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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
March 31, 2024
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period fromto                               
Commission File Number: 001-34034
Regions Financial Corporation
(Exact name of registrant as specified in its charter)

Delaware 63-0589368
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
1900 Fifth Avenue North 
Birmingham
Alabama35203
(Address of principal executive offices) (Zip Code)
(800) 734-4667
(Registrant’s telephone number, including area code)

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueRFNew 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 BRF PRBNew 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 CRF PRCNew York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
4.45% Non-Cumulative Perpetual Preferred Stock, Series ERF PRENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ☒  Yes    ☐ No
1

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   ☒  Yes  ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): ☒ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company    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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes   ☒  No
Securities registered pursuant to Section 12(b) of the Act:
As of May 6, 2024 there were 915,827,099 shares of the issuer's common stock, par value $.01 per share, outstanding.




2


REGIONS FINANCIAL CORPORATION
FORM 10-Q
INDEX
 
  Page
Forward-Looking Statements
Part I. Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II. Other Information
Item 1.
Item 1A.
Item 2.
Item 6.


3

Glossary of Defined Terms
Agencies - collectively, FNMA and GNMA.
ACL - Allowance for credit losses.
ALCO - Asset/Liability Management Committee.
Allowance - Allowance for credit losses.
AOCI - Accumulated other comprehensive income.
ASU - Accounting Standards Update.
ATM - Automated teller machine.
Bank - Regions Bank.
Basel III - Basel Committee's 2010 Regulatory Capital Framework (Third Accord).
Basel III Endgame - New rules for capital requirements that include broad-based changes to the risk-weighting framework      that were proposed by U.S. federal regulators in 2023.
Basel III Rules - Final capital rules adopting the Basel III capital framework approved by U.S. federal regulators in 2013.
Basel Committee - Basel Committee on Banking Supervision.
BHC - Bank Holding Company.
Board - The Company’s Board of Directors.
BSBY - Bloomberg Short-Term Bank Yield index.
Call Report - Regions Bank's FFIEC 031 filing.
CAP - Customer Assistance Program.
CCAR - Comprehensive Capital Analysis and Review.
CECL - Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments ("Current Expected Credit Losses")
CET1 - Common Equity Tier 1.
CFPB - Consumer Financial Protection Bureau.
CME Term SOFR - Chicago Mercantile Exchange published term Secured Overnight Financing Rate.
Company - Regions Financial Corporation and its subsidiaries.
CPI - Consumer price index.
CPR - Constant (or Conditional) prepayment rate.
DIF - Deposit Insurance Fund.
Dodd-Frank Act - The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
DPD - Days past due.
DBRS - Dominion Bond Rating Service Morningstar.
DUS - Fannie Mae Delegated Underwriting & Servicing.
EVE - Economic Value of Equity.
FASB - Financial Accounting Standards Board.
FCA - Financial Conduct Authority.
FDIC - The Federal Deposit Insurance Corporation.
Federal Reserve - The Board of Governors of the Federal Reserve System.
FHA - Federal Housing Administration.
FHLB - Federal Home Loan Bank.
FICO - The Financing Corporation, established by the Competitive Equality Banking Act of 1987.
FICO scores - Personal credit scores based on the model introduced by the Fair Isaac Corporation.
4

Fintechs - Financial Technology Companies.
FOMC - Federal Open Market Committee.
FRB - Federal Reserve Bank.
GAAP - Generally Accepted Accounting Principles in the United States.
GDP - Gross domestic product.
GNMA - Government National Mortgage Association.
GSE - Government Sponsored Enterprise.
HPI - Housing price index.
IRS - Internal Revenue Service.
IRE - Investor Real Estate.
LIBOR - London InterBank Offered Rate.
LROC - Liquidity Risk Oversight Committee.
LTV - Loan to value.
MBS - Mortgage-backed securities.
MSAs - Metropolitan Statistical Areas.
MSR - Mortgage servicing right.
NM - Not meaningful.
OAS - Option-adjusted spread.
OCI - Other comprehensive income.
R&S - Reasonable and supportable.
REITs - Real estate investment trust.
S&P - Standard and Poor's.
SBIC - Small Business Investment Company.
SCB - Stress Capital Buffer.
SEC - U.S. Securities and Exchange Commission.
SERP - Supplemental Executive Retirement Plan.
SOFR - Secured Overnight Financing Rate.
U.S. - United States.
U.S. Treasury - The United States Department of the Treasury.
USD - United States dollar.
VIE - Variable interest entity.
Visa - The Visa, U.S.A. Inc. card association or its affiliates, collectively.
5

PART I
Cautionary Note Regarding Forward-Looking Statements and Risk Factor Summary
This Annual Report on Form 10-K, other periodic reports filed by Regions Financial Corporation under the Securities Exchange Act of 1934, as amended, and any other written or oral statements made by us or on our behalf to analysts, investors, the media and others, may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The terms “Regions,” the “Company,” “we,” “us” and “our” as used herein mean collectively Regions Financial Corporation, a Delaware corporation, together with its subsidiaries when or where appropriate.The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objectives,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. Forward-looking statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below:
Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in interest rates and unemployment rates, inflation, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions.
Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, which could have a material adverse effect on our businesses and our financial results and conditions.
Changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets (such as our portfolio of investment securities) and obligations, as well as the availability and cost of capital and liquidity.
Volatility and uncertainty about the direction of interest rates and the timing of any changes, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally.
Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases.
Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses.
Possible acceleration of prepayments on mortgage-backed securities due to declining interest rates, and the related acceleration of premium amortization on those securities.
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.
Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, or the need to price interest-bearing deposits higher due to competitive forces. Either of these activities could increase our funding costs.
Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets.
The loss of value of our investment portfolio could negatively impact market perceptions of us.
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.
The effects of social media on market perceptions of us and banks generally.
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.
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.
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Volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital.
Our ability to effectively compete with other traditional and non-traditional financial services companies, including fintechs, some of which 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.
Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and nonfinancial benefits relating to our strategic initiatives.
The risks and uncertainties related to our acquisition or divestiture of businesses and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses.
The success of our marketing efforts in attracting and retaining customers.
Our ability to achieve our expense management initiatives.
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 the ability of those borrowers to service any loans outstanding to them and/or reduce demand for loans in those industries.
The effects of geopolitical instability, including wars, conflicts, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our businesses.
Fraud, theft or other misconduct conducted by external parties, including our customers and business partners, or by our employees.
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 inability could, among other things, result in a breach of operating or security systems as a result of a cyber-attack or similar act or failure to deliver our services effectively.
Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms.
Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms.
The inability of our internal controls and procedures to prevent, detect or mitigate any material errors or fraudulent acts.
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.
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.
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.
Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, such as changes to debit card interchange fees, special FDIC assessments, any new long-term debt requirements, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the changes in U.S. presidential administration, control of the U.S. Congress, and
7

changes in personnel at the bank regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.
Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders.
Our ability to comply with stress testing and capital planning requirements (as part of the CCAR process or otherwise) may continue to require a significant investment of our managerial resources due to the importance of such tests and requirements.
Our ability to comply with applicable capital and liquidity requirements (including, among other things, the Basel III capital standards), including our ability to generate capital internally or raise capital on favorable terms, and if we fail to meet requirements, our financial condition and market perceptions of us could be negatively impacted.
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.
Our ability to receive dividends from our subsidiaries, in particular Regions Bank, could affect our liquidity and ability to pay dividends to shareholders.
Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated.
The effects of anti-takeover laws and exclusive forum provision in our certificate of incorporation and bylaws.
The 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.
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.
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 effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes and environmental damage (especially in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and frequency of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change.
The impact of pandemics on our businesses, operations and financial results and conditions. The duration and severity of any pandemic as well as government actions or other restrictions in connection with such events could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values and result in lost revenue or additional expenses.
The effects of any damage to our reputation resulting from developments related to any of the items identified above.
Other risks identified from time to time in reports that we file with the SEC.
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.
See also the reports filed with the SEC, including the discussion under the “Risk Factors” section of Regions’ Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC and available on its website at www.sec.gov.
8

PART I
FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2024December 31, 2023
 (In millions, except share data)
Assets
Cash and due from banks$2,527 $2,635 
Interest-bearing deposits in other banks8,723 4,166 
Debt securities held to maturity (estimated fair value of $701 and $716, respectively)
743 754 
Debt securities available for sale (amortized cost of $30,909 and $30,864, respectively)
27,881 28,104 
Loans held for sale (includes $259 and $201 measured at fair value, respectively)
417 400 
Loans, net of unearned income96,862 98,379 
Allowance for loan losses(1,617)(1,576)
Net loans95,245 96,803 
Other earning assets1,478 1,417 
Premises, equipment and software, net1,635 1,642 
Interest receivable588 614 
Goodwill5,733 5,733 
Residential mortgage servicing rights at fair value1,026 906 
Other identifiable intangible assets, net196 205 
Other assets8,717 8,815 
Total assets$154,909 $152,194 
Liabilities and Equity
Deposits:
Non-interest-bearing$41,824 $42,368 
Interest-bearing87,158 85,420 
Total deposits128,982 127,788 
Borrowed funds:
Short-term borrowings1,000  
Long-term borrowings3,327 2,330 
Total borrowed funds4,327 2,330 
Other liabilities4,522 4,583 
Total liabilities137,831 134,701 
Equity:
Preferred stock, authorized 10 million shares, par value $1.00 per share:
Non-cumulative perpetual, including related surplus, net of issuance costs; issued—1,403,500 shares
1,659 1,659 
Common stock, authorized 3 billion shares, par value $0.01 per share:
Issued including treasury stock—958,004,085 and 963,375,681 shares, respectively
10 10 
Additional paid-in capital11,666 11,757 
Retained earnings 8,304 8,186 
Treasury stock, at cost— 41,032,676 shares
(1,371)(1,371)
Accumulated other comprehensive income (loss), net(3,224)(2,812)
Total shareholders’ equity17,044 17,429 
Noncontrolling interest34 64 
Total equity17,078 17,493 
Total liabilities and equity$154,909 $152,194 

See notes to consolidated financial statements.
9

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended March 31
 20242023
 (In millions, except per share data)
Interest income on:
Loans, including fees$1,421 $1,360 
Debt securities 209 187 
Loans held for sale8 7 
Other earning assets86 87 
Total interest income1,724 1,641 
Interest expense on:
Deposits495 179 
Short-term borrowings1 5 
Long-term borrowings44 40 
Total interest expense540 224 
 Net interest income 1,184 1,417 
Provision for credit losses152 135 
Net interest income after provision for credit losses1,032 1,282 
Non-interest income:
Service charges on deposit accounts148 155 
Card and ATM fees116 121
Investment management and trust fee income81 76 
Capital markets income91 42
Mortgage income41 24 
Securities gains (losses), net(50)(2)
Other136 118 
Total non-interest income563 534 
Non-interest expense:
Salaries and employee benefits658 616 
Equipment and software expense101 102 
Net occupancy expense74 73 
Other298 236 
Total non-interest expense1,131 1,027 
Income before income taxes464 789 
Income tax expense 96 177 
Net income $368 $612 
Net income available to common shareholders$343 $588 
Weighted-average number of shares outstanding:
Basic921 935 
Diluted923 942 
Earnings per common share:
Basic$0.37 $0.63 
Diluted0.37 0.62 

See notes to consolidated financial statements.
10

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31
20242023
(In millions)
Net income$368 $612 
Other comprehensive income (loss), net of tax:
Unrealized losses on securities transferred to held to maturity:
Unrealized losses on securities transferred to held to maturity during the period (net of zero and zero tax effect, respectively)
  
Less: reclassification adjustments for amortization of unrealized losses on securities transferred to held to maturity (net of zero and zero tax effect, respectively)
  
Net change in unrealized losses on securities transferred to held to maturity, net of tax  
Unrealized gains (losses) on securities available for sale:
Unrealized holding gains (losses) arising during the period (net of ($81) and $114 tax effect, respectively)
(237)333 
Less: reclassification adjustments for securities gains (losses) realized in net income (net of $(13) and zero tax effect, respectively)
(37)(2)
Net change in unrealized gains (losses) on securities available for sale, net of tax(200)335 
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Unrealized holding gains (losses) on derivatives arising during the period (net of ($104) and $50 tax effect, respectively)
(303)148 
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of ($30) and $(4) tax effect, respectively)
(87)(11)
Net change in unrealized gains (losses) on derivative instruments, net of tax(216)159 
Defined benefit pension plans and other post employment benefits:
Net actuarial gains (losses) arising during the period (net of zero and zero tax effect, respectively)
  
Less: reclassification adjustments for amortization of actuarial loss and settlements realized in net income (net of ($2) and ($2) tax effect, respectively)
(4)(5)
Net change from defined benefit pension plans and other post employment benefits, net of tax4 5 
Other comprehensive income (loss), net of tax(412)499 
Comprehensive income (loss)$(44)$1,111 
See notes to consolidated financial statements.
11


REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Shareholders' Equity
 Preferred StockCommon StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury
Stock,
At Cost
Accumulated
Other
Comprehensive
Income (Loss), Net
TotalNon-
controlling
Interest
 SharesAmountSharesAmount
 (In millions, except per share data)
BALANCE AT JANUARY 1, 2023
2 $1,659 934 $10 $11,988 $7,004 $(1,371)$(3,343)$15,947 $4 
Cumulative effect from change in accounting guidance— — — — — 28 — — 28 — 
Net income— — — — — 612 — — 612 — 
Other comprehensive income (loss), net of tax— — — — — — — 499 499 — 
Cash dividends declared— — — — — (187)— — (187)— 
Preferred stock dividends— — — — — (24)— — (24)— 
Impact of common stock transactions under compensation plans, net— —  — 8 — — — 8 — 
Other— — — — — — — — — 15 
BALANCE AT MARCH 31, 2023
2 $1,659 934 $10 $11,996 $7,433 $(1,371)$(2,844)$16,883 $19 
BALANCE AT JANUARY 1, 2024
2 $1,659 924 $10 $11,757 $8,186 $(1,371)$(2,812)$17,429 $64 
Cumulative effect from change in accounting guidance — — — — — (5)— — (5)— 
Net income— — — — — 368 — — 368 — 
Other comprehensive income (loss), net of tax— — — — — — — (412)(412)— 
Cash dividends declared— — — — — (220)— — (220)— 
Preferred stock dividends— — — — — (25)— — (25)— 
Impact of common stock share repurchases— — (6)— (102)— — — (102)— 
Impact of common stock transactions under compensation plans, net — —  — 11 — — — 11 — 
Other — — — — — — — — — (30)
BALANCE AT MARCH 31, 2024
2 $1,659 918 $10 $11,666 $8,304 $(1,371)$(3,224)$17,044 $34 
See notes to consolidated financial statements.
12

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31
 20242023
 (In millions)
Operating activities:
Net income$368 $612 
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses152 135 
Depreciation, amortization and accretion, net48 63 
Securities (gains) losses, net50 2 
Deferred income tax expense 35 43 
Originations and purchases of loans held for sale(1,280)(826)
Proceeds from sales of loans held for sale1,265 622 
(Gain) loss on sale of loans, net(13)(8)
Net change in operating assets and liabilities:
Other earning assets
(61)(27)
Interest receivable and other assets
(130)297 
Other liabilities
(59)(742)
Other21 25 
Net cash from operating activities396 196 
Investing activities:
Proceeds from maturities of debt securities held to maturity11 11 
Proceeds from sales of debt securities available for sale1,260 28 
Proceeds from maturities of debt securities available for sale702 729 
Purchases of debt securities available for sale(2,077)(662)
Net (payments for) proceeds from bank-owned life insurance1 2 
Proceeds from sales of loans4 43 
Purchases of loans(180)(66)
Net change in loans1,611 (1,130)
Purchases of mortgage servicing rights(119)(18)
Net purchases of other assets(4)(33)
Net cash from investing activities1,209 (1,096)
Financing activities:
Net change in deposits1,194 (3,283)
Net change in short-term borrowings1,000 2,000 
Proceeds from long-term borrowings1,000  
Cash dividends on common stock(222)(187)
Cash dividends on preferred stock(25)(24)
Repurchases of common stock(102) 
Taxes paid related to net share settlement of equity awards(1) 
Net cash from financing activities2,844 (1,494)
Net change in cash and cash equivalents4,449 (2,394)
Cash and cash equivalents at beginning of year6,801 11,227 
Cash and cash equivalents at end of period$11,250 $8,833 
See notes to consolidated financial statements.
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REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. BASIS OF PRESENTATION
Regions Financial Corporation (“Regions” or the "Company”) provides a full range of banking and bank-related services to individual and corporate customers through its subsidiaries and branch offices located across the South, Midwest and Texas as well as delivering specialty capabilities nationwide. Regions is subject to the regulations of certain government agencies and undergoes periodic examinations by certain regulatory authorities.
The accounting and reporting policies of Regions and the methods of applying those policies that materially affect the consolidated financial statements conform with GAAP and with general financial services industry practices. The accompanying interim financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes to the consolidated financial statements necessary for a complete presentation of financial position, results of operations, comprehensive income (loss) and cash flows in conformity with GAAP. In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair presentation of the consolidated financial statements have been included. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in Regions’ Annual Report on Form 10-K for the year ended December 31, 2023. Regions has evaluated all subsequent events for potential recognition and disclosure through the filing date of this Form 10-Q.
During 2024, the Company adopted new accounting guidance. See below and Note 13 for related disclosures.
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of Regions, its subsidiaries and certain VIEs. See Note 1 in Regions’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information about consolidation principals surrounding VIEs. On January 1, 2024, the Company adopted new accounting guidance that allows entities to elect to account for qualifying tax credit investments using the proportional amortization method, on a tax-credit program by tax-credit program basis, if certain conditions are met. Regions adopted the guidance under the modified-retrospective transition approach, with an immaterial cumulative impact recorded to retained earnings. Previously, Regions recognized equity investments in economic development projects at cost, with periodic adjustments for impairment, and applied proportional amortization to investments in affordable housing projects in accordance with other guidance. Refer to Note 2 for additional disclosures.
NOTE 2. VARIABLE INTEREST ENTITIES
Regions is involved in various entities that are considered to be VIEs, as defined by authoritative accounting literature. Generally, a VIE is a corporation, partnership, trust or other legal structure that either does not have equity investors with substantive voting rights or has equity investors that do not provide sufficient financial resources for the entity to support its activities. The following discusses the VIEs in which Regions has a significant interest.
Regions periodically invests in various limited partnerships that sponsor affordable housing projects and economic development projects, which then provide tax credits to Regions. These investments are funded through a combination of debt and equity. These partnerships meet the definition of a VIE and are collectively referred to as tax credit investments in the table below. On January 1, 2024, the Company adopted accounting guidance that allows the Company to utilize the proportional amortization method of accounting for economic development projects, which has historically been used for affordable housing projects. Economic development projects are not presented in prior periods as their balances were not material. Due to the nature of the management activities of the general partner, Regions is not the primary beneficiary of these partnerships. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023, for additional details. Additionally, Regions has loans or letters of credit commitments with certain limited partnerships. The funded portion of the loans and letters of credit are classified as commercial and industrial loans or investor real estate loans as applicable in Note 4 .
A summary of Regions’ tax credit investments and related loans and letters of credit, representing Regions’ maximum exposure to loss, is as follows: 
March 31, 2024December 31, 2023
 (In millions)
Tax credit investments included in other assets$1,453 $1,415 
Unfunded tax credit commitments included in other liabilities558 592 
Loans and letters of credit commitments719 730 
Funded portion of loans and letters of credit commitments414 395 
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Three Months Ended March 31
20242023
 (In millions)
Tax credits and other tax benefits recognized$55 $51 
Tax credit amortization expense included in income tax expense46 41 
In addition to the investments discussed above, Regions also syndicates affordable housing investments. In these syndication transactions, Regions creates affordable housing funds in which a subsidiary is the general partner or managing member and sells limited partnership interests to third parties. Regions' general partner or managing member interest represents an insignificant interest in the affordable housing fund. The affordable housing funds meet the definition of a VIE. As Regions is not the primary beneficiary and does not have a significant interest, these investments are not consolidated. At March 31, 2024 and December 31, 2023, the value of Regions’ general partnership interest in affordable housing investments was immaterial.
NOTE 3. DEBT SECURITIES
The amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities held to maturity and debt securities available for sale are as follows:
 March 31, 2024
Recognized in OCI (1)
Not recognized in OCI
 Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesCarrying ValueGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$237 $ $(8)$229 $ $(18)$211 
Commercial agency514   514  (24)490 
$751 $ $(8)$743 $ $(42)$701 
Debt securities available for sale:
U.S. Treasury securities$1,211 $ $(101)$1,110 $1,110 
Federal agency securities566 2 (23)545 545 
Obligations of states and political subdivisions2   2 2 
Mortgage-backed securities:
Residential agency20,686 33 (2,369)18,350 18,350 
Commercial agency7,304 1 (528)6,777 6,777 
Commercial non-agency93  (11)82 82 
Corporate and other debt securities1,047 2 (34)1,015 1,015 
$30,909 $38 $(3,066)$27,881 $27,881 
 
15

 
December 31, 2023
Recognized in OCI (1)
Not recognized in OCI
 Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesCarrying ValueGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$247 $ $(8)$239 $ $(16)$223 
Commercial agency516  (1)515  (22)493 
$763 $ $(9)$754 $ $(38)$716 
Debt securities available for sale:
U.S. Treasury securities$1,322 $ $(99)$1,223 $1,223 
Federal agency securities1,085 4 (46)1,043 1,043 
Obligations of states and political subdivisions2   2 2 
Mortgage-backed securities:
Residential agency19,450 52 (2,130)