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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): April 23, 2021

 REGIONS FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-34034

63-0589368

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer 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))

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.¨

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% Non-Cumulative Perpetual Preferred Stock, Series A			RF PRA			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

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Item 2.02    Results of Operations and Financial Condition.

Item 7.01    Regulation FD Disclosure.

    On April 23, 2021, Regions Financial Corporation (“Regions”) issued a press release announcing its preliminary results of operations for the quarter ended March 31, 2021. A copy of the press release is attached hereto as Exhibit 99.1. Supplemental financial information for the quarter ended March 31, 2021 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 April 23, 2021. 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.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.     Description of Exhibit

99.1						Press Release dated April 23, 2021.
99.2						Supplemental Financial Information for the Quarter Ended March 31, 2021.
99.3						Visual Presentation of April 23, 2021.
104						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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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/ Hardie B. Kimbrough, Jr.
Name:						Hardie B. Kimbrough, Jr.
Title:						Executive Vice President and Controller (Chief Accounting Officer and Authorized Officer)

Date: April 23, 2021

Exhibit 99.1

  

Media Contact:

Investor Relations Contact:

Jeremy King

Dana Nolan

(205) 264-4551

(205) 264-7040

Producing Results: Regions reports first quarter 2021 earnings of $614 million, earnings per share of $0.63

Delivers strong revenue and pre-tax pre-provision income(1) growth over the prior year

BIRMINGHAM, Ala. - (BUSINESS WIRE) - April. 23, 2021 - Regions Financial Corporation (NYSE:RF) today announced earnings for the first quarter ended March 31, 2021. The company reported net income available to common shareholders of $614 million, and earnings per diluted share of $0.63. Compared to the first quarter of 2020, strong revenue growth contributed to an 18 percent increase in pre-tax pre-provision income on a reported basis and a 17 percent increase on an adjusted basis(1). The company also generated positive operating leverage of 2.6 percent on a reported basis and 2.1 percent on an adjusted basis(1) versus the comparable prior-year period.

“Our ability to continue to deliver value in the first quarter is a testament to both the investments we've made as well as our associates' unwavering commitment to our customers and communities. With a 14 percent increase in total revenue compared to the first quarter of 2020, it is clear that our investments are producing solid results,” said John Turner, president and CEO.

"We have remained committed to prudent credit risk management across all our portfolios. The resiliency of our credit metrics reflects our clear and deliberate strategy which includes a focus on client selectivity as we are committed to generating appropriate risk-adjusted returns," Turner added. "We're pleased with the strength of our pipelines and the increase in business activity across industries. We're also encouraged by vaccination rates and rebounding employment across our footprint. While we are all still dealing with the lingering effects of the pandemic, our ongoing conversations with customers reflect optimism about further economic recovery and growth. We'll continue to deepen our relationships with customers by providing personalized solutions and financial guidance combined with technology solutions that make banking easier."

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SUMMARY OF FIRST QUARTER 2021 RESULTS:

						Quarter Ended
(amounts in millions, except per share data)						3/31/2021						12/31/2020						3/31/2020
Net income						$	642					$	616					$	162
Preferred dividends						28						28						23
Net income available to common shareholders						$	614					$	588					$	139
Weighted-average diluted shares outstanding						968						965						961
Actual shares outstanding—end of period						961						960						957
Diluted earnings per common share						$	0.63					$	0.61					$	0.14
Selected items impacting earnings:
Pre-tax adjusted items(1):
Adjustments to non-interest expense(1)						$	(10)					$	(57)					$	(12)
Adjustments to non-interest income(1)						4						31						2
Total pre-tax adjusted items(1)						$	(6)					$	(26)					$	(10)
Diluted EPS impact*						$	—					$	(0.01)					$	(0.01)
Pre-tax additional selected items**:
CECL provision less than (in excess of) net charge-offs						$	225					$	132					$	(250)
Capital markets income - CVA/DVA						11						8						(34)
MSR net hedge performance						7						(6)						14
PPP loans interest income***						40						54						—
COVID-19 related expenses						—						(3)						—
Reduction in unrecognized tax benefits						—						24						—

—

*      Based on income taxes at an approximate 25% incremental rate. Tax rates associated with leveraged lease terminations are incrementally higher based on their structure. Fourth quarter of 2020 gain associated with the exchange of bank-owned life insurance policies is tax free.

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

***     Interest income for PPP loans includes estimated funding costs.

Compared to the fourth quarter of 2020, annualized net charge-offs decreased 3 basis points to 0.40 percent of average loans, while total non-performing loans, total delinquencies and business services criticized loans all declined modestly. The allowance for credit losses decreased 25 basis points to 2.44 percent of total loans, representing 280 percent of non-performing loans, excluding loans held for sale. Excluding PPP loans, which are fully government guaranteed, the allowance for credit losses was 2.57 percent(1) of total loans. Improvement in macroeconomic variables, recent government stimulus programs, as well as favorable credit performance led to the reduction in the allowance for credit losses during the quarter. The overall allowance reduction resulted in a net $142 million benefit to the credit loss provision during the quarter.

2

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Compared to the fourth quarter of 2020, total revenue decreased approximately 5 percent on a reported basis and 3 percent on an adjusted basis(1) during the first quarter of 2021, reflecting decreases in both net interest income and non-interest income. Net interest income was negatively impacted during the quarter by lower Paycheck Protection Program ("PPP") interest income and fewer days in the quarter. Excluding these items, net interest income decreased modestly attributable to lower loan balances and the remixing out of higher yielding consumer indirect categories. At the same time, net interest income benefited from the company's significant hedging program, deposit cost reductions and active cash management strategies, offsetting the impacts of low interest rates. Non-interest income decreased 6 percent driven primarily by a decline in bank-owned life insurance resulting from a gain on policy exchanges in the prior quarter. Wealth management and mortgage income increased 2 percent and 20 percent, respectively, while capital markets income remained very strong but was lower following a record fourth quarter. Non-interest expense decreased 6 percent during the quarter on a reported basis and 1 percent on an adjusted basis(1), driven by decreases in salaries and benefits. The company's first quarter efficiency ratio was 57.3 percent on a reported basis and 56.8 percent on an adjusted basis(1). Pre-tax pre-provision income(1) decreased 3 percent on a reported basis compared to the fourth quarter of 2020, and 5 percent on an adjusted basis(1), but increased 18 percent and 17 percent(1), respectively versus the first quarter of 2020.

Non-GAAP adjusted items(1) impacting the company's earnings are identified to assist investors in analyzing Regions' operating results on the same basis as that applied by management and provide a basis to predict future performance. Non-GAAP adjusted items(1) in the current quarter reflect, among other items, $3 million of severance charges within salaries and benefits, a $5 million loss on branch and other equipment costs and a $2 million contribution to the Regions Foundation. Partially offsetting these adjusted items was a $3 million gain on an equity investment that was sold during the quarter.

3

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Total revenue

						Quarter Ended
($ amounts in millions)						3/31/2021						12/31/2020						3/31/2020						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Net interest income						$	967					$	1,006					$	928					$	(39)					(3.9)		%				$	39					4.2		%
Taxable equivalent adjustment						11						11						12						—						—		%				(1)						(8.3)		%
Net interest income, taxable equivalent basis						$	978					$	1,017					$	940					$	(39)					(3.8)		%				$	38					4.0		%
Net interest margin (FTE)						3.02		%				3.13		%				3.44		%
Adjusted net interest margin (FTE) (non-GAAP)(1)						3.40		%				3.40		%				3.49		%
Non-interest income:
Service charges on deposit accounts						$	157					$	160					$	178					(3)						(1.9)		%				(21)						(11.8)		%
Card and ATM fees						115						117						105						(2)						(1.7)		%				10						9.5		%
Wealth management income						91						89						84						2						2.2		%				7						8.3		%
Capital markets income						100						110						9						(10)						(9.1)		%				91						NM
Mortgage income						90						75						68						15						20.0		%				22						32.4		%
Commercial credit fee income						22						22						18						—						—		%				4						22.2		%
Bank-owned life insurance						17						43						17						(26)						(60.5)		%				—						—		%
Securities gains (losses), net						1						—						—						1						NM						1						NM
Market value adjustments on employee benefit assets*						7						7						(25)						—						—		%				32						128.0		%
Gains on equity investment**						3						6						—						(3)						(50.0)						3						NM
Other						38						51						31						(13)						(25.5)		%				7						22.6		%
Non-interest income						$	641					$	680					$	485					$	(39)					(5.7)		%				$	156					32.2		%
Total revenue						$	1,608					$	1,686					$	1,413					$	(78)					(4.6)		%				$	195					13.8		%
Adjusted total revenue (non-GAAP)(1)						$	1,604					$	1,655					$	1,411					$	(51)					(3.1)		%				$	193					13.7		%

NM - Not Meaningful

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

** The first quarter of 2021 amount reflects a gain on sale of an equity investment, whereas the prior quarters reflect valuation gains.

Total revenue of approximately $1.6 billion decreased 5 percent on a reported basis and 3 percent on an adjusted basis(1) compared to the fourth quarter of 2020. Net interest income decreased 4 percent, while net interest margin decreased 11 basis points. The decrease in net interest income was primarily attributable to lower PPP interest income stemming from a temporary closure of the Small Business Administration portal during the quarter, as well as two fewer days in the quarter. Excluding the impacts of PPP and days, net interest income was negatively impacted by lower loan balances and the remixing out of higher yielding consumer indirect categories. The company offset pressure on asset yields from the low rate environment through its interest rate hedging program, a continued focus on lower deposit costs and active cash management strategies. Strong deposit growth trends continued, as cash balances rose to record levels, negatively impacting net interest margin. Excluding the impact of PPP interest income and excess cash balances held at the Federal Reserve, the company's adjusted net interest margin(1) remained stable at 3.40 percent.

4

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Non-interest income decreased approximately 6 percent on a reported basis and 2 percent on an adjusted basis(1) compared to the fourth quarter of 2020. Increases in mortgage and wealth management income were offset by declines in most other categories. Mortgage income increased to $90 million driven primarily by agency gain on sale and favorable mortgage servicing rights valuation. Wealth management income increased 2 percent reflecting higher sales volumes and improved market values. Capital markets experienced another strong quarter with income of $100 million. Almost every area within capital markets produced stronger than expected results as customers responded to interest rate changes and potential regulatory and tax headwinds. Service charges decreased 2 percent reflecting both seasonal declines and the impact of additional government stimulus while card and ATM fees decreased 2 percent. Additionally, bank-owned life insurance decreased to $17 million reflecting the impact of a gain associated with a policy exchange completed during the prior quarter.

Non-interest expense

						Quarter Ended
($ amounts in millions)						3/31/2021						12/31/2020						3/31/2020						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Salaries and employee benefits						$	546					$	581					$	467					$	(35)					(6.0)		%				$	79					16.9		%
Net occupancy expense						77						78						79						(1)						(1.3)		%				(2)						(2.5)		%
Equipment and software expense						90						90						83						—						—		%				7						8.4		%
Outside services						38						37						45						1						2.7		%				(7)						(15.6)		%
Professional, legal and regulatory expenses						29						21						18						8						38.1		%				11						61.1		%
Marketing						22						26						24						(4)						(15.4)		%				(2)						(8.3)		%
FDIC insurance assessments						10						12						11						(2)						(16.7)		%				(1)						(9.1)		%
Credit/checkcard expenses						14						13						13						1						7.7		%				1						7.7		%
Branch consolidation, property and equipment charges						5						7						11						(2)						(28.6)		%				(6)						(54.5)		%
Visa class B shares expense						4						6						4						(2)						(33.3)		%				—						—		%
Loss on early extinguishment of debt						—						14						—						(14)						(100.0)		%				—						NM
Other						93						102						81						(9)						(8.8)		%				12						14.8		%
Total non-interest expense						$	928					$	987					$	836					$	(59)					(6.0)		%				$	92					11.0		%
Total adjusted non-interest expense(1)						$	918					$	930					$	824					$	(12)					(1.3)		%				$	94					11.4		%

NM - Not Meaningful

Non-interest expense decreased 6 percent on a reported basis and 1 percent on an adjusted basis(1) compared to the fourth quarter of 2020. Salaries and benefits decreased 6 percent. Excluding the impact of severance charges, salaries and benefits decreased 2 percent driven primarily by a reduction in production-based incentives. Overall

5

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base salaries were also lower as the company continued to build greater efficiencies through its ongoing continuous improvement process focused on making banking easier for customers and associates. Other expenses decreased 9 percent resulting primarily from a large contribution to the Regions Foundation in the fourth quarter. Partially offsetting these decreases was a 38 percent increase in professional fees driven by higher legal and consulting costs.

The company's first quarter efficiency ratio was 57.3 percent on a reported basis and 56.8 percent on an adjusted basis(1). The effective tax rate was 21.9 percent.

Loans and Leases

						Average Balances
($ amounts in millions)						1Q21						4Q20						1Q20						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Commercial and industrial						$	42,816					$	43,889					$	40,519					$	(1,073)					(2.4)		%				$	2,297					5.7%
Commercial real estate—owner-occupied						5,678						5,708						5,832						(30)						(0.5)		%				(154)						(2.6)%
Investor real estate						7,222						7,448						6,648						(226)						(3.0)		%				574						8.6%
Business Lending						55,716						57,045						52,999						(1,329)						(2.3)		%				2,717						5.1%
Residential first mortgage						16,606						16,433						14,469						173						1.1		%				2,137						14.8%
Home equity						7,085						7,411						8,275						(326)						(4.4)		%				(1,190)						(14.4)%
Indirect—vehicles*						850						1,023						1,679						(173)						(16.9)		%				(829)						(49.4)%
Indirect—other consumer**						2,352						2,514						3,263						(162)						(6.4)		%				(911)						(27.9)%
Consumer credit card						1,151						1,190						1,348						(39)						(3.3)		%				(197)						(14.6)%
Other consumer						995						1,048						1,216						(53)						(5.1)		%				(221)						(18.2)%
Consumer Lending						29,039						29,619						30,250						(580)						(2.0)		%				(1,211)						(4.0)%
Total Loans						$	84,755					$	86,664					$	83,249					$	(1,909)					(2.2)		%				$	1,506					1.8%
Adjusted Business Lending (non-GAAP)(1)						$	51,918					$	52,665					$	52,999					(747)						(1.4)		%				$	(1,081)					(2.0)%
Adjusted Consumer Lending (non-GAAP)(1)						27,155						27,432						26,875						(277)						(1.0)		%				280						1.0%
Adjusted Total Loans (non-GAAP)(1)						$	79,073					$	80,097					$	79,874					$	(1,024)					(1.3)		%				$	(801)					(1.0)%

NM - Not meaningful.

* Indirect vehicles is an exit portfolio.

** A portion of indirect other consumer is an exit portfolio due to the company's decision not to renew a 3rd party relationship in the fourth quarter of 2019.

Average loans and leases decreased approximately 2 percent compared to the prior quarter. Excluding the company's indirect auto and indirect-other consumer exit portfolios, outstanding PPP loans, and certain commercial loans transferred to held for sale during the fourth quarter of 2020, adjusted average loans and leases(1) decreased approximately 1 percent. Adjusted business lending(1) decreased 1 percent driven by excess liquidity, customers' continued use of capital markets and further deleveraging. Commercial loan line utilization levels ended the quarter at approximately 39 percent, well below pre-pandemic trends. Excluding exit portfolios,

6

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adjusted consumer lending(1) decreased 1 percent as growth in residential first mortgage was offset by declines in other categories.

Deposits

						Average Balances
($ amounts in millions)						1Q21						4Q20						1Q20						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Customer low-cost deposits						$	117,775					$	114,158					$	87,451					$	3,617					3.2%						$	30,324					34.7%
Customer time deposits						5,158						5,598						7,302						(440)						(7.9)%						(2,144)						(29.4)%
Corporate treasury time deposits						4						11						280						(7)						(63.6)%						(276)						(98.6)%
Corporate treasury other deposits						—						—						639						—						NM						(639)						(100.0)%
Total Deposits						$	122,937					$	119,767					$	95,672					$	3,170					2.6%						$	27,265					28.5%
($ amounts in millions)						1Q21						4Q20						1Q20						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Consumer Bank Segment						$	72,949					$	69,912					$	59,711					$	3,037					4.3%						$	13,238					22.2%
Corporate Bank Segment						40,285						40,581						26,618						(296)						(0.7)%						13,667						51.3%
Wealth Management Segment						9,281						8,884						8,073						397						4.5%						1,208						15.0%
Other						422						390						1,270						32						8.2%						(848)						(66.8)%
Total Deposits						$	122,937					$	119,767					$	95,672					$	3,170					2.6%						$	27,265					28.5%

Total average deposit balances increased 3 percent to a new record high in the first quarter of 2021. Growth was led by the Consumer segment reflecting the impact from recent government stimulus payments.

Asset quality

						As of and for the Quarter Ended
($ amounts in millions)						3/31/2021						12/31/2020						3/31/2020
ACL/Loans, net						2.44%						2.69%						1.89%
ALL/Loans, net						2.33%						2.54%						1.77%
Allowance for credit losses to non-performing loans, excluding loans held for sale						280%						308%						261%
Allowance for loan losses to non-performing loans, excluding loans held for sale						268%						291%						244%
Provision for (benefit from) credit losses						$(142)						$(38)						$373
Net loans charged-off						$83						$94						$123
Net loan charge-offs as a % of average loans, annualized						0.40%						0.43%						0.59%
Non-accrual loans, excluding loans held for sale/Loans, net						0.87%						0.87%						0.72%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale						0.90%						0.91%						0.79%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale*						1.09%						1.10%						0.96%
Total TDRs, excluding loans held for sale						$577						$602						$599
Total Criticized Loans—Business Services**						$3,756						$3,800						$2,524

* 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.

7

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Improvement in macroeconomic variables, recent government stimulus programs, as well as credit metrics continuing to perform better than anticipated, resulted in a net $142 million benefit to the credit loss provision during the first quarter of 2021. The resulting allowance for credit losses was equal to 2.44 percent of total loans and 280 percent of total non-accrual loans, excluding loans held for sale. Excluding PPP loans, which are fully government guaranteed, the allowance for credit losses amounted to 2.57 percent(1) of total loans. Annualized net charge-offs decreased 3 basis points to 40 basis points of average loans. The decrease reflects broad-based improvement across the commercial and consumer loan portfolios. Total non-accrual loans, excluding loans held for sale, total delinquencies, and total business services criticized loans all declined modestly.

    

Capital and liquidity

						As of and for Quarter Ended
						3/31/2021						12/31/2020						3/31/2020
Common Equity Tier 1 ratio(2)						10.3%						9.8%						9.4%
Tier 1 capital ratio(2)						11.9%						11.4%						10.6%
Tangible common stockholders’ equity to tangible assets (non-GAAP)(1)						7.43%						7.91%						8.68%
Tangible common book value per share (non-GAAP)(1)*						$11.46						$11.71						$11.67
Loans, net of unearned income, to total deposits						65.4%						69.6%						88.1%

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

Regions maintains a solid capital position as estimated capital ratios remain well above current regulatory requirements. The Tier 1(2) and Common Equity Tier 1(2) ratios were estimated at 11.9 percent and 10.3 percent, respectively, at quarter-end.

The company declared $149 million in dividends to common shareholders during the first quarter of 2021. The company did not repurchase shares in the quarter.

Although not required, the company will participate in the Federal Reserve Supervisory Stress Test administered during the first half of 2021. During the Supervisory Stress Test Resubmission, results of which were received in December, Regions exceeded all minimum capital levels under the provided scenarios. Regions' robust capital planning process is designed to ensure efficient use of capital to support lending activities and appropriate shareholder returns.

(1)Non-GAAP; refer to pages 5, 6, 9, 10, 12, 16, 18 and 21 of the financial supplement to this earnings release.

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

8

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Conference Call

In addition to the live audio webcast at 10 a.m. ET on April 23, 2021, an archived recording of the webcast will be available at the Investor Relations page of www.regions.com following the live event. A replay of the earnings call will also be available beginning Friday, April 23, 2021, at 2:30 p.m. ET through Sunday, May 23, 2021. To listen by telephone, please dial 855-859-2056, and use access code 8791000.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $153 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 more than 1,300 banking offices and approximately 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. 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 unemployment rates, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions.

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

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

•The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses, operations, and financial results and conditions.The duration and severity of the ongoing COVID-19 pandemic, which has disrupted the global economy, has and could continue to 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. The pandemic could also cause an outflow of deposits, result in goodwill impairment charges and the impairment of other financial and nonfinancial assets, and increase our cost of capital.

•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 law, adverse changes in the economic environment, declining operations of the reporting unit or other factors.

•The effect of changes in tax laws, including the effect of any future interpretations of or amendments to Tax Reform, which may impact our earnings, capital ratios and our ability to return capital to shareholders.

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

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

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

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

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

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

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

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

•Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including

9

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as a result of the recent change in U.S. presidential administration and control of the U.S. Congress, 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 or other regulatory capital instruments, 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 business.

•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.

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

•Dependence on key suppliers or vendors to obtain equipment and other supplies for our business 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 impact 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 business 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 a possible downgrade in the U.S. government’s sovereign credit rating or outlook, which could result in risks to us and general economic conditions that we are not able to predict.

•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 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.

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

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

The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC.

Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic (including any second wave or resurgences), actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us.

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

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

Use of non-GAAP financial measures

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

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

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

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

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

•Preparation of Regions' operating budgets

•Monthly financial performance reporting

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

•Presentation to investors of company performance

•Metrics for incentive compensation

11

Exhibit 99.2

Regions Financial Corporation and Subsidiaries

Financial Supplement

First Quarter 2021

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Table of Contents

 

						Page
Financial Highlights						1
Selected Ratios and Other Information						2
Consolidated Statements of Operations						3
Consolidated Average Daily Balances and Yield / Rate Analysis						4
Pre-Tax Pre-Provision Income ("PPI") and Adjusted PPI						6
Non-Interest Income, Mortgage Income, Wealth Management Income and Capital Markets Income						7
Non-Interest Expense						8
Reconciliation to GAAP Financial Measures
Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income / Expense, Adjusted Operating Leverage Ratios, and Return Ratios						9
Credit Quality
Allowance for Credit Losses, Net Charge-Offs and Related Ratios						11
Non-Accrual Loans (excludes loans held for sale), Early and Late Stage Delinquencies						13
Troubled Debt Restructurings						14
Consolidated Balance Sheets						15
Loans						16
Deposits						19
Reconciliation to GAAP Financial Measures
Tangible Common Ratios						21
Forward-Looking Statements						22

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Financial Highlights

			Quarter Ended
($ amounts in millions, except per share data)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Earnings Summary
Interest income - taxable equivalent			$	1,024					$	1,072					$	1,071					$	1,076					$	1,091
Interest expense - taxable equivalent			46						55						71						91						151
Net interest income - taxable equivalent			978						1,017						1,000						985						940
Less: Taxable-equivalent adjustment			11						11						12						13						12
Net interest income			967						1,006						988						972						928
Provision for (benefit from) credit losses			(142)						(38)						113						882						373
Net interest income after provision for (benefit from) credit losses			1,109						1,044						875						90						555
Non-interest income			641						680						655						573						485
Non-interest expense			928						987						896						924						836
Income (loss) before income taxes			822						737						634						(261)						204
Income tax expense (benefit)			180						121						104						(47)						42
Net income (loss)			$	642					$	616					$	530					$	(214)					$	162
Net income (loss) available to common shareholders			$	614					$	588					$	501					$	(237)					$	139
Earnings (loss) per common share - basic			0.64						0.61						0.52						(0.25)						0.15
Earnings (loss) per common share - diluted			0.63						0.61						0.52						(0.25)						0.14
Balance Sheet Summary
At quarter-end
Loans, net of unearned income			$	84,755					$	85,266					$	88,359					$	90,548					$	88,098
Allowance for credit losses			(2,068		)				(2,293		)				(2,425		)				(2,425		)				(1,665		)
Assets			153,331						147,389						145,180						144,070						133,542
Deposits			129,602						122,479						118,445						116,779						100,030
Long-term borrowings - Federal Home Loan Bank advances			—						—						—						401						4,651
Long-term borrowings - Other			2,916						3,569						4,919						6,007						5,454
Shareholders' equity			17,862						18,111						17,904						17,602						17,332
Average balances
Loans, net of unearned income			$	84,755					$	86,664					$	89,370					$	91,964					$	83,249
Assets			146,554						144,819						142,845						139,820						124,771
Deposits			122,937						119,767						116,656						110,921						95,672
Long-term borrowings - Federal Home Loan Bank advances			—						—						392						1,266						3,003
Long-term borrowings - Other			3,192						4,634						5,437						6,301						5,399
Shareholders' equity			18,038						17,915						17,759						17,384						16,460

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Selected Ratios and Other Information

			As of and for Quarter Ended
			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Return on average assets* (1)			1.78		%				1.69		%				1.48		%				(0.61)		%				0.52		%
Return on average common shareholders' equity*			15.20		%				14.37		%				12.38		%				(5.96)		%				3.69		%
Return on average tangible common shareholders’ equity (non-GAAP)* (2)			22.28		%				21.15		%				18.32		%				(8.90)		%				5.43		%
Efficiency ratio			57.3		%				58.1		%				54.1		%				59.4		%				58.6		%
Adjusted efficiency ratio (non-GAAP) (2)			56.8		%				55.8		%				55.3		%				57.7		%				57.9		%
Common book value per share			$	16.87					$	17.13					$	16.92					$	16.61					$	16.73
Tangible common book value per share (non-GAAP) (2)			$	11.46					$	11.71					$	11.49					$	11.16					$	11.67
Tangible common shareholders’ equity to tangible assets (non-GAAP) (2)			7.43		%				7.91		%				7.88		%				7.72		%				8.68		%
Common equity (3)			$	10,952					$	10,525					$	10,092					$	9,716					$	10,294
Total risk-weighted assets (3)			$	106,204					$	106,943					$	108,285					$	109,539					$	108,985
Common equity Tier 1 ratio (3)			10.3		%				9.8		%				9.3		%				8.9		%				9.4		%
Tier 1 capital ratio (3)			11.9		%				11.4		%				10.8		%				10.4		%				10.6		%
Total risk-based capital ratio (3)			14.0		%				13.6		%				13.0		%				12.6		%				12.5		%
Leverage ratio (3)			8.9		%				8.7		%				8.5		%				8.4		%				9.6		%
Effective tax rate			21.9		%				16.5		%				16.5		%				18.3		%				20.6		%
Allowance for credit losses as a percentage of loans, net of unearned income			2.44		%				2.69		%				2.74		%				2.68		%				1.89		%
Allowance for credit losses as a percentage of loans excluding PPP, net of unearned income (non-GAAP)(2)			2.57		%				2.81		%				2.90		%				2.82		%				1.89		%
Allowance for credit losses to non-performing loans, excluding loans held for sale			280		%				308		%				316		%				395		%				261		%
Net interest margin (FTE)*			3.02		%				3.13		%				3.13		%				3.19		%				3.44		%
Adjusted net interest margin (FTE) (non-GAAP) (2) *			3.40		%				3.40		%				3.41		%				3.36		%				3.44		%
Loans, net of unearned income, to total deposits			65.4		%				69.6		%				74.6		%				77.5		%				88.1		%
Net charge-offs as a percentage of average loans*			0.40		%				0.43		%				0.50		%				0.80		%				0.59		%
Non-accrual loans, excluding loans held for sale, as a percentage of loans			0.87		%				0.87		%				0.87		%				0.68		%				0.72		%
Non-performing assets (excluding loans 90 days past due) as a percentage of loans, foreclosed properties, non-marketable investments and non-performing loans held for sale			0.90		%				0.91		%				0.90		%				0.74		%				0.79		%
Non-performing assets (including loans 90 days past due) as a percentage of loans, foreclosed properties, non-marketable investments and non-performing loans held for sale (4)			1.09		%				1.10		%				1.08		%				0.91		%				0.96		%
Associate headcount—full-time equivalent (5)			18,926						19,406						19,766						20,073						19,743
ATMs			2,101						2,083						2,058						2,038						2,042
Branch Statistics
Full service			1,332						1,333						1,334						1,340						1,374
Drive-through/transaction service only			34						36						47						51						53
Total branch outlets			1,366						1,369						1,381						1,391						1,427

*Annualized

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

(2)See reconciliation of GAAP to non-GAAP Financial Measures on pages 5, 6, 9, 10, 12, 16, 18, and 21.

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

(4)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page 13 for amounts related to these loans.

(5)Associate headcount for the second quarter of 2020 includes 463 associates from the Ascentium acquisition.

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Consolidated Statements of Operations (unaudited)

			Quarter Ended
($ amounts in millions, except per share data)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Interest income on:
Loans, including fees			$	854					$	906					$	903					$	898					$	903
Debt securities			133						136						140						148						158
Loans held for sale			12						9						8						6						5
Other earning assets			14						10						8						11						13
Total interest income			1,013						1,061						1,059						1,063						1,079
Interest expense on:
Deposits			19						24						32						40						84
Short-term borrowings			—						—						—						2						8
Long-term borrowings			27						31						39						49						59
Total interest expense			46						55						71						91						151
Net interest income			967						1,006						988						972						928
Provision for (benefit from) credit losses			(142)						(38)						113						882						373
Net interest income after provision for (benefit from) credit losses			1,109						1,044						875						90						555
Non-interest income:
Service charges on deposit accounts			157						160						152						131						178
Card and ATM fees			115						117						115						101						105
Wealth management income			91						89						85						79						84
Capital markets income			100						110						61						95						9
Mortgage income			90						75						108						82						68
Securities gains (losses), net			1						—						3						1						—
Other			87						129						131						84						41
Total non-interest income			641						680						655						573						485
Non-interest expense:
Salaries and employee benefits			546						581						525						527						467
Net occupancy expense			77						78						80						76						79
Equipment and software expense			90						90						89						86						83
Other			215						238						202						235						207
Total non-interest expense			928						987						896						924						836
Income (loss) before income taxes			822						737						634						(261)						204
Income tax expense (benefit)			180						121						104						(47)						42
Net income (loss)			$	642					$	616					$	530					$	(214)					$	162
Net income (loss) available to common shareholders			$	614					$	588					$	501					$	(237)					$	139
Weighted-average shares outstanding—during quarter:
Basic			961						960						960						960						957
Diluted			968						965						962						960						961
Actual shares outstanding—end of quarter			961						960						960						960						957
Earnings (loss) per common share: (1)
Basic			$	0.64					$	0.61					$	0.52					$	(0.25)					$	0.15
Diluted			$	0.63					$	0.61					$	0.52					$	(0.25)					$	0.14
Taxable-equivalent net interest income			$	978					$	1,017					$	1,000					$	985					$	940

________

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

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

`Consolidated Average Daily Balances and Yield/Rate Analysis

			Quarter Ended
			3/31/2021																		12/31/2020
($ amounts in millions; yields on taxable-equivalent basis)			Average Balance						Income/ Expense						Yield/ Rate						Average Balance						Income/ Expense						Yield/ Rate
Assets
Earning assets:
Debt securities (1)			$	27,180					$	133					1.96		%				$	26,779					$	136					2.02		%
Loans held for sale			1,603						12						3.10						1,253						9						2.62
Loans, net of unearned income:
Commercial and industrial			42,816						459						4.33						43,889						491						4.44
Commercial real estate mortgage—owner-occupied			5,375						60						4.48						5,405						62						4.49
Commercial real estate construction—owner-occupied			303						3						3.89						303						3						3.95
Commercial investor real estate mortgage			5,375						30						2.22						5,549						32						2.22
Commercial investor real estate construction			1,847						13						2.75						1,899						13						2.82
Residential first mortgage			16,606						134						3.23						16,433						135						3.30
Home equity			7,085						62						3.55						7,411						67						3.61
Indirect—vehicles			850						7						3.24						1,023						8						3.22
Indirect—other consumer			2,352						44						7.51						2,514						49						7.74
Consumer credit card			1,151						35						12.19						1,190						37						12.40
Other consumer			995						18						7.43						1,048						20						7.47
Total loans, net of unearned income			84,755						865						4.11						86,664						917						4.20
Other earning assets			17,788						14						0.33						14,657						10						0.29
Total earning assets			131,326						1,024						3.14						129,353						1,072						3.29
Unrealized gains/(losses) on debt securities available for sale, net (1)			867																		1,055
Allowance for loan losses			(2,139)																		(2,286)
Cash and due from banks			1,931																		2,027
Other non-earning assets			14,569																		14,670
			$	146,554																	$	144,819
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings			$	12,340					5						0.15						$	11,374					3						0.12
Interest-bearing checking			24,171						2						0.04						22,940						3						0.05
Money market			29,425						3						0.04						29,312						5						0.06
Time deposits			5,158						9						0.74						5,598						13						0.86
Other deposits			4						—						1.81						11						—						1.93
Total interest-bearing deposits (2)			71,098						19						0.11						69,235						24						0.13
Federal funds purchased and securities sold under agreements to repurchase			—						—						—						35						—						0.24
Long-term borrowings			3,192						27						3.42						4,634						31						2.66
Total interest-bearing liabilities			74,290						46						0.25						73,904						55						0.29
Non-interest-bearing deposits (2)			51,839						—						—						50,532						—						—
Total funding sources			126,129						46						0.15						124,436						55						0.17
Net interest spread (1)															2.89																		3.00
Other liabilities			2,387																		2,468
Shareholders’ equity			18,038																		17,915
			$	146,554																	$	144,819
Net interest income /margin FTE basis (1)									$	978					3.02		%										$	1,017					3.13		%

_______

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

(2) 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 0.06% for the quarter ended March 31, 2021 and 0.08% for the quarter ended December 31, 2020.

4

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

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

			Quarter Ended
			9/30/2020																		6/30/2020																		3/31/2020
($ amounts in millions; yields on taxable-equivalent basis)			Average Balance						Income/ Expense						Yield/ Rate						Average Balance						Income/ Expense						Yield/ Rate						Average Balance						Income/ Expense						Yield/ Rate
Assets
Earning assets:
Debt securities (1)			$	24,950					$	140					2.24		%				$	23,828					$	148					2.49		%				$	23,766					$	158					2.66		%
Loans held for sale			1,147						8						2.89						807						6						3.06						514						5						3.72
Loans, net of unearned income:
Commercial and industrial			46,405						474						4.05						49,296						461						3.74						40,519						405						4.00
Commercial real estate mortgage—owner-occupied			5,498						63						4.50						5,492						61						4.41						5,509						63						4.51
Commercial real estate construction—owner-occupied			318						3						4.04						312						3						4.20						323						4						4.62
Commercial investor real estate mortgage			5,324						31						2.27						5,150						33						2.53						4,975						46						3.69
Commercial investor real estate construction			1,974						15						2.87						1,869						15						3.30						1,673						19						4.40
Residential first mortgage			15,786						135						3.41						14,884						130						3.50						14,469						140						3.86
Home equity			7,727						70						3.59						8,042						73						3.65						8,275						89						4.31
Indirect—vehicles			1,223						10						3.25						1,441						11						3.24						1,679						14						3.26
Indirect—other consumer			2,835						57						8.06						3,111						65						8.36						3,263						71						8.74
Consumer credit card			1,194						38						12.62						1,230						36						11.65						1,348						41						12.26
Other consumer			1,086						19						7.36						1,137						23						7.54						1,216						23						7.95
Total loans, net of unearned income			89,370						915						4.06						91,964						911						3.96						83,249						915						4.40
Other earning assets			11,695						8						0.30						7,541						11						0.53						2,302						13						2.37
Total earning assets			127,162						1,071						3.35						124,140						1,076						3.46						109,831						1,091						3.97
Unrealized gains/(losses) on debt securities available for sale, net (1)			1,143																		1,031																		510
Allowance for loan losses			(2,308)																		(1,860)																		(1,315)
Cash and due from banks			2,174																		2,070																		1,915
Other non-earning assets			14,674																		14,439																		13,830
			$	142,845																	$	139,820																	$	124,771
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings			$	10,935					4						0.14						$	10,152					3						0.13						$	8,822					4						0.17
Interest-bearing checking			22,098						4						0.07						21,755						6						0.11						19,273						22						0.47
Money market			29,146						8						0.12						27,870						10						0.13						25,151						28						0.46
Time deposits			6,150						16						1.08						6,690						21						1.26						7,302						26						1.44
Other deposits			13						—						1.87						72						—						1.64						919						4						1.57
Total interest-bearing deposits (2)			68,342						32						0.19						66,539						40						0.24						61,467						84						0.55
Federal funds purchased and securities sold under agreements to repurchase			—						—						—						—						—						—						151						1						1.39
Other short-term borrowings			—						—						—						1,558						2						0.53						1,644						7						1.69
Long-term borrowings			5,829						39						2.63						7,567						49						2.56						8,402						59						2.81
Total interest-bearing liabilities			74,171						71						0.38						75,664						91						0.48						71,664						151						0.85
Non-interest-bearing deposits (2)			48,314						—						—						44,382						—						—						34,205						—						—
Total funding sources			122,485						71						0.23						120,046						91						0.30						105,869						151						0.57
Net interest spread (1)															2.97																		2.98																		3.12
Other liabilities			2,576																		2,390																		2,442
Shareholders’ equity			17,759																		17,384																		16,460
Noncontrolling interest			25																		—																		—
			$	142,845																	$	139,820																	$	124,771
Net interest income/margin FTE basis (1)									$	1,000					3.13		%										$	985					3.19		%										$	940					3.44		%

_______

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

(2) 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 0.11% for the quarter ended September 30, 2020, 0.14% for the quarter ended June 30, 2020 and 0.35% for the quarter ended March 31, 2020.

Adjusted Net Interest Margin (non-GAAP)

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

			Quarter-ended
			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Net interest margin (FTE) (GAAP)			3.02		%				3.13		%				3.13		%				3.19		%				3.44		%
Impact of SBA PPP loans (1)			(0.04)		%				(0.07)		%				0.01		%				0.02		%				NM
Impact of excess cash (2)			0.42		%				0.34		%				0.27		%				0.15		%				NM
Adjusted net interest margin (FTE) (non-GAAP)			3.40		%				3.40		%				3.41		%				3.36		%				3.44		%

_______

NM - Not Meaningful

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

(2) The impact of excess cash was determined using the average cash balance in excess of $750 million and the related net interest income.

5

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

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

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

			Quarter Ended
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Net income (loss) available to common shareholders (GAAP)			$	614					$	588					$	501					$	(237)					$	139					$	26					4.4		%				$	475					341.7		%
Preferred dividends (GAAP)			28						28						29						23						23						—						—		%				5						21.7		%
Income tax expense (benefit) (GAAP)			180						121						104						(47)						42						59						48.8		%				138						328.6		%
Income (loss) before income taxes (GAAP)			822						737						634						(261)						204						85						11.5		%				618						302.9		%
Provision for (benefit from) credit losses (GAAP)			(142)						(38)						113						882						373						(104)						273.7		%				(515)						(138.1)		%
Pre-tax pre-provision income (non-GAAP)			680						699						747						621						577						(19)						(2.7)		%				103						17.9		%
Other adjustments:
Securities (gains) losses, net			(1)						—						(3)						(1)						—						(1)						NM						(1)						NM
Gains on equity investment(1)			(3)						(6)						(44)						—						—						3						(50.0)		%				(3)						NM
Leveraged lease termination gains, net			—						—						—						—						(2)						—						NM						2						100.0		%
Bank-owned life insurance(2)			—						(25)						—						—						—						25						100.0		%				—						NM
Salaries and employee benefits—severance charges			3						26						2						2						1						(23)						(88.5)		%				2						200.0		%
Branch consolidation, property and equipment charges			5						7						3						10						11						(2)						(28.6)		%				(6)						(54.5)		%
Contribution to the Regions Financial Corporation foundation			2						10						—						—						—						(8)						(80.0)		%				2						NM
Loss on early extinguishment of debt			—						14						2						6						—						(14)						(100.0)		%				—						NM
Professional, legal and regulatory expenses			—						—						—						7						—						—						NM						—						NM
Acquisition expenses			—						—						—						1						—						—						NM						—						NM
Total other adjustments			6						26						(40)						25						10						(20)						(76.9)		%				(4)						(40.0)		%
Adjusted pre-tax pre-provision income (non-GAAP)			$	686					$	725					$	707					$	646					$	587					$	(39)					(5.4)		%				$	99					16.9		%

______

NM - Not Meaningful

(1) The first quarter 2021 amount is a gain on the sale of an equity investment, whereas the prior quarters are valuations gains..

(2) During the fourth quarter of 2020, the Company recognized a gain on the exchange of BOLI policies.

6

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Non-Interest Income

			Quarter Ended
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Service charges on deposit accounts			$	157					$	160					$	152					$	131					$	178					$	(3)					(1.9)		%				$	(21)					(11.8)		%
Card and ATM fees			115						117						115						101						105						(2)						(1.7)		%				10						9.5		%
Wealth management income			91						89						85						79						84						2						2.2		%				7						8.3		%
Capital markets income (1)			100						110						61						95						9						(10)						(9.1)		%				91						NM
Mortgage income			90						75						108						82						68						15						20.0		%				22						32.4		%
Commercial credit fee income			22						22						20						17						18						—						—		%				4						22.2		%
Bank-owned life insurance			17						43						17						18						17						(26)						(60.5)		%				—						—		%
Securities gains (losses), net			1						—						3						1						—						1						NM						1						NM
Market value adjustments on employee benefit assets (2)			7						7						14						16						(25)						—						—		%				32						128.0		%
Gains on equity investment (3)			3						6						44						—						—						(3)						(50.0)		%				3						NM
Other			38						51						36						33						31						(13)						(25.5)		%				7						22.6		%
Total non-interest income			$	641					$	680					$	655					$	573					$	485					$	(39)					(5.7)		%				$	156					32.2		%

Mortgage Income

			Quarter Ended
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Production and sales			$	76					$	74					$	99					$	75					$	48					$	2					2.7		%				$	28					58.3		%
Loan servicing			24						24						23						23						25						—						—		%				(1)						(4.0)		%
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions			90						5						—						(11)						(83)						85						NM						173						208.4		%
MSRs hedge gain (loss)			(83)						(11)						—						13						97						(72)						NM						(180)						(185.6)		%
MSRs change due to payment decay			(17)						(17)						(14)						(18)						(19)						—						—		%				2						10.5		%
MSR and related hedge impact			(10)						(23)						(14)						(16)						(5)						13						56.5		%				(5)						(100.0)		%
Total mortgage income			$	90					$	75					$	108					$	82					$	68					$	15					20.0		%				22						32.4		%
Mortgage production - purchased			$	1,423					$	1,669					$	1,776					$	1,390					$	894					$	(246)					(14.7)		%				$	529					59.2		%
Mortgage production - refinanced			1,353						1,717						1,712						2,563						576						(364)						(21.2)		%				777						134.9		%
Total mortgage production (4)			$	2,776					$	3,386					$	3,488					$	3,953					$	1,470					$	(610)					(18.0)		%				$	1,306					88.8		%

 

Wealth Management Income

			Quarter Ended
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Investment management and trust fee income			$	66					$	67					$	62					$	62					$	62					$	(1)					(1.5)		%				$	4					6.5		%
Investment services fee income			25						22						23						17						22						3						13.6		%				3						13.6		%
Total wealth management income (5)			$	91					$	89					$	85					$	79					$	84					$	2					2.2		%				$	7					8.3		%

Capital Markets Income

			Quarter Ended
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Capital markets income			$	100					$	110					$	61					$	95					$	9					$	(10)					(9.1)		%				$	91					NM
Less: Valuation adjustments on customer derivatives (6)			11						8						5						34						(34)						3						37.5		%				45						132.4		%
Capital markets income excluding valuation adjustments			$	89					$	102					$	56					$	61					$	43					$	(13)					(12.7)		%				$	46					107.0		%

_________

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 benefits that are offset within salaries and employee benefits expense.

(3)The first quarter 2021 amount is a gain on the sale of an equity investment, whereas the prior quarters are valuations gains.

(4)Total mortgage production represents production during the period, including amounts sold into the secondary market as well as amounts retained in Regions' residential first mortgage loan portfolio.

(5)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.

(6)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.

7

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Non-Interest Expense

			Quarter Ended
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Salaries and employee benefits			$	546					$	581					$	525					$	527					$	467					$	(35)					(6.0)		%				$	79					16.9		%
Net occupancy expense			77						78						80						76						79						(1)						(1.3)		%				(2)						(2.5)		%
Equipment and software expense			90						90						89						86						83						—						—		%				7						8.4		%
Outside services			38						37						44						44						45						1						2.7		%				(7)						(15.6)		%
Professional, legal and regulatory expenses			29						21						22						28						18						8						38.1		%				11						61.1		%
Marketing			22						26						22						22						24						(4)						(15.4)		%				(2)						(8.3)		%
FDIC insurance assessments			10						12						10						15						11						(2)						(16.7)		%				(1)						(9.1)		%
Credit/checkcard expenses			14						13						12						12						13						1						7.7		%				1						7.7		%
Branch consolidation, property and equipment charges			5						7						3						10						11						(2)						(28.6)		%				(6)						(54.5)		%
Visa class B shares expense			4						6						5						9						4						(2)						(33.3)		%				—						—		%
Loss on early extinguishment of debt			—						14						2						6						—						(14)						(100.0)		%				—						NM
Other			93						102						82						89						81						(9)						(8.8)		%				12						14.8		%
Total non-interest expense			$	928					$	987					$	896					$	924					$	836					$	(59)					(6.0)		%				$	92					11.0		%

_________

NM - Not Meaningful

8

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Reconciliation to GAAP Financial Measures

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

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

						Quarter Ended
($ amounts in millions)						3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Non-interest expense (GAAP)			A			$	928					$	987					$	896					$	924					$	836					$	(59)					(6.0)		%				$	92					11.0		%
Adjustments:
Contribution to the Regions Financial Corporation foundation						(2)						(10)						—						—						—						8						80.0						(2)						NM
Branch consolidation, property and equipment charges						(5)						(7)						(3)						(10)						(11)						2						28.6		%				6						54.5		%
Salary and employee benefits—severance charges						(3)						(26)						(2)						(2)						(1)						23						88.5		%				(2)						(200.0)		%
Loss on early extinguishment of debt						—						(14)						(2)						(6)						—						14						100.0		%				—						NM
Professional, legal and regulatory expenses						—						—						—						(7)						—						—						NM						—						NM
Acquisition expenses						—						—						—						(1)						—						—						NM						—						NM
Adjusted non-interest expense (non-GAAP)			B			$	918					$	930					$	889					$	898					$	824					$	(12)					(1.3)		%				$	94					11.4		%
Net interest income (GAAP)			C			$	967					$	1,006					$	988					$	972					$	928					$	(39)					(3.9)		%				39						4.2		%
Taxable-equivalent adjustment						11						11						12						13						12						—						—		%				(1)						(8.3)		%
Net interest income, taxable-equivalent basis			D			$	978					$	1,017					$	1,000					$	985					$	940					$	(39)					(3.8)		%				$	38					4.0		%
Non-interest income (GAAP)			E			641						680						655						573						485						(39)						(5.7)		%				156						32.2		%
Adjustments:
Securities (gains) losses, net						(1)						—						(3)						(1)						—						(1)						NM						(1)						NM
Gains on equity investment(1)						(3)						(6)						(44)						—						—						3						50.0		%				(3)						NM
Leveraged lease termination gains						—						—						—						—						(2)						—						NM						2						100.0		%
Bank-owned life insurance(2)						—						(25)						—						—						—						25						100.0		%				—						NM
Adjusted non-interest income (non-GAAP)			F			$	637					$	649					$	608					$	572					$	483					(12)						(1.85)		%				154						31.9		%
Total revenue			C+E=G			$	1,608					$	1,686					$	1,643					$	1,545					$	1,413					$	(78)					(4.6)		%				$	195					13.8		%
Adjusted total revenue (non-GAAP)			C+F=H			$	1,604					$	1,655					$	1,596					$	1,544					$	1,411					$	(51)					(3.1)		%				$	193					13.7		%
Total revenue, taxable-equivalent basis			D+E=I			$	1,619					$	1,697					$	1,655					$	1,558					$	1,425					$	(78)					(4.6)		%				$	194					13.6		%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)			D+F=J			$	1,615					$	1,666					$	1,608					$	1,557					$	1,423					$	(51)					(3.1)		%				$	192					13.5		%
Operating leverage ratio (GAAP)(3)			I-A																																																			2.6		%
Adjusted operating leverage ratio (non-GAAP)(2)			J-B																																																			2.1		%
Efficiency ratio (GAAP)(3)			A/I			57.3		%				58.1		%				54.1		%				59.4		%				58.6		%
Adjusted efficiency ratio (non-GAAP)(3)			B/J			56.8		%				55.8		%				55.3		%				57.7		%				57.9		%
Fee income ratio (GAAP)(3)			E/I			39.6		%				40.1		%				39.6		%				36.8		%				34.0		%
Adjusted fee income ratio (non-GAAP)(3)			F/J			39.4		%				38.9		%				37.8		%				36.8		%				34.0		%

________

NM - Not Meaningful

(1)The first quarter 2021 amount is a gain on the sale of an equity investment, whereas the prior quarters are valuations gains..

(2) During the fourth quarter of 2020, the Company recognized a gain on the exchange of BOLI policies.

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

9

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Reconciliation to GAAP Financial Measure

Return Ratio

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

						Quarter Ended
($ amounts in millions)						3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY
Net income (loss) available to common shareholders (GAAP)			A			$	614					$	588					$	501					$	(237)					$	139
Average shareholders' equity (GAAP)						$	18,038					$	17,915					$	17,759					$	17,384					$	16,460
Less:
Average intangible assets (GAAP)						5,309						5,313						5,322						5,373						4,947
Average deferred tax liability related to intangibles (GAAP)						(104)						(105)						(103)						(94)						(92)
Average preferred stock (GAAP)						1,656						1,656						1,656						1,409						1,310
Average tangible common shareholders' equity (non-GAAP)			B			$	11,177					$	11,051					$	10,884					$	10,696					$	10,295
Return on average tangible common shareholders' equity (non-GAAP)*(1)			A/B			22.28		%				21.15		%				18.32		%				(8.90)		%				5.43		%

___

*Annualized

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

10

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Credit Quality

			As of and for Quarter Ended
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Components:
Beginning allowance for loan losses (ALL)			$	2,167					$	2,276					$	2,276					$	1,560					$	869
Cumulative change in accounting guidance (1)			—						—						—						—						438
Beginning allowance for loan losses (ALL), as adjusted for change in accounting guidance			2,167						2,276						2,276						1,560						1,307
Loans charged-off:
Commercial and industrial			45						67						84						139						68
Commercial real estate mortgage—owner-occupied			1						2						2						3						3
Commercial real estate construction—owner-occupied			1						—						—						—						—
Total commercial			47						69						86						142						71
Commercial investor real estate mortgage			15						1						—						—						—
Total investor real estate			15						1						—						—						—
Residential first mortgage			1						3						1						1						1
Home equity—lines of credit			2						3						2						3						4
Home equity—closed-end			—						1						1						—						1
Indirect—vehicles			2						2						4						6						6
Indirect—other consumer			20						20						17						18						23
Consumer credit card			12						12						13						17						16
Other consumer			15						15						15						17						22
Total consumer			52						56						53						62						73
Total			114						126						139						204						144
Recoveries of loans previously charged-off:
Commercial and industrial			16						14						10						9						5
Commercial real estate mortgage—owner-occupied			—						1						1						1						2
Commercial real estate construction—owner-occupied			—						—						—						—						—
Total commercial			16						15						11						10						7
Commercial investor real estate mortgage			—						2						—						—						1
Total investor real estate			—						2						—						—						1
Residential first mortgage			1						—						1						1						1
Home equity—lines of credit			3						4						3						2						3
Home equity—closed-end			—						1						1						—						1
Indirect—vehicles			1						1						3						3						2
Indirect—other consumer			1						1						1						—						—
Consumer credit card			3						3						2						3						2
Other consumer			6						5						4						3						4
Total consumer			15						15						15						12						13
Total			31						32						26						22						21
Net loans charged-off:
Commercial and industrial			29						53						74						130						63
Commercial real estate mortgage—owner-occupied			1						1						1						2						1
Commercial real estate construction—owner-occupied			1						—						—						—						—
Total commercial			31						54						75						132						64
Commercial investor real estate mortgage			15						(1)						—						—						(1)
Total investor real estate			15						(1)						—						—						(1)
Residential first mortgage			—						3						—						—						—
Home equity—lines of credit			(1)						(1)						(1)						1						1
Home equity—closed-end			—						—						—						—						—
Indirect—vehicles			1						1						1						3						4
Indirect—other consumer			19						19						16						18						23
Consumer credit card			9						9						11						14						14
Other consumer			9						10						11						14						18
Total consumer			37						41						38						50						60
Total			$	83					$	94					$	113					$	182					$	123
Provision for (benefit from) loan losses			$	(108)					$	(15)					$	113					$	838					$	376
Initial allowance on acquired purchased credit deteriorated loans			$	—					$	—					$	—					$	60					$	—
Ending allowance for loan losses (ALL)			$	1,976					$	2,167					$	2,276					$	2,276					$	1,560
Beginning reserve for unfunded credit commitments			126						149						149						105						45
Cumulative change in accounting guidance (1)			—						—						—						—						63
Beginning reserve for unfunded credit commitments, as adjusted for change in accounting guidance			126						149						149						105						108
Provision for (benefit from) unfunded credit losses			(34)						(23)						—						44						(3)
Ending reserve for unfunded commitments			92						126						149						149						105
Allowance for credit losses (ACL) at period end			$	2,068					$	2,293					$	2,425					$	2,425					$	1,665

11

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Credit Quality (continued)
			As of and for Quarter Ended
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Net loan charge-offs as a % of average loans, annualized(2):
Commercial and industrial			0.28		%				0.48		%				0.63		%				1.06		%				0.63		%
Commercial real estate mortgage—owner-occupied			0.09		%				0.07		%				0.05		%				0.17		%				0.07		%
Commercial real estate construction—owner-occupied			0.93		%				—		%				—		%				—		%				—		%
Total commercial			0.26		%				0.44		%				0.57		%				0.96		%				0.56		%
Commercial investor real estate mortgage			1.11		%				(0.04)		%				(0.01)		%				(0.03)		%				(0.06)		%
Commercial investor real estate construction			—		%				(0.01)		%				—		%				—		%				(0.01)		%
Total investor real estate			0.82		%				(0.03)		%				(0.01)		%				(0.02)		%				(0.05)		%
Residential first mortgage			—		%				0.08		%				—		%				—		%				—		%
Home equity—lines of credit			(0.06)		%				(0.11)		%				(0.11)		%				0.06		%				0.10		%
Home equity—closed-end			—		%				0.03		%				(0.01)		%				—		%				(0.02)		%
Indirect—vehicles			0.32		%				0.26		%				0.30		%				0.85		%				0.94		%
Indirect—other consumer			3.28		%				2.95		%				2.23		%				2.35		%				2.83		%
Consumer credit card			3.19		%				3.02		%				3.73		%				4.41		%				4.16		%
Other consumer			4.02		%				3.69		%				4.12		%				5.15		%				5.73		%
Total consumer			0.52		%				0.54		%				0.51		%				0.68		%				0.79		%
Total			0.40		%				0.43		%				0.50		%				0.80		%				0.59		%
Non-accrual loans, excluding loans held for sale			$	738					$	745					$	767					$	614					$	638
Non-performing loans held for sale			8						6						5						10						3
Non-accrual loans, including loans held for sale			746						751						772						624						641
Foreclosed properties			21						25						26						43						54
Non-performing assets (NPAs)			$	767					$	776					$	798					$	667					$	695
Loans past due > 90 days (3)			$	154					$	164					$	158					$	245					$	209
Criticized loans- business (4)			$	3,756					$	3,800					$	3,734					$	4,225					$	2,524
Credit Ratios(2):
ACL/Loans, net			2.44		%				2.69		%				2.74		%				2.68		%				1.89		%
ALL/Loans, net			2.33		%				2.54		%				2.58		%				2.51		%				1.77		%
Allowance for credit losses to non-performing loans, excluding loans held for sale			280		%				308		%				316		%				395		%				261		%
Allowance for loan losses to non-performing loans, excluding loans held for sale			268		%				291		%				297		%				370		%				244		%
Non-accrual loans, excluding loans held for sale/Loans, net			0.87		%				0.87		%				0.87		%				0.68		%				0.72		%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale			0.90		%				0.91		%				0.90		%				0.74		%				0.79		%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale (2)			1.09		%				1.10		%				1.08		%				0.91		%				0.96		%

(1)Regions adopted the CECL accounting guidance on January 1, 2020 and recorded the cumulative effect of the change in accounting guidance as a reduction to retained earnings and an increase to deferred tax assets.

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

(3)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page 13 for amounts related to these loans.

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

ACL/ Loans excluding PPP, net (non-GAAP)

Regions believes this Allowance for Credit Losses (ACL) ratio provides investors with meaningful additional information about credit loss allowance levels when the SBA's Paycheck Protection Program (PPP) loans, which are fully backed by the U.S. government, are excluded from total loans and the related allowance for credit losses is excluded from the total allowance for credit losses.

			As of
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Total Loans			$	84,755					$	85,266					$	88,359					$	90,548					$	88,098
Less: SBA PPP Loans			4,317						3,624						4,594						4,498						—
Loans excluding PPP, net (non-GAAP)			$	80,438					$	81,642					$	83,765					$	86,050					$	88,098
ACL at period end			$	2,068					$	2,293					$	2,425					$	2,425					$	1,665
Less: SBA PPP Loans' ACL			3						1						—						—						—
ACL excluding PPP Loans' ACL (non-GAAP)			$	2,065					$	2,292					$	2,425					$	2,425					$	1,665
ACL/Loans excluding PPP, net (non-GAAP)			2.57		%				2.81		%				2.90		%				2.82		%				1.89		%

12

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Non-Accrual Loans (excludes loans held for sale)

			As of
($ amounts in millions)			3/31/2021												12/31/2020												9/30/2020												6/30/2020												3/31/2020
Commercial and industrial			$	426					0.98		%				$	418					0.97		%				$	459					1.02		%				$	445					0.93		%				$	496					1.09		%
Commercial real estate mortgage—owner-occupied			93						1.73		%				97						1.80		%				85						1.56		%				74						1.35		%				58						1.05		%
Commercial real estate construction—owner-occupied			9						3.24		%				9						3.01		%				12						3.69		%				10						3.09		%				11						3.49		%
Total commercial			528						1.08		%				524						1.08		%				556						1.09		%				529						0.99		%				565						1.10		%
Commercial investor real estate mortgage			100						1.86		%				114						2.11		%				114						2.04		%				1						0.02		%				1						0.03		%
Commercial investor real estate construction			—						—		%				—						—		%				4						0.19		%				—						—		%				—						—		%
Total investor real estate			100						1.39		%				114						1.57		%				118						1.56		%				1						0.01		%				1						0.02		%
Residential first mortgage			53						0.32		%				53						0.32		%				36						0.22		%				32						0.21		%				27						0.18		%
Home equity—lines of credit			48						1.12		%				46						1.01		%				47						0.98		%				46						0.92		%				40						0.77		%
Home equity—closed-end			9						0.31		%				8						0.29		%				9						0.31		%				6						0.22		%				5						0.17		%
Indirect- vehicles			—						—		%				—						—		%				1						0.08		%				—						—		%				—						—		%
Total consumer			110						0.38		%				107						0.36		%				93						0.31		%				84						0.28		%				72						0.24		%
Total non-accrual loans			$	738					0.87		%				$	745					0.87		%				$	767					0.87		%				$	614					0.68		%				$	638					0.72		%

Early and Late Stage Delinquencies

Accruing 30-89 Days Past Due Loans			As of
($ amounts in millions)			3/31/2021												12/31/2020												9/30/2020												6/30/2020												3/31/2020
Commercial and industrial			$	42					0.10		%				$	59					0.14		%				$	50					0.11		%				$	81					0.17		%				$	58					0.13		%
Commercial real estate mortgage—owner-occupied			9						0.16		%				5						0.09		%				21						0.39		%				11						0.20		%				12						0.22		%
Commercial real estate construction—owner-occupied			1						0.27		%				1						0.30		%				—						0.01		%				1						0.15		%				—						0.01		%
Total commercial			52						0.11		%				65						0.13		%				71						0.14		%				93						0.17		%				70						0.14		%
Commercial investor real estate mortgage			2						0.04		%				3						0.06		%				15						0.26		%				1						0.02		%				2						0.04		%
Commercial investor real estate construction			1						0.03		%				—						—		%				—						—		%				—						0.01		%				—						0.01		%
Total investor real estate			3						0.04		%				3						0.04		%				15						0.19		%				1						0.02		%				2						0.03		%
Residential first mortgage—non-guaranteed (1)			62						0.39		%				80						0.51		%				79						0.51		%				105						0.71		%				88						0.62		%
Home equity—lines of credit			22						0.50		%				35						0.78		%				26						0.53		%				32						0.64		%				43						0.83		%
Home equity—closed-end			12						0.47		%				17						0.60		%				17						0.61		%				25						0.85		%				16						0.53		%
Indirect—vehicles			11						1.48		%				19						2.08		%				22						1.96		%				27						2.04		%				33						2.15		%
Indirect—other consumer			14						0.65		%				20						0.82		%				19						0.69		%				16						0.51		%				24						0.75		%
Consumer credit card			12						1.09		%				14						1.15		%				13						1.12		%				13						1.09		%				18						1.37		%
Other consumer			10						1.01		%				15						1.43		%				14						1.34		%				14						1.32		%				16						1.34		%
Total consumer (1)			143						0.51		%				200						0.70		%				190						0.65		%				232						0.79		%				238						0.81		%
Total accruing 30-89 days past due loans (1)			$	198					0.24		%				$	268					0.32		%				$	276					0.31		%				$	326					0.36		%				$	310					0.35		%
Accruing 90+ Days Past Due Loans			As of
($ amounts in millions)			3/31/2021												12/31/2020												9/30/2020												6/30/2020												3/31/2020
Commercial and industrial			$	8					0.02		%				$	7					0.02		%				$	10					0.02		%				$	11					0.02		%				$	9					0.02		%
Commercial real estate mortgage—owner-occupied			1						0.02		%				1						0.01		%				—						0.01		%				3						0.05		%				1						0.01		%
Total commercial			9						0.02		%				8						0.02		%				10						0.02		%				14						0.03		%				10						0.02		%
Commercial investor real estate mortgage			—						—		%				—						—		%				1						0.01		%				—						—		%				—						—		%
Total investor real estate			—						—		%				—						—		%				1						0.01		%				—						—		%				—						—		%
Residential first mortgage—non-guaranteed (2)			87						0.55		%				99						0.62		%				86						0.56		%				75						0.50		%				69						0.49		%
Home equity—lines of credit			19						0.45		%				19						0.41		%				25						0.53		%				26						0.53		%				26						0.50		%
Home equity—closed-end			14						0.52		%				13						0.49		%				12						0.41		%				12						0.42		%				11						0.36		%
Indirect—vehicles			3						0.41		%				4						0.41		%				5						0.42		%				8						0.55		%				6						0.38		%
Indirect—other consumer			4						0.16		%				5						0.19		%				3						0.11		%				3						0.10		%				4						0.12		%
Consumer credit card			14						1.25		%				14						1.19		%				13						1.08		%				17						1.38		%				19						1.49		%
Other consumer			4						0.39		%				2						0.25		%				3						0.27		%				5						0.49		%				5						0.44		%
Total consumer (2)			145						0.52		%				156						0.54		%				147						0.50		%				146						0.49		%				140						0.47		%
Total accruing 90+ days past due loans (2)			$	154					0.18		%				$	164					0.19		%				$	158					0.18		%				$	160					0.18		%				$	150					0.17		%
Total delinquencies (1) (2)			$	352					0.42		%				$	432					0.51		%				$	434					0.49		%				$	486					0.54		%				$	460					0.52		%

(1)Excludes loans that are 100% guaranteed by FHA and guaranteed loans sold to GNMA where Regions has the right but not the obligation to repurchase. Total 30-89 days past due guaranteed loans excluded were $58 million at 3/31/2021, $65 million at 12/31/2020, $57 million at 9/30/2020, $56 million at 6/30/2020, and $37 million at 3/31/2020.

(2)Excludes loans that are 100% guaranteed by FHA and all guaranteed loans sold to GNMA where Regions has the right but not the obligation to repurchase. Total 90 days or more past due guaranteed loans excluded were $51 million at 3/31/2021, $57 million at 12/31/2020, $47 million at 9/30/2020, $55 million at 6/30/2020, and $59 million at 3/31/2020.

13

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Troubled Debt Restructurings

 

			As of
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Current:
Commercial			$	75					$	76					$	73					$	47					$	51
Investor real estate			11						44						45						6						14
Residential first mortgage			197						174						162						158						156
Home equity—lines of credit			33						34						36						37						38
Home equity—closed-end			68						73						79						83						92
Consumer credit card			1						1						1						1						1
Other consumer			4						3						3						3						3
Total current			389						405						399						335						355
Accruing 30-89 DPD:
Commercial			2						1						1						2						5
Investor real estate			1						—						—						—						—
Residential first mortgage			11						14						16						20						25
Home equity—lines of credit			—						1						1						1						2
Home equity—closed-end			3						5						4						7						6
Other consumer			—						1						—						—						1
Total accruing 30-89 DPD			17						22						22						30						39
Total accruing and <90 DPD			406						427						421						365						394
Non-accrual or 90+ DPD:
Commercial			125						124						178						214						159
Investor real estate			—						—						—						—						1
Residential first mortgage			36						42						36						37						37
Home equity—lines of credit			3						2						2						3						2
Home equity—closed-end			7						7						8						7						6
Total non-accrual or 90+DPD			171						175						224						261						205
Total TDRs - Loans			$	577					$	602					$	645					$	626					$	599
TDRs - Held For Sale			1						1						—						—						—
Total TDRs			$	578					$	603					$	645					$	626					$	599
Total TDRs - Loans by Portfolio
			As of
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Total commercial TDRs			$	202					$	201					$	252					$	263					$	215
Total investor real estate TDRs			12						44						45						6						15
Total consumer TDRs			363						357						348						357						369
Total TDRs - Loans			$	577					$	602					$	645					$	626					$	599

14

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Consolidated Balance Sheets (unaudited)

			As of
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Assets:
Cash and due from banks			$	1,918					$	1,558					$	1,972					$	1,619					$	2,101
Interest-bearing deposits in other banks			23,002						16,398						11,501						11,579						3,154
Debt securities held to maturity			1,059						1,122						1,190						1,255						1,296
Debt securities available for sale			27,092						27,154						27,007						23,898						23,775
Loans held for sale			1,487						1,905						1,187						1,152						566
Loans, net of unearned income			84,755						85,266						88,359						90,548						88,098
Allowance for loan losses			(1,976)						(2,167)						(2,276)						(2,276)						(1,560)
Net loans			82,779						83,099						86,083						88,272						86,538
Other earning assets			1,262						1,217						1,267						1,238						1,722
Premises and equipment, net			1,852						1,897						1,896						1,929						1,935
Interest receivable			336						346						347						343						349
Goodwill			5,181						5,190						5,187						5,193						4,845
Residential mortgage servicing rights at fair value (MSRs)			401						296						267						249						254
Other identifiable intangible assets, net			114						122						129						137						98
Other assets			6,848						7,085						7,147						7,206						6,909
Total assets			$	153,331					$	147,389					$	145,180					$	144,070					$	133,542
Liabilities and Equity:
Deposits:
Non-interest-bearing			$	55,925					$	51,289					$	49,754					$	47,964					$	37,133
Interest-bearing			73,677						71,190						68,691						68,815						62,897
Total deposits			129,602						122,479						118,445						116,779						100,030
Borrowed funds:
Short-term borrowings			—						—						—						—						3,150
Long-term borrowings			2,916						3,569						4,919						6,408						10,105
Total borrowed funds			2,916						3,569						4,919						6,408						13,255
Other liabilities			2,951						3,230						3,912						3,255						2,925
Total liabilities			135,469						129,278						127,276						126,442						116,210
Equity:
Preferred stock, non-cumulative perpetual			1,656						1,656						1,656						1,656						1,310
Common stock			10						10						10						10						10
Additional paid-in capital			12,740						12,731						12,714						12,703						12,695
Retained earnings			4,235						3,770						3,330						2,978						3,364
Treasury stock, at cost			(1,371)						(1,371)						(1,371)						(1,371)						(1,371)
Accumulated other comprehensive income, net			592						1,315						1,565						1,626						1,324
Total shareholders’ equity			17,862						18,111						17,904						17,602						17,332
Noncontrolling interest			—						—						—						26						—
Total equity			17,862						18,111						17,904						17,628						17,332
Total liabilities and equity			$	153,331					$	147,389					$	145,180					$	144,070					$	133,542

15

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

End of Period Loans

			As of
																																	3/31/2021												3/31/2021
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						vs. 12/31/2020												vs. 3/31/2020
Commercial and industrial			$	43,241					$	42,870					$	45,199					$	47,670					$	45,388					$	371					0.9		%				$	(2,147)					(4.7)		%
Commercial real estate mortgage—owner-occupied			5,335						5,405						5,451						5,491						5,550						(70)						(1.3)		%				(215)						(3.9)		%
Commercial real estate construction—owner-occupied			293						300						305						314						309						(7)						(2.3)		%				(16)						(5.2)		%
Total commercial			48,869						48,575						50,955						53,475						51,247						294						0.6		%				(2,378)						(4.6)		%
Commercial investor real estate mortgage			5,405						5,394						5,598						5,221						5,079						11						0.2		%				326						6.4		%
Commercial investor real estate construction			1,817						1,869						1,984						1,908						1,784						(52)						(2.8)		%				33						1.8		%
Total investor real estate			7,222						7,263						7,582						7,129						6,863						(41)						(0.6)		%				359						5.2		%
Total business			56,091						55,838						58,537						60,604						58,110						253						0.5		%				(2,019)						(3.5)		%
Residential first mortgage			16,643						16,575						16,195						15,382						14,535						68						0.4		%				2,108						14.5		%
Home equity—lines of credit (1)			4,286						4,539						4,753						4,953						5,201						(253)						(5.6)		%				(915)						(17.6)		%
Home equity—closed-end (2)			2,631						2,713						2,839						2,937						3,000						(82)						(3.0)		%				(369)						(12.3)		%
Indirect—vehicles			768						934						1,120						1,331						1,557						(166)						(17.8)		%				(789)						(50.7)		%
Indirect—other consumer			2,262						2,431						2,663						3,022						3,202						(169)						(7.0)		%				(940)						(29.4)		%
Consumer credit card			1,111						1,213						1,189						1,213						1,303						(102)						(8.4)		%				(192)						(14.7)		%
Other consumer			963						1,023						1,063						1,106						1,190						(60)						(5.9)		%				(227)						(19.1)		%
Total consumer			28,664						29,428						29,822						29,944						29,988						(764)						(2.6)		%				(1,324)						(4.4)		%
Total Loans			$	84,755					$	85,266					$	88,359					$	90,548					$	88,098					$	(511)					(0.6)		%				$	(3,343)					(3.8)		%

_______

(1)     The balance of Regions' home equity lines of credit consists of $2,371 million of first lien and $1,915 million of second lien at 3/31/2021.

(2)    The balance of Regions' closed-end home equity loans consists of $2,423 million of first lien and $208 million of second lien at 3/31/2021.

Adjusted Ending Balances of Loans (non-GAAP)

Regions believes adjusting ending loan balances for the impact of commercial loans transferred to held for sale, SBA PPP loans, the indirect-other consumer exit portfolio and the indirect-vehicles exit portfolio, provides a meaningful calculation of loan growth rates and presents them on the same basis as that applied by management.

			As of
																																	3/31/2021												3/31/2021
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						vs. 12/31/2020												vs. 3/31/2020
Commercial and industrial			$	43,241					$	42,870					$	45,199					$	47,670					$	45,388					$	371					0.9		%				$	(2,147)					(4.7)		%
Less: Commercial loans transferred to held for sale			—						—						239						239						—						—						NM						—						NM
Less: SBA PPP Loans			4,317						3,624						4,594						4,498						—						693						19.1		%				4,317						NM
Adjusted commercial and industrial loans (non-GAAP)			$	38,924					$	39,246					$	40,366					$	42,933					$	45,388					$	(322)					(0.8)		%				$	(6,464)					(14.2)		%
Total commercial loans			$	48,869					$	48,575					$	50,955					$	53,475					$	51,247					$	294					0.6		%				$	(2,378)					(4.6)		%
Less: Commercial loans transferred to held for sale			—						—						239						239						—						—						NM						—						NM
Less: SBA PPP Loans			4,317						3,624						4,594						4,498						—						693						19.1		%				4,317						NM
Adjusted total commercial loans (non-GAAP)			$	44,552					$	44,951					$	46,122					$	48,738					$	51,247					$	(399)					(0.9)		%				$	(6,695)					(13.1)		%
Total business loans			56,091						$	55,838					$	58,537					$	60,604					$	58,110					$	253					0.5		%				$	(2,019)					(3.5)		%
Less: Commercial loans transferred to held for sale			—						—						239						239						—						—						NM						—						NM
Less: SBA PPP Loans			4,317						3,624						4,594						4,498						—						693						19.1		%				4,317						NM
Adjusted total business loans (non-GAAP)			$	51,774					$	52,214					$	53,704					$	55,867					$	58,110					$	(440)					(0.8)		%				$	(6,336)					(10.9)		%
Total consumer loans			$	28,664					$	29,428					$	29,822					$	29,944					$	29,988					$	(764)					(2.6)		%				$	(1,324)					(4.4)		%
Less: Indirect—other consumer exit portfolio (1)			971						1,101						1,240						1,406						1,591						(130)						(11.8)		%				(620)						(39.0)		%
Less: Indirect—vehicles			768						934						1,120						1,331						1,557						(166)						(17.8)		%				(789)						(50.7)		%
Adjusted total consumer loans (non-GAAP)			$	26,925					$	27,393					$	27,462					$	27,207					$	26,840					$	(468)					(1.7)		%				$	85					0.3		%
Total loans			$	84,755					$	85,266					$	88,359					$	90,548					$	88,098					$	(511)					(0.6)		%				$	(3,343)					(3.8)		%
Less: Commercial loans transferred to held for sale			—						—						239						239						—						—						NM						—						NM
Less: SBA PPP Loans			4,317						3,624						4,594						4,498						—						693						19.1		%				4,317						NM
Less: Indirect—other consumer exit portfolio (1)			971						1,101						1,240						1,406						1,591						(130)						(11.8)		%				(620)						(39.0)		%
Less: Indirect—vehicles			768						934						1,120						1,331						1,557						(166)						(17.8)		%				(789)						(50.7)		%
Adjusted ending total loans (non-GAAP)			$	78,699					$	79,607					$	81,166					$	83,074					$	84,950					$	(908)					(1.1)		%				$	(6,251)					(7.4)		%

_______

(1)In the fourth quarter of 2019, Regions decided not to renew a third party relationship.

16

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

End of Period Loans (continued)

			As of
End of Period Loans by Percentage			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Commercial and industrial			51.0		%				50.3		%				51.2		%				52.6		%				51.5		%
Commercial real estate mortgage—owner-occupied			6.3		%				6.3		%				6.2		%				6.1		%				6.3		%
Commercial real estate construction—owner-occupied			0.3		%				0.4		%				0.3		%				0.3		%				0.4		%
Total commercial			57.6		%				57.0		%				57.7		%				59.0		%				58.2		%
Commercial investor real estate mortgage			6.4		%				6.3		%				6.3		%				5.8		%				5.8		%
Commercial investor real estate construction			2.1		%				2.2		%				2.2		%				2.1		%				2.0		%
Total investor real estate			8.5		%				8.5		%				8.5		%				7.9		%				7.8		%
Total business			66.1		%				65.5		%				66.2		%				66.9		%				66.0		%
Residential first mortgage			19.6		%				19.4		%				18.3		%				17.0		%				16.5		%
Home equity—lines of credit			5.1		%				5.3		%				5.4		%				5.5		%				5.9		%
Home equity—closed-end			3.1		%				3.2		%				3.2		%				3.2		%				3.4		%
Indirect—vehicles			0.9		%				1.1		%				1.3		%				1.5		%				1.8		%
Indirect—other consumer			2.7		%				2.9		%				3.0		%				3.3		%				3.6		%
Consumer credit card			1.3		%				1.4		%				1.3		%				1.3		%				1.5		%
Other consumer			1.2		%				1.2		%				1.3		%				1.3		%				1.3		%
Total consumer			33.9		%				34.5		%				33.8		%				33.1		%				34.0		%
Total Loans			100.0		%				100.0		%				100.0		%				100.0		%				100.0		%

17

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Average Balances of Loans

			Average Balances
($ amounts in millions)			1Q21						4Q20						3Q20						2Q20						1Q20						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Commercial and industrial			$	42,816					$	43,889					$	46,405					$	49,296					$	40,519					$	(1,073)					(2.4)		%				$	2,297					5.7		%
Commercial real estate mortgage—owner-occupied			5,375						5,405						5,498						5,492						5,509						(30)						(0.6)		%				(134)						(2.4)		%
Commercial real estate construction—owner-occupied			303						303						318						312						323						—						—		%				(20)						(6.2)		%
Total commercial			48,494						49,597						52,221						55,100						46,351						(1,103)						(2.2)		%				2,143						4.6		%
Commercial investor real estate mortgage			5,375						5,549						5,324						5,150						4,975						(174)						(3.1)		%				400						8.0		%
Commercial investor real estate construction			1,847						1,899						1,974						1,869						1,673						(52)						(2.7)		%				174						10.4		%
Total investor real estate			7,222						7,448						7,298						7,019						6,648						(226)						(3.0)		%				574						8.6		%
Total business			55,716						57,045						59,519						62,119						52,999						(1,329)						(2.3)		%				2,717						5.1		%
Residential first mortgage			16,606						16,433						15,786						14,884						14,469						173						1.1		%				2,137						14.8		%
Home equity—lines of credit			4,416						4,646						4,842						5,072						5,237						(230)						(5.0)		%				(821)						(15.7)		%
Home equity—closed-end			2,669						2,765						2,885						2,970						3,038						(96)						(3.5)		%				(369)						(12.1)		%
Indirect—vehicles			850						1,023						1,223						1,441						1,679						(173)						(16.9)		%				(829)						(49.4)		%
Indirect—other consumer			2,352						2,514						2,835						3,111						3,263						(162)						(6.4)		%				(911)						(27.9)		%
Consumer credit card			1,151						1,190						1,194						1,230						1,348						(39)						(3.3)		%				(197)						(14.6)		%
Other consumer			995						1,048						1,086						1,137						1,216						(53)						(5.1)		%				(221)						(18.2)		%
Total consumer			29,039						29,619						29,851						29,845						30,250						(580)						(2.0)		%				(1,211)						(4.0)		%
Total loans			$	84,755					$	86,664					$	89,370					$	91,964					$	83,249					$	(1,909)					(2.2)		%				$	1,506					1.8		%

Adjusted Average Balances of Loans (non-GAAP)

Regions believes adjusting total average loans for the impact of commercial loans transferred to held for sale, SBA PPP loans, the indirect-other consumer exit portfolio and the indirect- vehicles exit portfolio, provides a meaningful calculation of loan growth rates and presents them on the same basis as that applied by management.

			Average Balances
($ amounts in millions)			1Q21						4Q20						3Q20						2Q20						1Q20						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Commercial and industrial			$	42,816					$	43,889					$	46,405					$	49,296					$	40,519					$	(1,073)					(2.4)		%				$	2,297					5.7		%
Less: Commercial loans transferred to held for sale(1)			—						237						239						239						—						(237)						(100.0)		%				—						NM
Less: SBA PPP Loans			3,798						4,143						4,558						3,213						—						(345)						(8.3)		%				3,798						NM
Adjusted commercial and industrial loans (non-GAAP)			$	39,018					$	39,509					$	41,608					$	45,844					$	40,519					$	(491)					(1.2)		%				$	(1,501)					(3.7)		%
Total commercial loans			$	48,494					$	49,597					$	52,221					$	55,100					$	46,351					$	(1,103)					(2.2)		%				$	2,143					4.6		%
Less: Commercial loans transferred to held for sale(1)			—						237						239						239						—						(237)						(100.0)		%				—						NM
Less: SBA PPP Loans			3,798						4,143						4,558						3,213						—						(345)						(8.3)		%				3,798						NM
Adjusted total commercial loans (non-GAAP)			$	44,696					$	45,217					$	47,424					$	51,648					$	46,351					$	(521)					(1.2)		%				$	(1,655)					(3.6)		%
Total business loans			$	55,716					$	57,045					$	59,519					$	62,119					$	52,999					$	(1,329)					(2.3)		%				$	2,717					5.1		%
Less: Commercial loans transferred to held for sale(1)			—						237						239						239						—						(237)						(100.0)		%				—						NM
Less: SBA PPP Loans			3,798						4,143						4,558						3,213						—						(345)						(8.3)		%				3,798						NM
Adjusted total business loans (non-GAAP)			$	51,918					$	52,665					$	54,722					$	58,667					$	52,999					$	(747)					(1.4)		%				$	(1,081)					(2.0)		%
Total consumer loans			$	29,039					$	29,619					$	29,851					$	29,845					$	30,250					$	(580)					(2.0)		%				$	(1,211)					(4.0)		%
Less: Indirect—other consumer exit portfolio (2)			1,034						1,164						1,318						1,493						1,696						(130)						(11.2)		%				(662)						(39.0)		%
Less: Indirect—vehicles			850						1,023						1,223						1,441						1,679						(173)						(16.9)		%				(829)						(49.4)		%
Adjusted total consumer loans (non-GAAP)			$	27,155					$	27,432					$	27,310					$	26,911					$	26,875					$	(277)					(1.0)		%				$	280					1.0		%
Total loans			$	84,755					$	86,664					$	89,370					$	91,964					$	83,249					$	(1,909)					(2.2)		%				$	1,506					1.8		%
Less: Commercial loans transferred to held for sale(1)			—						237						239						239						—						(237)						(100.0)		%				—						NM
Less: SBA PPP Loans			3,798						4,143						4,558						3,213						—						(345)						(8.3)		%				3,798						NM
Less: Indirect—other consumer exit portfolio (2)			1,034						1,164						1,318						1,493						1,696						(130)						(11.2)		%				(662)						(39.0)		%
Less: Indirect—vehicles			850						1,023						1,223						1,441						1,679						(173)						(16.9)		%				(829)						(49.4)		%
Adjusted total loans (non-GAAP)			$	79,073					$	80,097					$	82,032					$	85,578					$	79,874					$	(1,024)					(1.3)		%				$	(801)					(1.0)		%

(1)In the fourth quarter of 2020, Regions made the decision to sell a certain portfolio of $239 million of commercial and industrial loans, which were reclassified to held for sale as of December 31, 2020.

(2)In the fourth quarter of 2019, Regions decided not to renew a third party relationship.

18

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

End of Period Deposits

			As of
																																	3/31/2021												3/31/2021
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						vs. 12/31/2020												vs. 3/31/2020
Interest-free deposits			$	55,925					$	51,289					$	49,754					$	47,964					$	37,133					$	4,636					9.0		%				$	18,792					50.6		%
Interest-bearing checking			24,757						24,484						22,294						22,407						19,992						273						1.1		%				$	4,765					23.8		%
Savings			13,500						11,635						11,159						10,698						9,199						1,865						16.0		%				$	4,301					46.8		%
Money market—domestic			30,448						29,719						29,387						29,263						26,328						729						2.5		%				$	4,120					15.6		%
Low-cost deposits			124,630						117,127						112,594						110,332						92,652						7,503						6.4		%				$	31,978					34.5		%
Time deposits			4,970						5,341						5,840						6,428						7,122						(371)						(6.9)		%				$	(2,152)					(30.2)		%
Total Customer Deposits			129,600						122,468						118,434						116,760						99,774						7,132						5.8		%				29,826						29.9		%
Corporate treasury time deposits			2						11						11						19						256						(9)						(81.8)		%				(254)						(99.2)		%
Total Deposits			$	129,602					$	122,479					$	118,445					$	116,779					$	100,030					$	7,123					5.8		%				$	29,572					29.6		%
			As of
																																	3/31/2021												3/31/2021
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						vs. 12/31/2020												vs. 3/31/2020
Consumer Bank Segment			$	77,381					$	71,652					$	69,265					$	68,616					$	61,238					$	5,729					8.0		%				$	16,143					26.4		%
Corporate Bank Segment			42,211						40,745						39,799						38,848						29,862						1,466						3.6		%				12,349						41.4		%
Wealth Management Segment			9,537						9,718						8,982						8,888						8,372						(181)						(1.9)		%				1,165						13.9		%
Other (1)			473						364						399						427						558						109						29.9		%				(85)						(15.2)		%
Total Deposits			$	129,602					$	122,479					$	118,445					$	116,779					$	100,030					$	7,123					5.8		%				$	29,572					29.6		%
			As of
																																	3/31/2021												3/31/2021
($ amounts in millions)			3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020						vs. 12/31/2020												vs. 3/31/2020
Wealth Management - Private Wealth			$	8,589					$	8,462					$	7,726					$	7,816					$	7,168					$	127					1.5		%				$	1,421					19.8		%
Wealth Management - Institutional Services			948						1,256						1,256						1,072						1,204						(308)						(24.5)		%				(256)						(21.3)		%
Total Wealth Management Segment Deposits			$	9,537					$	9,718					$	8,982					$	8,888					$	8,372					$	(181)					(1.9)		%				$	1,165					13.9		%
																											As of
End of Period Deposits by Percentage																											3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Interest-free deposits																											43.2		%				41.9		%				42.0		%				41.1		%				37.1		%
Interest-bearing checking																											19.1		%				20.0		%				18.8		%				19.2		%				20.0		%
Savings																											10.4		%				9.5		%				9.4		%				9.2		%				9.2		%
Money market—domestic																											23.5		%				24.3		%				24.8		%				25.1		%				26.3		%
Low-cost deposits																											96.2		%				95.7		%				95.0		%				94.6		%				92.6		%
Time deposits																											3.8		%				4.3		%				5.0		%				5.5		%				7.1		%
Total Customer Deposits																											100.0		%				100.0		%				100.0		%				100.0		%				99.7		%
Corporate treasury time deposits																											—		%				—		%				—		%				—		%				0.3		%
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).

19

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Average Balances of Deposits

			Average Balances
($ amounts in millions)			1Q21						4Q20						3Q20						2Q20						1Q20						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Interest-free deposits			$	51,839					$	50,532					$	48,314					$	44,382					$	34,205					1,307						2.6		%				17,634						51.6		%
Interest-bearing checking			24,171						22,940						22,098						21,755						19,273						1,231						5.4		%				4,898						25.4		%
Savings			12,340						11,374						10,935						10,152						8,822						966						8.5		%				3,518						39.9		%
Money market—domestic			29,425						29,312						29,146						27,870						25,151						113						0.4		%				4,274						17.0		%
Low-cost deposits			117,775						114,158						110,493						104,159						87,451						3,617						3.2		%				30,324						34.7		%
Time deposits			5,158						5,598						6,150						6,690						7,302						(440)						(7.9)		%				(2,144)						(29.4)		%
Total Customer Deposits			122,933						119,756						116,643						110,849						94,753						3,177						2.7		%				28,180						29.7		%
Corporate treasury time deposits			4						11						13						72						280						(7)						(63.6)		%				(276)						(98.6)		%
Corporate treasury other deposits			—						—						—						—						639						—						NM						(639)						(100.0)		%
Total Deposits			$	122,937					$	119,767					$	116,656					$	110,921					$	95,672					$	3,170					2.6		%				27,265						28.5		%

			Average Balances
($ amounts in millions)			1Q21						4Q20						3Q20						2Q20						1Q20						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Consumer Bank Segment			$	72,949					$	69,912					$	68,842					$	65,722					$	59,711					3,037						4.3		%				13,238						22.2		%
Corporate Bank Segment			40,285						40,581						38,755						36,409						26,618						(296)						(0.7)		%				13,667						51.3		%
Wealth Management Segment			9,281						8,884						8,658						8,382						8,073						397						4.5		%				1,208						15.0		%
Other (1)			422						390						401						408						1,270						32						8.2		%				(848)						(66.8)		%
Total Deposits			$	122,937					$	119,767					$	116,656					$	110,921					$	95,672					$	3,170					2.6		%				$	27,265					28.5		%

			Average Balances
($ amounts in millions)			1Q21						4Q20						3Q20						2Q20						1Q20						1Q21 vs. 4Q20												1Q21 vs. 1Q20
Wealth Management - Private Wealth			$	8,442					$	8,106					$	7,723					$	7,395					$	7,062					336						4.1		%				1,380						19.5		%
Wealth Management - Institutional Services			839						778						935						987						1,011						61						7.8		%				(172)						(17.0)		%
Total Wealth Management Segment Deposits			$	9,281					$	8,884					$	8,658					$	8,382					$	8,073					$	397					4.5		%				$	1,208					15.0		%

________

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

20

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Reconciliation to GAAP Financial Measures

Tangible Common Ratios

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

						As of and for Quarter Ended
($ amounts in millions, except per share data)						3/31/2021						12/31/2020						9/30/2020						6/30/2020						3/31/2020
Tangible Common Ratios
Shareholders’ equity (GAAP)						$	17,862					$	18,111					$	17,904					$	17,602					$	17,332
Less:
Preferred stock (GAAP)						1,656						1,656						1,656						1,656						1,310
Intangible assets (GAAP)						5,295						5,312						5,316						5,330						4,943
Deferred tax liability related to intangibles (GAAP)						(96)						(106)						(105)						(103)						(92)
Tangible common shareholders’ equity (non-GAAP)			A			$	11,007					$	11,249					$	11,037					$	10,719					$	11,171
Total assets (GAAP)						$	153,331					$	147,389					$	145,180					$	144,070					$	133,542
Less:
Intangible assets (GAAP)						5,295						5,312						5,316						5,330						4,943
Deferred tax liability related to intangibles (GAAP)						(96)						(106)						(105)						(103)						(92)
Tangible assets (non-GAAP)			B			$	148,132					$	142,183					$	139,969					$	138,843					$	128,691
Shares outstanding—end of quarter			C			961						960						960						960						957
Tangible common shareholders’ equity to tangible assets (non-GAAP)(1)			A/B			7.43		%				7.91		%				7.88		%				7.72		%				8.68		%
Tangible common book value per share (non-GAAP)(1)			A/C			$	11.46					$	11.71					$	11.49					$	11.16					$	11.67

_________

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

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

Forward-Looking Statements

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

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

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

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

•The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses, operations, and financial results and conditions.The duration and severity of the ongoing COVID-19 pandemic, which has disrupted the global economy, has and could continue to 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. The pandemic could also cause an outflow of deposits, result in goodwill impairment charges and the impairment of other financial and nonfinancial assets, and increase our cost of capital.

•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 law, adverse changes in the economic environment, declining operations of the reporting unit or other factors.

•The effect of changes in tax laws, including the effect of any future interpretations of or amendments to Tax Reform, which may impact our earnings, capital ratios and our ability to return capital to shareholders.

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

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

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

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

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

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

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

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

•Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the recent change in U.S. presidential administration and control of the U.S. Congress, 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 or other regulatory capital instruments, 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 business.

•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.

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to First Quarter 2021 Earnings Release

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

•Dependence on key suppliers or vendors to obtain equipment and other supplies for our business 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 impact 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 business 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 a possible downgrade in the U.S. government’s sovereign credit rating or outlook, which could result in risks to us and general economic conditions that we are not able to predict.

•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 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.

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

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

The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC.

Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic (including any second wave or resurgences), actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us.

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

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

23

Exhibit 99.3 1st Quarter Earnings Conference Call April 23, 2021

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2 First quarter 2021 overview (1) Non-GAAP, see appendix for reconciliation. Adjusted Pre-Tax Pre- Provision Income(1) Diluted Earnings Per Share Adjusted Total Revenue(1) Adjusted Non- Interest Expense(1) Net Income Available to Common Shareholders $686M $0.63 $1,604M $918M $614M • Adjusted total revenue(1) and adjusted pre-tax pre-provision income(1) increased 14% and 17%, respectively YoY • Adjusted efficiency ratio(1) improved 110bps YoY to 56.8%

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3 $95.7 $119.8 $122.9 59.7 69.9 72.9 26.6 40.6 40.38.1 8.9 9.3 1.3 0.4 0.4 1Q20 4Q20 1Q21 Average loans & deposits (1) Non-GAAP, see appendix for reconciliation. (2) Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar deposits, selected deposits and brokered time deposits). Average deposits by segment ($ in billions) Wealth Mgt Other(2) Consumer Bank Corporate Bank • Expect near-term deposit balances will continue to increase, particularly as the most recent round of stimulus is disbursed and corporate customers maintain higher cash levels $79.9 $80.1 $79.1 53.0 52.7 51.9 26.9 27.4 27.2 1Q20 4Q20 1Q21 Adjusted average loans and leases(1) ($ in billions) Adjusted business loans(1) Adjusted consumer loans(1) • Commercial line utilization levels remain historically low, ending the quarter at 39.0% • Average PPP loans decreased 8% QoQ to $3.8B; includes $0.7B forgiveness in 1Q and $1.0B in 4Q • Expect 2021 adjusted average loans to be down low single digits compared to 2020; adjusted ending loans are expected to grow low single digits

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4 $940 $1,017 $978 3.44% 3.13% 3.02% 3.40% 3.40% 1Q20 4Q20 1Q21 NII(1) Net interest income and net interest margin - liquidity impacts NII(1) and NIM ($ in millions) (1) Net interest income (NII) on a fully taxable equivalent basis. (2) Non-GAAP; see appendix for reconciliation. NIM • In 1Q, deposit and cash balances remained elevated given stimulus / liquidity in the system • PPP and cash account for -38 bps NIM and +$42M NII within the quarter (-11bps / -$13M QoQ) ◦ PPP loans account for +4 bps NIM and +$40M NII within the quarter (-3bps / -$14M QoQ) ◦ Excess cash accounts for -42 bps NIM and +$2M NII (-8bps / $1M QoQ) • Total of $13.5B active cash deployment in 2020, balancing risk and return NIM excl. PPP/Cash(2)

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5 • Rate environment impacts offset through active balance sheet management ◦ Higher avg. hedging notional; total benefit of $102M NII to 1Q(3) ◦ Lower deposit pricing; deposit cost = 6bps / interest-bearing deposit cost = 11bps ◦ Cash management strategy carryover from 4Q; Dec. long-term debt call ◦ Premium amortization stable QoQ at $50M • Loan balance declines mostly attributable to C&I and the strategic reduction of indirect loans (1) Core NIM and NII excludes PPP and excess cash over $750M. Core or adjusted NIM is non-GAAP; see appendix for reconciliation. (2) Other items include 2 fewer days, annual HR asset dividends, loan prepayment penalties, and other product yield adjustments. (3) Hedges mostly remain active; $362M NII accrual since beginning of 2020; $1.2B unrealized pre-tax gain, to be amortized into NII over the remaining life of hedges ~4 years. (5) Assumes Fed Funds Target remains 0%-0.25%, 1m LIBOR 0.10%-0.20%, and 10yr US Treasury is range-bound 1.50%-1.75%. 3.40% 3.40% Net interest income and net interest margin - core drivers Core(1) NIM Attribution Drivers of Core NIM and NII 1Q21 excl. PPP/cash 4Q20 excl. PPP/cash -1bps +1bps +1bps +1bps-3bps -$13M +$6M +$4M +$3M-$9M -$15M NIM NII • 2Q Core(1) NII expected to be relatively stable(5) (excl. cash and PPP) ◦ Loan balances expected to be more stable in 2Q, although remixing will continue to negatively impact NII ◦ At current market levels, long-term rate environment pressure expected to neutralize around year-end ◦ One additional day and deposit cost reductions expected to benefit 2Q ◦ Uncertain timing of PPP fee acceleration to benefit NII/NIM - currently assume modestly lower PPP NII in 2Q • Excluding PPP/cash, NIM expected to be in the mid 3.30s 2Q 2021 Expectations Other/ Days(2) +1bps Loan bals/mix Cash mgmt. Long-term rates Deposit pricing Loan hedges Largely able to offset ongoing impacts of reinvestment through balance sheet management strategies

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6 • Additional government stimulus, changes in customer behavior and continued enhancements to overdraft practices & transaction posting are expected to keep service charges 10-15% below 2019 levels • Capital markets growth in fees generated from the placement of permanent financing for real estate customers and securities underwriting, both at record levels, was offset by reduced M&A advisory and loan syndication fees • Wealth management income increased 2%; expect continued growth throughout 2021 • Mortgage income increased 20%; expected to be a meaningful contributor to 2021 fee revenue as we continue to focus on growing market share, but below 2020 record levels(2) • Expect 2021 adjusted total revenue to be down modestly compared to 2020 (dependent on timing & amount of PPP forgiveness) Change vs ($ in millions) 1Q21 4Q20 1Q20 Service charges on deposit accounts $157 (1.9)% (11.8)% Card and ATM fees 115 (1.7)% 9.5% Capital markets income (excluding CVA/DVA) 89 (12.7)% 107.0% Capital Markets - CVA/DVA 11 37.5% (132.4)% Wealth management income 91 2.2% 8.3% Mortgage income 90 20.0% 32.4% Bank-owned life insurance 17 (60.5)% —% Market value adjustments (on employee benefit assets - other) 7 —% 128.0% Gains on equity investment 3 (50.0)% NM Other 61 (16.4)% 24.5% Total non-interest income $641 (5.7)% 32.2% Adjusted non-interest income(1) $637 (1.8)% 31.9% Non-interest income (1) Non-GAAP; see appendix for reconciliation. (2) 2020 mortgage production and production-related revenue were both records. NM - Not Meaningful QoQ highlights & outlook

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7(1) Non-GAAP; see appendix for reconciliation. (2) 2020 adjusted non-interest expenses include ~$60M of expense associated with the Ascentium acquisition that closed 4/1/2020. • Adjusted expenses(1) decreased 1% driven primarily by lower incentive compensation related to capital markets and mortgage partially offset by increased payroll taxes • Base salaries decreased 4% as we remain focused on our continuous improvement process; associate headcount decreased 2% QoQ and 4% YoY (excluding impact of Ascentium acquisition closed 4/1/20, YoY headcount down 6%) • We expect 2021 adjusted non-interest expenses to remain stable compared to 2020 • While we face headwinds related to uncertainty regarding the pace of economic recovery, we remain committed to generating positive operating leverage over time $3,387 $3,419 $3,434 $3,443 $3,541 2016 2017 2018 2019 2020 Non-interest expense QoQ highlights & outlookAdjusted non-interest expense(1) ($ in millions) $824 $930 $918 57.9% 55.8% 56.8% Adjusted non-interest expense Adjusted efficiency ratio 1Q20 4Q20 1Q21 ~1% CAGR (1) (1) (2)

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8 $123 $94 $83 60 41 37 63 53 460.59% 0.43% 0.40% 1Q20 4Q20 1Q21 $638 $745 $738 261% 308% 280% 1Q20 4Q20 1Q21 NPLs and ACL coverage ratio Asset quality ($ in millions) ($ in millions) ($ in millions) Net charge-offs and ratio NPLs - excluding LHFS ACL coverage ratio Consumer net charge-offs Business services net charge-offs Net charge-offs ratio (1) Non-GAAP; see appendix for reconciliation. (2) CECL Day 1 ratio is as of January 1, 2020. • 1Q annualized net charge-offs 40bps, a 3bps improvement QoQ reflecting broad-based improvement across most portfolios • $142M benefit to provision resulted in ACL of 2.44% of total loans (2.57%(1) ex-PPP) • NPLs, delinquencies and criticized business loans all decreased modestly QoQ • Further reductions in ACL will depend on timing of net charge-offs and greater certainty with respect to path of economic recovery • Expect full-year 2021 net charge-offs to range from 40 to 50bps ACL to loans coverage ratio 1.71% 2.74% 2.69% 2.44% 1.71% 2.90% 2.81% 2.57% ACL/Loans (incl. PPP) ACL/Loans (excl. PPP) Day 1 3Q20 4Q20 1Q21(2) (1)

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9 • During 1Q declared $149M in common dividends • Federal Reserve restrictions on capital distributions are expected to be lifted in 3Q subject to capital levels remaining above required levels in 2021 CCAR results • Regions opted into the 2021 CCAR; expect to return to managing to the SCB framework in 3Q; however repurchases will begin in 2Q subject to the Federal Reserve's earnings-based restrictions • Common Equity Tier 1 ratio increased ~50 bps to an estimated 10.3%; updating operating range for CET1 to 9.25% to 9.75%; goal to manage to the mid-point over time QoQ highlights & outlook Common equity Tier 1 ratio(1) 9.4% 9.8% 10.3% 1Q20 4Q20 1Q21 10.6% 11.4% 11.9% 1Q20 4Q20 1Q21 Tier 1 capital ratio(1) Capital and liquidity (1) Current quarter ratios are estimated. (2) Based on ending balances. Loan-to-deposit ratio(2) 88% 70% 65% 1Q20 4Q20 1Q21

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10 2021 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) Total revenue guidance assumes short-term rates remain near-zero and the 10-year U.S. Treasury yield remains between 1.50% -1.75%. Category FY 2021 Expectations Total Adjusted Revenue (from adjusted 2020 of $6,206)(1)(2)(3) Down modestly (dependent on timing & amount of PPP forgiveness) Adjusted Non-Interest Expense (from adjusted 2020 of $3,541)(1)(2) Stable Adjusted Average Loans (from adjusted 2020 of $81,890 )(1)(2) Down low single digits Adjusted Ending Loans (from adjusted 2020 of $79,607 )(1)(2) Up low single digits Net charge-offs / average loans 40 - 50 bps Effective tax rate ~22%

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11 Appendix

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12 Selected items impact First quarter 2021 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 quarter, but are not considered non-GAAP adjustments. These items generally include market-related measures, impacts of new accounting guidance, or event driven actions. (4) The 1Q21 amount reflects a gain on sale of an equity investment. NM - Not Meaningful ($ amounts in millions, except per share data) 1Q21 QoQ Change YoY Change Net interest income $ 967 (3.9)% 4.2% Provision for (benefit from) credit losses (142) 273.7% NM Non-interest income 641 (5.7)% 32.2% Non-interest expense 928 (6.0)% 11.0% Income before income taxes 822 11.5% 302.9% Income tax expense 180 48.8% 328.6% Net income 642 4.2% 296.3% Preferred dividends 28 —% 21.7% Net income available to common shareholders $ 614 4.4% 341.7% Diluted EPS $ 0.63 3.3% 350.0% Summary of first quarter results (amounts in millions, except per share data) 1Q21 Pre-tax adjusted items(1): Contribution to the Regions Financial Corporation foundation $ (2) Branch consolidation, property and equipment charges (5) Salary and employee benefits—severance charges $ (3) Securities gains (losses), net 1 Valuation gain on equity investment(4) 3 Total pre-tax adjusted items(1) $ (6) Diluted EPS impact(2) $ — Additional selected items(3): CECL provision less than (in excess of) net charge-offs $ 225 Capital markets income - CVA/DVA 11 MSR net hedge performance 7 PPP loans interest/fee income 40

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13 1.02 1.79 2.03 1Q20 4Q20 1Q21 257 307 311 126 158 141 131 149 170 1Q20 4Q20 1Q21 2.7 2.9 3.0 1Q20 4Q20 1Q21 Mobile Banking Log-Ins 1.87 2.04 2.13 1Q20 4Q20 1Q21 15% 20% 21% 31% 33% 32% 54% 47% 47% 1Q20 4Q20 1Q21 40.0 63.9 82.4 35.0 53.2 72.0 2.7 2.4 2.9 2.3 8.2 7.4 1Q20 4Q20 1Q21 62% 67% 67% 38% 33% 33% 1Q20 4Q20 1Q21 Growth in Digital Digital Banking Log-Ins Customer Transactions Deposit Transactions by Channel 21% YoY 9% YoY (Millions) (Millions) Active Digital Banking Users Active Mobile Banking Users (Millions) 14% YoY Online Banking Log-Ins Loans Digital Sales(1) (Accounts in Thousands) Deposits Credit Card Accounts Digital Non-Digital Mobile ATM Branch (1) Digital sales represents accounts opened. (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, transfers, bill payments, and Western Union. Excludes ACH and Debit Card purchases/refunds. (2)(3) Zelle Transactions (Millions) 98% YoY

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14 +1% to 1.5% Long-term NII Sensitivity Profile to Rates 1 2 3 4 5 6 Hedging strategy protection (1) Includes all active swaps/floors entered into prior to 3/31/2021. (2) Includes total hedge repositioning during 1Q21 of $4.3B, reducing average annual notional by -$3.3B in 2023 and -$2.0B in 2024. (3) 3/31/2021 futures. Hedge Notional Maturity Profile 2021 2022 2023 2024 2025 2026 Hedge Notional $21.8B $21.8B $17.5B $14.6B $7.0B $1.6B 1mo. LIBOR 0.12% 0.25% 0.66% 1.32% 1.83% 2.16% 1mo. LIBOR Hedge Notional Forward Rates (3) (1,2) 1Q Notional Reductions - scenarios assume no loan growth in any scenario and no benefit from surge deposits under rising rates - includes cumulative benefits from asset reinvestment at higher rates (3) Forwards +50bps Cumulative NII growth (2021-2024) Flat rates Current Hedges No Hedges +2.5% to 3% +3% to 3.5% 0% to -0.5% +1% to 1.5% -1.7% to -2.3% • Goal of the hedging program is to support consistent, sustainable long-term performance • Recent terminations and resulting maturity profile well positioned for rising short-term rates in 2023 and beyond • Resulting NII profile able to: ◦ benefit from steepening yield curve, eventual rising short-term rates, and other potential tailwinds (e.g. loan growth/credit) ◦ limit downside and ensure NII stability in an environment where the Fed maintains its zero rate policy and loan growth does not manifest

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15 10.7%10.5% 9.6% 9.1% 8.9% 6.1% 5.7% 5.1% 3.8% 2.7% 2.5% 0.6% 0.3% 1.5 3.7 3.9 2.1 0.9 3.3 2.3 1.0 2.3 3.3 P e e r 12 R F 1Q R F 4Q P e e r 11 P e e r 10 P e e r 9 P e e r 8 P e e r 7 P e e r 6 P e e r 5 P e e r 4 P e e r 3 P e e r 2 P e e r 1 Cash-flow Hedge Program Details 03/31/21(1) Cash-Flow Hedge Notional Fixed Rate/ Strike(3) Inclusive of deferred G/L(4) Swaps $18.0B 1.59% Floors $3.75B 2.16% Total $21.75B 1.69% 2.05% (1) Includes all active swaps/floors entered into prior to 3/31/2021. (2) Peers 1, 2, 6, & 8 did not disclose weighted average lives of cash flow hedge. (3) Weighted average strike price for program floors excludes premiums paid. Swap and floor floating legs a blend of 1m/3m LIBOR, primarily 1m LIBOR. (4) Avg. receive fixed rate including amortization of deferred gains (losses) from terminated cash flow hedges. Note: Peers include CFG, CMA, FHN, FITB, HBAN, HWC, KEY, MTB, PNC, SNV, USB, ZION. Cash-flow Hedge Contribution to NII - 4Q20(1) WAL remaining on CF Hedges(2) Hedging strategy protection (cont.) • Goal of the hedging program is to support consistent, sustainable long- term performance • Program has worked as intended during the low rate environment • Added $362M to NII since the beginning of 2020 • Added $102M to NII in 1Q21, or ~10% of NII • Pre-tax unrealized gain on hedges = ~$1.2B • Expect a little more than $100M quarterly contribution to NII until short- term rates (LIBOR) increase or hedges begin to mature in 2023

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16 Agency/UST: 1% Agency MBS: 69% Agency CMBS: 24% Non-Agency CMBS: 2% Corporate Bonds: 4% Interest rate exposure of future business and long-term rates (1) 12/31/2020 data latest available; Source: SEC reporting, Call Report data for loan repricing within 1 year; Peers include CFG, CMA, FHN, FITB, HBAN, HWC, KEY, MTB, PNC, SNV, USB, ZION, and TFC. (2) Includes AFS, the unrealized AFS gain, and HTM securities as of 3/31/2021. • The majority of Regions’ residual NII exposure to interest rates comes from future business activities and cash-flow reinvestment; full-year 2021 estimate: • ~$11B fixed-rate loan production (excl. PPP) • ~$5B fixed-rate securities reinvestment • Balance sheet mix is a reasonable proxy for long-end rate sensitivity • Exposure to fixed-rate assets in line with peers (~50% fixed excluding hedges) Securities portfolio composition(2)• Within the securities portfolio, reinvestment and premium amortization contribute to a portion of Regions’ NII exposure to interest rates • Portfolio constructed to protect against lower market rates • ~31% of securities portfolio in bullet-like collateral (CMBS, corporate bonds, and USTs) • Purchase MBS with loan characteristics that offer prepayment protection: lower loan balances, seasoning, and state-specific geographic concentrations • Grew the securities portfolio by ~$320M during 1Q21 • MBS-related book premium remains near $580M. Higher market interest rates and prepayment protection should reduce amortization volatility $28.2B P e e r 1 P e e r 2 P e e r 3 P e e r 4 P e e r 5 P e e r 6 R F P e e r 7 P e e r 8 P e e r 9 P e e r 10 P e e r 11 P e e r 12 P e e r 13 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fixed / float loan mix(1) % Fixed % Variable Peer median = 49%

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17 9.8% 0.6% 0.1% (0.1)% (0.1)% 10.3% CET1 Waterfall (1) Non-GAAP; see appendix for reconciliation. (2) Provision expense includes the impact of CECL deferral. (3) Current quarter ratios are estimated and reflect rounding. 4Q20 CET1% Pre-tax pre- provision income(1) Common Dividend 1Q21 CET1%(3) Provision expense(2) Tax & Other

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18 Changes in Portfolio Risk & Balances $2,293 $(83) $(130) $(12) $2,068 Allowance for credit losses waterfall Changes in Economic Outlook Net Charge- Offs 3/31/2021 • 1Q ending allowance decreased $225M due to improvement in the economic outlook combined with stabilized credit performance and charge-offs • The benefits of the improving economic outlook were partially offset by increases to model adjustments due to continued uncertainty regarding the timing of full economic recovery and due to continued credit risk in certain portfolios. QoQ highlights ($ in millions) 12/31/2020

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19 Pre-R&S period 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 Real GDP, annualized % change 4.9 % 6.8 % 6.3 % 4.9 % 3.9 % 2.7 % 2.6 % 2.4 % 2.3 % Unemployment rate 6.2 % 5.8 % 5.5 % 5.2 % 4.8 % 4.7 % 4.5 % 4.3 % 4.1 % HPI, year-over-year % change 10.1 % 10.0 % 8.1 % 5.7 % 3.5 % 3.0 % 3.0 % 3.0 % 3.0 % S&P 500 3,833 3,858 3,892 3,911 3,951 3,989 4,018 4,056 4,091 Base R&S economic outlook (as of March 2021) • Economic forecasts represent Regions’ internal outlook for the economy over the reasonable & supportable forecast period. • Given rapid improvements in the economic outlook, management considered alternative analytics to support qualitative additions to the modeled results to reflect continued credit risk in certain portfolios.

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20 As of 3/31/21 As of 12/31/20 (in millions) Loan Balance ACL ACL/Loans Loan Balance ACL ACL/Loans C&I $43,241 $921 2.13 % $42,870 $1,027 2.40 % CRE-OO mortgage 5,335 206 3.87 % 5,405 242 4.47 % CRE-OO construction 293 22 7.52 % 300 24 7.98 % Total commercial $48,869 $1,149 2.35 % $48,575 $1,293 2.66 % IRE mortgage 5,405 134 2.49 % 5,394 167 3.10 % IRE construction 1,817 27 1.46 % 1,869 30 1.58 % Total IRE $7,222 $161 2.23 % $7,263 $197 2.71 % Residential first mortgage 16,643 152 0.91 % 16,575 155 0.94 % Home equity lines 4,286 114 2.67 % 4,539 122 2.69 % Home equity loans 2,631 38 1.43 % 2,713 33 1.23 % Indirect-vehicles 768 9 1.13 % 934 19 2.04 % Indirect-other consumer 2,262 218 9.62 % 2,431 241 9.92 % Consumer credit card 1,111 149 13.42 % 1,213 161 13.30 % Other consumer 963 78 8.13 % 1,023 72 7.01 % Total consumer $28,664 $758 2.64 % $29,428 $803 2.73 % Total $84,755 $2,068 2.44 % $85,266 $2,293 2.69 % Government guaranteed PPP loans 4,317 3 0.07 % 3,624 1 — Total, excluding PPP loans(1) $80,438 $2,065 2.57 % $81,642 $2,292 2.81 % Allowance Allocation (1) Non-GAAP; see appendix for reconciliation. Note - All PPP loans are included in C&I. Excluding PPP loans from that category would increase the ACL ratio for C&I loans to 2.36%.

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21 • Proactive, frequent customer dialogue • Closely monitoring most vulnerable customers • Monitoring ratings migration Bottom up review informs and narrows COVID-19 high-risk industry sectors (as of March 31, 2021) C&I Portfolio BAL$(1) % of BAL$ Utilization Rate(2) % Criticized Energy – Oil & Gas Extraction, Oilfield Services $1.05b 1.2% 59% 32% Healthcare – Offices of Other Health Practitioners $0.18b 0.2% 60% 4% Consumer Services & Travel – Amusement, Arts and Recreation, Personal Care Services, Charter Bus Industry $0.66b 0.8% 77% 8% Retail (non-essential) – Clothing $0.09b 0.1% 34% 24% Restaurants – Full Service $0.65b 0.8% 75% 55% Total C&I high-risk industry sectors $2.63b 3.1% 65% 30% CRE related exposures including unsecured C&I BAL$(1) % of BAL$ Utilization Rate(2) % Criticized IRE Hotels – Full service, limited service, extended stay $0.28b 0.3% 94% 94% Total CRE-related high-risk industry sectors $0.28b 0.3% 94% 94% Total high-risk industry sectors $2.91b Other specifically identified at-risk assets $0.45b Total $3.36b (1) Amounts exclude PPP Loans, Operating Leases and Held For Sale exposure. (2) Borrowing Base Adjusted Commitments, excludes PPP, Operating Leases and Loans Held For Sale. Ongoing Portfolio Surveillance

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22 $5.15 $0.26 $(2.01) $(0.04) $3.36 COVID-19 high-risk industry sectors waterfall ($ in billions) Changed to Specifically Identified Assets (1) • COVID high-risk industries are continuously refined to those exhibiting higher levels of stress due to COVID impact • Specifically identified at-risk assets not falling into currently flagged sectors were included • Several sub-sectors were removed, including but not limited to: ◦ Offices of Physicians in Healthcare ◦ IRE Retail ◦ Furniture, Furnishings, Electronics & Appliances & Miscellaneous Store Retailers in C&I Retail (non-essential) QoQ highlights 12/31/2020 High-Risk Balances Other Activity(2) 3/31/2021 High-Risk Balances (1) Changes include impacts of balances changes and designations of specifically identified assets. (2) Other activity includes payments, charge-offs, new loans, moves to held for sale and NAICs changes. Sector Deletions

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23 Commercial & IRE loans As of 3/31/21 ($ in millions) Total Commitments Outstanding Balances % Utilization Administrative, Support, Waste & Repair $2,611 $1,622 62% Agriculture 676 419 62% Educational Services 3,880 2,985 77% Energy - Oil, Gas & Coal 3,912 1,600 41% Financial Services 9,397 4,143 44% Government & Public Sector 3,454 2,851 83% Healthcare 6,528 4,016 62% Information 3,013 1,865 62% Professional, Scientific & Technical Services 4,206 2,631 63% Real Estate 15,124 7,184 48% Religious, Leisure, Personal & Non-Profit Services 2,785 2,046 73% Restaurant, Accommodation & Lodging 2,653 2,246 85% Retail Trade 4,743 2,647 56% Transportation & Warehousing 4,257 2,734 64% Utilities 4,678 2,024 43% Wholesale 6,502 3,305 51% Manufacturing 8,860 4,598 52% Other(1) 360 (47) N/A Total Commercial $87,639 $48,869 56% Land $94 $72 77% Single-Family/Condo 1,559 702 45% Hotel 294 277 94% Industrial 907 771 85% Office 2,133 1,894 89% Retail 747 718 96% Multi-Family 3,233 1,970 61% Other(1) 1,081 818 76% Total Investor Real Estate $10,048 $7,222 72% •The outstanding balance for Real Estate within the Commercial section reflects $2,299M of Real Estate Services & Construction loans as well as $4,885M of combined CRE-Unsecured which includes REITs: ◦ Hotel REITs total $626M in balances with $803M in commitments ◦ Retail REITs total $1,087M in balances and $2,701M in commitments •Commitments to make commitments are not included •Utilization % presented incorporates all loan structures in the portfolio; utilization on revolving line structures was ~39.0% at 3/31/2021 (1) Contains balances related to non-classifiable and invalid business industry codes offset by payments in process and fee accounts that are not available at the loan level.

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24 As of 3/31/21 ($ in millions) # of Clients (1) Total Commitments Outstanding Balances % Utilization $ Criticized % Criticized Oilfield services and supply (OFS)(2) 144 $447 $290 65% $42 14% Exploration and production (E&P)(2) 96 1,336 763 57% 295 39% Midstream 21 1,463 428 29% 112 26% Downstream 11 366 47 13% 33 70% Other(3) 6 283 55 19% 29 53% PPP Loans 140 17 17 100% - —% Total direct 418 $3,912 $1,600 41% $511 32% (1) Represents the number of clients with loan balances outstanding. (2) OFS, E&P, Coal and other specifically identified assets are designated as COVID-19 high-risk portfolios. (3) Other category is primarily related to Bituminous Coal Mining. Energy lending •Oil prices have rebounded from all-time lows seen in April 2020 •Midstream has performed well to date with nominal risk rating migration and no charge-offs •Many energy companies have accessed the capital markets to extend maturities and private equity is showing renewed interest in oil and gas assets •Average oil hedge position of 69% and 51% of proved developed producing reserves (PDP) for 2021 and 2022, respectively with natural gas hedged at 73% and 56% of PDP for the same periods •Energy commitments and outstandings reduced by 16% and 33%, respectively, since 1Q2020 •9.1% allocated reserve for COVID-19 high-risk energy loans(2) (ex-PPP); 7.3% allocated reserve for total direct (ex-PPP) •Includes $1.13B in COVID-19 high-risk industry sectors for March 31, 2021 •No leveraged loans within the direct energy related balances Key Points: Areas for Optimism:

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25 $ (M ill io ns ) 1Q2015 1Q2021 E& P Oil fie ld Se rvi ce s Mi ds tre am Do wn str ea m Ot he r PP P L oa ns $0 $300 $600 $900 $1,200 $1,500 Energy lending (continued) Balances by Category Gross Losses *Other Losses include losses to MLP funds as well as losses related to coal. $ (M ill io ns ) $0.0 $28.5 $36.7 $75.1 $33.0 $6.0 $135.9 $0.2 E&P Oilfield Services Midstream Downstream Other* 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 $0 $20 $40 $60 $80 $100 $120 $140 $ (M ill io ns ) Total Commitments Outstanding Balances 1Q 20 20 4Q 20 20 1Q 20 21 $0 $1,000 $2,000 $3,000 $4,000 $5,000 Balance Trend

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26 As of 3/31/21 ($ in millions) # of Clients* Total Commitments Outstanding Balances % Utilization $ Criticized % of Outstanding Criticized Quick Service 16,936 $1,319 $1,073 81% $71 7% Casual Dining 29 519 394 76% 305 77% Other 19 145 115 79% 94 82% PPP Loans 2,699 473 473 100% — —% Total Restaurants 19,683 $2,456 $2,055 84% $470 23% Restaurant lending •In Restaurant lending, we are focused on Quick Serve and Fast Casual managed in Commercial Banking •Our exposure to Casual Dining continues to reduce as reflected in the $98M decline in outstandings in that sector compared to YE 2019 •$652M balances of full-service and other specifically identified assets reflect COVID-19 high-risk loans; 12.5% allocated reserve (ex-PPP); 8.0% allocated reserve to total restaurant balances (ex-PPP) $191M of balances, $197M of commitments, and $1MM of gross charge-offs relating primarily to Traveler Accommodations have been excluded from the Restaurant totals and are reflected in the Hotel related exposure. *Represents the number of clients with loan balances outstanding. Key Points: $ (M ill io ns ) $34 $21 $40 $3 Gross Charge-Offs 20 18 20 19 20 20 20 21 YT D $0 $20 $40 $60

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27 As of 3/31/21 ($ in millions) # of Clients* Total Commitments Outstanding Balances % Utilization $ Criticized % of Outstanding Criticized CRE-Unsecured (REITs) 11 $803 $626 78% $568 91% IRE – Mortgage 17 263 249 95% 233 94% IRE – Construction 1 31 28 90% 28 100% Consumer Services 3,673 143 137 96% 6 4% PPP Loans 332 54 54 100% — —% Total Hotel related 4,034 $1,294 $1,094 85% $835 76% Hotel lending •CRE – Unsecured outstanding balance is comprised of 11 REIT customers •Includes $0.30B in COVID-19 high-risk industry sectors for March 31, 2021 *Represents the number of clients with loan balances outstanding Consumer services represents amounts relating primarily to Traveler Accommodations that have been excluded from the Restaurant totals and are reflected in the Hotel related exposure Key Points:

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28 Commercial retail lending  As of 3/31/21 ($ in millions) # of Clients* Total Commitments Outstanding Balances % Utilization $ Criticized % Criticized CRE-Unsecured (REITs) 23 $2,701 $1,087 40% $0 —% IRE 139 747 718 96% 174 24% C&I 26,953 2,564 1,313 51% 19 1% CRE-OO 838 843 798 95% 22 3% ABL 20 1,046 246 24% 112 46% PPP Loans 4,435 290 290 100% — —% Total Retail (1) 32,408 $8,191 $4,452 54% $327 7% •IRE and C&I portfolios are widely distributed ◦ IRE ◦ Largest tenants typically include ‘basic needs’ anchors ◦ With reopening of the retail economy, rent collections have normalized, and 76% of the IRE portfolio is now rated Pass after almost all IRE was downgraded to Criticized at the outset of the Pandemic in 2Q ◦ C&I ◦ Largest categories include gasoline stations; motor vehicle & parts dealers; furniture, furnishings, electronics & appliances; and building materials, garden equipment & supplies Securities portfolio includes ~$468 million (net of defeased loans) of post-financial crisis issued AAA rated CMBS with exposure to retail within the diversified collateral pool; protected with 53% credit enhancement (defease adjusted), and losses expected to be de minimis in severely adverse scenario; portfolio also includes ~$82 million in retail related high quality, investment grade corporate bonds (1) Does not include $2 million of retail related held for sale and operating leases. *Represents the number of clients with loan balances outstanding. •Approximately $291M of outstanding balances across REIT and IRE portfolios relate to shopping malls and outlet centers, comprised of ~$186M Class A and ~$105M Class B/C •Portfolio exposure to REITs specializing in enclosed malls consists of a small number of credits ◦ 31% of balances are Investment Grade with low leverage •CRE-OO portfolio consists primarily of small strip malls and convenience stores and is largely term loans where a higher utilization rate is expected Includes $1.30B in COVID-19 high-risk industry sectors for December 31, 2020 Key Points:

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29 13% 13% 10% 9% 9% 9% 8% 8% 21% Healthcare 13% Real Estate 13% Transportation & Warehousing 10% Professional, Scientific & Technical Services 9% Restaurant, Accommodation & Lodging 9% Retail Trade 9% Administrative, Support, Waste & Repair 8% Manufacturing 8% Other 21% (Portfolios <8% of total) 30% 10% 10%7% 7% 36% Florida 30% Alabama 10% Tennessee 10% Georgia 7% Texas 7% Other 36% (States <6% of total) Balances by Industry Loans to Small Business and Small Farms (outstanding balances as of March 31, 2021) Loans to Small Business and Small Farms are defined consistent with the RC-C, Part II Call Report Instructions Does not include $423M of HFS • Loans to Small Businesses are loans with original amounts of $1 million or less while Loans to Small Farms are loans with original amounts of $500 thousand or less • Includes $2.8B of the $5.1B SBA loans (including PPP) Portfolio Characteristics $7.9B Balances by State $7.9B

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30 Consumer lending portfolio statistics Residential Mortgage • Avg. origination FICO 749 • Current LTV 59% • 97% owner occupied Home Equity • Avg. origination FICO 754 • Current LTV 42% • Only $47.8M of resets through 2021 • 69% of portfolio is 1st lien • Avg. loan size $33,370 Other Consumer Unsecured • Avg. origination FICO 737 • Avg. new loan $9,041 Consumer Third Party Lending • Avg. origination FICO 754 • Avg. new line $26,038 • 48% home improvement loans • 1Q21 Yield 7.51% • 1Q21 QTD NCO 3.41% Consumer Credit Card • Avg. origination FICO 773 • Avg. new line $5,223 • 1Q21 Yield 12.19% • 1Q21 QTD NCO 3.19% 4% 5% 4% 6% 11% 7% 9% 17% 10% 78% 63% 76% 3% 4% 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 3/31/2021.

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31 Regions' transition away from LIBOR Key Accomplishments • B We are operationally ready for SOFR and prepared to extend new loans tied to this benchmark • Mortgage ARMs are now lending using SOFR and deposits linked to LIBOR have been transitioned to a new benchmark Portfolios Transitioned • All core commercial loan and mortgage systems have incorporated Daily Simple SOFR, allowing the bank to begin extending SOFR commercial loans, swaps, and ARMs Primary Systems Ready • Prepared to discontinue LIBOR- based lending before year-end 2021 Financial Strategy • $.8M • Developed User Interface (“U/I”) Tool to facilitate contract review and remediation efforts • Educated our associates about the LIBOR Transition in a variety of ways including multi-level associate training, webinars, and video recordings Education & Training • Developed Internal and External sites to communicate transition updates • Participated in Industry touchpoints via ARRC working groups, Industry Roundtables, and discussions with peers Regions’ LIBOR Transition team has made substantial progress and remains in alignment with the industry Communications • Conducted Targeted Client Outreach • Distributed Client Notification of Cessation• Produced Multi-season Podcast Series • Prepared to offer SOFR as the primary alternative to LIBOR, and monitoring developments in the industry around credit sensitive rates Contract Remediation • Deployed AI Technology (“OSCAR”) to assist with reviewing contract language • “Big Bang” – Successfully transitioned to SOFR for valuing derivative contracts in Oct 2020 • Reviewed and categorized fallback provisions for nearly all commercial loan contracts that are impacted by LIBOR cessation • Other associate resources include: RM Playbook, FAQs and open “office hours” are available to answer questions

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32 Management uses pre-tax pre-provision income (non-GAAP) and adjusted pre-tax pre-provision income (non-GAAP), as well as the adjusted efficiency ratio (non-GAAP) and the adjusted fee income ratio (non-GAAP) to monitor performance and believes these measures provide meaningful information to investors. Non-interest expense (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the efficiency ratio. Non-interest income (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest income (non-GAAP), which is the numerator for the fee income ratio. Adjusted non-interest income (non-GAAP) and adjusted non-interest expense (non- GAAP) are used to determine adjusted pre-tax pre-provision income (non-GAAP). Net interest income (GAAP) on a taxable-equivalent basis and non-interest income are added together to arrive at total revenue on a taxable-equivalent basis. Adjustments are made to arrive at adjusted total revenue on a taxable-equivalent basis (non-GAAP), which is the denominator for the fee income and efficiency ratios. Regions believes that the exclusion of these adjustments provides a meaningful 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. The allowance for credit losses (ACL) as a percentage of total loans is an important ratio, especially during periods of economic stress. Management believes this ratio provides investors with meaningful additional information about credit loss allowance levels when the impact of SBA's Paycheck Protection Program loans, which are fully backed by the U.S. government, and any related allowance are excluded from total loans and total allowance which are the denominator and numerator, respectively, used in the ACL ratio. This adjusted ACL ratio represents a non-GAAP financial measure. Tangible common stockholders’ equity ratios have become a focus of some investors and management believes they may assist investors in analyzing the capital position of the Company absent the effects of intangible assets and preferred stock. Analysts and banking regulators have assessed Regions’ capital adequacy using the tangible common stockholders’ equity measure. Because tangible common stockholders’ equity is not formally defined by GAAP or prescribed in any amount by federal banking regulations it is currently considered to be a non- GAAP financial measure and other entities may calculate it differently than Regions’ disclosed calculations. Since analysts and banking regulators may assess Regions’ capital adequacy using tangible common stockholders’ equity, management believes that it is useful to provide investors the ability to assess Regions’ capital adequacy on this same basis. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to stockholders. Management and the Board of Directors utilize non-GAAP measures as follows: • Preparation of Regions' operating budgets • Monthly financial performance reporting • Monthly close-out reporting of consolidated results (management only) • Presentation to investors of company performance • Metrics for incentive compensation Non-GAAP information

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33 Non-GAAP reconciliation: adjusted net interest margin Quarter-ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Net interest margin (FTE) (GAAP) 3.02 % 3.13 % 3.13 % 3.19 % 3.44 % Impact of SBA PPP loans (0.04) % (0.07) % 0.01 % 0.02 % NM Impact of excess cash 0.42 % 0.34 % 0.27 % 0.15 % NM Adjusted net interest margin (FTE) (non-GAAP) 3.40 % 3.40 % 3.41 % 3.36 % 3.44 % NM - Not Meaningful

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34 Non-GAAP reconciliation: adjusted average loans Average Balances ($ amounts in millions) 1Q21 4Q20 3Q20 2Q20 1Q20 1Q21 vs. 4Q20 1Q21 vs. 1Q20 Commercial and industrial $ 42,816 $ 43,889 $ 46,405 $ 49,296 $ 40,519 $ (1,073) (2.4) % $ 2,297 5.7 % Less: Commercial loans transferred to held for sale — 237 239 239 — (237) (100.0) % — NM Less: SBA PPP Loans 3,798 4,143 4,558 3,213 — (345) (8.3) % 3,798 NM Adjusted commercial and industrial loans (non-GAAP) $ 39,018 $ 39,509 $ 41,608 $ 45,844 $ 40,519 $ (491) (1.2) % $ (1,501) (3.7) % Total commercial loans $ 48,494 $ 49,597 $ 52,221 $ 55,100 $ 46,351 $ (1,103) (2.2) % $ 2,143 4.6 % Less: Commercial loans transferred to held for sale — 237 239 239 — (237) (100.0) % — NM Less: SBA PPP Loans 3,798 4,143 4,558 3,213 — (345) (8.3) % 3,798 NM Adjusted total commercial loans (non-GAAP) $ 44,696 $ 45,217 $ 47,424 $ 51,648 $ 46,351 $ (521) (1.2) % $ (1,655) (3.6) % Total business loans $ 55,716 $ 57,045 $ 59,519 $ 62,119 $ 52,999 $ (1,329) (2.3) % $ 2,717 5.1 % Less: Commercial loans transferred to held for sale — 237 239 239 — (237) (100.0) % — NM Less: SBA PPP Loans 3,798 4,143 4,558 3,213 — (345) (8.3) % 3,798 NM Adjusted total business loans (non-GAAP) $ 51,918 $ 52,665 $ 54,722 $ 58,667 $ 52,999 $ (747) (1.4) % $ (1,081) (2.0) % Total consumer loans $ 29,039 $ 29,619 $ 29,851 $ 29,845 $ 30,250 $ (580) (2.0) % $ (1,211) (4.0) % Less: Indirect—other consumer exit portfolio 1,034 1,164 1,318 1,493 1,696 (130) (11.2) % (662) (39.0) % Less: Indirect—vehicles 850 1,023 1,223 1,441 1,679 (173) (16.9) % (829) (49.4) % Adjusted total consumer loans (non-GAAP) $ 27,155 $ 27,432 $ 27,310 $ 26,911 $ 26,875 $ (277) (1.0) % $ 280 1.0 % Total loans $ 84,755 $ 86,664 $ 89,370 $ 91,964 $ 83,249 $ (1,909) (2.2) % $ 1,506 1.8 % Less: Commercial loans transferred to held for sale — 237 239 239 — (237) (100.0) % — NM Less: SBA PPP Loans 3,798 4,143 4,558 3,213 — (345) (8.3) % 3,798 NM Less: Indirect—other consumer exit portfolio 1,034 1,164 1,318 1,493 1,696 (130) (11.2) % (662) (39.0) % Less: Indirect—vehicles 850 1,023 1,223 1,441 1,679 (173) (16.9) % (829) (49.4) % Adjusted total loans (non-GAAP) $ 79,073 $ 80,097 $ 82,032 $ 85,578 $ 79,874 $ (1,024) (1.3) % $ (801) (1.0) % NM - Not Meaningful

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35 Non-GAAP reconciliation: adjusted full year average loans Average Balances Twelve Months Ended December 31 ($ amounts in millions) 2020 2019 2020 vs. 2019 Commercial and industrial $ 45,028 $ 40,162 $ 4,866 12.1 % Less: Commercial loans transferred to held for sale 179 — $ 179 NM Less: SBA PPP Loans 2,986 — 2,986 NM Adjusted commercial and industrial loans (non-GAAP) $ 41,863 $ 40,162 $ 1,701 4.2 % Total commercial loans $ 50,818 $ 46,058 $ 4,760 10.3 % Less: Commercial loans transferred to held for sale 179 — $ 179 NM Less: SBA PPP Loans 2,986 — 2,986 NM Adjusted total commercial loans (non-GAAP) $ 47,653 $ 46,058 $ 1,774 3.9 % Total business loans $ 57,923 $ 52,512 $ 5,411 10.3 % Less: Commercial loans transferred to held for sale 179 — $ 179 NM Less: SBA PPP Loans 2,986 — 2,986 NM Adjusted total business loans (non-GAAP) $ 54,758 $ 52,512 $ 2,246 4.3 % Total consumer loans $ 29,890 $ 30,736 $ (846) (2.8) % Less: Indirect-other consumer exit portfolio 1,417 1,850 (433) (23.4) % Less: Indirect—vehicles 1,341 2,421 (1,080) (44.6) % Adjusted total consumer loans (non-GAAP) $ 27,132 $ 26,465 $ 667 2.5 % Total Loans $ 87,813 $ 83,248 $ 4,565 5.5 % Less: Commercial loans transferred to held for sale 179 — $ 179 NM Less: SBA PPP Loans 2,986 — 2,986 NM Less: Indirect—other consumer exit portfolio 1,417 1,850 (433) (23.4) % Less: Indirect—vehicles 1,341 2,421 (1,080) (44.6) % Adjusted total loans (non-GAAP) $ 81,890 $ 78,977 $ 2,913 3.7 % NM - Not Meaningful

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36 Non-GAAP reconciliation: adjusted ending loans As of 3/31/2021 3/31/2021 ($ amounts in millions) 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 vs. 12/31/2020 vs. 3/31/2020 Commercial and industrial $ 43,241 $ 42,870 $ 45,199 $ 47,670 $ 45,388 $ 371 0.9 % $ (2,147) (4.7) % Less: Commercial loans transferred to held for sale — — 239 239 — — NM — NM Less: SBA PPP Loans 4,317 3,624 4,594 4,498 — 693 19.1 % 4,317 NM Adjusted commercial and industrial loans (non-GAAP) $ 38,924 $ 39,246 $ 40,366 $ 42,933 $ 45,388 $ (322) (0.8) % $ (6,464) (14.2) % Total commercial loans $ 48,869 $ 48,575 $ 50,955 $ 53,475 $ 51,247 $ 294 0.6 % $ (2,378) (4.6) % Less: Commercial loans transferred to held for sale — — 239 239 — — NM — NM Less: SBA PPP Loans 4,317 3,624 4,594 4,498 — 693 19.1 % 4,317 NM Adjusted total commercial loans (non-GAAP) $ 44,552 $ 44,951 $ 46,122 $ 48,738 $ 51,247 $ (399) (0.9) % $ (6,695) (13.1) % Total business loans $ 56,091 $ 55,838 $ 58,537 $ 60,604 $ 58,110 $ 253 0.5 % $ (2,019) (3.5) % Less: Commercial loans transferred to held for sale — — 239 239 — — NM — NM Less: SBA PPP Loans 4,317 3,624 4,594 4,498 — 693 19.1 % 4,317 NM Adjusted total business loans (non-GAAP) $ 51,774 $ 52,214 $ 53,704 $ 55,867 $ 58,110 $ (440) (0.8) % $ (6,336) (10.9) % Total consumer loans $ 28,664 $ 29,428 $ 29,822 $ 29,944 $ 29,988 $ (764) (2.6) % $ (1,324) (4.4) % Less: Indirect—other consumer exit portfolio 971 1,101 1,240 1,406 1,591 (130) (11.8) % (620) (39.0) % Less: Indirect—vehicles 768 934 1,120 1,331 1,557 (166) (17.8) % (789) (50.7) % Adjusted total consumer loans (non-GAAP) $ 26,925 $ 27,393 $ 27,462 $ 27,207 $ 26,840 $ (468) (1.7) % $ 85 0.3 % Total loans $ 84,755 $ 85,266 $ 88,359 $ 90,548 $ 88,098 $ (511) (0.6) % $ (3,343) (3.8) % Less: Commercial loans transferred to held for sale — — 239 239 — — NM — NM Less: SBA PPP Loans 4,317 3,624 4,594 4,498 — 693 19.1 % 4,317 NM Less: Indirect—other consumer exit portfolio 971 1,101 1,240 1,406 1,591 (130) (11.8) % (620) (39.0) % Less: Indirect—vehicles 768 934 1,120 1,331 1,557 (166) (17.8) % (789) (50.7) % Adjusted ending total loans (non-GAAP) $ 78,699 $ 79,607 $ 81,166 $ 83,074 $ 84,950 $ (908) (1.1) % $ (6,251) (7.4) % NM - Not Meaningful

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37 Non-GAAP reconciliation: NII, non-interest income/expense, operating leverage and efficiency ratio NM - Not Meaningful Quarter Ended ($ amounts in millions) 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 1Q21 vs. 4Q20 1Q21 vs. 1Q20 Non-interest expense (GAAP) A $ 928 $ 987 $ 896 $ 924 $ 836 $ (59) (6.0) % $ 92 11.0 % Adjustments: Contribution to the Regions Financial Corporation foundation (2) (10) — — — 8 80.0 (2) NM Branch consolidation, property and equipment charges (5) (7) (3) (10) (11) 2 28.6 % 6 54.5 % Salary and employee benefits—severance charges (3) (26) (2) (2) (1) 23 88.5 % (2) (200.0) % Loss on early extinguishment of debt — (14) (2) (6) — 14 100.0 % — NM Professional, legal and regulatory expenses — — — (7) — — NM — NM Acquisition expenses — — — (1) — — NM — NM Adjusted non-interest expense (non-GAAP) B $ 918 $ 930 $ 889 $ 898 $ 824 $ (12) (1.3) % $ 94 11.4 % Net interest income (GAAP) C $ 967 $ 1,006 $ 988 $ 972 $ 928 $ (39) (3.9) % 39 4.2 % Taxable-equivalent adjustment 11 11 12 13 12 — — % (1) (8.3) % Net interest income, taxable-equivalent basis D $ 978 $ 1,017 $ 1,000 $ 985 $ 940 $ (39) (3.8) % $ 38 4.0 % Non-interest income (GAAP) E 641 680 655 573 485 (39) (5.7) % 156 32.2 % Adjustments: Securities (gains) losses, net (1) — (3) (1) — (1) NM (1) NM Gains on equity investment (3) (6) (44) — — 3 50.0 % (3) NM Leveraged lease termination gains — — — — (2) — NM 2 100.0 % Bank-owned life insurance — (25) — — — 25 100.0 % — NM Adjusted non-interest income (non-GAAP) F $ 637 $ 649 $ 608 $ 572 $ 483 (12) (1.85) % 154 31.9 % Total revenue C+E=G $ 1,608 $ 1,686 $ 1,643 $ 1,545 $ 1,413 $ (78) (4.6) % $ 195 13.8 % Adjusted total revenue (non-GAAP) C+F=H $ 1,604 $ 1,655 $ 1,596 $ 1,544 $ 1,411 $ (51) (3.1) % $ 193 13.7 % Total revenue, taxable-equivalent basis D+E=I $ 1,619 $ 1,697 $ 1,655 $ 1,558 $ 1,425 $ (78) (4.6) % $ 194 13.6 % Adjusted total revenue, taxable-equivalent basis (non-GAAP) D+F=J $ 1,615 $ 1,666 $ 1,608 $ 1,557 $ 1,423 $ (51) (3.1) % $ 192 13.5 % Operating leverage ratio (GAAP) I-A 2.6 % Adjusted operating leverage ratio (non-GAAP) J-B 2.1 % Efficiency ratio (GAAP) A/I 57.3 % 58.1 % 54.1 % 59.4 % 58.6 % Adjusted efficiency ratio (non-GAAP) B/J 56.8 % 55.8 % 55.3 % 57.7 % 57.9 % Fee income ratio (GAAP) E/I 39.6 % 40.1 % 39.6 % 36.8 % 34.0 % Adjusted fee income ratio (non-GAAP) F/J 39.4 % 38.9 % 37.8 % 36.8 % 34.0 %

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38 Non-GAAP reconciliation: non-interest expense Year Ended December 31 ($ amounts in millions) 2020 2019 2018 2017 2016 Non-interest expense (GAAP) $ 3,643 $ 3,489 $ 3,570 $ 3,491 $ 3,483 Adjustments: Contribution to Regions Financial Corporation foundation (10) — (60) (40) — Professional, legal and regulatory expenses (7) — — — (3) Branch consolidation, property and equipment charges (31) (25) (11) (22) (58) Expenses associated with residential mortgage loan sale — — (4) — — Loss on early extinguishment of debt (22) (16) — — (14) Salary and employee benefits—severance charges (31) (5) (61) (10) (21) Acquisition Expense (1) — — — — Adjusted non-interest expense (non-GAAP) $ 3,541 $ 3,443 $ 3,434 $ 3,419 $ 3,387

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39 Non-GAAP reconciliation: ACL/Loans excluding PPP As of ($ amounts in millions) 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Total Loans $ 84,755 $ 85,266 $ 88,359 $ 90,548 $ 88,098 Less: SBA PPP Loans 4,317 3,624 4,594 4,498 — Loans excluding PPP, net (non- GAAP) $ 80,438 $ 81,642 $ 83,765 $ 86,050 $ 88,098 ACL at period end $ 2,068 $ 2,293 $ 2,425 $ 2,425 $ 1,665 Less: SBA PPP Loans' ACL $ 3 $ 1 $ — $ — $ — ACL excluding PPP Loans' ACL (non-GAAP) $ 2,065 $ 2,292 $ 2,425 $ 2,425 $ 1,665 ACL/Loans excluding PPP, net (non-GAAP) 2.57 % 2.81 % 2.90 % 2.82 % 1.89 %

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40 Non-GAAP reconciliation: Pre-tax pre-provision income (PPI) Quarter Ended ($ amounts in millions) 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 1Q21 vs. 4Q20 1Q21 vs. 1Q20 Net income (loss) available to common shareholders (GAAP) $ 614 $ 588 $ 501 $ (237) $ 139 $ 26 4.4 % $ 475 341.7 % Preferred dividends (GAAP) 28 28 29 23 23 — — % 5 21.7 % Income tax expense (benefit) (GAAP) 180 121 104 (47) 42 59 48.8 % 138 328.6 % Income (loss) before income taxes (GAAP) 822 737 634 (261) 204 85 11.5 % 618 302.9 % Provision for (benefit from) credit losses (GAAP) (142) (38) 113 882 373 (104) 273.7 % (515) (138.1) % Pre-tax pre-provision income (non-GAAP) 680 699 747 621 577 (19) (2.7) % 103 17.9 % Other adjustments: Securities (gains) losses, net (1) — (3) (1) — (1) NM (1) NM Gain on equity investment (3) (6) (44) — — 3 (50.0) % (3) NM Leveraged lease termination gains, net — — — — (2) — NM 2 100.0 % Bank-owned life insurance — (25) — — — 25 100.0 % — NM Salaries and employee benefits—severance charges 3 26 2 2 1 (23) (88.5) % 2 200.0 % Branch consolidation, property and equipment charges 5 7 3 10 11 (2) (28.6) % (6) (54.5) % Contribution to the Regions Financial Corporation foundation 2 10 — — — (8) (80.0) % 2 NM Loss on early extinguishment of debt — 14 2 6 — (14) (100.0) % — NM Professional, legal and regulatory expenses — — — 7 — — NM — NM Acquisition expenses — — — 1 — — NM — NM Total other adjustments 6 26 (40) 25 10 (20) (76.9) % (4) (40.0) % Adjusted pre-tax pre-provision income (non-GAAP) $ 686 $ 725 $ 707 $ 646 $ 587 $ (39) (5.4) % $ 99 16.9 % NM - Not Meaningful

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41 Forward-Looking Statements This presentation may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below: • Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in unemployment rates, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions. • Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, which could have a material adverse effect on our earnings. • Possible changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital and liquidity. • The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses, operations, and financial results and conditions.The duration and severity of the ongoing COVID-19 pandemic, which has disrupted the global economy, has and could continue to 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. The pandemic could also cause an outflow of deposits, result in goodwill impairment charges and the impairment of other financial and nonfinancial assets, and increase our cost of capital. • 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 law, adverse changes in the economic environment, declining operations of the reporting unit or other factors. • The effect of changes in tax laws, including the effect of any future interpretations of or amendments to Tax Reform, which may impact our earnings, capital ratios and our ability to return capital to shareholders. • Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases. • Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses. • Possible acceleration of prepayments on mortgage-backed securities due to low interest rates, and the related acceleration of premium amortization on those securities. • Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, which could increase our funding costs. • Possible changes in consumer and business spending and saving habits and the related effect on our ability to increase assets and to attract deposits, which could adversely affect our net income. • Our ability to effectively compete with other traditional and non-traditional financial services companies, including fintechs, some of whom possess greater financial resources than we do or are subject to different regulatory standards than we are. • Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers’ needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue. • Our inability to keep pace with technological changes, including those related to the offering of digital banking and financial services, could result in losing business to competitors. • Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the recent change in U.S. presidential administration and control of the U.S. Congress, 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 or other regulatory capital instruments, 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. Forward-looking statements

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42 • 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 business. • 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. • 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 business such as credit risk and operational risk, including third-party vendors and other service providers, which could, among other things, result in a breach of operating or security systems as a result of a cyber attack or similar act or failure to deliver our services effectively. • Dependence on key suppliers or vendors to obtain equipment and other supplies for our business 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 impact 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 business 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. Forward-looking statements (continued)

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43 • Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets. • The effects of a possible downgrade in the U.S. government’s sovereign credit rating or outlook, which could result in risks to us and general economic conditions that we are not able to predict. • 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 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. • Other risks identified from time to time in reports that we file with the SEC. • 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 any damage to our reputation resulting from developments related to any of the items identified above. The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC. Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic (including any second wave or resurgences), actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. The words "future," “anticipates,” "assumes," “intends,” “plans,” “seeks,” “believes,” "predicts," "potential," "objectives," “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” "would," “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law. 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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