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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-Q
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
June 30, 2022
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to                                
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
Alabama 35203
(Address of principal executive offices)   (Zip Code)
(800) 734-4667
(Registrant’s telephone number, including area code)
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
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
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 August 3, 2022 there were 934,396,325 shares of the issuer's common stock, par value $.01 per share, outstanding.
1

REGIONS FINANCIAL CORPORATION
FORM 10-Q
INDEX
 
    Page
Forward-Looking Statements
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
8
9
Item 2.
Item 3.
Item 4.
Part II. Other Information
Item 1.
Item 1A. Risk Factors
Item 2.
Item 6.
2

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.
AMERIBOR - American Interbank Offered Rate.
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.
BITS - Technology policy division of the Bank Policy Institute.
Board - The Company’s Board of Directors.
BSBY - Bloomberg Short-Term Bank Yield index.
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.
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.
DFAST - Dodd-Frank Act Stress Test.
DPD - Days past due.
DUS - Fannie Mae Delegated Underwriting & Servicing.
E&P - Extraction and production.
EnerBank - EnerBank USA, a consumer lending institution acquired October 1, 2021.
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.
3

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.
HPI - Housing price index.
IRE - Investor real estate portfolio segment.
IRS - Internal Revenue Service.
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.
OCC - Office of the Comptroller of the Currency.
OCI - Other comprehensive income.
PCD - Purchased credit deteriorated.
PD - Probability of default.
PPP - Paycheck Protection Program.
R&S - Reasonable and supportable.
S&P 500 - a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States.
Sabal - Sabal Capital Partners, LLC, a diversified financial services firm acquired December 1, 2021.
SBA - Small Business Administration.
SBIC - Small Business Investment Company.
SCB - Stress Capital Buffer.
SEC - U.S. Securities and Exchange Commission.
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.
UTB - Unrecognized tax benefits.
VIE - Variable interest entity.
Visa - The Visa, U.S.A. Inc. card association or its affiliates, collectively.

4

Forward-Looking Statements
This Quarterly 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, including the scope and duration of the COVID-19 pandemic (including the impact of additional variants and resurgences), the effectiveness, availability and acceptance of any vaccines or therapies, and the direct and indirect impact of the COVID-19 pandemic on our customers, third parties and us. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below:
Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in unemployment rates, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions.
Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, which could have a material adverse effect on our earnings.
Possible changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital and liquidity.
The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any pandemic, including the COVID-19 pandemic, could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses.
Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in tax law, adverse changes in the economic environment, declining operations of the reporting unit or other factors.
The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios, and our ability to return capital to shareholders.
Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases.
Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses.
Possible acceleration of prepayments on mortgage-backed securities due to low interest rates, and the related acceleration of premium amortization on those securities.
Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, which could increase our funding costs.
Possible changes in consumer and business spending and saving habits and the related effect on our ability to increase assets and to attract deposits, which could adversely affect our net income.
Our ability to effectively compete with other traditional and non-traditional financial services companies, including fintechs, some of whom possess greater financial resources than we do or are subject to different regulatory standards than we are.
Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers’ needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue.
Our inability to keep pace with technological changes, including those related to the offering of digital banking and financial services, could result in losing business to competitors.
5

Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the changes in U.S. presidential administration, control of the U.S. Congress, and changes in personnel at the bank regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.
Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders.
Our ability to comply with stress testing and capital planning requirements (as part of the CCAR process or otherwise) may continue to require a significant investment of our managerial resources due to the importance of such tests and requirements.
Our ability to comply with applicable capital and liquidity requirements (including, among other things, the Basel III capital standards), including our ability to generate capital internally or raise capital on favorable terms, and if we fail to meet requirements, our financial condition and market perceptions of us could be negatively impacted.
The effects of any developments, changes or actions relating to any litigation or regulatory proceedings brought against us or any of our subsidiaries.
The costs, including possibly incurring fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results.
Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our businesses.
Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and nonfinancial benefits relating to our strategic initiatives.
The risks and uncertainties related to our acquisition or divestiture of businesses, including our recently completed acquisitions of EnerBank, Sabal, and Clearsight, and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within the expected timeframes, or might be less than projected; difficulties in integrating the businesses; and the inability of Regions to effectively cross-sell products following these acquisitions.
The success of our marketing efforts in attracting and retaining customers.
Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time.
Fraud or misconduct by our customers, employees or business partners.
Any inaccurate or incomplete information provided to us by our customers or counterparties.
Inability of our framework to manage risks associated with our businesses, such as credit risk and operational risk, including third-party vendors and other service providers, which could, among other things, result in a breach of operating or security systems as a result of a cyber attack or similar act or failure to deliver our services effectively.
Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms.
The inability of our internal controls and procedures to prevent, detect or mitigate any material errors or fraudulent acts.
The effects of geopolitical instability, including wars, conflicts, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our businesses.
The effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes, and environmental damage (specifically in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and frequency of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change.
Changes in commodity market prices and conditions could adversely affect the cash flows of our borrowers operating in industries that are impacted by changes in commodity prices (including businesses indirectly impacted by commodities prices such as businesses that transport commodities or manufacture equipment used in the production of
6

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 and exclusive forum laws and 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.

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, 2021 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 as filed with the SEC and available on its website at www.sec.gov.
7

PART I
FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
June 30, 2022 December 31, 2021
  (In millions, except share data)
Assets
Cash and due from banks $ 2,301  $ 1,350 
Interest-bearing deposits in other banks 18,199  28,061 
Debt securities held to maturity (estimated fair value of $817 and $950, respectively)
836  899 
Debt securities available for sale (amortized cost of $31,263 and $28,263, respectively)
29,052  28,481 
Loans held for sale (includes $369 and $783 measured at fair value, respectively)
612  1,003 
Loans, net of unearned income 93,458  87,784 
Allowance for loan losses (1,425) (1,479)
Net loans 92,033  86,305 
Other earning assets 1,428  1,187 
Premises and equipment, net 1,768  1,814 
Interest receivable 365  319 
Goodwill 5,749  5,744 
Residential mortgage servicing rights at fair value 770  418 
Other identifiable intangible assets, net 279  305 
Other assets 7,516  7,052 
Total assets $ 160,908  $ 162,938 
Liabilities and Equity
Deposits:
Non-interest-bearing $ 58,510  $ 58,369 
Interest-bearing 79,753  80,703 
Total deposits 138,263  139,072 
Borrowed funds:
Long-term borrowings 2,319  2,407 
Total borrowed funds 2,319  2,407 
Other liabilities 3,819  3,133 
Total liabilities 144,401  144,612 
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— 975,373,716 and 982,940,601 shares, respectively
10  10 
Additional paid-in capital 11,962  12,189 
Retained earnings 6,314  5,550 
Treasury stock, at cost—41,032,676 shares
(1,371) (1,371)
Accumulated other comprehensive income (loss), net (2,067) 289 
Total shareholders’ equity 16,507  18,326 
Total liabilities and equity $ 160,908  $ 162,938 
See notes to consolidated financial statements.
8

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
  Three Months Ended June 30 Six Months Ended June 30
  2022 2021 2022 2021
  (In millions, except per share data)
Interest income on:
Loans, including fees $ 932  $ 849  $ 1,808  $ 1,703 
Debt securities 157  131  295  264 
Loans held for sale 10  12  19  24 
Other earning assets 56  14  85  28 
Total interest income 1,155  1,006  2,207  2,019 
Interest expense on:
Deposits 20  17  33  36 
Long-term borrowings 27  26  51  53 
Total interest expense 47  43  84  89 
Net interest income 1,108  963  2,123  1,930 
Provision for (benefit from) credit losses 60  (337) 24  (479)
Net interest income after provision for (benefit from) credit losses 1,048  1,300  2,099  2,409 
Non-interest income:
Service charges on deposit accounts 165  163  333  320 
Card and ATM fees 133  128  257  243 
Capital markets income 112  61  185  161 
Mortgage income 47  53  95  143 
Investment management and trust fee income 72  69  147  135 
Securities gains (losses), net —  — 
Other 111  144  207  256 
Total non-interest income 640  619  1,224  1,260 
Non-interest expense:
Salaries and employee benefits 575  532  1,121  1,078 
Equipment and software expense 97  89  192  179 
Net occupancy expense 75  75  150  152 
Other 201  202  418  417 
Total non-interest expense 948  898  1,881  1,826 
Income before income taxes 740  1,021  1,442  1,843 
Income tax expense 157  231  311  411 
Net income $ 583  $ 790  $ 1,131  $ 1,432 
Net income available to common shareholders $ 558  $ 748  $ 1,082  $ 1,362 
Weighted-average number of shares outstanding:
Basic 934  958  936  959 
Diluted 940  965  943  967 
Earnings per common share:
Basic $ 0.60  $ 0.78  $ 1.16  $ 1.42 
Diluted $ 0.59  $ 0.77  $ 1.15  $ 1.41 

See notes to consolidated financial statements.
9

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
  Three Months Ended June 30
  2022 2021
  (In millions)
Net income $ 583  $ 790 
Other comprehensive income, 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)
(1) (1)
Net change in unrealized losses on securities transferred to held to maturity, net of tax
Unrealized gains on securities available for sale:
Unrealized holding gains (losses) arising during the period (net of ($237) and $23 tax effect, respectively)
(694) 71 
Less: reclassification adjustments for securities gains (losses) realized in net income (net of zero and zero tax effect, respectively)
— 
Net change in unrealized gains on securities available for sale, net of tax (694) 70 
Unrealized gains on derivative instruments designated as cash flow hedges:
Unrealized holding gains (losses) on derivatives arising during the period (net of ($34) and $18 tax effect, respectively)
(109) 56 
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of $20 and $26 tax effect, respectively)
58  78 
Net change in unrealized gains on derivative instruments, net of tax (167) (22)
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 ($1) and ($4) tax effect, respectively)
(7) (10)
Net change from defined benefit pension plans and other post employment benefits, net of tax 10 
Other comprehensive income (loss), net of tax (853) 59 
Comprehensive income (loss) $ (270) $ 849 
  Six Months Ended June 30
  2022 2021
  (In millions)
Net income $ 1,131  $ 1,432 
Other comprehensive income, 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)
(2) (3)
Net change in unrealized losses on securities transferred to held to maturity, net of tax
Unrealized gains on securities available for sale:
Unrealized holding gains (losses) arising during the period (net of ($618) and ($115) tax effect, respectively)
(1,811) (339)
Less: reclassification adjustments for securities gains (losses) realized in net income (net of zero and zero tax effect, respectively)
— 
Net change in unrealized gains on securities available for sale, net of tax (1,811) (341)
Unrealized gains on derivative instruments designated as cash flow hedges:
Unrealized holding gains (losses) on derivatives arising during the period (net of ($140) and ($65) tax effect, respectively)
(420) (192)
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of $48 and $52 tax effect, respectively)
140  154 
Net change in unrealized gains on derivative instruments, net of tax (560) (346)
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 ($7) tax effect, respectively)
(13) (20)
Net change from defined benefit pension plans and other post employment benefits, net of tax 13  20 
Other comprehensive income (loss), net of tax (2,356) (664)
Comprehensive income (loss) $ (1,225) $ 768 
See notes to consolidated financial statements.
10

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Shareholders' Equity
  Preferred Stock Common Stock Additional
Paid-In
Capital
Retained
Earnings
Treasury
Stock,
At Cost
Accumulated
Other
Comprehensive
Income (Loss), Net
Total
  Shares Amount Shares Amount
  (In millions)
BALANCE AT JANUARY 1, 2021 $ 1,656  960  $ 10  $ 12,731  $ 3,770  $ (1,371) $ 1,315  $ 18,111 
Net income —  —  —  —  —  642  —  —  642 
Other comprehensive income (loss), net of tax —  —  —  —  —  —  —  (723) (723)
Cash dividends declared —  —  —  —  —  (149) —  —  (149)
Preferred stock dividends —  —  —  —  —  (28) —  —  (28)
Impact of common stock transactions under compensation plans, net —  —  —  —  —  — 
BALANCE AT MARCH 31, 2021 $ 1,656  961  $ 10  $ 12,740  $ 4,235  $ (1,371) $ 592  $ 17,862 
BALANCE AT APRIL 1, 2021 $ 1,656  961  $ 10  $ 12,740  $ 4,235  $ (1,371) $ 592  $ 17,862 
Net income —  —  —  —  —  790  —  —  790 
Other comprehensive income (loss), net of tax —  —  —  —  —  —  —  59  59 
Cash dividends declared —  —  —  —  —  (147) —  —  (147)
Preferred stock dividends —  —  —  —  —  (29) —  —  (29)
Net proceeds from issuance of Series E preferred stock —  390  —  —  —  —  —  —  390 
Redemption of Series A preferred stock —  (387) —  —  (100) (13) —  —  (500)
Impact of common share repurchases —  —  (8) (167) —  —  —  (167)
Impact of common stock transactions under compensation plans, net —  —  —  (6) —  —  —  (6)
BALANCE AT JUNE 30, 2021 $ 1,659  955  $ 10  $ 12,467  $ 4,836  $ (1,371) $ 651  $ 18,252 
BALANCE AT JANUARY 1, 2022 $ 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 —  —  —  —  —  —  — 
BALANCE AT MARCH 31, 2022 $ 1,659  933  $ 10  $ 11,983  $ 5,915  $ (1,371) $ (1,214) $ 16,982 
BALANCE AT APRIL 1, 2022 $ 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 —  —  —  (15) —  —  —  (15)
Impact of common stock transactions under compensation plans, net —  —  —  —  (6) —  —  —  (6)
BALANCE AT JUNE 30, 2022 $ 1,659  934  $ 10  $ 11,962  $ 6,314  $ (1,371) $ (2,067) $ 16,507 

See notes to consolidated financial statements.
11

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30
  2022 2021
  (In millions)
Operating activities:
Net income $ 1,131  $ 1,432 
Adjustments to reconcile net income to net cash from operating activities:
Provision for (benefit from) credit losses 24  (479)
Depreciation, amortization and accretion, net 201  195 
Securities (gains) losses, net —  (2)
Deferred income tax expense (benefit) 76  180 
Originations and purchases of loans held for sale (2,811) (3,516)
Proceeds from sales of loans held for sale 3,168  4,143 
(Gain) loss on sale of loans, net (18) (123)
Net change in operating assets and liabilities:
Other earning assets
(244) (40)
Interest receivable and other assets
(620) (313)
Other liabilities
637  (128)
Other (39) 79 
Net cash from operating activities 1,505  1,428 
Investing activities:
Proceeds from maturities of debt securities held to maturity 63  129 
Proceeds from sales of debt securities available for sale 1,106  45 
Proceeds from maturities of debt securities available for sale 2,621  2,961 
Purchases of debt securities available for sale (6,789) (5,790)
Net (payments for) proceeds from bank-owned life insurance (1)
Proceeds from sales of loans 461  203 
Purchases of loans (571) (548)
Purchases of residential mortgage servicing rights (234) (37)
Net change in loans (5,602) 1,594 
Net purchases of other assets (41) (37)
Net cash from investing activities (8,987) (1,479)
Financing activities:
Net change in deposits (809) 9,005 
Payments on long-term borrowings —  (674)
Net proceeds from issuance of preferred stock —  390 
Payment for redemption of preferred stock —  (500)
Cash dividends on common stock (319) (298)
Cash dividends on preferred stock (49) (57)
Repurchases of common stock (230) (167)
Taxes paid related to net share settlement of equity awards (22) (10)
Net cash from financing activities (1,429) 7,689 
Net change in cash and cash equivalents (8,911) 7,638 
Cash and cash equivalents at beginning of year 29,411  17,956 
Cash and cash equivalents at end of period $ 20,500  $ 25,594 
See notes to consolidated financial statements.
12

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, 2021. Regions has evaluated all subsequent events for potential recognition and disclosure through the filing date of this Form 10-Q.
During 2022, the Company adopted new accounting guidance related to several topics. See Note 12 for related disclosures.
13

NOTE 2. 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:
  June 30, 2022
Recognized in OCI (1)
Not Recognized in OCI
  Amortized
Cost
Gross Unrealized Gains Gross Unrealized Losses Carrying Value Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
  (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency $ 316  $ —  $ (11) $ 305  $ —  $ (9) $ 296 
Commercial agency 532  —  (1) 531  —  (10) 521 
$ 848  $ —  $ (12) $ 836  $ —  $ (19) $ 817 
Debt securities available for sale:
U.S. Treasury securities $ 1,329  $ $ (83) $ 1,252  $ 1,252 
Federal agency securities 711  —  (28) 683  683 
Obligations of states and political subdivisions —  —  3
Mortgage-backed securities:
Residential agency 20,700  38  (1,731) 19,007  19,007 
Residential non-agency —  — 
Commercial agency 6,961  (356) 6,607  6,607 
Commercial non-agency 324  —  (9) 315  315 
Corporate and other debt securities 1,234  (51) 1,184  1,184 
$ 31,263  $ 47  $ (2,258) $ 29,052  $ 29,052 
  December 31, 2021
Recognized in OCI (1)
Not Recognized in OCI
  Amortized
Cost
Gross Unrealized Gains Gross Unrealized Losses Carrying Value Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
  (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency $ 370  $ —  $ (13) $ 357  $ 20  $ —  $ 377 
Commercial agency 543  —  (1) 542  31  —  573 
$ 913  $ —  $ (14) $ 899  $ 51  $ —  $ 950 
Debt securities available for sale:
U.S. Treasury securities $ 1,137  $ $ (7) $ 1,132  $ 1,132 
Federal agency securities 94  (3) 92  92 
Obligations of states and political subdivisions —  — 
Mortgage-backed securities:
Residential agency 18,873  287  (198) 18,962  18,962 
Residential non-agency —  — 
Commercial agency 6,271  163  (61) 6,373  6,373 
Commercial non-agency 532  —  536  536 
Corporate and other debt securities 1,351  36  (6) 1,381  1,381 
$ 28,263  $ 493  $ (275) $ 28,481  $ 28,481 
_________
(1)The gross unrealized losses recognized in OCI on securities held to maturity resulted from a transfer of securities available for sale to held to maturity in the second quarter of 2013.

14

Debt securities with carrying values of $9.5 billion and $9.2 billion at June 30, 2022 and December 31, 2021, respectively, were pledged to secure public funds, trust deposits and certain borrowing arrangements.
The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at June 30, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost
Estimated
Fair Value
  (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency $ 316  $ 296 
Commercial agency 532  521 
$ 848  $ 817 
Debt securities available for sale:
Due in one year or less $ 195  $ 194 
Due after one year through five years 2,277  2,195 
Due after five years through ten years 694  636 
Due after ten years 111  97 
Mortgage-backed securities:
Residential agency 20,700  19,007 
Residential non-agency
Commercial agency 6,961  6,607 
Commercial non-agency 324  315 
$ 31,263  $ 29,052 
The following tables present gross unrealized losses and the related estimated fair value of debt securities held to maturity at June 30, 2022 and debt securities available for sale are presented at June 30, 2022 and December 31, 2021. For debt securities transferred to held to maturity from available for sale, the analysis in the tables below compares the securities' original amortized cost to its current estimated fair value; there were no unrealized losses on debt securities held to maturity using this analysis at December 31, 2021. These securities are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.
  June 30, 2022
  Less Than Twelve Months Twelve Months or More Total
  Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
  (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency $ 296  $ (20) $ —  $ —  $ 296  $ (20)
Commercial agency 521 (11) —  521  (11)
$ 817  $ (31) $ —  $ —  $ 817  $ (31)
Debt securities available for sale:
U.S. Treasury securities $ 994  $ (82) $ $ (1) $ 999  $ (83)
Federal agency securities 623  (19) 56  (9) 679  (28)
Mortgage-backed securities:
Residential agency 14,107  (1,077) 4,321  (654) 18,428  (1,731)
Commercial agency 5,214  (225) 1,003  (131) 6,217  (356)
Commercial non-agency 315  (9) —  —  315  (9)
Corporate and other debt securities 971  (47) 76  (4) 1,047  (51)
$ 22,224  $ (1,459) $ 5,461  $ (799) $ 27,685  $ (2,258)

15

  December 31, 2021
  Less Than Twelve Months Twelve Months or More Total
  Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
  (In millions)
Debt securities available for sale:
U.S. Treasury securities $ 1,010  $ (7) $ —  $ —  $ 1,010  $ (7)
Federal agency securities 63  (3) —  —  63  (3)
Mortgage-backed securities:
Residential agency 9,528  (171) 686  (27) 10,214  (198)
Commercial agency 1,333  (29) 760  (32) 2,093  (61)
Corporate and other debt securities 444  (6) —  —  444  (6)
$ 12,378  $ (216) $ 1,446  $ (59) $ 13,824  $ (275)
The number of individual debt positions in an unrealized loss position in the tables above increased from 479 at December 31, 2021, to 1,652 at June 30, 2022. The increase in the number of securities and the total amount of unrealized losses from year-end 2021 was primarily due to changes in market interest rates. In instances where an unrealized loss existed, there was no indication of an adverse change in credit on the underlying positions in the tables above. As it relates to these positions, management believes no individual unrealized loss represented credit impairment as of those dates. The Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, the positions before the recovery of their amortized cost basis, which may be at maturity.
Gross realized gains and gross realized losses on sales of debt securities available for sale for the six months ended June 30, 2022 is presented below. Gross realized gains and gross realized losses on sales of debt securities available for sale were immaterial for the three months ended June 30, 2022 and the three and six months ended June 30, 2021. The cost of securities sold is based on the specific identification method. As part of the Company's normal process for evaluating impairment, management did not identify any positions where impairment was believed to exist in either of the three and six months ended June 30, 2022 or 2021.
Six Months Ended
June 30, 2022
(in millions)
Gross realized gains $ 17 
Gross realized losses (17)
Securities gains (losses), net $ — 
.
16

NOTE 3. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES
LOANS
The following table presents the distribution of Regions' loan portfolio by segment and class, net of unearned income:
June 30, 2022 December 31, 2021
  (In millions)
Commercial and industrial $ 48,492  $ 43,758 
Commercial real estate mortgage—owner-occupied 5,218  5,287 
Commercial real estate construction—owner-occupied 266  264 
Total commercial 53,976  49,309 
Commercial investor real estate mortgage 5,892  5,441 
Commercial investor real estate construction 1,720  1,586 
Total investor real estate 7,612  7,027 
Residential first mortgage 17,892  17,512 
Home equity lines 3,550  3,744 
Home equity loans 2,524  2,510 
Consumer credit card 1,172  1,184 
Other consumer-exit portfolio 775  1,071 
Other consumer 5,957  5,427 
Total consumer 31,870  31,448 
Total loans, net of unearned income $ 93,458  $ 87,784 
During the six months ended June 30, 2022 and 2021, Regions purchased approximately $563 million and $532 million in other consumer, residential first mortgage and commercial and industrial loans from third parties, respectively.
At June 30, 2022, $15.2 billion in net eligible loans held by Regions were pledged for potential borrowings from the FHLB. At June 30, 2022, an additional $15.1 billion in net eligible loans held by Regions were pledged to the FRB for potential borrowings.
Included in the commercial and industrial loan balance are sales-type and direct financing leases totaling $1.3 billion as of June 30, 2022, with related income of $24 million for the six months ended June 30, 2022.
ALLOWANCE FOR CREDIT LOSSES
Regions determines the appropriate level of the allowance on a quarterly basis. Refer to Note 1 "Summary of Significant Accounting Policies" to the consolidated financial statements to the Annual Report on Form 10-K for the year ended December 31, 2021, for a description of the methodology.
ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES
The following tables present analyses of the allowance by portfolio segment for the three and six months ended June 30, 2022 and 2021.
  Three Months Ended June 30, 2022
  Commercial Investor Real
Estate
Consumer Total
  (In millions)
Allowance for loan losses, April 1, 2022 $ 620  $ 75  $ 721  $ 1,416 
Provision for (benefit from) loan losses (14) 15  46  47 
Loan losses:
Charge-offs (22) —  (48) (70)
Recoveries 13  18  32 
Net loan (losses) recoveries (9) (30) (38)
Allowance for loan losses, June 30, 2022 597  91  737  1,425 
Reserve for unfunded credit commitments, April 1, 2022 52  16  76 
Provision for (benefit from) unfunded credit commitments 13 
Reserve for unfunded credit commitments, June 30, 2022 57  10  22  89 
Allowance for credit losses, June 30, 2022 $ 654  $ 101  $ 759  $ 1,514 
17

  Three Months Ended June 30, 2021
  Commercial Investor Real
Estate
Consumer Total
  (In millions)
Allowance for loan losses, April 1, 2021 $ 1,082  $ 150  $ 744  $ 1,976 
Provision for (benefit from) loan losses (203) (57) (72) (332)
Loan losses:
Charge-offs (36) (4) (43) (83)
Recoveries 15  19  36 
Net loan (losses) recoveries (21) (2) (24) (47)
Allowance for loan losses, June 30, 2021 858  91  648  1,597 
Reserve for unfunded credit commitments, April 1, 2021 67  11  14  92 
Provision for (benefit from) unfunded credit commitments (6) (1) (5)
Reserve for unfunded credit commitments, June 30, 2021 61  13  13  87 
Allowance for credit losses, June 30, 2021 $ 919  $ 104  $ 661  $ 1,684 
  Six Months Ended June 30, 2022
  Commercial Investor Real
Estate
Consumer Total
  (In millions)
Allowance for loan losses, January 1, 2022 $ 682  $ 79  $ 718  $ 1,479 
Provision for (benefit from) loan losses (63) 11  82  30 
Loan losses:
Charge-offs (48) —  (99) (147)
Recoveries 26  36  63 
Net loan (losses) recoveries (22) (63) (84)
Allowance for loan losses, June 30, 2022 597  91  737  1,425 
Reserve for unfunded credit commitments, January 1, 2022 58  29  95 
Provision for (benefit from) unfunded credit commitments (1) (7) (6)
Reserve for unfunded credit commitments, June 30, 2022 57  10  22  89 
Allowance for credit losses, June 30, 2022 $ 654  $ 101  $ 759  $ 1,514 
  Six Months Ended June 30, 2021
  Commercial Investor Real
Estate
Consumer Total
  (In millions)
Allowance for loan losses, January 1, 2021 $ 1,196  $ 183  $ 788  $ 2,167 
Provision for (benefit from) loan losses (286) (75) (79) (440)
Loan losses:
Charge-offs (83) (19) (95) (197)
Recoveries 31  34  67 
Net loan (losses) recoveries (52) (17) (61) (130)
Allowance for loan losses, June 30, 2021 858  91  648  1,597 
Reserve for unfunded credit commitments, January 1, 2021 97  14  15  126 
Provision for (benefit from) unfunded commitments (36) (1) (2) (39)
Reserve for unfunded credit commitments, June 30, 2021 61  13  13  87 
Allowance for credit losses, June 30, 2021 $ 919  $ 104  $ 661  $ 1,684 
18

PORTFOLIO SEGMENT RISK FACTORS
Regions’ portfolio segments are commercial, investor real estate and consumer. Classes within each segment present unique credit risks. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2021 for information regarding Regions’ portfolio segments and related classes, as well as the risks specific to each.
CREDIT QUALITY INDICATORS
The commercial and investor real estate portfolio segments’ primary credit quality indicator is internal risk ratings which are detailed by categories related to underlying credit quality and probability of default. Regions assigns these risk ratings at loan origination and reviews the relationship utilizing a risk-based approach on, at minimum, an annual basis or at any time management becomes aware of information affecting the borrowers' ability to fulfill their obligations. Both quantitative and qualitative factors are considered in this review process. Regions' ratings are aligned to federal banking regulators’ definitions and are utilized to develop the associated allowance. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2021 for information regarding commercial risk ratings.
Regions' consumer portfolio segment has various classes that present unique credit risks. Regions considers factors such as periodic updates of FICO scores, accrual status, days past due status, unemployment rates, home prices and geography as credit quality indicators for the consumer loan portfolio. FICO scores are obtained at origination as part of Regions' formal underwriting process. Refreshed FICO scores are obtained by the Company quarterly for all consumer loans, including residential first mortgage loans. Current FICO data is not available for certain loans in the portfolio for various reasons; for example, if customers do not use sufficient credit, an updated score may not be available. These categories are utilized to develop the associated allowance for credit losses. The higher the FICO score the less probability of default and vice versa.
The following tables present applicable credit quality indicators for the loan portfolio segments and classes, excluding loans held for sale, by vintage year as of June 30, 2022 and December 31, 2021. Classes in the commercial and investor real estate portfolio segments are disclosed by risk rating. Classes in the consumer portfolio segment are disclosed by current FICO scores. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2021 for more information regarding Regions' credit quality indicators.
June 30, 2022
Term Loans Revolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
Origination Year
2022 2021 2020 2019 2018 Prior
(In millions)
Commercial and industrial:
Risk Rating:
   Pass(2)
$ 6,558  $ 8,826  $ 4,065  $ 3,009  $ 1,634  $ 3,760  $ 19,053  $ —  $ 51  $ 46,956 
   Special Mention 14  73  11  87  35  352  —  —  574 
   Substandard Accrual 59  139  45  44  17  396  —  —  705 
   Non-accrual 43  11  35  42  16  101  —  —  257 
Total commercial and industrial $ 6,586  $ 9,001  $ 4,226  $ 3,176  $ 1,722  $ 3,828  $ 19,902  $ —  $ 51  $ 48,492 
Commercial real estate mortgage—owner-occupied:
Risk Rating:
   Pass $ 690  $ 1,266  $ 985  $ 557  $ 590  $ 814  $ 114  $ —  $ (5) $ 5,011 
   Special Mention 19  41  10  14  20  —  —  107 
   Substandard Accrual —  47  —  —  71