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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
September 30, 2023
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
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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 November 6, 2023 there were 930,064,938 shares of the issuer's common stock, par value $.01 per share, outstanding.

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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.


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Glossary of Defined Terms
Agencies - collectively, FNMA and GNMA.
ACL - Allowance for credit losses.
ALCO - Asset/Liability Management Committee.
ALLL - Allowance for loan and lease losses.
Allowance - Allowance for credit losses.
AOCI - Accumulated other comprehensive income.
ARM - Adjustable rate mortgage.
ARRC - Alternative Reference Rates Committee.
Ascentium - Ascentium Capital, LLC.
ASU - Accounting Standards Update.
ATM - Automated teller machine.
Bank - Regions Bank.
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.
BTFP - Bank Term Funding Program.
CAP - Customer Assistance Program.
CARES Act - Coronavirus Aid, Relief, and Economic Security Act 
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.
Clearsight - Clearsight Advisors, Inc., a mergers and acquisitions firm acquired December 31, 2021.
CME Term SOFR - Chicago Mercantile Exchange published term Secured Overnight Financing Rate.
Company - Regions Financial Corporation and its subsidiaries.
COVID-19 - Coronavirus Disease 2019.
CPI - Consumer price index.
CPR - Constant (or Conditional) prepayment rate.
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.
EnerBank - EnerBank USA, a consumer lending institution acquired October 1, 2021.
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.
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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.
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.
IRE - Investor real estate portfolio segment.
IRS - Internal Revenue Service.
LIBOR - London InterBank Offered Rate.
LIBOR Act - Adjustable Interest Rate Act
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.
PCD - Purchased credit deteriorated.
PPP - Paycheck Protection Program.
R&S - Reasonable and supportable.
REITs - Real estate investment trust.
S&P - Standard and Poor's.
Sabal - Sabal Capital Partners, LLC, a diversified financial services firm acquired December 1, 2021.
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.
TDR - Troubled debt restructuring.
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.
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Cautionary Note Regarding Forward-Looking Statements and Risk Factor Summary
This Annual Report on Form 10-Q, 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 and obligations, and the availability and cost of capital and liquidity.
Volatility and uncertainty related to inflation and the effects of inflation, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally.
The impact of pandemics, including the COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any pandemic could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses.
Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in tax law, adverse changes in the economic environment, declining operations of the reporting unit or other factors.
The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios, and our ability to return capital to shareholders.
Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases.
Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses.
Possible acceleration of prepayments on mortgage-backed securities due to declining interest rates, and the related acceleration of premium amortization on those securities.
Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, or the need to price interest-bearing deposits higher due to competitive forces. Either of these activities could increase our funding costs.
Possible changes in consumer and business spending and saving habits and the related effect on our ability to increase assets and to attract deposits, which could adversely affect our net income.
Rising interest rates could negatively impact the value of our portfolio of investment securities.
The loss of value of our investment portfolio could negatively impact market perceptions of us.
The effects of social media on market perceptions of us and banks generally.
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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 whom possess greater financial resources than we do or are subject to different regulatory standards than we are.
Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers’ needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue.
Our inability to keep pace with technological changes, including those related to the offering of digital banking and financial services, could result in losing business to competitors.
Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, such as changes to debit card interchange fees, special FDIC assessments, any new long-term debt requirements, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the changes in U.S. presidential administration, control of the U.S. Congress, and changes in personnel at the bank regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.
Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders.
Our ability to comply with stress testing and capital planning requirements (as part of the CCAR process or otherwise) may continue to require a significant investment of our managerial resources due to the importance of such tests and requirements.
Our ability to comply with applicable capital and liquidity requirements (including, among other things, the Basel III capital standards), including our ability to generate capital internally or raise capital on favorable terms, and if we fail to meet requirements, our financial condition and market perceptions of us could be negatively impacted.
The effects of any developments, changes or actions relating to any litigation or regulatory proceedings brought against us or any of our subsidiaries.
The costs, including possibly incurring fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results.
Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our businesses.
Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and nonfinancial benefits relating to our strategic initiatives.
The risks and uncertainties related to our acquisition or divestiture of businesses and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses.
The success of our marketing efforts in attracting and retaining customers.
Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time.
Fraud or misconduct by our customers, employees or business partners.
Any inaccurate or incomplete information provided to us by our customers or counterparties.
Inability of our framework to manage risks associated with our businesses, such as credit risk and operational risk, including third-party vendors and other service providers, which could, among other things, result in a breach of operating or security systems as a result of a cyber attack or similar act or failure to deliver our services effectively.
Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms.
Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms.
The inability of our internal controls and procedures to prevent, detect or mitigate any material errors or fraudulent acts.
The effects of geopolitical instability, including wars, conflicts, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our businesses.
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The effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes, and environmental damage (specifically in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and frequency of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change.
Changes in commodity market prices and conditions could adversely affect the cash flows of our borrowers operating in industries that are impacted by changes in commodity prices (including businesses indirectly impacted by commodities prices such as businesses that transport commodities or manufacture equipment used in the production of commodities), which could impair their ability to service any loans outstanding to them and/or reduce demand for loans in those industries.
Our ability to identify and address cyber-security risks such as data security breaches, malware, ransomware, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our businesses and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage to our systems, increased costs, losses, or adverse effects to our reputation.
Our ability to achieve our expense management initiatives.
Market replacement of LIBOR and the related effect on our LIBOR-based financial products and contracts, including, but not limited to, derivative products, debt obligations, deposits, investments, and loans.
Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets.
The effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.
The effects of the failure of any component of our business infrastructure provided by a third party could disrupt our businesses, result in the disclosure of and/or misuse of confidential information or proprietary information, increase our costs, negatively affect our reputation, and cause losses.
Our ability to receive dividends from our subsidiaries, in particular Regions Bank, could affect our liquidity and ability to pay dividends to shareholders.
Changes in accounting policies or procedures as may be required by the FASB or other regulatory agencies could materially affect our financial statements and how we report those results, and expectations and preliminary analyses relating to how such changes will affect our financial results could prove incorrect.
Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated.
The effects of anti-takeover laws and exclusive forum provision in our certificate of incorporation and bylaws.
The effects of any damage to our reputation resulting from developments related to any of the items identified above.
Other risks identified from time to time in reports that we file with the SEC.
The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” in Regions’ Annual Report on Form 10-K for the year ended December 31, 2022 and in Regions’ subsequent filings with the SEC.
You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law.



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PART I
FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 2023
December 31, 2022
 (In millions, except share data)
Assets
Cash and due from banks$1,554 $1,997 
Interest-bearing deposits in other banks7,462 9,230 
Debt securities held to maturity (estimated fair value of $703 and $751, respectively)
763 801 
Debt securities available for sale (amortized cost of $30,353 and $31,367, respectively)
26,228 27,933 
Loans held for sale (includes $279 and $196 measured at fair value, respectively)
459 354 
Loans, net of unearned income98,942 97,009 
Allowance for loan losses(1,547)(1,464)
Net loans97,395 95,545 
Other earning assets1,552 1,308 
Premises and equipment, net1,616 1,718 
Interest receivable625 511 
Goodwill5,733 5,733 
Residential mortgage servicing rights at fair value932 812 
Other identifiable intangible assets, net216 249 
Other assets9,089 9,029 
Total assets$153,624 $155,220 
Liabilities and Equity
Deposits:
Non-interest-bearing$44,640 $51,348 
Interest-bearing81,559 80,395 
Total deposits126,199 131,743 
Borrowed funds:
Short-term borrowings2,000  
Long-term borrowings4,290 2,284 
Total borrowed funds6,290 2,284 
Other liabilities5,010 5,242 
Total liabilities137,499 139,269 
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—979,410,866 and 975,524,168 shares, respectively
10 10 
Additional paid-in capital11,996 11,988 
Retained earnings 8,042 7,004 
Treasury stock, at cost— 41,032,676 shares
(1,371)(1,371)
Accumulated other comprehensive income (loss), net(4,236)(3,343)
Total shareholders’ equity16,100 15,947 
Noncontrolling interest25 4 
Total equity16,125 15,951 
Total liabilities and equity$153,624 $155,220 

See notes to consolidated financial statements.
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REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended September 30Nine Months Ended September 30
 2023202220232022
 (In millions, except per share data)
Interest income on:
Loans, including fees$1,462 $1,072 $4,276 $2,880 
Debt securities 185 171 557 466 
Loans held for sale14 8 31 27 
Other earning assets105 92 282 177 
Total interest income1,766 1,343 5,146 3,550 
Interest expense on:
Deposits367 50 806 83 
Short-term borrowings39  86  
Long-term borrowings69 31 165 82 
Total interest expense475 81 1,057 165 
 Net interest income 1,291 1,262 4,089 3,385 
Provision for credit losses145 135 398 159 
Net interest income after provision for credit losses1,146 1,127 3,691 3,226 
Non-interest income:
Service charges on deposit accounts142 156 449 489 
Card and ATM fees126126377 383 
Investment management and trust fee income7974 232 221 
Capital markets income6493174 278 
Mortgage income28 37 78 132 
Securities gains (losses), net(1)(1)(3)(1)
Other128 120 369 327 
Total non-interest income566 605 1,676 1,829 
Non-interest expense:
Salaries and employee benefits589 593 1,808 1,714 
Equipment and software expense107 98 310 290 
Net occupancy expense72 76 218 226 
Other325 403 895 821 
Total non-interest expense1,093 1,170 3,231 3,051 
Income before income taxes619 562 2,136 2,004 
Income tax expense 129 133 453 444 
Net income $490 $429 $1,683 $1,560 
Net income available to common shareholders$465 $404 $1,609 $1,486 
Weighted-average number of shares outstanding:
Basic939 934 938 936 
Diluted940 940 940 942 
Earnings per common share:
Basic$0.49 $0.43 $1.72 $1.59 
Diluted0.49 0.43 1.71 1.58 

See notes to consolidated financial statements.
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REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended September 30
20232022
(In millions)
Net income$490 $429 
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 ($1) 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 ($203) and ($376) tax effect, respectively)
(595)(1,102)
Less: reclassification adjustments for securities gains (losses) realized in net income (net of zero and zero tax effect, respectively)
(1)(1)
Net change in unrealized gains (losses) on securities available for sale, net of tax(594)(1,101)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Unrealized holding gains (losses) on derivatives arising during the period (net of ($93) and ($161) tax effect, respectively)
(274)(471)
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of ($21) and zero tax effect, respectively)
(61) 
Net change in unrealized gains (losses) on derivative instruments, net of tax(213)(471)
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 ($3) and ($2) tax effect, respectively)
(11)(7)
Net change from defined benefit pension plans and other post employment benefits, net of tax11 7 
Other comprehensive income (loss), net of tax(796)(1,565)
Comprehensive income (loss)$(306)$(1,136)
 Nine Months Ended September 30
 20232022
 (In millions)
Net income$1,683 $1,560 
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 ($1) tax effect, respectively)
(1)(2)
Net change in unrealized losses on securities transferred to held to maturity, net of tax1 2 
Unrealized gains (losses) on securities available for sale:
Unrealized holding gains (losses) arising during the period (net of ($177) and ($994) tax effect, respectively)
(518)(2,913)
Less: reclassification adjustments for securities gains (losses) realized in net income (net of zero and zero tax effect, respectively)
(3)(1)
Net change in unrealized gains (losses) on securities available for sale, net of tax(515)(2,912)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Unrealized holding gains (losses) on derivatives arising during the period (net of ($169) and ($301) tax effect, respectively)
(496)(891)
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of ($33) and $48 tax effect, respectively)
(96)140 
Net change in unrealized gains (losses) on derivative instruments, net of tax(400)(1,031)
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 ($6) and ($5) tax effect, respectively)
(21)(20)
Net change from defined benefit pension plans and other post employment benefits, net of tax21 20 
Other comprehensive income (loss), net of tax(893)(3,921)
Comprehensive income (loss)$790 $(2,361)
See notes to consolidated financial statements.
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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, 2022
2 $1,659 942 $10 $12,189 $5,550 $(1,371)$289 $18,326 $ 
Net income— — — — — 548 — — 548 — 
Other comprehensive income (loss), net of tax— — — — — — — (1,503)(1,503)— 
Cash dividends declared— — — — — (159)— — (159)— 
Preferred stock dividends— — — — — (24)— — (24)— 
Impact of common stock share repurchases— — (9)— (215)— — — (215)— 
Impact of common stock transactions under compensation plans, net— —  — 9 — — — 9 — 
BALANCE AT MARCH 31, 2022
2 $1,659 933 $10 $11,983 $5,915 $(1,371)$(1,214)$16,982 $ 
BALANCE AT APRIL 1, 2022
2 $1,659 933 $10 $11,983 $5,915 $(1,371)$(1,214)$16,982 $ 
Net income— — — — — 583 — — 583 — 
Other comprehensive income (loss), net of tax— — — — — — — (853)(853)— 
Cash dividends declared— — — — — (159)— — (159)— 
Preferred stock dividends— — — — — (25)— — (25)— 
Impact of common stock share repurchases— — 1 — (15)— — — (15)— 
Impact of common stock transactions under compensation plans, net— —  — (6)— — — (6)— 
BALANCE AT JUNE 30, 2022
2 $1,659 934 $10 $11,962 $6,314 $(1,371)$(2,067)$16,507 $ 
BALANCE AT JULY 1, 2022
2 $1,659 934 $10 $11,962 $6,314 $(1,371)$(2,067)$16,507 $ 
Net income— — — — — 429 — — 429 — 
Other comprehensive income (loss), net of tax— — — — — — — (1,565)(1,565)— 
Cash dividends declared— — — — — (187)— — (187)— 
Preferred stock dividends— — — — — (25)— — (25)— 
Impact of common stock transactions under compensation plans, net— —  — 14 — — — 14 — 
BALANCE AT SEPTEMBER 30, 2022
2 $1,659 934 $10 $11,976 $6,531 $(1,371)$(3,632)$15,173 $ 
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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— — — —