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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): October 22, 2021

 REGIONS FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-34034

63-0589368

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1900 Fifth Avenue North

Birmingham, Alabama 35203

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

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

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

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

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 October 22, 2021, Regions Financial Corporation (“Regions”) issued a press release announcing its preliminary results of operations for the quarter ended September 30, 2021. A copy of the press release is attached hereto as Exhibit 99.1. Supplemental financial information for the quarter ended September 30, 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 October 22, 2021. A copy of a visual presentation that will be a part of that review is attached as Exhibit 99.3. All of the attached exhibits are incorporated herein by reference and may also be found on Regions’ website at www.regions.com. An archived recording of the webcast will be available for a limited time on the Investor Relations page of that website.

    

In accordance with general instruction B.2 of Form 8-K, this information is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number						Description of Exhibit
99.1						Press Release dated October 22, 2021.
99.2						Supplemental Financial Information for the Quarter Ended September 30, 2021.
99.3						Visual Presentation of October 22, 2021.
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: October 22, 2021

Exhibit 99.1

  

Media Contact:

Investor Relations Contact:

Jeremy King

Dana Nolan

(205) 264-4551

(205) 264-7040

Solid Performance. Positioned for Growth. Regions reports third quarter 2021 earnings of $624 million, earnings per share of $0.65

Delivers solid revenue and pre-tax pre-provision income(1).

BIRMINGHAM, Ala. - (BUSINESS WIRE) - October 22, 2021 - Regions Financial Corporation (NYSE:RF) today announced earnings for the third quarter ended September 30, 2021. The company reported net income available to common shareholders of $624 million and earnings per diluted share of $0.65. Compared to the second quarter of 2021, total revenue grew 2 percent while pre-tax pre-provision income(1) decreased 1 percent. Adjusted revenue(1) increased 3 percent while adjusted pre-tax pre-provision income(1) increased 4 percent. The company also generated modest year-to-date positive operating leverage on a reported and adjusted basis.(1)

“Our ability to deliver solid third quarter results comes from having both a strong foundation and a strategic plan that positions us to grow effectively and efficiently,” said John Turner, President and CEO of Regions Financial Corp. “Strong relationships with customers across all segments drive our performance, and our track record of exceptional service continues to deepen those relationships while also bringing in new customers. We’re operating in markets that are attractive and growing, and those are the places where we’ll continue to make investments while consistently strengthening the core of our business throughout our footprint.

“Our focus on sustainable growth continues with bolt-on acquisitions – EnerBank aligns with our strategy to be the premier lender to homeowners, and our agreement to acquire Sabal Capital Partners is designed to further expand our range of specialized services for business clients,” Turner added. “Regions' investments in digital and data are also positioning us for growth. Through a technology-enabled, seamless experience in branches and across all platforms, customers are responding to the personalized service, advice and guidance they're getting from Regions.

“We have the plan, the team, and the experience to compete with purpose and passion, and we are focused every day on delivering results for our customers, communities, and shareholders,” Turner concluded.

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Key factors positioning Regions for continued growth include:

1) Attractive core markets and growth markets:

•Regions has identified high-growth markets in its existing footprint that are benefiting from population and business growth, such as Florida, Georgia, Texas, and Tennessee, which further position the company to reach more consumers and businesses with high-value financial services.

•A consistently modernized branch network, which includes key investments in markets such as Houston, Orlando, and Atlanta, combines in-person financial consultation with enhanced technology. This supports further account growth while creating greater efficiencies across Regions' retail-banking footprint.

2) Focus on digital, data, and innovation:

•Regions’ customer experience is powered not only by exceptional bankers who know their customers – but also technology that is constantly evolving to better connect consumers and businesses with custom-tailored, convenient solutions. For example, we are leveraging artificial intelligence in our Contact Centers to further improve the customer experience and have handled 1 million customer calls this year.

•Consumers are increasingly leveraging Regions' enhanced online and mobile banking options. More than two-thirds of our customer transactions are digital. Over the last two years, active mobile banking users are up 23% and Zelle transactions have more than tripled.

•Digitized sales in the consumer bank are up 38% year-to-date, reflecting our ability to deliver greater value for our customers and become more efficient in how we operate.

•In addition, product innovation across our business groups will continue to support a positive customer experience. For example, Regions recently launched Regions Now Checking - a Bank On-certified account that combines the convenience of modern banking with no overdraft fees.

3) Specialty lending capabilities:

•Regions has continued to pursue beneficial bolt-on acquisitions, including the acquisition of home improvement point-of-sale lender EnerBank that was completed Oct. 1 and the recently announced agreement to acquire Sabal Capital Partners, LLC.

•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.

•The agreement to acquire Sabal Capital Partners announced in early October serves as the latest example of Regions expanding fee-based businesses that enable the bank to deliver additional services that complement the company’s existing suite of financial solutions.

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SUMMARY OF THIRD QUARTER 2021 RESULTS:

						Quarter Ended
(amounts in millions, except per share data)						9/30/2021						6/30/2021						9/30/2020
Net income						$	651					$	790					$	530
Preferred dividends and other*						27						42						29
Net income available to common shareholders						$	624					$	748					$	501
Weighted-average diluted shares outstanding						962						965						962
Actual shares outstanding—end of period						955						955						960
Diluted earnings per common share						$	0.65					$	0.77					$	0.52
Selected items impacting earnings:
Pre-tax adjusted items(1):
Adjustments to non-interest expense(1)						$	(20)					$	(3)					$	(7)
Adjustments to non-interest income(1)						3						19						47
Total pre-tax adjusted items(1)						$	(17)					$	16					$	40
After-tax preferred stock redemption expense(1)*						$	—					$	(13)					$	—
Diluted EPS impact**						$	(0.01)					$	—					$	0.03
Pre-tax additional selected items***:
CECL provision less than (in excess of) net charge-offs						$	185					$	384					$	—
Capital markets income - CVA/DVA						1						(4)						5
MSR net hedge performance						(15)						(6)						—
PPP loan interest income****						31						43						31
COVID-19 related expenses						—						—						(3)
Pension settlement charges						(8)						—						—

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

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

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

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, $2 million in leveraged lease termination gains and $1 million in securities gains more than offset by $20 million in charges for the early extinguishment of debt.

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Total revenue

						Quarter Ended
($ amounts in millions)						9/30/2021						6/30/2021						9/30/2020						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Net interest income						$	965					$	963					$	988					$	2					0.2		%				$	(23)					(2.3)		%
Taxable equivalent adjustment						11						12						12						(1)						(8.3)		%				(1)						(8.3)		%
Net interest income, taxable equivalent basis						$	976					$	975					$	1,000					$	1					0.1		%				$	(24)					(2.4)		%
Net interest margin (FTE)						2.76		%				2.81		%				3.13		%
Adjusted net interest margin (FTE) (non-GAAP)(1)						3.30		%				3.31		%				3.41		%
Non-interest income:
Service charges on deposit accounts						$	162					$	163					$	152					(1)						(0.6)		%				10						6.6		%
Card and ATM fees						129						128						115						1						0.8		%				14						12.2		%
Wealth management income						95						96						85						(1)						(1.0)		%				10						11.8		%
Capital markets income						87						61						61						26						42.6		%				26						42.6		%
Mortgage income						50						53						108						(3)						(5.7)		%				(58)						(53.7)		%
Commercial credit fee income						23						23						20						—						—		%				3						15.0		%
Bank-owned life insurance						18						33						17						(15)						(45.5)		%				1						5.9		%
Securities gains (losses), net						1						1						3						—						—		%				(2)						(66.7)		%
Market value adjustments on employee benefit assets*						5						8						14						(3)						(37.5)		%				(9)						(64.3)		%
Gains on equity investment						—						—						44						—						NM						(44)						(100.0)
Other						79						53						36						26						49.1		%				43						119.4		%
Non-interest income						$	649					$	619					$	655					$	30					4.8		%				$	(6)					(0.9)		%
Total revenue						$	1,614					$	1,582					$	1,643					$	32					2.0		%				$	(29)					(1.8)		%
Adjusted total revenue (non-GAAP)(1)						$	1,611					$	1,563					$	1,596					$	48					3.1		%				$	15					0.9		%

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 2 percent on a reported basis and 3 percent on an adjusted basis(1) compared to the second quarter of 2021. Net interest income increased modestly in aggregate and 1 percent after adjusting for lower PPP income linked-quarter. The company offset pressure on asset yields from the low interest rate environment through its interest rate hedging program, a continued focus on lower funding costs, and active cash management strategies. This includes securities purchases in the second quarter, as well as a net reduction of holding company debt in the third quarter. Loan growth, one additional day in the quarter, and a large interest recovery drove net interest income higher. 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) remained relatively stable at 3.30 percent.

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Non-interest income increased 5 percent on a reported basis and 8 percent on an adjusted basis(1) compared to the second quarter of 2021. Capital markets income increased 43 percent, driven by record loan syndication revenue and strong M&A advisory fees. Other income increased 49 percent attributable primarily to an increase in the value of certain equity investments as well as increased gains associated with the sale of certain small dollar equipment loans and leases. Mortgage income decreased 6 percent primarily due to mortgage servicing rights valuation adjustments, partially offset by improved secondary market gains. Service charges and wealth management income experienced modest declines compared to the prior quarter. Additionally, bank-owned life insurance income decreased $15 million during the quarter compared to the second quarter, which included the benefit of a significant claim.

Non-interest expense

						Quarter Ended
($ amounts in millions)						9/30/2021						6/30/2021						9/30/2020						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Salaries and employee benefits						$	552					$	532					$	525					$	20					3.8		%				$	27					5.1		%
Equipment and software expense						90						89						89						1						1.1		%				1						1.1		%
Net occupancy expense						75						75						80						—						—		%				(5)						(6.3)		%
Outside services						38						39						44						(1)						(2.6)		%				(6)						(13.6)		%
Professional, legal and regulatory expenses						21						15						22						6						40.0		%				(1)						(4.5)		%
Marketing						23						29						22						(6)						(20.7)		%				1						4.5		%
FDIC insurance assessments						11						11						10						—						NM						1						10.0		%
Credit/checkcard expenses						16						17						12						(1)						(5.9)		%				4						33.3		%
Branch consolidation, property and equipment charges						—						—						3						—						—		%				(3)						(100.0)		%
Visa class B shares expense						4						6						5						(2)						(33.3)		%				(1)						(20.0)		%
Loss on early extinguishment of debt						20						—						2						20						NM						18						NM
Other						88						85						82						3						3.5		%				6						7.3		%
Total non-interest expense						$	938					$	898					$	896					$	40					4.5		%				$	42					4.7		%
Total adjusted non-interest expense(1)						$	918					$	895					$	889					$	23					2.6		%				$	29					3.3		%

NM - Not Meaningful

Non-interest expense increased 4 percent on a reported basis and 3 percent on an adjusted basis(1) compared to the second quarter of 2021. Salaries and benefits increased 4 percent, driven primarily by higher variable-based compensation associated with elevated fee income as well as one additional work day in the third quarter. Full-

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time equivalent associate headcount increased by 149 positions with the vast majority located in revenue-producing businesses. Further, strong financial performance contributed to higher incentive compensation. Professional fees increased 40 percent reflecting the benefit of a legal reserve release in the prior quarter that did not repeat. Most other expense categories increased slightly or remained relatively stable. Partially offsetting these increases was a 21 percent decrease in marketing expense due to the timing of campaigns. The company also incurred a $20 million charge associated with the early extinguishment of debt during the quarter.

The company's third quarter efficiency ratio was 57.7 percent on a reported basis and 56.6 percent on an adjusted basis(1). The effective tax rate was 21.7 percent.

Loans and Leases

						Average Balances
($ amounts in millions)						3Q21						2Q21						3Q20						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Commercial and industrial						$	41,892					$	43,140					$	46,405					$	(1,248)					(2.9)		%				$	(4,513)					(9.7)%
Commercial real estate—owner-occupied						5,682						5,634						5,816						48						0.9		%				(134)						(2.3)%
Investor real estate						7,311						7,282						7,298						29						0.4		%				13						0.2%
Business Lending						54,885						56,056						59,519						(1,171)						(2.1)		%				(4,634)						(7.8)%
Residential first mortgage						17,198						16,795						15,786						403						2.4		%				1,412						8.9%
Home equity						6,523						6,774						7,727						(251)						(3.7)		%				(1,204)						(15.6)%
Indirect—other consumer*						2,097						2,174						2,835						(77)						(3.5)		%				(738)						(26.0)%
Indirect—vehicles**						557						690						1,223						(133)						(19.3)		%				(666)						(54.5)%
Consumer credit card						1,128						1,108						1,194						20						1.8		%				(66)						(5.5)%
Other consumer						962						954						1,086						8						0.8		%				(124)						(11.4)%
Consumer Lending						28,465						28,495						29,851						(30)						(0.1)		%				(1,386)						(4.6)%
Total Loans						$	83,350					$	84,551					$	89,370					$	(1,201)					(1.4)		%				$	(6,020)					(6.7)%
Adjusted Business Lending (non-GAAP)(1)						$	52,747					$	52,293					$	54,961					454						0.9		%				$	(2,214)					(4.0)%
Adjusted Consumer Lending (non-GAAP)(1)						27,102						26,896						27,310						206						0.8		%				(208)						(0.8)%
Adjusted Total Loans (non-GAAP)(1)						$	79,849					$	79,189					$	82,271					$	660					0.8		%				$	(2,422)					(2.9)%

NM - Not meaningful.

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

** Indirect vehicles is an exit portfolio.

Average loans and leases decreased 1 percent compared to the prior quarter. Excluding the company's indirect auto and indirect-other consumer exit portfolios, as well as outstanding PPP loans, adjusted average and ending loans and leases(1) both increased approximately 1 percent. Adjusted average business lending(1) increased 1 percent led by growth in corporate and middle market lending across asset-based lending, healthcare, transportation, technology and defense, as well as essential business equipment lending through Ascentium. While still well below pre-pandemic levels, commercial loan line utilization levels ended the quarter at

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approximately 39.9 percent. Utilization levels have also been impacted by strong year-to-date loan commitment growth of $2 billion. Excluding exit portfolios, adjusted average consumer lending(1) increased 1 percent as growth in residential first mortgage and consumer credit card was offset by declines in other categories.

Deposits

						Average Balances
($ amounts in millions)						3Q21						2Q21						3Q20						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Customer low-cost deposits						$	127,369					$	126,315					$	110,493					$	1,054					0.8%						$	16,876					15.3%
Customer time deposits						4,527						4,813						6,150						(286)						(5.9)%						(1,623)						(26.4)%
Corporate treasury time deposits						1						1						13						—						—%						(12)						(92.3)%
Corporate treasury other deposits						—						3						—						(3)						(100.0)						—						NM
Total Deposits						$	131,897					$	131,132					$	116,656					$	765					0.6%						$	15,241					13.1%
($ amounts in millions)						3Q21						2Q21						3Q20						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Consumer Bank Segment						$	79,098					$	78,200					$	68,842					$	898					1.1%						$	10,256					14.9%
Corporate Bank Segment						42,525						42,966						38,755						(441)						(1.0)%						3,770						9.7%
Wealth Management Segment						9,873						9,519						8,658						354						3.7%						1,215						14.0%
Other						401						447						401						(46)						(10.3)%						—						—%
Total Deposits						$	131,897					$	131,132					$	116,656					$	765					0.6%						$	15,241					13.1%

Total average deposit balances increased 1 percent to a new record high in the third quarter of 2021. Consumer and Wealth Management deposits both increased compared to the second quarter while Corporate deposits decreased modestly.

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Asset quality

						As of and for the Quarter Ended
($ amounts in millions)						9/30/2021						6/30/2021						9/30/2020
ACL/Loans, net						1.80%						2.00%						2.74%
ALL/Loans, net						1.71%						1.90%						2.58%
Allowance for credit losses to non-performing loans, excluding loans held for sale						283%						253%						316%
Allowance for loan losses to non-performing loans, excluding loans held for sale						269%						240%						297%
Provision for (benefit from) credit losses						$(155)						$(337)						$113
Net loans charged-off						$30						$47						$113
Net loan charge-offs as a % of average loans, annualized						0.14%						0.23%						0.50%
Non-accrual loans, excluding loans held for sale/Loans, net						0.64%						0.79%						0.87%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale						0.66%						0.93%						0.90%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale*						0.80%						1.09%						1.08%
Total TDRs, excluding loans held for sale						$546						$620						$645
Total Criticized Loans—Business Services**						$3,054						$3,222						$3,734

* 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.

Continued improvements in the economic outlook and positive credit performance during the quarter resulted in a net $155 million benefit from credit losses during the third quarter of 2021. The resulting allowance for credit losses was equal to 1.80 percent of total loans and 283 percent of total non-accrual loans, excluding loans held for sale. Excluding PPP loans, which are fully government guaranteed, the allowance for credit losses amounted to 1.83 percent(1) of total loans. Annualized net charge-offs decreased 9 basis points to 0.14 percent of average loans, the company's lowest level on record post its 2006 merger of equals. The decrease reflects broad-based improvement across most commercial and consumer loan portfolios, as well as recoveries associated with strong collateral asset values. Total non-accrual loans, excluding loans held for sale, and total business services criticized loans both improved during the quarter, while total delinquencies remained unchanged.

    

Capital and liquidity

						As of and for Quarter Ended
						9/30/2021						6/30/2021						9/30/2020
Common Equity Tier 1 ratio(2)						10.8%						10.4%						9.3%
Tier 1 capital ratio(2)						12.3%						11.9%						10.8%
Tangible common stockholders’ equity to tangible assets (non-GAAP)(1)						7.79%						7.58%						7.88%
Tangible common book value per share (non-GAAP)(1)*						$12.32						$11.94						$11.49
Loans, net of unearned income, to total deposits						63.1%						63.9%						74.6%

* 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.

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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 12.3 percent and 10.8 percent, respectively, at quarter-end.

During the third quarter, the company declared $164 million in dividends to common shareholders.

(1)Non-GAAP; refer to pages 6, 7, 11, 12, 13, 15, 19, 21, 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 October 22, 2021, an archived recording of the webcast will be available at the Investor Relations page of www.regions.com following the live event. A replay of the earnings call will also be available beginning Friday, October 22, 2021, at 2:30 p.m. ET through Monday, November 22, 2021. To listen by telephone, please dial 855-859-2056, and use access code 2058432.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $156 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and approximately 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

Forward-Looking Statements

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

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

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

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

•The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of the ongoing COVID-19 pandemic, which has disrupted the global economy, has and could continue to adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses. The pandemic could also result in goodwill impairment charges and the impairment of other financial and nonfinancial assets, and increase our cost of capital.

•Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in 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.

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

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

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

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

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

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

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

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

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

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

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

•Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our 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 acquisition of EnerBank and risks related to such acquisition, 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 business; and the inability of Regions to effectively cross-sell products to EnerBank’s customers; as well as our pending acquisition of Sabal and risks related to such acquisition, including delays in closing the transaction; that the expected synergies, cost savings, and other financial or other benefits of the transaction might not be realized within the expected timeframes, or might be less than projected; and difficulties in integrating Sabal’s business.

•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 impact of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change.

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

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•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 a possible downgrade in the U.S. government’s sovereign credit rating or outlook, which could result in risks to us and general economic conditions that we are not able to predict.

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

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

•Our ability to receive dividends from our subsidiaries, 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.

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

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

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

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

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

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

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

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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.

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Exhibit 99.2

Regions Financial Corporation and Subsidiaries

Financial Supplement

Third Quarter 2021

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third 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						7
Non-Interest Income, Mortgage Income, Wealth Management Income and Capital Markets Income						8
Non-Interest Expense						10
Reconciliation to GAAP Financial Measures
Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income / Expense, Adjusted Operating Leverage Ratios, and Return Ratios						11
Credit Quality
Allowance for Credit Losses, Net Charge-Offs and Related Ratios						14
Non-Accrual Loans (excludes loans held for sale), Early and Late Stage Delinquencies						16
Troubled Debt Restructurings						17
Consolidated Balance Sheets						18
Loans						19
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 Third Quarter 2021 Earnings Release

Financial Highlights

			Quarter Ended
($ amounts in millions, except per share data)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Earnings Summary
Interest income - taxable equivalent			$	1,017					$	1,018					$	1,024					$	1,072					$	1,071
Interest expense - taxable equivalent			41						43						46						55						71
Net interest income - taxable equivalent			976						975						978						1,017						1,000
Less: Taxable-equivalent adjustment			11						12						11						11						12
Net interest income			965						963						967						1,006						988
Provision for (benefit from) credit losses			(155)						(337)						(142)						(38)						113
Net interest income after provision for (benefit from) credit losses			1,120						1,300						1,109						1,044						875
Non-interest income			649						619						641						680						655
Non-interest expense			938						898						928						987						896
Income before income taxes			831						1,021						822						737						634
Income tax expense			180						231						180						121						104
Net income			$	651					$	790					$	642					$	616					$	530
Net income available to common shareholders			$	624					$	748					$	614					$	588					$	501
Earnings per common share - basic			0.65						0.78						0.64						0.61						0.52
Earnings per common share - diluted			0.65						0.77						0.63						0.61						0.52
Balance Sheet Summary
At quarter-end
Loans, net of unearned income			$	83,270					$	84,074					$	84,755					$	85,266					$	88,359
Allowance for credit losses			(1,499		)				(1,684		)				(2,068		)				(2,293		)				(2,425		)
Assets			156,153						155,610						153,331						147,389						145,180
Deposits			132,039						131,484						129,602						122,479						118,445
Long-term borrowings - Other			2,451						2,870						2,916						3,569						4,919
Shareholders' equity			18,605						18,252						17,862						18,111						17,904
Average balances
Loans, net of unearned income			$	83,350					$	84,551					$	84,755					$	86,664					$	89,370
Assets			155,630						154,678						146,554						144,819						142,845
Deposits			131,897						131,132						122,937						119,767						116,656
Long-term borrowings - Other			2,774						2,901						3,192						4,634						5,437
Shareholders' equity			18,453						18,000						18,038						17,915						17,759

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Selected Ratios and Other Information

			As of and for Quarter Ended
			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Return on average assets* (1)			1.66		%				2.05		%				1.78		%				1.69		%				1.48		%
Return on average common shareholders' equity*			14.75		%				18.35		%				15.20		%				14.37		%				12.38		%
Return on average tangible common shareholders’ equity (non-GAAP)* (2)			21.34		%				26.91		%				22.28		%				21.15		%				18.32		%
Efficiency ratio			57.7		%				56.4		%				57.3		%				58.1		%				54.1		%
Adjusted efficiency ratio (non-GAAP) (2)			56.6		%				56.9		%				56.8		%				55.8		%				55.3		%
Common book value per share			$	17.75					$	17.38					$	16.87					$	17.13					$	16.92
Tangible common book value per share (non-GAAP) (2)			$	12.32					$	11.94					$	11.46					$	11.71					$	11.49
Tangible common shareholders’ equity to tangible assets (non-GAAP) (2)			7.79		%				7.58		%				7.43		%				7.91		%				7.88		%
Common equity (3)			$	11,628					$	11,190					$	10,952					$	10,525					$	10,092
Total risk-weighted assets (3)			$	108,164					$	107,943					$	106,261					$	106,943					$	108,285
Common equity Tier 1 ratio (3)			10.8		%				10.4		%				10.3		%				9.8		%				9.3		%
Tier 1 capital ratio (3)			12.3		%				11.9		%				11.9		%				11.4		%				10.8		%
Total risk-based capital ratio (3)			14.1		%				13.9		%				14.0		%				13.6		%				13.0		%
Leverage ratio (3)			8.8		%				8.6		%				8.9		%				8.7		%				8.5		%
Effective tax rate			21.7		%				22.6		%				21.9		%				16.5		%				16.5		%
Allowance for credit losses as a percentage of loans, net of unearned income			1.80		%				2.00		%				2.44		%				2.69		%				2.74		%
Allowance for credit losses as a percentage of loans excluding PPP, net of unearned income (non-GAAP)(2)			1.83		%				2.07		%				2.57		%				2.81		%				2.90		%
Allowance for credit losses to non-performing loans, excluding loans held for sale			283		%				253		%				280		%				308		%				316		%
Net interest margin (FTE)*			2.76		%				2.81		%				3.02		%				3.13		%				3.13		%
Adjusted net interest margin (FTE) (non-GAAP) (2) *			3.30		%				3.31		%				3.40		%				3.40		%				3.41		%
Loans, net of unearned income, to total deposits			63.1		%				63.9		%				65.4		%				69.6		%				74.6		%
Net charge-offs as a percentage of average loans*			0.14		%				0.23		%				0.40		%				0.43		%				0.50		%
Non-accrual loans, excluding loans held for sale, as a percentage of loans			0.64		%				0.79		%				0.87		%				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			0.66		%				0.93		%				0.90		%				0.91		%				0.90		%
Non-performing assets (including loans 90 days past due) as a percentage of loans, foreclosed properties, non-marketable investments and non-performing loans held for sale (4)			0.80		%				1.09		%				1.09		%				1.10		%				1.08		%
Associate headcount—full-time equivalent			18,963						18,814						18,926						19,406						19,766
ATMs			2,051						2,051						2,101						2,083						2,058
Branch Statistics
Full service			1,276						1,280						1,332						1,333						1,334
Drive-through/transaction service only			34						33						34						36						47
Total branch outlets			1,310						1,313						1,366						1,369						1,381

*Annualized

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

(2)See reconciliation of GAAP to non-GAAP Financial Measures on pages 6, 7, 11, 12, 13, 15, 19, 21, 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 16 for amounts related to these loans.

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Consolidated Statements of Income (unaudited)

			Quarter Ended
($ amounts in millions, except per share data)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Interest income on:
Loans, including fees			$	847					$	849					$	854					$	906					$	903
Debt securities			135						131						133						136						140
Loans held for sale			7						12						12						9						8
Other earning assets			17						14						14						10						8
Total interest income			1,006						1,006						1,013						1,061						1,059
Interest expense on:
Deposits			15						17						19						24						32
Long-term borrowings			26						26						27						31						39
Total interest expense			41						43						46						55						71
Net interest income			965						963						967						1,006						988
Provision for (benefit from) credit losses			(155)						(337)						(142)						(38)						113
Net interest income after provision for (benefit from) credit losses			1,120						1,300						1,109						1,044						875
Non-interest income:
Service charges on deposit accounts			162						163						157						160						152
Card and ATM fees			129						128						115						117						115
Wealth management income			95						96						91						89						85
Capital markets income			87						61						100						110						61
Mortgage income			50						53						90						75						108
Securities gains (losses), net			1						1						1						—						3
Other			125						117						87						129						131
Total non-interest income			649						619						641						680						655
Non-interest expense:
Salaries and employee benefits			552						532						546						581						525
Equipment and software expense			90						89						90						90						89
Net occupancy expense			75						75						77						78						80
Other			221						202						215						238						202
Total non-interest expense			938						898						928						987						896
Income before income taxes			831						1,021						822						737						634
Income tax expense			180						231						180						121						104
Net income			$	651					$	790					$	642					$	616					$	530
Net income available to common shareholders			$	624					$	748					$	614					$	588					$	501
Weighted-average shares outstanding—during quarter:
Basic			955						958						961						960						960
Diluted			962						965						968						965						962
Actual shares outstanding—end of quarter			955						955						961						960						960
Earnings per common share: (1)
Basic			$	0.65					$	0.78					$	0.64					$	0.61					$	0.52
Diluted			$	0.65					$	0.77					$	0.63					$	0.61					$	0.52
Taxable-equivalent net interest income			$	976					$	975					$	978					$	1,017					$	1,000

________

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

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Consolidated Statements of Income (continued) (unaudited)

			Nine Months Ended September 30
($ amounts in millions, except per share data)			2021						2020
Interest income on:
Loans, including fees			$	2,550					$	2,704
Debt securities			399						446
Loans held for sale			31						19
Other earning assets			45						32
Total interest income			3,025						3,201
Interest expense on:
Deposits			51						156
Short-term borrowings			—						10
Long-term borrowings			79						147
Total interest expense			130						313
Net interest income			2,895						2,888
Provision for (benefit from) credit losses			(634)						1,368
Net interest income after provision for (benefit from) credit losses			3,529						1,520
Non-interest income:
Service charges on deposit accounts			482						461
Card and ATM fees			372						321
Wealth management income			282						248
Capital markets income			248						165
Mortgage income			193						258
Securities gains (losses), net			3						4
Other			329						256
Total non-interest income			1,909						1,713
Non-interest expense:
Salaries and employee benefits			1,630						1,519
Equipment and software expense			269						258
Net occupancy expense			227						235
Other			638						644
Total non-interest expense			2,764						2,656
Income before income taxes			2,674						577
Income tax expense			591						99
Net income			$	2,083					$	478
Net income available to common shareholders			$	1,986					$	403
Weighted-average shares outstanding—during year:
Basic			958						959
Diluted			965						961
Actual shares outstanding—end of period			955						960
Earnings per common share:
Basic			$	2.07					$	0.42
Diluted			$	2.06					$	0.42
Taxable-equivalent net interest income			$	2,929					$	2,925

4

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Consolidated Average Daily Balances and Yield/Rate Analysis

			Quarter Ended
			9/30/2021																		6/30/2021
($ 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			$	2					$	—					0.18		%				$	9					$	—					0.13		%
Debt securities (2)			29,308						135						1.85						28,633						131						1.83
Loans held for sale			1,044						7						2.64						1,382						12						3.36
Loans, net of unearned income:
Commercial and industrial			41,892						464						4.38						43,140						467						4.32
Commercial real estate mortgage—owner-occupied			5,436						60						4.37						5,358						60						4.42
Commercial real estate construction—owner-occupied			246						2						4.14						276						3						4.05
Commercial investor real estate mortgage			5,605						32						2.18						5,521						30						2.19
Commercial investor real estate construction			1,706						12						2.72						1,761						12						2.73
Residential first mortgage			17,198						135						3.15						16,795						134						3.19
Home equity			6,523						58						3.53						6,774						60						3.52
Indirect—vehicles			557						5						3.12						690						5						3.09
Indirect—other consumer			2,097						38						7.09						2,174						39						7.27
Consumer credit card			1,128						35						12.19						1,108						33						12.13
Other consumer			962						17						7.32						954						18						7.32
Total loans, net of unearned income			83,350						858						4.07						84,551						861						4.07
Interest bearing deposits in other banks			25,144						9						0.15						23,337						7						0.11
Other earning assets			1,303						8						2.06						1,297						7						2.20
Total earning assets			140,151						1,017						2.88						139,209						1,018						2.92
Unrealized gains/(losses) on debt securities available for sale, net (2)			674																		627
Allowance for loan losses			(1,581)																		(1,896)
Cash and due from banks			1,937																		2,094
Other non-earning assets			14,449																		14,644
			$	155,630																	$	154,678
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings			$	14,328					4						0.13						$	13,914					5						0.14
Interest-bearing checking			25,277						2						0.03						25,044						2						0.03
Money market			30,765						2						0.02						30,762						2						0.03
Time deposits			4,527						7						0.55						4,813						8						0.64
Other deposits			1						—						1.50						4						—						0.55
Total interest-bearing deposits (3)			74,898						15						0.08						74,537						17						0.09
Long-term borrowings			2,774						26						3.65						2,901						26						3.59
Total interest-bearing liabilities			77,672						41						0.20						77,438						43						0.22
Non-interest-bearing deposits (3)			56,999						—						—						56,595						—						—
Total funding sources			134,671						41						0.12						134,033						43						0.13
Net interest spread (2)															2.67																		2.70
Other liabilities			2,506																		2,645
Shareholders’ equity			18,453																		18,000
			$	155,630																	$	154,678
Net interest income /margin FTE basis (2)									$	976					2.76		%										$	975					2.81		%

_______

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

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

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

5

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

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

			Quarter Ended
			3/31/2021																		12/31/2020																		9/30/2020
($ 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:
Debt securities (2)			$	27,180					$	133					1.96		%				$	26,779					$	136					2.02		%				$	24,950					$	140					2.24		%
Loans held for sale			1,603						12						3.10						1,253						9						2.62						1,147						8						2.89
Loans, net of unearned income:
Commercial and industrial			42,816						459						4.33						43,889						491						4.44						46,405						474						4.05
Commercial real estate mortgage—owner-occupied			5,375						60						4.48						5,405						62						4.49						5,498						63						4.50
Commercial real estate construction—owner-occupied			303						3						3.89						303						3						3.95						318						3						4.04
Commercial investor real estate mortgage			5,375						30						2.22						5,549						32						2.22						5,324						31						2.27
Commercial investor real estate construction			1,847						13						2.75						1,899						13						2.82						1,974						15						2.87
Residential first mortgage			16,606						134						3.23						16,433						135						3.30						15,786						135						3.41
Home equity			7,085						62						3.55						7,411						67						3.61						7,727						70						3.59
Indirect—vehicles			850						7						3.24						1,023						8						3.22						1,223						10						3.25
Indirect—other consumer			2,352						44						7.51						2,514						49						7.74						2,835						57						8.06
Consumer credit card			1,151						35						12.19						1,190						37						12.40						1,194						38						12.62
Other consumer			995						18						7.43						1,048						20						7.47						1,086						19						7.36
Total loans, net of unearned income			84,755						865						4.11						86,664						917						4.20						89,370						915						4.06
Interest bearing deposits in other banks			16,509						4						0.10						13,379						3						0.10						10,372						2						0.10
Other earning assets			1,279						10						3.27						1,278						7						2.20						1,323						6						1.79
Total earning assets			131,326						1,024						3.14						129,353						1,072						3.29						127,162						1,071						3.35
Unrealized gains/(losses) on debt securities available for sale, net (2)			867																		1,055																		1,143
Allowance for loan losses			(2,139)																		(2,286)																		(2,308)
Cash and due from banks			1,931																		2,027																		2,174
Other non-earning assets			14,569																		14,670																		14,674
			$	146,554																	$	144,819																	$	142,845
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings			$	12,340					5						0.15						$	11,374					3						0.12						$	10,935					4						0.14
Interest-bearing checking			24,171						2						0.04						22,940						3						0.05						22,098						4						0.07
Money market			29,425						3						0.04						29,312						5						0.06						29,146						8						0.12
Time deposits			5,158						9						0.74						5,598						13						0.86						6,150						16						1.08
Other deposits			4						—						1.81						11						—						1.93						13						—						1.87
Total interest-bearing deposits (3)			71,098						19						0.11						69,235						24						0.13						68,342						32						0.19
Federal funds purchased and securities sold under agreements to repurchase			—						—						—						35						—						0.24						—						—						—
Long-term borrowings			3,192						27						3.42						4,634						31						2.66						5,829						39						2.63
Total interest-bearing liabilities			74,290						46						0.25						73,904						55						0.29						74,171						71						0.38
Non-interest-bearing deposits (3)			51,839						—						—						50,532						—						—						48,314						—						—
Total funding sources			126,129						46						0.15						124,436						55						0.17						122,485						71						0.23
Net interest spread (2)															2.89																		3.00																		2.97
Other liabilities			2,387																		2,468																		2,576
Shareholders’ equity			18,038																		17,915																		17,759
Noncontrolling interest			—																		—																		25
			$	146,554																	$	144,819																	$	142,845
Net interest income/margin FTE basis (2)									$	978					3.02		%										$	1,017					3.13		%										$	1,000					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 0.06% for the quarter ended March 31, 2021, 0.08% for the quarter ended December 31, 2020 and 0.11% for the quarter ended September 30, 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
			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Net interest margin (FTE) (GAAP)			2.76		%				2.81		%				3.02		%				3.13		%				3.13		%
Impact of SBA PPP loans (1)			(0.05)		%				(0.05)		%				(0.04)		%				(0.07)		%				0.01		%
Impact of excess cash (2)			0.59		%				0.55		%				0.42		%				0.34		%				0.27		%
Adjusted net interest margin (FTE) (non-GAAP)			3.30		%				3.31		%				3.40		%				3.40		%				3.41		%

_______

(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 Third 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)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Net income available to common shareholders (GAAP)			$	624					$	748					$	614					$	588					$	501					$	(124)					(16.6)		%				$	123					24.6		%
Preferred dividends and other (GAAP) (1)			27						42						28						28						29						(15)						(35.7)		%				(2)						(6.9)		%
Income tax expense (GAAP)			180						231						180						121						104						(51)						(22.1)		%				76						73.1		%
Income before income taxes (GAAP)			831						1,021						822						737						634						(190)						(18.6)		%				197						31.1		%
Provision for (benefit from) credit losses (GAAP)			(155)						(337)						(142)						(38)						113						182						54.0		%				(268)						(237.2)		%
Pre-tax pre-provision income (non-GAAP)			676						684						680						699						747						(8)						(1.2)		%				(71)						(9.5)		%
Other adjustments:
Securities (gains) losses, net			(1)						(1)						(1)						—						(3)						—						—		%				2						66.7		%
Gains on equity investment (2)			—						—						(3)						(6)						(44)						—						NM						44						100.0		%
Leveraged lease termination gains, net			(2)						—						—						—						—						(2)						NM						(2)						NM
Bank-owned life insurance (3)			—						(18)						—						(25)						—						18						100.0		%				—						NM
Salaries and employee benefits—severance charges			—						2						3						26						2						(2)						(100.0)		%				(2)						(100.0)		%
Branch consolidation, property and equipment charges			—						—						5						7						3						—						NM						(3)						(100.0)		%
Contribution to the Regions Financial Corporation foundation			—						1						2						10						—						(1)						(100.0)		%				—						NM
Loss on early extinguishment of debt			20						—						—						14						2						20						NM						18						NM
Total other adjustments			17						(16)						6						26						(40)						33						206.3		%				57						142.5		%
Adjusted pre-tax pre-provision income (non-GAAP)			$	693					$	668					$	686					$	725					$	707					$	25					3.7		%				$	(14)					(2.0)		%

______

NM - Not Meaningful

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

(2) The first quarter 2021 amount is a gain on the sale of an equity investment, whereas the other quarters 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.

7

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Non-Interest Income

			Quarter Ended
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Service charges on deposit accounts			$	162					$	163					$	157					$	160					$	152					$	(1)					(0.6)		%				$	10					6.6		%
Card and ATM fees			129						128						115						117						115						1						0.8		%				14						12.2		%
Wealth management income			95						96						91						89						85						(1)						(1.0)		%				10						11.8		%
Capital markets income (1)			87						61						100						110						61						26						42.6		%				26						42.6		%
Mortgage income			50						53						90						75						108						(3)						(5.7)		%				(58)						(53.7)		%
Commercial credit fee income			23						23						22						22						20						—						—		%				3						15.0		%
Bank-owned life insurance			18						33						17						43						17						(15)						(45.5)		%				1						5.9		%
Securities gains (losses), net			1						1						1						—						3						—						—		%				(2)						(66.7)		%
Market value adjustments on employee benefit assets (2)			5						8						7						7						14						(3)						(37.5)		%				(9)						(64.3)		%
Gains on equity investment (3)			—						—						3						6						44						—						NM						(44)						(100.0)		%
Other			79						53						38						51						36						26						49.1		%				43						119.4		%
Total non-interest income			$	649					$	619					$	641					$	680					$	655					$	30					4.8		%				$	(6)					(0.9)		%

Mortgage Income

			Quarter Ended
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Production and sales			$	57					$	50					$	76					$	74					$	99					$	7					14.0		%				$	(42)					(42.4)		%
Loan servicing			26						25						24						24						23						1						4.0		%				3						13.0		%
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions			(3)						(38)						90						5						—						35						92.1		%				(3)						NM
MSRs hedge gain (loss)			(12)						32						(83)						(11)						—						(44)						(137.5)		%				(12)						NM
MSRs change due to payment decay			(18)						(16)						(17)						(17)						(14)						(2)						(12.5)		%				(4)						(28.6)		%
MSR and related hedge impact			(33)						(22)						(10)						(23)						(14)						(11)						(50.0)		%				(19)						135.7		%
Total mortgage income			$	50					$	53					$	90					$	75					$	108					$	(3)					(5.7)		%				(58)						(53.7)		%
Mortgage production - portfolio			$	1,548					$	1,746					$	1,470					$	1,833					$	2,023					$	(198)					(11.3)		%				$	(475)					(23.5)		%
Mortgage production - agency/secondary market			1,276						1,255						1,306						1,553						1,465						21						1.7		%				(189)						(12.9)		%
Total mortgage production			$	2,824					$	3,001					$	2,776					$	3,386					$	3,488					$	(177)					(5.9)		%				$	(664)					(19.0)		%
Mortgage production - purchased			59.7		%				63.6		%				51.3		%				49.3		%				50.9		%
Mortgage production - refinanced			40.3		%				36.4		%				48.7		%				50.7		%				49.1		%

 

Wealth Management Income

			Quarter Ended
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Investment management and trust fee income			$	69					$	69					$	66					$	67					$	62					$	—					—		%				$	7					11.3		%
Investment services fee income			26						27						25						22						23						(1)						(3.7)		%				3						13.0		%
Total wealth management income (4)			$	95					$	96					$	91					$	89					$	85					$	(1)					(1.0)		%				$	10					11.8		%

Capital Markets Income

			Quarter Ended
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Capital markets income			$	87					$	61					$	100					$	110					$	61					$	26					42.6		%				$	26					42.6		%
Less: Valuation adjustments on customer derivatives (5)			1						(4)						11						8						5						5						125.0		%				(4)						(80.0)		%
Capital markets income excluding valuation adjustments			$	86					$	65					$	89					$	102					$	56					$	21					32.3		%				$	30					53.6		%

_________

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 other quarters are valuations gains 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.

8

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Non-Interest Income

			Nine Months Ended												Year-to-Date 9/30/2021 vs. 9/30/2020
($ amounts in millions)			9/30/2021						9/30/2020						Amount						Percent
Service charges on deposit accounts			$	482					$	461					$	21					4.6		%
Card and ATM fees			372						321						51						15.9		%
Wealth management income			282						248						34						13.7		%
Capital markets income (1)			248						165						83						50.3		%
Mortgage income			193						258						(65)						(25.2)		%
Commercial credit fee income			68						55						13						23.6		%
Bank-owned life insurance			68						52						16						30.8		%
Securities gains (losses), net			3						4						(1)						(25.0)		%
Market value adjustments on employee benefit assets - other (2)			20						5						15						300.0		%
Gains on equity investment (3)			3						44						(41)						(93.2)		%
Other			170						100						70						70.0		%
Total non-interest income			$	1,909					$	1,713					$	196					11.4		%

Mortgage Income

			Nine Months Ended												Year-to-Date 9/30/2021 vs. 9/30/2020
($ amounts in millions)			9/30/2021						9/30/2020						Amount						Percent
Production and sales			$	183					$	222					$	(39)					(17.6)		%
Loan servicing			75						71						4						5.6		%
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions			49						(94)						143						152.1		%
MSRs hedge gain (loss)			(63)						110						(173)						(157.3)		%
MSRs change due to payment decay			(51)						(51)						—						—		%
MSR and related hedge impact			(65)						(35)						(30)						(85.7)		%
Total mortgage income			$	193					$	258					$	(65)					(25.2)		%
Mortgage production - portfolio			$	4,764					$	5,392					$	(628)					(11.6)		%
Mortgage production - agency/secondary market			3,837						3,519						318						9.0		%
Total mortgage production			$	8,601					$	8,911					$	(310)					(3.5)		%
Mortgage production - purchased			58.3		%				45.6		%
Mortgage production - refinanced			41.7		%				54.4		%

Wealth Management Income

			Nine Months Ended												Year-to-Date 9/30/2021 vs. 9/30/2020
($ amounts in millions)			9/30/2021						9/30/2020						Amount						Percent
Investment management and trust fee income			$	204					$	186					$	18					9.7		%
Investment services fee income			78						62						16						25.8		%
Total wealth management income (4)			$	282					$	248					$	34					13.7		%

Capital Markets Income

			Nine Months Ended												Year-to-Date 9/30/2021 vs. 9/30/2020
($ amounts in millions)			9/30/2021						9/30/2020						Amount						Percent
Capital markets income			$	248					$	165					$	83					50.3		%
Less: Valuation adjustments on customer derivatives (5)			8						5						3						60.0		%
Capital markets income excluding valuation adjustments			$	240					$	160					$	80					50.0		%

_________

NM - Not Meaningful

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

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

(3)The nine months ended 2021 amount is a gain on the sale of an equity investment, whereas the nine months ended 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.

9

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Non-Interest Expense

			Quarter Ended
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Salaries and employee benefits			$	552					$	532					$	546					$	581					$	525					$	20					3.8		%				$	27					5.1		%
Net occupancy expense			75						75						77						78						80						—						—		%				(5)						(6.3)		%
Equipment and software expense			90						89						90						90						89						1						1.1		%				1						1.1		%
Outside services			38						39						38						37						44						(1)						(2.6)		%				(6)						(13.6)		%
Professional, legal and regulatory expenses			21						15						29						21						22						6						40.0		%				(1)						(4.5)		%
Marketing			23						29						22						26						22						(6)						(20.7)		%				1						4.5		%
FDIC insurance assessments			11						11						10						12						10						—						NM						1						10.0		%
Credit/checkcard expenses			16						17						14						13						12						(1)						(5.9)		%				4						33.3		%
Branch consolidation, property and equipment charges			—						—						5						7						3						—						—		%				(3)						(100.0)		%
Visa class B shares expense			4						6						4						6						5						(2)						(33.3)		%				(1)						(20.0)		%
Loss on early extinguishment of debt			20						—						—						14						2						20						NM						18						NM
Other			88						85						93						102						82						3						3.5		%				6						7.3		%
Total non-interest expense			$	938					$	898					$	928					$	987					$	896					$	40					4.5		%				$	42					4.7		%

			Nine Months Ended												Year-to-Date 9/30/2021 vs. 9/30/2020
($ amounts in millions)			9/30/2021						9/30/2020						Amount						Percent
Salaries and employee benefits			$	1,630					$	1,519					$	111					7.3		%
Net occupancy expense			227						235						(8)						(3.4)		%
Equipment and software expense			269						258						11						4.3		%
Outside services			115						133						(18)						(13.5)		%
Professional, legal and regulatory expenses			65						68						(3)						(4.4)		%
Marketing			74						68						6						8.8		%
FDIC insurance assessments			32						36						(4)						(11.1)		%
Credit/checkcard expenses			47						37						10						27.0		%
Branch consolidation, property and equipment charges			5						24						(19)						(79.2)		%
Visa class B shares expense			14						18						(4)						(22.2)		%
Loss on early extinguishment of debt			20						8						12						150.0		%
Other			266						252						14						5.6		%
Total non-interest expense			$	2,764					$	2,656					$	108					4.1		%

_________

NM - Not Meaningful

10

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third 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)						9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Non-interest expense (GAAP)			A			$	938					$	898					$	928					$	987					$	896					$	40					4.5		%				$	42					4.7		%
Adjustments:
Contribution to the Regions Financial Corporation foundation						—						(1)						(2)						(10)						—						1						100.0		%				—						NM
Branch consolidation, property and equipment charges						—						—						(5)						(7)						(3)						—						NM						3						100.0		%
Salary and employee benefits—severance charges						—						(2)						(3)						(26)						(2)						2						100.0		%				2						100.0		%
Loss on early extinguishment of debt						(20)						—						—						(14)						(2)						(20)						NM						(18)						NM
Adjusted non-interest expense (non-GAAP)			B			$	918					$	895					$	918					$	930					$	889					$	23					2.6		%				$	29					3.3		%
Net interest income (GAAP)			C			$	965					$	963					$	967					$	1,006					$	988					$	2					0.2		%				$	(23)					(2.3)		%
Taxable-equivalent adjustment						11						12						11						11						12						(1)						(8.3)		%				(1)						(8.3)		%
Net interest income, taxable-equivalent basis			D			$	976					$	975					$	978					$	1,017					$	1,000					$	1					0.1		%				$	(24)					(2.4)		%
Non-interest income (GAAP)			E			649						619						641						680						655						30						4.8		%				(6)						(0.9)		%
Adjustments:
Securities (gains) losses, net						(1)						(1)						(1)						—						(3)						—						—		%				2						66.7		%
Gains on equity investment (1)						—						—						(3)						(6)						(44)						—						NM						44						100.0		%
Leveraged lease termination gains						(2)						—						—						—						—						(2)						NM						(2)						NM
Bank-owned life insurance (2)						—						(18)						—						(25)						—						18						100.0		%				—						NM
Adjusted non-interest income (non-GAAP)			F			$	646					$	600					$	637					$	649					$	608					46						7.7		%				38						6.3		%
Total revenue			C+E=G			$	1,614					$	1,582					$	1,608					$	1,686					$	1,643					$	32					2.0		%				$	(29)					(1.8)		%
Adjusted total revenue (non-GAAP)			C+F=H			$	1,611					$	1,563					$	1,604					$	1,655					$	1,596					$	48					3.1		%				$	15					0.9		%
Total revenue, taxable-equivalent basis			D+E=I			$	1,625					$	1,594					$	1,619					$	1,697					$	1,655					$	31					1.9		%				$	(30)					(1.8)		%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)			D+F=J			$	1,622					$	1,575					$	1,615					$	1,666					$	1,608					$	47					3.0		%				$	14					0.9		%
Efficiency ratio (GAAP) (3)			A/I			57.7		%				56.4		%				57.3		%				58.1		%				54.1		%
Adjusted efficiency ratio (non-GAAP) (3)			B/J			56.6		%				56.9		%				56.8		%				55.8		%				55.3		%
Fee income ratio (GAAP) (3)			E/I			40.0		%				38.8		%				39.6		%				40.1		%				39.6		%
Adjusted fee income ratio (non-GAAP) (3)			F/J			39.8		%				38.1		%				39.4		%				38.9		%				37.8		%

________

NM - Not Meaningful

(1)The first quarter 2021 amount is a gain on the sale of an equity investment, whereas the other quarters are valuation gains on the investment that was sold in the first quarter 2021.

(2)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.

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

11

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third 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)

						Nine Months Ended September 30
($ amounts in millions)						2021						2020						2021 vs. 2020
Non-interest expense (GAAP)			K			$	2,764					$	2,656					$	108					4.1		%
Adjustments:
Contribution to the Regions Financial Corporation foundation						(3)						—						(3)						NM
Branch consolidation, property and equipment charges						(5)						(24)						19						79.2		%
Salary and employee benefits—severance charges						(5)						(5)						—						—		%
Loss on early extinguishment of debt						(20)						(8)						(12)						(150.0)		%
Professional, legal and regulatory expenses						—						(7)						7						100.0		%
Acquisition expenses						—						(1)						1						100.0		%
Adjusted non-interest expense (non-GAAP)			L			$	2,731					$	2,611					$	120					4.6		%
Net interest income (GAAP)			M			$	2,895					$	2,888					$	7					0.2		%
Taxable-equivalent adjustment						34						37						(3)						(8.1)		%
Net interest income, taxable-equivalent basis			N			$	2,929					$	2,925					$	4					0.1		%
Non-interest income (GAAP)			O			$	1,909					$	1,713					$	196					11.4		%
Adjustments:
Securities (gains) losses, net						(3)						(4)						1						25.0		%
Gains on equity investment						(3)						(44)						41						93.2		%
Leveraged lease termination gains						(2)						(2)						—						—		%
Bank owned life insurance (1)						(18)						—						(18)						NM
Adjusted non-interest income (non-GAAP)			P			$	1,883					$	1,663					$	220					13.2		%
Total revenue			M+O=Q			$	4,804					$	4,601					$	203					4.4		%
Adjusted total revenue (non-GAAP)			M+P=R			$	4,778					$	4,551					$	227					5.0		%
Total revenue, taxable-equivalent basis			N+O=S			$	4,838					$	4,638					$	200					4.3		%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)			N+P=T			$	4,812					$	4,588					$	224					4.9		%
Operating leverage ratio (GAAP) (2)			S-K																					0.2		%
Adjusted operating leverage ratio (non-GAAP) (2)			T-L																					0.3		%
Efficiency ratio (GAAP) (2)			K/S			57.1		%				57.3		%
Adjusted efficiency ratio (non-GAAP) (2)			L/T			56.8		%				56.9		%
Fee income ratio (GAAP) (2)			O/S			39.5		%				36.9		%
Adjusted fee income ratio (non-GAAP) (2)			P/T			39.1		%				36.3		%

______

NM - Not Meaningful

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

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

12

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third 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)						9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY
Net income available to common shareholders (GAAP)			A			$	624					$	748					$	614					$	588					$	501
Average shareholders' equity (GAAP)						$	18,453					$	18,000					$	18,038					$	17,915					$	17,759
Less:
Average intangible assets (GAAP)						5,285						5,292						5,309						5,313						5,322
Average deferred tax liability related to intangibles (GAAP)						(96)						(96)						(104)						(105)						(103)
Average preferred stock (GAAP)						1,659						1,659						1,656						1,656						1,656
Average tangible common shareholders' equity (non-GAAP)			B			$	11,605					$	11,145					$	11,177					$	11,051					$	10,884
Return on average tangible common shareholders' equity (non-GAAP) *(1)			A/B			21.34		%				26.91		%				22.28		%				21.15		%				18.32		%

___

*Annualized

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

13

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Credit Quality

			As of and for Quarter Ended
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Components:
Beginning allowance for loan losses (ALL)			$	1,597					$	1,976					$	2,167					$	2,276					$	2,276
Loans charged-off:
Commercial and industrial			21						35						45						67						84
Commercial real estate mortgage—owner-occupied			1						1						1						2						2
Commercial real estate construction—owner-occupied			—						—						1						—						—
Total commercial			22						36						47						69						86
Commercial investor real estate mortgage			—						4						15						1						—
Total investor real estate			—						4						15						1						—
Residential first mortgage			—						—						1						3						1
Home equity—lines of credit			1						2						2						3						2
Home equity—closed-end			—						1						—						1						1
Indirect—vehicles			1						1						2						2						4
Indirect—other consumer			12						15						20						20						17
Consumer credit card			9						12						12						12						13
Other consumer			14						12						15						15						15
Total consumer			37						43						52						56						53
Total			59						83						114						126						139
Recoveries of loans previously charged-off:
Commercial and industrial			14						14						16						14						10
Commercial real estate mortgage—owner-occupied			2						1						—						1						1
Commercial real estate construction—owner-occupied			—						—						—						—						—
Total commercial			16						15						16						15						11
Commercial investor real estate mortgage			1						2						—						2						—
Total investor real estate			1						2						—						2						—
Residential first mortgage			—						2						1						—						1
Home equity—lines of credit			3						5						3						4						3
Home equity—closed-end			1						2						—						1						1
Indirect—vehicles			1						2						1						1						3
Indirect—other consumer			1						2						1						1						1
Consumer credit card			2						3						3						3						2
Other consumer			4						3						6						5						4
Total consumer			12						19						15						15						15
Total			29						36						31						32						26
Net charge-offs (recoveries):
Commercial and industrial			7						21						29						53						74
Commercial real estate mortgage—owner-occupied			(1)						—						1						1						1
Commercial real estate construction—owner-occupied			—						—						1						—						—
Total commercial			6						21						31						54						75
Commercial investor real estate mortgage			(1)						2						15						(1)						—
Total investor real estate			(1)						2						15						(1)						—
Residential first mortgage			—						(2)						—						3						—
Home equity—lines of credit			(2)						(3)						(1)						(1)						(1)
Home equity—closed-end			(1)						(1)						—						—						—
Indirect—vehicles			—						(1)						1						1						1
Indirect—other consumer			11						13						19						19						16
Consumer credit card			7						9						9						9						11
Other consumer			10						9						9						10						11
Total consumer			25						24						37						41						38
Total			$	30					$	47					$	83					$	94					$	113
Provision for (benefit from) loan losses			$	(139)					$	(332)					$	(108)					$	(15)					$	113
Ending allowance for loan losses (ALL)			1,428						1,597						1,976						2,167						2,276
Beginning reserve for unfunded credit commitments			87						92						126						149						149
Provision for (benefit from) unfunded credit losses			(16)						(5)						(34)						(23)						—
Ending reserve for unfunded commitments			71						87						92						126						149
Allowance for credit losses (ACL) at period end			$	1,499					$	1,684					$	2,068					$	2,293					$	2,425

14

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Credit Quality (continued)
			As of and for Quarter Ended
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Net loan charge-offs as a % of average loans, annualized (1):
Commercial and industrial			0.06		%				0.19		%				0.28		%				0.48		%				0.63		%
Commercial real estate mortgage—owner-occupied			(0.06)		%				(0.03)		%				0.09		%				0.07		%				0.05		%
Commercial real estate construction—owner-occupied			0.10		%				0.38		%				0.93		%				—		%				—		%
Total commercial			0.05		%				0.17		%				0.26		%				0.44		%				0.57		%
Commercial investor real estate mortgage			(0.05)		%				0.19		%				1.11		%				(0.04)		%				(0.01)		%
Commercial investor real estate construction			—		%				(0.01)		%				—		%				(0.01)		%				—		%
Total investor real estate			(0.03)		%				0.14		%				0.82		%				(0.03)		%				(0.01)		%
Residential first mortgage			(0.01)		%				(0.04)		%				—		%				0.08		%				—		%
Home equity—lines of credit			(0.24)		%				(0.29)		%				(0.06)		%				(0.11)		%				(0.11)		%
Home equity—closed-end			(0.10)		%				(0.10)		%				—		%				0.03		%				(0.01)		%
Indirect—vehicles			(0.26)		%				(0.10)		%				0.32		%				0.26		%				0.30		%
Indirect—other consumer			2.10		%				2.43		%				3.28		%				2.95		%				2.23		%
Consumer credit card			2.57		%				3.17		%				3.19		%				3.02		%				3.73		%
Other consumer			4.36		%				3.15		%				4.02		%				3.69		%				4.12		%
Total consumer			0.35		%				0.34		%				0.52		%				0.54		%				0.51		%
Total			0.14		%				0.23		%				0.40		%				0.43		%				0.50		%
Non-accrual loans, excluding loans held for sale			$	530					$	666					$	738					$	745					$	767
Non-performing loans held for sale			3						99						8						6						5
Non-accrual loans, including loans held for sale			533						765						746						751						772
Foreclosed properties			13						15						21						25						26
Non-performing assets (NPAs)			$	546					$	780					$	767					$	776					$	798
Loans past due > 90 days (2)			$	124					$	134					$	154					$	164					$	158
Criticized loans- business (3)			$	3,054					$	3,222					$	3,756					$	3,800					$	3,734
Credit Ratios (2):
ACL/Loans, net			1.80		%				2.00		%				2.44		%				2.69		%				2.74		%
ALL/Loans, net			1.71		%				1.90		%				2.33		%				2.54		%				2.58		%
Allowance for credit losses to non-performing loans, excluding loans held for sale			283		%				253		%				280		%				308		%				316		%
Allowance for loan losses to non-performing loans, excluding loans held for sale			269		%				240		%				268		%				291		%				297		%
Non-accrual loans, excluding loans held for sale/Loans, net			0.64		%				0.79		%				0.87		%				0.87		%				0.87		%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale			0.66		%				0.93		%				0.90		%				0.91		%				0.90		%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale (1)			0.80		%				1.09		%				1.09		%				1.10		%				1.08		%

(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)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Total Loans			$	83,270					$	84,074					$	84,755					$	85,266					$	88,359
Less: SBA PPP Loans			1,536						2,948						4,317						3,624						4,594
Loans excluding PPP, net (non-GAAP)			$	81,734					$	81,126					$	80,438					$	81,642					$	83,765
ACL at period end			$	1,499					$	1,684					$	2,068					$	2,293					$	2,425
Less: SBA PPP Loans' ACL			2						3						3						1						—
ACL excluding PPP Loans' ACL (non-GAAP)			$	1,497					$	1,681					$	2,065					$	2,292					$	2,425
ACL/Loans excluding PPP, net (non-GAAP)			1.83		%				2.07		%				2.57		%				2.81		%				2.90		%

15

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Non-Accrual Loans (excludes loans held for sale)

			As of
($ amounts in millions, %'s calculated using whole dollar values)			9/30/2021												6/30/2021												3/31/2021												12/31/2020												9/30/2020
Commercial and industrial			$	359					0.86		%				$	472					1.11		%				$	426					0.98		%				$	418					0.97		%				$	459					1.02		%
Commercial real estate mortgage—owner-occupied			68						1.26		%				76						1.41		%				93						1.73		%				97						1.80		%				85						1.56		%
Commercial real estate construction—owner-occupied			11						4.22		%				10						4.02		%				9						3.24		%				9						3.01		%				12						3.69		%
Total commercial			438						0.92		%				558						1.16		%				528						1.08		%				524						1.08		%				556						1.09		%
Commercial investor real estate mortgage			4						0.07		%				4						0.07		%				100						1.86		%				114						2.11		%				114						2.04		%
Commercial investor real estate construction			—						—		%				—						—		%				—						—		%				—						—		%				4						0.19		%
Total investor real estate			4						0.05		%				4						0.05		%				100						1.39		%				114						1.57		%				118						1.56		%
Residential first mortgage			37						0.22		%				51						0.30		%				53						0.32		%				53						0.32		%				36						0.22		%
Home equity—lines of credit			44						1.15		%				45						1.12		%				48						1.12		%				46						1.01		%				47						0.98		%
Home equity—closed-end			7						0.27		%				8						0.30		%				9						0.31		%				8						0.29		%				9						0.31		%
Indirect- vehicles			—						—		%				—						—		%				—						—		%				—						—		%				1						0.08		%
Total consumer			88						0.31		%				104						0.36		%				110						0.38		%				107						0.36		%				93						0.31		%
Total non-accrual loans			$	530					0.64		%				$	666					0.79		%				$	738					0.87		%				$	745					0.87		%				$	767					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)			9/30/2021												6/30/2021												3/31/2021												12/31/2020												9/30/2020
Commercial and industrial			$	34					0.08		%				$	35					0.08		%				$	42					0.10		%				$	59					0.14		%				$	50					0.11		%
Commercial real estate mortgage—owner-occupied			7						0.14		%				7						0.13		%				9						0.16		%				5						0.09		%				21						0.39		%
Commercial real estate construction—owner-occupied			1						0.23		%				—						0.14		%				1						0.27		%				1						0.30		%				—						0.01		%
Total commercial			42						0.09		%				42						0.09		%				52						0.11		%				65						0.13		%				71						0.14		%
Commercial investor real estate mortgage			—						—		%				4						0.07		%				2						0.04		%				3						0.06		%				15						0.26		%
Commercial investor real estate construction			—						—		%				—						—		%				1						0.03		%				—						—		%				—						—		%
Total investor real estate			—						—		%				4						0.06		%				3						0.04		%				3						0.04		%				15						0.19		%
Residential first mortgage—non-guaranteed (1)			60						0.36		%				51						0.31		%				62						0.39		%				80						0.51		%				79						0.51		%
Home equity—lines of credit			22						0.56		%				18						0.45		%				22						0.50		%				35						0.78		%				26						0.53		%
Home equity—closed-end			10						0.40		%				10						0.39		%				12						0.47		%				17						0.60		%				17						0.61		%
Indirect—vehicles			8						1.61		%				9						1.40		%				11						1.48		%				19						2.08		%				22						1.96		%
Indirect—other consumer			11						0.51		%				12						0.57		%				14						0.65		%				20						0.82		%				19						0.69		%
Consumer credit card			12						1.02		%				11						0.95		%				12						1.09		%				14						1.15		%				13						1.12		%
Other consumer			12						1.26		%				10						0.99		%				10						1.01		%				15						1.43		%				14						1.34		%
Total consumer (1)			135						0.49		%				121						0.43		%				143						0.51		%				200						0.70		%				190						0.65		%
Total accruing 30-89 days past due loans (1)			$	177					0.21		%				$	167					0.20		%				$	198					0.24		%				$	268					0.32		%				$	276					0.31		%
Accruing 90+ Days Past Due Loans			As of
($ amounts in millions, %'s calculated using whole dollar values)			9/30/2021												6/30/2021												3/31/2021												12/31/2020												9/30/2020
Commercial and industrial			$	3					0.01		%				$	4					0.01		%				$	8					0.02		%				$	7					0.02		%				$	10					0.02		%
Commercial real estate mortgage—owner-occupied			2						0.03		%				2						0.03		%				1						0.02		%				1						0.01		%				—						0.01		%
Total commercial			5						0.01		%				6						0.01		%				9						0.02		%				8						0.02		%				10						0.02		%
Commercial investor real estate mortgage			—						—		%				—						—		%				—						—		%				—						—		%				1						0.01		%
Commercial investor real estate construction			—						—		%				—						0.01		%				—						—		%				—						—		%				—						—		%
Total investor real estate			—						—		%				—						—		%				—						—		%				—						—		%				1						0.01		%
Residential first mortgage—non-guaranteed (2)			68						0.41		%				75						0.46		%				87						0.55		%				99						0.62		%				86						0.56		%
Home equity—lines of credit			20						0.53		%				21						0.51		%				19						0.45		%				19						0.41		%				25						0.53		%
Home equity—closed-end			13						0.49		%				13						0.48		%				14						0.52		%				13						0.49		%				12						0.41		%
Indirect—vehicles			2						0.44		%				2						0.41		%				3						0.41		%				4						0.41		%				5						0.42		%
Indirect—other consumer			3						0.14		%				3						0.14		%				4						0.16		%				5						0.19		%				3						0.11		%
Consumer credit card			11						0.97		%				12						1.05		%				14						1.25		%				14						1.19		%				13						1.08		%
Other consumer			2						0.23		%				2						0.26		%				4						0.39		%				2						0.25		%				3						0.27		%
Total consumer (2)			119						0.43		%				128						0.46		%				145						0.52		%				156						0.54		%				147						0.50		%
Total accruing 90+ days past due loans (2)			$	124					0.15		%				$	134					0.16		%				$	154					0.18		%				$	164					0.19		%				$	158					0.18		%
Total delinquencies (1) (2)			$	301					0.36		%				$	301					0.36		%				$	352					0.42		%				$	432					0.51		%				$	434					0.49		%

(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 9/30/2021, $46 million at 6/30/2021, $58 million at 3/31/2021, $65 million at 12/31/2020, and $57 million at 9/30/2020.

(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 $44 million at 9/30/2021, $44 million at 6/30/2021, $51 million at 3/31/2021, $57 million at 12/31/2020, and $47 million at 9/30/2020.

16

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

`Troubled Debt Restructurings

 

			As of
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Current:
Commercial			$	86					$	71					$	75					$	76					$	73
Investor real estate			28						75						11						44						45
Residential first mortgage			210						206						197						174						162
Home equity—lines of credit			29						31						33						34						36
Home equity—closed-end			58						62						68						73						79
Consumer credit card			—						—						1						1						1
Other consumer			4						4						4						3						3
Total current			415						449						389						405						399
Accruing 30-89 DPD:
Commercial			—						1						2						1						1
Investor real estate			—						—						1						—						—
Residential first mortgage			13						11						11						14						16
Home equity—lines of credit			—						—						—						1						1
Home equity—closed-end			3						3						3						5						4
Other consumer			—						—						—						1						—
Total accruing 30-89 DPD			16						15						17						22						22
Total accruing and <90 DPD			431						464						406						427						421
Non-accrual or 90+ DPD:
Commercial			74						114						125						124						178
Residential first mortgage			32						32						36						42						36
Home equity—lines of credit			3						3						3						2						2
Home equity—closed-end			6						7						7						7						8
Total non-accrual or 90+DPD			115						156						171						175						224
Total TDRs - Loans			$	546					$	620					$	577					$	602					$	645
TDRs - Held For Sale			2						—						1						1						—
Total TDRs			$	548					$	620					$	578					$	603					$	645
Total TDRs - Loans by Portfolio
			As of
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Total commercial TDRs			$	160					$	186					$	202					$	201					$	252
Total investor real estate TDRs			28						75						12						44						45
Total consumer TDRs			358						359						363						357						348
Total TDRs - Loans			$	546					$	620					$	577					$	602					$	645

17

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Consolidated Balance Sheets (unaudited)

			As of
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Assets:
Cash and due from banks			$	1,741					$	1,820					$	1,918					$	1,558					$	1,972
Interest-bearing deposits in other banks			25,766						23,774						23,002						16,398						11,501
Debt securities held to maturity			945						993						1,059						1,122						1,190
Debt securities available for sale			28,986						29,290						27,092						27,154						27,007
Loans held for sale			934						1,194						1,487						1,905						1,187
Loans, net of unearned income			83,270						84,074						84,755						85,266						88,359
Allowance for loan losses			(1,428)						(1,597)						(1,976)						(2,167)						(2,276)
Net loans			81,842						82,477						82,779						83,099						86,083
Other earning assets			1,269						1,246						1,262						1,217						1,267
Premises and equipment, net			1,805						1,825						1,852						1,897						1,896
Interest receivable			304						323						336						346						347
Goodwill			5,181						5,181						5,181						5,190						5,187
Residential mortgage servicing rights at fair value (MSRs)			410						392						401						296						267
Other identifiable intangible assets, net			101						108						114						122						129
Other assets			6,869						6,987						6,848						7,085						7,147
Total assets			$	156,153					$	155,610					$	153,331					$	147,389					$	145,180
Liabilities and Equity:
Deposits:
Non-interest-bearing			$	57,145					$	56,468					$	55,925					$	51,289					$	49,754
Interest-bearing			74,894						75,016						73,677						71,190						68,691
Total deposits			132,039						131,484						129,602						122,479						118,445
Borrowed funds:
Long-term borrowings			2,451						2,870						2,916						3,569						4,919
Other liabilities			3,040						3,004						2,951						3,230						3,912
Total liabilities			137,530						137,358						135,469						129,278						127,276
Equity:
Preferred stock, non-cumulative perpetual			1,659						1,659						1,656						1,656						1,656
Common stock			10						10						10						10						10
Additional paid-in capital			12,479						12,467						12,740						12,731						12,714
Retained earnings			5,296						4,836						4,235						3,770						3,330
Treasury stock, at cost			(1,371)						(1,371)						(1,371)						(1,371)						(1,371)
Accumulated other comprehensive income, net			532						651						592						1,315						1,565
Total shareholders’ equity			18,605						18,252						17,862						18,111						17,904
Noncontrolling interest			18						—						—						—						—
Total equity			18,623						18,252						17,862						18,111						17,904
Total liabilities and equity			$	156,153					$	155,610					$	153,331					$	147,389					$	145,180

18

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

End of Period Loans

			As of
																																	9/30/2021												9/30/2021
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						vs. 6/30/2021												vs. 9/30/2020
Commercial and industrial			$	41,748					$	42,628					$	43,241					$	42,870					$	45,199					$	(880)					(2.1)		%				$	(3,451)					(7.6)		%
Commercial real estate mortgage—owner-occupied			5,446						5,381						5,335						5,405						5,451						65						1.2		%				(5)						(0.1)		%
Commercial real estate construction—owner-occupied			252						245						293						300						305						7						2.9		%				(53)						(17.4)		%
Total commercial			47,446						48,254						48,869						48,575						50,955						(808)						(1.7)		%				(3,509)						(6.9)		%
Commercial investor real estate mortgage			5,608						5,449						5,405						5,394						5,598						159						2.9		%				10						0.2		%
Commercial investor real estate construction			1,704						1,799						1,817						1,869						1,984						(95)						(5.3)		%				(280)						(14.1)		%
Total investor real estate			7,312						7,248						7,222						7,263						7,582						64						0.9		%				(270)						(3.6)		%
Total business			54,758						55,502						56,091						55,838						58,537						(744)						(1.3)		%				(3,779)						(6.5)		%
Residential first mortgage			17,347						17,051						16,643						16,575						16,195						296						1.7		%				1,152						7.1		%
Home equity—lines of credit (1)			3,875						4,057						4,286						4,539						4,753						(182)						(4.5)		%				(878)						(18.5)		%
Home equity—closed-end (2)			2,556						2,588						2,631						2,713						2,839						(32)						(1.2)		%				(283)						(10.0)		%
Indirect—vehicles			500						621						768						934						1,120						(121)						(19.5)		%				(620)						(55.4)		%
Indirect—other consumer			2,123						2,157						2,262						2,431						2,663						(34)						(1.6)		%				(540)						(20.3)		%
Consumer credit card			1,136						1,131						1,111						1,213						1,189						5						0.4		%				(53)						(4.5)		%
Other consumer			975						967						963						1,023						1,063						8						0.8		%				(88)						(8.3)		%
Total consumer			28,512						28,572						28,664						29,428						29,822						(60)						(0.2)		%				(1,310)						(4.4)		%
Total Loans			$	83,270					$	84,074					$	84,755					$	85,266					$	88,359					$	(804)					(1.0)		%				$	(5,089)					(5.8)		%

_______

(1)     The balance of Regions' home equity lines of credit consists of $2,164 million of first lien and $1,711 million of second lien at 9/30/2021.

(2)    The balance of Regions' closed-end home equity loans consists of $2,372 million of first lien and $184 million of second lien at 9/30/2021.

Adjusted Ending Balances of Loans (non-GAAP)

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

			As of
																																	9/30/2021												9/30/2021
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						vs. 6/30/2021												vs. 9/30/2020
Commercial and industrial			$	41,748					$	42,628					$	43,241					$	42,870					$	45,199					$	(880)					(2.1)		%				$	(3,451)					(7.6)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						210						239						—						—						NM						—						NM
Less: SBA PPP Loans			1,536						2,948						4,317						3,624						4,594						(1,412)						(47.9)		%				(3,058)						(66.6)		%
Adjusted commercial and industrial loans (non-GAAP)			$	40,212					$	39,680					$	39,134					$	39,485					$	40,605					$	532					1.3		%				$	(393)					(1.0)		%
Total commercial loans			$	47,446					$	48,254					$	48,869					$	48,575					$	50,955					$	(808)					(1.7)		%				$	(3,509)					(6.9)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						210						239						—						—						NM						—						NM
Less: SBA PPP Loans			1,536						2,948						4,317						3,624						4,594						(1,412)						(47.9)		%				(3,058)						(66.6)		%
Adjusted total commercial loans (non-GAAP)			$	45,910					$	45,306					$	44,762					$	45,190					$	46,361					$	604					1.3		%				$	(451)					(1.0)		%
Total business loans			$	54,758					$	55,502					$	56,091					$	55,838					$	58,537					$	(744)					(1.3)		%				$	(3,779)					(6.5)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						210						239						—						—						NM						—						NM
Less: SBA PPP Loans			1,536						2,948						4,317						3,624						4,594						(1,412)						(47.9)		%				(3,058)						(66.6)		%
Adjusted total business loans (non-GAAP)			$	53,222					$	52,554					$	51,984					$	52,453					$	53,943					$	668					1.3		%				$	(721)					(1.3)		%
Total consumer loans			$	28,512					$	28,572					$	28,664					$	29,428					$	29,822					$	(60)					(0.2)		%				$	(1,310)					(4.4)		%
Less: Indirect—other consumer exit portfolio (2)			760						858						971						1,101						1,240						(98)						(11.4)		%				(480)						(38.7)		%
Less: Indirect—vehicles			500						621						768						934						1,120						(121)						(19.5)		%				(620)						(55.4)		%
Adjusted total consumer loans (non-GAAP)			$	27,252					$	27,093					$	26,925					$	27,393					$	27,462					$	159					0.6		%				$	(210)					(0.8)		%
Total loans			$	83,270					$	84,074					$	84,755					$	85,266					$	88,359					$	(804)					(1.0)		%				$	(5,089)					(5.8)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						—						210						239						—						—						NM						—						NM
Less: SBA PPP Loans			1,536						2,948						4,317						3,624						4,594						(1,412)						(47.9)		%				(3,058)						(66.6)		%
Less: Indirect—other consumer exit portfolio (2)			760						858						971						1,101						1,240						(98)						(11.4)		%				(480)						(38.7)		%
Less: Indirect—vehicles			500						621						768						934						1,120						(121)						(19.5)		%				(620)						(55.4)		%
Adjusted ending total loans (non-GAAP)			$	80,474					$	79,647					$	78,909					$	79,846					$	81,405					$	827					1.0		%				$	(931)					(1.1)		%

_______

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

19

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

End of Period Loans (continued)

			As of
End of Period Loans by Percentage			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Commercial and industrial			50.1		%				50.7		%				51.0		%				50.3		%				51.2		%
Commercial real estate mortgage—owner-occupied			6.5		%				6.4		%				6.3		%				6.3		%				6.2		%
Commercial real estate construction—owner-occupied			0.3		%				0.3		%				0.3		%				0.4		%				0.3		%
Total commercial			56.9		%				57.4		%				57.6		%				57.0		%				57.7		%
Commercial investor real estate mortgage			6.7		%				6.5		%				6.4		%				6.3		%				6.3		%
Commercial investor real estate construction			2.0		%				2.1		%				2.1		%				2.2		%				2.2		%
Total investor real estate			8.7		%				8.6		%				8.5		%				8.5		%				8.5		%
Total business			65.6		%				66.0		%				66.1		%				65.5		%				66.2		%
Residential first mortgage			20.8		%				20.3		%				19.6		%				19.4		%				18.3		%
Home equity—lines of credit			4.7		%				4.8		%				5.1		%				5.3		%				5.4		%
Home equity—closed-end			3.1		%				3.1		%				3.1		%				3.2		%				3.2		%
Indirect—vehicles			0.6		%				0.7		%				0.9		%				1.1		%				1.3		%
Indirect—other consumer			2.5		%				2.6		%				2.7		%				2.9		%				3.0		%
Consumer credit card			1.4		%				1.3		%				1.3		%				1.4		%				1.3		%
Other consumer			1.3		%				1.2		%				1.2		%				1.2		%				1.3		%
Total consumer			34.4		%				34.0		%				33.9		%				34.5		%				33.8		%
Total Loans			100.0		%				100.0		%				100.0		%				100.0		%				100.0		%

20

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Average Balances of Loans

			Average Balances
($ amounts in millions)			3Q21						2Q21						1Q21						4Q20						3Q20						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Commercial and industrial			$	41,892					$	43,140					$	42,816					$	43,889					$	46,405					$	(1,248)					(2.9)		%				$	(4,513)					(9.7)		%
Commercial real estate mortgage—owner-occupied			5,436						5,358						5,375						5,405						5,498						78						1.5		%				(62)						(1.1)		%
Commercial real estate construction—owner-occupied			246						276						303						303						318						(30)						(10.9)		%				(72)						(22.6)		%
Total commercial			47,574						48,774						48,494						49,597						52,221						(1,200)						(2.5)		%				(4,647)						(8.9)		%
Commercial investor real estate mortgage			5,605						5,521						5,375						5,549						5,324						84						1.5		%				281						5.3		%
Commercial investor real estate construction			1,706						1,761						1,847						1,899						1,974						(55)						(3.1)		%				(268)						(13.6)		%
Total investor real estate			7,311						7,282						7,222						7,448						7,298						29						0.4		%				13						0.2		%
Total business			54,885						56,056						55,716						57,045						59,519						(1,171)						(2.1)		%				(4,634)						(7.8)		%
Residential first mortgage			17,198						16,795						16,606						16,433						15,786						403						2.4		%				1,412						8.9		%
Home equity—lines of credit			3,956						4,165						4,416						4,646						4,842						(209)						(5.0)		%				(886)						(18.3)		%
Home equity—closed-end			2,567						2,609						2,669						2,765						2,885						(42)						(1.6)		%				(318)						(11.0)		%
Indirect—vehicles			557						690						850						1,023						1,223						(133)						(19.3)		%				(666)						(54.5)		%
Indirect—other consumer			2,097						2,174						2,352						2,514						2,835						(77)						(3.5)		%				(738)						(26.0)		%
Consumer credit card			1,128						1,108						1,151						1,190						1,194						20						1.8		%				(66)						(5.5)		%
Other consumer			962						954						995						1,048						1,086						8						0.8		%				(124)						(11.4)		%
Total consumer			28,465						28,495						29,039						29,619						29,851						(30)						(0.1)		%				(1,386)						(4.6)		%
Total loans			$	83,350					$	84,551					$	84,755					$	86,664					$	89,370					$	(1,201)					(1.4)		%				$	(6,020)					(6.7)		%

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)			3Q21						2Q21						1Q21						4Q20						3Q20						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Commercial and industrial			$	41,892					$	43,140					$	42,816					$	43,889					$	46,405					$	(1,248)					(2.9)		%				$	(4,513)					(9.7)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						138						231						3						—						(138)						(100.0)		%				—						NM
Less: SBA PPP Loans			2,138						3,901						3,798						4,143						4,558						(1,763)						(45.2)		%				(2,420)						(53.1)		%
Adjusted commercial and industrial loans (non-GAAP)			$	39,754					$	39,377					$	39,249					$	39,749					$	41,847					$	377					1.0		%				$	(2,093)					(5.0)		%
Total commercial loans			$	47,574					$	48,774					$	48,494					$	49,597					$	52,221					$	(1,200)					(2.5)		%				$	(4,647)					(8.9)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						138						231						3						—						(138)						(100.0)		%				—						NM
Less: SBA PPP Loans			2,138						3,901						3,798						4,143						4,558						(1,763)						(45.2)		%				(2,420)						(53.1)		%
Adjusted total commercial loans (non-GAAP)			$	45,436					$	45,011					$	44,927					$	45,457					$	47,663					$	425					0.9		%				$	(2,227)					(4.7)		%
Total business loans			$	54,885					$	56,056					$	55,716					$	57,045					$	59,519					$	(1,171)					(2.1)		%				$	(4,634)					(7.8)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						138						231						3						—						(138)						(100.0)		%				—						NM
Less: SBA PPP Loans			2,138						3,901						3,798						4,143						4,558						(1,763)						(45.2)		%				(2,420)						(53.1)		%
Adjusted total business loans (non-GAAP)			$	52,747					$	52,293					$	52,149					$	52,905					$	54,961					$	454					0.9		%				$	(2,214)					(4.0)		%
Total consumer loans			$	28,465					$	28,495					$	29,039					$	29,619					$	29,851					$	(30)					(0.1)		%				$	(1,386)					(4.6)		%
Less: Indirect—other consumer exit portfolio (2)			806						909						1,034						1,164						1,318						(103)						(11.3)		%				(512)						(38.8)		%
Less: Indirect—vehicles			557						690						850						1,023						1,223						(133)						(19.3)		%				(666)						(54.5)		%
Adjusted total consumer loans (non-GAAP)			$	27,102					$	26,896					$	27,155					$	27,432					$	27,310					$	206					0.8		%				$	(208)					(0.8)		%
Total loans			$	83,350					$	84,551					$	84,755					$	86,664					$	89,370					$	(1,201)					(1.4)		%				$	(6,020)					(6.7)		%
Add: Commercial loans held for sale reclassified to the portfolio(1)			—						138						231						3						—						(138)						(100.0)		%				—						NM
Less: SBA PPP Loans			2,138						3,901						3,798						4,143						4,558						(1,763)						(45.2)		%				(2,420)						(53.1)		%
Less: Indirect—other consumer exit portfolio (2)			806						909						1,034						1,164						1,318						(103)						(11.3)		%				(512)						(38.8)		%
Less: Indirect—vehicles			557						690						850						1,023						1,223						(133)						(19.3)		%				(666)						(54.5)		%
Adjusted total loans (non-GAAP)			$	79,849					$	79,189					$	79,304					$	80,337					$	82,271					$	660					0.8		%				$	(2,422)					(2.9)		%

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

21

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Average Balances of Loans (continued)

						Average Balances
						Nine Months Ended September 30
($ amounts in millions)						2021						2020						2021 vs. 2020
Commercial and industrial						$	42,612					$	45,410					$	(2,798)					(6.2)		%
Commercial real estate mortgage—owner-occupied						5,390						5,500						(110)						(2.0)		%
Commercial real estate construction—owner-occupied						275						318						(43)						(13.5)		%
Total commercial						48,277						51,228						(2,951)						(5.8)		%
Commercial investor real estate mortgage						5,501						5,150						351						6.8		%
Commercial investor real estate construction						1,771						1,839						(68)						(3.7)		%
Total investor real estate						7,272						6,989						283						4.0		%
Total business						55,549						58,217						(2,668)						(4.6)		%
Residential first mortgage						16,868						15,049						1,819						12.1		%
Home equity—lines of credit						4,177						5,050						(873)						(17.3)		%
Home equity—closed-end						2,615						2,964						(349)						(11.8)		%
Indirect—vehicles						698						1,447						(749)						(51.8)		%
Indirect—other consumer						2,207						3,069						(862)						(28.1)		%
Consumer credit card						1,129						1,257						(128)						(10.2)		%
Other consumer						971						1,146						(175)						(15.3)		%
Total consumer						28,665						29,982						(1,317)						(4.4)		%
Total Loans						$	84,214					$	88,199					$	(3,985)					(4.5)		%

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
			Nine Months Ended September 30
($ amounts in millions)			2021						2020						2021 vs. 2020
Commercial and industrial			$	42,612					$	45,410					$	(2,798)					(6.2)		%
Add: Commercial loans held for sale reclassified to the portfolio (1)			122						—						122						NM
Less: SBA PPP Loans			3,273						2,597						676						26.0		%
Adjusted commercial and industrial loans (non-GAAP)			$	39,461					$	42,813					$	(3,352)					(7.8)		%
Total commercial loans			$	48,277					$	51,228					$	(2,951)					(5.8)		%
Add: Commercial loans held for sale reclassified to the portfolio (1)			122						—						122						NM
Less: SBA PPP Loans			3,273						2,597						676						26.0		%
Adjusted total commercial loans (non-GAAP)			$	45,126					$	48,631					$	(3,505)					(7.2)		%
Total business loans			$	55,549					$	58,217					$	(2,668)					(4.6)		%
Add: Commercial loans held for sale reclassified to the portfolio (1)			122						—						122						NM
Less: SBA PPP Loans			3,273						2,597						676						26.0		%
Adjusted total business loans (non-GAAP)			$	52,398					$	55,620					$	(3,222)					(5.8)		%
Total consumer loans			$	28,665					$	29,982					$	(1,317)					(4.4)		%
Less: Indirect-other consumer exit portfolio (2)			916						1,502						(586)						(39.0)		%
Less: Indirect—vehicles			698						1,447						(749)						(51.8)		%
Adjusted total consumer loans (non-GAAP)			$	27,051					$	27,033					$	18					0.1		%
Total Loans			$	84,214					$	88,199					$	(3,985)					(4.5)		%
Add: Commercial loans held for sale reclassified to the portfolio (1)			122						—						122						NM
Less: SBA PPP Loans			3,273						2,597						676						26.0		%
Less: Indirect—other consumer exit portfolio (2)			916						1,502						(586)						(39.0)		%
Less: Indirect—vehicles			698						1,447						(749)						(51.8)		%
Adjusted total loans (non-GAAP)			$	79,449					$	82,653					$	(3,204)					(3.9)		%

22

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

			Average Balance
			Twelve Months Ended
($ amounts in millions)			December 31, 2020
Total Loans			$	87,813
Add: Commercial loans transferred to held for sale (1)			1
Less: SBA PPP Loans			2,986
Less: Indirect—other consumer exit portfolio (2)			1,417
Less: Indirect—vehicles			1,341
Adjusted total loans (non-GAAP)			$	82,070

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

23

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

End of Period Deposits

			As of
																																	9/30/2021												9/30/2021
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						vs. 6/30/2021												vs. 9/30/2020
Interest-free deposits			$	57,145					$	56,468					$	55,925					$	51,289					$	49,754					$	677					1.2		%				$	7,391					14.9		%
Interest-bearing checking			25,217						25,512						24,757						24,484						22,294						(295)						(1.2)		%				2,923						13.1		%
Savings			14,573						14,099						13,500						11,635						11,159						474						3.4		%				3,414						30.6		%
Money market—domestic			30,736						30,725						30,448						29,719						29,387						11						—		%				1,349						4.6		%
Low-cost deposits			127,671						126,804						124,630						117,127						112,594						867						0.7		%				15,077						13.4		%
Time deposits			4,368						4,679						4,970						5,341						5,840						(311)						(6.6)		%				(1,472)						(25.2)		%
Total Customer Deposits			132,039						131,483						129,600						122,468						118,434						556						0.4		%				13,605						11.5		%
Corporate treasury time deposits			—						1						2						11						11						(1)						(100.0)		%				(11)						(100.0)		%
Total Deposits			$	132,039					$	131,484					$	129,602					$	122,479					$	118,445					$	555					0.4		%				$	13,594					11.5		%
			As of
																																	9/30/2021												9/30/2021
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						vs. 6/30/2021												vs. 9/30/2020
Consumer Bank Segment			$	79,873					$	78,428					$	77,381					$	71,652					$	69,265					$	1,445					1.8		%				$	10,608					15.3		%
Corporate Bank Segment			41,442						43,147						42,211						40,745						39,799						(1,705)						(4.0)		%				1,643						4.1		%
Wealth Management Segment			10,251						9,477						9,537						9,718						8,982						774						8.2		%				1,269						14.1		%
Other (1)			473						432						473						364						399						41						9.5		%				74						18.5		%
Total Deposits			$	132,039					$	131,484					$	129,602					$	122,479					$	118,445					$	555					0.4		%				$	13,594					11.5		%
			As of
																																	9/30/2021												9/30/2021
($ amounts in millions)			9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020						vs. 6/30/2021												vs. 9/30/2020
Wealth Management - Private Wealth			$	9,046					$	8,614					$	8,589					$	8,462					$	7,726					$	432					5.0		%				$	1,320					17.1		%
Wealth Management - Institutional Services			1,205						863						948						1,256						1,256						342						39.6		%				(51)						(4.1)		%
Total Wealth Management Segment Deposits			$	10,251					$	9,477					$	9,537					$	9,718					$	8,982					$	774					8.2		%				$	1,269					14.1		%
																											As of
End of Period Deposits by Percentage																											9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Interest-free deposits																											43.3		%				42.9		%				43.2		%				41.9		%				42.0		%
Interest-bearing checking																											19.1		%				19.4		%				19.1		%				20.0		%				18.8		%
Savings																											11.0		%				10.7		%				10.4		%				9.5		%				9.4		%
Money market—domestic																											23.3		%				23.4		%				23.5		%				24.3		%				24.8		%
Low-cost deposits																											96.7		%				96.4		%				96.2		%				95.7		%				95.0		%
Time deposits																											3.3		%				3.6		%				3.8		%				4.3		%				5.0		%
Total Deposits																											100.0		%				100.0		%				100.0		%				100.0		%				100.0		%

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

24

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Average Balances of Deposits

			Average Balances
($ amounts in millions)			3Q21						2Q21						1Q21						4Q20						3Q20						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Interest-free deposits			$	56,999					$	56,595					$	51,839					$	50,532					$	48,314					$	404					0.7		%				$	8,685					18.0		%
Interest-bearing checking			25,277						25,044						24,171						22,940						22,098						233						0.9		%				3,179						14.4		%
Savings			14,328						13,914						12,340						11,374						10,935						414						3.0		%				3,393						31.0		%
Money market—domestic			30,765						30,762						29,425						29,312						29,146						3						—		%				1,619						5.6		%
Low-cost deposits			127,369						126,315						117,775						114,158						110,493						1,054						0.8		%				16,876						15.3		%
Time deposits			4,527						4,813						5,158						5,598						6,150						(286)						(5.9)		%				(1,623)						(26.4)		%
Total Customer Deposits			131,896						131,128						122,933						119,756						116,643						768						0.6		%				15,253						13.1		%
Corporate treasury time deposits			1						1						4						11						13						—						—		%				(12)						(92.3)		%
Corporate treasury other deposits			—						3						—						—						—						(3)						(100.0)		%				—						NM
Total Deposits			$	131,897					$	131,132					$	122,937					$	119,767					$	116,656					$	765					0.6		%				15,241						13.1		%

			Average Balances
($ amounts in millions)			3Q21						2Q21						1Q21						4Q20						3Q20						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Consumer Bank Segment			$	79,098					$	78,200					$	72,949					$	69,912					$	68,842					$	898					1.1		%				$	10,256					14.9		%
Corporate Bank Segment			42,525						42,966						40,285						40,581						38,755						(441)						(1.0)		%				3,770						9.7		%
Wealth Management Segment			9,873						9,519						9,281						8,884						8,658						354						3.7		%				1,215						14.0		%
Other (1)			401						447						422						390						401						(46)						(10.3)		%				—						—		%
Total Deposits			$	131,897					$	131,132					$	122,937					$	119,767					$	116,656					$	765					0.6		%				$	15,241					13.1		%

			Average Balances
($ amounts in millions)			3Q21						2Q21						1Q21						4Q20						3Q20						3Q21 vs. 2Q21												3Q21 vs. 3Q20
Wealth Management - Private Wealth			$	9,036					$	8,673					$	8,442					$	8,106					$	7,723					$	363					4.2		%				$	1,313					17.0		%
Wealth Management - Institutional Services			837						846						839						778						935						(9)						(1.1)		%				(98)						(10.5)		%
Total Wealth Management Segment Deposits			$	9,873					$	9,519					$	9,281					$	8,884					$	8,658					$	354					3.7		%				$	1,215					14.0		%

			Average Balances
			Nine Months Ended September 30
($ amounts in millions)			2021						2020						2021 vs. 2020
Interest-free deposits			$	55,163					$	42,323					$	12,840					30.3		%
Interest-bearing checking			24,835						21,046						3,789						18.0		%
Savings			13,535						9,973						3,562						35.7		%
Money market—domestic			30,322						27,395						2,927						10.7		%
Low-cost deposits			123,855						100,737						23,118						22.9		%
Time deposits			4,830						6,712						(1,882)						(28.0)		%
Total Customer Deposits			128,685						107,449						21,236						19.8		%
Corporate treasury time deposits			2						121						(119)						(98.3)		%
Corporate treasury other deposits			1						212						(211)						(99.5)		%
Total Deposits			$	128,688					$	107,782					$	20,906					19.4		%

			Average Balances
			Nine Months Ended September 30
($ amounts in millions)			2021						2020						2021 vs. 2020
Consumer Bank Segment			$	76,772					$	64,773					$	11,999					18.5		%
Corporate Bank Segment			41,932						33,945						7,987						23.5		%
Wealth Management Segment			9,560						8,372						1,188						14.2		%
Other (1)			424						692						(268)						(38.7)		%
Total Deposits			$	128,688					$	107,782					$	20,906					19.4		%

			Average Balances
			Nine Months Ended September 30
($ amounts in millions)			2021						2020						2021 vs. 2020
Wealth Management - Private Wealth			$	8,719					$	7,395					$	1,324					17.9		%
Wealth Management - Institutional Services			841						977						(136)						(13.9)		%
Total Wealth Management Segment Deposits			$	9,560					$	8,372					$	1,188					14.2		%

________

(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 Third 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)						9/30/2021						6/30/2021						3/31/2021						12/31/2020						9/30/2020
Tangible Common Ratios
Shareholders’ equity (GAAP)						$	18,605					$	18,252					$	17,862					$	18,111					$	17,904
Less:
Preferred stock (GAAP)						1,659						1,659						1,656						1,656						1,656
Intangible assets (GAAP)						5,282						5,289						5,295						5,312						5,316
Deferred tax liability related to intangibles (GAAP)						(97)						(96)						(96)						(106)						(105)
Tangible common shareholders’ equity (non-GAAP)			A			$	11,761					$	11,400					$	11,007					$	11,249					$	11,037
Total assets (GAAP)						$	156,153					$	155,610					$	153,331					$	147,389					$	145,180
Less:
Intangible assets (GAAP)						5,282						5,289						5,295						5,312						5,316
Deferred tax liability related to intangibles (GAAP)						(97)						(96)						(96)						(106)						(105)
Tangible assets (non-GAAP)			B			$	150,968					$	150,417					$	148,132					$	142,183					$	139,969
Shares outstanding—end of quarter			C			955						955						961						960						960
Tangible common shareholders’ equity to tangible assets (non-GAAP) (1)			A/B			7.79		%				7.58		%				7.43		%				7.91		%				7.88		%
Tangible common book value per share (non-GAAP) (1)			A/C			$	12.32					$	11.94					$	11.46					$	11.71					$	11.49

_________

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

26

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

Forward-Looking Statements

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

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

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

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

•The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of the ongoing COVID-19 pandemic, which has disrupted the global economy, has and could continue to adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses. The pandemic could also result in goodwill impairment charges and the impairment of other financial and nonfinancial assets, and increase our cost of capital.

•Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in 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 recent change in U.S. presidential administration and control of the U.S. Congress, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.

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

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

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

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

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

•Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our 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 acquisition of EnerBank and risks related to such acquisition, 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 business; and the inability of Regions to effectively cross-sell products to EnerBank’s customers; as well as our pending acquisition of Sabal and risks related to such acquisition, including delays in closing the transaction; that the expected synergies, cost savings, and other financial or other benefits of the transaction might not be realized within the expected timeframes, or might be less than projected; and difficulties in integrating Sabal’s business.

•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.

27

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Third Quarter 2021 Earnings Release

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

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

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

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

•Our ability to identify and address cyber-security risks such as data security breaches, malware, ransomware, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our 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 a possible downgrade in the U.S. government’s sovereign credit rating or outlook, which could result in risks to us and general economic conditions that we are not able to predict.

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

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

•Our ability to receive dividends from our subsidiaries, 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.

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

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

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

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

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

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

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

28

Exhibit 99.3 3rd Quarter Earnings Conference Call October 22, 2021

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2 Third quarter 2021 overview (1) Non-GAAP, see appendix for reconciliation. Adjusted Pre-Tax Pre- Provision Income(1) Diluted Earnings Per Share Adjusted Total Revenue(1) Adjusted Non- Interest Expense(1) Net Income Available to Common Shareholders $693M $0.65 $1,611M $918M $624M • Adjusted pre-tax pre-provision income(1) increased 4% QoQ • Adjusted efficiency ratio(1) improved 30 bps QoQ to 56.6% • Generated YTD positive operating leverage • Net charge-offs ratio improved 9 bps QoQ to 0.14%, lowest level on record post the Company's 2006 MOE

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3 Strong foundation-positioned for growth Committed to continuous expansion of platforms and capabilities Innovating through digital investments and enhancing our customer experiences to generate shareholder return Online and mobile banking enhancements Omnichannel delivery-providing advice, guidance and personalized solutions through excellent customer service and technology Digitized sales within consumer bank-YTD digital sales up 38% Expanding E-signature capabilities Leveraging AI in contact centers; virtual banker will handle over 1M customer calls this year Digital investments generate return Increased Mortgage Loan Originator (MLO) headcount by ~150(1) Added ~80 client facing associates in growth markets across Wealth Mgt. and Corporate Bank(1) Consolidated ~215 branches while opening ~75 De Novos(1) Growing highly efficient business segments Strong & recovering markets Expanding capabilities with bolt-on acquisitions: Contact centers ~100% remote; reducing corporate retail space Sabal Capital Partners (pending) EnerBank (home improvement point-of-sale) Ascentium Capital (1) Since 2017. (2) Source: Bureau of Labor Statistics based on June unemployment data. (3) Source: S&P Global Market Intelligence (4) Source: U.S. Postal Service. (5) Source: CoStar as of June 2021 for hotel occupancy and 2Q21 vs. 2Q20 growth for apartment rents. (6) Per VISA Business and Economic Insights - Regional U.S. Economic Outlook, August 2021. Top 4 deposit states have unemployment rates below national average(2) ~60% of our top MSAs projected to grow faster than national average(3) 16 of top 25 markets with net migration inflows are within footprint(4) ~65% of top 25 MSAs with fastest YoY growth in apartment rents and >50% of top 25 MSAs with highest YoY hotel occupancy growth are within footprint(5) Southeast region expected to recover the fastest to pre- pandemic employment levels(6) YTD net new consumer account growth has exceeded the preceding 3 years combined ~6% YTD small bus. acct. growth; outpacing 2020's record growth

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4 • Adjusted average and ending loans increased ~1% QoQ; positioning us well for continued momentum for loan growth in 4Q and beyond. • Commercial pipelines have surpassed pre-pandemic levels, production remains strong, and line of credit commitments increased $2B YTD • Average PPP loans decreased 45% QoQ to $2.1B, while ending PPP loans decreased 48% to $1.5B; includes $1.4B forgiveness in 3Q. • Through 3Q, ~76% of total PPP loans have been forgiven; expect 80-85% to be forgiven by year end. • Consumer loans reflected another strong quarter of mortgage portfolio production accompanied by modest growth in credit card. ◦ Continue to be impacted by run-off portfolios; expect run-off portfolios to have an average impact of ~$1.2B in FY21 and ~$700M in FY22. • Excluding 4Q benefit from EnerBank acquisition, expect 2021 adjusted average loans to be down low single digits compared to 2020; adjusted ending loans are expected to grow low single digits. Loan growth momentum (1) Non-GAAP, see appendix for reconciliation. $81.4 $79.6 $80.5 53.9 52.6 53.2 27.5 27.1 27.3 3Q20 2Q21 3Q21 (Ending, $ in billions) $82.3 $79.2 $79.8 55.0 52.3 52.7 27.3 26.9 27.1 3Q20 2Q21 3Q21 Adjusted loans and leases(1) (Average, $ in billions) Adj. business loans(1)Adj. consumer loans(1) QoQ highlights & outlook

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5 $116.7 $131.1 $131.9 68.8 78.2 79.1 38.8 43.0 42.5 8.7 9.5 9.9 0.4 0.4 0.4 3Q20 2Q21 3Q21 Deposit growth continues (1) Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar deposits, selected deposits and brokered time deposits). Average deposits by segment ($ in billions) Wealth Mgt Other(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 strong new account growth. ◦ YTD net new consumer acct. growth has exceeded acct. growth for the preceding 3 years combined. ◦ ~6% YTD net new small bus. acct. growth. • Based on analysis of deposit inflow characteristics, we currently believe ~30% of pandemic-related deposit increases can be used to support longer term growth through the rate cycle. Additional balances may persist, but likely more rate sensitive. • 4Q EnerBank acquisition will include CD funding that matures over time, and will benefit from Regions' funding advantage.

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6 $1,000 $975 $976 3.13% 2.81% 2.76% 3.41% 3.31% 3.30% 3Q20 2Q21 3Q21 NII(1) Stable NII & margin NII and NIM(1) ($ 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 3Q, deposit and cash balances remained elevated. • PPP and cash account for -54 bps NIM and +$34M NII within the quarter (-4 bps / -$12M QoQ) ◦ PPP loans account for +5 bps NIM and +$31M NII within the quarter (0 bps / -$12M QoQ) ◦ Excess cash accounts for -59 bps NIM and +$3M NII (-4 bps / $0M QoQ) • Total of ~$15.5B active balance sheet management (details on next slide) since pandemic began, balancing risk and return including a net reduction of debt balances of -$0.4B in 3Q21 ◦ -10 bps cumulative impact to adjusted NIM(2) from $5B post-pandemic securities additions NIM excl. PPP/Cash(2)

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7 • Rate environment impacts offset through active balance sheet management ◦ Hedging benefit of $108M NII in 3Q(3) ◦ Lower deposit pricing; 3Q deposit cost = 4bps / interest-bearing deposit cost = 8bps ◦ Pandemic cash management includes ~$5B securities adds and ~$10.5B long-term debt calls/ maturities (incl. $1B holding company debt call offset by $0.6B issuance in 3Q21) • Outsized credit interest recovery • Adjusted loan growth in 3Q21 of +~$660M average and +~$830M ending (1) Core NII and adj. NIM excludes PPP and excess cash over $750M. Core NII and adjusted NIM are non-GAAP; see appendix for reconciliations. (2) Market rate impacts include contractual loan, cash, and borrowings repricing and fixed asset turnover at lower market rates. (3) Hedges mostly remain active; ~$1.6B total return, $574M NII accrual since beginning of 2020, $1.1B unrealized pre-tax gain, to be amortized into NII over the remaining life of hedges. (4) Non-GAAP, see appendix for reconciliation. $929 $942 Core(1) NII Attribution Drivers of Core(1) NII and NIM 3Q21 excl. PPP/cash 2Q21 excl. PPP/cash -2bps -1bps +1bps -1bps+1bps -$7M +$3M +$2M +$2M+$4M +$6M • Longer-term NII growth from organic and strategic asset growth; positioned to benefit from rising market rates ◦ Mid-3Q21, $5B receive-fixed swaps repositioned, shorten maturities from 2026 to late 2022, which locks in gains. Allow for more NII expansion when rates are projected to rise and incorporates the impact of EnerBank's fixed-rate loan portfolio. ◦ Cumulative hedge program value is ~$1.6B (realized and unrealized); ~75% has been realized or is locked-in from swap repositioning/terminations reflecting the dynamic management of hedging strategy. • Linked-quarter NII expected to grow 5-6% in 4Q21 ◦ Core(1) NII expected to be stable linked-quarter after adjusting for outsized credit interest recovery in 3Q21 ◦ Uncertain timing of PPP forgiveness to benefit NII/NIM - currently assume higher PPP NII in 4Q21 ◦ EnerBank acquisition to add approximately 5% to NII in 4Q21 • Excluding PPP/cash, adjusted NIM(1) expected to increase to ~3.40%, mostly from EnerBank Expectations for 4Q21 and Beyond NII NIM Days/ Other +2bps Loan bals/mix Cash mgmt. Market rates(2) Deposit pricing Offset ongoing impacts of reinvestment through balance sheet management strategies Loan hedges NII & margin - core drivers Credit recovery +$3M -1bps

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8 While not included in the outlook, opportunities exist if surge deposits are retained with lower betas (assume 75% 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 (~$1.6B 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 % CAGR Hedge Income Forward Rates EnerBank PPP Organic Growth Balance sheet hedges protected NII in declining rates and will continue support NII if rates lower for longer Regions' asset sensitive position will benefit meaningfully with the potential for higher rates and a steeper yield curve. The impact of the EnerBank acquisition will be reflected in Q4 2021, with additional growth opportunities within this portfolio. PPP supported earnings through the Pandemic but will provide a headwind after 2021 Regions is well positioned to grow loans as the economic recovery continues. NII Drivers - Additional Opportunity (1) Based on most current market forward rate projections as of 10/18/2021: 2021: Avg 1m LIBOR 10bps, Avg 10yr UST 1.46%; 2022: Avg 1m LIBOR 31bps, Avg 10yr UST 1.78%; 2023: Avg 1m LIBOR 97bps, Avg 10yr UST 2.00%; 2024: Avg 1m LIBOR 1.37%, Avg 10yr UST 2.17% Future NII drivers

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9 • Changes in customer behavior and additional customer benefits likely keep service charges 10-15% below 2019 levels. • Capital markets increase driven by record loan syndication revenue and strong M&A advisory fees. ◦ Expect capital markets to generate revenue in $60-$70M range in 4Q, excluding the impact of CVA/DVA. • Mortgage income impacted primarily by mortgage servicing rights valuation adjustments. • BOLI impacted by a single outsized 2Q claim. • Other impacted by $10M increased value in certain equity investments and $10M increased gains associated with the sale of certain small dollar equipment loans and leases. • Excluding the 4Q benefit from EnerBank, expect 2021 adjusted total revenue to be up modestly from 2020, but will depend on timing and amount of PPP forgiveness. Change vs ($ in millions) 3Q21 2Q21 3Q20 Service charges on deposit accounts $162 (0.6)% 6.6% Card and ATM fees 129 0.8% 12.2% Capital markets income (excluding CVA/DVA) 86 32.3% 53.6% Capital Markets - CVA/DVA 1 (125.0)% (80.0)% Wealth management income 95 (1.0)% 11.8% Mortgage income 50 (5.7)% (53.7)% Bank-owned life insurance 18 (45.5)% 5.9% Market value adjustments (on employee benefit assets - other) 5 (37.5)% (64.3)% Other 103 33.8% 74.6% Total non-interest income $649 4.8% (0.9)% Adjusted non-interest income(1) $646 7.7% 6.3% Non-interest income (1) Non-GAAP; see appendix for reconciliation. NM - Not Meaningful QoQ highlights & outlook

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10 (1) Non-GAAP; see appendix for reconciliation. (2) 2020 adjusted non-interest expenses include ~$60M of expense associated with the Ascentium acquisition that closed 4/1/2020. $3,387 $3,419 $3,434 $3,443 $3,541 2016 2017 2018 2019 2020 Non-interest expense QoQ highlights & outlookAdjusted non-interest expense(1) ($ in millions) $889 $895 $918 55.3% 56.9% 56.6% Adjusted non-interest expense Adjusted efficiency ratio 3Q20 2Q21 3Q21 ~1% CAGR (1) (1) • Adjusted non-interest expenses increased 2% driven primarily by higher salary and benefits and professional and legal fees, offset by a decline in marketing expenses. ◦ Salaries and benefits increased 4% due to higher variable-based compensation associated with elevated fee income as well as 1 additional work day. ◦ Associate headcount increased 149 positions (majority within revenue producing businesses). ◦ Exceptionally strong performance is also contributing to higher incentive compensation. ◦ YTD associate headcount is down 2% and base salaries are down 1% • 3Q expenses include $8M from pension settlement charges. • Excluding $35M core run rate expenses from EnerBank, expect 2021 adjusted non-interest expenses to be up modestly from 2020. • We remain committed to generating adjusted positive operating leverage over time. (2)

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11 1.71% 2.74% 2.00% 1.80% 1.71% 2.90% 2.07% 1.83% ACL/Loans (incl. PPP) ACL/Loans (excl. PPP) Day 1 3Q20 2Q21 3Q21 $113 $47 $30 38 24 25 75 23 5 0.50% 0.23% 0.14% 3Q20 2Q21 3Q21 $767 $666 $530 316% 253% 283% 3Q20 2Q21 3Q21 NPLs and ACL coverage ratio Asset quality improvement continues ($ 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. • 3Q annualized NCOs at 14bps, down 9bps QoQ reflecting continued broad-based improvement & recoveries associated with strong collateral asset values. • In consumer, home equity experienced net recoveries, while mortgage and auto experienced zero net charge-offs during the quarter. • $155M benefit to provision resulted in ACL of 1.80% of total loans (1.83%(1) ex-PPP) • NPLs and criticized business loans improved QoQ while delinquencies were unchanged. • Further reductions in ACL will depend on continued evaluation of residual risks in the economy. • YTD annualized NCOs at 25bps; expect full-year 2021 to approximate that same level. ACL to loans ratio (2) (1)

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12 9.3% 10.4% 10.8% 3Q20 2Q21 3Q21 • During 3Q, Regions declared $164M in common dividends. • Stress Capital Buffer requirement for 4Q21 through 3Q22 is 2.5%. • Common Equity Tier 1 (CET1) ratio increased 40 bps in 3Q to an estimated 10.8%. • Continue to prioritize capital utilization for organic growth and non-bank acquisitions like EnerBank and Sabal that propel future growth. • Temporarily paused share repurchases until after October 1st close of EnerBank (~$1B of capital). Anticipate being back in the market in 4Q21 and expect to manage CET1 to the mid-point of 9.25-9.75% operating range by year-end. QoQ Highlights & Outlook Capital and liquidity (1) Current quarter ratios are estimated. (2) Based on ending balances. 10.8% 11.9% 12.3% 3Q20 2Q21 3Q21 Tier 1 capital ratio(1) Loan-to-deposit ratio(2) 75% 64% 63% 3Q20 2Q21 3Q21 Common equity Tier 1 ratio(1)

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13 2021 expectations (1) Non-GAAP, see appendix for reconciliation. (2) The reconciliation with respect to forward-looking non-GAAP measures is expected to be consistent with actual non-GAAP reconciliations included in the attached appendix or in previous filings with the SEC. (3) Adjusted ending and average 2020 loans were revised in 2Q21 to remove impact of $239M of C&I loans moved to HFS on 12/31/2020 and then moved back to HFI on 6/1/2021. Category FY 2021 Expectations Total Adjusted Revenue (from adjusted 2020 of $6,206)(1)(2) Up modestly (dependent on timing & amount of PPP forgiveness) Adjusted Non-Interest Expense (from adjusted 2020 of $3,541)(1)(2) Up modestly Adjusted Average Loans (from adjusted 2020 of $82,070)(1)(2)(3) Down low single digits Adjusted Ending Loans (from adjusted 2020 of $79,846)(1)(2)(3) Up low single digits Net charge-offs / average loans ~25bps Effective tax rate 22-23% • Impacts from 4Q EnerBank and Sabal acquisitions are not considered in these expectations. • Effective tax rate expectations do not include the impact of potential tax legislation.

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14 Appendix

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15 Selected items impact Third quarter 2021 highlights (1) Non-GAAP, see appendix for reconciliation. (2) Based on income taxes at an approximate 25% incremental rate. (3) Items impacting results or trends during the quarter, but are not considered non-GAAP adjustments. These items generally include market-related measures, impacts of new accounting guidance, or event driven actions. NM - Not Meaningful ($ amounts in millions, except per share data) 3Q21 QoQ Change YoY Change Net interest income $ 965 0.2% (2.3)% Provision for (benefit from) credit losses (155) (54.0)% (237.2)% Non-interest income 649 4.8% (0.9)% Non-interest expense 938 4.5% 4.7% Income before income taxes 831 (18.6)% 31.1% Income tax expense 180 (22.1)% 73.1% Net income 651 (17.6)% 22.8% Preferred dividends 27 (35.7)% (6.9)% Net income available to common shareholders $ 624 (16.6)% 24.6% Diluted EPS $ 0.65 (15.6)% 25.0% Summary of third quarter results (amounts in millions, except per share data) 3Q21 Pre-tax adjusted items(1): Loss on early extinguishment of debt $ (20) Securities gains (losses), net $ 1 Leveraged lease termination gains 2 Total pre-tax adjusted items(1) $ (17) Diluted EPS impact(2) $ (0.01) Additional selected items(3): CECL provision less than (in excess of) net charge-offs $ 185 Capital markets income - CVA/DVA 1 MSR net hedge performance (15) PPP loan interest/fee income 31 Pension settlement charges (8)

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16 3.1% 3.5% 4.6% 5.0% AL GA TN FL —% 2.0% 4.0% 6.0% Unemployment Rates (August 2021)(1) Strong recovery within footprint United States 5.2%* (1) Rates shown are seasonally adjusted. (2) Per VISA Business and Economic Insights - Regional U.S. Economic Outlook, August 2021 measuring projected timeframes to return to pre-pandemic employment levels. • Our top 4 deposit states (almost 70% our deposit franchise) had an unemployment rate in August below the U.S. rate of 5.2%. • Footprint will likely return to pre-pandemic employment levels during 2H22 with the South experiencing strongest consumer spending recovery compared to other regions.(2) Q32022 Q42022 2023 Projected Employment Recovery by Region(2)

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17 Making banking easier Providing transparency, simplicity and speed into how accounts work Improved Visibility and Transparency Expanded Alert Capabilities ◦ Balance alerts based on available balance ◦ Transaction alerts providing information in near real-time ◦ Automated email alerts for notification of overdraft as well as overdraft protection transfers ◦ Over 200,000 subscribers to the new alerts added as of September 30, 2021 Enhanced Views in Digital Channels ◦ Projected Available Balance that shows how much is expected to be available after nightly posting ◦ Clearer descriptions for pending transactions ◦ Addition of hold expiration dates ◦ New and refreshed hover box definitions for balances Intraday visibility of checks cleared ◦ Applies to personal Regions accounts Enhanced Product Features New Product - Regions Now Checking Simplified Transaction Posting Order ◦ Credits will continue to post first, consistent with prior practices ◦ Debits posted after credits, generally in the time order received Limiting Fees ◦ Lowered daily overdraft/non- sufficient fund fee caps for personal accounts ◦ Added daily overdraft/non- sufficient fund fee caps for small businesses accounts ◦ Reduced overdraft protection transfer fees Customer Education Tools ◦ Video series titled “Just a Minute” explaining how and when transactions are processed and tools to help manage finances ◦ Developed central hub on public facing Regions.com website providing information around changes ◦ Robust proactive customer and associate communication and training across channels around changes and enhancements New Checking Account Product – ◦ Product developed to standards and certified by Bank On ◦ No Overdraft, Non-sufficient Funds or Overdraft protection transfer fees ◦ Low monthly fee ◦ Regions Visa CheckCard with CashBack rewards ◦ Online & Mobile Banking with online bill pay ◦ Unlimited check writing capability ◦ Free LifeGreen Savings Account with savings bonus ◦ Product launched on September 30, 2021

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18 0.67 1.57 2.40 3Q19 3Q20 3Q21 120 143 162 3Q19 3Q20 3Q21 2.7 2.8 3.1 3Q19 3Q20 3Q21 1.8 2.0 2.3 3Q19 3Q20 3Q21 13% 20% 21% 30% 33% 33% 57% 47% 46% 3Q19 3Q20 3Q21 60.2 73.0 83.0 49.3 63.4 71.3 7.4 2.8 4.1 3.5 6.8 7.6 3Q19 3Q20 3Q21 60% 66% 69% 40% 34% 31% 3Q19 3Q20 3Q21 Growth in digital Mobile Banking Log-Ins Customer Transactions Deposit Transactions by Channel 14% (Millions) (Millions) Active Digital Banking Users Active Mobile Banking Users (Millions) 23% Loans Digital Sales(1) (Accounts in Thousands) Deposits Credit Card Accounts Digital Non-Digital Mobile ATM Branch (1) Digital sales represents accounts opened. (2) Digital transactions represent online and mobile only; Non-digital transactions represent branches, contact centers and ATMs. (3) Transactions represent Consumer customer deposits, transfers, mobile deposits, fee refunds, withdrawals, payments, official checks, bill payments, and Western Union. Excludes ACH and Debit Card purchases/refunds.(4) Consumer Checking Omni-Channel sales capability was launched at the end of 1Q21 (2)(3) Zelle Transactions (Millions) 256% 34% 17% 22% 24% 83% 78% 72% —% —% 4% 3Q19 3Q20 3Q21 Digital Branch+Contact Center Omni-Channel Consumer Checking Sales by Channel(4)

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19 ~1.5% 11.5% 10.8% 8.3% 7.1% 6.0% 5.2% 4.7% 4.6% 3.3% 2.9% 2.7% 0.9% 0.4% 2.1 3.1 2.8 0.8 2.8 1.9 2.0 2.5 1.7 2.7 RF 3 Q RF 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 2 3 4 5 6 • 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 ~$1.6B, including a ~$1.1B unrealized gain and + $574mm of realized NII since beginning of 2020 (~75% 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 2023 and beyond, including the addition of EnerBank, which is mostly comprised of fixed rate loans ◦ In mid-3Q21, $5B of receive-fixed swaps with avg maturity Jan 2026 were terminated and replaced by a similar amount with avg maturity Dec 2022 • Resulting NII profile able to: ◦ benefit from steepening yield curve, eventual rising short- term rates, and other potential tailwinds (e.g. loan growth/ credit) ◦ limit downside and ensure NII stability in an environment where the Fed maintains its zero rate policy and loan growth does not manifest Long-term NII Sensitivity Profile to RatesHedge Notional Maturity Profile ~1.5% 2021 2022 2023 2024 2025 2026 Hedge Notional $20.5B $20.5B $9.2B $6.3B $2.0B $0.0B 1mo. LIBOR 0.10% 0.19% 0.68% 1.17% 1.49% 1.69% 1mo. LIBOR Active Hedge Notional Forward Rates(5) (1,2,3) 3Q21 Adjustments - scenarios assume no loan growth in any scenario and no benefit from surge deposits under rising rates - includes cumulative benefits from asset reinvestment at higher rates (4) Forwards +50bps Cumulative NII growth (2021-2024) Flat rates Current Hedges Unwind Hedges(6) +2.5% to 3.0% +3.0% to 3.5% -0.5% to -1% -1.0% to -1.5% 1H21 Adjustments (1) Includes all active swaps/floors entered into prior to 9/30/2021. (2) Includes YTD 2021 total hedge repositioning of $11.3B, reducing average annual notional by -$10.3B in 2023 and -$9.0B in 2024. (3) Includes $1.25B of swap unwinds to offset securities additions in 2Q21. (4) 9/30/2021 market implied forwards, annual average. (5) Based on most current market forward rate projections as of 10/18/2021 (6) "Unwind hedges" scenario includes the unwind of all cash-flow hedges today; current gain is deferred and amortized over the life of the contracts, locking in the NII benefit and adding interest rate exposure. (7) Peers 6, 8, 11 did not disclose weighted average lives of cash flow hedge. Hedging strategy update Cash-flow Hedge Contribution to NII - 2Q21 WAL remaining on CF Hedges(7)

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20 Pe er 1 Pe er 2 Pe er 3 Pe er 4 Pe er 5 Pe er 6 Pe er 7 RF 2 Q 21 RF 3 Q 21 Pe er 8 Pe er 9 Pe er 1 0 Pe er 1 1 Pe er 1 2 Pe er 1 3 0% 20% Peer Median: 22% Ending Securities / Total Earning Assets (2Q21)(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 funding as they 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. ~$35B Ending Deposit Growth (Dec 2019 to Sep 2021) Balance sheet management Cash management update • Deposit growth broadly distributed across products, businesses, and industries • 67% of growth in NIB checking balances • Mix of growth by business: Consumer/Small Bus. 51%, Corporate 44%, Wealth 5% • Of total pandemic growth, approx. 30% 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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21 • Strong improvement despite second lowest loan growth in peer group resulting from de-risking activities and focus on risk- adjusted returns. ◦ Capital recycling in C&I portfolio began in earnest in 2014 ◦ Improvement came without whole bank M&A • ROATCE improved 480 bps from 2014 to 2020 with rank improving from 10/15 to 5/14. • 180 bps above peer median in 2020 after being 90 bps below peer median in 2014. • Excluding Peer 1, Regions is the only bank with an ROATCE over 10% in 2014 to improve ~500 bps. (1) Source: S&P Global. (2) Normalized: NCOs used in place of provision expense; assumes 25% marginal tax rate. (3) Peer 1 had outsized gain related to M&A activity. (4) Banks who have grown via whole bank M&A. 16.8% 16.4% 15.2% 14.5% 14.3% 13.4% 12.5% 12.1% 10.8% 5.0%10.8% 20.5% 13.7% 14.7% 10.4% 6.4% 12.0% 9.7% 6.9% 6.6% 13.3% 12.1% 8.7% 11.1% Pe er 1 Pe er 2 Pe er 3 Pe er 4 RF Pe er 5 Pe er 6 Pe er 7 Pe er 8 Pe er 9 Pe er 10 Pe er 11 Pe er 12 Pe er 13 Strategy yielding strong ROATCE improvement 2020 ROATCE(1)(2) vs. 2014 ROATCE(2) Loan Growth CAGR (2014 - 2020) 2014: Peer Median 11.3% 2020: Peer Median 13.4% 19.9% 17.5% 11.4% 10.7% 9.8% 9.4% 6.8% 5.8% 4.1% 4.0% 3.8% 2.4% 1.7% Pe er 1 Pe er 4 Pe er 5 Pe er 7 Pe er 6 Pe er 13 Pe er 3 Pe er 8 Pe er 9 Pe er 2 Pe er 10 Pe er 11 RF Pe er 12 Peer Median 6.8% (4 ) (4 ) (4 ) (4 ) (4 ) (4 ) (4 ) (4 ) 5.0% (3 ) 26.3% 17.6% 12.1% 11.3%

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22 ($ in millions) 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Round 1-average $ 3,213 $ 4,558 $ 4,143 $ 3,171 $ 2,401 $ 814 Round 2-average — — — 627 1,500 1,324 Total-average $ 3,213 $ 4,558 $ 4,143 $ 3,798 $ 3,901 $ 2,138 NII(1) $ 18 $ 31 $ 54 $ 40 $ 43 $ 31 Round 1-ending $ 4,498 $ 4,594 $ 3,624 $ 2,974 $ 1,438 $ 416 Round 2-ending — — — 1,343 1,510 1,120 Total-ending $ 4,498 $ 4,594 $ 3,624 $ 4,317 $ 2,948 $ 1,536 Balance forgiven $ — $ — $ 970 $ 651 $ 1,655 $ 1,412 PPP loan details • Through 3Q21, approximately 73% of total estimated program fees have been recognized (~$64M in remaining unamortized fees) • Expect 80-85% of total $6.2B PPP loans to be forgiven by year-end 2021. (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 10.4% 0.6% 0.1% (0.1)% (0.2)% 10.8% CET1 waterfall (1) Non-GAAP; see appendix for reconciliation. (2) Provision benefit includes the impact of CECL deferral. (3) Current quarter ratios are estimated and reflect rounding. 2Q21 CET1% Pre-tax pre- provision income(1) Common Dividend 3Q21 CET1%(3) Provision benefit(2) Tax & Other

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24 Regions Preferred Par Value 3Q21 4Q21E Series B $500.0 $8.0 $8.0 Series C $500.0 $7.1 $7.1 Series D $350.0 $5.0 $5.0 Series E $400.0 $6.5 $4.5 Total $26.6 $24.6 Projected preferred stock expense ($ in millions) • The 3Q dividend for Series E includes a long first dividend period to include accrual since settlement on May 4, 2021. • The 4Q dividend reflects the expected quarterly run-rate.

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25 Changes in Portfolio Risk & Balances $1,684 $(30) $(91) $(64) $1,499 Allowance for credit losses waterfall Changes in Economic Outlook & Adjustments Net Charge- Offs 9/30/2021 • 3Q ending allowance decreased $185M due to continued improvement in the economic outlook and expectations of improving credit performance in certain sectors / clients. • The benefits of the improving economic outlook were partially offset by a continued level of imprecision due to uncertainty regarding the timing of full economic recovery. QoQ highlights ($ in millions) 06/30/2021

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26 Pre-R&S period 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 Real GDP, annualized % change 3.8 % 5.6 % 5.2 % 4.1 % 3.2 % 2.6 % 2.3 % 2.2 % 2.3 % Unemployment rate 5.2 % 4.8 % 4.6 % 4.4 % 4.2 % 4.1 % 4.0 % 3.9 % 3.8 % HPI, year-over-year % change 18.1 % 16.0 % 12.9 % 8.1 % 4.0 % 3.4 % 3.5 % 3.6 % 3.8 % S&P 500 4,450 4,557 4,600 4,630 4,657 4,693 4,726 4,764 4,805 Base R&S economic outlook (as of September 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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27 As of 9/30/2021 As of 12/31/20 (in millions) Loan Balance ACL ACL/Loans Loan Balance ACL ACL/Loans C&I $41,748 647 1.55 % $42,870 $1,027 2.40 % CRE-OO mortgage 5,446 128 2.35 % 5,405 242 4.47 % CRE-OO construction 252 9 3.64 % 300 24 7.98 % Total commercial $47,446 $784 1.65 % $48,575 $1,293 2.66 % IRE mortgage 5,608 86 1.53 % 5,394 167 3.10 % IRE construction 1,704 11 0.65 % 1,869 30 1.58 % Total IRE $7,312 $97 1.32 % $7,263 $197 2.71 % Residential first mortgage 17,347 129 0.74 % 16,575 155 0.94 % Home equity lines 3,875 92 2.37 % 4,539 122 2.69 % Home equity loans 2,556 30 1.17 % 2,713 33 1.23 % Indirect-vehicles 500 4 0.78 % 934 19 2.04 % Indirect-other consumer 2,123 177 8.33 % 2,431 241 9.92 % Consumer credit card 1,136 123 10.84 % 1,213 161 13.30 % Other consumer 975 63 6.48 % 1,023 72 7.01 % Total consumer $28,512 $618 2.17 % $29,428 $803 2.73 % Total $83,270 $1,499 1.80 % $85,266 $2,293 2.69 % Government guaranteed PPP loans 1,536 2 0.15 % 3,624 1 — Total, excluding PPP loans(1) $81,734 $1,497 1.83 % $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 1.60%.

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28 • Proactive, frequent customer dialogue • Closely monitoring most vulnerable customers • Monitoring ratings migration • Quarter over quarter balances declined $0.19B Bottom up review informs and narrows COVID-19 high-risk industry sectors (as of September 30, 2021) C&I Portfolio BAL$(1) % of BAL$ Utilization Rate(2) % Criticized Energy – Oil & Gas Extraction, Oilfield Services, Coal $0.93b 1.1% 48% 22% Consumer Services & Travel – Amusement, Arts and Recreation, Charter Bus Industry, Taxi & Limousine Service $0.56b 0.7% 76% 8% Retail (non-essential) – Clothing, Miscellaneous Store Retailers $0.20b 0.2% 45% 2% Restaurants – Full Service $0.53b 0.6% 69% 32% Total C&I high-risk industry sectors $2.22b 2.7% 57% 19% CRE related exposures including unsecured C&I BAL$(1) % of BAL$ Utilization Rate(2) % Criticized IRE Hotels – Full service, limited service, extended stay $0.30b 0.4% 95% 95% Total CRE-related high-risk industry sectors $0.30b 0.4% 95% 95% Total $2.52b (1) Amounts exclude PPP Loans, Operating Leases and Held For Sale exposure. (2) Borrowing Base Adjusted Commitments, excludes PPP, Operating Leases and Loans Held For Sale. Ongoing Portfolio Surveillance

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29 Ascentium Capital 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 just over 10% of the Corporate Banking Group's YTD total revenue. • Loan production increased 3% QoQ and 9% YoY. • 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 31% Healthcare 13% Restaurant, Accommodation & Lodging 11% Real Estate - Services, Construction 8% Administrative, Support 8% Retail Trade 8% 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 9/30/2021.

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30 • 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 Overview Top Home Improvement Projects Financed Portfolio Overview Roofing & Siding Windows & Doors Notable Company / Transaction Metrics (as of Sept. 30, 2021) Contractor Network 10,500+ Loan Balances(2)(3) ~$3.1B Average Customer FICO ~760 Average Annual Net Losses ~1.0%-1.5% Gross Loan Effective Yield(4) ~9% Yield of acquired loans after marking to fair value(4) ~6-7% Outstanding Non-Transaction Deposits(2) ~$2.7B Deposit Cost(5) ~40bps Efficiency Ratio <40% Estimated Recurring Quarterly Expenses(6) ~$35MM Day 2 CECL Double Count, After Tax ~$85MM-$115MM Pools HVAC ~55% of LTM originations in Regions retail footprint (1) LTM as of September 30, 2021. (2) Balances are preliminary and still subject to the finalization of fair value marks and purchase accounting adjustments (PAA). (3) Loan weighted average life (WAL) of ~3 years. (4) On average, 6-7% of the loan yield is paid by the consumer, 2-3% is paid by the contractor; contractor discount of acquired loans are recognized at purchase as part of fair value mark; new originations will yield ~9%. (5) Adjusted for estimated PAAs; WAL of deposits is ~2 years; Regions will replace EnerBank's funding base over time. (6) Including $5MM-$7MM amortization of intangibles. LTM Originations Heat Map(1) Solar EnerBank acquisition Closed: October 1, 2021

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31 Agency Licenses Sabal Capital Partners acquisition Continues build-out of Regions' fee-based businesses Company Overview & Regions' Strategic Rationale • Announced October 4, 2021; expected close 4Q21 • 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 YTD 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. 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 HUD Freddie 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

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32 ESG - Recognitions and resources MSCI State Street Global Advisors S&P Global Sustainalytics AA ESG Rating 63 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 • Community Engagement Report All resources available through our ESG Resource Center accessible at ir.regions.com/governance

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33 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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34 Non-GAAP reconciliation Core net interest income and adjusted net interest margin Quarter-ended 9/30/2021 6/30/2021 Net interest income (FTE) (GAAP) $ 976 $ 975 Impact of SBA PPP loans (31) (43) Impact of excess cash (3) (3) Core net interest income (FTE) (non-GAAP) $ 942 $ 929 Net interest margin (FTE) (GAAP) 2.76 % 2.81 % Impact of SBA PPP loans (0.05) % (0.05) % Impact of excess cash 0.59 % 0.55 % Adjusted net interest margin (FTE) (non-GAAP) 3.30 % 3.31 % NM - Not Meaningful

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35 Non-GAAP reconciliation Adjusted average loans Average Balances ($ amounts in millions) 3Q21 2Q21 1Q21 4Q20 3Q20 3Q21 vs. 2Q21 3Q21 vs. 3Q20 Commercial and industrial $ 41,892 $ 43,140 $ 42,816 $ 43,889 $ 46,405 $ (1,248) (2.9) % $ (4,513) (9.7) % Add: Commercial loans held for sale reclassified to the portfolio — 138 231 3 — (138) (100.0) % — NM Less: SBA PPP Loans 2,138 3,901 3,798 4,143 4,558 (1,763) (45.2) % (2,420) (53.1) % Adjusted commercial and industrial loans (non-GAAP) $ 39,754 $ 39,377 $ 39,249 $ 39,749 $ 41,847 $ 377 1.0 % $ (2,093) (5.0) % Total commercial loans $ 47,574 $ 48,774 $ 48,494 $ 49,597 $ 52,221 $ (1,200) (2.5) % $ (4,647) (8.9) % Add: Commercial loans held for sale reclassified to the portfolio — 138 231 3 — (138) (100.0) % — NM Less: SBA PPP Loans 2,138 3,901 3,798 4,143 4,558 (1,763) (45.2) % (2,420) (53.1) % Adjusted total commercial loans (non-GAAP) $ 45,436 $ 45,011 $ 44,927 $ 45,457 $ 47,663 $ 425 0.9 % $ (2,227) (4.7) % Total business loans $ 54,885 $ 56,056 $ 55,716 $ 57,045 $ 59,519 $ (1,171) (2.1) % $ (4,634) (7.8) % Add: Commercial loans held for sale reclassified to the portfolio — 138 231 3 — (138) (100.0) % — NM Less: SBA PPP Loans 2,138 3,901 3,798 4,143 4,558 (1,763) (45.2) % (2,420) (53.1) % Adjusted total business loans (non-GAAP) $ 52,747 $ 52,293 $ 52,149 $ 52,905 $ 54,961 $ 454 0.9 % $ (2,214) (4.0) % Total consumer loans $ 28,465 $ 28,495 $ 29,039 $ 29,619 $ 29,851 $ (30) (0.1) % $ (1,386) (4.6) % Less: Indirect—other consumer exit portfolio 806 909 1,034 1,164 1,318 (103) (11.3) % (512) (38.8) % Less: Indirect—vehicles 557 690 850 1,023 1,223 (133) (19.3) % (666) (54.5) % Adjusted total consumer loans (non-GAAP) $ 27,102 $ 26,896 $ 27,155 $ 27,432 $ 27,310 $ 206 0.8 % $ (208) (0.8) % Total loans $ 83,350 $ 84,551 $ 84,755 $ 86,664 $ 89,370 $ (1,201) (1.4) % $ (6,020) (6.7) % Add: Commercial loans held for sale reclassified to the portfolio — 138 231 3 — (138) (100.0) % — NM Less: SBA PPP Loans 2,138 3,901 3,798 4,143 4,558 (1,763) (45.2) % (2,420) (53.1) % Less: Indirect—other consumer exit portfolio 806 909 1,034 1,164 1,318 (103) (11.3) % (512) (38.8) % Less: Indirect—vehicles 557 690 850 1,023 1,223 (133) (19.3) % (666) (54.5) % Adjusted total loans (non-GAAP) $ 79,849 $ 79,189 $ 79,304 $ 80,337 $ 82,271 $ 660 0.8 % $ (2,422) (2.9) % NM - Not Meaningful

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36 Non-GAAP reconciliation Adjusted full year average loans Average Balance Twelve Months Ended ($ amounts in millions) December 31, 2020 Total Loans $ 87,813 Add: Commercial loans held for sale reclassified to the portfolio 1 Less: SBA PPP Loans 2,986 Less: Indirect—other consumer exit portfolio 1,417 Less: Indirect—vehicles 1,341 Adjusted total loans (non-GAAP) $ 82,070 NM - Not Meaningful

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37 Non-GAAP reconciliation Adjusted ending loans As of 9/30/2021 9/30/2021 ($ amounts in millions) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 vs. 6/30/2021 vs. 9/30/2020 Commercial and industrial $ 41,748 $ 42,628 $ 43,241 $ 42,870 $ 45,199 $ (880) (2.1) % $ (3,451) (7.6) % Add: Commercial loans held for sale reclassified to the portfolio — — 210 239 — — NM — NM Less: SBA PPP Loans 1,536 2,948 4,317 3,624 4,594 (1,412) (47.9) % (3,058) (66.6) % Adjusted commercial and industrial loans (non-GAAP) $ 40,212 $ 39,680 $ 39,134 $ 39,485 $ 40,605 $ 532 1.3 % $ (393) (1.0) % Total commercial loans $ 47,446 $ 48,254 $ 48,869 $ 48,575 $ 50,955 $ (808) (1.7) % $ (3,509) (6.9) % Add: Commercial loans held for sale reclassified to the portfolio — — 210 239 — — NM — NM Less: SBA PPP Loans 1,536 2,948 4,317 3,624 4,594 (1,412) (47.9) % (3,058) (66.6) % Adjusted total commercial loans (non-GAAP) $ 45,910 $ 45,306 $ 44,762 $ 45,190 $ 46,361 $ 604 1.3 % $ (451) (1.0) % Total business loans $ 54,758 $ 55,502 $ 56,091 $ 55,838 $ 58,537 $ (744) (1.3) % $ (3,779) (6.5) % Add: Commercial loans held for sale reclassified to the portfolio — — 210 239 — — NM — NM Less: SBA PPP Loans 1,536 2,948 4,317 3,624 4,594 (1,412) (47.9) % (3,058) (66.6) % Adjusted total business loans (non-GAAP) $ 53,222 $ 52,554 $ 51,984 $ 52,453 $ 53,943 $ 668 1.3 % $ (721) (1.3) % Total consumer loans $ 28,512 $ 28,572 $ 28,664 $ 29,428 $ 29,822 $ (60) (0.2) % $ (1,310) (4.4) % Less: Indirect—other consumer exit portfolio 760 858 971 1,101 1,240 (98) (11.4) % (480) (38.7) % Less: Indirect—vehicles 500 621 768 934 1,120 (121) (19.5) % (620) (55.4) % Adjusted total consumer loans (non-GAAP) $ 27,252 $ 27,093 $ 26,925 $ 27,393 $ 27,462 $ 159 0.6 % $ (210) (0.8) % Total loans $ 83,270 $ 84,074 $ 84,755 $ 85,266 $ 88,359 $ (804) (1.0) % $ (5,089) (5.8) % Add: Commercial loans held for sale reclassified to the portfolio — — 210 239 — — NM — NM Less: SBA PPP Loans 1,536 2,948 4,317 3,624 4,594 (1,412) (47.9) % (3,058) (66.6) % Less: Indirect—other consumer exit portfolio 760 858 971 1,101 1,240 (98) (11.4) % (480) (38.7) % Less: Indirect—vehicles 500 621 768 934 1,120 (121) (19.5) % (620) (55.4) % Adjusted ending total loans (non-GAAP) $ 80,474 $ 79,647 $ 78,909 $ 79,846 $ 81,405 $ 827 1.0 % $ (931) (1.1) % NM - Not Meaningful

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

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39 Non-GAAP reconciliation ACL/Loans excluding PPP As of ($ amounts in millions) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Total Loans $ 83,270 $ 84,074 $ 84,755 $ 85,266 $ 88,359 Less: SBA PPP Loans 1,536 2,948 4,317 3,624 4,594 Loans excluding PPP, net (non- GAAP) $ 81,734 $ 81,126 $ 80,438 $ 81,642 $ 83,765 ACL at period end $ 1,499 $ 1,684 $ 2,068 $ 2,293 $ 2,425 Less: SBA PPP Loans' ACL $ 2 $ 3 $ 3 $ 1 $ — ACL excluding PPP Loans' ACL (non-GAAP) $ 1,497 $ 1,681 $ 2,065 $ 2,292 $ 2,425 ACL/Loans excluding PPP, net (non-GAAP) 1.83 % 2.07 % 2.57 % 2.81 % 2.90 %

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40 Non-GAAP reconciliation Pre-tax pre-provision income (PPI) Quarter Ended ($ amounts in millions) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 3Q21 vs. 2Q21 3Q21 vs. 3Q20 Net income (loss) available to common shareholders (GAAP) $ 624 $ 748 $ 614 $ 588 $ 501 $ (124) (16.6) % $ 123 24.6 % Preferred dividends and other (GAAP)(1) 27 42 28 28 29 (15) (35.7) % (2) (6.9) % Income tax expense (benefit) (GAAP) 180 231 180 121 104 (51) (22.1) % 76 73.1 % Income (loss) before income taxes (GAAP) 831 1,021 822 737 634 (190) (18.6) % 197 31.1 % Provision for (benefit from) credit losses (GAAP) (155) (337) (142) (38) 113 182 54.0 % (268) (237.2) % Pre-tax pre-provision income (non-GAAP) 676 684 680 699 747 (8) (1.2) % (71) (9.5) % Other adjustments: Securities (gains) losses, net (1) (1) (1) — (3) — — % 2 66.7 % Gains on equity investment — — (3) (6) (44) — NM 44 100.0 % Leveraged lease termination gains, net (2) — — — — (2) NM (2) NM Bank-owned life insurance — (18) — (25) — 18 100.0 % — NM Salaries and employee benefits—severance charges — 2 3 26 2 (2) (100.0) % (2) (100.0) % Branch consolidation, property and equipment charges — — 5 7 3 — NM (3) (100.0) % Contribution to the Regions Financial Corporation foundation — 1 2 10 — (1) (100.0) % — NM Loss on early extinguishment of debt 20 — — 14 2 20 NM 18 NM Total other adjustments 17 (16) 6 26 (40) 33 206.3 % 57 142.5 % Adjusted pre-tax pre-provision income (non-GAAP) $ 693 $ 668 $ 686 $ 725 $ 707 $ 25 3.7 % $ (14) (2.0) % NM - Not Meaningful NM - Not Meaningful (1) The second quarter 2021 amount includes $13 million of Series A preferred stock issuance costs, which reduced net income available to common shareholders when the shares were redeemed during the second quarter of 2021. Management does not consider this $13 million to be indicative of the company's performance and believes excluding it will assist investors in analyzing its results and in predicting future performance.

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41 Non-GAAP reconciliation NII, non-interest income/expense, and efficiency ratio NM - Not Meaningful Quarter Ended Year Ended ($ amounts in millions) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 3Q21 vs. 2Q21 3Q21 vs. 3Q20 12/31/2020 Non-interest expense (GAAP) A $ 938 $ 898 $ 928 $ 987 $ 896 $ 40 4.5 % $ 42 4.7 % $ 3,643 Adjustments: Contribution to the Regions Financial Corporation foundation — (1) (2) (10) — 1 100.0 — NM (10) Branch consolidation, property and equipment charges — — (5) (7) (3) — NM 3 100.0 % (31) Salary and employee benefits—severance charges — (2) (3) (26) (2) 2 100.0 % 2 100.0 % (31) Loss on early extinguishment of debt (20) — — (14) (2) (20) NM (18) NM (22) Adjusted non-interest expense (non-GAAP) B $ 918 $ 895 $ 918 $ 930 $ 889 $ 23 2.6 % $ 29 3.3 % $ 3,541 Net interest income (GAAP) C $ 965 $ 963 $ 967 $ 1,006 $ 988 $ 2 0.2 % -23 (2.3) % $ 3,894 Taxable-equivalent adjustment 11 12 11 11 12 (1) (8.3) % (1) (8.3) % 48 Net interest income, taxable-equivalent basis D $ 976 $ 975 $ 978 $ 1,017 $ 1,000 $ 1 0.1 % $ (24) (2.4) % $ 3,942 Non-interest income (GAAP) E 649 619 641 680 655 30 4.8 % (6) (0.9) % 2,393 Adjustments: Securities (gains) losses, net (1) (1) (1) — (3) — — % 2 66.7 % (4) Gains on equity investment — — (3) (6) (44) — NM 44 100.0 % (50) Leveraged lease termination gains (2) — — — — (2) NM (2) NM (2) Bank-owned life insurance — (18) — (25) — 18 100.0 % — NM (25) Adjusted non-interest income (non-GAAP) F $ 646 $ 600 $ 637 $ 649 $ 608 46 7.67 % 38 6.3 % $ 2,312 Total revenue C+E=G $ 1,614 $ 1,582 $ 1,608 $ 1,686 $ 1,643 $ 32 2.0 % $ (29) (1.8) % $ 6,287 Adjusted total revenue (non-GAAP) C+F=H $ 1,611 $ 1,563 $ 1,604 $ 1,655 $ 1,596 $ 48 3.1 % $ 15 0.9 % $ 6,206 Total revenue, taxable-equivalent basis D+E=I $ 1,625 $ 1,594 $ 1,619 $ 1,697 $ 1,655 $ 31 1.9 % $ (30) (1.8) % $ 6,335 Adjusted total revenue, taxable-equivalent basis (non-GAAP) D+F=J $ 1,622 $ 1,575 $ 1,615 $ 1,666 $ 1,608 $ 47 3.0 % $ 14 0.9 % $ 6,254 Efficiency ratio (GAAP) A/I 57.7 % 56.4 % 57.3 % 58.1 % 54.1 % Adjusted efficiency ratio (non-GAAP) B/J 56.6 % 56.9 % 56.8 % 55.8 % 55.3 % Fee income ratio (GAAP) E/I 40.0 % 38.8 % 39.6 % 40.1 % 39.6 % Adjusted fee income ratio (non-GAAP) F/J 39.8 % 38.1 % 39.4 % 38.9 % 37.8 %

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42 Forward-Looking Statements This presentation may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below: • Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in unemployment rates, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions. • Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, which could have a material adverse effect on our earnings. • Possible changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital and liquidity. • The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of the ongoing COVID-19 pandemic, which has disrupted the global economy, has and could continue to adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses. The pandemic could also result in goodwill impairment charges and the impairment of other financial and nonfinancial assets, and increase our cost of capital. • Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in 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 recent change in U.S. presidential administration and control of the U.S. Congress, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. • Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock or other regulatory capital instruments, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders. Forward-looking statements

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43 • 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 acquisition of EnerBank and risks related to such acquisition, 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 business; and the inability of Regions to effectively cross-sell products to EnerBank’s customers; as well as our pending acquisition of Sabal and risks related to such acquisition, including delays in closing the transaction; that the expected synergies, cost savings, and other financial or other benefits of the transaction might not be realized within the expected timeframes, or might be less than projected; and difficulties in integrating Sabal’s business. • 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 impact of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change. • Changes in commodity market prices and conditions could adversely affect the cash flows of our borrowers operating in industries that are impacted by changes in commodity prices (including businesses indirectly impacted by commodities prices such as businesses that transport commodities or manufacture equipment used in the production of commodities), which could impair their ability to service any loans outstanding to them and/or reduce demand for loans in those industries. • Our ability to identify and address cyber-security risks such as data security breaches, malware, ransomware, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our 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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44 • Market replacement of LIBOR and the related effect on our LIBOR-based financial products and contracts, including, but not limited to, derivative products, debt obligations, deposits, investments, and loans. • Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets. • The effects of a possible downgrade in the U.S. government’s sovereign credit rating or outlook, which could result in risks to us and general economic conditions that we are not able to predict. • The effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. • The effects of the failure of any component of our business infrastructure provided by a third party could disrupt our businesses, result in the disclosure of and/or misuse of confidential information or proprietary information, increase our costs, negatively affect our reputation, and cause losses. • Our ability to receive dividends from our subsidiaries, 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. • Other risks identified from time to time in reports that we file with the SEC. • Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated. • The effects of any damage to our reputation resulting from developments related to any of the items identified above. The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2020 and the "Risk Factors" of Regions' Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 as filed with the SEC. Further, statements about the potential effects of the COVID-19 pandemic on our businesses, operations, and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic (including any resurgences), actions taken by governmental authorities in response to the pandemic and their success, the effectiveness and acceptance of any vaccines, and the direct and indirect impact of the pandemic on our customers, third parties and us. The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objectives,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law. Regions’ Investor Relations contact is Dana Nolan at (205) 264-7040; Regions’ Media contact is Jeremy King at (205) 264-4551. Forward-looking statements (continued)

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