common shareholders' equity (non-GAAP) (1) 21.93 % 24.05 %
Return on average tangible common shareholders' equity excluding AOCI (non-GAAP) (1) 15.91 % 19.61 %

All values are in US Dollars.

____

*Annualized

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

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Tangible Common Ratios

The following table provides a reconciliation of shareholders’ equity (GAAP) to tangible common shareholders’ equity (non-GAAP) and the calculations of the end of period “tangible common shareholders’ equity to tangible assets” and "tangible common book value per share" ratios (non-GAAP). 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.

As of and for Quarter Ended
( amounts in millions, except per share data) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
TANGIBLE COMMON RATIOS
Shareholders’ equity (GAAP) $ 17,429 $ 16,100 $ 16,639 $ 16,883 $ 15,947
Less:
Preferred stock (GAAP) 1,659 1,659 1,659 1,659 1,659
Intangible assets (GAAP) 5,938 5,949 5,959 5,971 5,982
Deferred tax liability related to intangibles (GAAP) (112) (108) (106) (104) (103)
Tangible common shareholders’ equity (non-GAAP) $ 9,944 $ 8,600 $ 9,127 $ 9,357 $ 8,409
Total assets (GAAP) $ 152,194 $ 153,624 $ 155,656 $ 154,135 $ 155,220
Less:
Intangible assets (GAAP) 5,938 5,949 5,959 5,971 5,982
Deferred tax liability related to intangibles (GAAP) (112) (108) (106) (104) (103)
Tangible assets (non-GAAP) $ 146,368 $ 147,783 $ 149,803 $ 148,268 $ 149,341
Shares outstanding—end of quarter 924 939 939 935 934
Total equity to total assets (GAAP) (1) 11.45 % 10.48 % 10.69 % 10.95 % 10.27 %
Tangible common shareholders’ equity to tangible assets (non-GAAP) (1) 6.79 % 5.82 % 6.09 % 6.31 % 5.63 %
Tangible common book value per share (non-GAAP) (1) $ 10.77 $ 9.16 $ 9.72 $ 10.01 $ 9.00

All values are in US Dollars.

____

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

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Credit Quality

As of and for Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Components:
Beginning allowance for loan losses (ALL) $ 1,547 $ 1,513 $ 1,472 $ 1,464 $ 1,418
Cumulative change in accounting guidance (1) — — — (38) —
Beginning allowance for loan losses (ALL), as adjusted for change in accounting guidance $ 1,547 $ 1,513 $ 1,472 $ 1,426 $ 1,418
Loans charged-off:
Commercial and industrial 41 53 52 49 38
Commercial real estate mortgage—owner-occupied 1 1 — — 1
Total commercial 42 54 52 49 39
Commercial investor real estate mortgage — — — — 5
Total investor real estate — — — — 5
Residential first mortgage — — 1 — —
Home equity—lines of credit — 1 1 1 1
Home equity—closed-end — 1 — — —
Consumer credit card 14 14 12 12 11
Other consumer—exit portfolios (2) 39 3 3 5 4
Other consumer 54 51 43 38 33
Total consumer 107 70 60 56 49
Total 149 124 112 105 93
Recoveries of loans previously charged-off:
Commercial and industrial 7 12 21 10 10
Commercial real estate mortgage—owner-occupied 1 1 — — 1
Total commercial 8 13 21 10 11
Commercial investor real estate mortgage — — — — 1
Total investor real estate — — — — 1
Residential first mortgage — — 1 — 1
Home equity—lines of credit 1 1 2 3 3
Home equity—closed-end — 1 — — —
Consumer credit card 2 3 1 2 2
Other consumer—exit portfolios 1 — 1 1 1
Other consumer 5 5 5 6 5
Total consumer 9 10 10 12 12
Total 17 23 31 22 24
Net charge-offs (recoveries):
Commercial and industrial 34 41 31 39 28
Commercial real estate mortgage—owner-occupied — — — — —
Total commercial 34 41 31 39 28
Commercial investor real estate mortgage — — — — 4
Total investor real estate — — — — 4
Residential first mortgage — — — — (1)
Home equity—lines of credit (1) — (1) (2) (2)
Home equity—closed-end — — — — —
Consumer credit card 12 11 11 10 9
Other consumer—exit portfolios 38 3 2 4 3
Other consumer 49 46 38 32 28
Total consumer 98 60 50 44 37
Total 132 101 81 83 69
Provision for loan losses (2) 161 135 122 129 115
Ending allowance for loan losses (ALL) 1,576 1,547 1,513 1,472 1,464
Beginning reserve for unfunded credit commitments 130 120 124 118 121
Provision for (benefit from) unfunded credit losses (6) 10 (4) 6 (3)
Ending reserve for unfunded commitments 124 130 120 124 118
Allowance for credit losses (ACL) at period end $ 1,700 $ 1,677 $ 1,633 $ 1,596 $ 1,582

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Credit Quality (continued)
As of and for Quarter Ended
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Net loan charge-offs as a % of average loans, annualized (3):
Commercial and industrial 0.26 % 0.31 % 0.24 % 0.31 % 0.22 %
Commercial real estate mortgage—owner-occupied (0.02) % 0.04 % 0.01 % (0.02) % (0.02) %
Commercial real estate construction—owner-occupied (0.01) % (0.01) % (0.27) % (0.05) % (0.02) %
Total commercial 0.24 % 0.29 % 0.22 % 0.28 % 0.19 %
Commercial investor real estate mortgage (0.01) % (0.01) % — % — % 0.27 %
Commercial investor real estate construction — % — % (0.04) % — % (0.01) %
Total investor real estate (0.01) % — % (0.01) % — % 0.21 %
Residential first mortgage — % — % — % — % (0.03) %
Home equity—lines of credit (0.05) % (0.07) % (0.08) % (0.22) % (0.22) %
Home equity—closed-end (0.02) % (0.02) % — % (0.03) % (0.02) %
Consumer credit card 3.98 % 3.48 % 3.38 % 3.47 % 2.94 %
Other consumer—exit portfolios (2) 135.63 % 3.14 % 2.56 % 2.69 % 2.46 %
Other consumer 3.13 % 2.99 % 2.55 % 2.26 % 2.08 %
Total consumer 1.18 % 0.71 % 0.62 % 0.55 % 0.48 %
Total 0.54 % 0.40 % 0.33 % 0.35 % 0.29 %
Non-performing loans, excluding loans held for sale $ 805 $ 642 $ 492 $ 554 $ 500
Non-performing loans held for sale 3 2 1 1 3
Non-performing loans, including loans held for sale 808 644 493 555 503
Foreclosed properties 15 15 15 15 13
Non-performing assets (NPAs) $ 823 $ 659 $ 508 $ 570 $ 516
Loans past due > 90 days (4) $ 171 $ 140 $ 131 $ 128 $ 208
Criticized loans—business (5) $ 4,659 $ 4,167 $ 4,039 $ 3,725 $ 3,149
Credit Ratios (3):
ACL/Loans, net 1.73 % 1.70 % 1.65 % 1.63 % 1.63 %
ALL/Loans, net 1.60 % 1.56 % 1.53 % 1.50 % 1.51 %
Allowance for credit losses to non-performing loans, excluding loans held for sale 211 % 261 % 332 % 288 % 317 %
Allowance for loan losses to non-performing loans, excluding loans held for sale 196 % 241 % 308 % 266 % 293 %
Non-performing loans, excluding loans held for sale/Loans, net 0.82 % 0.65 % 0.50 % 0.56 % 0.52 %
NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale 0.84 % 0.67 % 0.51 % 0.58 % 0.53 %
NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale (4) 1.01 % 0.81 % 0.64 % 0.71 % 0.75 %

(1)Regions adopted accounting guidance on January 1, 2023 that removed the definition of troubled debt restructurings and replaced it with modifications to borrowers experiencing financial difficulty. The Company recorded the cumulative effect of the change in accounting guidance as an increase in retained earnings and a reduction in deferred tax assets.

(2)In the fourth quarter of 2023, the Company sold substantially all of its portfolio of a third party relationship with an associated allowance of $27 million at the time of the sale. As shown in the table below, there was a $35 million fair value mark recorded through charge-offs, which resulted in a net provision expense of $8 million associated with the sale.

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

(4)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page 24 for amounts related to these loans.

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

Allowance for Credit Losses
Year Ended December 31
($ amounts in millions) 2023 2022
Balance at January 1, as adjusted for change in accounting guidance $ 1,544 $ 1,574
Net charge-offs 397 263
Provision for loan losses 547 248
Provision for unfunded credit losses 6 23
Balance at end of year $ 1,700 $ 1,582

Adjusted Net Charge-offs and Ratio (non-GAAP)

In the fourth quarter of 2023, the Company made the decision to sell substantially all of a loan portfolio associated with a third party relationship. At the end of the third quarter of 2022, the Company made the strategic decision to sell certain unsecured consumer loans. For both of these transactions, the loans were marked to fair value through charge-offs as shown below. Management believes that excluding the incremental increase to net charge-offs from the net charge-off ratio (GAAP) to arrive at an adjusted net charge-off ratio (non-GAAP) will assist investors in analyzing the Company's credit quality performance as well as provide a better basis from which to predict future performance.

For the Quarter Ended For the Year Ended
($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 2023 2022
Net loan charge-offs (GAAP) $ 132 $ 101 $ 81 $ 83 $ 69 $ 397 $ 263
Less: charge-offs associated with the sale of loans 35 — — — — 35 63
Adjusted net loan charge-offs (non-GAAP) $ 97 $ 101 $ 81 $ 83 $ 69 $ 362 $ 200
Net loan charge-offs as a % of average loans, annualized (GAAP) (1) 0.54 % 0.40 % 0.33 % 0.35 % 0.29 % 0.40 % 0.29 %
Adjusted net loan charge-offs as a % of average loans, annualized (non-GAAP) (1) 0.39 % 0.40 % 0.33 % 0.35 % 0.29 % 0.37 % 0.22 %

______

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

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

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Non-Performing Loans (excludes loans held for sale)

As of
($ amounts in millions, %'s calculated using whole dollar values) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Commercial and industrial $ 471 0.93 % $ 361 0.70 % $ 297 0.57 % $ 385 0.74 % $ 347 0.68 %
Commercial real estate mortgage—owner-occupied 36 0.74 % 43 0.90 % 34 0.72 % 34 0.68 % 29 0.58 %
Commercial real estate construction—owner-occupied 8 3.12 % 10 3.50 % 5 1.60 % 6 1.85 % 6 1.93 %
Total commercial 515 0.92 % 414 0.73 % 336 0.59 % 425 0.74 % 382 0.68 %
Commercial investor real estate mortgage 233 3.53 % 169 2.63 % 98 1.51 % 67 1.06 % 53 0.83 %
Total investor real estate 233 2.63 % 169 1.94 % 98 1.14 % 67 0.80 % 53 0.63 %
Residential first mortgage 22 0.11 % 24 0.12 % 24 0.12 % 26 0.14 % 31 0.16 %
Home equity—lines of credit 29 0.89 % 29 0.91 % 28 0.84 % 30 0.90 % 28 0.79 %
Home equity—closed-end 6 0.23 % 6 0.23 % 6 0.24 % 6 0.23 % 6 0.24 %
Total consumer 57 0.17 % 59 0.18 % 58 0.17 % 62 0.19 % 65 0.20 %
Total non-performing loans $ 805 0.82 % $ 642 0.65 % $ 492 0.50 % $ 554 0.56 % $ 500 0.52 %

Early and Late Stage Delinquencies

Accruing 30-89 Days Past Due Loans As of
($ amounts in millions, %'s calculated using whole dollar values) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Commercial and industrial $ 64 0.12 % $ 52 0.10 % $ 55 0.10 % $ 47 0.09 % $ 56 0.11 %
Commercial real estate mortgage—owner-occupied 5 0.10 % 7 0.14 % 4 0.09 % 7 0.14 % 9 0.18 %
Commercial real estate construction—owner-occupied 1 0.48 % — — % — — % — — % — — %
Total commercial 70 0.12 % 59 0.10 % 59 0.10 % 54 0.09 % 65 0.12 %
Commercial investor real estate mortgage — — % 115 1.78 % 1 0.01 % 1 0.01 % — — %
Total investor real estate — — % 115 1.31 % 1 0.01 % 1 0.01 % — — %
Residential first mortgage—non-guaranteed (1) 106 0.53 % 95 0.48 % 83 0.42 % 74 0.39 % 86 0.47 %
Home equity—lines of credit 27 0.84 % 33 1.02 % 28 0.85 % 28 0.83 % 30 0.85 %
Home equity—closed-end 14 0.57 % 11 0.46 % 10 0.43 % 10 0.38 % 11 0.44 %
Consumer credit card 19 1.43 % 18 1.43 % 16 1.28 % 15 1.24 % 16 1.26 %
Other consumer—exit portfolios 3 5.86 % 6 1.71 % 6 1.54 % 7 1.38 % 10 1.75 %
Other consumer 91 1.47 % 80 1.30 % 79 1.32 % 69 1.18 % 67 1.18 %
Total consumer (1) 260 0.92 % 243 0.85 % 222 0.78 % 203 0.74 % 220 0.82 %
Total accruing 30-89 days past due loans (1) $ 330 0.34 % $ 417 0.42 % $ 282 0.29 % $ 258 0.26 % $ 285 0.29 %
Accruing 90+ Days Past Due Loans As of
($ amounts in millions, %'s calculated using whole dollar values) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Commercial and industrial $ 11 0.02 % $ 13 0.02 % $ 10 0.02 % $ 23 0.04 % $ 30 0.06 %
Commercial real estate mortgage—owner-occupied — 0.01 % 1 0.01 % 1 0.02 % — 0.01 % 1 0.02 %
Total commercial 11 0.02 % 14 0.02 % 11 0.02 % 23 0.04 % 31 0.05 %
Commercial investor real estate mortgage 23 0.35 % — — % — — % — — % 40 0.63 %
Total investor real estate 23 0.26 % — — % — — % — — % 40 0.48 %
Residential first mortgage—non-guaranteed (2) 61 0.31 % 58 0.30 % 53 0.28 % 47 0.25 % 47 0.26 %
Home equity—lines of credit 20 0.62 % 16 0.49 % 19 0.56 % 17 0.50 % 15 0.44 %
Home equity—closed-end 7 0.30 % 7 0.29 % 8 0.31 % 8 0.36 % 8 0.33 %
Consumer credit card 20 1.45 % 17 1.37 % 15 1.26 % 15 1.20 % 15 1.19 %
Other consumer—exit portfolios — 0.81 % 1 0.18 % 1 0.18 % 1 0.18 % 1 0.19 %
Other consumer 29 0.46 % 27 0.44 % 24 0.40 % 17 0.30 % 17 0.29 %
Total consumer (2) 137 0.51 % 126 0.45 % 120 0.43 % 105 0.42 % 103 0.42 %
Total accruing 90+ days past due loans (2) $ 171 0.17 % $ 140 0.14 % $ 131 0.13 % $ 128 0.13 % $ 174 0.18 %
Total delinquencies (1) (2) $ 501 0.51 % $ 557 0.57 % $ 413 0.42 % $ 386 0.39 % $ 459 0.47 %

(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 $46 million at 12/31/2023, $43 million at 9/30/2023, $36 million at 6/30/2023, $37 million at 3/31/2023, and $46 million at 12/31/2022.

(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 $34 million at 12/31/2023, $23 million at 9/30/2023, $24 million at 6/30/2023, $30 million at 3/31/2023, and $34 million at 12/31/2022.

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

Forward-Looking Statements

This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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. 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. 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:

•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 interest rates and unemployment rates, inflation, 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 businesses and our financial results and conditions.

•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.

•Volatility and uncertainty related to inflation and the effects of inflation, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally.

•The impact of pandemics, including the COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any 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 declining 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, or the need to price interest-bearing deposits higher due to competitive forces. Either of these activities 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.

•Changing interest rates could negatively impact the value of our portfolio of investment securities.

•The loss of value of our investment portfolio could negatively impact market perceptions of us.

•The effects of social media on market perceptions of us and banks generally.

•Volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital.

•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, such as changes to debit card interchange fees, special FDIC assessments, any new long-term debt requirements, 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 and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses.

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

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited) to Fourth Quarter 2023 Earnings Release

•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.

•Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms.

•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 laws and exclusive forum 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” in Regions’ Annual Report on Form 10-K for the year ended December 31, 2022 and in Regions’ subsequent filings with the SEC.

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.

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

26

rf-20231231xexhibit993

Exhibit 99.3 4th Quarter Earnings Conference Call January 19th, 2024

2 2023 Overview Continue to deliver consistent, sustainable long-term performance (1) Non-GAAP, see appendix for reconciliation. Key Performance Metrics 4Q23 FY23 Reported Adjusted(1) Reported Adjusted(1) Net Income Available to Common Shareholders $367M $2.0B Diluted Earnings Per Share $0.39 $2.11 Total Revenue $1.8B $1.8B $7.6B $7.6B Non-Interest Expense $1.2B $1.0B $4.4B 4.3B Pre-Tax Pre-Provision Income(1) $626M $774M $3.2B $3.3B Efficiency Ratio 65.0% 56.9% 57.9% 55.9% Net-Charge Offs / Avg Loans 0.54% 0.39% 0.40% 0.37% Highlights • Record FY pre-tax pre-provision income(1) of $3.2B • One of the best FY ROATCE(1) in the peer group of 21.9% (15.9% ex. AOCI) • Enhanced credit and interest rate risk management processes and platforms; Continued focus on disciplined capital allocation and risk-adjusted returns • Continue to benefit from loyal customer base, attractive footprint generating strong & diverse balance sheet with solid capital, robust liquidity and prudent credit risk management • Proactive hedging strategies to position Regions for success in an array of economic conditions • Confident about Regions' positioning heading into 2024

3 • Avg and ending loans decreased modestly QoQ; Ending loans grew ~1.4% vs PY • Avg business loans declined ~1% QoQ; Reserving capital for full relationship business ◦ Line commitments decreased ~$600M and utilization decreased to 42.3% • Avg consumer loans remained relatively flat as growth in mortgage and EnerBank partially offset by declines in home equity and the ~$300M unsecured consumer portfolio sale • Expect 2024 average loan balances to grow in the low-single digits compared to 2023 Loans Softening demand but continuing to support our clients $97.0 $98.9 $98.4 64.7 65.4 64.9 32.3 33.5 33.5 4Q22 3Q23 4Q23 (Ending, $ in billions) $95.8 $98.8 $98.3 63.8 65.4 64.9 32.0 33.4 33.4 4Q22 3Q23 4Q23 Loans and leases (Average, $ in billions) Business loansConsumer loans QoQ Highlights & Outlook

4 $131.7 $126.2 $127.8 83.5 81.0 80.0 37.1 34.7 36.9 9.1 7.8 7.7 2.0 2.7 3.2 4Q22 3Q23 4Q23 $133.0 $125.2 $126.4 83.6 80.0 79.4 38.2 34.9 36.3 9.0 7.5 7.7 2.2 2.8 3.0 4Q22 3Q23 4Q23 Deposits Normalization occurring as expected (1) Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar trade deposits, selected deposits and brokered time deposits) Wealth Mgt Other(1) Consumer Bank Corporate Bank • Deposits increased modestly both on an average and ending basis primarily due to increases in IB business products; Expect to partially reverse with tax season in 1Q • All three businesses continue to experience remixing from NIB to IB; Pace of remixing has slowed • Within Consumer, continue to see balance normalization with ratio of checking balances to spending levels getting closer to pre-pandemic levels • Expect incremental remixing out of low-cost savings and checking products of $2-3B and total balances stabilizing by mid-year 2024; NIB mix percentage in low 30% range (Ending, $ in billions) Deposits by Segment (Average, $ in billions) QoQ Highlights & Outlook

5 (1) Deposit impacts include the increase in deposit interest expense, offset by lower wholesale borrowings costs due to deposit funding growth. (2) Market rate impacts include contractual loan, cash and borrowings repricing; fixed asset turnover at higher market rates; securities premium amortization net discount accretion lower vs 3Q at $17M. (3) Other includes the unsecured consumer portfolio loan sale, credit interest recoveries, loan fees, and lower cash balances. (4) Expectations assume stable or lower short-term interest rates; flat long-term rate held at 12/31/2023 levels. • NII -$60M, or -4.6% QoQ; NIM -13bps to 3.60% • Elevated long-term interest rates increase new production fixed-rate asset yields • Added $500M to securities balance • Deposit mix and pricing normalization • 4Q deposit cost = 1.41% • 4Q interest-bearing deposit cost = 2.14% (39% cycle-to-date beta) • Beginning of active period on $3B of previously added, forward starting hedges (receive rate 2.89%) reduces NII in the current rate environment; reduces NII volatility to future rate moves • NII and NIM to decline from deposit cost normalization and forward starting swaps, offset by asset turnover at elevated rate levels • 2024 NII expected to stabilize over the first half of the year and grow over the back half of the year ◦ 1Q24 NII expected to decline 3-5% vs 4Q23 ◦ 2024 NII expected to be $4.7-$4.8B • 2024 NIM expected to be ~3.50% • Assumes rising rate interest-bearing deposit beta peaks in the ~mid-40s; falling rate beta ~mid-30s in 2024 Market Rates(2) $1,291 $1,231 NII Attribution 4Q23 Drivers of NII and NIM 3Q23 -7bps +2bps +6bps-19bps -$24M +$8M +$4M-$66MNII NIM NII & Margin Performance Other(3) +$18M +5bps $1,414 $1,304 $1,244 3.99% 3.73% 3.60% 4Q22 3Q23 4Q23 NII Range and Assumptions for 2024(4) NII FTE NII and NIM ($ in millions) NIM Deposit Cost/Mix(1) Lease Yield Adj. (3Q) -$60M -13bps Hedges

6 • Through hedging, managed NII sensitivity to be mostly neutral to changes in interest rates late in the cycle ◦ Sensitivity to short-term rates: given mostly neutral position, more or less fed funds cuts will not be a material driver of NII variability within the range; assume mid-30%s falling rate interest-bearing deposit beta ◦ Sensitivity to middle/long-term rates: remain modestly asset sensitive due to $12-14B in fixed rate loan production & securities reinvestment per year • Reduction in NII sensitivity over past year from deposit repricing/remixing and forward starting hedges becoming active 2024 NII Range and Assumptions "Neutral" interest rate risk position; NII performance will depend mostly on deposit dynamics (1) NII represents non-FTE Net Interest Income (2) Range assumes long-end of the yield curve does not deviate materially from year-end 2023 levels and that low-cost deposit runoff remains in the -$2 billion to -$3 billion range $4.8 Billion $4.7 Billion 2024 NII(1) Performance Range(2) NII Sensitivity to Interest Rates Lower End • Easing fed funds rate and steeper yield curve • Falling rate deposit beta consistent with rising rate cycle (~45% beta) • Accelerating loan and deposit growth later in year Upper End • Stable or easing fed funds rate with flatter yield curve • Less responsive deposit rates if market rates fall (~25% beta) • Modest loan and deposit growth later in year

7 Adj. Non-Interest Income $550 $567 $581 4Q22 3Q23 4Q23 Change vs ($ in millions) 4Q23 3Q23 4Q22 Service charges $143 0.7% (5.9)% Card and ATM fees 127 0.8% (2.3)% Capital markets (Ex CVA/DVA) 53 (20.9)% (26.4)% Capital markets - CVA/DVA (5) (66.7)% 54.5% Wealth management income 117 4.5% 8.3% Mortgage income 31 10.7% 29.2% Non-Interest Income (1) Non-GAAP; see appendix for reconciliation. • NIR increased ~2% on both a reported and adjusted(1) basis as a decline in capital markets was offset by modest increases in most other categories • Mortgage income increased ~11% driven by higher servicing income associated with bulk purchase of MSR in 3Q23 • Service charges increased ~1%; Treasury Management revenue grew ~1% in 4Q delivering another record year in 2023 • Total capital markets income decreased ~25%; Ex. CVA/DVA decreased ~21% driven by lower RECM and M&A • Wealth Management income increased ~4% in 4Q mainly driven by production and market impacts; delivering another record year in 2023 • Expect full-year 2024 adjusted non- interest income to be $2.3 -$2.4B Non-Interest Income $600 $566 $580 4Q22 3Q23 4Q23 ($ in millions) ($ in millions) (1) QoQ Highlights & Outlook

8 $1,017 $1,093 $1,185 50.5% 58.5% 65.0% Non-interest expense Efficiency ratio 4Q22 3Q23 4Q23 $1,012 $1,089 $1,038 $53 51.6% 58.2% 56.9% Adjusted non-interest expense Incremental operational losses Adjusted efficiency ratio 4Q22 3Q23 4Q23 • NIE increased ~8% on a reported basis including $119M FDIC special assessment and $28M in severance-related costs but decreased ~5% on an adjusted basis(1) driven by lower operational losses ◦ 2024 quarterly operational losses are expected to be $20-$25M(4) • Salaries & benefits increased ~3% driven by increased severance-related costs partially offset by lower incentive compensation and reduced headcount • Other NIE includes a $10M pension settlement charge in 4Q vs. a $7M charge in 3Q • Committed to prudent expense management focusing on largest categories- S&B, occupancy and vendor spend • Expect full-year 2024 adjusted NIE to be ~$4.1B 3,387 3,419 3,434 3,443 3,541 3,698 3,886 4,262 $135 Adjusted non-interest expense Incremental Operational Lossess 2016 2017 2018 2019 2020 2021 2022 2023 Non-Interest Expense QoQ Highlights & OutlookAdj. Non-Interest Expense(1) ($ in millions) 3.3% CAGR (1) (1) Non-GAAP; see appendix for reconciliation. (2) Adjusted NIE in 2020-2022 were impacted by 2Q20 acquisition of Ascentium Capital and 4Q21 acquisitions of EnerBank, Sabal Capital Partners, and ClearSight Advisors. (3) Excluding incremental operational losses in 2023, CAGR would be 2.9%. (4) Included in 2024 FY adjusted NIE guidance. (1) Non-Interest Expense ($ in millions) Adj. Non-Interest Expense(1)(2)(3) ($ in millions)

9 • 4Q annualized NCOs totaled 54 bps, increasing 14 bps QoQ; Ex. impact of the unsecured consumer portfolio loan sale, adjusted NCOs were 39 bps(1) • 4Q NPLs and business services criticized loans increased; 4Q NPL increase attributable primarily to downgrades within industries previously identified as higher risk(3) • 4Q ACL/Loans ratio increased 3 bps; total ACL $ increase attributable to adverse risk migration and continued credit quality normalization, as well as a build in qualitative adjustments for incremental risk primarily in higher risk portfolios ◦ ACL on Office Portfolio increased to 4.3%; Remain confident about composition of Office Portfolio • Expect full-year 2024 NCOs to be 40-50 bps Non-Performing Loans (NPLs) Asset Quality Underlying credit performance continues to normalize as expected ($ in millions) ($ in millions) Allowance for Credit Losses (ACL) $1,582 $1,677 $1,700 1.63% 1.70% 1.73% 317% 261% 211% ACL ACL/Loans ACL/NPLs 4Q22 3Q23 4Q23 69 101 132 $35 4Q22 3Q23 4Q23 0.40% 0.39%0.29% 0.54% $500 $642 $805 0.52% 0.65% 0.82% NPLs - excluding LHFS NPL/Loans 4Q22 3Q23 4Q23 Net charge-offs ($ in millions) Adjusted Net Charge-Offs(1) Unsecured Consumer Portfolio Loan Sale(2) Net Charge-Offs Ratio Adjusted Net Charge-Offs Ratio(1) (1) Non-GAAP; see appendix for reconciliation. (2) Loans sold in 4Q had an associated allowance of $27M and incurred a $35M fair value mark recorded through charge-offs, resulting in a net provision expense of $8M. (3) See Higher Risk Industry Segments slide 20.

10 0.82% —% 0.50% 1.00% 1.50% 2.00% 2.50% 0.54% —% 0.50% 1.00% 1.50% 2.00% Historical Credit Profile Non-Performing Loans Total Net Charge-Offs 1Q20 4Q23 4Q22 1Q20 4Q22 4Q 23 • Non-Accrual and loss rate levels are seeing normalization as expected and will continue normalizing throughout 2024. (1) 4Q23 Adjusted NCOs are 0.39%. See appendix for non-GAAP reconciliation. (1) Average Pre-Pandemic 0.46% Average Pandemic 0.35% Average Pre-Pandemic 1.07% Average Pandemic 0.64% 1Q13 1Q13

11 • Basel III Endgame - Estimate a low to mid-single digit increase in RWAs under the Expanded Risk Based Approach in addition to the phase-in of AOCI into regulatory capital ◦ CET1 adjusted to include AOCI at 12/31 is estimated at 8.2%(3) • Common Equity Tier 1 (CET1) ratio(1) decreased to 10.2%, reflecting solid capital generation through earnings offset by common & preferred stock dividends and share repurchases ◦ Declared 4Q common dividends of $223M and executed $252M in share repurchases • Anticipate continuing to manage CET1 around 10% over the near term • Tangible common book value per share(3) of $10.77, an 18% increase QoQ • From 4Q23 through 3Q24, the Stress Capital Buffer will remain at 2.5% • Total primary liquidity (TPL) as of 12/31 was ~$38.2B from readily available sources 9.6% 10.3% 10.2% 4Q22 3Q23 4Q23 QoQ Highlights & Outlook Capital and Liquidity (1) Current quarter ratios are estimated. (2) Based on ending balances. (3) Non-GAAP; see appendix for reconciliation. 10.9% 11.6% 11.5% 4Q22 3Q23 4Q23 Tier 1 capital ratio(1) Loan-to-deposit ratio(2) 74% 78% 77% 4Q22 3Q23 4Q23 Common equity Tier 1 ratio(1)

12 2024 Expectations (1) Non-GAAP, see appendix for reconciliation. (2) The reconciliation with respect to forward-looking non-GAAP measures is expected to be consistent with actual non-GAAP reconciliations included in the attached appendix or in previous filings with the SEC. (3) Expectations assume stable or lower short-term interest rates; flat long-term rate held at 12/31/2023 levels. FY 2024 Expectations Net Interest Income (vs. 2023 of $5,320)(3) $4.7-$4.8B Adjusted Non-Interest Income (vs. adjusted 2023 of $2,259)(1)(2) $2.3-$2.4B Adjusted Non-Interest Expense (vs. adjusted 2023 of $4,262)(1)(2) ~$4.1B Average Loans (vs. 2023 of $98,239) grow low-single digits Average Deposits (vs. 2023 of 126,543) stable to modestly lower Net Charge-Offs / Average Loans 40-50 bps Effective Tax Rate 21-22% Expectations for 1Q24 & Beyond(3) • 2024 NII expected to stabilize over the first half of the year and grow over the back half of the year ◦ 1Q24 NII expected to decline 3-5% QoQ • 2024 NIM expected to be ~3.50% • Anticipate continuing to manage CET1 around 10% over the near term • Expect continued credit normalization toward historical levels ◦ Avg pre-pandemic NCOs were 46 bps, and avg NPL ratio was 107 bps

13 Appendix

14 Selected items impact Fourth Quarter 2023 Highlights (1) Non-GAAP, see appendix for reconciliation. (2) Based on income taxes at an approximate 25% incremental rate. (3) Items impacting results or trends during the period, but are not considered non-GAAP adjustments. (4) Loans sold in 4Q had an associated allowance of $27M and incurred a $35M fair value mark recorded through charge-offs, resulting in a net provision expense of $8M. ($ amounts in millions, except per share data) 4Q23 QoQ Change YoY Change Net interest income $ 1,231 (4.6)% (12.1)% Provision for (benefit from) credit losses 155 6.9% 38.4% Non-interest income 580 2.5% (3.3)% Non-interest expense 1,185 8.4% 16.5% Income before income taxes 471 (23.9)% (46.0)% Income tax expense 80 (38.0)% (57.2)% Net income 391 (20.2)% (42.9)% Preferred dividends 24 (4.0)% (4.0)% Net income available to common shareholders $ 367 (21.1)% (44.4)% Diluted EPS $ 0.39 (20.4)% (44.3)% Summary of fourth quarter results (amounts in millions, except per share data) 4Q23 FY23 Pre-tax adjusted items(1): Securities gains (losses), net $ (2) $ (5) Leveraged lease termination gains 1 2 FDIC special assesment (119) (119) Salary and employee benefits—severance charges (28) (31) Branch consolidation, property and equipment charges (3) (7) Early extinguishment of debt 4 4 Professional, legal and regulatory expenses (1) (1) Net provision expense from sale of unsecured consumer loans(4) (8) (8) Total pre-tax adjusted items(1) $ (156) $ (165) Diluted EPS impact(2) $ (0.13) $ (0.13) Additional selected items(3): Capital markets income (loss) - CVA/DVA $ (5) $ (50) Residential MSR net hedge performance 5 2 Pension settlement charges (10) (17) Incremental operational losses related to fraud — (135)

15 2.27 2.40 2.56 4Q21 4Q22 4Q23 2.66 3.44 4.28 4Q21 4Q22 4Q23 158 161 181 4Q21 4Q22 4Q23 21.5% 22.3% 23.9% 33.0% 33.0% 31.4% 45.5% 44.7% 44.7% 4Q21 4Q22 4Q23 9.6 12.8 10.7 7.7 9.8 4.7 1.9 3.0 6.0 Loans Credit Cards 4Q21 4Q22 4Q23 69% 71% 74% 31% 29% 26% 4Q21 4Q22 4Q23 Growth in Digital Mobile Banking Log-Ins (Millions) Customer Transactions(2)(3) Deposit Transactions by Channel Active Users (Millions)(1) Digital Lending Sales (Accounts in Thousands)(5) Digital Non-Digital Mobile ATMBranch +61% +14% 26% 22% 23% 72% 76% 75% 2% 2% 2% 4Q21 4Q22 4Q23 Digital BranchContact Center Consumer Checking Sales by Channel(4) Mobile Banking Mobile App Rating (6) Zelle Transactions (Millions)Sales and TransactionsDigital Usage +13% (1) Total number of unique customers who have successfully authenticated and logged into the mobile app at least once within the last 90 days. (2) Digital transactions represent online and mobile only; Non-digital transactions represent branches, contact centers and ATMs. (3) Transactions represent Consumer customer deposits, transfers, mobile deposits, fee refunds, withdrawals, payments, official checks, bill payments, and Western Union. Excludes ACH and Debit Card purchases/refunds. (4) Includes cross-channel sales capabilities through digital banker dashboard applications. (5) Digital Lending sales represent credit card accounts opened and digitally-assisted loans booked. (6) Represents iOS app store rating +12%

16 (1) Total Wealth Management Relationships as of Nov '23 vs Dec '22 Investments in Our Businesses Investments in talent, technology and strategic acquisitions continue to pay off CORPORATE CONSUMER WEALTH Mobile app improvements: budget planning tools & external transfer functionality; 4Q23 Mobile users increased 6.8% YoY Total Wealth Management Relationship growth of 7.8%(1) Acquisitions remain well-positioned for revenue synergies: FY23 Clearsight fees up 15%; FY23 Real Estate Capital Markets fees up 13%; Ascentium Capital steadfastly focused on growing cross- sell opportunities Continued strength in PWM client loyalty and satisfaction with 86% of clients rating their primary advisor with 5 stars Industry leading Customer Satisfaction $10.9B in MSR acquisition and flow completed in 2023 1st in VISA Power Score for 39 consecutive quarters on Debit EnerBank net promoter score of 70, ranks highest among competitors; Continue focus on onboarding quality contractors Investment Management & Trust Fee income and Investment Services fee income up 8% YoY; 2023 was another record year Launched Regions Wealth Visa® Signature Credit Card with competitive features to address gap in PWM credit product offering & continue to deepen relationships Awarded for 3rd time as Best Places to Work by Pension and Investments Magazine; Continue to build, retain & develop the right associates Increased marketing in strategic growth markets; Sponsorship of Nashville Predators Proactive outreach involving Treasury Management solutions & fraud mitigation tools to ensure client soundness; FY TM revenue increased 8% Continued investment in modernizing Sales, Lending, Treasury/Cash Management, Embedded Finance, & Client-Facing Digital platforms Continue to grow primary consumer checking accounts & deepen customer relationships; Avg balance of new checking customers higher than pre- pandemic new account vintages by 10-15% New Franchise Lending unit closed loan volume at 205% of year-end goal; New International Subsidiaries Group expanded support for in-footprint international companies Steady growth in first year of New Markets Tax Credit platform with $123M of NMTC allocation closed

17 Treasury Management Enabling our clients to optimize cash flow and manage risk with a comprehensive & competitive suite of Treasury Management solutions Delivered another record year in 2023 +8% Treasury Management Revenue(1) +7% Portfolio of Treasury Management Clients(2) +7% Digital, Payment & Integrated Services Revenue(3) +19% Global Trade Services Dollar Volume(4) • Expanding client access via enhanced digital solutions and expanded self-service capabilities • Providing additional online and mobile functionality • Launching new cash flow management tools and leveraging APIs, including new secure connectivity tools for companies’ enterprise systems • Enhancing fraud mitigation resources • Simplifying business travel management with new Commercial Pay solution • Adding Treasury Management sales talent in core & expansion markets as well as product & support functions • Expanding support for subsidiaries of international corporations operating in the U.S. by launching the International Subsidiaries Banking group Steadily Growing our Treasury Management Business Earning Recognition for Excellence in Global Trade Finance Continually Investing in Technology & Talent • Export Working Capital Lender of the Year (2022 & 2019) • #1 SBA Export Lender for 4 Consecutive Years • Export Working Capital Preferred Lender • EX-IM 2022 Deal of the Year • Lender of the Year (2021) • Highest Delegated Lender Authority • EX-IM Medium Term Note Financing (1) YTD Treasury Management Revenue Growth, December '22 to December '23. (2) YoY Client Growth, November ‘22 to November ‘23. (3) YoY Digital, Payments & Integrated Revenue, November '22 to November '23. (4) YoY Trade Services Dollar Volume Growth, December ‘22 to December ‘23.

18 Notional Fixed Rate Maturity AFS Securities(3) $1.3B 4.8% 1.4 years Debt(3) $1.4B 0.6% 2.8 years Time Deposits(3) $.3B 4.9% 1 year 1 2 3 4 5 Cash Flow Hedge Notional(1) (1) Floating rate leg of swaps vs overnight SOFR. No BSBY exposure in hedge accounting strategies. (2) Collars use short interest rate caps to pay for long interest rate floors; weighted avg. floor of 1.86%, weighted avg. cap of 6.22%. (3) Fair value hedges on securities pay fixed; fair value hedges on debt and time deposits receive fixed. (Quarterly Avg) 1 2 3 4 5 6 2.86% 2.92% 2.94% 2.94% 3.00% 3.35% 2024 2025 2026 2027 2028 2029 $20.4B $19.0B $16.7B $12.2B $6.4B $0.4B - - - - +$0.2B +$0.3B $20.4B $19.0B $16.7B $12.2B $6.6B $0.6B (Annual Avg) as of 12/31/2023 4Q23 1Q24 2Q24 3Q24 4Q24 Swap Notional - 3Q23 $18.0B $21.0B $21.1B $20.1B $19.5B 4Q23 Swap Changes - - - - - Swap Notional - 4Q23 $18.0B $21.0B $21.1B $20.1B $19.5B Swaps Swap Receive Rate(1) 2.89% 2.89% 2.83% 2.85% $1.0B $2.0B $2.0B $2.0B $1.0B $0.0BCollar Notional(2) $0.5B $0.5B $1.5B $1.5B Collars Hedging Strategy Update Hedging helps create a mostly "neutral" interest rate risk position with a well-protected margin in 3.50% range Fair Value Swaps(1)4Q 2023 Activity Cash Flow Hedging - Added protection in outer years • Added $250M in forward-starting (Jan '28), 3-year receive-fixed swaps (3.26%) Fair Value Hedging - Opportunistically adjusted net interest income sensitivity • Added $1.2B in 14-month pay-fixed swaps against AFS securities (4.9%) • Added $252M in 12-month receive-fixed swaps against time deposits (4.9%)

19 • Portfolio constructed to protect against changes in market rates ◦ Duration is fully extended at ~4.5 years as of 12/31/2023; provides offset to long-duration deposit book ◦ ~39% of securities in the portfolio are bullet-like (CMBS, corporate bonds, agency bullets, and USTs) ◦ MBS mix concentrated in less sensitive prepayment collateral types: lower loan balances, seasoning, and state-specific geographic concentrations • 96% US Government or Agency guaranteed ◦ $1.1B high quality, investment grade corporate bond portfolio is short-dated (1.9 year duration) and well diversified across sectors and issuers ◦ The Agency CMBS portfolio is guaranteed by government agencies and is collateralized by mortgage loans on multifamily properties • 97% classified as Available-for-Sale • Reinvested all paydowns within the quarter and opportunistically added $500M to the portfolio given attractive rate and spread levels • In Q4, purchases were accretive to portfolio yield by ~3.20% vs paydowns/maturities • Pre-Tax unrealized losses on AFS Securities expected to decline ~20% by year end 2024 and ~39% by year end 2025(2) (1) Includes AFS securities, the $2.8B unrealized AFS loss, and $762M HTM securities as of 12/31/2023 (excludes $46.2M unrealized HTM loss) (2) $ in Billions. Estimated, using market forward interest rates and the portfolio as of 12/31/2023. Agency/UST 8% Agency MBS 61% Agency CMBS 27% Non-Agency CMBS —% Corporate Bonds 4% Securities Portfolio Provides downside rate protection/liquidity Securities portfolio composition(1) $28.9B Pre-Tax AFS Unrealized Losses(2) % Represents Cumulative Decline 12/31/23 YE 2024 YE 2025 YE 2026 $(3) $(2) $(1) $— -20% -39% -58%

20 Higher Risk Industry Segments (Outstanding balances as of December 31, 2023) (1) Amounts exclude Held For Sale loans and portfolio groupings are not mutually exclusive. (2) GreenStreet Commercial Property Price Index as of January 5, 2024 - change in commercial property value for business office at a 35% discount. Business Services High Risk Segments Portfolio ($ in millions) BAL$(1) % of Total Loans NPL NPL/Loans ACL ACL/Loans Consumer Discretionary Goods Retail Trade & Consumer Manufacturing $2,718 2.8% $17 0.6% $56 2.1% Trucking 1,492 1.5% 35 2.3% 59 4.0% Healthcare Goods and Services & Facilities 1,771 1.8% 10 0.6% 47 2.6% Office 1,517 1.5% 115 7.5% 63 4.3% Senior Housing 1,543 1.6% 118 7.7% 57 3.7% Total High Risk Segments $9,041 9.2% $295 3.2% $282 3.1% • Consumer Discretionary: Consumers are feeling the pinch of higher prices and becoming more selective in their spending choices: many are pulling back from non-discretionary products to focus on value and essentials • Trucking: Leadership does not believe we have seen an inflection point at this point in the trucking industry; contract rates will reset in March/April, which will offer indications of any strengthening in bargaining power for trucking companies • Healthcare: The sector has experienced negative risk migration over the last year primarily due to rising costs (labor, goods, lack of pricing power related to insurance reimbursements); demographic shifts and consistent demand for healthcare support long-term industry performance • Senior Housing: Senior living occupancy increased in the fourth quarter; the government is proposing minimum staffing levels for nursing homes, which will add to the expense pressures and may limit admissions Ongoing Portfolio Surveillance • Office: Consists of 90% Class A and 10% Class B in terms of secured loan commitments ◦ WA LTV ~65.5% (based on appraisal at origination or most recent received); Sensitized WA LTV ~100.7% using GreenStreet(2) ◦ 62.6% of secured committed exposure is located in the Sunbelt of which 85.8% is Class A. ◦ 76% of secured committed exposure is in Suburban locations with 24% in Urban ◦ Average property leasing status for office loans maturing in the next 12 months is ~85% (~83% Occupancy) ◦ 37.5% of secured committed exposure is Single-Tenant

21 Commercial Real Estate (Outstanding balances as of December 31, 2023) Highly Diversified Total IRE Portfolio (including Unsecured CRE) • Unsecured loans for RE purposes generally have low leverage, with strong access to liquidity ◦ 64% of REITs are investment grade or mapped to IG risk rating (provide loss insulation to overall portfolio) ◦ Balance of remaining unsecured is primarily to institutional RE Funds backed by predominantly IG sponsors • Business Offices secured = ~93% / unsecured = ~7% • Total IRE (incl unsec. CRE) to Risk Based Capital(2): 114% and Construction, Land, and Acq. & Dev. to Risk Based Capital: 23% are well below supervisory limits (300%/100%) (1) Excludes $5.2B of Owner-occupied CRE whose source of repayment are individual businesses, and whose credit performance resembles Commercial during periods of stress. (2) Based off 9/30/2023 Risk Based Capital estimate. Supervisory limits in the December 2006 joint regulatory issuance "Guidance on Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices". Res. Homebuilders 6.5% Other 3.9% Hotel 4.9% Healthcare 8.8% Retail 9.4% Residential Land 0.6% Office 9.7% Data Center 2.2%Diversified 14.1% Condo —% Industrial 13.9% Commercial Land 0.1% Apartments 25.9% $15.6B $ in billions % of Total Loans Unsecured CRE (incl. REITS) $ 6.8 6.9 % IRE 8.8 9.0 % Total(1) $ 15.6 15.9 % Key Portfolio Metrics Yearly IRE Loan Maturities 3% 37% 32% 18% 7% 3% Multi-Family Office Other Real Estate Total Real Estate Matured 2024 2025 2026 2027 >5years $— $1,000 $2,000 $3,000 Apartments 6% Office 2% Data Center 5% Diversified 23% Hotel 10% Industrial 24% Other 9% Retail 21% REITs within Total: $5.4B

22 $1,677 $47 $12 $(9) $(27) $1,700 Allowance for Credit Losses 12/31/2023 • 4Q allowance increased $23M compared to the prior quarter, resulting in a $155M provision expense • Primary driver of the net increase in ACL was adverse risk migration and continued credit quality normalization QoQ Highlights ($ in millions) 09/30/2023 Portfolio Changes Economic/ Qualitative Changes Specific Reserve Changes Consumer Loan Sale

23 Pre-R&S period 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Real GDP, annualized % change 1.2 % 1.3 % 1.4 % 1.8 % 2.1 % 2.4 % 2.5 % 2.5 % 2.3 % Unemployment rate 3.8 % 3.8 % 3.9 % 4.0 % 4.1 % 4.1 % 4.1 % 4.0 % 3.9 % HPI, year-over-year % change 4.6 % 4.1 % 3.1 % 1.5 % 1.5 % 1.9 % 2.5 % 2.8 % 3.0 % CPI, year-over-year % change 3.2 % 2.7 % 2.6 % 2.4 % 2.4 % 2.5 % 2.6 % 2.5 % 2.5 % Base R&S Economic Outlook (As of December 2023) • A single, base economic forecast represents Regions’ internal outlook for the economy over the reasonable & supportable forecast period. • Economic uncertainty is accounted for through qualitative adjustments to our modeled results. • Management considered alternative internal and external forecasts to establish appropriate qualitative adjustments.

24 As of 12/31/2023 As of 12/31/2022 (in millions) Loan Balance ACL ACL/Loans Loan Balance ACL ACL/Loans C&I $50,865 $697 1.37 % $50,905 $628 1.23 % CRE-OO mortgage 4,887 110 2.25 % 5,103 102 2.00 % CRE-OO construction 281 7 2.38 % 298 7 2.29 % Total commercial $56,033 $814 1.45 % $56,306 $737 1.31 % IRE mortgage 6,605 169 2.56 % 6,393 114 1.78 % IRE construction 2,245 36 1.63 % 1,986 28 1.38 % Total IRE $8,850 $205 2.32 % $8,379 $142 1.69 % Residential first mortgage 20,207 100 0.50 % 18,810 124 0.66 % Home equity lines 3,221 80 2.49 % 3,510 77 2.18 % Home equity loans 2,439 23 0.94 % 2,489 29 1.17 % Consumer credit card 1,341 138 10.24 % 1,248 134 10.75 % Other consumer- exit portfolios 43 1 3.09 % 570 39 6.80 % Other consumer 6,245 339 5.43 % 5,697 300 5.28 % Total consumer $33,496 $681 2.03 % $32,324 $703 2.18 % Total $98,379 $1,700 1.73 % $97,009 $1,582 1.63 % Allowance Allocation • Regions "Day 1" CECL ACL ratio on 1/1/2020 was 1.71%. The company has executed a number of de-risking strategies that have improved the overall loan portfolio. Taking the YE 2023 loan portfolio and applying the "Day 1" ACL rates would produce a proforma Day 1 ACL ratio of 1.62%.

25 All Other Commercial 3.7% Investor Real Estate 13.7% Financial Services 11.7% CRE Unsecured, including REITs 10.4% Govt. Education 10.3% Consumer Services 8.8% Technology Services 7.9% Manufacturing 7.4% Energy 2.3% Agriculture 0.4% Utilities 4.7% Business Services 7.6% Distribution 6.2% Healthcare 4.9% Well Positioned for Next Downturn $64.9B Highly Diversified Business Portfolio(1) (1) Balances as of 12/31/2023. (2) CRE Unsecured consists 75% of REITs. (2)

26 Consumer Lending Portfolio • Avg. origination FICO 762 • Current LTV 53% • 98% owner occupied • Avg. origination FICO 770 • Current LTV 35% • 65% of portfolio is 1st lien • Avg. loan size $34,700 • $136M to convert to amortizing or balloon during 2024 • Avg. origination FICO 781 • Avg. new loan $16,137 • 4Q23 Yield 7.95% • Avg. origination FICO 785 • Avg. new line $7,813 • 4Q23 Yield 15.29% • 4Q23 QTD NCO 3.98% 4% 6% 4% 4% 12% 6% 8% 17% 10% 82% 63% 77% 2% 2% 3% Cons R/E secured Cons non-R/E secured Total consumer Not Available Above 720 620-680 Below 620 681-720 Consumer FICO Scores(1) (1) Refreshed FICO scores as of 12/31/2023. Consumer R/E secured balances comprise 77% of the Consumer portfolio while Consumer non-R/E balances comprise 23% of the Consumer portfolio. (2) Other Consumer consists primarily of EnerBank and Direct portfolios. Residential Mortgage Consumer Credit Card Home Equity Other Consumer(2)

27 $3.0B Leveraged Portfolio (Outstanding balances as of December 31, 2023) • Consistent with Moody's historical Regional Bank Survey definition; Commitments >$5M with funded debt to EBITDA>4.0x ◦ Commitments are $4.0B • Not a strategic growth objective; used to support client relationships • Sponsor-owned clients as a percentage of total portfolio continue to decline • Enhanced centralized underwriting, servicing, and credit adjudication • Limited participation in the highest risk segments of leveraged loans - Covenant Lite & Term Loan B • Approximately 95% of leveraged loans outstanding are also SNCs Important FactorsDiversified Portfolio Information 24% Professional, Scientific & Technical Services 16%Manufacturing 8% Wholesale 12% Utilities 5% Religious, Leisure, Personal & Non-Profit Services 6% Administrative, Support, Waste & Repair 6% Other (Portfolios <5% of total) 23%

28 $25.9B SNC Portfolio (Outstanding balances as of December 31, 2023) • Improved portfolio composition and asset quality through focus on lower risk segments • 48% of balances consist of investment grade or select portfolios(1); IG mix increased 6% since 2020 • 11% of balances are leveraged(2) • Regions is agent or holds a title role for over half of SNC balances • For YTD 3Q23, Regions market share ranked above its Peer group median in the Agent Only league table standings(3) • ~2/3's of capital markets revenue is attributable to SNC-related relationship(4) • ~2/3's of Corp Bank's top-50 NIR producing relationships are SNC-related(4) • >3/4's of SNC-related relationships have generated an NIR fee or deposit(4) Portfolio CharacteristicsShared National Credit Balances by Sector CRE Unsecured Non-REIT 5% CRE Unsecured REIT 19% Financial Services 18% Technology Services 12% Commodities 10% Manufacturing 7% Distribution 7% Business Services 6% Other (Portfolios <5% of total) 16% (1) Select portfolios include Real Estate Investment Trusts (REITs), asset securitizations, investment grade utilities, subscription lines and Superior Transaction and Return Relationships (STARR). (2) Consistent with Moody's historical Regional Bank Survey definition. (3) Sourced from LSEG Loan Connector (formerly Refinitive) Agent Only League Table Data where peers include: CFG, CMA, FHN, FITB, HBAN, HWC, KEY, MTB, PNC, SNV, TFC, USB, ZION. (4) Over the trailing 36-month period.

29 Management uses computations of earnings and certain other financial measures, which exclude certain adjustments that are included in the financial results presented in accordance with 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. Net loan charge-offs (GAAP) are presented excluding adjustments to arrive at adjusted net loan-charge offs (non-GAAP). Adjusted net loan charge-offs as a percentage of average loans (non-GAAP) are calculated as adjusted net loan charge-offs (non-GAAP) divided by average loans (GAAP) and annualized. Regions believes that the exclusion of these adjustments 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. Tangible common shareholders’ equity, tangible common book value per share, and return on average tangible common shareholders' equity (ROATCE) 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, tangible common book value per share, and ROATCE are not formally defined by GAAP or prescribed in any amount by federal banking regulations they are currently considered to be non-GAAP financial measures and other entities may calculate them differently than Regions’ disclosed calculations. Adjustments to shareholders' equity include intangible assets and related deferred taxes and preferred stock. Additionally, adjustments to ROATCE include accumulated other comprehensive income. The Company also presents accumulated other comprehensive excluding adjustments to arrive at adjusted accumulated other comprehensive income (non-GAAP). 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. CET1 is a capital adequacy measure established by federal banking regulators under the Basel III framework. Banking institutions that meet requirements under the regulations are required to maintain certain minimum capital requirements, including a minimum CET1 ratio. This measure is utilized by analysts and banking regulators to assess Regions’ capital adequacy. Under the framework, Regions elected to remove the effects of AOCI in the calculation of CET1. Adjustments to the calculation prescribed in federal banking regulations are considered to be non- GAAP financial measures. Adjustments to CET1 include certain portions of AOCI to arrive at CET1 inclusive of AOCI (non-GAAP), which is a potential impact under recent proposed rulemaking standards. Since analysts and banking regulators may assess Regions’ capital adequacy using proposed rulemaking standards, 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 shareholders. 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 Non-GAAP Information

30 Non-GAAP Reconciliation Non-Interest Expense Twelve Months Ended December 31 ($ amounts in millions) 2023 2022 2021 2020 2019 2018 2017 2016 Non-interest expense (GAAP) $ 4,416 $ 4,068 $ 3,747 $ 3,643 $ 3,489 $ 3,570 $ 3,491 $ 3,483 Adjustments: FDIC special assessment (119) — — — — — — — Contribution to Regions Financial Corporation foundation — — (3) (10) — (60) (40) — Professional, legal and regulatory expenses (1) (179) (15) (7) — — — (3) Branch consolidation, property and equipment charges (7) (3) (5) (31) (25) (11) (22) (58) Expenses associated with residential mortgage loan sale — — — — — (4) — — Early extinguishment of debt 4 — (20) (22) (16) — — (14) Salary and employee benefits—severance charges (31) — (6) (31) (5) (61) (10) (21) Acquisition expense — — — (1) — — — — Adjusted non-interest expense (non-GAAP) $ 4,262 $ 3,886 $ 3,698 $ 3,541 $ 3,443 $ 3,434 $ 3,419 $ 3,387

31 Non-GAAP Reconciliation Adjusted Net Charge-Offs and Ratio For the Quarter Ended ($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 Net loan charge-offs (GAAP) $ 132 $ 101 $ 81 $ 83 $ 69 Less: charge-offs associated with the sale of unsecured consumer loans 35 — — — — Adjusted net loan charge-offs (non-GAAP) $ 97 $ 101 $ 81 $ 83 $ 69 Adjusted net loan charge-offs as a % of average loans, annualized (non-GAAP) 0.39 % 0.40 % 0.33 % 0.35 % 0.29 %

32 Non-GAAP Reconciliation Pre-tax Pre-Provision Income (PPI) Quarter Ended ($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22 Net income available to common shareholders (GAAP) $ 367 $ 465 $ 556 $ 588 $ 660 $ (98) (21.1) % $ (293) (44.4) % Preferred dividends (GAAP) 24 25 25 24 25 (1) (4.0) % (1) (4.0) % Income tax expense (GAAP) 80 129 147 177 187 (49) (38.0) % (107) (57.2) % Income before income taxes (GAAP) 471 619 728 789 872 (148) (23.9) % (401) (46.0) % Provision for (benefit from) credit losses (GAAP) 155 145 118 135 112 10 6.9 % 43 38.4 % Pre-tax pre-provision income (non-GAAP) 626 764 846 924 984 (138) (18.1) % (358) (36.4) % Other adjustments: Securities (gains) losses, net 2 1 — 2 — 1 100.0 % 2 NM Leveraged lease termination gains, net (1) — — (1) — (1) NM (1) NM Insurance proceeds — — — — (50) — NM 50 100.0 % FDIC special assessment 119 — — — — 119 NM 119 NM Salaries and employee benefits—severance charges 28 3 — — — 25 NM 28 NM Branch consolidation, property and equipment charges 3 1 1 2 5 2 200.0 % (2) (40.0) % Early extinguishment of debt (4) — — — — (4) NM (4) NM Professional, legal and regulatory expenses 1 — — — — 1 NM 1 NM Total other adjustments 148 5 1 3 (45) 143 NM 193 428.9 % Adjusted pre-tax pre-provision income (non-GAAP) $ 774 $ 769 $ 847 $ 927 $ 939 $ 5 0.7 % $ (165) (17.6) % NM - Not Meaningful

33 Non-GAAP Reconciliation NII, non-interest income/expense, and efficiency ratio NM - Not Meaningful Quarter Ended ($ amounts in millions) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 4Q23 vs. 3Q23 4Q23 vs. 4Q22 Non-interest expense (GAAP) A $ 1,185 $ 1,093 $ 1,111 $ 1,027 $ 1,017 $ 92 8.4 % $ 168 16.5 % Adjustments: FDIC special assessment (119) — — — — (119) NM (119) NM Branch consolidation, property and equipment charges (3) (1) (1) (2) (5) (2) (200.0) % 2 40.0 % Salary and employee benefits—severance charges (28) (3) — — — (25) NM (28) NM Early extinguishment of debt 4 — — — — 4 NM 4 NM Professional, legal and regulatory expenses (1) — — — — (1) NM (1) NM Adjusted non-interest expense (non-GAAP) B $ 1,038 $ 1,089 $ 1,110 $ 1,025 $ 1,012 $ (51) (4.7) % $ 26 2.6 % Net interest income (GAAP) C $ 1,231 $ 1,291 $ 1,381 $ 1,417 $ 1,401 $ (60) (4.6) % $ (170) (12.1) % Taxable-equivalent adjustment 13 13 12 13 13 — — % — — % Net interest income, taxable-equivalent basis D $ 1,244 $ 1,304 $ 1,393 $ 1,430 $ 1,414 $ (60) (4.6) % $ (170) (12.0) % Non-interest income (GAAP) E 580 566 576 534 600 14 2.5 % (20) (3.3) % Adjustments: Securities (gains) losses, net 2 1 — 2 — 1 100.0 % 2 NM Leveraged lease termination gains (1) — — (1) — (1) NM (1) NM Insurance Proceeds — — — — (50) — NM 50 100.0 % Adjusted non-interest income (non-GAAP) F $ 581 $ 567 $ 576 $ 535 $ 550 14 2.5 % $ 31 5.6 % Total revenue C+E=G $ 1,811 $ 1,857 $ 1,957 $ 1,951 $ 2,001 $ (46) (2.5) % $ (190) (9.5) % Adjusted total revenue (non-GAAP) C+F=H $ 1,812 $ 1,858 $ 1,957 $ 1,952 $ 1,951 $ (46) (2.5) % $ (139) (7.1) % Total revenue, taxable-equivalent basis D+E=I $ 1,824 $ 1,870 $ 1,969 $ 1,964 $ 2,014 $ (46) (2.5) % $ (190) (9.4) % Adjusted total revenue, taxable-equivalent basis (non-GAAP) D+F=J $ 1,825 $ 1,871 $ 1,969 $ 1,965 $ 1,964 $ (46) (2.5) % $ (139) (7.1) % Efficiency ratio (GAAP) A/I 65.0 % 58.5 % 56.4 % 52.3 % 50.5 % Adjusted efficiency ratio (non-GAAP) B/J 56.9 % 58.2 % 56.4 % 52.2 % 51.6 % Fee income ratio (GAAP) E/I 31.8 % 30.3 % 29.3 % 27.2 % 29.8 % Adjusted fee income ratio (non-GAAP) F/J 31.8 % 30.3 % 29.3 % 27.2 % 28.0 %

34 Non-GAAP Reconciliation NII, non-interest income/expense, and efficiency ratio Twelve Months Ended December 31 ($ amounts in millions) 2023 Non-interest expense (GAAP) A $ 4,416 Adjustments: FDIC assessment (119) Branch consolidation, property and equipment charges (7) Salaries and employee benefits—severance charges (31) Early extinguishment of debt 4 Professional, legal and regulatory expenses (1) Adjusted non-interest expense (non-GAAP) B $ 4,262 Net interest income (GAAP) C $ 5,320 Taxable-equivalent adjustment 51 Net interest income, taxable-equivalent basis D $ 5,371 Non-interest income (GAAP) E $ 2,256 Adjustments: Securities (gains) losses, net 5 Leveraged lease termination gains (2) Adjusted non-interest income (non-GAAP) F $ 2,259 Total revenue C+E= G $ 7,576 Adjusted total revenue (non-GAAP) C+F=H $ 7,579 Total revenue, taxable-equivalent basis D+E=I $ 7,627 Adjusted total revenue, taxable-equivalent basis (non-GAAP) D+F=J $ 7,630 Efficiency ratio (GAAP) A/I 57.9 % Adjusted efficiency ratio (non-GAAP) B/J 55.9 % Fee income ratio (GAAP) E/I 29.6 % Adjusted fee income ratio (non-GAAP) F/J 29.6 %

35 Year Ended Quarter Ended ($ amounts in millions) 2023 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY Net income available to common shareholders (GAAP) A $ 1,976 $ 367 $ 465 $ 556 $ 588 $ 660 Average shareholders' equity (GAAP) $ 16,522 $ 16,274 $ 16,468 $ 16,892 $ 16,457 $ 15,442 Less: Average intangible assets (GAAP) 5,960 5,944 5,955 5,966 5,977 5,996 Average deferred tax liability related to intangibles (GAAP) (106) (109) (106) (104) (103) (105) Average preferred stock (GAAP) 1,659 1,659 1,659 1,659 1,659 1,659 Average tangible common shareholders' equity (non-GAAP) B $ 9,009 $ 8,780 $ 8,960 $ 9,371 $ 8,924 $ 7,892 Less: Average AOCI, after-tax (3,410) (3,925) (3,684) (2,936) (3,081) (3,535) Average tangible common shareholders' equity excluding AOCI (non-GAAP) C $ 12,419 $ 12,705 $ 12,644 $ 12,307 $ 12,005 $ 11,427 Return on average tangible common shareholders' equity (non-GAAP) A/B 21.93 % 16.57 % 20.58 % 23.82 % 26.70 % 33.20 % Return on average tangible common shareholders' equity excluding AOCI (non-GAAP) A/C 15.91 % 11.45 % 14.58 % 18.14 % 19.85 % 22.91 % Non-GAAP Reconciliation Return on average tangible common shareholders' equity

36 Quarter Ended ($ amounts in millions) 12/31/2023 9/30/2023 ADJUSTED CET1 RATIO Common equity(1) A $ 12,976 $ 13,056 Adjustments: AOCI gain (loss) on securities(2) (2,064) (3,084) AOCI gain (loss) on defined benefit pension plans and other post employment benefits (451) (403) Adjusted common equity (non-GAAP) B $ 10,461 $ 9,569 Total risk-weighted assets(1) C $ 126,826 $ 126,900 CET1 ratio(1)(3) A/C 10.2 % 10.3 % Adjusted CET1 ratio (non-GAAP)(1)(3) B/C 8.2 % 7.6 % Non-GAAP Reconciliation Adjusted CET1- inclusive of AOCI(4) (1) Common equity as well as Total risk-weighted assets are estimated. (2) Represents AOCI on AFS and HTM securities (3) Amounts calculated based upon whole dollar values (4) Consistent with the proposed Basel III Endgame rules, AOCI for CF hedges remains excluded.

37 As of and for Quarter Ended ($ amounts in millions, except per share data) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 TANGIBLE COMMON RATIOS Shareholders’ equity (GAAP) A $ 17,429 $ 16,100 $ 16,639 $ 16,883 $ 15,947 Less: Preferred stock (GAAP) 1,659 1,659 1,659 1,659 1,659 Intangible assets (GAAP) 5,938 5,949 5,959 5,971 5,982 Deferred tax liability related to intangibles (GAAP) (112) (108) (106) (104) (103) Tangible common shareholders’ equity (non-GAAP) B $ 9,944 $ 8,600 $ 9,127 $ 9,357 $ 8,409 Total assets (GAAP) C $ 152,194 $ 153,624 $ 155,656 $ 154,135 $ 155,220 Less: Intangible assets (GAAP) 5,938 5,949 5,959 5,971 5,982 Deferred tax liability related to intangibles (GAAP) (112) (108) (106) (104) (103) Tangible assets (non-GAAP) D $ 146,368 $ 147,783 $ 149,803 $ 148,268 $ 149,341 Shares outstanding—end of quarter E 924 939 939 935 934 Total equity to total assets (GAAP) A/C 11.45 % 10.48 % 10.69 % 10.95 % 10.27 % Tangible common shareholders’ equity to tangible assets (non-GAAP) B/D 6.79 % 5.82 % 6.09 % 6.31 % 5.63 % Tangible common book value per share (non-GAAP) B/E $ 10.77 $ 9.16 $ 9.72 $ 10.01 $ 9.00 Non-GAAP Reconciliation Tangible Common Ratios

38 Forward-Looking Statements This presentation may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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. 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. 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: • 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 interest rates and unemployment rates, inflation, 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 businesses and our financial results and conditions. • 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. • Volatility and uncertainty related to inflation and the effects of inflation, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally. • The impact of pandemics, including the COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any 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 declining 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, or the need to price interest-bearing deposits higher due to competitive forces. Either of these activities 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. • Changing interest rates could negatively impact the value of our portfolio of investment securities. • The loss of value of our investment portfolio could negatively impact market perceptions of us. • The effects of social media on market perceptions of us and banks generally. • Volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital. • 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. Forward-Looking Statements

39 • 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, such as changes to debit card interchange fees, special FDIC assessments, any new long-term debt requirements, 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 and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses. • 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. • Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms. • 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. Forward-Looking Statements (continued)

40 • 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 laws and exclusive forum 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” in Regions’ Annual Report on Form 10-K for the year ended December 31, 2022 and in Regions’ subsequent filings with the SEC. 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. Regions’ Investor Relations contact is Dana Nolan at (205) 264-7040; Regions’ Media contact is Jeremy King at (205) 264-4551. Forward-Looking Statements (continued)

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