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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  FORM 8-K

 CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 20, 2022

 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))

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

RF

New York Stock Exchange

Depositary Shares, each representing a 1/40th Interest in a Share of

6.375% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B

RF PRB

New York Stock Exchange

Depositary Shares, each representing a 1/40th Interest in a Share of

5.700% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C

RF PRC

New York Stock Exchange

Depositary Shares, each representing a 1/40th Interest in a Share of

4.45% Non-Cumulative Perpetual Preferred Stock, Series E

RF PRE

New York Stock Exchange

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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. ¨

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Item 2.02    Results of Operations and Financial Condition.

Item 7.01    Regulation FD Disclosure.

    

On January 20, 2022, Regions Financial Corporation (“Regions”) issued a press release announcing its preliminary results of operations for the quarter and year ended December 31, 2021. A copy of the press release is attached hereto as Exhibit 99.1. Supplemental financial information for the quarter and year ended December 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 January 20, 2022. 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 Number						Description of Exhibit
99.1						Press Release dated January 20, 2022.
99.2						Supplemental Financial Information for the Quarter and Year Ended December 31, 2021.
99.3						Visual Presentation of January 20, 2022.
104						Cover Page Interactive Data (embedded within the Inline XBRL document).

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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: January 20, 2022

Exhibit 99.1

  

Media Contact:

Investor Relations Contact:

Jeremy King

Dana Nolan

(205) 264-4551

(205) 264-7040

Record Performance. Accelerating Growth. Regions reports 2021 earnings of $2.4 billion, earnings per diluted share of $2.49

Generates highest pre-tax pre-provision income(1) on record.

BIRMINGHAM, Ala. - (BUSINESS WIRE) - Jan. 20, 2022 - Regions Financial Corp. (NYSE:RF) today announced earnings for the fourth quarter and full-year ended Dec. 31, 2021. The company reported fourth quarter net income available to common shareholders of $414 million and earnings per diluted share of $0.43. For the full year 2021, the company reported net income available to common shareholders of $2.4 billion and record pre-tax pre-provision income(1) of $2.7 billion. Compared to full-year 2020, total revenue and pre-tax pre-provision income(1) both grew 2 percent. Adjusted revenue(1) increased 3 percent, and adjusted pre-tax pre-provision income(1) increased 2 percent.

“Regions delivered strong results throughout 2021 with record pre-tax pre-provision income(1) for the year, net retail checking account growth that exceeded the previous three years combined, and our lowest annual net charge-off ratio since 2006. Further, during the fourth quarter alone, we completed three acquisitions that will grow and diversify our revenue by adding to our specialty capabilities for clients across our high-growth footprint,” said John Turner, President and CEO of Regions Financial Corp. “We have also invested in key hires who are helping us expand our presence in vibrant markets and thriving business sectors. More than ever before, we have the talent, the products and services, and an innovation mindset that are helping us deliver comprehensive financial solutions for today's clients.

“Our teams have proven we are adaptive and forward thinking in how we fulfill our purpose and mission to create shared value and make life better for our stakeholders,” Turner added. “While challenges from the pandemic remain, we see optimism among our clients and strength in our markets, and we are well positioned to generate further growth as we execute our strategic plan.”

1

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Regions is competitively positioned to generate long-term results based on several factors, including:

A Strong Foundation: Three Key Factors for Growth

1) Expanded Specialty Capabilities:

•Within the fourth quarter of 2021, Regions completed three acquisitions that expand and enhance services to support further revenue growth and diversification. This allows the company to meet more financial needs for people and businesses that already bank with Regions - while welcoming more customers who value the services delivered by these newly acquired companies:

•EnerBank: A point-of-sale lender that finances a wide range of home improvement projects, EnerBank is part of Regions' strategy to serve as the premier lender to homeowners. Through EnerBank's services, Regions is well positioned to not only provide mortgage and refinancing solutions for homeowners, but also financial tools to help people make upgrades and improvements to what is often their most valuable asset. EnerBank has been incorporated into Regions' Consumer Banking group.

•Sabal Capital Partners, LLC: Sabal leverages an innovative, technology-driven origination and servicing platform to facilitate off-balance-sheet lending in the small balance commercial real estate market. Sabal, a top originator of Fannie Mae and Freddie Mac small-balance commercial real estate loans, has a growing presence in non-agency commercial mortgage-backed securities loan originations as well. It has been incorporated into Regions' Real Estate Capital Markets group.

•Clearsight Advisors, Inc.: Clearsight provides mergers and acquisition (M&A) advisory capabilities to businesses serving the high-growth technology industry and knowledge economy. Currently being incorporated into Regions' Capital Markets division, Clearsight represents another opportunity to deepen relationships with business clients while enhancing revenue diversification through high-value, fee-based financial services.

2) Technology:

•Regions knows the front door to the bank is not always at the branch. The entryway is often online, in the app, at an ATM, or over the phone. The bank's continued investments in technology are paying off:

•Mobile Banking App: 4.8/5 Rating in Apple Store

•Digital Adoption: Full-year 2021 active digital users are up 7%, including active mobile banking users up 12%

•Digital Sales: Full-year 2021 deposit accounts opened and loans booked increased 36% YoY

•Digital Transactions: Approximately 70% of fourth quarter 2021 consumer transactions occurred through digital channels

3) A Vibrant, High-Growth Footprint:

•Regions is operating in many of the best markets in the country. Population trends and business growth add to the thriving nature of Regions' footprint.

•Regions is investing in the service and delivery channels customers use most. This means, in addition to technology enhancements, the company continues optimizing its branch network to deliver locations that are built around the needs of today's consumers. Among examples:

•The company is opening modern branches in growing markets such as Metro Atlanta, Central Florida, and South Florida.

•This is in addition to branch investments made in key Texas markets, such as Greater Houston and the Dallas-Fort Worth Metroplex.

•Strong talent hires are adding to Regions' ability to deepen relationships with existing customers while attracting new clients that value Regions' relationship-based approach to delivering financial solutions.

•In addition to growth markets, Regions is ensuring its core markets are backed by the resources, experience, and services necessary to keep Regions top-of-mind for customers while continuing to grow already-strong customer bases.

•Regions' investments are paying off. Across the company, Regions:

•Grew consumer checking accounts by 3 percent and small business accounts by 5 percent

•2021 net retail account growth exceeds the previous 3 years combined and represents a growth rate that is 3 times higher than pre-pandemic levels

•Increased new corporate loan production by approximately 30 percent and generated record Capital Markets revenue of $331 million, representing the company's highest level since it began rebuilding its Capital Markets business in 2014.

2

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SUMMARY OF FULL-YEAR AND FOURTH QUARTER 2021 RESULTS:

						Quarter Ended																		Year Ended
(amounts in millions, except per share data)						12/31/2021						9/30/2021						12/31/2020						2021						2020
Net income						$	438					$	651					$	616					2,521						1,094
Preferred dividends and other						24						27						28						121						103
Net income available to common shareholders						$	414					$	624					$	588					$	2,400					$	991
Weighted-average diluted shares outstanding						958						962						965						963						962
Actual shares outstanding—end of period						942						955						960						942						960
Diluted earnings per common share						$	0.43					$	0.65					$	0.61					$	2.49					$	1.03
Selected items impacting earnings:
Pre-tax adjusted items(1):
Adjustments to non-interest expense(1)						$	(16)					$	(20)					$	(57)					$	(49)					$	(102)
Adjustments to non-interest income(1)						—						3						31						26						81
Total pre-tax adjusted items(1)						$	(16)					$	(17)					$	(26)					$	(23)					$	(21)
After-tax preferred stock redemption expense(1)						$	—					$	—					$	—					$	(13)					$	—
Diluted EPS impact*						$	(0.01)					$	(0.01)					$	(0.01)					$	(0.03)					$	(0.01)
Pre-tax additional selected items**:
CECL provision (in excess of) less than net charge-offs***						$	(66)					$	185					$	132					$	728					$	(818)
Capital markets income - CVA/DVA						—						1						8						8						13
MSR net hedge performance						(5)						(15)						(6)						(19)						10
PPP loan interest income****						39						31						—						153						103
COVID-19 related expenses						—						—						(3)						—						(29)
Pension settlement charges						(3)						(8)						—						(11)						—
4Q20 reduction in unrecognized tax benefits						—						—						24						—						24

*        Based on income taxes at an approximate 25% incremental rate. Second quarter of 2021 bank-owned life insurance claim is tax free.

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

***     Fourth quarter and full-year 2021 amounts include $145 million for the initial allowance for non-purchased credit deteriorated acquired EnerBank loans. Full-year 2020 includes $64 million for the initial allowance for non-purchased credit deteriorated acquired Ascentium loans.

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

Non-GAAP adjusted items(1) impacting the company's earnings are identified to assist investors in analyzing Regions' operating results on the same basis as that applied by management and provide a basis to predict future performance. Non-GAAP adjusted items(1) in the current quarter reflect, among other items, approximately $15 million in professional fees and related costs associated with the company's fourth quarter acquisitions.

3

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Total revenue

						Quarter Ended
($ amounts in millions)						12/31/2021						9/30/2021						12/31/2020						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Net interest income						$	1,019					$	965					$	1,006					$	54					5.6		%				$	13					1.3		%
Taxable equivalent adjustment						10						11						11						(1)						(9.1)		%				(1)						(9.1)		%
Net interest income, taxable equivalent basis						$	1,029					$	976					$	1,017					$	53					5.4		%				$	12					1.2		%
Net interest margin (FTE)						2.83		%				2.76		%				3.13		%
Adjusted net interest margin (FTE) (non-GAAP)(1)						3.34		%				3.30		%				3.40		%
Non-interest income:
Service charges on deposit accounts						$	166					$	162					$	160					4						2.5		%				6						3.8		%
Card and ATM fees						127						129						117						(2)						(1.6)		%				10						8.5		%
Wealth management income						100						95						89						5						5.3		%				11						12.4		%
Capital markets income						83						87						110						(4)						(4.6)		%				(27)						(24.5)		%
Mortgage income						49						50						75						(1)						(2.0)		%				(26)						(34.7)		%
Commercial credit fee income						23						23						22						—						—		%				1						4.5		%
Bank-owned life insurance						14						18						43						(4)						(22.2)		%				(29)						(67.4)		%
Securities gains (losses), net						—						1						—						(1)						(100.0)		%				—						NM
Market value adjustments on employee benefit assets*						—						5						7						(5)						(100.0)		%				(7)						(100.0)		%
Gains on equity investment						—						—						6						—						NM						(6)						(100.0)		%
Other						53						79						51						(26)						(32.9)		%				2						3.9		%
Non-interest income						$	615					$	649					$	680					$	(34)					(5.2)		%				$	(65)					(9.6)		%
Total revenue						$	1,634					$	1,614					$	1,686					$	20					1.2		%				$	(52)					(3.1)		%
Adjusted total revenue (non-GAAP)(1)						$	1,634					$	1,611					$	1,655					$	23					1.4		%				$	(21)					(1.3)		%

NM - Not Meaningful

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

Total revenue of approximately $1.6 billion increased 1 percent on both a reported and an adjusted basis(1) compared to the third quarter of 2021. Net interest income increased 6 percent compared to the third quarter driven primarily by the EnerBank acquisition and higher Paycheck Protection Program (PPP) forgiveness income. Excluding these items and a large interest recovery in the third quarter, net interest income remained stable. Loan growth and hedging income offset pressure on asset yields from the low interest rate environment. Strong deposit growth trends continued, and cash balances rose to new record levels, negatively impacting the reported 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) increased 4 basis points to 3.34 percent, attributable mostly to the EnerBank acquisition.

4

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Non-interest income decreased 5 percent on both a reported and an adjusted basis(1) compared to the third quarter of 2021. Wealth management increased 5 percent compared to the prior quarter driven by higher investment management & trust fees. Service charges reflected a seasonal increase of 2 percent while mortgage income and card & ATM fees remained relatively stable. Capital markets income decreased 5 percent during the fourth quarter; however, 2021 represents the company's highest annual capital markets income since it began rebuilding its capital markets business in 2014. Other non-interest income declined 33 percent primarily due to an increase in the value of certain equity investments and the sale of certain small dollar equipment loans and leases during the prior quarter.

Non-interest expense

						Quarter Ended
($ amounts in millions)						12/31/2021						9/30/2021						12/31/2020						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Salaries and employee benefits						$	575					$	552					$	581					$	23					4.2		%				$	(6)					(1.0)		%
Equipment and software expense						96						90						90						6						6.7		%				6						6.7		%
Net occupancy expense						76						75						78						1						1.3		%				(2)						(2.6)		%
Outside services						41						38						37						3						7.9		%				4						10.8		%
Professional, legal and regulatory expenses						33						21						21						12						57.1		%				12						57.1		%
Marketing						32						23						26						9						39.1		%				6						23.1		%
FDIC insurance assessments						13						11						12						2						18.2		%				1						8.3		%
Credit/checkcard expenses						15						16						13						(1)						(6.3)		%				2						15.4		%
Branch consolidation, property and equipment charges						—						—						7						—						—		%				(7)						(100.0)		%
Visa class B shares expense						8						4						6						4						100.0		%				2						33.3		%
Loss on early extinguishment of debt						—						20						14						(20)						(100.0)		%				(14)						(100.0)		%
Other						94						88						102						6						6.8		%				(8)						(7.8)		%
Total non-interest expense						$	983					$	938					$	987					$	45					4.8		%				$	(4)					(0.4)		%
Total adjusted non-interest expense(1)						$	967					$	918					$	930					$	49					5.3		%				$	37					4.0		%

NM - Not Meaningful

Non-interest expense increased 5 percent on both a reported and an adjusted basis(1) compared to the third quarter of 2021 and includes the impact of the company's EnerBank, Sabal Capital Partners, and Clearsight Advisors acquisitions, which closed during the fourth quarter. Salaries and benefits increased 4 percent, driven primarily by higher incentive compensation and base salaries, as well as some inflationary pressures. Full-time equivalent associate headcount increased by approximately 660 positions during the quarter driven primarily by acquisitions, but also reflects key hires to support strategic initiatives within other revenue-producing businesses. Elevated incentive compensation is due primarily to exceptionally strong 2021 performance, including credit. Most other expense categories also increased during the quarter, but were partially offset by a loss on early extinguishment of debt incurred during the prior quarter.

5

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The company's fourth quarter efficiency ratio was 59.8 percent on a reported basis and 58.8 percent on an adjusted basis(1). The effective tax rate was 18.9 percent and includes a discrete income tax benefit related to state income tax true-ups.

Loans and Leases

						Average Balances
($ amounts in millions)						4Q21						3Q21						4Q20						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Commercial and industrial						$	42,254					$	41,892					$	43,889					$	362					0.9		%				$	(1,635)					(3.7)%
Commercial real estate—owner-occupied						5,649						5,682						5,708						(33)						(0.6)		%				(59)						(1.0)%
Investor real estate						7,185						7,311						7,448						(126)						(1.7)		%				(263)						(3.5)%
Business Lending						55,088						54,885						57,045						203						0.4		%				(1,957)						(3.4)%
Residential first mortgage						17,413						17,198						16,433						215						1.3		%				980						6.0%
Home equity						6,334						6,523						7,411						(189)						(2.9)		%				(1,077)						(14.5)%
Consumer credit card						1,155						1,128						1,190						27						2.4		%				(35)						(2.9)%
Other consumer—exit portfolios						1,160						1,363						2,187						(203)						(14.9)		%				(1,027)						(47.0)%
Other consumer						5,398						2,253						2,398						3,145						139.6		%				3,000						125.1%
Consumer Lending						31,460						28,465						29,619						2,995						10.5		%				1,841						6.2%
Total Loans						$	86,548					$	83,350					$	86,664					$	3,198					3.8		%				$	(116)					(0.1)%
Adjusted Business Lending (non-GAAP)(1)						$	54,000					$	52,747					$	52,905					1,253						2.4		%				$	1,095					2.1%
Adjusted Consumer Lending (non-GAAP)(1)						30,300						27,102						27,432						3,198						11.8		%				2,868						10.5%
Adjusted Total Loans (non-GAAP)(1)						$	84,300					$	79,849					$	80,337					$	4,451					5.6		%				$	3,963					4.9%

NM - Not meaningful.

Average loans and leases increased 4 percent compared to the prior quarter and includes the benefit of approximately $3 billion in acquired loan balances associated with the company's fourth quarter EnerBank acquisition. Excluding the acquired EnerBank loans, average loans and leases increased modestly. Excluding the company's consumer exit portfolios, as well as outstanding PPP loans, adjusted average and ending loans and leases(1) increased approximately 6 percent and 7 percent respectively. Adjusted average business lending(1) increased 2 percent led by growth in corporate and middle market lending across asset-based lending, healthcare, government, transportation, and technology and defense. While still below pre-pandemic levels, commercial loan line utilization levels ended the quarter at approximately 42.3 percent, increasing 240 basis points over the prior quarter. Loan production continues to be strong with year-to-date loan commitment growth of approximately $4.7 billion. Adjusted average consumer lending(1) increased 12 percent attributable primarily to the EnerBank acquisition, but also reflects growth in residential first mortgage and consumer credit card partially offset by declines in consumer exit portfolios and home equity lending.

6

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Deposits

						Average Balances
($ amounts in millions)						4Q21						3Q21						4Q20						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Customer low-cost deposits						$	130,177					$	127,369					$	114,158					$	2,808					2.2%						$	16,019					14.0%
Customer time deposits						6,505						4,527						5,598						1,978						43.7%						907						16.2%
Corporate treasury time deposits						—						1						11						(1)						(100.0)%						(11)						(100.0)%
Corporate treasury other deposits						—						—						—						—						NM						—						NM
Total Deposits						$	136,682					$	131,897					$	119,767					$	4,785					3.6%						$	16,915					14.1%
($ amounts in millions)						4Q21						3Q21						4Q20						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Consumer Bank Segment						$	80,930					$	79,098					$	69,912					$	1,832					2.3%						$	11,018					15.8%
Corporate Bank Segment						42,659						42,525						40,581						134						0.3%						2,078						5.1%
Wealth Management Segment						10,054						9,873						8,884						181						1.8%						1,170						13.2%
Other						3,039						401						390						2,638						NM						2,649						NM
Total Deposits						$	136,682					$	131,897					$	119,767					$	4,785					3.6%						$	16,915					14.1%

Total average deposit balances increased 4 percent to a new record high in the fourth quarter of 2021. Excluding approximately $2.7 billion of acquired EnerBank deposits, which are included in Other deposits, total average deposits increased 2 percent. Consumer, Corporate, and Wealth Management deposits all increased compared to the third quarter.

Asset quality

						As of and for the Quarter Ended
($ amounts in millions)						12/31/2021						9/30/2021						12/31/2020
ACL/Loans, net						1.79%						1.80%						2.69%
ALL/Loans, net						1.69%						1.71%						2.54%
Allowance for credit losses to non-performing loans, excluding loans held for sale						349%						283%						308%
Allowance for loan losses to non-performing loans, excluding loans held for sale						328%						269%						291%
Provision for (benefit from) credit losses						$110						$(155)						$(38)
Net loans charged-off						$44						$30						$94
Net loan charge-offs as a % of average loans, annualized						0.20%						0.14%						0.43%
Non-performing loans, excluding loans held for sale/Loans, net						0.51%						0.64%						0.87%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale						0.54%						0.66%						0.91%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale*						0.70%						0.80%						1.10%
Total TDRs, excluding loans held for sale						$518						$546						$602
Total Criticized Loans—Business Services**						$2,905						$3,054						$3,800

* 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.

This quarter's provision includes $145 million related to the initial allowance for non-purchased credit

7

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deteriorated loans acquired from EnerBank; the acquisition closed on Oct. 1, 2021. Continued improvements in the economic outlook and positive credit performance partially offset the initial EnerBank allowance resulting in a net $110 million provision for credit losses during the fourth quarter of 2021. The resulting allowance for credit losses was equal to 1.79 percent of total loans and 349 percent of total non-performing loans, excluding loans held for sale. Annualized net charge-offs increased 6 basis points to 0.20 percent of average loans during the fourth quarter and included the impact from the EnerBank acquisition. Full-year 2021 net charge-offs were 24 basis points representing the company's lowest level since 2006. Total non-performing loans, excluding loans held for sale, and total business services criticized loans improved during the quarter. Overall asset quality continues to reflect broad-based improvement across most commercial and consumer loan portfolios, as well as elevated recoveries associated with strong collateral asset values.

    

Capital and liquidity

						As of and for Quarter Ended
						12/31/2021						9/30/2021						12/31/2020
Common Equity Tier 1 ratio(2)						9.5%						10.8%						9.8%
Tier 1 capital ratio(2)						11.0%						12.3%						11.4%
Tangible common stockholders’ equity to tangible assets (non-GAAP)(1)						6.83%						7.79%						7.91%
Tangible common book value per share (non-GAAP)(1)*						$11.38						$12.32						$11.71
Loans, net of unearned income, to total deposits						63.1%						63.1%						69.6%

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

Regions maintains a solid capital position 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 percent and 9.5 percent respectively at quarter-end.

During the fourth quarter, the company repurchased 12.8 million shares of common stock for a total of $300 million through open market purchases and declared $160 million in dividends to common shareholders.

(1)Non-GAAP; refer to pages 6, 8, 12, 13, 14, 16, 20, 22, 23 and 26 of the financial supplement to this earnings release.

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

Conference Call

In addition to the live audio webcast at 10 a.m. ET on January 20, 2022, an archived recording of the webcast will be available at the Investor Relations page of www.regions.com following the live event. A replay of the earnings call will also be available beginning Thursday, January 20, 2022, at 1:30 p.m. ET through Sunday, February 20, 2022. To listen by telephone, please dial 855-859-2056, and use access code 1295669.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $163 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

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subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

Forward-Looking Statements

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 any pandemic, including the COVID-19 pandemic, could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

•Our ability to achieve our expense management initiatives.

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

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

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

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

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

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

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

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

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

The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2020 and the "Risk Factors" of Regions' Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 as filed with the SEC.

Forward-looking statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and

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duration of the COVID-19 pandemic (including any resurgences) and the direct and indirect impact of the COVID-19 pandemic on our customers, third parties and us.

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

Use of non-GAAP financial measures

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

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

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

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

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

•Preparation of Regions' operating budgets

•Monthly financial performance reporting

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

•Presentation to investors of company performance

•Metrics for incentive compensation

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

11

Exhibit 99.2

Regions Financial Corporation and Subsidiaries

Financial Supplement

Fourth Quarter 2021

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Table of Contents

 

						Page
Financial Highlights						1
Selected Ratios and Other Information						2
Consolidated Statements of Income						3
Consolidated Average Daily Balances and Yield / Rate Analysis						5
Pre-Tax Pre-Provision Income ("PPI") and Adjusted PPI						8
Non-Interest Income, Mortgage Income, Wealth Management Income and Capital Markets Income						9
Non-Interest Expense						11
Reconciliation to GAAP Financial Measures
Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income / Expense, Adjusted Operating Leverage Ratios, and Return Ratios						12
Credit Quality
Allowance for Credit Losses, Net Charge-Offs and Related Ratios						15
Non-Accrual Loans (excludes loans held for sale), Early and Late Stage Delinquencies						17
Troubled Debt Restructurings						18
Consolidated Balance Sheets						19
Loans						20
Deposits						24
Reconciliation to GAAP Financial Measures
Tangible Common Ratios						26
Forward-Looking Statements						27

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Financial Highlights

			Quarter Ended
($ amounts in millions, except per share data)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Earnings Summary
Interest income - taxable equivalent			$	1,066					$	1,017					$	1,018					$	1,024					$	1,072
Interest expense - taxable equivalent			37						41						43						46						55
Net interest income - taxable equivalent			1,029						976						975						978						1,017
Less: Taxable-equivalent adjustment			10						11						12						11						11
Net interest income			1,019						965						963						967						1,006
Provision for (benefit from) credit losses			110						(155)						(337)						(142)						(38)
Net interest income after provision for (benefit from) credit losses			909						1,120						1,300						1,109						1,044
Non-interest income			615						649						619						641						680
Non-interest expense			983						938						898						928						987
Income before income taxes			541						831						1,021						822						737
Income tax expense			103						180						231						180						121
Net income			$	438					$	651					$	790					$	642					$	616
Net income available to common shareholders			$	414					$	624					$	748					$	614					$	588
Earnings per common share - basic			$	0.44					$	0.65					$	0.78					$	0.64					$	0.61
Earnings per common share - diluted			$	0.43					$	0.65					$	0.77					$	0.63					$	0.61
Balance Sheet Summary
At quarter-end
Loans, net of unearned income			$	87,784					$	83,270					$	84,074					$	84,755					$	85,266
Allowance for credit losses			(1,574		)				(1,499		)				(1,684		)				(2,068		)				(2,293		)
Assets			162,938						156,153						155,610						153,331						147,389
Deposits			139,072						132,039						131,484						129,602						122,479
Long-term borrowings			2,407						2,451						2,870						2,916						3,569
Shareholders' equity			18,326						18,605						18,252						17,862						18,111
Average balances
Loans, net of unearned income			$	86,548					$	83,350					$	84,551					$	84,755					$	86,664
Assets			160,051						155,630						154,678						146,554						144,819
Deposits			136,682						131,897						131,132						122,937						119,767
Long-term borrowings			2,433						2,774						2,901						3,192						4,634
Shareholders' equity			18,308						18,453						18,000						18,038						17,915

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Selected Ratios and Other Information

			As of and for Quarter Ended
			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Return on average assets* (1)			1.09		%				1.66		%				2.05		%				1.78		%				1.69		%
Return on average common shareholders' equity*			9.86		%				14.75		%				18.35		%				15.20		%				14.37		%
Return on average tangible common shareholders’ equity (non-GAAP)* (2)			15.07		%				21.34		%				26.91		%				22.28		%				21.15		%
Efficiency ratio			59.8		%				57.7		%				56.4		%				57.3		%				58.1		%
Adjusted efficiency ratio (non-GAAP) (2)			58.8		%				56.6		%				56.9		%				56.8		%				55.8		%
Common book value per share			$	17.69					$	17.75					$	17.38					$	16.87					$	17.13
Tangible common book value per share (non-GAAP) (2)			$	11.38					$	12.32					$	11.94					$	11.46					$	11.71
Tangible common shareholders’ equity to tangible assets (non-GAAP) (2)			6.83		%				7.79		%				7.58		%				7.43		%				7.91		%
Common equity (3)			$	10,842					$	11,628					$	11,190					$	10,952					$	10,525
Total risk-weighted assets (3)			$	114,003					$	108,052					$	107,943					$	106,261					$	106,943
Common equity Tier 1 ratio (3)			9.5		%				10.8		%				10.4		%				10.3		%				9.8		%
Tier 1 capital ratio (3)			11.0		%				12.3		%				11.9		%				11.9		%				11.4		%
Total risk-based capital ratio (3)			12.7		%				14.1		%				13.9		%				14.0		%				13.6		%
Leverage ratio (3)			8.1		%				8.8		%				8.6		%				8.9		%				8.7		%
Effective tax rate			18.9		%				21.7		%				22.6		%				21.9		%				16.5		%
Allowance for credit losses as a percentage of loans, net of unearned income			1.79		%				1.80		%				2.00		%				2.44		%				2.69		%
Allowance for credit losses as a percentage of loans excluding PPP, net of unearned income (non-GAAP)(2)			1.81		%				1.83		%				2.07		%				2.57		%				2.81		%
Allowance for credit losses to non-performing loans, excluding loans held for sale			349		%				283		%				253		%				280		%				308		%
Net interest margin (FTE)*			2.83		%				2.76		%				2.81		%				3.02		%				3.13		%
Adjusted net interest margin (FTE) (non-GAAP) (2) *			3.34		%				3.30		%				3.31		%				3.40		%				3.40		%
Loans, net of unearned income, to total deposits			63.1		%				63.1		%				63.9		%				65.4		%				69.6		%
Net charge-offs as a percentage of average loans*			0.20		%				0.14		%				0.23		%				0.40		%				0.43		%
Non-accrual loans, excluding loans held for sale, as a percentage of loans			0.51		%				0.64		%				0.79		%				0.87		%				0.87		%
Non-performing assets (excluding loans 90 days past due) as a percentage of loans, foreclosed properties, non-marketable investments and non-performing loans held for sale			0.54		%				0.66		%				0.93		%				0.90		%				0.91		%
Non-performing assets (including loans 90 days past due) as a percentage of loans, foreclosed properties, non-marketable investments and non-performing loans held for sale (4)			0.70		%				0.80		%				1.09		%				1.09		%				1.10		%
Associate headcount—full-time equivalent(5)			19,626						18,963						18,814						18,926						19,406
ATMs			2,068						2,051						2,051						2,101						2,083
Branch Statistics
Full service			1,268						1,276						1,280						1,332						1,333
Drive-through/transaction service only			34						34						33						34						36
Total branch outlets			1,302						1,310						1,313						1,366						1,369

			Year Ended December 31
			2021						2020
Return on average assets (1)			1.63		%				0.79		%
Return on average common stockholders' equity			14.51		%				6.24		%
Return on average tangible common stockholders’ equity (non-GAAP) (2)			21.42		%				9.23		%
Efficiency ratio			57.8		%				57.5		%
Adjusted efficiency ratio (non-GAAP) (2)			57.3		%				56.6		%
Effective tax rate			21.6		%				16.8		%
Net interest margin (FTE)			2.85		%				3.21		%
Net charge-offs as a percentage of average loans			0.24		%				0.58		%

*Annualized

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

(2)See reconciliation of GAAP to non-GAAP Financial Measures that begin on pages 6, 8, 12, 13, 14, 15, 20, 22, 23, and 26

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

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

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

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Consolidated Statements of Income (unaudited)

			Quarter Ended
($ amounts in millions, except per share data)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Interest income on:
Loans, including fees			$	902					$	847					$	849					$	854					$	906
Debt securities			134						135						131						133						136
Loans held for sale			6						7						12						12						9
Other earning assets			14						17						14						14						10
Total interest income			1,056						1,006						1,006						1,013						1,061
Interest expense on:
Deposits			13						15						17						19						24
Long-term borrowings			24						26						26						27						31
Total interest expense			37						41						43						46						55
Net interest income			1,019						965						963						967						1,006
Provision for (benefit from) credit losses			110						(155)						(337)						(142)						(38)
Net interest income after provision for (benefit from) credit losses			909						1,120						1,300						1,109						1,044
Non-interest income:
Service charges on deposit accounts			166						162						163						157						160
Card and ATM fees			127						129						128						115						117
Wealth management income			100						95						96						91						89
Capital markets income			83						87						61						100						110
Mortgage income			49						50						53						90						75
Securities gains (losses), net			—						1						1						1						—
Other			90						125						117						87						129
Total non-interest income			615						649						619						641						680
Non-interest expense:
Salaries and employee benefits			575						552						532						546						581
Equipment and software expense			96						90						89						90						90
Net occupancy expense			76						75						75						77						78
Other			236						221						202						215						238
Total non-interest expense			983						938						898						928						987
Income before income taxes			541						831						1,021						822						737
Income tax expense			103						180						231						180						121
Net income			$	438					$	651					$	790					$	642					$	616
Net income available to common shareholders			$	414					$	624					$	748					$	614					$	588
Weighted-average shares outstanding—during quarter:
Basic			949						955						958						961						960
Diluted			958						962						965						968						965
Actual shares outstanding—end of quarter			942						955						955						961						960
Earnings per common share: (1)
Basic			$	0.44					$	0.65					$	0.78					$	0.64					$	0.61
Diluted			$	0.43					$	0.65					$	0.77					$	0.63					$	0.61
Taxable-equivalent net interest income			$	1,029					$	976					$	975					$	978					$	1,017

________

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

3

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Consolidated Statements of Income (continued) (unaudited)

			Twelve Months Ended December 31
($ amounts in millions, except per share data)			2021						2020
Interest income on:
Loans, including fees			$	3,452					$	3,610
Debt securities			533						582
Loans held for sale			37						28
Other earning assets			59						42
Total interest income			4,081						4,262
Interest expense on:
Deposits			64						180
Short-term borrowings			—						10
Long-term borrowings			103						178
Total interest expense			167						368
Net interest income			3,914						3,894
Provision for (benefit from) credit losses			(524)						1,330
Net interest income after provision for (benefit from) credit losses			4,438						2,564
Non-interest income:
Service charges on deposit accounts			648						621
Card and ATM fees			499						438
Wealth management income			382						337
Capital markets income			331						275
Mortgage income			242						333
Securities gains (losses), net			3						4
Other			419						385
Total non-interest income			2,524						2,393
Non-interest expense:
Salaries and employee benefits			2,205						2,100
Equipment and software expense			365						348
Net occupancy expense			303						313
Other			874						882
Total non-interest expense			3,747						3,643
Income before income taxes			3,215						1,314
Income tax expense			694						220
Net income			$	2,521					$	1,094
Net income available to common shareholders			$	2,400					$	991
Weighted-average shares outstanding—during year:
Basic			956						959
Diluted			963						962
Actual shares outstanding—end of period			942						960
Earnings per common share:
Basic			$	2.51					$	1.03
Diluted			$	2.49					$	1.03
Taxable-equivalent net interest income			$	3,958					$	3,942

4

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Consolidated Average Daily Balances and Yield/Rate Analysis

			Quarter Ended
			12/31/2021																		9/30/2021
($ amounts in millions; yields on taxable-equivalent basis)			Average Balance						Income/ Expense						Yield/ Rate (1)						Average Balance						Income/ Expense						Yield/ Rate (1)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell			$	1					$	—					0.18		%				$	2					$	—					0.18		%
Debt securities (2)			29,264						134						1.83						29,308						135						1.85
Loans held for sale			855						6						2.98						1,044						7						2.64
Loans, net of unearned income:
Commercial and industrial			42,254						468						4.39						41,892						464						4.38
Commercial real estate mortgage—owner-occupied			5,386						60						4.34						5,436						60						4.37
Commercial real estate construction—owner-occupied			263						3						3.95						246						2						4.14
Commercial investor real estate mortgage			5,531						30						2.13						5,605						32						2.18
Commercial investor real estate construction			1,654						11						2.72						1,706						12						2.72
Residential first mortgage			17,413						136						3.12						17,198						135						3.15
Home equity			6,334						55						3.51						6,523						58						3.53
Consumer credit card			1,155						35						12.16						1,128						35						12.19
Other consumer—exit portfolios			1,160						18						5.71						1,363						19						5.63
Other consumer			5,398						96						7.13						2,253						41						7.06
Total loans, net of unearned income			86,548						912						4.18						83,350						858						4.07
Interest bearing deposits in other banks			26,121						10						0.15						25,144						9						0.15
Other earning assets			1,276						4						1.41						1,303						8						2.06
Total earning assets			144,065						1,066						2.94						140,151						1,017						2.88
Unrealized gains/(losses) on debt securities available for sale, net (2)			331																		674
Allowance for loan losses			(1,572)																		(1,581)
Cash and due from banks			2,143																		1,937
Other non-earning assets			15,084																		14,449
			$	160,051																	$	155,630
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings			$	14,854					5						0.12						$	14,328					4						0.13
Interest-bearing checking			26,000						2						0.03						25,277						2						0.03
Money market			31,483						1						0.02						30,765						2						0.02
Time deposits			6,505						5						0.36						4,527						7						0.55
Other deposits			—						—						—						1						—						1.50
Total interest-bearing deposits (3)			78,842						13						0.07						74,898						15						0.08
Federal funds purchased and securities sold under agreements to repurchase			44						—						0.19						—						—						—
Long-term borrowings			2,433						24						3.93						2,774						26						3.65
Total interest-bearing liabilities			81,319						37						0.18						77,672						41						0.20
Non-interest-bearing deposits (3)			57,840						—						—						56,999						—						—
Total funding sources			139,159						37						0.11						134,671						41						0.12
Net interest spread (2)															2.76																		2.67
Other liabilities			2,566																		2,506
Shareholders’ equity			18,308																		18,453
Noncontrolling interest			18																		—
			$	160,051																	$	155,630
Net interest income /margin FTE basis (2)									$	1,029					2.83		%										$	976					2.76		%

_______

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

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

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

5

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

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

			Quarter Ended
			6/30/2021																		3/31/2021																		12/31/2020
($ amounts in millions; yields on taxable-equivalent basis)			Average Balance						Income/ Expense						Yield/ Rate (1)						Average Balance						Income/ Expense						Yield/ Rate (1)						Average Balance						Income/ Expense						Yield/ Rate (1)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell			$	9					$	—					0.13		%				$	—					$	—					—		%				$	—					$	—					—		%
Debt securities (2)			28,633						131						1.83						27,180						$	133					1.96						26,779						136						2.02
Loans held for sale			1,382						12						3.36						1,603						12						3.10						1,253						9						2.62
Loans, net of unearned income:
Commercial and industrial			43,140						467						4.32						42,816						459						4.33						43,889						491						4.44
Commercial real estate mortgage—owner-occupied			5,358						60						4.42						5,375						60						4.48						5,405						62						4.49
Commercial real estate construction—owner-occupied			276						3						4.05						303						3						3.89						303						3						3.95
Commercial investor real estate mortgage			5,521						30						2.19						5,375						30						2.22						5,549						32						2.22
Commercial investor real estate construction			1,761						12						2.73						1,847						13						2.75						1,899						13						2.82
Residential first mortgage			16,795						134						3.19						16,606						134						3.23						16,433						135						3.30
Home equity			6,774						60						3.52						7,085						62						3.55						7,411						67						3.61
Consumer credit card			1,108						33						12.13						1,151						35						12.19						1,190						37						12.40
Other consumer—exit portfolios			1,599						22						5.60						1,884						26						5.66						2,187						31						5.60
Other consumer			2,219						40						7.20						2,313						43						7.47						2,398						46						7.63
Total loans, net of unearned income			84,551						861						4.07						84,755						865						4.11						86,664						917						4.20
Interest bearing deposits in other banks			23,337						7						0.11						16,509						4						0.10						13,379						3						0.10
Other earning assets			1,297						7						2.20						1,279						10						3.27						1,278						7						2.20
Total earning assets			139,209						1,018						2.92						131,326						1,024						3.14						129,353						1,072						3.29
Unrealized gains/(losses) on debt securities available for sale, net (2)			627																		867																		1,055
Allowance for loan losses			(1,896)																		(2,139)																		(2,286)
Cash and due from banks			2,094																		1,931																		2,027
Other non-earning assets			14,644																		14,569																		14,670
			$	154,678																	$	146,554																	$	144,819
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings			$	13,914					5						0.14						$	12,340					5						0.15						$	11,374					3						0.12
Interest-bearing checking			25,044						2						0.03						24,171						2						0.04						22,940						3						0.05
Money market			30,762						2						0.03						29,425						3						0.04						29,312						5						0.06
Time deposits			4,813						8						0.64						5,158						9						0.74						5,598						13						0.86
Other deposits			4						—						0.55						4						—						1.81						11						—						1.93
Total interest-bearing deposits (3)			74,537						17						0.09						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			2,901						26						3.59						3,192						27						3.42						4,634						31						2.66
Total interest-bearing liabilities			77,438						43						0.22						74,290						46						0.25						73,904						55						0.29
Non-interest-bearing deposits (3)			56,595						—						—						51,839						—						—						50,532						—						—
Total funding sources			134,033						43						0.13						126,129						46						0.15						124,436						55						0.17
Net interest spread (2)															2.70																		2.89																		3.00
Other liabilities			2,645																		2,387																		2,468
Shareholders’ equity			18,000																		18,038																		17,915
			$	154,678																	$	146,554																	$	144,819
Net interest income/margin FTE basis (2)									$	975					2.81		%										$	978					3.02		%										$	1,017					3.13		%

_______

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

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

(3) Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest bearing deposits. The rates for total deposit costs equal 0.05% for the quarter ended June 30, 2021, 0.06% for the quarter ended March 31, 2021 and 0.08% for the quarter ended December 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
			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Net interest margin (FTE) (GAAP)			2.83		%				2.76		%				2.81		%				3.02		%				3.13		%
Impact of SBA PPP loans (1)			(0.09)		%				(0.05)		%				(0.05)		%				(0.04)		%				(0.07)		%
Impact of excess cash (2)			0.60		%				0.59		%				0.55		%				0.42		%				0.34		%
Adjusted net interest margin (FTE) (non-GAAP)			3.34		%				3.30		%				3.31		%				3.40		%				3.40		%

_______

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

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

6

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

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

			Twelve Months Ended December 31
			2021																		2020
($ amounts in millions; yields on taxable-equivalent basis)			Average Balance						Income/ Expense						Yield/ Rate (1)						Average Balance						Income/ Expense						Yield/ Rate (1)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell			$	3					$	—					0.14		%				$	—					$	—					—		%
Debt securities(2)			28,604						533						1.86						24,837						582						2.34
Loans held for sale			1,219						37						3.06						932						28						2.95
Loans, net of unearned income:
Commercial and industrial			42,522						1,858						4.35						45,028						1,831						4.05
Commercial real estate mortgage—owner-occupied			5,389						240						4.40						5,476						249						4.48
Commercial real estate construction—owner-occupied			272						11						4.00						314						13						4.21
Commercial investor real estate mortgage			5,509						122						2.18						5,251						142						2.66
Commercial investor real estate construction			1,741						48						2.73						1,854						62						3.31
Residential first mortgage			17,006						539						3.17						15,397						540						3.51
Home equity			6,677						235						3.53						7,862						299						3.80
Consumer credit card			1,136						138						12.17						1,240						152						12.23
Other consumer—exit portfolios			1,499						85						5.65						2,758						162						5.88
Other consumer			3,051						220						7.19						2,633						208						7.91
Total loans, net of unearned income			84,802						3,496						4.11						87,813						3,658						4.15
Interest bearing deposits in other banks			22,810						30						0.13						7,688						9						0.13
Other earning assets			1,289						29						2.23						1,382						33						2.37
Total earning assets			138,727						4,125						2.97						122,652						4,310						3.50
Unrealized gains/(losses) on debt securities available for sale, net (2)			623																		935
Allowance for loan losses			(1,795)																		(1,944)
Cash and due from banks			2,027																		2,047
Other non-earning assets			14,687																		14,405
			$	154,269																	$	138,095
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings			$	13,867					19						0.13						$	10,325					14						0.14
Interest-bearing checking			25,128						8						0.03						21,522						35						0.16
Money market			30,615						8						0.03						27,877						51						0.18
Time deposits			5,253						29						0.56						6,432						76						1.18
Other deposits			2						—						1.20						252						4						1.58
Total interest-bearing deposits (2)			74,865						64						0.09						66,408						180						0.27
Federal funds purchased and securities sold under agreements to repurchase			12						—						0.19						46						1						1.18
Other short-term borrowings			—						—						—						797						9						1.13
Long-term borrowings			2,823						103						3.63						6,601						178						2.67
Total interest-bearing liabilities			77,700						167						0.21						73,852						368						0.50
Non-interest-bearing deposits (2)			55,838						—						—						44,386						—						—
Total funding sources			133,538						167						0.12						118,238						368						0.31
Net interest spread (2)															2.75																		3.00
Other liabilities			2,525																		2,469
Shareholders’ equity			18,201																		17,382
Noncontrolling interest			5																		6
			$	154,269																	$	138,095
Net interest income/margin FTE basis (2)									$	3,958					2.85		%										$	3,942					3.21		%

_______

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

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

(3) Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest bearing deposits. The rates for total

deposit costs equal 0.05% and 0.16% for the years ended December 31, 2021 and 2020, respectively.

7

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth 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)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Net income available to common shareholders (GAAP)			$	414					$	624					$	748					$	614					$	588					$	(210)					(33.7)		%				$	(174)					(29.6)		%
Preferred dividends and other (GAAP) (1)			24						27						42						28						28						(3)						(11.1)		%				(4)						(14.3)		%
Income tax expense (GAAP)			103						180						231						180						121						(77)						(42.8)		%				(18)						(14.9)		%
Income before income taxes (GAAP)			541						831						1,021						822						737						(290)						(34.9)		%				(196)						(26.6)		%
Provision for (benefit from) credit losses (GAAP)			110						(155)						(337)						(142)						(38)						265						171.0		%				148						389.5		%
Pre-tax pre-provision income (non-GAAP)			651						676						684						680						699						(25)						(3.7)		%				(48)						(6.9)		%
Other adjustments:
Securities (gains) losses, net			—						(1)						(1)						(1)						—						1						100.0		%				—						NM
Gains on equity investment (2)			—						—						—						(3)						(6)						—						NM						6						100.0		%
Leveraged lease termination gains, net			—						(2)						—						—						—						2						100.0		%				—						NM
Bank-owned life insurance (3)			—						—						(18)						—						(25)						—						NM						25						100.0		%
Salaries and employee benefits—severance charges			1						—						2						3						26						1						NM						(25)						(96.2)		%
Branch consolidation, property and equipment charges			—						—						—						5						7						—						NM						(7)						(100.0)		%
Contribution to the Regions Financial Corporation foundation			—						—						1						2						10						—						NM						(10)						(100.0)		%
Loss on early extinguishment of debt			—						20						—						—						14						(20)						(100.0)		%				(14)						(100.0)		%
Professional, legal and regulatory expenses(4)			15						—						—						—						—						15						NM						15						NM
Total other adjustments			16						17						(16)						6						26						(1)						(5.9)		%				(10)						(38.5)		%
Adjusted pre-tax pre-provision income (non-GAAP)			$	667					$	693					$	668					$	686					$	725					$	(26)					(3.8)		%				$	(58)					(8.0)		%

			Year Ended
($ amounts in millions)			12/31/2021						12/31/2020						2021 vs. 2020
Net income available to common shareholders (GAAP)			$	2,400					$	991					$	1,409					142.2		%
Preferred dividends (GAAP) (1)			121						103						18						17.5		%
Income tax expense (GAAP)			694						220						474						215.5		%
Income before income taxes (GAAP)			3,215						1,314						1,901						144.7		%
Provision for credit losses (GAAP)			(524)						1,330						(1,854)						(139.4)		%
Pre-tax pre-provision income (non-GAAP)			2,691						2,644						47						1.8		%
Other adjustments:
Securities (gains) losses, net			(3)						(4)						1						25.0		%
Gains on equity investment (2)			(3)						(50)						47						94.0
Leveraged lease termination gains, net			(2)						(2)						—						—		%
Bank owned life insurance (3)			(18)						(25)						7						28.0		%
Salaries and employee benefits—severance charges			6						31						(25)						(80.6)		%
Branch consolidation, property and equipment charges			5						31						(26)						(83.9)		%
Contribution to the Regions Financial Corporation foundation			3						10						(7)						(70.0)		%
Loss on early extinguishment of debt			20						22						(2)						(9.1)
Professional, legal and regulatory expenses(4)			15						7						8						114.3
Ascentium expenses			—						1						(1)						(100.0)
Total other adjustments			23						21						2						9.5		%
Adjusted pre-tax pre-provision income (non-GAAP)			$	2,714					$	2,665					$	49					1.8		%

______

NM - Not Meaningful

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

(2) The first quarter 2021 amount is a gain on the sale of an equity investment, whereas the 2020 amounts are valuations gains on the investment that was sold in the first quarter 2021.

(3) The second quarter 2021 amount relates to an individual BOLI claim benefit. During the fourth quarter of 2020, the Company recognized a gain on the exchange of BOLI policies.

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

8

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Non-Interest Income

			Quarter Ended
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Service charges on deposit accounts			$	166					$	162					$	163					$	157					$	160					$	4					2.5		%				$	6					3.8		%
Card and ATM fees			127						129						128						115						117						(2)						(1.6)		%				10						8.5		%
Wealth management income			100						95						96						91						89						5						5.3		%				11						12.4		%
Capital markets income (1)			83						87						61						100						110						(4)						(4.6)		%				(27)						(24.5)		%
Mortgage income			49						50						53						90						75						(1)						(2.0)		%				(26)						(34.7)		%
Commercial credit fee income			23						23						23						22						22						—						—		%				1						4.5		%
Bank-owned life insurance			14						18						33						17						43						(4)						(22.2)		%				(29)						(67.4)		%
Securities gains (losses), net			—						1						1						1						—						(1)						(100.0)		%				—						NM
Market value adjustments on employee benefit assets (2)			—						5						8						7						7						(5)						(100.0)		%				(7)						(100.0)		%
Gains on equity investment (3)			—						—						—						3						6						—						NM						(6)						(100.0)		%
Other			53						79						53						38						51						(26)						(32.9)		%				2						3.9		%
Total non-interest income			$	615					$	649					$	619					$	641					$	680					$	(34)					(5.2)		%				$	(65)					(9.6)		%

Mortgage Income

			Quarter Ended
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Production and sales			$	46					$	57					$	50					$	76					$	74					$	(11)					(19.3)		%				$	(28)					(37.8)		%
Loan servicing			27						26						25						24						24						1						3.8		%				3						12.5		%
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions			(6)						(3)						(38)						90						5						(3)						(100.0)		%				(11)						(220.0)		%
MSRs hedge gain (loss)			1						(12)						32						(83)						(11)						13						108.3		%				12						109.1		%
MSRs change due to payment decay			(19)						(18)						(16)						(17)						(17)						(1)						(5.6)		%				(2)						(11.8)		%
MSR and related hedge impact			(24)						(33)						(22)						(10)						(23)						9						27.3		%				(1)						(4.3)		%
Total mortgage income			$	49					$	50					$	53					$	90					$	75					$	(1)					(2.0)		%				(26)						(34.7)		%
Mortgage production - portfolio			$	1,273					$	1,548					$	1,746					$	1,470					$	1,833					$	(275)					(17.8)		%				$	(560)					(30.6)		%
Mortgage production - agency/secondary market			1,133						1,276						1,255						1,306						1,553						(143)						(11.2)		%				(420)						(27.0)		%
Total mortgage production			$	2,406					$	2,824					$	3,001					$	2,776					$	3,386					$	(418)					(14.8)		%				$	(980)					(28.9)		%
Mortgage production - purchased			58.6		%				59.7		%				63.6		%				51.3		%				49.3		%
Mortgage production - refinanced			41.4		%				40.3		%				36.4		%				48.7		%				50.7		%

 

Wealth Management Income

			Quarter Ended
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Investment management and trust fee income			$	74					$	69					$	69					$	66					$	67					$	5					7.2		%				$	7					10.4		%
Investment services fee income			26						26						27						25						22						—						—		%				4						18.2		%
Total wealth management income (4)			$	100					$	95					$	96					$	91					$	89					$	5					5.3		%				$	11					12.4		%

Capital Markets Income

			Quarter Ended
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Capital markets income			$	83					$	87					$	61					$	100					$	110					$	(4)					(4.6)		%				$	(27)					(24.5)		%
Less: Valuation adjustments on customer derivatives (5)			—						1						(4)						11						8						(1)						(100.0)		%				(8)						(100.0)		%
Capital markets income excluding valuation adjustments			$	83					$	86					$	65					$	89					$	102					$	(3)					(3.5)		%				$	(19)					(18.6)		%

_________

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 fourth quarter 2020 amount is a valuations gain on the investment that was sold in the first quarter 2021.

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

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

9

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Non-Interest Income

			Twelve Months Ended												Year-to-Date 12/31/2021 vs. 12/31/2020
($ amounts in millions)			12/31/2021						12/31/2020						Amount						Percent
Service charges on deposit accounts			$	648					$	621					$	27					4.3		%
Card and ATM fees			499						438						61						13.9		%
Wealth management income			382						337						45						13.4		%
Capital markets income (1)			331						275						56						20.4		%
Mortgage income			242						333						(91)						(27.3)		%
Commercial credit fee income			91						77						14						18.2		%
Bank-owned life insurance			82						95						(13)						(13.7)		%
Securities gains (losses), net			3						4						(1)						(25.0)		%
Market value adjustments on employee benefit assets - other (2)			20						12						8						66.7		%
Gains on equity investment (3)			3						50						(47)						(94.0)		%
Other			223						151						72						47.7		%
Total non-interest income			$	2,524					$	2,393					$	131					5.5		%

Mortgage Income

			Twelve Months Ended												Year-to-Date 12/31/2021 vs. 12/31/2020
($ amounts in millions)			12/31/2021						12/31/2020						Amount						Percent
Production and sales			$	229					$	296					$	(67)					(22.6)		%
Loan servicing			102						95						7						7.4		%
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions			43						(89)						132						148.3		%
MSRs hedge gain (loss)			(62)						99						(161)						(162.6)		%
MSRs change due to payment decay			(70)						(68)						(2)						(2.9)		%
MSR and related hedge impact			(89)						(58)						(31)						(53.4)		%
Total mortgage income			$	242					$	333					$	(91)					(27.3)		%
Mortgage production - portfolio			$	6,037					$	7,225					$	(1,188)					(16.4)		%
Mortgage production - agency/secondary market			4,970						5,072						(102)						(2.0)		%
Total mortgage production			$	11,007					$	12,297					$	(1,290)					(10.5)		%
Mortgage production - purchased			58.4		%				46.6		%
Mortgage production - refinanced			41.6		%				53.4		%

Wealth Management Income

			Twelve Months Ended												Year-to-Date 12/31/2021 vs. 12/31/2020
($ amounts in millions)			12/31/2021						12/31/2020						Amount						Percent
Investment management and trust fee income			$	278					$	253					$	25					9.9		%
Investment services fee income			104						84						20						23.8		%
Total wealth management income (4)			$	382					$	337					$	45					13.4		%

Capital Markets Income

			Twelve Months Ended												Year-to-Date 12/31/2021 vs. 12/31/2020
($ amounts in millions)			12/31/2021						12/31/2020						Amount						Percent
Capital markets income			$	331					$	275					$	56					20.4		%
Less: Valuation adjustments on customer derivatives (5)			8						13						(5)						(38.5)		%
Capital markets income excluding valuation adjustments			$	323					$	262					$	61					23.3		%

_________

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 2021 amount is a gain on the sale of an equity investment, whereas the 2020 amount is a valuation gain on the investment that was sold in the first quarter 2021.

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

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

10

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Non-Interest Expense

			Quarter Ended
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Salaries and employee benefits			$	575					$	552					$	532					$	546					$	581					$	23					4.2		%				$	(6)					(1.0)		%
Net occupancy expense			76						75						75						77						78						1						1.3		%				(2)						(2.6)		%
Equipment and software expense			96						90						89						90						90						6						6.7		%				6						6.7		%
Outside services			41						38						39						38						37						3						7.9		%				4						10.8		%
Professional, legal and regulatory expenses			33						21						15						29						21						12						57.1		%				12						57.1		%
Marketing			32						23						29						22						26						9						39.1		%				6						23.1		%
FDIC insurance assessments			13						11						11						10						12						2						18.2		%				1						8.3		%
Credit/checkcard expenses			15						16						17						14						13						(1)						(6.3)		%				2						15.4		%
Branch consolidation, property and equipment charges			—						—						—						5						7						—						—		%				(7)						(100.0)		%
Visa class B shares expense			8						4						6						4						6						4						100.0		%				2						33.3		%
Loss on early extinguishment of debt			—						20						—						—						14						(20)						(100.0)		%				(14)						(100.0)		%
Other			94						88						85						93						102						6						6.8		%				(8)						(7.8)		%
Total non-interest expense			$	983					$	938					$	898					$	928					$	987					$	45					4.8		%				$	(4)					(0.4)		%

			Twelve Months Ended												Year-to-Date 12/31/2021 vs. 12/31/2020
($ amounts in millions)			12/31/2021						12/31/2020						Amount						Percent
Salaries and employee benefits			$	2,205					$	2,100					$	105					5.0		%
Net occupancy expense			303						313						(10)						(3.2)		%
Equipment and software expense			365						348						17						4.9		%
Outside services			156						170						(14)						(8.2)		%
Professional, legal and regulatory expenses			98						89						9						10.1		%
Marketing			106						94						12						12.8		%
FDIC insurance assessments			45						48						(3)						(6.3)		%
Credit/checkcard expenses			62						50						12						24.0		%
Branch consolidation, property and equipment charges			5						31						(26)						(83.9)		%
Visa class B shares expense			22						24						(2)						(8.3)		%
Loss on early extinguishment of debt			20						22						(2)						(9.1)		%
Other			360						354						6						1.7		%
Total non-interest expense			$	3,747					$	3,643					$	104					2.9		%

_________

NM - Not Meaningful

11

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth 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)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Non-interest expense (GAAP)			A			$	983					$	938					$	898					$	928					$	987					$	45					4.8		%				$	(4)					(0.4)		%
Adjustments:
Contribution to the Regions Financial Corporation foundation						—						—						(1)						(2)						(10)						—						NM						10						100.0
Branch consolidation, property and equipment charges						—						—						—						(5)						(7)						—						NM						7						100.0		%
Salaries and employee benefits—severance charges						(1)						—						(2)						(3)						(26)						(1)						NM						25						96.2		%
Loss on early extinguishment of debt						—						(20)						—						—						(14)						20						100.0		%				14						NM
Professional, legal and regulatory expenses (1)						(15)						—						—						—						—						(15)						NM						(15)						NM
Adjusted non-interest expense (non-GAAP)			B			$	967					$	918					$	895					$	918					$	930					$	49					5.3		%				$	37					4.0		%
Net interest income (GAAP)			C			$	1,019					$	965					$	963					$	967					$	1,006					$	54					5.6		%				$	13					1.3		%
Taxable-equivalent adjustment						10						11						12						11						11						(1)						(9.1)		%				(1)						(9.1)		%
Net interest income, taxable-equivalent basis			D			$	1,029					$	976					$	975					$	978					$	1,017					$	53					5.4		%				$	12					1.2		%
Non-interest income (GAAP)			E			615						649						619						641						680						(34)						(5.2)		%				(65)						(9.6)		%
Adjustments:
Securities (gains) losses, net						—						(1)						(1)						(1)						—						1						100.0		%				—						NM
Gains on equity investment (2)						—						—						—						(3)						(6)						—						NM						6						100.0		%
Leveraged lease termination gains						—						(2)						—						—						—						2						100.0		%				—						NM
Bank-owned life insurance (3)						—						—						(18)						—						(25)						—						NM						25						100.0		%
Adjusted non-interest income (non-GAAP)			F			$	615					$	646					$	600					$	637					$	649					(31)						(4.8)		%				$	(34)					(5.2)		%
Total revenue			C+E=G			$	1,634					$	1,614					$	1,582					$	1,608					$	1,686					$	20					1.2		%				$	(52)					(3.1)		%
Adjusted total revenue (non-GAAP)			C+F=H			$	1,634					$	1,611					$	1,563					$	1,604					$	1,655					$	23					1.4		%				$	(21)					(1.3)		%
Total revenue, taxable-equivalent basis			D+E=I			$	1,644					$	1,625					$	1,594					$	1,619					$	1,697					$	19					1.2		%				$	(53)					(3.1)		%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)			D+F=J			$	1,644					$	1,622					$	1,575					$	1,615					$	1,666					$	22					1.4		%				$	(22)					(1.3)		%
Efficiency ratio (GAAP) (4)			A/I			59.8		%				57.7		%				56.4		%				57.3		%				58.1		%
Adjusted efficiency ratio (non-GAAP) (4)			B/J			58.8		%				56.6		%				56.9		%				56.8		%				55.8		%
Fee income ratio (GAAP) (4)			E/I			37.4		%				40.0		%				38.8		%				39.6		%				40.1		%
Adjusted fee income ratio (non-GAAP) (4)			F/J			37.4		%				39.8		%				38.1		%				39.4		%				38.9		%

________

NM - Not Meaningful

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

(2)The first quarter 2021 amount is a gain on the sale of an equity investment, whereas the fourth quarter 2020 amount is a valuation gain on the investment that was sold in the first quarter 2021.

(3)During the second quarter of 2021, the Company recognized an individual BOLI claim benefit. During the fourth quarter of 2020, the Company recognized a gain on the exchange of BOLI policies.

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

12

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth 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 (continued)

						Twelve Months Ended December 31
($ amounts in millions)						2021						2020						2021 vs. 2020
Non-interest expense (GAAP)			K			$	3,747					$	3,643					$	104					2.9		%
Adjustments:
Contribution to the Regions Financial Corporation foundation						(3)						(10)						7						70.0		%
Branch consolidation, property and equipment charges						(5)						(31)						26						83.9		%
Salaries and employee benefits—severance charges						(6)						(31)						25						80.6		%
Loss on early extinguishment of debt						(20)						(22)						2						9.1		%
Professional, legal and regulatory expenses (1)						(15)						(7)						(8)						(114.3)		%
Acquisition expenses						—						(1)						1						100.0		%
Adjusted non-interest expense (non-GAAP)			L			$	3,698					$	3,541					$	157					4.4		%
Net interest income (GAAP)			M			$	3,914					$	3,894					$	20					0.5		%
Taxable-equivalent adjustment						44						48						(4)						(8.3)		%
Net interest income, taxable-equivalent basis			N			$	3,958					$	3,942					$	16					0.4		%
Non-interest income (GAAP)			O			$	2,524					$	2,393					$	131					5.5		%
Adjustments:
Securities (gains) losses, net						(3)						(4)						1						25.0		%
Gains on equity investment (2)						(3)						(50)						47						94.0		%
Leveraged lease termination gains						(2)						(2)						—						—		%
Bank owned life insurance (3)						(18)						(25)						7						28.0		%
Adjusted non-interest income (non-GAAP)			P			$	2,498					$	2,312					$	186					8.0		%
Total revenue			M+O=Q			$	6,438					$	6,287					$	151					2.4		%
Adjusted total revenue (non-GAAP)			M+P=R			$	6,412					$	6,206					$	206					3.3		%
Total revenue, taxable-equivalent basis			N+O=S			$	6,482					$	6,335					$	147					2.3		%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)			N+P=T			$	6,456					$	6,254					$	202					3.2		%
Operating leverage ratio (GAAP) (4)			S-K																					(0.6)		%
Adjusted operating leverage ratio (non-GAAP) (4)			T-L																					(1.2)		%
Efficiency ratio (GAAP) (4)			K/S			57.8		%				57.5		%
Adjusted efficiency ratio (non-GAAP) (4)			L/T			57.3		%				56.6		%
Fee income ratio (GAAP) (4)			O/S			38.9		%				37.8		%
Adjusted fee income ratio (non-GAAP) (4)			P/T			38.7		%				37.0		%

______

NM - Not Meaningful

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

(2)The 2021 amount is a gain on the sale of an equity investment, whereas the 2020 amount is a valuation gain on the investment that was sold in the first quarter 2021.

(3)During the second quarter of 2021, the Company recognized an individual BOLI claim benefit. During the fourth quarter of 2020, the Company recognized a gain on the exchange of BOLI policies.

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

13

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth 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)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY
Net income available to common shareholders (GAAP)			A			$	414					$	624					$	748					$	614					$	588
Average shareholders' equity (GAAP)						$	18,308					$	18,453					$	18,000					$	18,038					$	17,915
Less:
Average intangible assets (GAAP)						5,852						5,285						5,292						5,309						5,313
Average deferred tax liability related to intangibles (GAAP)						(98)						(96)						(96)						(104)						(105)
Average preferred stock (GAAP)						1,660						1,659						1,659						1,656						1,656
Average tangible common shareholders' equity (non-GAAP)			B			$	10,894					$	11,605					$	11,145					$	11,177					$	11,051
Return on average tangible common shareholders' equity (non-GAAP) *(1)			A/B			15.07		%				21.34		%				26.91		%				22.28		%				21.15		%

						Year Ended
($ amounts in millions)						2021						2020
RETURN ON AVERAGE TANGIBLE COMMON STOCKHOLDERS' EQUITY
Net income available to common shareholders (GAAP)			E			$	2,400					$	991
Average stockholders' equity (GAAP)						$	18,201					$	17,382
Less:
Average intangible assets (GAAP)						5,435						5,239
Average deferred tax liability related to intangibles (GAAP)						(99)						(99)
Average preferred stock (GAAP)						1,658						1,509
Average tangible common stockholders' equity (non-GAAP)			F			$	11,207					$	10,733
Return on average tangible common stockholders' equity (non-GAAP)(1)			E/F			21.42		%				9.23		%

___

*Annualized

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

14

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Credit Quality

			As of and for Quarter Ended
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Components:
Beginning allowance for loan losses (ALL)			$	1,428					$	1,597					$	1,976					$	2,167					$	2,276
Loans charged-off:
Commercial and industrial			23						21						35						45						67
Commercial real estate mortgage—owner-occupied			—						1						1						1						2
Commercial real estate construction—owner-occupied			—						—						—						1						—
Total commercial			23						22						36						47						69
Commercial investor real estate mortgage			1						—						4						15						1
Total investor real estate			1						—						4						15						1
Residential first mortgage			1						—						—						1						3
Home equity—lines of credit			1						1						2						2						3
Home equity—closed-end			—						—						1						—						1
Consumer credit card			10						9						12						12						12
Other consumer—exit portfolios			6						7						7						11						13
Other consumer			30						20						21						26						24
Total consumer			48						37						43						52						56
Total			72						59						83						114						126
Recoveries of loans previously charged-off:
Commercial and industrial			12						14						14						16						14
Commercial real estate mortgage—owner-occupied			—						2						1						—						1
Commercial real estate construction—owner-occupied			—						—						—						—						—
Total commercial			12						16						15						16						15
Commercial investor real estate mortgage			—						1						2						—						2
Total investor real estate			—						1						2						—						2
Residential first mortgage			2						—						2						1						—
Home equity—lines of credit			3						3						5						3						4
Home equity—closed-end			1						1						2						—						1
Consumer credit card			3						2						3						3						3
Other consumer—exit portfolios			—						2						1						2						2
Other consumer			7						4						6						6						5
Total consumer			16						12						19						15						15
Total			28						29						36						31						32
Net charge-offs (recoveries):
Commercial and industrial			11						7						21						29						53
Commercial real estate mortgage—owner-occupied			—						(1)						—						1						1
Commercial real estate construction—owner-occupied			—						—						—						1						—
Total commercial			11						6						21						31						54
Commercial investor real estate mortgage			1						(1)						2						15						(1)
Total investor real estate			1						(1)						2						15						(1)
Residential first mortgage			(1)						—						(2)						—						3
Home equity—lines of credit			(2)						(2)						(3)						(1)						(1)
Home equity—closed-end			(1)						(1)						(1)						—						—
Consumer credit card			7						7						9						9						9
Other consumer—exit portfolios			6						5						6						9						11
Other consumer			23						16						15						20						19
Total consumer			32						25						24						37						41
Total			$	44					$	30					$	47					$	83					$	94
Provision for (benefit from) loan losses			$	86					$	(139)					$	(332)					$	(108)					$	(15)
Initial allowance on acquired purchased credit deteriorated loans			9						—						—						—						—
Ending allowance for loan losses (ALL)			1,479						1,428						1,597						1,976						2,167
Beginning reserve for unfunded credit commitments			71						87						92						126						149
Provision for (benefit from) unfunded credit losses			24						(16)						(5)						(34)						(23)
Ending reserve for unfunded commitments			95						71						87						92						126
Allowance for credit losses (ACL) at period end			$	1,574					$	1,499					$	1,684					$	2,068					$	2,293

15

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Credit Quality (continued)
			As of and for Quarter Ended
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Net loan charge-offs as a % of average loans, annualized (1):
Commercial and industrial			0.11		%				0.06		%				0.19		%				0.28		%				0.48		%
Commercial real estate mortgage—owner-occupied			0.01		%				(0.06)		%				(0.03)		%				0.09		%				0.07		%
Commercial real estate construction—owner-occupied			0.18		%				0.10		%				0.38		%				0.93		%				—		%
Total commercial			0.10		%				0.05		%				0.17		%				0.26		%				0.44		%
Commercial investor real estate mortgage			0.01		%				(0.05)		%				0.19		%				1.11		%				(0.04)		%
Commercial investor real estate construction			—		%				—		%				(0.01)		%				—		%				(0.01)		%
Total investor real estate			0.01		%				(0.03)		%				0.14		%				0.82		%				(0.03)		%
Residential first mortgage			(0.02)		%				(0.01)		%				(0.04)		%				—		%				0.08		%
Home equity—lines of credit			(0.22)		%				(0.24)		%				(0.29)		%				(0.06)		%				(0.11)		%
Home equity—closed-end			(0.16)		%				(0.10)		%				(0.10)		%				—		%				0.03		%
Consumer credit card			2.42		%				2.57		%				3.17		%				3.19		%				3.02		%
Other consumer—exit portfolios			1.69		%				1.58		%				1.49		%				1.98		%				1.97		%
Other consumer			1.69		%				2.80		%				2.63		%				3.56		%				3.02		%
Total consumer			0.39		%				0.35		%				0.34		%				0.52		%				0.54		%
Total			0.20		%				0.14		%				0.23		%				0.40		%				0.43		%
Non-performing loans, excluding loans held for sale			$	451					$	530					$	666					$	738					$	745
Non-performing loans held for sale			13						3						99						8						6
Non-performing loans, including loans held for sale			464						533						765						746						751
Foreclosed properties			10						13						15						21						25
Non-performing assets (NPAs)			$	474					$	546					$	780					$	767					$	776
Loans past due > 90 days (2)			$	140					$	124					$	134					$	154					$	164
Criticized loans—business (3)			$	2,905					$	3,054					$	3,222					$	3,756					$	3,800
Credit Ratios (2):
ACL/Loans, net			1.79		%				1.80		%				2.00		%				2.44		%				2.69		%
ALL/Loans, net			1.69		%				1.71		%				1.90		%				2.33		%				2.54		%
Allowance for credit losses to non-performing loans, excluding loans held for sale			349		%				283		%				253		%				280		%				308		%
Allowance for loan losses to non-performing loans, excluding loans held for sale			328		%				269		%				240		%				268		%				291		%
Non-performing loans, excluding loans held for sale/Loans, net			0.51		%				0.64		%				0.79		%				0.87		%				0.87		%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale			0.54		%				0.66		%				0.93		%				0.90		%				0.91		%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale (1)			0.70		%				0.80		%				1.09		%				1.09		%				1.10		%

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

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

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

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)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Total Loans			$	87,784					$	83,270					$	84,074					$	84,755					$	85,266
Less: SBA PPP Loans			748						1,536						2,948						4,317						3,624
Loans excluding PPP, net (non-GAAP)			$	87,036					$	81,734					$	81,126					$	80,438					$	81,642
ACL at period end			$	1,574					$	1,499					$	1,684					$	2,068					$	2,293
Less: SBA PPP Loans' ACL			2						2						3						3						1
ACL excluding PPP Loans' ACL (non-GAAP)			$	1,572					$	1,497					$	1,681					$	2,065					$	2,292
ACL/Loans excluding PPP, net (non-GAAP)			1.81		%				1.83		%				2.07		%				2.57		%				2.81		%

16

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Non-Performing Loans (excludes loans held for sale)

			As of
($ amounts in millions, %'s calculated using whole dollar values)			12/31/2021												9/30/2021												6/30/2021												3/31/2021												12/31/2020
Commercial and industrial			$	305					0.70		%				$	359					0.86		%				$	472					1.11		%				$	426					0.98		%				$	418					0.97		%
Commercial real estate mortgage—owner-occupied			52						0.98		%				68						1.26		%				76						1.41		%				93						1.73		%				97						1.80		%
Commercial real estate construction—owner-occupied			11						4.11		%				11						4.22		%				10						4.02		%				9						3.24		%				9						3.01		%
Total commercial			368						0.75		%				438						0.92		%				558						1.16		%				528						1.08		%				524						1.08		%
Commercial investor real estate mortgage			3						0.06		%				4						0.07		%				4						0.07		%				100						1.86		%				114						2.11		%
Total investor real estate			3						0.05		%				4						0.05		%				4						0.05		%				100						1.39		%				114						1.57		%
Residential first mortgage			33						0.19		%				37						0.22		%				51						0.30		%				53						0.32		%				53						0.32		%
Home equity—lines of credit			40						1.08		%				44						1.15		%				45						1.12		%				48						1.12		%				46						1.01		%
Home equity—closed-end			7						0.27		%				7						0.27		%				8						0.30		%				9						0.31		%				8						0.29		%
Total consumer			80						0.25		%				88						0.31		%				104						0.36		%				110						0.38		%				107						0.36		%
Total non-performing loans			$	451					0.51		%				$	530					0.64		%				$	666					0.79		%				$	738					0.87		%				$	745					0.87		%

Early and Late Stage Delinquencies

Accruing 30-89 Days Past Due Loans			As of
($ amounts in millions, %'s calculated using whole dollar values)			12/31/2021												9/30/2021												6/30/2021												3/31/2021												12/31/2020
Commercial and industrial			$	64					0.15		%				$	34					0.08		%				$	35					0.08		%				$	42					0.10		%				$	59					0.14		%
Commercial real estate mortgage—owner-occupied			4						0.09		%				7						0.14		%				7						0.13		%				9						0.16		%				5						0.09		%
Commercial real estate construction—owner-occupied			—						0.07		%				1						0.23		%				—						0.14		%				1						0.27		%				1						0.30		%
Total commercial			68						0.14		%				42						0.09		%				42						0.09		%				52						0.11		%				65						0.13		%
Commercial investor real estate mortgage			—						—		%				—						—		%				4						0.07		%				2						0.04		%				3						0.06		%
Commercial investor real estate construction			—						—		%				—						—		%				—						—		%				1						0.03		%				—						—		%
Total investor real estate			—						—		%				—						—		%				4						0.06		%				3						0.04		%				3						0.04		%
Residential first mortgage—non-guaranteed (1)			64						0.38		%				60						0.36		%				51						0.31		%				62						0.39		%				80						0.51		%
Home equity—lines of credit			21						0.57		%				22						0.56		%				18						0.45		%				22						0.50		%				35						0.78		%
Home equity—closed-end			11						0.44		%				10						0.40		%				10						0.39		%				12						0.47		%				17						0.60		%
Consumer credit card			15						1.23		%				12						1.02		%				11						0.95		%				12						1.09		%				14						1.15		%
Other consumer—exit portfolios			14						1.30		%				14						1.08		%				15						0.99		%				18						1.06		%				29						1.42		%
Other consumer			46						0.85		%				17						0.75		%				16						0.70		%				17						0.77		%				25						1.07		%
Total consumer (1)			171						0.67		%				135						0.49		%				121						0.43		%				143						0.51		%				200						0.70		%
Total accruing 30-89 days past due loans (1)			$	239					0.27		%				$	177					0.21		%				$	167					0.20		%				$	198					0.24		%				$	268					0.32		%
Accruing 90+ Days Past Due Loans			As of
($ amounts in millions, %'s calculated using whole dollar values)			12/31/2021												9/30/2021												6/30/2021												3/31/2021												12/31/2020
Commercial and industrial			$	5					0.01		%				$	3					0.01		%				$	4					0.01		%				$	8					0.02		%				$	7					0.02		%
Commercial real estate mortgage—owner-occupied			1						0.01		%				2						0.03		%				2						0.03		%				1						0.02		%				1						0.01		%
Total commercial			6						0.01		%				5						0.01		%				6						0.01		%				9						0.02		%				8						0.02		%
Residential first mortgage—non-guaranteed (2)			74						0.44		%				68						0.41		%				75						0.46		%				87						0.55		%				99						0.62		%
Home equity—lines of credit			21						0.56		%				20						0.53		%				21						0.51		%				19						0.45		%				19						0.41		%
Home equity—closed-end			12						0.49		%				13						0.49		%				13						0.48		%				14						0.52		%				13						0.49		%
Consumer credit card			12						1.04		%				11						0.97		%				12						1.05		%				14						1.25		%				14						1.19		%
Other consumer—exit portfolios			2						0.21		%				2						0.18		%				2						0.17		%				3						0.18		%				4						0.20		%
Other consumer			13						0.23		%				5						0.22		%				5						0.24		%				8						0.33		%				7						0.30		%
Total consumer (2)			134						0.58		%				119						0.43		%				128						0.46		%				145						0.52		%				156						0.54		%
Total accruing 90+ days past due loans (2)			$	140					0.16		%				$	124					0.15		%				$	134					0.16		%				$	154					0.18		%				$	164					0.19		%
Total delinquencies (1) (2)			$	379					0.43		%				$	301					0.36		%				$	301					0.36		%				$	352					0.42		%				$	432					0.51		%

(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 $40 million at 12/31/2021, $40 million at 9/30/2021, $46 million at 6/30/2021, $58 million at 3/31/2021, and $65 million at 12/31/2020.

(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 $49 million at 12/31/2021, $44 million at 9/30/2021, $44 million at 6/30/2021, $51 million at 3/31/2021, and $57 million at 12/31/2020.

17

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Troubled Debt Restructurings

 

			As of
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Current:
Commercial			$	81					$	86					$	71					$	75					$	76
Investor real estate			1						28						75						11						44
Residential first mortgage			206						210						206						197						174
Home equity—lines of credit			27						29						31						33						34
Home equity—closed-end			55						58						62						68						73
Consumer credit card			—						—						—						1						1
Other consumer			4						4						4						4						3
Total current			374						415						449						389						405
Accruing 30-89 DPD:
Commercial			—						—						1						2						1
Investor real estate			—						—						—						1						—
Residential first mortgage			14						13						11						11						14
Home equity—lines of credit			1						—						—						—						1
Home equity—closed-end			3						3						3						3						5
Other consumer			—						—						—						—						1
Total accruing 30-89 DPD			18						16						15						17						22
Total accruing and <90 DPD			392						431						464						406						427
Non-accrual or 90+ DPD:
Commercial			87						74						114						125						124
Residential first mortgage			31						32						32						36						42
Home equity—lines of credit			2						3						3						3						2
Home equity—closed-end			6						6						7						7						7
Total non-accrual or 90+DPD			126						115						156						171						175
Total TDRs - Loans			$	518					$	546					$	620					$	577					$	602
TDRs - Held For Sale			—						2						—						1						1
Total TDRs			$	518					$	548					$	620					$	578					$	603
Total TDRs - Loans by Portfolio
			As of
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Total commercial TDRs			$	168					$	160					$	186					$	202					$	201
Total investor real estate TDRs			1						28						75						12						44
Total consumer TDRs			349						358						359						363						357
Total TDRs - Loans			$	518					$	546					$	620					$	577					$	602

18

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Consolidated Balance Sheets (unaudited)

			As of
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Assets:
Cash and due from banks			$	1,350					$	1,741					$	1,820					$	1,918					$	1,558
Interest-bearing deposits in other banks			28,061						25,766						23,774						23,002						16,398
Debt securities held to maturity			899						945						993						1,059						1,122
Debt securities available for sale			28,481						28,986						29,290						27,092						27,154
Loans held for sale			1,003						934						1,194						1,487						1,905
Loans, net of unearned income			87,784						83,270						84,074						84,755						85,266
Allowance for loan losses			(1,479)						(1,428)						(1,597)						(1,976)						(2,167)
Net loans			86,305						81,842						82,477						82,779						83,099
Other earning assets			1,187						1,269						1,246						1,262						1,217
Premises and equipment, net			1,814						1,805						1,825						1,852						1,897
Interest receivable			319						304						323						336						346
Goodwill			5,744						5,181						5,181						5,181						5,190
Residential mortgage servicing rights at fair value (MSRs)			418						410						392						401						296
Other identifiable intangible assets, net			305						101						108						114						122
Other assets			7,052						6,869						6,987						6,848						7,085
Total assets			$	162,938					$	156,153					$	155,610					$	153,331					$	147,389
Liabilities and Equity:
Deposits:
Non-interest-bearing			$	58,369					$	57,145					$	56,468					$	55,925					$	51,289
Interest-bearing			80,703						74,894						75,016						73,677						71,190
Total deposits			139,072						132,039						131,484						129,602						122,479
Borrowed funds:
Long-term borrowings			2,407						2,451						2,870						2,916						3,569
Other liabilities			3,133						3,040						3,004						2,951						3,230
Total liabilities			144,612						137,530						137,358						135,469						129,278
Equity:
Preferred stock, non-cumulative perpetual			1,659						1,659						1,659						1,656						1,656
Common stock			10						10						10						10						10
Additional paid-in capital			12,189						12,479						12,467						12,740						12,731
Retained earnings			5,550						5,296						4,836						4,235						3,770
Treasury stock, at cost			(1,371)						(1,371)						(1,371)						(1,371)						(1,371)
Accumulated other comprehensive income, net			289						532						651						592						1,315
Total shareholders’ equity			18,326						18,605						18,252						17,862						18,111
Noncontrolling interest			—						18						—						—						—
Total equity			18,326						18,623						18,252						17,862						18,111
Total liabilities and equity			$	162,938					$	156,153					$	155,610					$	153,331					$	147,389

19

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

End of Period Loans

			As of
																																	12/31/2021												12/31/2021
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						vs. 9/30/2021												vs. 12/31/2020
Commercial and industrial			$	43,758					$	41,748					$	42,628					$	43,241					$	42,870					$	2,010					4.8		%				$	888					2.1		%
Commercial real estate mortgage—owner-occupied			5,287						5,446						5,381						5,335						5,405						(159)						(2.9)		%				(118)						(2.2)		%
Commercial real estate construction—owner-occupied			264						252						245						293						300						12						4.8		%				(36)						(12.0)		%
Total commercial			49,309						47,446						48,254						48,869						48,575						1,863						3.9		%				734						1.5		%
Commercial investor real estate mortgage			5,441						5,608						5,449						5,405						5,394						(167)						(3.0)		%				47						0.9		%
Commercial investor real estate construction			1,586						1,704						1,799						1,817						1,869						(118)						(6.9)		%				(283)						(15.1)		%
Total investor real estate			7,027						7,312						7,248						7,222						7,263						(285)						(3.9)		%				(236)						(3.2)		%
Total business			56,336						54,758						55,502						56,091						55,838						1,578						2.9		%				498						0.9		%
Residential first mortgage			17,512						17,347						17,051						16,643						16,575						165						1.0		%				937						5.7		%
Home equity—lines of credit (1)			3,744						3,875						4,057						4,286						4,539						(131)						(3.4)		%				(795)						(17.5)		%
Home equity—closed-end (2)			2,510						2,556						2,588						2,631						2,713						(46)						(1.8)		%				(203)						(7.5)		%
Consumer credit card			1,184						1,136						1,131						1,111						1,213						48						4.2		%				(29)						(2.4)		%
Other consumer—exit portfolios (3)			1,071						1,260						1,479						1,739						2,035						(189)						(15.0)		%				(964)						(47.4)		%
Other consumer			5,427						2,338						2,266						2,254						2,353						3,089						132.1		%				3,074						130.6		%
Total consumer			31,448						28,512						28,572						28,664						29,428						2,936						10.3		%				2,020						6.9		%
Total Loans			$	87,784					$	83,270					$	84,074					$	84,755					$	85,266					$	4,514					5.4		%				$	2,518					3.0		%

_______

NM - Not meaningful.

(1)     The balance of Regions' home equity lines of credit consists of $2,089 million of first lien and $1,655 million of second lien at 12/31/2021.

(2)    The balance of Regions' closed-end home equity loans consists of $2,334 million of first lien and $176 million of second lien at 12/31/2021.

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

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 and the other consumer exit portfolio, provides a meaningful calculation of loan growth rates and presents them on the same basis as that applied by management.

			As of
																																	12/31/2021												12/31/2021
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						vs. 9/30/2021												vs. 12/31/2020
Commercial and industrial			$	43,758					$	41,748					$	42,628					$	43,241					$	42,870					$	2,010					4.8		%				$	888					2.1		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						—						210						239						—						NM						(239)						(100.0)		%
Less: SBA PPP Loans			748						1,536						2,948						4,317						3,624						(788)						(51.3)		%				(2,876)						(79.4)		%
Adjusted commercial and industrial loans (non-GAAP)			$	43,010					$	40,212					$	39,680					$	39,134					$	39,485					$	2,798					7.0		%				$	3,525					8.9		%
Total commercial loans			$	49,309					$	47,446					$	48,254					$	48,869					$	48,575					$	1,863					3.9		%				$	734					1.5		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						—						210						239						—						NM						(239)						(100.0)		%
Less: SBA PPP Loans			748						1,536						2,948						4,317						3,624						(788)						(51.3)		%				(2,876)						(79.4)		%
Adjusted total commercial loans (non-GAAP)			$	48,561					$	45,910					$	45,306					$	44,762					$	45,190					$	2,651					5.8		%				$	3,371					7.5		%
Total business loans			$	56,336					$	54,758					$	55,502					$	56,091					$	55,838					$	1,578					2.9		%				$	498					0.9		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						—						210						239						—						NM						(239)						(100.0)		%
Less: SBA PPP Loans			748						1,536						2,948						4,317						3,624						(788)						(51.3)		%				(2,876)						(79.4)		%
Adjusted total business loans (non-GAAP)			$	55,588					$	53,222					$	52,554					$	51,984					$	52,453					$	2,366					4.4		%				$	3,135					6.0		%
Total consumer loans			$	31,448					$	28,512					$	28,572					$	28,664					$	29,428					$	2,936					10.3		%				$	2,020					6.9		%
Less: Other consumer- exit portfolios (2)			1,071						1,260						1,479						1,739						2,035						(189)						(15.0)		%				(964)						(47.4)		%
Adjusted total consumer loans (non-GAAP)			30,377						27,252						27,093						26,925						27,393						$	3,125					11.5		%				$	2,984					10.9		%
Total loans			$	87,784					$	83,270					$	84,074					$	84,755					$	85,266					$	4,514					5.4		%				$	2,518					3.0		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						—						210						239						—						NM						(239)						(100.0)		%
Less: SBA PPP Loans			748						1,536						2,948						4,317						3,624						(788)						(51.3)		%				(2,876)						(79.4)		%
Less: Other consumer- exit portfolios (2)			1,071						1,260						1,479						1,739						2,035						(189)						(15.0)		%				(964)						(47.4)		%
Adjusted ending total loans (non-GAAP)			$	85,965					$	80,474					$	79,647					$	78,909					$	79,846					$	5,491					6.8		%				$	6,119					7.7		%

_______

NM - Not meaningful.

(1)On December 31, 2020, Regions reclassified a certain portfolio of approximately $239 million of commercial and industrial loans to loans held for sale. On June 1, 2021, Regions made the decision not to sell the respective loans, therefore the remaining balance of approximately $193 million was reclassified back into the held for investment portfolio.

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

20

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

End of Period Loans (continued)

			As of
End of Period Loans by Percentage			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Commercial and industrial			49.9		%				50.1		%				50.7		%				51.0		%				50.3		%
Commercial real estate mortgage—owner-occupied			6.0		%				6.5		%				6.4		%				6.3		%				6.3		%
Commercial real estate construction—owner-occupied			0.3		%				0.3		%				0.3		%				0.3		%				0.4		%
Total commercial			56.2		%				56.9		%				57.4		%				57.6		%				57.0		%
Commercial investor real estate mortgage			6.2		%				6.7		%				6.5		%				6.4		%				6.3		%
Commercial investor real estate construction			1.8		%				2.0		%				2.1		%				2.1		%				2.2		%
Total investor real estate			8.0		%				8.7		%				8.6		%				8.5		%				8.5		%
Total business			64.2		%				65.6		%				66.0		%				66.1		%				65.5		%
Residential first mortgage			19.9		%				20.8		%				20.3		%				19.6		%				19.4		%
Home equity—lines of credit			4.3		%				4.7		%				4.8		%				5.1		%				5.3		%
Home equity—closed-end			2.9		%				3.1		%				3.1		%				3.1		%				3.2		%
Consumer credit card			1.3		%				1.4		%				1.3		%				1.3		%				1.4		%
Other consumer—exit portfolios			1.2		%				1.5		%				1.8		%				2.1		%				2.4		%
Other consumer			6.2		%				2.8		%				2.7		%				2.7		%				2.8		%
Total consumer			35.8		%				34.4		%				34.0		%				33.9		%				34.5		%
Total Loans			100.0		%				100.0		%				100.0		%				100.0		%				100.0		%

21

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Average Balances of Loans

			Average Balances
($ amounts in millions)			4Q21						3Q21						2Q21						1Q21						4Q20						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Commercial and industrial			$	42,254					$	41,892					$	43,140					$	42,816					$	43,889					$	362					0.9		%				$	(1,635)					(3.7)		%
Commercial real estate mortgage—owner-occupied			5,386						5,436						5,358						5,375						5,405						(50)						(0.9)		%				(19)						(0.4)		%
Commercial real estate construction—owner-occupied			263						246						276						303						303						17						6.9		%				(40)						(13.2)		%
Total commercial			47,903						47,574						48,774						48,494						49,597						329						0.7		%				(1,694)						(3.4)		%
Commercial investor real estate mortgage			5,531						5,605						5,521						5,375						5,549						(74)						(1.3)		%				(18)						(0.3)		%
Commercial investor real estate construction			1,654						1,706						1,761						1,847						1,899						(52)						(3.0)		%				(245)						(12.9)		%
Total investor real estate			7,185						7,311						7,282						7,222						7,448						(126)						(1.7)		%				(263)						(3.5)		%
Total business			55,088						54,885						56,056						55,716						57,045						203						0.4		%				(1,957)						(3.4)		%
Residential first mortgage			17,413						17,198						16,795						16,606						16,433						215						1.3		%				980						6.0		%
Home equity—lines of credit			3,806						3,956						4,165						4,416						4,646						(150)						(3.8)		%				(840)						(18.1)		%
Home equity—closed-end			2,528						2,567						2,609						2,669						2,765						(39)						(1.5)		%				(237)						(8.6)		%
Consumer credit card			1,155						1,128						1,108						1,151						1,190						27						2.4		%				(35)						(2.9)		%
Other consumer—exit portfolios (1)			1,160						1,363						1,599						1,884						2,187						(203)						(14.9)		%				(1,027)						(47.0)		%
Other consumer			5,398						2,253						2,219						2,313						2,398						3,145						139.6		%				3,000						125.1		%
Total consumer			31,460						28,465						28,495						29,039						29,619						2,995						10.5		%				1,841						6.2		%
Total loans			$	86,548					$	83,350					$	84,551					$	84,755					$	86,664					$	3,198					3.8		%				$	(116)					(0.1)		%

_____

NM - Not meaningful.

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

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)			4Q21						3Q21						2Q21						1Q21						4Q20						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Commercial and industrial			$	42,254					$	41,892					$	43,140					$	42,816					$	43,889					$	362					0.9		%				$	(1,635)					(3.7)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						138						231						3						—						NM						(3)						(100.0)		%
Less: SBA PPP Loans			1,088						2,138						3,901						3,798						4,143						(1,050)						(49.1)		%				(3,055)						(73.7)		%
Adjusted commercial and industrial loans (non-GAAP)			$	41,166					$	39,754					$	39,377					$	39,249					$	39,749					$	1,412					3.6		%				$	1,417					3.6		%
Total commercial loans			$	47,903					$	47,574					$	48,774					$	48,494					$	49,597					$	329					0.7		%				$	(1,694)					(3.4)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						138						231						—						—						NM						—						NM
Less: SBA PPP Loans			1,088						2,138						3,901						3,798						4,143						(1,050)						(49.1)		%				(3,055)						(73.7)		%
Adjusted total commercial loans (non-GAAP)			$	46,815					$	45,436					$	45,011					$	44,927					$	45,454					$	1,379					3.0		%				$	1,361					3.0		%
Total business loans			$	55,088					$	54,885					$	56,056					$	55,716					$	57,045					$	203					0.4		%				$	(1,957)					(3.4)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						138						231						3						—						NM						(3)						(100.0)		%
Less: SBA PPP Loans			1,088						2,138						3,901						3,798						4,143						(1,050)						(49.1)		%				(3,055)						(73.7)		%
Adjusted total business loans (non-GAAP)			$	54,000					$	52,747					$	52,293					$	52,149					$	52,905					$	1,253					2.4		%				$	1,095					2.1		%
Total consumer loans			$	31,460					$	28,465					$	28,495					$	29,039					$	29,619					$	2,995					10.5		%				$	1,841					6.2		%
Less: other consumer—exit portfolios (2)			1,160						1,363						1,599						1,884						2,187						(203)						(14.9)		%				(1,027)						(47.0)		%
Adjusted total consumer loans (non-GAAP)			$	30,300					$	27,102					$	26,896					$	27,155					$	27,432					$	3,198					11.8		%				$	2,868					10.5		%
Total loans			$	86,548					$	83,350					$	84,551					$	84,755					$	86,664					$	3,198					3.8		%				$	(116)					(0.1)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						138						231						3						—						NM						(3)						(100.0)		%
Less: SBA PPP Loans			1,088						2,138						3,901						3,798						4,143						(1,050)						(49.1)		%				(3,055)						(73.7)		%
Less: other consumer—exit portfolios (2)			1,160						1,363						1,599						1,884						2,187						(203)						(14.9)		%				(1,027)						(47.0)		%
Adjusted total loans (non-GAAP)			$	84,300					$	79,849					$	79,189					$	79,304					$	80,337					$	4,451					5.6		%				$	3,963					4.9		%

NM - Not meaningful.

(1)On December 31, 2020, Regions reclassified a certain portfolio of approximately $239 million of commercial and industrial loans to loans held for sale. On June 1, 2021, Regions made the decision not to sell the respective loans, therefore the remaining balance of approximately $193 million was reclassified back into the held for investment portfolio.

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

22

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Average Balances of Loans (continued)

						Average Balances
						Twelve Months Ended December 31
($ amounts in millions)						2021						2020						2021 vs. 2020
Commercial and industrial						$	42,522					$	45,028					$	(2,506)					(5.6)		%
Commercial real estate mortgage—owner-occupied						5,389						5,476						(87)						(1.6)		%
Commercial real estate construction—owner-occupied						272						314						(42)						(13.4)		%
Total commercial						48,183						50,818						(2,635)						(5.2)		%
Commercial investor real estate mortgage						5,509						5,251						258						4.9		%
Commercial investor real estate construction						1,741						1,854						(113)						(6.1)		%
Total investor real estate						7,250						7,105						145						2.0		%
Total business						55,433						57,923						(2,490)						(4.3)		%
Residential first mortgage						17,006						15,397						1,609						10.5		%
Home equity—lines of credit						4,084						4,948						(864)						(17.5)		%
Home equity—closed-end						2,593						2,914						(321)						(11.0)		%
Consumer credit card						1,136						1,240						(104)						(8.4)		%
Other consumer—exit portfolios (1)						1,499						2,758						(1,259)						(45.6)		%
Other consumer						3,051						2,633						418						15.9		%
Total consumer						29,369						29,890						(521)						(1.7)		%
Total Loans						$	84,802					$	87,813					$	(3,011)					(3.4)		%

_____

NM - Not meaningful.

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

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
			Twelve Months Ended December 31
($ amounts in millions)			2021						2020						2021 vs. 2020
Commercial and industrial			$	42,522					$	45,028					$	(2,506)					(5.6)		%
Add: Commercial loans held for sale reclassified to the portfolio (1)			91						1						90						NM
Less: SBA PPP Loans			2,722						2,986						(264)						(8.8)		%
Adjusted commercial and industrial loans (non-GAAP)			$	39,891					$	42,043					$	(2,152)					(5.1)		%
Total commercial loans			$	48,183					$	50,818					$	(2,635)					(5.2)		%
Add: Commercial loans held for sale reclassified to the portfolio (1)			91						1						90						NM
Less: SBA PPP Loans			2,722						2,986						(264)						(8.8)		%
Adjusted total commercial loans (non-GAAP)			$	45,552					$	47,833					$	(2,281)					(4.8)		%
Total business loans			$	55,433					$	57,923					$	(2,490)					(4.3)		%
Add: Commercial loans held for sale reclassified to the portfolio (1)			91						1						90						NM
Less: SBA PPP Loans			2,722						2,986						(264)						(8.8)		%
Adjusted total business loans (non-GAAP)			$	52,802					$	54,938					$	(2,136)					(3.9)		%
Total consumer loans			$	29,369					$	29,890					$	(521)					(1.7)		%
Less: other consumer—exit portfolios (2)			1,499						2,758						(1,259)						(45.6)		%
Adjusted total consumer loans (non-GAAP)			$	27,870					$	27,132					$	738					2.7		%
Total Loans			$	84,802					$	87,813					$	(3,011)					(3.4)		%
Add: Commercial loans held for sale reclassified to the portfolio (1)			91						1						90						NM
Less: SBA PPP Loans			2,722						2,986						(264)						(8.8)		%
Less: other consumer—exit portfolios (2)			1,499						2,758						(1,259)						(45.6)		%
Adjusted total loans (non-GAAP)			$	80,672					$	82,070					$	(1,398)					(1.7)		%

NM - Not meaningful.

(1)On December 31, 2020, Regions reclassified a certain portfolio of approximately $239 million of commercial and industrial loans to loans held for sale. On June 1, 2021, Regions made the decision not to sell the respective loans, therefore the remaining balance of approximately $193 million was reclassified back into the held for investment portfolio.

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

23

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

End of Period Deposits

			As of
																																	12/31/2021												12/31/2021
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						vs. 9/30/2021												vs. 12/31/2020
Interest-free deposits			$	58,369					$	57,145					$	56,468					$	55,925					$	51,289					$	1,224					2.1%						$	7,080					13.8%
Interest-bearing checking			28,018						25,217						25,512						24,757						24,484						2,801						11.1%						3,534						14.4%
Savings			15,134						14,573						14,099						13,500						11,635						561						3.8%						3,499						30.1%
Money market—domestic			31,408						30,736						30,725						30,448						29,719						672						2.2%						1,689						5.7%
Low-cost deposits			132,929						127,671						126,804						124,630						117,127						5,258						4.1%						15,802						13.5%
Time deposits			6,143						4,368						4,679						4,970						5,341						1,775						40.6%						802						15.0%
Total Customer Deposits			139,072						132,039						131,483						129,600						122,468						7,033						5.3%						16,604						13.6%
Corporate treasury time deposits			—						—						1						2						11						—						NM						(11)						(100.0)%
Total Deposits			$	139,072					$	132,039					$	131,484					$	129,602					$	122,479					$	7,033					5.3%						$	16,593					13.5%
			As of
																																	12/31/2021												12/31/2021
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						vs. 9/30/2021												vs. 12/31/2020
Consumer Bank Segment			$	82,849					$	79,873					$	78,428					$	77,381					$	71,652					$	2,976					3.7%						$	11,197					15.6%
Corporate Bank Segment			42,689						41,442						43,147						42,211						40,745						1,247						3.0%						1,944						4.8%
Wealth Management Segment			10,853						10,251						9,477						9,537						9,718						602						5.9%						1,135						11.7%
Other (1)			2,681						473						432						473						364						2,208						466.8%						2,317						NM
Total Deposits			$	139,072					$	132,039					$	131,484					$	129,602					$	122,479					$	7,033					5.3%						$	16,593					13.5%
			As of
																																	12/31/2021												12/31/2021
($ amounts in millions)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						vs. 9/30/2021												vs. 12/31/2020
Wealth Management - Private Wealth			$	10,033					$	9,046					$	8,614					$	8,589					$	8,462					$	987					10.9%						$	1,571					18.6%
Wealth Management - Institutional Services			820						1,205						863						948						1,256						(385)						(32.0)%						(436)						(34.7)%
Total Wealth Management Segment Deposits			$	10,853					$	10,251					$	9,477					$	9,537					$	9,718					$	602					5.9%						$	1,135					11.7%
																											As of
End of Period Deposits by Percentage																											12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Interest-free deposits																											42.0		%				43.3		%				42.9		%				43.2		%				41.9		%
Interest-bearing checking																											20.1		%				19.1		%				19.4		%				19.1		%				20.0		%
Savings																											10.9		%				11.0		%				10.7		%				10.4		%				9.5		%
Money market—domestic																											22.6		%				23.3		%				23.4		%				23.5		%				24.3		%
Low-cost deposits																											95.6		%				96.7		%				96.4		%				96.2		%				95.7		%
Time deposits																											4.4		%				3.3		%				3.6		%				3.8		%				4.3		%
Total Deposits																											100.0		%				100.0		%				100.0		%				100.0		%				100.0		%

NM - Not meaningful.

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

24

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

Average Balances of Deposits

			Average Balances
($ amounts in millions)			4Q21						3Q21						2Q21						1Q21						4Q20						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Interest-free deposits			$	57,840					$	56,999					$	56,595					$	51,839					$	50,532					$	841					1.5		%				$	7,308					14.5		%
Interest-bearing checking			26,000						25,277						25,044						24,171						22,940						723						2.9		%				3,060						13.3		%
Savings			14,854						14,328						13,914						12,340						11,374						526						3.7		%				3,480						30.6		%
Money market—domestic			31,483						30,765						30,762						29,425						29,312						718						2.3		%				2,171						7.4		%
Low-cost deposits			130,177						127,369						126,315						117,775						114,158						2,808						2.2		%				16,019						14.0		%
Time deposits			6,505						4,527						4,813						5,158						5,598						1,978						43.7		%				907						16.2		%
Total Customer Deposits			136,682						131,896						131,128						122,933						119,756						4,786						3.6		%				16,926						14.1		%
Corporate treasury time deposits			—						1						1						4						11						(1)						(100.0)		%				(11)						(100.0)		%
Corporate treasury other deposits			—						—						3						—						—						—						NM						—						NM
Total Deposits			$	136,682					$	131,897					$	131,132					$	122,937					$	119,767					$	4,785					3.6		%				16,915						14.1		%

			Average Balances
($ amounts in millions)			4Q21						3Q21						2Q21						1Q21						4Q20						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Consumer Bank Segment			$	80,930					$	79,098					$	78,200					$	72,949					$	69,912					$	1,832					2.3		%				$	11,018					15.8		%
Corporate Bank Segment			42,659						42,525						42,966						40,285						40,581						134						0.3		%				2,078						5.1		%
Wealth Management Segment			10,054						9,873						9,519						9,281						8,884						181						1.8		%				1,170						13.2		%
Other (1)			3,039						401						447						422						390						2,638						NM						2,649						NM
Total Deposits			$	136,682					$	131,897					$	131,132					$	122,937					$	119,767					$	4,785					3.6		%				$	16,915					14.1		%

			Average Balances
($ amounts in millions)			4Q21						3Q21						2Q21						1Q21						4Q20						4Q21 vs. 3Q21												4Q21 vs. 4Q20
Wealth Management - Private Wealth			$	9,266					$	9,036					$	8,673					$	8,442					$	8,106					$	230					2.5		%				$	1,160					14.3		%
Wealth Management - Institutional Services			788						837						846						839						778						(49)						(5.9)		%				10						1.3		%
Total Wealth Management Segment Deposits			$	10,054					$	9,873					$	9,519					$	9,281					$	8,884					$	181					1.8		%				$	1,170					13.2		%

			Average Balances
			Twelve Months Ended December 31
($ amounts in millions)			2021						2020						2021 vs. 2020
Interest-free deposits			$	55,838					$	44,386					$	11,452					25.8		%
Interest-bearing checking			25,128						21,522						3,606						16.8		%
Savings			13,867						10,325						3,542						34.3		%
Money market—domestic			30,615						27,877						2,738						9.8		%
Low-cost deposits			125,448						104,110						21,338						20.5		%
Time deposits			5,253						6,432						(1,179)						(18.3)		%
Total Customer Deposits			130,701						110,542						20,159						18.2		%
Corporate treasury time deposits			1						93						(92)						(98.9)		%
Corporate treasury other deposits			1						159						(158)						(99.4)		%
Total Deposits			$	130,703					$	110,794					$	19,909					18.0		%

			Average Balances
			Twelve Months Ended December 31
($ amounts in millions)			2021						2020						2021 vs. 2020
Consumer Bank Segment			$	77,820					$	66,065					$	11,755					17.8		%
Corporate Bank Segment			42,115						35,613						6,502						18.3		%
Wealth Management Segment			9,684						8,501						1,183						13.9		%
Other (1)			1,084						615						469						76.3		%
Total Deposits			$	130,703					$	110,794					$	19,909					18.0		%

			Average Balances
			Twelve Months Ended December 31
($ amounts in millions)			2021						2020						2021 vs. 2020
Wealth Management - Private Wealth			$	8,857					$	7,573					$	1,284					17.0		%
Wealth Management - Institutional Services			827						928						(101)						(10.9)		%
Total Wealth Management Segment Deposits			$	9,684					$	8,501					$	1,183					13.9		%

________

NM - Not meaningful.

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

25

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth 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)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Tangible Common Ratios
Shareholders’ equity (GAAP)						$	18,326					$	18,605					$	18,252					$	17,862					$	18,111
Less:
Preferred stock (GAAP)						1,659						1,659						1,659						1,656						1,656
Intangible assets (GAAP)						6,049						5,282						5,289						5,295						5,312
Deferred tax liability related to intangibles (GAAP)						(100)						(97)						(96)						(96)						(106)
Tangible common shareholders’ equity (non-GAAP)			A			$	10,718					$	11,761					$	11,400					$	11,007					$	11,249
Total assets (GAAP)						$	162,938					$	156,153					$	155,610					$	153,331					$	147,389
Less:
Intangible assets (GAAP)						6,049						5,282						5,289						5,295						5,312
Deferred tax liability related to intangibles (GAAP)						(100)						(97)						(96)						(96)						(106)
Tangible assets (non-GAAP)			B			$	156,989					$	150,968					$	150,417					$	148,132					$	142,183
Shares outstanding—end of quarter			C			942						955						955						961						960
Tangible common shareholders’ equity to tangible assets (non-GAAP) (1)			A/B			6.83		%				7.79		%				7.58		%				7.43		%				7.91		%
Tangible common book value per share (non-GAAP) (1)			A/C			$	11.38					$	12.32					$	11.94					$	11.46					$	11.71

_________

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

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth 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 any pandemic, including the COVID-19 pandemic, could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

27

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2021 Earnings Release

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

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

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

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

•Our ability to achieve our expense management initiatives.

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

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

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

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

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

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

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

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

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

The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2020 and the "Risk Factors" of Regions' Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 as filed with the SEC.

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

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

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

28

Exhibit 99.3 4th Quarter Earnings Conference Call January 20, 2022

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2 2021 overview (1) Non-GAAP, see appendix for reconciliation. (2) Highest annual capital markets revenue since starting to rebuild those capabilities in 2014. 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 $667M $0.43 $1.6B $967M $414M • 2021 reported pre-tax pre-provision income(1) represents the highest level on record. • 2021 adjusted pre-tax pre-provision income(1) increased 2% vs. 2020. • 2021 net charge-off ratio of 24 bps lowest since 2006. • Growing & diversifying revenue; generated record 2021 capital markets revenue(2) of $331M. $2.7B $2.49 $6.4B $3.7B $2.4B 4Q21 FY 2021

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3 Strong foundation- accelerating growth Innovating through investments and business segments to accelerate growth 2021 active digital users are up 7%, including active mobile banking users up 12% YoY; Mobile enhancements: Chat; View statements & check/ deposit images; FICO score; "What's New" carousel 4Q digital consumer checking sales increased ~50% YoY; includes expanded cross-channel sales capabilities through banker dashboards ~70% of 4Q consumer transactions were through digital channels; Enhancements: Improved transaction data feed; PFM; Add'l Zelle functionality 2021 digital commercial services revenue up 13% YoY(7) Digital investments generate return Increased Mortgage Loan Originator (MLO) headcount by ~160(2); added client facing associates in growth mkts. across Wealth Mgt. and Corporate Bank Consolidated ~490 branches; opened ~80 De Novos(3) Growing highly efficient business segments Strong & recovering markets Expanding capabilities through bolt-on acquisitions: 2021 One Pass commercial users up 8% YoY EnerBank Ascentium (1) Highest annual capital markets revenue since starting to rebuild those capabilities in 2014. (2) Since 2017. (3) From 1/1/2014 to 12/31/2021. (4) Source: S&P Global Market Intelligence. (5) Source: U.S. Postal Service. (6) Per VISA Business and Economic Insights - Regional U.S. Economic Outlook, August 2021. (7) Includes iTreasury and Online Banking Business Services module & transaction fees. 19 of Regions' top 25 MSAs projected to grow faster than national average(4) 16 of nation's top 25 markets with net migration inflows are within Regions' footprint(5) Southeast region expected to recover the fastest to pre-pandemic employment levels(6) Grew consumer checking accounts by 3% and small business by 5% Increased new corporate loan production by ~30% and generated record annual capital markets revenue(1) 2021 net retail account growth exceeds previous 3yrs combined; growth rate is 3x higher than pre-pandemic Sabal Capital Partners Clearsight Advisors Growing & diversifying revenue

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4 • 4Q adjusted loans grew 7% on an ending basis and 6% on an average basis ◦ Excl. ~$3B acquired EnerBank loans, full-year ending adj. loans increased 4% and full-year average adj. loans decreased 3%. • Commercial pipelines have surpassed pre- pandemic levels, production remains strong, and line of credit commitments increased $4.7B YoY; line utilization increased to 42.3% • Consumer loans reflected acquired EnerBank loans as well as another strong quarter of residential mortgage and modest growth in credit card. ◦ Expect consumer exit portfolios to have an average impact of ~$700M in FY22. • Expect full-year 2022 reported average loan balances to grow 4-5% compared to 2021. Loan growth momentum (1) Non-GAAP, see appendix for reconciliation. $79.8 $80.5 $86.0 52.4 53.2 55.6 27.4 27.3 30.4 4Q20 3Q21 4Q21 (Ending, $ in billions) $80.3 $79.8 $84.3 52.9 52.7 54.0 27.4 27.1 30.3 4Q20 3Q21 4Q21 Adjusted loans and leases(1) (Average, $ in billions) Adj. business loans(1)Adj. consumer loans(1) QoQ highlights & outlook

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5 $119.8 $131.9 $136.7 69.9 79.1 80.9 40.6 42.5 42.7 8.9 9.9 10.1 0.4 0.4 3.0 4Q20 3Q21 4Q21 Deposit growth continues (1) Other deposits represent non-customer balances primarily consisting of EnerBank brokered deposits. Average deposits by segment ($ in billions) Wealth Mgt Other(1) Consumer Bank Corporate Bank QoQ highlights & outlook • Pace of deposit growth has slowed, balances continued to increase to new record levels. • Average deposits QoQ growth primarily due to higher account balances and addition of EnerBank deposits. ◦ EnerBank 4Q average deposits were $2.6B and ending deposits were $2.3B; and are included in Other deposits(1). • 2021 consumer checking accounts grew 3% and small business accounts grew 5%. ◦ 2021 net retail account growth exceeds previous 3 years combined. • Based on analysis of deposit inflow characteristics, we currently believe ~35% of pandemic-related deposit increases can be used to support longer term asset growth through the rate cycle. • The remaining balance performance is uncertain; however, additional balances are likely to persist over initial rate increases. Providing a favorable funding mix when compared to prior cycles.

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6 $1,017 $976 $1,029 3.13% 2.76% 2.83% 3.40% 3.30% 3.34% 4Q20 3Q21 4Q21 NII(1) NII & margin performance NII and NIM(1) ($ in millions) (1) Net interest income (NII) and net interest margin (NIM) are reflected on a fully taxable-equivalent basis. (2) Non-GAAP; see appendix for reconciliation. NIM • In 4Q, deposit and cash balances remained elevated. • PPP and cash account for -51 bps NIM and $42M NII within the quarter (+3 bps / +$8M QoQ) ◦ PPP loans account for +9 bps NIM and $39M NII within the quarter (+4 bps / +$8M QoQ) ◦ Excess cash accounts for -60 bps NIM and $3M NII (-1 bps / $0M QoQ) • Total of ~$15.5B deployed through active balance sheet management (including securities purchases and borrowings reductions) since pandemic began, balancing risk and return. • 18% cash-to-earning asset ratio positioned well for rising rate environment. NIM excl. PPP/Cash(2)

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7 Loan accrual adj • Linked-quarter NII expected to grow modestly in 1Q22 excluding reduced PPP contributions ◦ Environment conducive for continued loan growth ◦ Stability from rate environment; fixed rate loan production and securities reinvestment yields neutral to runoff ◦ 2 fewer days reduce NII ~1% ◦ 89% of PPP loan fees have been forgiven; expect 1Q22 PPP NII contribution to be in the $8M-$12M range • Excluding PPP/cash, adjusted NIM(1) expected to increase into the upper-3.30%s • Longer-term NII growth from organic and strategic asset growth; positioned to benefit from rising market rates Loan bals/mixHedges • Adjusted loan(1) growth excl. EnerBank in 4Q21 of +~$1.3B average and +~$2.4B ending • Rate environment impacts continue to be offset through active balance sheet management ◦ Hedging benefit of $112M NII in 4Q(3) ◦ Lower deposit pricing; 4Q deposit cost = 4bps / interest-bearing deposit cost = 7bps • Negative non-recurring accrual adjustments include outsized credit interest recovery in 3Q and a lease adjustment in 4Q (1) Adj. NIM excludes PPP and excess cash over $750M. Adjusted NIM, and adjusted loans are non-GAAP; see appendix for reconciliations. (2) Market rate impacts include contractual loan, cash, and borrowings repricing; fixed asset turnover at lower market rates; and lower deposit yields. (3) QoQ increase in hedge NII from repositioning transactions; hedges mostly remain active; ~$1.5B total return, $686M NII accrual since beginning of 2020, $830M unrealized pre-tax gain, to be amortized into NII over the remaining life of hedges. $965 $1,019NII Attribution Drivers of NII and NIM 4Q21 3Q21 -2bps +1bps -1bps +4bps-2bps -$9M +$3M +$4M +$8M-$6M +$53M Expectations for 1Q22 and Beyond NII NIM EnerBank +9bps Stable core NII excluding loan accrual adjustments NII & margin - core drivers PPPMarket rates(2)

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8 25bps rate hike adds +$60-80M of NII over 12 months • ~$17B annual fixed rate loan production and securities reinvestment; mostly exposed to middle tenor(1) rates • Reduced premium amortization from lower prepay speeds Interest Rate Exposure • ~50% floating rate loans excl. hedges • Hedge maturities beginning in 3Q22 ◦ Recent decisions to shorten our hedge protection allows our sensitivity levels to increase throughout 2022 • Large stable deposit funding base and historically low betas ◦ Assume 25% deposit beta for all interest-bearing deposits over first 100bps tightening; including a blend of lower betas on legacy deposits and higher betas on surge deposits ◦ Experienced ~10% deposit beta over first 100bps prior cycle • Large cash balance well positioned as rates rise Short-term Rate Sensitivity Drivers Long-term Rate Sensitivity Drivers 94% 90% Regions Peer Median 18% 13% Regions Peer Median Cash-to-Earning Assets(2) Deposits-to-Earning Assets(2) • Regions' balance sheet is asset sensitive; well positioned for rising short-term and/or long-term interest rates 1 2 3 4 Net Receive Hedge Notional(3) (Quarterly Avg) 4Q21 Adjustments 1Q22 2Q22 3Q22 4Q22 $20.5B $20.5B $19.4B $11.5B (1) ~70% fixed rate production has life of 5 years or less. (2) 3Q ending levels latest comparison available; source: SEC reporting; peer banks include CFG, CMA, FHN, FITB, HBAN, HWC, KEY, MTB, PNC, SNV, TFC, USB, ZION. (3) Net receive hedge notional reflects receive- fixed hedges minus pay-fixed hedges. Includes all active swaps/floors entered into prior to 12/31/2021.

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9 • Adjusted non-interest income decreased ~5%. • Newly announced NSF/OD policy changes combined with 2021's previously announced changes will result in 20-30% lower service charges vs. 2019; impact of new changes in 2022 estimated at $50-$70M • Expect 2022 capital markets to generate quarterly revenue in $90-$110M range, excl. impact of CVA/ DVA. • 4Q Wealth Mgt income driven by stronger sales and market value impacts. • Mortgage is expected to be lower in 2022, but remain a key component to fee revenue- particularly as the purchase market in Regions' footprint remains very strong. • 3Q Other impacted by elevated valuation adjustments of certain equity investments and gains associated with the sale of certain small dollar equipment loans and leases. Change vs ($ in millions) 4Q21 3Q21 4Q20 Service charges on deposit accounts $166 2.5% 3.8% Card and ATM fees 127 (1.6)% 8.5% Capital markets income (excluding CVA/DVA) 83 (3.5)% (18.6)% Capital Markets - CVA/DVA — (100.0)% (100.0)% Wealth management income 100 5.3% 12.4% Mortgage income 49 (2.0)% (34.7)% Bank-owned life insurance 14 (22.2)% (67.4)% Market value adjustments (on employee benefit assets - other) — (100.0)% (100.0)% Gains on equity investment — NM (100.0)% Other 76 (26.2)% 4.1% Total non-interest income $615 (5.2)% (9.6)% Adjusted non-interest income(1) $615 (4.8)% (5.2)% Non-interest income (1) Non-GAAP; see appendix for reconciliation. NM - Not Meaningful QoQ highlights & outlook Total revenue highlights & outlook • Excl. ~$55M of acquisition revenue, 2021 adjusted total revenue increased ~2% compared to 2020. • Expect 2022 adjusted total revenue to be up 3.5-4.5% compared to 2021.

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10 $930 $918 $967 55.8% 56.6% 58.8% Adjusted non-interest expense Acquisition Expenses Adjusted efficiency ratio 4Q20 3Q21 4Q21 $3,387 $3,419 $3,434 $3,443 $3,541 $3,698 2016 2017 2018 2019 2020 2021 • Adjusted non-interest expenses increased ~5%; includes impact of 4Q acquisitions. ◦ Salaries and benefits increased 4% due to higher base salaries and incentive comp. ◦ Associate headcount increased 660 positions; driven by acquisitions and hires to support initiatives within other revenue producing businesses. • Full-year adjusted NIE increased 4.4%; excl. ~$30M of acquisition expenses, full-year adj. NIE increased 3.6%. ◦ Excluding variable-based & incentive comp related to better than expected performance and expenses related to 4Q acquisitions, 2021 adjusted core expenses remained [relatively] stable with 2020. ◦ Including the impact of acquisitions, full-year occupancy exp. and outside services decreased 3% and 8% respectively. • Expect 2022 adjusted non-interest expenses to be up 3-4% compared to 2021. • Committed to generating positive adjusted operating leverage in 2022. (1) Non-GAAP; see appendix for reconciliation. (2) Recurring expenses related to the EnerBank, Sabal Capital Partners, and ClearSight Advisors acquisitions closed during 4Q21. (3) 2020 adjusted NIE includes expenses associated with the Ascentium acquisition that closed 4/1/2020. (4) 2021 adjusted NIE includes expenses associated with 6 additional months for Ascentium, as well as the 4Q21 EnerBank, Sabal Capital Partners, and Clearsight Advisors acquisitions. Non-interest expense QoQ highlights & outlookAdjusted non-interest expense(1) ($ in millions) 1.8% CAGR (3) (4) (2)(1)

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11 1.71% 2.69% 1.80% 1.79% 1.71% 2.81% 1.83% 1.81% ACL/Loans (incl. PPP) ACL/Loans (excl. PPP) Day 1 4Q20 3Q21 4Q21 $94 $30 $44 41 25 32 53 5 12 0.43% 0.14% 0.20% 4Q20 3Q21 4Q21 $745 $530 $451 308% 283% 349% 4Q20 3Q21 4Q21 NPLs and ACL coverage ratio Asset quality improvement continues ($ in millions) ($ in millions) ($ in millions) Net charge-offs and ratio NPLs - excluding LHFS ACL/NPLs 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. • 4Q annualized NCOs at 20bps, increased 6bps QoQ driven in part by the addition of EnerBank loans in 4Q. • In consumer, residential mortgage, home equity, and auto experienced net recoveries in 4Q. • 4Q provision includes $145M for the initial allowance for non-purchased credit deteriorated EnerBank loans, partially offset by improvements in economic outlook and positive credit performance. • NPLs and criticized business loans continued to improve in 4Q. • Full-year 2021 NCOs totaled 24bps (lowest level since 2006); expect full-year 2022 NCOs in the 25-35bps range. ACL to loans ratio (2) (1)

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12 9.8% 10.8% 9.5% 4Q20 3Q21 4Q21 • Common Equity Tier 1 (CET1) ratio decreased 130 bps in 4Q due primarily to non-bank acquisitions and share repurchases. ◦ Continue to prioritize capital utilization for organic growth and non-bank acquisitions that propel future growth. • In 4Q, Regions closed on the acquisitions of EnerBank, Sabal Capital Partners and Clearsight Advisors, which absorbed ~$1.3B of capital combined. • In 4Q, Regions repurchased $300M of common stock and declared $160M in common dividends. • Expect to maintain CET1 near the mid-point of 9.25-9.75% operating range. • Stress Capital Buffer requirement for 4Q21 through 3Q22 is 2.5%. QoQ Highlights & Outlook Capital and liquidity (1) Current quarter ratios are estimated. (2) Based on ending balances. 11.4% 12.3% 11.0% 4Q20 3Q21 4Q21 Tier 1 capital ratio(1) Loan-to-deposit ratio(2) 70% 63% 63% 4Q20 3Q21 4Q21 Common equity Tier 1 ratio(1)

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13 2022 expectations (1) Non-GAAP, see appendix for reconciliation. (2) The reconciliation with respect to forward-looking non-GAAP measures is expected to be consistent with actual non-GAAP reconciliations included in the attached appendix or in previous filings with the SEC. (3) Expectations utilize the 1/18/2022 forward interest rate curve. (4) Adj. NIM excludes PPP and excess cash over $750M. Adjusted NIM, and adjusted loans are non-GAAP; see appendix for reconciliations. Category FY 2022 Expectations Total Adjusted Revenue (from adjusted 2021 of $6,412)(1)(2)(3) Up 3.5-4.5% Adjusted Non-Interest Expense (from adjusted 2021 of $3,698)(1)(2) Up 3-4% Adjusted operating leverage(1)(2) Positive Average Loans (from average 2021 of $84,802)(1)(2) Up 4-5% Net charge-offs / average loans 25-35bps Effective tax rate 21-23% Expectations for 1Q22 & Beyond • Expect consumer exit portfolios to have an average impact of ~$700M in FY22 • Linked-quarter NII expected to grow modestly in 1Q22 excluding reduced PPP contributions; expect 1Q22 PPP NII contribution to be in the $8M-$12M range • Excluding PPP/cash, adjusted NIM(4) expected to increase into the upper-3.30%s • Anticipated impact of newly announced NSF/ OD policy changes in 2022 is $50-$70M • Expect 2022 capital markets to generate quarterly revenue in $90-$110M range, excl. impact of CVA/DVA • Mortgage is expected to be lower in 2022, but remain a key component to fee revenue • Expect to maintain CET1 near the mid-point of 9.25-9.75% operating range.

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14 Appendix

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15 Selected items impact Fourth 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 period, but are not considered non-GAAP adjustments. These items generally include market-related measures, impacts of new accounting guidance, or event driven actions. NM - Not Meaningful ($ amounts in millions, except per share data) 4Q21 QoQ Change YoY Change Net interest income $ 1,019 5.6% 1.3% Provision for (benefit from) credit losses 110 (171.0)% (389.5)% Non-interest income 615 (5.2)% (9.6)% Non-interest expense 983 4.8% (0.4)% Income before income taxes 541 (34.9)% (26.6)% Income tax expense 103 (42.8)% (14.9)% Net income 438 (32.7)% (28.9)% Preferred dividends 24 (11.1)% (14.3)% Net income available to common shareholders $ 414 (33.7)% (29.6)% Diluted EPS $ 0.43 (33.8)% (29.5)% Summary of fourth quarter results (amounts in millions, except per share data) 4Q21 FY 2021 Pre-tax adjusted items(1): Contribution to the Regions Financial Corporation foundation — (3) Branch consolidation, property and equipment charges — (5) Salary and employee benefits—severance charges (1) (6) Loss on early extinguishment of debt — (20) Professional, legal and regulatory expenses (15) (15) Securities gains (losses), net $ — $ 3 Gains on equity investment — 3 Bank-owned life insurance — 18 Leveraged lease termination gains — 2 Total pre-tax adjusted items(1) (16) $ (23) Diluted EPS impact(2) $ (0.01) $ (0.03) Additional selected items(3): CECL provision (in excess of) less than net charge-offs $ (66) $ 728 Capital markets income - CVA/DVA — 8 MSR net hedge performance (5) (19) PPP loan interest/fee income 39 153 Pension settlement charges (3) (11)

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16 Regions has made significant changes and upgrades while continuing to provide clients with resources needed to succeed in managing their finances. Details of Regions' Announcement(2): • By end of 1Q22-Eliminate overdraft protection transfer fees • By end of 2Q22-Reduce daily cap for overdraft occurrences to 3 • By end of 2Q22-Eliminate all NSF fees • By end of 3Q22-Early access to direct deposit • By end of 3Q22-Small dollar LOC available for qualifying customers Deposit account announcement Providing customers capabilities to be more financially sound Updated NSF/OD Policies $2,109 $2,498 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Adjusted Non-Interest Income(1) • NSF/OD fees have declined ~$175M since 2011 while total adjusted NIR increased ~$400M over that same time period by growing & diversifying revenue through expanded fee-based services including: ◦ Mortgage ◦ Capital markets ◦ Wealth management ◦ Card & ATM • Once implemented, annual NSF/OD revenue is anticipated to be ~50% below 2011 levels • Regulation E and debit interchange legislation had a combined $300M negative impact on Regions' fee income Regions is committed to making banking easier for our customers. • Bank On certified Now Checking account • Simplified transaction posting order • Reduced fees • Customer education tools • Expansion of alert capabilities • Enhanced available balance views in digital channels • Intraday visibility of checks cleared Enhancements Product Features (1) Non-GAAP; see appendix for reconciliation. (2) For specific account details and eligibility requirements see "Regions Bank Announces New Steps to Reduce Overdraft Charges, Eliminate Non-Sufficient Funds Fees" press release dated January 19, 2022. ($ in millions)

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17 1.9 2.0 2.3 4Q19 4Q20 4Q21 0.86 1.79 2.66 4Q19 4Q20 4Q21 127 149 157 4Q19 4Q20 4Q21 2.7 2.9 3.1 4Q19 4Q20 4Q21 14.1% 20.0% 21.5% 30.5% 33.3% 33.0% 55.4% 46.7% 45.5% 4Q19 4Q20 4Q21 40.2 63.9 82.9 31.0 53.3 74.19.2 10.6 8.8 Deposits Lending 4Q19 4Q20 4Q21 60% 67% 69% 40% 33% 31% 4Q19 4Q20 4Q21 Growth in digital Mobile Banking Log-Ins (Millions) Customer Transactions(2)(3) Deposit Transactions by Channel +13% Active Users (Millions) +22% Digital Sales (Accounts in Thousands)(1) Digital Banking Digital Non-Digital Mobile ATMBranch (1) Digital sales represent deposit accounts opened and loans booked. (2) Digital transactions represent online and mobile only; Non-digital transactions represent branches, contact centers and ATMs. (3) Transactions represent Consumer customer deposits, transfers, mobile deposits, fee refunds, withdrawals, payments, official checks, bill payments, and Western Union. Excludes ACH and Debit Card purchases/refunds.(4) Includes cross-channel sale capabilities through digital banker dashboard applications launched across our footprint at the end of 2Q. +208% +24% 13% 21% 26% 84% 76% 72% 3% 3% 2% 4Q19 4Q20 4Q21 Digital BranchContact Center Consumer Checking Sales by Channel(4) Mobile Banking Mobile App Rating Zelle Transactions (Millions)Sales and TransactionsDigital Usage +106%

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18 Borrowings/ Other(1) 2017 2021 Deposit advantage (1) "Other" category includes EnerBank deposits. (2) Source - Bank Call Report data as of 09/30/2021. (3) 4Q2021 Average NIB/IB split by Business: Consumer 37%/63%, Corporate 61%/39%, Wealth 15%/85%. Funding Mix - Current vs. Prior Rising Rate Cycle • Regions holds a larger proportion of smaller deposit balance accounts when compared to the industry • The increase in consumer deposits has been largely with existing long-tenure customers, whose low rate sensitivity is likely to persist into the next rate cycle 64% 57% 50% 44% 44% 43% 42% 42% 41% 38% 37% 35% 27% Peer 1 Peer 2 RF Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 % of Total Deposits Balance in Accounts Less than $250k(2) Business Deposit Mix 4Q 2021 Average Consumer $81 Corporate $43 Wealth Mgt $10 Other $3 Product Mix Deposit Granularity • Historically, Regions deposit pricing has outperformed peer banks in rising rate environment; in last rising interest rate cycle, Regions total interest bearing deposit betas of 29% (retail 14%; commercial 67%); outperformed the peer median of 35% • The funding mix has become more granular and less reliant on wholesale borrowings, positioning the balance sheet well for a potential rising rate environment • Balance sheet primarily deposit funded; 96% of liabilities; 6% higher than at the outset of the last up-rate cycle • 42% of deposit balances in non-interest bearing accounts(3) • Retail deposits consist of consumer and wealth accounts and represent 67% of total deposits Well Positioned for Rising Rates 30% 64% 62% 26% 12% 6% $107 $142 Retail Commercial (1) ($ in billions) (1) ($ in billions)

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19 Pe er 1 Pe er 2 Pe er 3 Pe er 4 Pe er 5 Pe er 6 Pe er 7 RF 3 Q 21 Pe er 8 Pe er 9 RF 4 Q 21 Pe er 1 0 Pe er 1 1 Pe er 1 2 Pe er 1 3 0% 20% Peer Median: 25% Ending Securities / Total Earning Assets (3Q21)(2) • Recent liquidity inflows represent an NII opportunity, with cash deployment dependent on: ◦ stability and rate-sensitivity of deposit inflows ◦ return levels on potential asset purchases ◦ demand for loan growth • Regions will take a conservative approach to cash deployment over time in consideration of risk/return profiles versus cash. • Deposit levels will likely continue to be supported by an accommodative Fed, but even if/when that reverses, deposit segment analysis indicates significant volume can be used to support investment and loan growth (see call out box) • Added $5B of securities since 3Q20 to support near- term earnings stability ◦ Mix of MBS, corporate bonds, and Treasury notes ◦ Purchases limit spread risk/duration and prepayment sensitivity ◦ $1.25B 2026 maturity swaps unwound to offset added asset duration ◦ Funding acquired with EnerBank will be advantageously replaced with organic cash funding as CDs mature (1) Includes Regular and Life Green Savings products that have shown predicable patterns through pre-pandemic cycles; understanding subject to change as the environment evolves. (2) Source: SNL Financial, SEC Reporting. ~$39B Ending Deposit Growth excl. EnerBank (Dec 2019 to Dec 2021) Balance sheet management Cash management update • Deposit growth broadly distributed across products, businesses, and industries • 62% of growth in NIB checking balances • Mix of growth by business: Consumer/Small Bus. 59%, Corporate 38%, Wealth 7%, Other -4% • Of total pandemic growth, approx. 35% arose within new Consumer/Small Bus. and Wealth relationships and product types which have been historically stable through rate cycles.(1)

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20 While not included in the outlook, opportunities exist if surge deposits are retained with lower betas (assume 70% through-the-cycle deposit beta), or if excess cash is able to be deployed into loans/securities NII is positioned to benefit from higher rates, as well as natural loan growth and strategic opportunities. Hedge proceeds (~$1.5B total return) and the capital generated has been invested into strategically important businesses, such as Ascentium and EnerBank. 2021 2022 2023 2024 NII Drivers - Current Support Relative Impact of Future NII Drivers(1) NII Drivers - Future Growth Expecte d NII g rowth of 4 - 6 % CAGRHedge Income Forward Rates EnerBank PPP Organic Growth Hedges protected NII in declining rates and will continue to support NII if rates are lower for longer Regions' asset sensitive position will benefit meaningfully with the potential for higher rates and a steeper yield curve The EnerBank acquisition closed in 4Q 2021, with additional growth opportunities expected PPP supported earnings through the Pandemic but will subside after 2021 Regions is well positioned to grow loans as the economic recovery continues NII Drivers - Additional Opportunity (1) Based on market forward rate projections from Bloomberg as of 12/31/2021: 2021: Avg 1m LIBOR 10bps, Avg 10yr UST 1.46%; 2022: Avg 1m LIBOR 49bps, Avg 10yr UST 1.61%; 2023: Avg 1m LIBOR 1.21%, Avg 10yr UST 1.75%; 2024: Avg 1m LIBOR 1.49%, Avg 10yr UST 1.84%. Future NII drivers

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21 • The balance sheet hedging program has performed as designed, limiting NII and NIM downside under a low rate environment ◦ Gains on terminated hedges deferred and amortized over the life of the initial contract, locking in the benefit to NII in future periods; total return of ~$1.5B, including a $830M unrealized gain and +$686M of realized NII since beginning of 2020 (~90% of total return realized or locked-in via swap repositioning/terminations) • Recent repositioning and resulting maturity profile well positioned for rising short-term rates in late-2022 and beyond, including the addition of EnerBank, which is mostly comprised of fixed rate loans • 4Q21 repositioning trades include: 1) closure of the entire $3.5B floor position to lock in time value and replacement with similar maturity swaps to maintain sensitivity position; 2) $9B reduction of forward net(1) swap exposure covering 4Q22 1 2 3 4 5 6 Net Receive Hedge Notional(1) (Annual Avg) 2021 2022 2023 2024 2025 2026 Hedge Notional $20.5B $18.0B $9.2B $6.3B $1.4B $0.0B 1mo. LIBOR 0.10% 0.46% 1.19% 1.47% 1.49% 1.49% (2,3,4) (5) 1 2 3 41Q22 2Q22 3Q22 4Q22 Hedge Notional $20.5B $20.5B $19.4B $11.5B 11.1%11.0% 7.7% 6.2% 6.0% 5.1% 4.0% 2.9% 2.8% 2.7% 2.5% 1.0% 0.2% 2.1 1.8 2.5 2.5 0.7 1.6 1.3 2.7 RF RF 4 Q Pe er 1 Pe er 2 Pe er 3 Pe er 4 Pe er 5 Pe er 6 Pe er 7 Pe er 8 Pe er 9 Pe er 1 0 Pe er 1 1 (1) Net receive hedge notional reflects receive-fixed hedges minus pay-fixed hedges. (2) Includes all active swaps/floors entered into prior to 12/31/2021. (3) Includes YTD 2021 total hedge repositioning of $20.3B, reducing average annual notional by -$2.25B in 2022, -$10.3B in 2023 and -$9.0B in 2024. (4) Includes $1.25B of swap unwinds to offset securities additions in 2Q21. (5) 12/31/2021 market implied forwards, annual average. (6) Peers 5, 6, 8, 9, 11 did not disclose weighted average lives of cash flow hedge. Hedging strategy update Cash-flow Hedge Contribution to NII - 3Q21 WAL remaining on CF Hedges(6) Net Receive Hedge Notional(1) (Quarterly Avg) (2,3,4) 1mo. LIBOR Active Hedge Notional 3Q21 Adjustments 4Q21 Adjustments 1H21 Adjustments

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22 ($ in millions) 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Round 1-average $ 3,213 $ 4,558 $ 4,143 $ 3,171 $ 2,401 $ 814 $ 288 Round 2-average — — — 627 1,500 1,324 800 Total-average $ 3,213 $ 4,558 $ 4,143 $ 3,798 $ 3,901 $ 2,138 $ 1,088 NII(1) $ 18 $ 31 $ 54 $ 40 $ 43 $ 31 $ 39 Round 1-ending $ 4,498 $ 4,594 $ 3,624 $ 2,974 $ 1,438 $ 416 $ 207 Round 2-ending — — — 1,343 1,510 1,120 541 Total-ending $ 4,498 $ 4,594 $ 3,624 $ 4,317 $ 2,948 $ 1,536 $ 748 Balance forgiven $ — $ — $ 970 $ 651 $ 1,655 $ 1,412 $ 788 PPP loan details • Through 4Q21, approximately 89% of total estimated program fees have been recognized ($27MM in remaining unamortized fees). • Expect 1Q22's NII from PPP loans to be in the $8M-$12M range. • 88% of Total $6.2B PPP loans have been forgiven through 4Q21 (1) NII recognized during the period includes contractual loan yields, amortization of loan fees (including accelerated forgiveness) net of estimated funding costs.

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23 10.8% 0.6% (0.1)% (0.2)% (0.4)% (1.2)% 9.5% CET1 waterfall (1) Non-GAAP; see appendix for reconciliation. (2) 'Other' includes impact of tax, provision, CECL deferral, preferred dividends, and net change in intangibles, all exclusive of acquisitions (broken out separately). (3) RWA growth excludes RWA's acquired in acquisitions. (4) Impact of Acquisitions includes Goodwill and Other Intangibles (net of DTL), capital held against RWA's, and income statement impacts related to the transactions. (5) Current quarter ratios are estimated and reflect rounding. 3Q21 CET1% Pre-tax pre- provision income(1) Other(2) 4Q21 CET1%(5) Common Dividend/ Share Repurchases Acquisitions(4)RWA Growth(3)

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24 Changes in Portfolio Risk & Balances $1,499 $(44) $(51) $2 $168 $1,574 Allowance for credit losses waterfall Changes in Economic Outlook & Adjustments Net Charge- Offs 12/31/2021 • 4Q ending allowance, excluding EnerBank, decreased $93M due to continued improvement in the economic outlook and expectations of improving credit performance in certain sectors / clients. • The benefits of the improving economic outlook were partially offset by a continued level of imprecision due to uncertainty regarding recurring virus variants, lingering supply chain issues, and inflation that is now considered persistent. • Including EnerBank, the 4Q ending allowance increased $75M. QoQ highlights ($ in millions) 09/30/2021 EnerBank

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25 Pre-R&S period 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 Real GDP, annualized % change 6.4 % 4.0 % 4.2 % 4.0 % 3.4 % 2.6 % 2.2 % 2.1 % 2.2 % Unemployment rate 4.4 % 3.9 % 3.8 % 3.7 % 3.7 % 3.6 % 3.6 % 3.5 % 3.5 % HPI, year-over-year % change 16.7 % 14.0 % 9.6 % 6.0 % 4.7 % 4.7 % 4.7 % 4.5 % 4.2 % S&P 500 4,570 4,643 4,697 4,760 4,833 4,892 4,940 4,987 5,036 Base R&S economic outlook (as of December 2021) • Economic forecasts represent Regions’ internal outlook for the economy over the reasonable & supportable forecast period. • Given improvements in the economic outlook, management considered alternative analytics to support qualitative additions to the modeled results to reflect continued risk and uncertainty in certain portfolios.

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26 As of 12/31/2021 As of 12/31/2020 (in millions) Loan Balance ACL ACL/Loans Loan Balance ACL ACL/Loans C&I $43,758 613 1.40 % $42,870 $1,027 2.40 % CRE-OO mortgage 5,287 118 2.23 % 5,405 242 4.47 % CRE-OO construction 264 9 3.53 % 300 24 7.98 % Total commercial $49,309 $740 1.50 % $48,575 $1,293 2.66 % IRE mortgage 5,441 77 1.41 % 5,394 167 3.10 % IRE construction 1,586 10 0.61 % 1,869 30 1.58 % Total IRE $7,027 $87 1.23 % $7,263 $197 2.71 % Residential first mortgage 17,512 122 0.70 % 16,575 155 0.94 % Home equity lines 3,744 83 2.23 % 4,539 122 2.69 % Home equity loans 2,510 28 1.13 % 2,713 33 1.23 % Consumer credit card 1,184 120 10.15 % 1,213 161 13.30 % Other consumer- exit portfolios 1,071 64 6.00 % 2,035 124 6.07 % Other consumer 5,427 330 6.07 % 2,353 208 8.86 % Total consumer $31,448 $747 2.38 % $29,428 $803 2.73 % Total $87,784 $1,574 1.79 % $85,266 $2,293 2.69 % Government guaranteed PPP loans 748 2 0.28 % 3,624 1 — Total, excluding PPP loans(1) $87,036 $1,572 1.81 % $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 1.42%.

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27 Ascentium Capital acquisition Acquisition exceeding expectations Company Overview • Ascentium Capital was the largest independent equipment finance lender in the U.S. • Partners with ~4,000 vendors to finance essential-use equipment for small business customers. • Strong risk management culture and data driven framework resulting in solid credit performance throughout economic cycles. • Provides diversification with strength across multiple industries and geographies. Integration Updates Ascentium Financial Performance(1) • Ascentium Capital has contributed 10% of the Corporate Banking Group's YTD total revenue. • Loan production increased 8% YoY.(2) • Recoveries remain historically high; delinquencies and NCOs remain below pre-pandemic levels. Acquisition closed April 1, 2020, and integration with Regions' systems, policies and people is now complete. Ascentium provided payment relief to as much as 30% of its customers at the peak of the pandemic; currently no customers remain on a relief plan. Transportation & Warehousing 32% Healthcare 12% Restaurant, Accommodation & Lodging 11% Real Estate - Services, Construction 9% Administrative, Support 8% Retail Trade 7% Manufacturing 7% All Other 14% Industry Diversification(1) Ascentium focus on portfolio growth in areas of core strength. Cross-sell of products between Ascentium & Regions customers has begun. Differentiated technology platform and processes, delivering same day credit decisions and funding. (1) Ascentium loan balances were ~$2.1B at 12/31/2021 (excludes HFS). (2) 4Q21 vs. 4Q20.

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28 • Announced June 8, 2021; closed October 1, 2021 • Headquartered in Salt Lake City, UT, EnerBank originates prime and super-prime home improvement point-of-sale loans through a national network of contractors • A top 5 originator in the home improvement point-of-sale space, one of the fastest growing segments in consumer lending • Experienced and tenured management team with nearly 20-year track record operating in a regulated bank environment Company Overview Top Home Improvement Projects Financed Roofing & Siding Windows & Doors Pools HVAC Solar EnerBank Financial Performance • EnerBank contributed ~6% of the Consumer Bank's total revenue in 4Q21. • Additional ~$3B of acquired EnerBank loans included in Consumer Loans. • Strong overall credit performance. Premier Lender to Homeowners Regions has been on a multi-year journey investing in products, services and omni-channel origination capabilities central to Mortgage Lending, Mortgage Servicing and Home Equity Lending. As a result of these investments, Regions has continued to gain share through customer growth and deepening existing relationships with over four million households. Home improvement point-of-sale finance complements these investments, extends our suite of home-centric lending products and accelerates our vision to be the premier lender to homeowners. Regions is focused on serving as the Premier Lender to Homeowners. By adding EnerBank’s suite of home improvement financing, Regions is able to expand options for homeowners throughout the company’s footprint while establishing new relationships with clients served by EnerBank across the U.S. EnerBank acquisition Expanding our consumer lending products and services

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29 Agency Licenses Sabal Capital Partners acquisition Continues build-out of Regions' fee-based businesses Company Overview & Regions' Strategic Rationale • Announced October 4, 2021; closed December 1, 2021 • Sabal Capital Partners is a market leader in the origination of small-balance agency loans. • Top originator of Fannie Mae and Freddie Mac small- balance commercial real estate (CRE) loans with a growing presence in non-agency commercial mortgage- backed securities loan origination. • Sabal will further expand Regions' real estate capital markets capabilities established since 2014, which today contributes just over 20% of total capital markets revenue. Business Lines Agency Lending(1) Non-Agency Lending(2) Servicing • Sabal expands Regions’ agency (Fannie/Freddie) CRE lending product suite and provides Regions the opportunity to become a top 5 bank agency producer. • Sabal’s platform provides Regions off-balance sheet solutions for small-balance commercial real estate loans and further supports Regions' existing clients and markets. Post acquisition, loans will be sourced through Sabal’s current platform and primarily within Regions’ core markets. • Sabal’s vertically integrated platform will provide Regions the opportunity to in-source servicing on our current large-ticket agency production towards the end of this year. Multi-Family Freddie Mac / Fannie Mae CMBS: Multi- Family, Office, Industrial, Retail, Storage ~$5B UPB of servicing book(2) Regions Sabal Freddie Mac SBL Fannie Mae Small Loan HUDFreddie Mac CME Fannie Mae DUS Ginnie Mae Fannie Mae/ Freddie Mac Affordable (1) Expected average holding periods on the company's balance sheet ~20 days. (2) Expected average holding periods on the company's balance sheet ~50-60 days for CMBS. (2) As of 08/31/21 Fannie Mae Senior Housing

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30 Clearsight Advisors acquisition Further expand Regions specialty capabilities and M&A advisory services Company Overview • Announced December 17, 2021; closed December 31, 2021 • Clearsight Advisors is a leading-edge mergers and acquisitions firm serving clients in the technology, professional services, data & information services and digital & technology enabled services industry • Direct alignment with existing Technology, Media & Communications coverage efforts within Corporate Bank • No sector overlap with BlackArch • Focus on middle market owner occupied business which aligns well with Regions Commercial Bank structure Regions' Strategic Rationale Sector Focus Areas Technology and Related Services Other Focuses • Management Consulting • Technology Consulting • Digital Marketing Agencies • Professional Staffing • Application & Enterprise Software • Data Analytics / Intelligence • Software-as-a-Service (Saas) • Data-as-a-Service (DaaS) • Data-Driven Marketing • AI and Machine Learning • Life Sciences • Strategic Advisory/ Innovation • Market Research 32 Clearsight employees 35%+ Revenue CAGR 2018 -2021E $100M Average Deal Size • Clearsight will further expand Regions' growing capital markets division and continue to diversify revenue • Broaden specialty capabilities for existing technology sector clients and reaching new clients to leverage Region's experience and resources • Opportunities to scale with expansion into other focus areas in Regions' Corporate Bank.

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31 Environmental Social & Governance MSCI State Street Global Advisors S&P Global Sustainalytics AA ESG Rating 68 R-Factor Score S&P 500 ESG Index Low-Risk ESG Risk Rating Human Rights Campaign JUST Capital JUST Capital Disability Equality Index FTSE Russell 100 Score in 2021 Corporate Equality Index 2021 JUST 100 Top 100 Companies Supporting Healthy Families and Communities 2021 Best Place To Work FTSE4Good Index Series Suite of ESG Disclosures • Annual Review & ESG Report • TCFD Report • GRI Content Index • CDP Climate Change Questionnaire Response • SASB Disclosure • Workforce Demographics Report • Community Engagement Report All resources available through our ESG Resource Center accessible at ir.regions.com/governance

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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 Core net interest income and adjusted net interest margin Quarter-ended 12/31/2021 9/30/2021 Net interest income (FTE) (GAAP) $ 1,029 $ 976 Impact of SBA PPP loans (39) (31) Impact of excess cash (3) (3) Core net interest income (FTE) (non-GAAP) $ 987 $ 942 Net interest margin (FTE) (GAAP) 2.83 % 2.76 % Impact of SBA PPP loans (0.09) % (0.05) % Impact of excess cash 0.60 % 0.59 % Adjusted net interest margin (FTE) (non-GAAP) 3.34 % 3.30 %

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34 Non-GAAP reconciliation Adjusted average loans Average Balances ($ amounts in millions) 4Q21 3Q21 2Q21 1Q21 4Q20 4Q21 vs. 3Q21 4Q21 vs. 4Q20 Commercial and industrial $ 42,254 $ 41,892 $ 43,140 $ 42,816 $ 43,889 $ 362 0.9 % $ (1,635) (3.7) % Add: Commercial loans held for sale reclassified to the portfolio — — 138 231 3 — NM (3) (100.0) % Less: SBA PPP Loans 1,088 2,138 3,901 3,798 4,143 (1,050) (49.1) % (3,055) (73.7) % Adjusted commercial and industrial loans (non-GAAP) $ 41,166 $ 39,754 $ 39,377 $ 39,249 $ 39,749 $ 1,412 3.6 % $ 1,417 3.6 % Total commercial loans $ 47,903 $ 47,574 $ 48,774 $ 48,494 $ 49,597 $ 329 0.7 % $ (1,694) (3.4) % Add: Commercial loans held for sale reclassified to the portfolio — — 138 231 — — NM — NM Less: SBA PPP Loans 1,088 2,138 3,901 3,798 4,143 (1,050) (49.1) % (3,055) (73.7) % Adjusted total commercial loans (non-GAAP) $ 46,815 $ 45,436 $ 45,011 $ 44,927 $ 45,454 $ 1,379 3.0 % $ 1,361 3.0 % Total business loans $ 55,088 $ 54,885 $ 56,056 $ 55,716 $ 57,045 $ 203 0.4 % $ (1,957) (3.4) % Add: Commercial loans held for sale reclassified to the portfolio — — 138 231 3 — NM (3) (100.0) % Less: SBA PPP Loans 1,088 2,138 3,901 3,798 4,143 (1,050) (49.1) % (3,055) (73.7) % Adjusted total business loans (non-GAAP) $ 54,000 $ 52,747 $ 52,293 $ 52,149 $ 52,905 $ 1,253 2.4 % $ 1,095 2.1 % Total consumer loans $ 31,460 $ 28,465 $ 28,495 $ 29,039 $ 29,619 $ 2,995 10.5 % $ 1,841 6.2 % Less: other consumer—exit portfolios 1,160 1,363 1,599 1,884 2,187 (203) (14.9) % (1,027) (47.0) % Adjusted total consumer loans (non-GAAP) $ 30,300 $ 27,102 $ 26,896 $ 27,155 $ 27,432 $ 3,198 11.8 % $ 2,868 10.5 % Total loans $ 86,548 $ 83,350 $ 84,551 $ 84,755 $ 86,664 $ 3,198 3.8 % $ (116) (0.1) % Add: Commercial loans held for sale reclassified to the portfolio — — 138 231 3 — NM (3) (100.0) % Less: SBA PPP Loans 1,088 2,138 3,901 3,798 4,143 (1,050) (49.1) % (3,055) (73.7) % Less: other consumer—exit portfolios 1,160 1,363 1,599 1,884 2,187 (203) (14.9) % (1,027) (47.0) % Adjusted total loans (non-GAAP) $ 84,300 $ 79,849 $ 79,189 $ 79,304 $ 80,337 $ 4,451 5.6 % $ 3,963 4.9 % NM - Not Meaningful

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35 Non-GAAP reconciliation Adjusted full year average loans Average Balance Average Balance Average Balance Twelve Months Ended Twelve Months Ended Twelve Months Ended ($ amounts in millions) December 31, 2021 December 31, 2020 2021 vs. 2020 Total Loans $ 84,802 $ 87,813 $ (3,011) (3.4) % Add: Commercial loans held for sale reclassified to the portfolio 91 1 90 NM Less: SBA PPP Loans 2,722 2,986 (264) (8.8) % Less: other consumer—exit portfolios 1,499 2,758 (1,259) (45.6) % Adjusted total loans (non-GAAP) 80,672 82,070 (1,398) (1.7) % NM - Not Meaningful

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36 Non-GAAP reconciliation Adjusted ending loans As of 12/31/2021 12/31/2021 ($ amounts in millions) 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 vs. 9/30/2021 vs. 12/31/2020 Commercial and industrial $ 43,758 $ 41,748 $ 42,628 $ 43,241 $ 42,870 $ 2,010 4.8 % $ 888 2.1 % Add: Commercial loans held for sale reclassified to the portfolio — — — 210 239 — NM (239) (100.0) % Less: SBA PPP Loans 748 1,536 2,948 4,317 3,624 (788) (51.3) % (2,876) (79.4) % Adjusted commercial and industrial loans (non-GAAP) $ 43,010 $ 40,212 $ 39,680 $ 39,134 $ 39,485 $ 2,798 7.0 % $ 3,525 8.9 % Total commercial loans $ 49,309 $ 47,446 $ 48,254 $ 48,869 $ 48,575 $ 1,863 3.9 % $ 734 1.5 % Add: Commercial loans held for sale reclassified to the portfolio — — — 210 239 — NM (239) (100.0) % Less: SBA PPP Loans 748 1,536 2,948 4,317 3,624 (788) (51.3) % (2,876) (79.4) % Adjusted total commercial loans (non-GAAP) $ 48,561 $ 45,910 $ 45,306 $ 44,762 $ 45,190 $ 2,651 5.8 % $ 3,371 7.5 % Total business loans $ 56,336 $ 54,758 $ 55,502 $ 56,091 $ 55,838 $ 1,578 2.9 % $ 498 0.9 % Add: Commercial loans held for sale reclassified to the portfolio — — — 210 239 — NM (239) (100.0) % Less: SBA PPP Loans 748 1,536 2,948 4,317 3,624 (788) (51.3) % (2,876) (79.4) % Adjusted total business loans (non-GAAP) $ 55,588 $ 53,222 $ 52,554 $ 51,984 $ 52,453 $ 2,366 4.4 % $ 3,135 6.0 % Total consumer loans $ 31,448 $ 28,512 $ 28,572 $ 28,664 $ 29,428 $ 2,936 10.3 % $ 2,020 6.9 % Less: Other consumer- exit portfolios 1,071 1,260 1,479 1,739 2,035 (189) (15.0) % (964) (47.4) % Adjusted total consumer loans (non-GAAP) $ 30,377 $ 27,252 $ 27,093 $ 26,925 $ 27,393 $ 3,125 11.5 % $ 2,984 10.9 % Total loans $ 87,784 $ 83,270 $ 84,074 $ 84,755 $ 85,266 $ 4,514 5.4 % $ 2,518 3.0 % Add: Commercial loans held for sale reclassified to the portfolio — — — 210 239 — NM (239) (100.0) % Less: SBA PPP Loans 748 1,536 2,948 4,317 3,624 (788) (51.3) % (2,876) (79.4) % Less: Other consumer- exit portfolios 1,071 1,260 1,479 1,739 2,035 (189) (15.0) % (964) (47.4) % Adjusted ending total loans (non-GAAP) $ 85,965 $ 80,474 $ 79,647 $ 78,909 $ 79,846 $ 5,491 6.8 % $ 6,119 7.7 % NM - Not Meaningful

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37 Non-GAAP reconciliation Non-interest expense Year Ended December 31 ($ amounts in millions) 2021 2020 2019 2018 2017 2016 Non-interest expense (GAAP) $ 3,747 $ 3,643 $ 3,489 $ 3,570 $ 3,491 $ 3,483 Adjustments: Contribution to Regions Financial Corporation foundation (3) (10) — (60) (40) — Professional, legal and regulatory expenses (15) (7) — — — (3) Branch consolidation, property and equipment charges (5) (31) (25) (11) (22) (58) Expenses associated with residential mortgage loan sale — — — (4) — — Loss on early extinguishment of debt (20) (22) (16) — — (14) Salary and employee benefits—severance charges (6) (31) (5) (61) (10) (21) Acquisition Expense — (1) — — — — Adjusted non-interest expense (non-GAAP) $ 3,698 $ 3,541 $ 3,443 $ 3,434 $ 3,419 $ 3,387

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38 Non-GAAP reconciliation ACL/Loans excluding PPP As of ($ amounts in millions) 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Total Loans $ 87,784 $ 83,270 $ 84,074 $ 84,755 $ 85,266 Less: SBA PPP Loans 748 1,536 2,948 4,317 3,624 Loans excluding PPP, net (non- GAAP) $ 87,036 $ 81,734 $ 81,126 $ 80,438 $ 81,642 ACL at period end $ 1,574 $ 1,499 $ 1,684 $ 2,068 $ 2,293 Less: SBA PPP Loans' ACL $ 2 $ 2 $ 3 $ 3 $ 1 ACL excluding PPP Loans' ACL (non-GAAP) $ 1,572 $ 1,497 $ 1,681 $ 2,065 $ 2,292 ACL/Loans excluding PPP, net (non-GAAP) 1.81 % 1.83 % 2.07 % 2.57 % 2.81 %

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39 Non-GAAP reconciliation Pre-tax pre-provision income (PPI) Quarter Ended ($ amounts in millions) 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 4Q21 vs. 3Q21 4Q21 vs. 4Q20 Net income (loss) available to common shareholders (GAAP) $ 414 $ 624 $ 748 $ 614 $ 588 $ (210) (33.7) % $ (174) (29.6) % Preferred dividends and other (GAAP) 24 27 42 28 28 (3) (11.1) % (4) (14.3) % Income tax expense (benefit) (GAAP) 103 180 231 180 121 (77) (42.8) % (18) (14.9) % Income (loss) before income taxes (GAAP) 541 831 1,021 822 737 (290) (34.9) % (196) (26.6) % Provision for (benefit from) credit losses (GAAP) 110 (155) (337) (142) (38) 265 171.0 % 148 389.5 % Pre-tax pre-provision income (non-GAAP) 651 676 684 680 699 (25) (3.7) % (48) (6.9) % Other adjustments: Securities (gains) losses, net — (1) (1) (1) — 1 100.0 % — NM Gains on equity investment — — — (3) (6) — NM 6 100.0 % Leveraged lease termination gains, net — (2) — — — 2 100.0 % — NM Bank-owned life insurance — — (18) — (25) — NM 25 100.0 % Salaries and employee benefits—severance charges 1 — 2 3 26 1 NM (25) (96.2) % Branch consolidation, property and equipment charges — — — 5 7 — NM (7) (100.0) % Contribution to the Regions Financial Corporation foundation — — 1 2 10 — NM (10) (100.0) % Loss on early extinguishment of debt — 20 — — 14 (20) (100.0) % (14) (100.0) % Professional, legal and regulatory expenses 15 — — — — 15 NM 15 NM Total other adjustments 16 17 (16) 6 26 (1) (5.9) % (10) (38.5) % Adjusted pre-tax pre-provision income (non-GAAP) $ 667 $ 693 $ 668 $ 686 $ 725 $ (26) (3.8) % $ (58) (8.0) % NM - Not Meaningful

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40 Non-GAAP reconciliation Pre-tax pre-provision income (PPI) NM - Not Meaningful Year Ended ($ amounts in millions) 12/31/2021 12/31/2020 2021 vs. 2020 Net income available to common shareholders (GAAP) $ 2,400 $ 991 $ 1,409 142.2 % Preferred dividends (GAAP) 121 103 18 17.5 % Income tax expense (GAAP) 694 220 474 215.5 % Income before income taxes (GAAP) 3,215 1,314 1,901 144.7 % Provision for credit losses (GAAP) (524) 1,330 (1,854) (139.4) % Pre-tax pre-provision income (non-GAAP) 2,691 2,644 47 1.8 % Other adjustments: Securities (gains) losses, net (3) (4) 1 25.0 % Gains on equity investment (3) (50) 47 94.0 Leveraged lease termination gains, net (2) (2) — — % Bank owned life insurance (18) (25) 7 28.0 % Salaries and employee benefits—severance charges 6 31 (25) (80.6) % Branch consolidation, property and equipment charges 5 31 (26) (83.9) % Contribution to the Regions Financial Corporation foundation 3 10 (7) (70.0) % Loss on early extinguishment of debt 20 22 (2) (9.1) Professional, legal and regulatory expenses 15 7 8 114.3 Ascentium expenses — 1 (1) (100.0) Total other adjustments 23 21 2 9.5 % Adjusted pre-tax pre-provision income (non-GAAP) $ 2,714 $ 2,665 $ 49 1.8 %

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41 Non-GAAP reconciliation NII, non-interest income/expense, and efficiency ratio NM - Not Meaningful Quarter Ended ($ amounts in millions) 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 4Q21 vs. 3Q21 4Q21 vs. 4Q20 Non-interest expense (GAAP) A $ 983 $ 938 $ 898 $ 928 $ 987 $ 45 4.8 % $ (4) (0.4) % Adjustments: Contribution to the Regions Financial Corporation foundation — — (1) (2) (10) — NM 10 100.0 Branch consolidation, property and equipment charges — — — (5) (7) — NM 7 100.0 % Salary and employee benefits—severance charges (1) — (2) (3) (26) (1) NM 25 96.2 % Loss on early extinguishment of debt — (20) — — (14) 20 100.0 % 14 NM Professional, legal and regulatory expenses (15) — — — — (15) NM (15) NM Adjusted non-interest expense (non-GAAP) B $ 967 $ 918 $ 895 $ 918 $ 930 $ 49 5.3 % $ 37 4.0 % Net interest income (GAAP) C $ 1,019 $ 965 $ 963 $ 967 $ 1,006 $ 54 5.6 % 13 1.3 % Taxable-equivalent adjustment 10 11 12 11 11 (1) (9.1) % (1) (9.1) % Net interest income, taxable-equivalent basis D $ 1,029 $ 976 $ 975 $ 978 $ 1,017 $ 53 5.4 % $ 12 1.2 % Non-interest income (GAAP) E 615 649 619 641 680 (34) (5.2) % (65) (9.6) % Adjustments: Securities (gains) losses, net — (1) (1) (1) — 1 100.0 % — NM Gains on equity investment — — — (3) (6) — NM 6 100.0 % Leveraged lease termination gains — (2) — — — 2 100.0 % — NM Bank-owned life insurance — — (18) — (25) — NM 25 100.0 % Adjusted non-interest income (non-GAAP) F $ 615 $ 646 $ 600 $ 637 $ 649 (31) (4.80) % -34 (5.2) % Total revenue C+E=G $ 1,634 $ 1,614 $ 1,582 $ 1,608 $ 1,686 $ 20 1.2 % $ (52) (3.1) % Adjusted total revenue (non-GAAP) C+F=H $ 1,634 $ 1,611 $ 1,563 $ 1,604 $ 1,655 $ 23 1.4 % $ (21) (1.3) % Total revenue, taxable-equivalent basis D+E=I $ 1,644 $ 1,625 $ 1,594 $ 1,619 $ 1,697 $ 19 1.2 % $ (53) (3.1) % Adjusted total revenue, taxable-equivalent basis (non-GAAP) D+F=J $ 1,644 $ 1,622 $ 1,575 $ 1,615 $ 1,666 $ 22 1.4 % $ (22) (1.3) % Efficiency ratio (GAAP) A/I 59.8 % 57.7 % 56.4 % 57.3 % 58.1 % Adjusted efficiency ratio (non-GAAP) B/J 58.8 % 56.6 % 56.9 % 56.8 % 55.8 % Fee income ratio (GAAP) E/I 37.4 % 40.0 % 38.8 % 39.6 % 40.1 % Adjusted fee income ratio (non-GAAP) F/J 37.4 % 39.8 % 38.1 % 39.4 % 38.9 %

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42 Non-GAAP reconciliation NII, non-interest income/expense, and efficiency ratio NM - Not Meaningful Twelve Months Ended December 31 ($ amounts in millions) 2021 2020 2021 vs. 2020 Non-interest expense (GAAP) K $ 3,747 $ 3,643 $ 104 2.9 % Adjustments: Contribution to the Regions Financial Corporation foundation (3) (10) 7 70.0 % Branch consolidation, property and equipment charges (5) (31) 26 83.9 % Salary and employee benefits—severance charges (6) (31) 25 80.6 % Loss on early extinguishment of debt (20) (22) 2 9.1 % Professional, legal and regulatory expenses (15) (7) (8) (114.3) % Acquisition expenses — (1) 1 100.0 % Adjusted non-interest expense (non-GAAP) L $ 3,698 $ 3,541 $ 157 4.4 % Net interest income (GAAP) M $ 3,914 $ 3,894 $ 20 0.5 % Taxable-equivalent adjustment 44 48 (4) (8.3) % Net interest income, taxable-equivalent basis N $ 3,958 $ 3,942 $ 16 0.4 % Non-interest income (GAAP) O $ 2,524 $ 2,393 $ 131 5.5 % Adjustments: Securities (gains) losses, net (3) (4) 1 25.0 % Gains on equity investment (3) (50) 47 94.0 % Leveraged lease termination gains (2) (2) — — % Bank owned life insurance (18) (25) 7 28.0 % Adjusted non-interest income (non-GAAP) P $ 2,498 $ 2,312 $ 186 8.0 % Total revenue M+O=Q $ 6,438 $ 6,287 $ 151 2.4 % Adjusted total revenue (non-GAAP) M+P=R $ 6,412 $ 6,206 $ 206 3.3 % Total revenue, taxable-equivalent basis N+O=S $ 6,482 $ 6,335 $ 147 2.3 % Adjusted total revenue, taxable-equivalent basis (non-GAAP) N+P=T $ 6,456 $ 6,254 $ 202 3.2 % Operating leverage ratio (GAAP) S-K (0.6) % Adjusted operating leverage ratio (non-GAAP) T-L (1.2) % Efficiency ratio (GAAP) K/S 57.8 % 57.5 % Adjusted efficiency ratio (non-GAAP) L/T 57.3 % 56.6 % Fee income ratio (GAAP) O/S 38.9 % 37.8 % Adjusted fee income ratio (non-GAAP) P/T 38.7 % 37.0 %

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43 Non-GAAP reconciliation Non-interest income Year Ended ($ amounts in millions) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Non-interest income (GAAP) $ 2,226 $ 2,201 $ 2,096 $ 1,785 $ 1,937 $ 2,011 $ 1,962 $ 2,019 $ 2,116 $ 2,393 $ 2,524 Security (gains) losses, net (112) (48) (26) (27) (29) (6) (19) (1) 28 (4) (3) Bank Owned Life Insurance - Adusted Items — — — — — — — — — (25) (18) Leverage Lease Terminations Inc (8) (14) (39) (10) (8) (8) (1) (8) (1) (2) (2) Loss on sale of mortgage loans 3 — — — — — — — — — — Gain on sale of other assets — — (24) — — — — — — — — Gain on sale of affordable housing residential mortgage loans — — — — — (5) (5) — (8) — — Gains on equity investment — — — — — — — — — (50) (3) Insurance proceeds — — — — (91) (50) — — — — — Adjusted non-interest income (non- GAAP) $ 2,109 $ 2,139 $ 2,007 $ 1,748 $ 1,809 $ 1,942 $ 1,937 $ 2,010 $ 2,135 $ 2,312 $ 2,498

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44 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 any pandemic, including the COVID-19 pandemic, could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses. • Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in tax law, adverse changes in the economic environment, declining operations of the reporting unit or other factors. • The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios, and our ability to return capital to shareholders. • Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases. • Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses. • Possible acceleration of prepayments on mortgage-backed securities due to low interest rates, and the related acceleration of premium amortization on those securities. • Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, which could increase our funding costs. • Possible changes in consumer and business spending and saving habits and the related effect on our ability to increase assets and to attract deposits, which could adversely affect our net income. • Our ability to effectively compete with other traditional and non-traditional financial services companies, including fintechs, some of whom possess greater financial resources than we do or are subject to different regulatory standards than we are. • Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers’ needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue. • Our inability to keep pace with technological changes, including those related to the offering of digital banking and financial services, could result in losing business to competitors. • Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the changes in U.S. presidential administration, control of the U.S. Congress, and changes in personnel at the bank regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. • Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders. Forward-looking statements

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45 • Our ability to comply with stress testing and capital planning requirements (as part of the CCAR process or otherwise) may continue to require a significant investment of our managerial resources due to the importance of such tests and requirements. • Our ability to comply with applicable capital and liquidity requirements (including, among other things, the Basel III capital standards), including our ability to generate capital internally or raise capital on favorable terms, and if we fail to meet requirements, our financial condition and market perceptions of us could be negatively impacted. • The effects of any developments, changes or actions relating to any litigation or regulatory proceedings brought against us or any of our subsidiaries. • The costs, including possibly incurring fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results. • Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our businesses. • Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and nonfinancial benefits relating to our strategic initiatives. • The risks and uncertainties related to our acquisition or divestiture of businesses, including our recently completed acquisitions of EnerBank, Sabal Capital Partners, and Clearsight Advisors, and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within the expected timeframes, or might be less than projected; difficulties in integrating the businesses; and the inability of Regions to effectively cross-sell products following these acquisitions. • The success of our marketing efforts in attracting and retaining customers. • Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time. • Fraud or misconduct by our customers, employees or business partners. • Any inaccurate or incomplete information provided to us by our customers or counterparties. • Inability of our framework to manage risks associated with our businesses, such as credit risk and operational risk, including third-party vendors and other service providers, which could, among other things, result in a breach of operating or security systems as a result of a cyber attack or similar act or failure to deliver our services effectively. • Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms. • The inability of our internal controls and procedures to prevent, detect or mitigate any material errors or fraudulent acts. • The effects of geopolitical instability, including wars, conflicts, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our businesses. • The effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes, and environmental damage (specifically in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and frequency of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change. • Changes in commodity market prices and conditions could adversely affect the cash flows of our borrowers operating in industries that are impacted by changes in commodity prices (including businesses indirectly impacted by commodities prices such as businesses that transport commodities or manufacture equipment used in the production of commodities), which could impair their ability to service any loans outstanding to them and/or reduce demand for loans in those industries. • Our ability to identify and address cyber-security risks such as data security breaches, malware, ransomware, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our businesses and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage to our systems, increased costs, losses, or adverse effects to our reputation. • Our ability to achieve our expense management initiatives. Forward-looking statements (continued)

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46 • Market replacement of LIBOR and the related effect on our LIBOR-based financial products and contracts, including, but not limited to, derivative products, debt obligations, deposits, investments, and loans. • Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets. • The effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. • The effects of the failure of any component of our business infrastructure provided by a third party could disrupt our businesses, result in the disclosure of and/or misuse of confidential information or proprietary information, increase our costs, negatively affect our reputation, and cause losses. • Our ability to receive dividends from our subsidiaries, in particular Regions Bank, could affect our liquidity and ability to pay dividends to shareholders. • Changes in accounting policies or procedures as may be required by the FASB or other regulatory agencies could materially affect our financial statements and how we report those results, and expectations and preliminary analyses relating to how such changes will affect our financial results could prove incorrect. • Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated. • The effects of any damage to our reputation resulting from developments related to any of the items identified above. • Other risks identified from time to time in reports that we file with the SEC. The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2020 and the "Risk Factors" of Regions' Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 as filed with the SEC. Forward-looking statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the COVID-19 pandemic (including any resurgences) and the direct and indirect impact of the COVID-19 pandemic on our customers, third parties and us. The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objectives,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law. 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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