8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

  FORM 8-K

 CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 22, 2021

 REGIONS FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-34034	63-0589368
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1900 Fifth Avenue North

Birmingham, Alabama 35203

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).                                                         Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	RF	New York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
6.375% Non-Cumulative Perpetual Preferred Stock, Series A	RF PRA	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

Item 2.02    Results of Operations and Financial Condition.

Item 7.01    Regulation FD Disclosure.

    On January 22, 2021, Regions Financial Corporation (“Regions”) will issue a press release announcing its preliminary results of operations for the quarter and year ended December 31, 2020. A copy of the press release is attached hereto as Exhibit 99.1. Supplemental financial information for the quarter and year ended December 31, 2020 is attached as Exhibit 99.2. Executives from Regions will review the results via a live audio webcast at 11:00 a.m. Eastern time on January 22, 2021. A copy of a visual presentation that will be a part of that review is attached as Exhibit 99.3. All of the attached exhibits are incorporated herein by reference and may also be found on Regions' website at www.regions.com. An archived recording of the webcast will be available for a limited time on the Investor Relations page of that website.

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

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.     Description of Exhibit

99.1	Press Release dated January 22, 2021.
99.2	Supplemental Financial Information for the Quarter and Year Ended December 31, 2020.
99.3	Visual Presentation of January 22, 2021.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                                

REGIONS FINANCIAL CORPORATION
By:	/s/ Hardie B. Kimbrough, Jr.
Name:	Hardie B. Kimbrough, Jr.
Title:	Executive Vice President and Controller (Chief Accounting Officer and Authorized Officer)

Date: January 21, 2021

EX-99.1

Exhibit 99.1

Media Contact:	Investor Relations Contact:
Jeremy King	Dana Nolan
(205) 264-4551	(205) 264-7040

Regions reports 2020 earnings of $991 million and earnings per share of $1.03

Delivers strong revenue and pre-tax pre-provision income(1) growth over the prior year

BIRMINGHAM, Ala. - (BUSINESS WIRE) - Jan. 22, 2021 - Regions Financial Corporation (NYSE:RF) today announced earnings for the fourth quarter and full year ended December 31, 2020. The company reported fourth quarter net income available to common shareholders of $588 million, an increase of 61 percent compared to the fourth quarter of 2019. Earnings per diluted share were $0.61, also a 61 percent increase. For the full year of 2020, the company reported net income available to common shareholders of $991 million and earnings per diluted share from continuing operations of $1.03. Full-year 2020 revenue grew 7 percent while pre-tax pre-provision income(1) increased 11 percent over the prior year. Adjusted revenue(1) grew 6 percent while adjusted pre-tax pre-provision income(1) increased 9 percent. The company also generated positive operating leverage of 2.7 percent on a reported basis and 2.6 percent on an adjusted basis(1) versus the prior year.

“At Regions, 2020 was a year of really good execution and outstanding teamwork built around a shared vision of serving customers and communities in helpful and innovative ways. As a result of our team's focus and dedication, we made a meaningful difference for those we serve, while delivering solid financial results, controlling expenses, and proactively managing risks throughout the year,” said John Turner, president and CEO.

“The COVID-19 pandemic is accelerating changes in customer behavior," continued Turner. "Moving forward, we will continue innovating and prudently investing in the people and technology that help Regions deliver competitive solutions and superior service. By executing our strategic plan, we will remain a source of economic strength for our customers and communities, and we will deliver sustainable, long-term performance for our shareholders.”

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SUMMARY OF FULL YEAR AND FOURTH QUARTER 2020 RESULTS:

	Quarter Ended						Year Ended
(amounts in millions, except per share data)	12/31/2020		9/30/2020		12/31/2019		2020		2019
Net income	$	616	$	530	$	389	1,094		1,582
Preferred dividends	28		29		23		103		79
Net income available to common shareholders	$	588	$	501	$	366	$	991	$	1,503
Weighted-average diluted shares outstanding	965		962		968		962		999
Actual shares outstanding—end of period	960		960		957		960		957
Diluted earnings per common share	$	0.61	$	0.52	$	0.38	$	1.03	$	1.50
Selected items impacting earnings:
Pre-tax adjusted items(1):
Adjustments to non-interest expense(1)	$	(57)	$	(7)	$	(28)	$	(102)	$	(46)
Adjustments to non-interest income(1)	31		47		(2)		81		(19)
Total pre-tax adjusted items(1)	$	(26)	$	40	$	(30)	$	(21)	$	(65)
Diluted EPS impact*	$	(0.01)	$	0.03	$	(0.02)	$	(0.01)	$	(0.05)
Pre-tax additional selected items**:
CECL provision less than (in excess of) net charge-offs***	$	132	$	—	$	—	$	(818)	$	(29)
Capital markets income - CVA/DVA	8		5		5		13		(10)
MSR net hedge performance	(6)		—		7		10		8
PPP loans interest income****	54		31		—		103		—
COVID-19 related expenses	(3)		(3)		—		(29)		—
4Q20 reduction in unrecognized tax benefits	24		—		—		24		—

—

*      Based on income taxes at an approximate 25% incremental rate. Tax rates associated with leveraged lease terminations are incrementally higher based on their structure. Fourth quarter of 2020 gain associated with the exchange of bank-owned life insurance policies is tax free.

**     Items represent an outsized impact to the quarter or quarterly trends, but are not considered non-GAAP adjustments.

***     CECL was adopted January 1, 2020. Periods prior to January 1, 2020 reflect results under the incurred loss model.

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

During the fourth quarter of 2020, total revenue increased approximately 3 percent on a reported basis and 4 percent on an adjusted basis(1) compared to the third quarter of 2020, reflecting growth in both net interest income and non-interest income. Despite the low interest rate environment, net interest income benefited from the company's significant hedging program, deposit cost reductions, and active cash management strategies, as well as accelerated fee income realized from the Small Business Administration's (SBA) Paycheck Protection Program (PPP) loans forgiven during the quarter. Non-interest income benefited from strong capital markets activity and mortgage production, as well as continued improvement in service charges, wealth management, and card and ATM fees. Non-interest expense increased 10 percent during the quarter on a reported basis and 5 percent on an adjusted basis(1), driven by increases in salaries and benefits primarily related to incentives

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associated with higher revenue production. The company's fourth quarter efficiency ratio was 58.1 percent on a reported basis and 55.8 percent on an adjusted basis(1). Despite a challenging economic backdrop, 2020 pre-tax pre-provision income(1) increased 11 percent versus 2019, and adjusted pre-tax pre-provision income(1) increased 9 percent.

Compared to the third quarter of 2020, annualized net charge-offs decreased 7 basis points to 0.43 percent of average loans, while total non-performing loans, total delinquencies and business services criticized loans remained relatively stable. The allowance for credit losses decreased 5 basis points to 2.69 percent of total loans, representing 308 percent of non-performing loans, excluding loans held for sale. Excluding PPP loans, which are fully government guaranteed, the allowance for credit losses was 2.81 percent(1). The decline in the allowance for credit losses reflects a decline in period-end loan balances, stabilization in the company's economic outlook and improved credit performance, charge-offs previously provided for, as well as the recently announced government stimulus. The overall allowance reduction resulted in a net $38 million benefit to the credit loss provision during the fourth quarter.

Non-GAAP adjusted items(1) impacting the company's earnings are identified to assist investors in analyzing Regions' operating results on the same basis as that applied by management and provide a basis to predict future performance. Non-GAAP adjusted items(1) in the current quarter reflect, among other items, $26 million of severance charges within salaries and benefits, a $14 million loss on debt extinguishment and a $10 million contribution to the Regions Foundation. Partially offsetting these adjusted items was a $25 million gain on bank-owned life insurance policy exchanges.

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Total revenue

	Quarter Ended
($ amounts in millions)	12/31/2020			9/30/2020			12/31/2019			4Q20 vs. 3Q20				4Q20 vs. 4Q19
Net interest income	$	1,006		$	988		$	918		$	18	1.8	%	$	88	9.6	%
Taxable equivalent adjustment	11			12			13			(1)		(8.3)	%	(2)		(15.4)	%
Net interest income, taxable equivalent basis	$	1,017		$	1,000		$	931		$	17	1.7	%	$	86	9.2	%
Net interest margin (FTE)	3.13		%	3.13		%	3.39		%
Non-interest income:
Service charges on deposit accounts	$	160		$	152		$	187		8		5.3	%	(27)		(14.4)	%
Card and ATM fees	117			115			112			2		1.7	%	5		4.5	%
Wealth management income	89			85			84			4		4.7	%	5		6.0	%
Capital markets income	110			61			61			49		80.3	%	49		80.3	%
Mortgage income	75			108			49			(33)		(30.6)	%	26		53.1	%
Commercial credit fee income	22			20			18			2		10.0	%	4		22.2	%
Bank-owned life insurance	43			17			18			26		152.9	%	25		138.9	%
Securities gains (losses), net	—			3			(2)			(3)		(100.0)	%	2		100.0	%
Market value adjustments on employee benefit assets*	7			14			7			(7)		(50.0)	%	—		—	%
Valuation gain on equity investment	6			44			—			(38)		(86.4)		6		NM
Other	51			36			28			15		41.7	%	23		82.1	%
Non-interest income	$	680		$	655		$	562		$	25	3.8	%	$	118	21.0	%
Total revenue	$	1,686		$	1,643		$	1,480		$	43	2.6	%	$	206	13.9	%
Adjusted total revenue (non-GAAP)(1)	$	1,655		$	1,596		$	1,482		$	59	3.7	%	$	173	11.7	%

NM - Not Meaningful

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

Total revenue of approximately $1.7 billion increased 3 percent on a reported basis and 4 percent on an adjusted basis(1) compared to the third quarter of 2020. Net interest income increased 2 percent, while net interest margin remained unchanged at 3.13 percent. The increase in net interest income is primarily attributable to accelerated fee income recognition associated with PPP loan forgiveness. Excluding the impact of PPP loans, net interest income remained relatively stable as the company's interest rate hedging program continues to add protection from the near-zero short-term interest rate environment. The fourth quarter of 2020 benefited from higher average derivative notional values, reduced deposit costs, and active cash management strategies. The call of Regions Financial Corporation debt in December was modestly accretive to net interest income in the quarter and will provide additional benefit in 2021. Further, securities portfolio additions and liability management strategies that occurred in the third quarter of 2020 provided meaningful linked-quarter benefits. These items offset the net interest income pressure from lower average loan balances and historically low long-term interest rates, which reduced asset yields and increased premium amortization in the securities portfolio. While PPP forgiveness was

4

accretive to net interest margin, strong deposit growth trends continued in the fourth quarter of 2020, pushing cash balances to record levels, which negatively impacted net interest margin.

Non-interest income increased approximately 4 percent on a reported basis and 7 percent on an adjusted basis(1) compared to the third quarter of 2020. Increases in capital markets income, service charges, card and ATM fees, and wealth management income more than offset declines in mortgage income and market value adjustments on employee benefit assets. Capital markets income increased to a record $110 million during the quarter. Within capital markets, almost every revenue category contributed to the increase. M&A advisory services was the most significant driver as increased activity produced a record quarter. Service charges and card and ATM fees increased 5 and 2 percent, respectively, as customer behavior continued to normalize during the quarter. Wealth management income increased 5 percent reflecting higher sales volumes and improved market values. Although mortgage income decreased from the prior quarter, it was up significantly for the year as 2020 mortgage loan production was more than double 2019 levels. Market value adjustments on employee benefit assets remained positive during the quarter; however, this benefit was offset by a corresponding increase in salaries and benefits. Additionally, bank-owned life insurance increased to $43 million primarily driven by a gain associated with a policy exchange completed during the quarter.

5

Non-interest expense

	Quarter Ended
($ amounts in millions)	12/31/2020		9/30/2020		12/31/2019		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Salaries and employee benefits	$	581	$	525	$	488	$	56	10.7	%	$	93	19.1	%
Net occupancy expense	78		80		79		(2)		(2.5)	%	(1)		(1.3)	%
Furniture and equipment expense	90		89		82		1		1.1	%	8		9.8	%
Outside services	37		44		44		(7)		(15.9)	%	(7)		(15.9)	%
Professional, legal and regulatory expenses	21		22		28		(1)		(4.5)	%	(7)		(25.0)	%
Marketing	26		22		28		4		18.2	%	(2)		(7.1)	%
FDIC insurance assessments	12		10		11		2		20.0	%	1		9.1	%
Credit/checkcard expenses	13		12		15		1		8.3	%	(2)		(13.3)	%
Branch consolidation, property and equipment charges	7		3		12		4		133.3	%	(5)		(41.7)	%
Visa class B shares expense	6		5		2		1		20.0	%	4		200.0	%
Provision (credit) for unfunded credit losses	—		—		(3)		—		—	%	3		100.0	%
Loss on early extinguishment of debt	14		2		16		12		NM		(2)		(12.5)
Other	102		82		95		20		24.4	%	7		7.4	%
Total non-interest expense	$	987	$	896	$	897	$	91	10.2	%	$	90	10.0	%
Total adjusted non-interest expense(1)	$	930	$	889	$	869	$	41	4.6	%	$	61	7.0	%

NM - Not Meaningful

Non-interest expense increased 10 percent on a reported basis and 5 percent on an adjusted basis(1) compared to the third quarter of 2020. Salaries and benefits increased, driven primarily by production-based incentives tied to capital markets income and mortgage production as well as elevated severance charges. Excluding the impact of severance charges, salaries and benefits increased 6 percent. Overall, however, base salaries were lower as the company continued to build greater efficiencies through its ongoing continuous improvement process focused on making banking easier for customers and associates. Other expenses increased 24 percent driven by a $10 million contribution to the Regions Foundation. In addition, the company incurred a $14 million loss for the early extinguishment of $1 billion in debt called during the quarter. Offsetting these increases was a 16 percent decrease in outside services driven primarily by lower expenses associated with loan servicing costs for one of the company's exit loan portfolios.

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The company's fourth quarter of 2020 efficiency ratio was 58.1 percent on a reported basis and 55.8 percent on an adjusted basis(1). The effective tax rate was 16.5 percent and benefited from a $24 million reduction to the company's liability for unrecognized tax benefits.

Loans and Leases

	Average Balances
($ amounts in millions)	4Q20		3Q20		4Q19		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Commercial and industrial	$	43,889	$	46,405	$	39,743	$	(2,516)	(5.4)	%	$	4,146	10.4%
Commercial real estate—owner-occupied	5,708		5,816		5,846		(108)		(1.9)	%	(138)		(2.4)%
Investor real estate	7,448		7,298		6,385		150		2.1	%	1,063		16.6%
Business Lending	57,045		59,519		51,974		(2,474)		(4.2)	%	5,071		9.8%
Residential first mortgage	16,433		15,786		14,416		647		4.1	%	2,017		14.0%
Home equity	7,411		7,727		8,478		(316)		(4.1)	%	(1,067)		(12.6)%
Indirect—vehicles*	1,023		1,223		1,948		(200)		(16.4)	%	(925)		(47.5)%
Indirect—other consumer**	2,514		2,835		3,005		(321)		(11.3)	%	(491)		(16.3)%
Consumer credit card	1,190		1,194		1,337		(4)		(0.3)	%	(147)		(11.0)%
Other consumer	1,048		1,086		1,234		(38)		(3.5)	%	(186)		(15.1)%
Consumer Lending	29,619		29,851		30,418		(232)		(0.8)	%	(799)		(2.6)%
Total Loans	$	86,664	$	89,370	$	82,392	$	(2,706)	(3.0)	%	$	4,272	5.2%
Adjusted Business Lending (non-GAAP)(1)	$	52,665	$	54,722	$	51,974	(2,057)		(3.8)	%	$	691	1.3%
Adjusted Consumer Lending (non-GAAP)(1)	27,432		27,310		26,629		122		0.4	%	803		3.0%
Adjusted Total Loans (non-GAAP)(1)	$	80,097	$	82,032	$	78,603	$	(1,935)	(2.4)	%	$	1,494	1.9%

NM - Not meaningful.

* Indirect vehicles is an exit portfolio.

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

Average loans and leases decreased approximately 3 percent compared to the prior quarter. Excluding the company's indirect auto and indirect-other consumer exit portfolios, outstanding PPP loans, and certain commercial loans transferred to held for sale, adjusted average loans and leases(1) decreased approximately 2 percent. Adjusted business lending(1) decreased 4 percent driven by excess liquidity, customers' continued use of capital markets and deleveraging. Commercial loan line utilization levels ended the quarter at approximately 40 percent, below pre-pandemic trends. Adjusted business lending was also impacted by the company's active portfolio management efforts including the additional loan sales during the fourth quarter. Excluding exit portfolios, adjusted consumer lending(1) remained relatively stable as growth in residential first mortgage was partially offset by declines in other categories.

7

Deposits

	Average Balances
($ amounts in millions)	4Q20		3Q20		4Q19		4Q20 vs. 3Q20			4Q20 vs. 4Q19
Customer low-cost deposits	$	114,158	$	110,493	$	86,671	$	3,665	3.3%	$	27,487	31.7%
Customer time deposits	5,598		6,150		7,543		(552)		(9.0)%	(1,945)		(25.8)%
Corporate treasury time deposits	11		13		189		(2)		(15.4)%	(178)		(94.2)%
Corporate treasury other deposits	—		—		109		—		NM	(109)		(100.0)%
Total Deposits	$	119,767	$	116,656	$	94,512	$	3,111	2.7%	$	25,255	26.7%
($ amounts in millions)	4Q20		3Q20		4Q19		4Q20 vs. 3Q20			4Q20 vs. 4Q19
Consumer Bank Segment	$	69,912	$	68,842	$	59,359	$	1,070	1.6%	$	10,553	17.8%
Corporate Bank Segment	40,581		38,755		26,627		1,826		4.7%	13,954		52.4%
Wealth Management Segment	8,884		8,658		7,891		226		2.6%	993		12.6%
Other	390		401		635		(11)		(2.7)%	(245)		(38.6)%
Total Deposits	$	119,767	$	116,656	$	94,512	$	3,111	2.7%	$	25,255	26.7%

Total average deposit balances increased 3 percent to $119.8 billion in the fourth quarter of 2020. Average Consumer segment deposit growth was driven by government stimulus payments as well as reduced spending related to the COVID-19 pandemic. Corporate segment deposit growth reflects clients consolidating sources of liquidity. In addition, many corporate clients are building liquidity by focusing on supply chain efficiencies and turnover of receivables. Similarly, Wealth segment deposit growth was driven primarily by clients' desire to hold additional liquidity during the pandemic.

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Asset quality

	As of and for the Quarter Ended
($ amounts in millions)	12/31/2020	9/30/2020	12/31/2019
ACL/Loans, net	2.69%	2.74%	1.10%
ALL/Loans, net	2.54%	2.58%	1.05%
Allowance for credit losses to non-performing loans, excluding loans held for sale	308%	316%	180%
Allowance for loan losses to non-performing loans, excluding loans held for sale	291%	297%	171%
Provision for (benefit from) credit losses*	$(38)	$113	$96
Net loans charged-off	$94	$113	$96
Net loan charge-offs as a % of average loans, annualized	0.43%	0.50%	0.46%
Non-accrual loans, excluding loans held for sale/Loans, net	0.87%	0.87%	0.61%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale	0.91%	0.90%	0.70%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale**	1.10%	1.08%	0.89%
Total TDRs, excluding loans held for sale	$602	$645	$659
Total Criticized Loans—Business Services***	$3,800	$3,734	$2,251

* CECL was adopted January 1, 2020. Periods prior to January 1, 2020 reflect results under the incurred loss model. Upon adoption of CECL, the provision for credit losses is the sum of the provision for loan losses and the provision for unfunded credit commitments. Prior to the adoption of CECL, the provision for unfunded commitments was included in other non-interest expense.

** Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing.

*** Business services represents the combined total of commercial and investor real estate loans.

A decline in period-end loan balances, the impact of net charge-offs previously provided for, stabilization in the economic outlook, as well as recently announced government stimulus resulted in a net $38 million benefit to the credit loss provision during the fourth quarter of 2020. The credit loss provision benefit was also impacted by allowance adjustments related to loans sold or moved to held for sale during the quarter. The resulting allowance for credit losses is equal to 2.69 percent of total loans and 308 percent of total non-accrual loans, excluding loans held for sale. Excluding PPP loans, which are fully government guaranteed, the allowance for credit losses amounted to 2.81 percent(1) of total loans. Annualized net charge-offs decreased 7 basis points to 43 basis points of average loans. The decrease reflects lower losses primarily within commercial loan portfolios and relatively stable consumer net charge-offs. Total non-accrual loans, excluding loans held for sale, total delinquencies, and total business services criticized loans remained relatively stable.

9

Capital and liquidity

	As of and for Quarter Ended
	12/31/2020	9/30/2020	12/31/2019
Common Equity Tier 1 ratio(2)	9.8%	9.3%	9.7%
Tier 1 capital ratio(2)	11.4%	10.8%	10.9%
Tangible common stockholders’ equity to tangible assets (non-GAAP)(1)	7.91%	7.88%	8.34%
Tangible common book value per share (non-GAAP)(1)*	$11.71	$11.49	$10.58
Loans, net of unearned income, to total deposits	69.6%	74.6%	85.1%

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

Regions maintains a solid capital position as estimated capital ratios remain well above current regulatory requirements. The Tier 1(2) and Common Equity Tier 1(2) ratios were estimated at 11.4 percent and 9.8 percent, respectively, at quarter-end.

The company declared $148 million in dividends to common shareholders during the fourth quarter of 2020. Consistent with its previous announcement to temporarily suspend share repurchases through year-end 2020, the company did not repurchase shares in the quarter.

During the fourth quarter of 2020, the Federal Reserve released the results of its updated Supervisory Stress Test and indicated that Regions met or exceeded all minimum capital levels under the provided scenarios. Regions' robust capital planning process is designed to ensure efficient use of capital and to support lending activities and focus on appropriate shareholder returns. The company's current operating range for Common Equity Tier 1 capital is between 9.5 percent and 10.0 percent. Given the continued uncertainty associated with the ongoing pandemic, the company intends to maintain capital at the higher end of the range.

(1)Non-GAAP; refer to pages 8, 12, 13, 14, 16, 21, 22, and 25 of the financial supplement to this earnings release.

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

Conference Call

A replay of the earnings call will be available beginning Friday, January 22, 2021, at 2:30 p.m. ET through Monday, February 22, 2021. To listen by telephone, please dial 855-859-2056, and use access code 3969193. An archived webcast will also be available on the Investor Relations page of www.regions.com.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $147 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,400 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

10

Forward-Looking Statements

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

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

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

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

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

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

•The effect of changes in tax laws, including the effect of any future interpretations of or amendments to Tax Reform, 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, loan loss provisions or actual loan losses where our allowance for loan 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, 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 could result in losing business to competitors.

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

•Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock or other regulatory capital instruments, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements 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 business.

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

11

•The risks and uncertainties related to our acquisition or divestiture of 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 business 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 business 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 and terrorist attacks and the potential impact, directly or indirectly, on our businesses.

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

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

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

•Our ability to achieve our expense management initiatives.

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

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

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

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

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

•Our ability to receive dividends from our subsidiaries could affect our liquidity and ability to pay dividends to shareholders.

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

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

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

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

The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2019 and the "Risk Factors" of Regions' Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 as filed with the SEC.

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

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

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

12

Use of non-GAAP financial measures

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

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

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

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

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

•Preparation of Regions' operating budgets

•Monthly financial performance reporting

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

•Presentation to investors of company performance

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EX-99.2

Exhibit 99.2

Regions Financial Corporation and Subsidiaries

Financial Supplement

Fourth Quarter 2020

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Table of Contents

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

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Financial Highlights

	Quarter Ended
($ amounts in millions, except per share data)	12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Earnings Summary
Interest income - taxable equivalent	$	1,072		$	1,071		$	1,076		$	1,091		$	1,111
Interest expense - taxable equivalent	55			71			91			151			180
Net interest income - taxable equivalent	1,017			1,000			985			940			931
Less: Taxable-equivalent adjustment	11			12			13			12			13
Net interest income	1,006			988			972			928			918
Provision (credit) for credit losses (1)	(38)			113			882			373			96
Net interest income after provision (credit) for credit losses (1)	1,044			875			90			555			822
Non-interest income	680			655			573			485			562
Non-interest expense	987			896			924			836			897
Income (loss) before income taxes	737			634			(261)			204			487
Income tax expense (benefit)	121			104			(47)			42			98
Net income (loss)	$	616		$	530		$	(214)		$	162		$	389
Net income (loss) available to common shareholders	$	588		$	501		$	(237)		$	139		$	366
Earnings (loss) per common share - basic	0.61			0.52			(0.25)			0.15			0.38
Earnings (loss) per common share - diluted	0.61			0.52			(0.25)			0.14			0.38
Balance Sheet Summary
At quarter-end
Loans, net of unearned income	$	85,266		$	88,359		$	90,548		$	88,098		$	82,963
Allowance for credit losses	(2,293		)	(2,425		)	(2,425		)	(1,665		)	(914		)
Assets	147,389			145,180			144,070			133,542			126,240
Deposits	122,479			118,445			116,779			100,030			97,475
Long-term borrowings - Federal Home Loan Bank advances	—			—			401			4,651			2,501
Long-term borrowings - Other	3,569			4,919			6,007			5,454			5,378
Shareholders' equity	18,111			17,904			17,602			17,332			16,295
Average balances
Loans, net of unearned income	$	86,664		$	89,370		$	91,964		$	83,249		$	82,392
Assets	144,819			142,845			139,820			124,771			124,138
Deposits	119,767			116,656			110,921			95,672			94,512
Long-term borrowings - Federal Home Loan Bank advances	—			392			1,266			3,003			2,659
Long-term borrowings - Other	4,634			5,437			6,301			5,399			5,942
Shareholders' equity	17,915			17,759			17,384			16,460			16,564

_______

(1)Upon adoption of the Current Expected Credit Losses (CECL) accounting guidance on January 1, 2020, the provision for credit losses is the sum of the provision for loan losses and the provision for unfunded credit commitments. Prior to the adoption of CECL, the provision for unfunded commitments was included in other non-interest expense.

1

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Selected Ratios and Other Information

	As of and for Quarter Ended
	12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Return on average assets* (1)	1.69		%	1.48		%	(0.61)		%	0.52		%	1.24		%
Return on average common shareholders' equity*	14.37		%	12.38		%	(5.96)		%	3.69		%	9.51		%
Return on average tangible common shareholders’ equity (non-GAAP)* (2)	21.15		%	18.32		%	(8.90)		%	5.43		%	13.95		%
Efficiency ratio	58.1		%	54.1		%	59.4		%	58.6		%	60.1		%
Adjusted efficiency ratio (non-GAAP) (2)	55.8		%	55.3		%	57.7		%	57.9		%	58.1		%
Common book value per share	$	17.13		$	16.92		$	16.61		$	16.73		$	15.65
Tangible common book value per share (non-GAAP) (2)	$	11.71		$	11.49		$	11.16		$	11.67		$	10.58
Tangible common shareholders’ equity to tangible assets (non-GAAP) (2)	7.91		%	7.88		%	7.72		%	8.68		%	8.34		%
Common equity (3)	$	10,525		$	10,092		$	9,716		$	10,294		$	10,228
Total risk-weighted assets (3)	$	107,020		$	108,048		$	109,539		$	108,985		$	105,705
Common equity Tier 1 ratio (3)	9.8		%	9.3		%	8.9		%	9.4		%	9.7		%
Tier 1 capital ratio (3)	11.4		%	10.8		%	10.4		%	10.6		%	10.9		%
Total risk-based capital ratio (3)	13.6		%	13.0		%	12.6		%	12.5		%	12.7		%
Leverage ratio (3)	8.7		%	8.5		%	8.4		%	9.6		%	9.6		%
Effective tax rate	16.5		%	16.5		%	18.3		%	20.6		%	20.3		%
Allowance for credit losses as a percentage of loans, net of unearned income	2.69		%	2.74		%	2.68		%	1.89		%	1.10		%
Allowance for credit losses as a percentage of loans excluding PPP, net of unearned income (non-GAAP)(2)	2.81		%	2.90		%	2.82		%	1.89		%	1.10		%
Allowance for credit losses to non-performing loans, excluding loans held for sale	308		%	316		%	395		%	261		%	180		%
Net interest margin (FTE)*	3.13		%	3.13		%	3.19		%	3.44		%	3.39		%
Loans, net of unearned income, to total deposits	69.6		%	74.6		%	77.5		%	88.1		%	85.1		%
Net charge-offs as a percentage of average loans*	0.43		%	0.50		%	0.80		%	0.59		%	0.46		%
Non-accrual loans, excluding loans held for sale, as a percentage of loans	0.87		%	0.87		%	0.68		%	0.72		%	0.61		%
Non-performing assets (excluding loans 90 days past due) as a percentage of loans, foreclosed properties, non-marketable investments and non-performing loans held for sale	0.91		%	0.90		%	0.74		%	0.79		%	0.70		%
Non-performing assets (including loans 90 days past due) as a percentage of loans, foreclosed properties, non-marketable investments and non-performing loans held for sale (4)	1.10		%	1.08		%	0.91		%	0.96		%	0.89		%
Associate headcount—full-time equivalent (5)	19,406			19,766			20,073			19,743			19,564
ATMs	2,083			2,058			2,038			2,042			2,028
Branch Statistics
Full service	1,333			1,334			1,340			1,374			1,374
Drive-through/transaction service only	36			47			51			53			54
Total branch outlets	1,369			1,381			1,391			1,427			1,428

	Year Ended December 31
	2020		2019
Return on average assets (1)	0.79	%	1.26	%
Return on average common stockholders' equity	6.24	%	10.07	%
Return on average tangible common stockholders’ equity (non-GAAP) (2)	9.23	%	14.91	%
Efficiency ratio	57.5	%	59.0	%
Adjusted efficiency ratio (non-GAAP) (2)	56.6	%	58.0	%
Effective tax rate	16.8	%	20.3	%
Net interest margin (FTE)	3.21	%	3.45	%
Net charge-offs as a percentage of average loans	0.58	%	0.43	%

*Annualized

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

(2)See reconciliation of GAAP to non-GAAP Financial Measures on pages 8, 12, 13, 14, 16, 22, 23, and 26.

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

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

(5)Associate headcount for the second quarter of 2020 includes 463 associates from the Ascentium acquisition.

2

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Consolidated Statements of Operations (unaudited)

	Quarter Ended
($ amounts in millions, except per share data)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Interest income on:
Loans, including fees	$	906	$	903	$	898	$	903	$	923
Debt securities	136		140		148		158		155
Loans held for sale	9		8		6		5		5
Other earning assets	10		8		11		13		15
Total interest income	1,061		1,059		1,063		1,079		1,098
Interest expense on:
Deposits	24		32		40		84		98
Short-term borrowings	—		—		2		8		12
Long-term borrowings	31		39		49		59		70
Total interest expense	55		71		91		151		180
Net interest income	1,006		988		972		928		918
Provision (credit) for credit losses (1)	(38)		113		882		373		96
Net interest income after provision (credit) for credit losses (1)	1,044		875		90		555		822
Non-interest income:
Service charges on deposit accounts	160		152		131		178		187
Card and ATM fees	117		115		101		105		112
Wealth management income	89		85		79		84		84
Capital markets income	110		61		95		9		61
Mortgage income	75		108		82		68		49
Securities gains (losses), net	—		3		1		—		(2)
Other	129		131		84		41		71
Total non-interest income	680		655		573		485		562
Non-interest expense:
Salaries and employee benefits	581		525		527		467		488
Net occupancy expense	78		80		76		79		79
Furniture and equipment expense	90		89		86		83		82
Other	238		202		235		207		248
Total non-interest expense	987		896		924		836		897
Income (loss) before income taxes	737		634		(261)		204		487
Income tax expense (benefit)	121		104		(47)		42		98
Net income (loss)	$	616	$	530	$	(214)	$	162	$	389
Net income (loss) available to common shareholders	$	588	$	501	$	(237)	$	139	$	366
Weighted-average shares outstanding—during quarter:
Basic	960		960		960		957		963
Diluted	965		962		960		961		968
Actual shares outstanding—end of quarter	960		960		960		957		957
Earnings (loss) per common share: (2)
Basic	$	0.61	$	0.52	$	(0.25)	$	0.15	$	0.38
Diluted	$	0.61	$	0.52	$	(0.25)	$	0.14	$	0.38
Taxable-equivalent net interest income	$	1,017	$	1,000	$	985	$	940	$	931

________

(1) Upon adoption of CECL on January 1, 2020, the provision for credit losses is the sum of the provision for loan losses and the provision for unfunded credit commitments. Prior to the

adoption of CECL, the provision for unfunded commitments was included in other non-interest expense.

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

3

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Consolidated Statements of Operations (continued) (unaudited)

	Twelve Months Ended December 31
($ amounts in millions, except per share data)	2020		2019
Interest income on:
Loans, including fees	$	3,610	$	3,866
Debt securities	582		643
Loans held for sale	28		17
Other earning assets	42		70
Total interest income	4,262		4,596
Interest expense on:
Deposits	180		447
Short-term borrowings	10		53
Long-term borrowings	178		351
Total interest expense	368		851
Net interest income	3,894		3,745
Provision for credit losses (1)	1,330		387
Net interest income after provision for credit losses (1)	2,564		3,358
Non-interest income:
Service charges on deposit accounts	621		729
Card and ATM fees	438		455
Wealth management income	337		322
Capital markets income	275		178
Mortgage income	333		163
Securities gains (losses), net	4		(28)
Other	385		297
Total non-interest income	2,393		2,116
Non-interest expense:
Salaries and employee benefits	2,100		1,916
Net occupancy expense	313		321
Furniture and equipment expense	348		325
Other	882		927
Total non-interest expense	3,643		3,489
Income before income taxes	1,314		1,985
Income tax expense	220		403
Net income	$	1,094	$	1,582
Net income available to common shareholders	$	991	$	1,503
Weighted-average shares outstanding—during year:
Basic	959		995
Diluted	962		999
Actual shares outstanding—end of period	960		957
Earnings per common share:
Basic	$	1.03	$	1.51
Diluted	$	1.03	$	1.50
Taxable-equivalent net interest income	$	3,942	$	3,798

________

(1) Upon adoption of CECL on January 1, 2020, the provision for credit losses is the sum of the provision for loan losses and the provision for unfunded credit commitments. Prior to the

adoption of CECL, the provision for unfunded commitments was included in other non-interest expense.

4

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Consolidated Average Daily Balances and Yield/Rate Analysis

	Quarter Ended
	12/31/2020						9/30/2020
($ amounts in millions; yields on taxable-equivalent basis)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Assets
Earning assets:
Debt securities (1)	$	26,779	$	136	2.02	%	$	24,950	$	140	2.24	%
Loans held for sale	1,253		9		2.62		1,147		8		2.89
Loans, net of unearned income:
Commercial and industrial	43,889		491		4.44		46,405		474		4.05
Commercial real estate mortgage—owner-occupied	5,405		62		4.49		5,498		63		4.50
Commercial real estate construction—owner-occupied	303		3		3.95		318		3		4.04
Commercial investor real estate mortgage	5,549		32		2.22		5,324		31		2.27
Commercial investor real estate construction	1,899		13		2.82		1,974		15		2.87
Residential first mortgage	16,433		135		3.30		15,786		135		3.41
Home equity	7,411		67		3.61		7,727		70		3.59
Indirect—vehicles	1,023		8		3.22		1,223		10		3.25
Indirect—other consumer	2,514		49		7.74		2,835		57		8.06
Consumer credit card	1,190		37		12.40		1,194		38		12.62
Other consumer	1,048		20		7.47		1,086		19		7.36
Total loans, net of unearned income	86,664		917		4.20		89,370		915		4.06
Other earning assets	14,657		10		0.29		11,695		8		0.30
Total earning assets	129,353		1,072		3.29		127,162		1,071		3.35
Unrealized gains/(losses) on debt securities available for sale, net (1)	1,055						1,143
Allowance for loan losses	(2,286)						(2,308)
Cash and due from banks	2,027						2,174
Other non-earning assets	14,670						14,674
	$	144,819					$	142,845
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings	$	11,374	3		0.12		$	10,935	4		0.14
Interest-bearing checking	22,940		3		0.05		22,098		4		0.07
Money market	29,312		5		0.06		29,146		8		0.12
Time deposits	5,598		13		0.86		6,150		16		1.08
Other deposits	11		—		1.93		13		—		1.87
Total interest-bearing deposits (2)	69,235		24		0.13		68,342		32		0.19
Federal funds purchased and securities sold under agreements to repurchase	35		—		0.24		—		—		—
Long-term borrowings	4,634		31		2.66		5,829		39		2.63
Total interest-bearing liabilities	73,904		55		0.29		74,171		71		0.38
Non-interest-bearing deposits (2)	50,532		—		—		48,314		—		—
Total funding sources	124,436		55		0.17		122,485		71		0.23
Net interest spread (1)					3.00						2.97
Other liabilities	2,468						2,576
Shareholders’ equity	17,915						17,759
Noncontrolling interest	—						25
	$	144,819					$	142,845
Net interest income /margin FTE basis (1)			$	1,017	3.13	%			$	1,000	3.13	%

_______

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

(2)    Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest bearing deposits. The rates for total deposit costs equal 0.08% for the quarter ended December 31, 2020 and 0.11% for the quarter ended September 30, 2020.

5

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

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

	Quarter Ended
	6/30/2020						3/31/2020						12/31/2019
($ amounts in millions; yields on taxable-equivalent basis)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Assets
Earning assets:
Debt securities (1)	$	23,828	$	148	2.49	%	$	23,766	$	158	2.66	%	$	23,830	$	155	2.61	%
Loans held for sale	807		6		3.06		514		5		3.72		540		5		3.58
Loans, net of unearned income:
Commercial and industrial	49,296		461		3.74		40,519		405		4.00		39,743		416		4.14
Commercial real estate mortgage—owner-occupied	5,492		61		4.41		5,509		63		4.51		5,489		63		4.47
Commercial real estate construction—owner-occupied	312		3		4.20		323		4		4.62		357		4		4.59
Commercial investor real estate mortgage	5,150		33		2.53		4,975		46		3.69		4,841		49		3.97
Commercial investor real estate construction	1,869		15		3.30		1,673		19		4.40		1,544		19		4.80
Residential first mortgage	14,884		130		3.50		14,469		140		3.86		14,416		141		3.92
Home equity	8,042		73		3.65		8,275		89		4.31		8,478		95		4.46
Indirect—vehicles	1,441		11		3.24		1,679		14		3.26		1,948		16		3.29
Indirect—other consumer	3,111		65		8.36		3,263		71		8.74		3,005		67		8.93
Consumer credit card	1,230		36		11.65		1,348		41		12.26		1,337		42		12.35
Other consumer	1,137		23		7.54		1,216		23		7.95		1,234		24		7.96
Total loans, net of unearned income	91,964		911		3.96		83,249		915		4.40		82,392		936		4.51
Other earning assets	7,541		11		0.53		2,302		13		2.37		2,210		15		2.63
Total earning assets	124,140		1,076		3.46		109,831		1,091		3.97		108,972		1,111		4.05
Unrealized gains/(losses) on debt securities available for sale, net (1)	1,031						510						296
Allowance for loan losses	(1,860)						(1,315)						(872)
Cash and due from banks	2,070						1,915						1,939
Other non-earning assets	14,439						13,830						13,803
	$	139,820					$	124,771					$	124,138
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings	$	10,152	3		0.13		$	8,822	4		0.17		$	8,616	3		0.14
Interest-bearing checking	21,755		6		0.11		19,273		22		0.47		18,668		26		0.57
Money market	27,870		10		0.13		25,151		28		0.46		25,289		36		0.56
Time deposits	6,690		21		1.26		7,302		26		1.44		7,543		32		1.60
Other deposits	72		—		1.64		919		4		1.57		298		1		1.69
Total interest-bearing deposits (2)	66,539		40		0.24		61,467		84		0.55		60,414		98		0.64
Federal funds purchased and securities sold under agreements to repurchase	—		—		—		151		1		1.39		110		1		1.58
Other short-term borrowings	1,558		2		0.53		1,644		7		1.69		2,164		11		2.08
Long-term borrowings	7,567		49		2.56		8,402		59		2.81		8,601		70		3.23
Total interest-bearing liabilities	75,664		91		0.48		71,664		151		0.85		71,289		180		1.00
Non-interest-bearing deposits (2)	44,382		—		—		34,205		—		—		34,098		—		—
Total funding sources	120,046		91		0.30		105,869		151		0.57		105,387		180		0.67
Net interest spread (1)					2.98						3.12						3.05
Other liabilities	2,390						2,442						2,187
Shareholders’ equity	17,384						16,460						16,564
	$	139,820					$	124,771					$	124,138
Net interest income/margin FTE basis (1)			$	985	3.19	%			$	940	3.44	%			$	931	3.39	%

_______

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

(2) Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest bearing deposits. The rates for total deposit costs equal 0.14% for the quarter ended June 30, 2020, 0.35% for the quarter ended March 31, 2020 and 0.41% for the quarter ended December 31, 2019.

6

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

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

	Year Ended December 31
	2020						2019
($ amounts in millions; yields on taxable-equivalent basis)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Assets
Earning assets:
Debt securities—taxable (1)	$	24,837	$	582	2.34	%	$	24,274	$	643	2.65	%
Loans held for sale	932		28		2.95		450		17		3.75
Loans, net of unearned income:
Commercial and industrial	45,028		1,831		4.05		40,162		1,759		4.36
Commercial real estate mortgage—owner-occupied	5,476		249		4.48		5,495		258		4.63
Commercial real estate construction—owner-occupied	314		13		4.21		401		19		4.69
Commercial investor real estate mortgage	5,251		142		2.66		4,782		211		4.35
Commercial investor real estate construction	1,854		62		3.31		1,672		90		5.29
Residential first mortgage	15,397		540		3.51		14,267		569		3.99
Home equity	7,862		299		3.80		8,799		419		4.76
Indirect—vehicles	1,341		43		3.24		2,421		82		3.40
Indirect—other consumer	2,929		242		8.26		2,713		244		9.00
Consumer credit card	1,240		152		12.23		1,309		170		12.98
Other consumer	1,121		85		7.59		1,227		98		8.03
Total loans, net of unearned income	87,813		3,658		4.15		83,248		3,919		4.69
Other earning assets	9,070		42		0.47		2,202		70		3.17
Total earning assets	122,652		4,310		3.50		110,174		4,649		4.21
Unrealized losses on debt securities available for sale, net (1)	935						(5)
Allowance for loan losses	(1,944)						(857)
Cash and due from banks	2,047						1,895
Other non-earning assets	14,405						13,903
	$	138,095					$	125,110
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings	$	10,325	14		0.14		$	8,719	14		0.16
Interest-bearing checking	21,522		35		0.16		18,772		125		0.67
Money market	27,877		51		0.18		24,637		167		0.68
Time deposits	6,432		76		1.18		7,632		123		1.61
Other deposits	252		4		1.58		784		18		2.26
Total interest-bearing deposits (2)	66,408		180		0.27		60,544		447		0.74
Federal funds purchased and securities sold under agreements to repurchase	46		1		1.18		227		5		2.28
Other short-term borrowings	797		9		1.13		2,014		48		2.35
Long-term borrowings	6,601		178		2.67		10,126		351		3.43
Total interest-bearing liabilities	73,852		368		0.50		72,911		851		1.17
Non-interest-bearing deposits (2)	44,386		—		—		33,869		—		—
Total funding sources	118,238		368		0.31		106,780		851		0.79
Net interest spread (1)					3.00						3.04
Other liabilities	2,469						2,245
Shareholders’ equity	17,382						16,082
Noncontrolling interest	6						3
	$	138,095					$	125,110
Net interest income/margin FTE basis (1)			$	3,942	3.21	%			$	3,798	3.45	%

_______

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

(2) Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest bearing deposits. The rates for total deposit costs equal 0.16% and 0.47% for the years ended December 31, 2020 and 2019, respectively.

7

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Pre-Tax Pre-Provision Income ("PPI") and Adjusted PPI (non-GAAP)

The Pre-Tax Pre-Provision Income tables below present computations of pre-tax pre-provision income excluding certain adjustments (non-GAAP). Regions believes that the presentation of PPI and the exclusion of certain items from PPI provides a meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of Regions’ business. It is possible that the activities related to the adjustments may recur; however, management does not consider the activities related to the adjustments to be indications of ongoing operations. Regions believes that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a measure of income that excludes certain adjustments does not represent the amount that effectively accrues directly to shareholders.

	Quarter Ended
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Net income (loss) available to common shareholders (GAAP)	$	588	$	501	$	(237)	$	139	$	366	$	87	17.4	%	$	222	60.7	%
Preferred dividends (GAAP)	28		29		23		23		23		(1)		(3.4)	%	5		21.7	%
Income tax expense (benefit) (GAAP)	121		104		(47)		42		98		17		16.3	%	23		23.5	%
Income (loss) before income taxes (GAAP)	737		634		(261)		204		487		103		16.2	%	250		51.3	%
Provision (credit) for credit losses (GAAP) (1)	(38)		113		882		373		96		(151)		(133.6)	%	(134)		(139.6)	%
Pre-tax pre-provision income (non-GAAP)	699		747		621		577		583		(48)		(6.4)	%	116		19.9	%
Other adjustments:
Securities (gains) losses, net	—		(3)		(1)		—		2		3		100.0	%	(2)		(100.0)	%
Valuation gain on equity investment	(6)		(44)		—		—		—		38		86.4	%	(6)		NM
Leveraged lease termination gains, net	—		—		—		(2)		—		—		NM		—		NM
Bank owned life insurance(2)	(25)		—		—		—		—		(25)		NM		(25)		NM
Salaries and employee benefits—severance charges	26		2		2		1		—		24		NM		26		NM
Branch consolidation, property and equipment charges	7		3		10		11		12		4		133.3	%	(5)		(41.7)	%
Contribution to the Regions Financial Corporation foundation	10		—		—		—		—		10		NM		10		NM
Loss on early extinguishment of debt	14		2		6		—		16		12		NM		(2)		(12.5)	%
Professional, legal and regulatory expenses	—		—		7		—		—		—		NM		—		NM
Acquisition expenses	—		—		1		—		—		—		NM		—		NM
Total other adjustments	26		(40)		25		10		30		66		(165.0)	%	(4)		(13.3)	%
Adjusted pre-tax pre-provision income (non-GAAP)	$	725	$	707	$	646	$	587	$	613	$	18	2.5	%	$	112	18.3	%

	Year Ended
($ amounts in millions)	12/31/2020		12/31/2019		2020 vs. 2019
Net income available to common shareholders (GAAP)	$	991	$	1,503	$	(512)	(34.1)	%
Preferred dividends (GAAP)	103		79		24		30.4	%
Income tax expense (GAAP)	220		403		(183)		(45.4)	%
Income before income taxes (GAAP)	1,314		1,985		(671)		(33.8)	%
Provision for credit losses (GAAP) (1)	1,330		387		943		243.7	%
Pre-tax pre-provision income (non-GAAP)	2,644		2,372		272		11.5	%
Other adjustments:
Gain on sale of affordable housing residential mortgage loans	—		(8)		8		100.0	%
Securities (gains) losses, net	(4)		28		(32)		(114.3)	%
Valuation gain on equity investment	(50)		—		(50)		NM
Leveraged lease termination gains, net	(2)		(1)		(1)		(100.0)	%
Bank owned life insurance(2)	(25)		—		(25)		NM
Salaries and employee benefits—severance charges	31		5		26		NM
Branch consolidation, property and equipment charges	31		25		6		24.0	%
Contribution to the Regions Financial Corporation foundation	10		—		10		NM
Loss on early extinguishment of debt	22		16		6		37.5
Professional, legal and regulatory expenses	7		—		7		NM
Ascentium expenses	1		—		1		NM
Total other adjustments	21		65		(44)		(67.7)	%
Adjusted pre-tax pre-provision income (non-GAAP)	$	2,665	$	2,437	$	228	9.4	%

______

NM - Not Meaningful

(1) Upon adoption of CECL on January 1, 2020, the provision for credit losses is the sum of the provision for loan losses and the provision for unfunded credit commitments. Prior to the

adoption, the provision for unfunded commitments was included in other non-interest expense.

(2) During the fourth quarter of 2020, the Company recognized a gain on the exchange of BOLI policies.

8

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Non-Interest Income

	Quarter Ended
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Service charges on deposit accounts	$	160	$	152	$	131	$	178	$	187	$	8	5.3	%	$	(27)	(14.4)	%
Card and ATM fees	117		115		101		105		112		2		1.7	%	5		4.5	%
Wealth management income	89		85		79		84		84		4		4.7	%	5		6.0	%
Capital markets income (1)	110		61		95		9		61		49		80.3	%	49		80.3	%
Mortgage income	75		108		82		68		49		(33)		(30.6)	%	26		53.1	%
Commercial credit fee income	22		20		17		18		18		2		10.0	%	4		22.2	%
Bank-owned life insurance	43		17		18		17		18		26		152.9	%	25		138.9	%
Securities gains (losses), net	—		3		1		—		(2)		(3)		(100.0)	%	2		100.0	%
Market value adjustments on employee benefit assets (2)	7		14		16		(25)		7		(7)		(50.0)	%	—		—	%
Valuation gain on equity investment	6		44		—		—		—		(38)		(86.4)	%	6		NM
Other	51		36		33		31		28		15		41.7	%	23		82.1	%
Total non-interest income	$	680	$	655	$	573	$	485	$	562	$	25	3.8	%	$	118	21.0	%

Mortgage Income

	Quarter Ended
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Production and sales	$	74	$	99	$	75	$	48	$	30	$	(25)	(25.3)	%	$	44	146.7	%
Loan servicing	24		23		23		25		25		1		4.3	%	(1)		(4.0)	%
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions	5		—		(11)		(83)		40		5		NM		(35)		(87.5)	%
MSRs hedge gain (loss)	(11)		—		13		97		(33)		(11)		NM		22		66.7	%
MSRs change due to payment decay (3)	(17)		(14)		(18)		(19)		(13)		(3)		(21.4)	%	(4)		(30.8)	%
MSR and related hedge impact (3)	(23)		(14)		(16)		(5)		(6)		(9)		(64.3)	%	(17)		(283.3)	%
Total mortgage income	$	75	$	108	$	82	$	68	$	49	$	(33)	(30.6)	%	26		53.1	%
Mortgage production - purchased	$	1,669	$	1,776	$	1,390	$	894	$	1,014	$	(107)	(6.0)	%	$	655	64.6	%
Mortgage production - refinanced	1,717		1,712		2,563		576		639		5		0.3	%	1,078		168.7	%
Total mortgage production (4)	$	3,386	$	3,488	$	3,953	$	1,470	$	1,653	$	(102)	(2.9)	%	$	1,733	104.8	%

Wealth Management Income

	Quarter Ended
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Investment management and trust fee income	$	67	$	62	$	62	$	62	$	64	$	5	8.1	%	$	3	4.7	%
Investment services fee income	22		23		17		22		20		(1)		(4.3)	%	2		10.0	%
Total wealth management income (5)	$	89	$	85	$	79	$	84	$	84	$	4	4.7	%	$	5	6.0	%

Capital Markets Income

	Quarter Ended
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Capital markets income	$	110	$	61	$	95	$	9	$	61	$	49	80.3	%	$	49	80.3	%
Less: Valuation adjustments on customer derivatives (6)	8		5		34		(34)		5		3		60.0	%	3		60.0	%
Capital markets income excluding valuation adjustments	$	102	$	56	$	61	$	43	$	56	$	46	82.1	%	$	46	82.1	%

_________

NM - Not Meaningful

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

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

(3)In the first quarter of 2020, Regions revised its MSR decay methodology from a passage of time approach to a discounted net cash flow approach. The change in methodology results in shifts between decay and hedge impacts, but does not impact the overall valuation.

(4)Total mortgage production represents production during the period, including amounts sold into the secondary market as well as amounts retained in Regions' residential first mortgage loan portfolio.

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

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

9

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Non-Interest Income

	Twelve Months Ended				Year-to-Date 12/31/2020 vs. 12/31/2019
($ amounts in millions)	12/31/2020		12/31/2019		Amount		Percent
Service charges on deposit accounts	$	621	$	729	$	(108)	(14.8)	%
Card and ATM fees	438		455		(17)		(3.7)	%
Wealth management income	337		322		15		4.7	%
Capital markets income (1)	275		178		97		54.5	%
Mortgage income	333		163		170		104.3	%
Commercial credit fee income	77		73		4		5.5	%
Bank-owned life insurance	95		78		17		21.8	%
Securities gains (losses), net	4		(28)		32		114.3	%
Market value adjustments on employee benefit assets - defined benefit (2)	—		5		(5)		(100.0)	%
Market value adjustments on employee benefit assets - other (3)	12		11		1		9.1	%
Valuation gain on equity investment	50		—		50		NM
Other	151		130		21		16.2	%
Total non-interest income	$	2,393	$	2,116	$	277	13.1	%

Mortgage Income

	Twelve Months Ended				Year-to-Date 12/31/2020 vs. 12/31/2019
($ amounts in millions)	12/31/2020		12/31/2019		Amount		Percent
Production and sales	$	296	$	106	$	190	179.2	%
Loan servicing	95		102		(7)		(6.9)	%
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions	(89)		(62)		(27)		(43.5)	%
MSRs hedge gain (loss)	99		70		29		41.4	%
MSRs change due to payment decay (4)	(68)		(53)		(15)		(28.3)	%
MSR and related hedge impact (4)	(58)		(45)		(13)		28.9	%
Total mortgage income	$	333	$	163	$	170	104.3	%
Mortgage production - purchased	$	5,729	$	4,014	$	1,715	42.7	%
Mortgage production - refinanced	6,568		1,738		4,830		277.9	%
Total mortgage production (5)	$	12,297	$	5,752	$	6,545	113.8	%

Wealth Management Income

	Twelve Months Ended				Year-to-Date 12/31/2020 vs. 12/31/2019
($ amounts in millions)	12/31/2020		12/31/2019		Amount		Percent
Investment management and trust fee income	$	253	$	243	$	10	4.1	%
Investment services fee income	84		79		5		6.3	%
Total wealth management income (6)	$	337	$	322	$	15	4.7	%

Capital Markets Income

	Twelve Months Ended				Year-to-Date 12/31/2020 vs. 12/31/2019
($ amounts in millions)	12/31/2020		12/31/2019		Amount		Percent
Capital markets income	$	275	$	178	$	97	54.5	%
Less: Valuation adjustments on customer derivatives (7)	13		(10)		23		230.0	%
Capital markets income excluding valuation adjustments	$	262	$	188	$	74	39.4	%

_________

NM - Not Meaningful

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

(2)During the second quarter of 2019, the Company reallocated these employee benefit assets from primarily equity securities to fixed income investments. Market valuation adjustments for fixed income investments are recorded in other comprehensive income, and as such these adjustments have not impacted non-interest income since the first quarter of 2019.

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

(4)In the first quarter of 2020, Regions revised its MSR decay methodology from a passage of time approach to a discounted net cash flow approach. The change in methodology results in shifts between decay and hedge impacts, but does not impact the overall valuation.

(5)Total mortgage production represents production during the period, including amounts sold into the secondary market as well as amounts retained in Regions' residential first mortgage loan portfolio.

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

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

10

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Non-Interest Expense

	Quarter Ended
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Salaries and employee benefits	$	581	$	525	$	527	$	467	$	488	$	56	10.7	%	$	93	19.1	%
Net occupancy expense	78		80		76		79		79		(2)		(2.5)	%	(1)		(1.3)	%
Furniture and equipment expense	90		89		86		83		82		1		1.1	%	8		9.8	%
Outside services	37		44		44		45		44		(7)		(15.9)	%	(7)		(15.9)	%
Professional, legal and regulatory expenses	21		22		28		18		28		(1)		(4.5)	%	(7)		(25.0)	%
Marketing	26		22		22		24		28		4		18.2	%	(2)		(7.1)	%
FDIC insurance assessments	12		10		15		11		11		2		20.0	%	1		9.1	%
Credit/checkcard expenses	13		12		12		13		15		1		8.3	%	(2)		(13.3)	%
Branch consolidation, property and equipment charges	7		3		10		11		12		4		133.3	%	(5)		(41.7)	%
Visa class B shares expense	6		5		9		4		2		1		20.0	%	4		200.0	%
Provision (credit) for unfunded credit losses (1)	—		—		—		—		(3)		—		—	%	3		100.0	%
Loss on early extinguishment of debt	14		2		6		—		16		12		NM		(2)		(12.5)	%
Other	102		82		89		81		95		20		24.4	%	7		7.4	%
Total non-interest expense	$	987	$	896	$	924	$	836	$	897	$	91	10.2	%	$	90	10.0	%

	Twelve Months Ended				Year-to-Date 12/31/2020 vs. 12/31/2019
($ amounts in millions)	12/31/2020		12/31/2019		Amount		Percent
Salaries and employee benefits	$	2,100	$	1,916	$	184	9.6	%
Net occupancy expense	313		321		(8)		(2.5)	%
Furniture and equipment expense	348		325		23		7.1	%
Outside services	170		189		(19)		(10.1)	%
Professional, legal and regulatory expenses	89		95		(6)		(6.3)	%
Marketing	94		97		(3)		(3.1)	%
FDIC insurance assessments	48		48		—		—	%
Credit/checkcard expenses	50		68		(18)		(26.5)	%
Branch consolidation, property and equipment charges	31		25		6		24.0	%
Visa class B shares expense	24		14		10		71.4	%
Provision (credit) for unfunded credit losses (1)	—		(6)		6		100.0	%
Loss on early extinguishment of debt	22		16		6		37.5	%
Other	354		381		(27)		(7.1)	%
Total non-interest expense	$	3,643	$	3,489	$	154	4.4	%

_________

NM - Not Meaningful

(1)Upon adoption of CECL on January 1, 2020, the provision for credit losses presented within net interest income after provision for credit lossesis the sum of the provision for loan losses and the provision for unfunded credit commitments. Prior to the adoption of CECL, the provision for unfunded commitments was included in other non-interest expense.

11

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Reconciliation to GAAP Financial Measures

Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income/Expense, and Adjusted Operating Leverage Ratios

The table below and on the following page present computations of the efficiency ratio, which is a measure of productivity, generally calculated as non-interest expense divided by total revenue; and the fee income ratio, generally calculated as non-interest income divided by total revenue. Management uses these ratios to monitor performance and believes these measures provide meaningful information to investors. Non-interest expense (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the efficiency ratio. Non-interest income (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest income (non-GAAP), which is the numerator for the fee income ratio. Net interest income and non-interest income are added together to arrive at total revenue. Adjustments are made to arrive at adjusted total revenue (non-GAAP). Net interest income on a taxable-equivalent basis and non-interest income are added together to arrive at total revenue on a taxable-equivalent basis. Adjustments are made to arrive at adjusted total revenue on a taxable-equivalent basis (non-GAAP), which is the denominator for the fee income and efficiency ratios. Regions believes that the exclusion of these adjustments provides a meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of Regions’ business. It is possible that the activities related to the adjustments may recur; however, management does not consider the activities related to the adjustments to be indications of ongoing operations. The table on the following page also presents a computation of the operating leverage ratio (non-GAAP) which is the period to period percentage change in adjusted total revenue on a taxable-equivalent basis (non-GAAP) less the percentage change in adjusted non-interest expense (non-GAAP). Regions believes that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as that applied by management.

		Quarter Ended
($ amounts in millions)		12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019			4Q20 vs. 3Q20				4Q20 vs. 4Q19
Non-interest expense (GAAP)	A	$	987		$	896		$	924		$	836		$	897		$	91	10.2	%	$	90	10.0	%
Adjustments:
Contribution to the Regions Financial Corporation foundation		(10)			—			—			—			—			(10)		NM		(10)		NM
Branch consolidation, property and equipment charges		(7)			(3)			(10)			(11)			(12)			(4)		(133.3)	%	5		41.7	%
Salary and employee benefits—severance charges		(26)			(2)			(2)			(1)			—			(24)		NM		(26)		NM
Loss on early extinguishment of debt		(14)			(2)			(6)			—			(16)			(12)		NM		2		12.5	%
Professional, legal and regulatory expenses		—			—			(7)			—			—			—		NM		—		NM
Acquisition expenses		—			—			(1)			—			—			—		NM		—		NM
Adjusted non-interest expense (non-GAAP)	B	$	930		$	889		$	898		$	824		$	869		$	41	4.6	%	$	61	7.0	%
Net interest income (GAAP)	C	$	1,006		$	988		$	972		$	928		$	918		$	18	1.8	%	88		9.6	%
Taxable-equivalent adjustment		11			12			13			12			13			(1)		(8.3)	%	(2)		(15.4)	%
Net interest income, taxable-equivalent basis	D	$	1,017		$	1,000		$	985		$	940		$	931		$	17	1.7	%	$	86	9.2	%
Non-interest income (GAAP)	E	680			655			573			485			562			25		3.8	%	118		21.0	%
Adjustments:
Securities (gains) losses, net		—			(3)			(1)			—			2			3		100.0	%	(2)		(100.0)	%
Valuation gain on equity investment		(6)			(44)			—			—			—			38		86.4	%	(6)		NM
Leveraged lease termination gains		—			—			—			(2)			—			—		NM		—		NM
Bank owned life insurance(1)		(25)			—			—			—			—			(25)		NM		(25)		NM
Adjusted non-interest income (non-GAAP)	F	$	649		$	608		$	572		$	483		$	564		41		6.74	%	85		15.1	%
Total revenue	C+E=G	$	1,686		$	1,643		$	1,545		$	1,413		$	1,480		$	43	2.6	%	$	206	13.9	%
Adjusted total revenue (non-GAAP)	C+F=H	$	1,655		$	1,596		$	1,544		$	1,411		$	1,482		$	59	3.7	%	$	173	11.7	%
Total revenue, taxable-equivalent basis	D+E=I	$	1,697		$	1,655		$	1,558		$	1,425		$	1,493		$	42	2.5	%	$	204	13.7	%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)	D+F=J	$	1,666		$	1,608		$	1,557		$	1,423		$	1,495		$	58	3.6	%	$	171	11.4	%
Efficiency ratio (GAAP)(2)	A/I	58.1		%	54.1		%	59.4		%	58.6		%	60.1		%
Adjusted efficiency ratio (non-GAAP)(2)	B/J	55.8		%	55.3		%	57.7		%	57.9		%	58.1		%
Fee income ratio (GAAP)(2)	E/I	40.1		%	39.6		%	36.8		%	34.0		%	37.6		%
Adjusted fee income ratio (non-GAAP)(2)	F/J	38.9		%	37.8		%	36.8		%	34.0		%	37.7		%

________

NM - Not Meaningful

(1) During the fourth quarter of 2020, the Company recognized a gain on the exchange of BOLI policies.

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

12

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Reconciliation to GAAP Financial Measures

Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income/Expense, and Adjusted Operating Leverage Ratios (continued)

		Twelve Months Ended December 31
($ amounts in millions)		2020			2019			2020 vs. 2019
Non-interest expense (GAAP)	K	$	3,643		$	3,489		154		4.4	%
Adjustments:
Contribution to the Regions Financial Corporation foundation		(10)			—			(10)		NM
Branch consolidation, property and equipment charges		(31)			(25)			(6)		(24.0)	%
Salary and employee benefits—severance charges		(31)			(5)			(26)		NM
Loss on early extinguishment of debt		(22)			(16)			(6)		37.5	%
Professional, legal and regulatory expenses		(7)			—			(7)		NM
Acquisition expenses		(1)			—			(1)		NM
Adjusted non-interest expense (non-GAAP)	L	$	3,541		$	3,443		$	98	2.8	%
Net interest income (GAAP)	M	$	3,894		$	3,745		149		4.0	%
Taxable-equivalent adjustment		48			53			(5)		(9.4)	%
Net interest income, taxable-equivalent basis	N	$	3,942		$	3,798		$	144	3.8	%
Non-interest income (GAAP)	O	$	2,393		$	2,116		277		13.1	%
Adjustments:
Securities (gains) losses, net		(4)			28			(32)		(114.3)	%
Valuation gain on equity investment		(50)			—			(50)		NM
Leveraged lease termination gains		(2)			(1)			(1)		(100.0)	%
Bank owned life insurance(1)		(25)			—			(25)		NM
Gain on sale of affordable housing residential mortgage loans (2)		—			(8)			8		100.0	%
Adjusted non-interest income (non-GAAP)	P	$	2,312		$	2,135		$	177	8.3	%
Total revenue	M+O=Q	$	6,287		$	5,861		$	426	7.3	%
Adjusted total revenue (non-GAAP)	M+P=R	$	6,206		$	5,880		$	326	5.5	%
Total revenue, taxable-equivalent basis	N+O=S	$	6,335		$	5,914		$	421	7.1	%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)	N+P=T	$	6,254		$	5,933		$	321	5.4	%
Operating leverage ratio (GAAP)(3)	S-K									2.7	%
Adjusted operating leverage ratio (non-GAAP)(3)	T-L									2.6	%
Efficiency ratio (GAAP)(3)	K/S	57.5		%	59.0		%
Adjusted efficiency ratio (non-GAAP)(3)	L/T	56.6		%	58.0		%
Fee income ratio (GAAP)(3)	O/S	37.8		%	35.8		%
Adjusted fee income ratio (non-GAAP)(3)	P/T	37.0		%	36.0		%

______

NM - Not Meaningful

(1)During the fourth quarter of 2020, the Company recognized a gain on the exchange of BOLI policies.

(2)The gain on sale of affordable housing residential mortgage loans in the first quarter of 2019 was the result of the sale of approximately $167 million of loans.

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

13

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Reconciliation to GAAP Financial Measure

Return Ratio

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

		Quarter Ended
($ amounts in millions)		12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY
Net income (loss) available to common shareholders (GAAP)	A	$	588		$	501		$	(237)		$	139		$	366
Average shareholders' equity (GAAP)		$	17,915		$	17,759		$	17,384		$	16,460		$	16,564
Less:
Average intangible assets (GAAP)		5,313			5,322			5,373			4,947			4,953
Average deferred tax liability related to intangibles (GAAP)		(105)			(103)			(94)			(92)			(93)
Average preferred stock (GAAP)		1,656			1,656			1,409			1,310			1,310
Average tangible common shareholders' equity (non-GAAP)	B	$	11,051		$	10,884		$	10,696		$	10,295		$	10,394
Return on average tangible common shareholders' equity (non-GAAP)*(1)	A/B	21.15		%	18.32		%	(8.90)		%	5.43		%	13.95		%

		Year Ended
($ amounts in millions)		2020			2019
RETURN ON AVERAGE TANGIBLE COMMON STOCKHOLDERS' EQUITY
Net income available to common shareholders (GAAP)	E	$	991		$	1,503
Average stockholders' equity (GAAP)		$	17,382		$	16,081
Less:
Average intangible assets (GAAP)		5,239			4,944
Average deferred tax liability related to intangibles (GAAP)		(99)			(94)
Average preferred stock (GAAP)		1,509			1,151
Average tangible common stockholders' equity (non-GAAP)	F	$	10,733		$	10,080
Return on average tangible common stockholders' equity (non-GAAP)(1)	E/F	9.23		%	14.91		%

___

*Annualized

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

14

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Credit Quality

	As of and for Quarter Ended
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Components:
Beginning allowance for loan losses (ALL)	$	2,276	$	2,276	$	1,560	$	869	$	869
Cumulative change in accounting guidance (1)	—		—		—		438		—
Beginning allowance for loan losses (ALL), as adjusted for change in accounting guidance	2,276		2,276		1,560		1,307		869
Loans charged-off:
Commercial and industrial	67		84		139		68		33
Commercial real estate mortgage—owner-occupied	2		2		3		3		3
Commercial real estate construction—owner-occupied	—		—		—		—		1
Total commercial	69		86		142		71		37
Commercial investor real estate mortgage	1		—		—		—		1
Total investor real estate	1		—		—		—		1
Residential first mortgage	3		1		1		1		—
Home equity—lines of credit	3		2		3		4		8
Home equity—closed-end	1		1		—		1		1
Indirect—vehicles	2		4		6		6		6
Indirect—other consumer	20		17		18		23		23
Consumer credit card	12		13		17		16		16
Other consumer	15		15		17		22		22
Total consumer	56		53		62		73		76
Total	126		139		204		144		114
Recoveries of loans previously charged-off:
Commercial and industrial	14		10		9		5		5
Commercial real estate mortgage—owner-occupied	1		1		1		2		—
Commercial real estate construction—owner-occupied	—		—		—		—		—
Total commercial	15		11		10		7		5
Commercial investor real estate mortgage	2		—		—		1		2
Total investor real estate	2		—		—		1		2
Residential first mortgage	—		1		1		1		—
Home equity—lines of credit	4		3		2		3		3
Home equity—closed-end	1		1		—		1		1
Indirect—vehicles	1		3		3		2		3
Indirect—other consumer	1		1		—		—		—
Consumer credit card	3		2		3		2		2
Other consumer	5		4		3		4		2
Total consumer	15		15		12		13		11
Total	32		26		22		21		18
Net loans charged-off:
Commercial and industrial	53		74		130		63		28
Commercial real estate mortgage—owner-occupied	1		1		2		1		3
Commercial real estate construction—owner-occupied	—		—		—		—		1
Total commercial	54		75		132		64		32
Commercial investor real estate mortgage	(1)		—		—		(1)		(1)
Total investor real estate	(1)		—		—		(1)		(1)
Residential first mortgage	3		—		—		—		—
Home equity—lines of credit	(1)		(1)		1		1		5
Home equity—closed-end	—		—		—		—		—
Indirect—vehicles	1		1		3		4		3
Indirect—other consumer	19		16		18		23		23
Consumer credit card	9		11		14		14		14
Other consumer	10		11		14		18		20
Total consumer	41		38		50		60		65
Total	$	94	$	113	$	182	$	123	$	96
Provision (credit) for loan losses	$	(15)	$	113	$	838	$	376	$	96
Initial allowance on acquired purchased credit deteriorated loans	$	—	$	—	$	60	$	—	$	—
Ending allowance for loan losses (ALL)	$	2,167	$	2,276	$	2,276	$	1,560	$	869
Beginning reserve for unfunded credit commitments	149		149		105		45		48
Cumulative change in accounting guidance (1)	—		—		—		63		—
Beginning reserve for unfunded credit commitments, as adjusted for change in accounting guidance	149		149		105		108		48
Provision (credit) for unfunded credit losses	(23)		—		44		(3)		(3)
Ending reserve for unfunded commitments	126		149		149		105		45
Allowance for credit losses (ACL) at period end	$	2,293	$	2,425	$	2,425	$	1,665	$	914

15

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Credit Quality (continued)
	As of and for Quarter Ended
($ amounts in millions)	12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Net loan charge-offs as a % of average loans, annualized(2):
Commercial and industrial	0.48		%	0.63		%	1.06		%	0.63		%	0.28		%
Commercial real estate mortgage—owner-occupied	0.07		%	0.05		%	0.17		%	0.07		%	0.19		%
Total commercial	0.44		%	0.57		%	0.96		%	0.56		%	0.27		%
Commercial investor real estate mortgage	(0.04)		%	(0.01)		%	(0.03)		%	(0.06)		%	(0.03)		%
Commercial investor real estate construction	(0.01)		%	—		%	—		%	(0.01)		%	—		%
Total investor real estate	(0.03)		%	(0.01)		%	(0.02)		%	(0.05)		%	(0.02)		%
Residential first mortgage	0.08		%	—		%	—		%	—		%	0.01		%
Home equity—lines of credit	(0.11)		%	(0.11)		%	0.06		%	0.10		%	0.31		%
Home equity—closed-end	0.03		%	(0.01)		%	—		%	(0.02)		%	—		%
Indirect—vehicles	0.26		%	0.30		%	0.85		%	0.94		%	0.76		%
Indirect—other consumer	2.95		%	2.23		%	2.35		%	2.83		%	3.00		%
Consumer credit card	3.02		%	3.73		%	4.41		%	4.16		%	4.18		%
Other consumer	3.69		%	4.12		%	5.15		%	5.73		%	6.56		%
Total consumer	0.54		%	0.51		%	0.68		%	0.79		%	0.85		%
Total	0.43		%	0.50		%	0.80		%	0.59		%	0.46		%
Non-accrual loans, excluding loans held for sale	$	745		$	767		$	614		$	638		$	507
Non-performing loans held for sale	6			5			10			3			13
Non-accrual loans, including loans held for sale	751			772			624			641			520
Foreclosed properties	25			26			43			54			53
Non-marketable investments received in foreclosure	—			—			—			—			5
Non-performing assets (NPAs)	$	776		$	798		$	667		$	695		$	578
Loans past due > 90 days (3)	$	164		$	158		$	245		$	209		$	224
Criticized loans- business (4)	$	3,800		$	3,734		$	4,225		$	2,524		$	2,251
Credit Ratios(2):
ACL/Loans, net	2.69		%	2.74		%	2.68		%	1.89		%	1.10		%
ALL/Loans, net	2.54		%	2.58		%	2.51		%	1.77		%	1.05		%
Allowance for credit losses to non-performing loans, excluding loans held for sale	308		%	316		%	395		%	261		%	180		%
Allowance for loan losses to non-performing loans, excluding loans held for sale	291		%	297		%	370		%	244		%	171		%
Non-accrual loans, excluding loans held for sale/Loans, net	0.87		%	0.87		%	0.68		%	0.72		%	0.61		%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale	0.91		%	0.90		%	0.74		%	0.79		%	0.70		%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, non-marketable investments and non-performing loans held for sale (2)	1.10		%	1.08		%	0.91		%	0.96		%	0.89		%

(1)Regions adopted the CECL accounting guidance on January 1, 2020 and recorded the cumulative effect of the change in accounting guidance as a reduction to retained earnings and an increase to deferred tax assets.

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

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

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

ACL/ Loans excluding PPP, net (non-GAAP)

Regions believes this Allowance for Credit Losses (ACL) ratio provides investors with meaningful additional information about credit loss allowance levels when the SBA's Paycheck Protection Program (PPP) loans, which are fully backed by the U.S. government, are excluded from total loans and the related allowance for credit losses is excluded from the total allowance for credit losses.

	As of
($ amounts in millions)	12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Total Loans	$	85,266		$	88,359		$	90,548		$	88,098		$	82,963
Less: SBA PPP Loans	3,624			4,594			4,498			—			—
Loans excluding PPP, net (non-GAAP)	$	81,642		$	83,765		$	86,050		$	88,098		$	82,963
ACL at period end	$	2,293		$	2,425		$	2,425		$	1,665		$	914
Less: SBA PPP Loans ACL	1			—			—			—			—
ACL excluding PPP Loans ACL	$	2,292		$	2,425		$	2,425		$	1,665		$	914
ACL/Loans excluding PPP, net (non-GAAP)	2.81		%	2.90		%	2.82		%	1.89		%	1.10		%

16

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Non-Accrual Loans (excludes loans held for sale)

	As of
($ amounts in millions)	12/31/2020				9/30/2020				6/30/2020				3/31/2020				12/31/2019
Commercial and industrial	$	418	0.97	%	$	459	1.02	%	$	445	0.93	%	$	496	1.09	%	$	347	0.87	%
Commercial real estate mortgage—owner-occupied	97		1.80	%	85		1.56	%	74		1.35	%	58		1.05	%	73		1.31	%
Commercial real estate construction—owner-occupied	9		3.01	%	12		3.69	%	10		3.09	%	11		3.49	%	11		3.47	%
Total commercial	524		1.08	%	556		1.09	%	529		0.99	%	565		1.10	%	431		0.94	%
Commercial investor real estate mortgage	114		2.11	%	114		2.04	%	1		0.02	%	1		0.03	%	2		0.03	%
Commercial investor real estate construction	—		—	%	4		0.19	%	—		—	%	—		—	%	—		—	%
Total investor real estate	114		1.57	%	118		1.56	%	1		0.01	%	1		0.02	%	2		0.03	%
Residential first mortgage	53		0.32	%	36		0.22	%	32		0.21	%	27		0.18	%	27		0.19	%
Home equity—lines of credit	46		1.01	%	47		0.98	%	46		0.92	%	40		0.77	%	41		0.78	%
Home equity—closed-end	8		0.29	%	9		0.31	%	6		0.22	%	5		0.17	%	6		0.19	%
Indirect- vehicles	—		—	%	1		0.08	%	—		—	%	—		—	%	—		—	%
Total consumer	107		0.36	%	93		0.31	%	84		0.28	%	72		0.24	%	74		0.24	%
Total non-accrual loans	$	745	0.87	%	$	767	0.87	%	$	614	0.68	%	$	638	0.72	%	$	507	0.61	%

Early and Late Stage Delinquencies

Accruing 30-89 Days Past Due Loans	As of
($ amounts in millions)	12/31/2020				9/30/2020				6/30/2020				3/31/2020				12/31/2019
Commercial and industrial	$	59	0.14	%	$	50	0.11	%	$	81	0.17	%	$	58	0.13	%	$	51	0.13	%
Commercial real estate mortgage—owner-occupied	5		0.09	%	21		0.39	%	11		0.20	%	12		0.22	%	14		0.26	%
Commercial real estate construction—owner-occupied	1		0.30	%	—		0.01	%	1		0.15	%	—		0.01	%	2		0.65	%
Total commercial	65		0.13	%	71		0.14	%	93		0.17	%	70		0.14	%	67		0.15	%
Commercial investor real estate mortgage	3		0.06	%	15		0.26	%	1		0.02	%	2		0.04	%	2		0.03	%
Commercial investor real estate construction	—		—	%	—		—	%	—		0.01	%	—		0.01	%	—		—	%
Total investor real estate	3		0.04	%	15		0.19	%	1		0.02	%	2		0.03	%	2		0.02	%
Residential first mortgage—non-guaranteed (1)	80		0.51	%	79		0.51	%	105		0.71	%	88		0.62	%	88		0.63	%
Home equity—lines of credit	35		0.78	%	26		0.53	%	32		0.64	%	43		0.83	%	42		0.79	%
Home equity—closed-end	17		0.60	%	17		0.61	%	25		0.85	%	16		0.53	%	18		0.60	%
Indirect—vehicles	19		2.08	%	22		1.96	%	27		2.04	%	33		2.15	%	41		2.26	%
Indirect—other consumer	20		0.82	%	19		0.69	%	16		0.51	%	24		0.75	%	25		0.77	%
Consumer credit card	14		1.15	%	13		1.12	%	13		1.09	%	18		1.37	%	19		1.38	%
Other consumer	15		1.43	%	14		1.34	%	14		1.32	%	16		1.34	%	18		1.43	%
Total consumer (1)	200		0.70	%	190		0.65	%	232		0.79	%	238		0.81	%	251		0.83	%
Total accruing 30-89 days past due loans (1)	$	268	0.32	%	$	276	0.31	%	$	326	0.36	%	$	310	0.35	%	$	320	0.39	%
Accruing 90+ Days Past Due Loans	As of
($ amounts in millions)	12/31/2020				9/30/2020				6/30/2020				3/31/2020				12/31/2019
Commercial and industrial	$	7	0.02	%	$	10	0.02	%	$	11	0.02	%	$	9	0.02	%	$	11	0.03	%
Commercial real estate mortgage—owner-occupied	1		0.01	%	—		0.01	%	3		0.05	%	1		0.01	%	1		0.01	%
Total commercial	8		0.02	%	10		0.02	%	14		0.03	%	10		0.02	%	12		0.03	%
Commercial investor real estate mortgage	—		—	%	1		0.01	%	—		—	%	—		—	%	—		—	%
Total investor real estate	—		—	%	1		0.01	%	—		—	%	—		—	%	—		—	%
Residential first mortgage—non-guaranteed (2)	99		0.62	%	86		0.56	%	75		0.50	%	69		0.49	%	70		0.50	%
Home equity—lines of credit	19		0.41	%	25		0.53	%	26		0.53	%	26		0.50	%	32		0.60	%
Home equity—closed-end	13		0.49	%	12		0.41	%	12		0.42	%	11		0.36	%	10		0.31	%
Indirect—vehicles	4		0.41	%	5		0.42	%	8		0.55	%	6		0.38	%	7		0.40	%
Indirect—other consumer	5		0.19	%	3		0.11	%	3		0.10	%	4		0.12	%	3		0.10	%
Consumer credit card	14		1.19	%	13		1.08	%	17		1.38	%	19		1.49	%	19		1.38	%
Other consumer	2		0.25	%	3		0.27	%	5		0.49	%	5		0.44	%	5		0.42	%
Total consumer (2)	156		0.54	%	147		0.50	%	146		0.49	%	140		0.47	%	146		0.49	%
Total accruing 90+ days past due loans (2)	$	164	0.19	%	$	158	0.18	%	$	160	0.18	%	$	150	0.17	%	$	158	0.19	%
Total delinquencies (1) (2)	$	432	0.51	%	$	434	0.49	%	$	486	0.54	%	$	460	0.52	%	$	478	0.58	%

(1)Excludes loans that are 100% guaranteed by FHA and guaranteed loans sold to GNMA where Regions has the right but not the obligation to repurchase. Total 30-89 days past due guaranteed loans excluded were $65 million at 12/31/2020, $57 million at 9/30/2020, $56 million at 6/30/2020, $37 million at 3/31/2020, and $42 million at 12/31/2019.

(2)Excludes loans that are 100% guaranteed by FHA and all guaranteed loans sold to GNMA where Regions has the right but not the obligation to repurchase. Total 90 days or more past due guaranteed loans excluded were $57 million at 12/31/2020, $47 million at 9/30/2020, $55 million at 6/30/2020, and $59 million at 3/31/2020 and $66 million at 12/31/2019.

17

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Troubled Debt Restructurings

	As of
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Current:
Commercial	$	76	$	73	$	47	$	51	$	105
Investor real estate	44		45		6		14		32
Residential first mortgage	174		162		158		156		152
Home equity—lines of credit	34		36		37		38		40
Home equity—closed-end	73		79		83		92		103
Consumer credit card	1		1		1		1		1
Other consumer	3		3		3		3		4
Total current	405		399		335		355		437
Accruing 30-89 DPD:
Commercial	1		1		2		5		1
Residential first mortgage	14		16		20		25		25
Home equity—lines of credit	1		1		1		2		2
Home equity—closed-end	5		4		7		6		6
Other consumer	1		—		—		1		—
Total accruing 30-89 DPD	22		22		30		39		34
Total accruing and <90 DPD	427		421		365		394		471
Non-accrual or 90+ DPD:
Commercial	124		178		214		159		139
Investor real estate	—		—		—		1		1
Residential first mortgage	42		36		37		37		40
Home equity—lines of credit	2		2		3		2		2
Home equity—closed-end	7		8		7		6		6
Total non-accrual or 90+DPD	175		224		261		205		188
Total TDRs - Loans	$	602	$	645	$	626	$	599	$	659
TDRs - Held For Sale	1		—		—		—		1
Total TDRs	$	603	$	645	$	626	$	599	$	660
Total TDRs - Loans by Portfolio
	As of
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Total commercial TDRs	$	201	$	252	$	263	$	215	$	245
Total investor real estate TDRs	44		45		6		15		33
Total consumer TDRs	357		348		357		369		381
Total TDRs - Loans	$	602	$	645	$	626	$	599	$	659

18

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Consolidated Balance Sheets (unaudited)

	As of
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Assets:
Cash and due from banks	$	1,558	$	1,972	$	1,619	$	2,101	$	1,598
Interest-bearing deposits in other banks	16,398		11,501		11,579		3,154		2,516
Debt securities held to maturity	1,122		1,190		1,255		1,296		1,332
Debt securities available for sale	27,154		27,007		23,898		23,775		22,606
Loans held for sale	1,905		1,187		1,152		566		637
Loans, net of unearned income	85,266		88,359		90,548		88,098		82,963
Allowance for loan losses	(2,167)		(2,276)		(2,276)		(1,560)		(869)
Net loans	83,099		86,083		88,272		86,538		82,094
Other earning assets	1,217		1,267		1,238		1,722		1,518
Premises and equipment, net	1,897		1,896		1,929		1,935		1,960
Interest receivable	346		347		343		349		362
Goodwill	5,190		5,187		5,193		4,845		4,845
Residential mortgage servicing rights at fair value (MSRs)	296		267		249		254		345
Other identifiable intangible assets, net	122		129		137		98		105
Other assets	7,085		7,147		7,206		6,909		6,322
Total assets	$	147,389	$	145,180	$	144,070	$	133,542	$	126,240
Liabilities and Equity:
Deposits:
Non-interest-bearing	$	51,289	$	49,754	$	47,964	$	37,133	$	34,113
Interest-bearing	71,190		68,691		68,815		62,897		63,362
Total deposits	122,479		118,445		116,779		100,030		97,475
Borrowed funds:
Short-term borrowings	—		—		—		3,150		2,050
Long-term borrowings	3,569		4,919		6,408		10,105		7,879
Total borrowed funds	3,569		4,919		6,408		13,255		9,929
Other liabilities	3,230		3,912		3,255		2,925		2,541
Total liabilities	129,278		127,276		126,442		116,210		109,945
Equity:
Preferred stock, non-cumulative perpetual	1,656		1,656		1,656		1,310		1,310
Common stock	10		10		10		10		10
Additional paid-in capital	12,731		12,714		12,703		12,695		12,685
Retained earnings	3,770		3,330		2,978		3,364		3,751
Treasury stock, at cost	(1,371)		(1,371)		(1,371)		(1,371)		(1,371)
Accumulated other comprehensive income, net	1,315		1,565		1,626		1,324		(90)
Total shareholders’ equity	18,111		17,904		17,602		17,332		16,295
Noncontrolling interest	—		—		26		—		—
Total equity	18,111		17,904		17,628		17,332		16,295
Total liabilities and equity	$	147,389	$	145,180	$	144,070	$	133,542	$	126,240

19

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

End of Period Loans

	As of
											12/31/2020				12/31/2020
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019		vs. 9/30/2020				vs. 12/31/2019
Commercial and industrial(1)	$	42,870	$	45,199	$	47,670	$	45,388	$	39,971	$	(2,329)	(5.2)	%	$	2,899	7.3	%
Commercial real estate mortgage—owner-occupied	5,405		5,451		5,491		5,550		5,537		(46)		(0.8)	%	(132)		(2.4)	%
Commercial real estate construction—owner-occupied	300		305		314		309		331		(5)		(1.6)	%	(31)		(9.4)	%
Total commercial	48,575		50,955		53,475		51,247		45,839		(2,380)		(4.7)	%	2,736		6.0	%
Commercial investor real estate mortgage	5,394		5,598		5,221		5,079		4,936		(204)		(3.6)	%	458		9.3	%
Commercial investor real estate construction	1,869		1,984		1,908		1,784		1,621		(115)		(5.8)	%	248		15.3	%
Total investor real estate	7,263		7,582		7,129		6,863		6,557		(319)		(4.2)	%	706		10.8	%
Total business	55,838		58,537		60,604		58,110		52,396		(2,699)		(4.6)	%	3,442		6.6	%
Residential first mortgage	16,575		16,195		15,382		14,535		14,485		380		2.3	%	2,090		14.4	%
Home equity—lines of credit (2)	4,539		4,753		4,953		5,201		5,300		(214)		(4.5)	%	(761)		(14.4)	%
Home equity—closed-end (3)	2,713		2,839		2,937		3,000		3,084		(126)		(4.4)	%	(371)		(12.0)	%
Indirect—vehicles	934		1,120		1,331		1,557		1,812		(186)		(16.6)	%	(878)		(48.5)	%
Indirect—other consumer	2,431		2,663		3,022		3,202		3,249		(232)		(8.7)	%	(818)		(25.2)	%
Consumer credit card	1,213		1,189		1,213		1,303		1,387		24		2.0	%	(174)		(12.5)	%
Other consumer	1,023		1,063		1,106		1,190		1,250		(40)		(3.8)	%	(227)		(18.2)	%
Total consumer	29,428		29,822		29,944		29,988		30,567		(394)		(1.3)	%	(1,139)		(3.7)	%
Total Loans	$	85,266	$	88,359	$	90,548	$	88,098	$	82,963	$	(3,093)	(3.5)	%	$	2,303	2.8	%

_______

(1)    Excludes a certain portfolio of $239 million of commercial and industrial loans which Regions decided to sell and were reclassified to held for sale as of December 31, 2020. See page 21 and 22 for details.

(2)     The balance of Regions' home equity lines of credit consists of $2,485 million of first lien and $2,054 million of second lien at 12/31/2020.

(2)    The balance of Regions' closed-end home equity loans consists of $2,486 million of first lien and $227 million of second lien at 12/31/2020.

Adjusted Ending Balances of Loans (non-GAAP)

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

	As of
											12/31/2020				12/31/2020
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019		vs. 9/30/2020				vs. 12/31/2019
Commercial and industrial	$	42,870	$	45,199	$	47,670	$	45,388	$	39,971	$	(2,329)	(5.2)	%	$	2,899	7.3	%
Less: Commercial loans transferred to held for sale(1)	—		239		239		—		—		(239)		(100.0)	%	—		NM
Less: SBA PPP Loans	3,624		4,594		4,498		—		—		(970)		(21.1)	%	3,624		NM
Adjusted commercial and industrial loans (non-GAAP)	$	39,246	$	40,366	$	42,933	$	45,388	$	39,971	$	(1,120)	(2.8)	%	$	(725)	(1.8)	%
Total commercial loans	$	48,575	$	50,955	$	53,475	$	51,247	$	45,839	$	(2,380)	(4.7)	%	$	2,736	6.0	%
Less: Commercial loans transferred to held for sale(1)	—		239		239		—		—		(239)		(100.0)	%	—		NM
Less: SBA PPP Loans	3,624		4,594		4,498		—		—		(970)		(21.1)	%	3,624		NM
Adjusted total commercial loans (non-GAAP)	$	44,951	$	46,122	$	48,738	$	51,247	$	45,839	$	(1,171)	(2.5)	%	$	(888)	(1.9)	%
Total business loans	55,838		$	58,537	$	60,604	$	58,110	$	52,396	$	(2,699)	(4.6)	%	$	3,442	6.6	%
Less: Commercial loans transferred to held for sale(1)	—		239		239		—		—		(239)		(100.0)	%	—		NM
Less: SBA PPP Loans	3,624		4,594		4,498		—		—		(970)		(21.1)	%	3,624		NM
Adjusted total business loans (non-GAAP)	$	52,214	$	53,704	$	55,867	$	58,110	$	52,396	$	(1,490)	(2.8)	%	$	(182)	(0.3)	%
Total consumer loans	$	29,428	$	29,822	$	29,944	$	29,988	$	30,567	$	(394)	(1.3)	%	$	(1,139)	(3.7)	%
Less: Indirect-other consumer exit portfolio (2)	1,101		1,240		1,406		1,591		1,799		(139)		(11.2)	%	(698)		(38.8)	%
Less: Indirect—vehicles	934		1,120		1,331		1,557		1,812		(186)		(16.6)	%	(878)		(48.5)	%
Adjusted total consumer loans (non-GAAP)	$	27,393	$	27,462	$	27,207	$	26,840	$	26,956	$	(69)	(0.3)	%	$	437	1.6	%
Total loans	$	85,266	$	88,359	$	90,548	$	88,098	$	82,963	$	(3,093)	(3.5)	%	$	2,303	2.8	%
Less: Commercial loans transferred to held for sale(1)	—		239		239		—		—		(239)		(100.0)	%	—		NM
Less: SBA PPP Loans	3,624		4,594		4,498		—		—		(970)		(21.1)	%	3,624		NM
Less: Indirect-other consumer exit portfolio (2)	1,101		1,240		1,406		1,591		1,799		(139)		(11.2)	%	(698)		(38.8)	%
Less: Indirect—vehicles	934		1,120		1,331		1,557		1,812		(186)		(16.6)	%	(878)		(48.5)	%
Adjusted ending total loans (non-GAAP)	$	79,607	$	81,166	$	83,074	$	84,950	$	79,352	$	(1,559)	(1.9)	%	$	255	0.3	%

_______

(1)In the fourth quarter of 2020, Regions made the decision to sell a certain portfolio of $239 million of commercial and industrial loans, which were reclassified to held for sale as of December 31, 2020. Adjustments to ending loan balances for the prior periods are equal to the ending balance of the loans moved to held for sale as of December 31, 2020.

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

20

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Financial Supplement to Fourth Quarter 2020 Earnings Release

End of Period Loans (continued)

	As of
End of Period Loans by Percentage	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Commercial and industrial	50.3	%	51.2	%	52.6	%	51.5	%	48.2	%
Commercial real estate mortgage—owner-occupied	6.3	%	6.2	%	6.1	%	6.3	%	6.7	%
Commercial real estate construction—owner-occupied	0.4	%	0.3	%	0.3	%	0.4	%	0.4	%
Total commercial	57.0	%	57.7	%	59.0	%	58.2	%	55.3	%
Commercial investor real estate mortgage	6.3	%	6.3	%	5.8	%	5.8	%	5.9	%
Commercial investor real estate construction	2.2	%	2.2	%	2.1	%	2.0	%	2.0	%
Total investor real estate	8.5	%	8.5	%	7.9	%	7.8	%	7.9	%
Total business	65.5	%	66.2	%	66.9	%	66.0	%	63.2	%
Residential first mortgage	19.4	%	18.3	%	17.0	%	16.5	%	17.5	%
Home equity—lines of credit	5.3	%	5.4	%	5.5	%	5.9	%	6.4	%
Home equity—closed-end	3.2	%	3.2	%	3.2	%	3.4	%	3.7	%
Indirect—vehicles	1.1	%	1.3	%	1.5	%	1.8	%	2.2	%
Indirect—other consumer	2.9	%	3.0	%	3.3	%	3.6	%	3.9	%
Consumer credit card	1.4	%	1.3	%	1.3	%	1.5	%	1.7	%
Other consumer	1.2	%	1.3	%	1.3	%	1.3	%	1.4	%
Total consumer	34.5	%	33.8	%	33.1	%	34.0	%	36.8	%
Total Loans	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

21

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Financial Supplement to Fourth Quarter 2020 Earnings Release

Average Balances of Loans

	Average Balances
($ amounts in millions)	4Q20		3Q20		2Q20		1Q20		4Q19		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Commercial and industrial	$	43,889	$	46,405	$	49,296	$	40,519	$	39,743	$	(2,516)	(5.4)	%	$	4,146	10.4	%
Commercial real estate mortgage—owner-occupied	5,405		5,498		5,492		5,509		5,489		(93)		(1.7)	%	(84)		(1.5)	%
Commercial real estate construction—owner-occupied	303		318		312		323		357		(15)		(4.7)	%	(54)		(15.1)	%
Total commercial	49,597		52,221		55,100		46,351		45,589		(2,624)		(5.0)	%	4,008		8.8	%
Commercial investor real estate mortgage	5,549		5,324		5,150		4,975		4,841		225		4.2	%	708		14.6	%
Commercial investor real estate construction	1,899		1,974		1,869		1,673		1,544		(75)		(3.8)	%	355		23.0	%
Total investor real estate	7,448		7,298		7,019		6,648		6,385		150		2.1	%	1,063		16.6	%
Total business	57,045		59,519		62,119		52,999		51,974		(2,474)		(4.2)	%	5,071		9.8	%
Residential first mortgage	16,433		15,786		14,884		14,469		14,416		647		4.1	%	2,017		14.0	%
Home equity—lines of credit	4,646		4,842		5,072		5,237		5,357		(196)		(4.0)	%	(711)		(13.3)	%
Home equity—closed-end	2,765		2,885		2,970		3,038		3,121		(120)		(4.2)	%	(356)		(11.4)	%
Indirect—vehicles	1,023		1,223		1,441		1,679		1,948		(200)		(16.4)	%	(925)		(47.5)	%
Indirect—other consumer	2,514		2,835		3,111		3,263		3,005		(321)		(11.3)	%	(491)		(16.3)	%
Consumer credit card	1,190		1,194		1,230		1,348		1,337		(4)		(0.3)	%	(147)		(11.0)	%
Other consumer	1,048		1,086		1,137		1,216		1,234		(38)		(3.5)	%	(186)		(15.1)	%
Total consumer	29,619		29,851		29,845		30,250		30,418		(232)		(0.8)	%	(799)		(2.6)	%
Total loans	$	86,664	$	89,370	$	91,964	$	83,249	$	82,392	$	(2,706)	(3.0)	%	$	4,272	5.2	%

Adjusted Average Balances of Loans (non-GAAP)

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

	Average Balances
($ amounts in millions)	4Q20		3Q20		2Q20		1Q20		4Q19		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Commercial and industrial	$	43,889	$	46,405	$	49,296	$	40,519	$	39,743	$	(2,516)	(5.4)	%	$	4,146	10.4	%
Less: Commercial loans transferred to held for sale(1)	237		239		239		—		—		(2)		(0.8)	%	237		NM
Less: SBA PPP Loans	4,143		4,558		3,213		—		—		(415)		(9.1)	%	4,143		NM
Adjusted commercial and industrial loans (non-GAAP)	$	39,509	$	41,608	$	45,844	$	40,519	$	39,743	$	(2,099)	(5.0)	%	$	(234)	(0.6)	%
Total commercial loans	$	49,597	$	52,221	$	55,100	$	46,351	$	45,589	$	(2,624)	(5.0)	%	$	4,008	8.8	%
Less: Commercial loans transferred to held for sale(1)	237		239		239		—		—		(2)		(0.8)	%	237		NM
Less: SBA PPP Loans	4,143		4,558		3,213		—		—		(415)		(9.1)	%	4,143		NM
Adjusted total commercial loans (non-GAAP)	$	45,217	$	47,424	$	51,648	$	46,351	$	45,589	$	(2,207)	(4.7)	%	$	(372)	(0.8)	%
Total business loans	$	57,045	$	59,519	$	62,119	$	52,999	$	51,974	$	(2,474)	(4.2)	%	$	5,071	9.8	%
Less: Commercial loans transferred to held for sale(1)	237		239		239		—		—		(2)		(0.8)	%	237		NM
Less: SBA PPP Loans	4,143		4,558		3,213		—		—		(415)		(9.1)	%	4,143		NM
Adjusted total business loans (non-GAAP)	$	52,665	$	54,722	$	58,667	$	52,999	$	51,974	$	(2,057)	(3.8)	%	$	691	1.3	%
Total consumer loans	$	29,619	$	29,851	$	29,845	$	30,250	$	30,418	$	(232)	(0.8)	%	$	(799)	(2.6)	%
Less: Indirect-other consumer exit portfolio (2)	1,164		1,318		1,493		1,696		1,841		(154)		(11.7)	%	(677)		(36.8)	%
Less: Indirect—vehicles	1,023		1,223		1,441		1,679		1,948		(200)		(16.4)	%	(925)		(47.5)	%
Adjusted total consumer loans (non-GAAP)	$	27,432	$	27,310	$	26,911	$	26,875	$	26,629	$	122	0.4	%	$	803	3.0	%
Total loans	$	86,664	$	89,370	$	91,964	$	83,249	$	82,392	$	(2,706)	(3.0)	%	$	4,272	5.2	%
Less: Commercial loans transferred to held for sale(1)	237		239		239		—		—		(2)		(0.8)	%	237		NM
Less: SBA PPP Loans	4,143		4,558		3,213		—		—		(415)		(9.1)	%	4,143		NM
Less: Indirect-other consumer exit portfolio (2)	1,164		1,318		1,493		1,696		1,841		(154)		(11.7)	%	(677)		(36.8)	%
Less: Indirect—vehicles	1,023		1,223		1,441		1,679		1,948		(200)		(16.4)	%	(925)		(47.5)	%
Adjusted total loans (non-GAAP)	$	80,097	$	82,032	$	85,578	$	79,874	$	78,603	$	(1,935)	(2.4)	%	$	1,494	1.9	%

(1)In the fourth quarter of 2020, Regions made the decision to sell a certain portfolio of $239 million of commercial and industrial loans, which were reclassified to held for sale as of December 31, 2020. Adjustments to average loan balances assume a simple day-weighted average impact for the fourth quarter of 2020, and are equal to the ending balance of the loans moved to held for sale for the prior periods.

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

22

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Financial Supplement to Fourth Quarter 2020 Earnings Release

Average Balances of Loans (continued)

	Average Balances
	Twelve Months Ended December 31
($ amounts in millions)	2020		2019		2020 vs. 2019
Commercial and industrial	$	45,028	$	40,162	$	4,866	12.1	%
Commercial real estate mortgage—owner-occupied	5,476		5,495		(19)		(0.3)	%
Commercial real estate construction—owner-occupied	314		401		(87)		(21.7)	%
Total commercial	50,818		46,058		4,760		10.3	%
Commercial investor real estate mortgage	5,251		4,782		469		9.8	%
Commercial investor real estate construction	1,854		1,672		182		10.9	%
Total investor real estate	7,105		6,454		651		10.1	%
Total business	57,923		52,512		5,411		10.3	%
Residential first mortgage	15,397		14,267		1,130		7.9	%
Home equity—lines of credit	4,948		5,565		(617)		(11.1)	%
Home equity—closed-end	2,914		3,234		(320)		(9.9)	%
Indirect—vehicles	1,341		2,421		(1,080)		(44.6)	%
Indirect—other consumer	2,929		2,713		216		8.0	%
Consumer credit card	1,240		1,309		(69)		(5.3)	%
Other consumer	1,121		1,227		(106)		(8.6)	%
Total consumer	29,890		30,736		(846)		(2.8)	%
Total Loans	$	87,813	$	83,248	$	4,565	5.5	%

Adjusted Average Balances of Loans (non-GAAP)

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

	Average Balances
	Twelve Months Ended December 31
($ amounts in millions)	2020		2019		2020 vs. 2019
Commercial and industrial	$	45,028	$	40,162	$	4,866	12.1	%
Less: Commercial loans transferred to held for sale(1)	179		—		$	179	NM
Less: SBA PPP Loans	2,986		—		2,986		NM
Adjusted commercial and industrial loans (non-GAAP)	$	41,863	$	40,162	$	1,701	4.2	%
Total commercial loans	$	50,818	$	46,058	$	4,760	10.3	%
Less: Commercial loans transferred to held for sale(1)	179		—		$	179	NM
Less: SBA PPP Loans	2,986		—		2,986		NM
Adjusted total commercial loans (non-GAAP)	$	47,653	$	46,058	$	1,774	3.9	%
Total business loans	$	57,923	$	52,512	$	5,411	10.3	%
Less: Commercial loans transferred to held for sale(1)	179		—		$	179	NM
Less: SBA PPP Loans	2,986		—		2,986		NM
Adjusted total business loans (non-GAAP)	$	54,758	$	52,512	$	2,246	4.3	%
Total consumer loans	$	29,890	$	30,736	$	(846)	(2.8)	%
Less: Indirect-other consumer exit portfolio (2)	1,417		1,850		(433)		(23.4)	%
Less: Indirect—vehicles	1,341		2,421		(1,080)		(44.6)	%
Adjusted total consumer loans (non-GAAP)	$	27,132	$	26,465	$	667	2.5	%
Total Loans	$	87,813	$	83,248	$	4,565	5.5	%
Less: Commercial loans transferred to held for sale(1)	179		—		$	179	NM
Less: SBA PPP Loans	2,986		—		2,986		NM
Less: Indirect—other consumer exit portfolio (2)	1,417		1,850		(433)		(23.4)	%
Less: Indirect—vehicles	1,341		2,421		(1,080)		(44.6)	%
Adjusted total loans (non-GAAP)	$	81,890	$	78,977	$	2,913	3.7	%

(1)In the fourth quarter of 2020, Regions made the decision to sell a certain portfolio of $239 million of commercial and industrial loans, which were reclassified to held for sale as of December 31, 2020. Adjustments to average loan balances assume a simple day-weighted average impact for the year ended December 31, 2020.

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

23

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Financial Supplement to Fourth Quarter 2020 Earnings Release

End of Period Deposits

	As of
												12/31/2020					12/31/2020
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019			vs. 9/30/2020					vs. 12/31/2019
Interest-free deposits	$	51,289	$	49,754	$	47,964	$	37,133	$	34,113		$	1,535		3.1	%	$	17,176		50.4	%
Interest-bearing checking	24,484		22,294		22,407		19,992		20,046			2,190			9.8	%	$	4,438		22.1	%
Savings	11,635		11,159		10,698		9,199		8,640			476			4.3	%	$	2,995		34.7	%
Money market—domestic	29,719		29,387		29,263		26,328		25,326			332			1.1	%	$	4,393		17.3	%
Low-cost deposits	117,127		112,594		110,332		92,652		88,125			4,533			4.0	%	$	29,002		32.9	%
Time deposits	5,341		5,840		6,428		7,122		7,442			(499)			(8.5)	%	$	(2,101)		(28.2)	%
Total Customer Deposits	122,468		118,434		116,760		99,774		95,567			4,034			3.4	%	26,901			28.1	%
Corporate treasury time deposits	11		11		19		256		108			—			—	%	(97)			(89.8)	%
Corporate treasury other deposits	—		—		—		—		1,800			—			NM		(1,800)			(100.0)	%
Total Deposits	$	122,479	$	118,445	$	116,779	$	100,030	$	97,475		$	4,034		3.4	%	$	25,004		25.7	%
	As of
												12/31/2020					12/31/2020
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019			vs. 9/30/2020					vs. 12/31/2019
Consumer Bank Segment	$	71,652	$	69,265	$	68,616	$	61,238	$	59,438		$	2,387		3.4	%	$	12,214		20.5	%
Corporate Bank Segment	40,745		39,799		38,848		29,862		27,626			946			2.4	%	13,119			47.5	%
Wealth Management Segment	9,718		8,982		8,888		8,372		8,162			736			8.2	%	1,556			19.1	%
Other (1)	364		399		427		558		2,249			(35)			(8.8)	%	(1,885)			(83.8)	%
Total Deposits	$	122,479	$	118,445	$	116,779	$	100,030	$	97,475		$	4,034		3.4	%	$	25,004		25.7	%
	As of
												12/31/2020					12/31/2020
($ amounts in millions)	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019			vs. 9/30/2020					vs. 12/31/2019
Wealth Management - Private Wealth	$	8,462	$	7,726	$	7,816	$	7,168	$	7,180		$	736		9.5	%	$	1,282		17.9	%
Wealth Management - Institutional Services	1,256		1,256		1,072		1,204		982			—			—	%	274			27.9	%
Total Wealth Management Segment Deposits	$	9,718	$	8,982	$	8,888	$	8,372	$	8,162		$	736		8.2	%	$	1,556		19.1	%
									As of
End of Period Deposits by Percentage									12/31/2020			9/30/2020			6/30/2020		3/31/2020			12/31/2019
Interest-free deposits									41.9		%	42.0		%	41.1	%	37.1		%	35.0	%
Interest-bearing checking									20.0		%	18.8		%	19.2	%	20.0		%	20.6	%
Savings									9.5		%	9.4		%	9.2	%	9.2		%	8.9	%
Money market—domestic									24.3		%	24.8		%	25.1	%	26.3		%	26.0	%
Low-cost deposits									95.7		%	95.0		%	94.6	%	92.6		%	90.5	%
Time deposits									4.3		%	5.0		%	5.5	%	7.1		%	7.6	%
Total Customer Deposits									100.0		%	100.0		%	100.0	%	99.7		%	98.1	%
Corporate treasury time deposits									—		%	—		%	—	%	0.3		%	0.1	%
Corporate treasury other deposits									—		%	—		%	—	%	—		%	1.8	%
Total Deposits									100.0		%	100.0		%	100.0	%	100.0		%	100.0	%

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

24

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Average Balances of Deposits

	Average Balances
($ amounts in millions)	4Q20		3Q20		2Q20		1Q20		4Q19		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Interest-free deposits	$	50,532	$	48,314	$	44,382	$	34,205	$	34,098	2,218		4.6	%	16,434	48.2	%
Interest-bearing checking	22,940		22,098		21,755		19,273		18,668		842		3.8	%	4,272	22.9	%
Savings	11,374		10,935		10,152		8,822		8,616		439		4.0	%	2,758	32.0	%
Money market—domestic	29,312		29,146		27,870		25,151		25,289		166		0.6	%	4,023	15.9	%
Low-cost deposits	114,158		110,493		104,159		87,451		86,671		3,665		3.3	%	27,487	31.7	%
Time deposits	5,598		6,150		6,690		7,302		7,543		(552)		(9.0)	%	(1,945)	(25.8)	%
Total Customer Deposits	119,756		116,643		110,849		94,753		94,214		3,113		2.7	%	25,542	27.1	%
Corporate treasury time deposits	11		13		72		280		189		(2)		(15.4)	%	(178)	(94.2)	%
Corporate treasury other deposits	—		—		—		639		109		—		NM		(109)	(100.0)	%
Total Deposits	$	119,767	$	116,656	$	110,921	$	95,672	$	94,512	$	3,111	2.7	%	25,255	26.7	%

	Average Balances
($ amounts in millions)	4Q20		3Q20		2Q20		1Q20		4Q19		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Consumer Bank Segment	$	69,912	$	68,842	$	65,722	$	59,711	$	59,359	1,070		1.6	%	10,553		17.8	%
Corporate Bank Segment	40,581		38,755		36,409		26,618		26,627		1,826		4.7	%	13,954		52.4	%
Wealth Management Segment	8,884		8,658		8,382		8,073		7,891		226		2.6	%	993		12.6	%
Other (1)	390		401		408		1,270		635		(11)		(2.7)	%	(245)		(38.6)	%
Total Deposits	$	119,767	$	116,656	$	110,921	$	95,672	$	94,512	$	3,111	2.7	%	$	25,255	26.7	%

	Average Balances
($ amounts in millions)	4Q20		3Q20		2Q20		1Q20		4Q19		4Q20 vs. 3Q20				4Q20 vs. 4Q19
Wealth Management - Private Wealth	$	8,106	$	7,723	$	7,395	$	7,062	$	7,040	383		5.0	%	1,066		15.1	%
Wealth Management - Institutional Services	778		935		987		1,011		851		(157)		(16.8)	%	(73)		(8.6)	%
Total Wealth Management Segment Deposits	$	8,884	$	8,658	$	8,382	$	8,073	$	7,891	$	226	2.6	%	$	993	12.6	%

	Average Balances
	Twelve Months Ended December 31
($ amounts in millions)	2020		2019		2020 vs. 2019
Interest-free deposits	$	44,386	$	33,869	10,517		31.1	%
Interest-bearing checking	21,522		18,772		2,750		14.6	%
Savings	10,325		8,719		1,606		18.4	%
Money market—domestic	27,877		24,637		3,240		13.2	%
Low-cost deposits	104,110		85,997		18,113		21.1	%
Time deposits	6,432		7,632		(1,200)		(15.7)	%
Total Customer Deposits	110,542		93,629		16,913		18.1	%
Corporate treasury time deposits	93		444		(351)		(79.1)	%
Corporate treasury other deposits	159		340		(181)		(53.2)	%
Total Deposits	$	110,794	$	94,413	$	16,381	17.4	%

	Average Balances
	Twelve Months Ended December 31
($ amounts in millions)	2020		2019		2020 vs. 2019
Consumer Bank Segment	$	66,065	$	58,956	7,109		12.1	%
Corporate Bank Segment	35,613		26,341		9,272		35.2	%
Wealth Management Segment	8,501		7,901		600		7.6	%
Other (1)	615		1,215		(600)		(49.4)	%
Total Deposits	$	110,794	$	94,413	$	16,381	17.4	%

	Average Balances
	Twelve Months Ended December 31
($ amounts in millions)	2020		2019		2020 vs. 2019
Wealth Management - Private Wealth	$	7,573	$	7,042	531		7.5	%
Wealth Management - Institutional Services	928		859		69		8.0	%
Total Wealth Management Segment Deposits	$	8,501	$	7,901	$	600	7.6	%

________

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

25

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Reconciliation to GAAP Financial Measures

Tangible Common Ratios

The following tables provide the calculation of the end of period “tangible common shareholders’ equity” and "tangible common book value per share" ratios, and a reconciliation of shareholders’ equity (GAAP) to tangible common shareholders’ equity (non-GAAP). Since analysts and banking regulators may assess Regions’ capital adequacy using tangible common shareholders' equity, we believe that it is useful to provide investors the ability to assess Regions’ capital adequacy on this same basis.

		As of and for Quarter Ended
($ amounts in millions, except per share data)		12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Tangible Common Ratios
Shareholders’ equity (GAAP)		$	18,111		$	17,904		$	17,602		$	17,332		$	16,295
Less:
Preferred stock (GAAP)		1,656			1,656			1,656			1,310			1,310
Intangible assets (GAAP)		5,312			5,316			5,330			4,943			4,950
Deferred tax liability related to intangibles (GAAP)		(106)			(105)			(103)			(92)			(92)
Tangible common shareholders’ equity (non-GAAP)	A	$	11,249		$	11,037		$	10,719		$	11,171		$	10,127
Total assets (GAAP)		$	147,389		$	145,180		$	144,070		$	133,542		$	126,240
Less:
Intangible assets (GAAP)		5,312			5,316			5,330			4,943			4,950
Deferred tax liability related to intangibles (GAAP)		(106)			(105)			(103)			(92)			(92)
Tangible assets (non-GAAP)	B	$	142,183		$	139,969		$	138,843		$	128,691		$	121,382
Shares outstanding—end of quarter	C	960			960			960			957			957
Tangible common shareholders’ equity to tangible assets (non-GAAP)(1)	A/B	7.91		%	7.88		%	7.72		%	8.68		%	8.34		%
Tangible common book value per share (non-GAAP)(1)	A/C	$	11.71		$	11.49		$	11.16		$	11.67		$	10.58

_________

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

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Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

Forward-Looking Statements

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

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

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

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

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

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

•The effect of changes in tax laws, including the effect of any future interpretations of or amendments to Tax Reform, 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, loan loss provisions or actual loan losses where our allowance for loan 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, 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 could result in losing business to competitors.

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

•Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock or other regulatory capital instruments, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements 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 business.

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

•The risks and uncertainties related to our acquisition or divestiture of businesses.

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

27

Regions Financial Corporation and Subsidiaries                                

Financial Supplement to Fourth Quarter 2020 Earnings Release

•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 business 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 business 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 and terrorist attacks and the potential impact, directly or indirectly, on our businesses.

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

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

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

•Our ability to achieve our expense management initiatives.

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

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

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

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

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

•Our ability to receive dividends from our subsidiaries could affect our liquidity and ability to pay dividends to shareholders.

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

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

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

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

The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2019 and the "Risk Factors" of Regions' Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 as filed with the SEC.

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

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

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

28

EX-99.3

Exhibit 99.3 4th Quarter Earnings Conference Call January 22, 2021

2 2020 overview (1) Non-GAAP, see appendix for reconciliation. Adjusted Pre-Tax Pre- Provision Income(1) $2,665M Diluted Earnings Per Share$1.03 Adjusted Total Revenue(1) $6,206M Adjusted Non- Interest Expense(1) $3,541M Net Income Available to Common Shareholders$991M $725M $0.61 $1,655M $930M $588M 4Q20 FY 2020 Generated highest adjusted pre-tax pre-provision income(1) in over a decade providing opportunity to contribute another $10M to the Regions Foundation

3 $78.6 $82.0 $80.1 52.0 54.7 52.7 26.6 27.3 27.4 4Q19 3Q20 4Q20 Adjusted average loans and leases(1) Average loans ($ in billions) (1) Non-GAAP, see appendix for reconciliation. Adjusted business loans(1) Adjusted consumer loans(1) QoQ highlights & outlook • Average loans decreased 3%; adjusted average loans(1) decreased 2% • Commercial line utilization levels reached historical low, ending quarter just under 40% • Despite improving pipelines, utilization is expected to remain muted through the first half of 2021 • Active portfolio management; $408M of commercial loans sold or transferred to HFS in 4Q • PPP forgiveness drove a $415M reduction in average loan balances • Mortgage production finished the year strong, with FY 2020 more than doubling 2019 levels • Expect 2021 adjusted average loans to be down low single digits compared to 2020; and adjusted ending loans are expected to grow low single digits

4 $94.5 $116.7 $119.8 59.4 68.8 69.9 26.6 38.8 40.67.9 8.7 8.9 0.6 0.4 0.4 4Q19 3Q20 4Q20 Average deposits (1) Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar deposits, selected deposits and brokered time deposits). Average deposits by segment ($ in billions) Wealth Mgt Other(1) Consumer Bank Corporate Bank • Average and ending deposits increased 3% • Full-year average deposits 17% higher than 2019 ◦ Growth predominately in non- interest bearing core operating accounts across all three business segments ◦ Growth driven primarily by higher balances; also experiencing strong account growth • Expect near-term deposit balances will continue to increase, particularly as the second round of stimulus is disbursed QoQ highlights & outlook

5 $931 $1,000 $1,017 3.39% 3.13% 3.13% 3.41% 3.40% 4Q19 3Q20 4Q20 • In 4Q, deposit and cash balances remained elevated given stimulus / liquidity in the system • PPP loans account for +7 bps NIM and +$54M NII within the quarter (+8bps / +$23M QoQ); excess cash accounts for -34 bps NIM and +$1M NII (-8bps / $0M QoQ) ◦ Initial quarter of PPP forgiveness fees specifically added +7 bps NIM and +$24M NII • Total of $13.5B active cash deployment in 2020, balancing risk and return ◦ $3B securities portfolio additions ◦ $2.7B calls/tenders of long-term debt (4Q included a $1B long-term debt call in Dec.) ◦ $7.8B early redemption of FHLB advances NII(1) Net interest income and net interest margin - liquidity impacts NII(1) and NIM ($ in millions) (1) Net interest income (NII) on a fully taxable equivalent basis. NIM NIM excl. PPP/Cash

6 • Rate environment impacts offset through active balance sheet management; trend likely to continue in near-term ◦ Higher avg. hedging notional; total benefit of $97M NII to 4Q(3) ◦ Lower deposit pricing; deposit cost = 8bps / interest-bearing deposit cost = 13bps ◦ Cash management strategy carryover from 3Q ◦ Premium amortization; market rate related impacts stable QoQ(4) • Loan balance declines mostly attributable to C&I and the strategic reduction of indirect loans, offset by strong mortgage growth (1) Core NIM excludes PPP and excess cash over $750M. (2) Other items include bond call benefits, loan prepayment penalties, and other product yield adjustments. (3) Hedges remain active; $260M NII accrual FY 2020; $1.6B unrealized pre-tax gain, to be amortized into NII over the remaining life of hedges ~4 years. (4) Total premium amort increased from $46M 3Q to $51M 4Q; increase driven by purchase of higher dollar price bonds; excluding this and GNMA buyouts = low $40M. (5) Assumes Fed Funds Target remains 0%-0.25%, 1m LIBOR 0.12%-0.20%, and 10yr US Treasury is range-bound 1.0%-1.25%. 3.41% 3.40% Net interest income and net interest margin - Core Drivers Core(1) NIM Attribution Core Drivers of NIM and NII 1Q 2021 Expectations • 1Q NII expected to be modestly lower(5) after accounting for the negative impacts from 2 fewer days in the quarter ◦ NII and NIM will be pressured mostly by lower loan balances/mix, with long-term rate environment pressure being offset by cash management strategies, deposit pricing, and higher hedge notional ◦ 1Q hedge benefit estimated at $100M; uncertain timing of PPP fee acceleration to benefit NII/NIM - currently assume stable PPP NII in 1Q • Excluding PPP/cash, NIM expected to remain relatively stable 4Q20 excl. PPP/cash 3Q20 excl. PPP/cash -1bps -1bps +3bps +1bps-4bps -$20M +$10M +$10M +$3M-$15M +$5M NIM NII Other(2) +1bps Loan bals/mix Cash mgmt. Long-term rates Deposit pricing Loan hedges Largely able to offset ongoing impacts of reinvestment through balance sheet management strategies

7 • Expect 2021 service charges to grow but remain 10%-15% below 2019 levels due to continued elevated deposits and ongoing enhancements to overdraft practices and transaction posting • Card & ATM fees have fully recovered; expect solid growth in 2021 vs pre-pandemic levels • Capital Markets delivered a record quarter; expect near-term quarterly run rate of $55- $65M ex-CVA/DVA • Wealth Management had a solid quarter and year, up 5% in both; expect continued growth in 2021 • Mortgage income expected to be a meaningful contributor to 2021 fee revenue, but below record 2020 levels(2); experienced 60bps of market share gains vs 2019 • 4Q bank-owned life insurance includes a $25M gain associated with policy exchange • Expect 2021 adjusted total revenue to be down modestly compared to 2020 (dependent on timing & amount of PPP forgiveness) Change vs ($ in millions) 4Q20 3Q20 4Q19 Service charges on deposit accounts $160 5.3% (14.4)% Card and ATM fees 117 1.7% 4.5% Capital markets income (excluding CVA/DVA) 102 82.1% 82.1% Capital Markets - CVA/DVA 8 60.0% 60.0% Wealth management income 89 4.7% 6.0% Mortgage income 75 (30.6)% 53.1% Bank-owned life insurance 43 152.9% 138.9% Market value adjustments (on employee benefit assets - other) 7 (50.0)% —% Valuation gain on equity investment 6 (86.4)% NM Other 73 23.7% 65.9% Total non-interest income $680 3.8% 21.0% Adjusted non-interest income(1) $649 6.7% 15.1% Non-interest income (1) Non-GAAP; see appendix for reconciliation. (2) 2020 mortgage production and production-related revenue were both records. NM - Not Meaningful QoQ highlights & outlook

8(1) Non-GAAP; see appendix for reconciliation. (2) 2020 adjusted non-interest expenses include ~$60M of expense associated with the Ascentium acquisition that closed 4/1/2020. • Adjusted expenses(1) increased 5% QoQ driven primarily by higher incentive compensation from record capital markets activities • Base salaries were lower QoQ as the company continued to build greater efficiencies through its ongoing continuous improvement process focused on making banking easier for customers and associates • Expect 2021 adjusted non-interest expenses to remain stable to down modestly compared to 2020 $3,387 $3,419 $3,434 $3,443 $3,541 2016 2017 2018 2019 2020 Non-interest expense QoQ highlights & outlookAdjusted non-interest expense(1) ($ in millions) $869 $889 $930 58.1% 55.3% 55.8% Adjusted non-interest expense Adjusted efficiency ratio 4Q19 3Q20 4Q20 ~1% CAGR (1) (1) (2)

9 $2,251 $3,734 $3,800 4Q19 3Q20 4Q20 $96 $113 $94 65 38 41 31 75 530.46% 0.50% 0.43% 4Q19 3Q20 4Q20 $507 $767 $745 180% 316% 308% 4Q19 3Q20 4Q20 NPLs and ACL coverage ratio Asset quality ($ in millions) ($ in millions) ($ in millions) Criticized business loansNet charge-offs and ratio NPLs - excluding LHFS ACL coverage ratio Consumer net charge-offs Business services net charge-offs Net charge-offs ratio (1) Non-GAAP; see appendix for reconciliation. • 4Q annualized net charge-offs 43 bps, a 7 bps improvement QoQ primarily driven by improvement within commercial portfolios • $38M benefit to provision resulted in ACL of 2.69% of total loans (2.81%(1) ex-PPP) • NPLs decreased ~3% QoQ while criticized business loans increased ~2% • Further reductions in ACL will depend on timing of charge-offs and greater certainty with respect to path of economic recovery • Expect full-year 2021 net charge-offs to range from 55 to 65bps

10 • During 4Q declared $148M in common dividends • Federal Reserve released results of its updated Supervisory Stress Test and indicated Regions met or exceeded all minimum capital levels under the provided scenarios • Common Equity Tier 1 ratio increased ~50 bps to an estimated 9.8%; in the near-term intend to stay on high end of 9.5-10% operating range • Historically high deposit balances contributed to 500 bps decline in 4Q loan-to-deposit ratio QoQ highlights & outlook Common equity Tier 1 ratio(1) 9.7% 9.3% 9.8% 4Q19 3Q20 4Q20 10.9% 10.8% 11.4% 4Q19 3Q20 4Q20 Tier 1 capital ratio(1) Capital and liquidity (1) Current quarter ratios are estimated. (2) Based on ending balances. Loan-to-deposit ratio(2) 85% 75% 70% 4Q19 3Q20 4Q20

11 2021 expectations (1) Non-GAAP, see appendix for reconciliation. (2) The reconciliation with respect to forward-looking non-GAAP measures is expected to be consistent with actual non-GAAP reconciliations included in the attached appendix or in previous filings with the SEC. (3) Total revenue guidance assumes short-term rates remain near-zero and the 10-year U.S. Treasury yield remains between 1.0% -1.25%. Category FY 2021 Expectations Total Adjusted Revenue (from adjusted 2020 of $6,206)(1)(2)(3) Down modestly (dependent on timing & amount of PPP forgiveness) Adjusted Non-Interest Expense (from adjusted 2020 of $3,541)(1)(2) Stable to down modestly Adjusted Average Loans (from adjusted 2020 of $81,890 )(1)(2) Down low single digits Adjusted Ending Loans (from adjusted 2020 of $79,607 )(1)(2) Up low single digits Net charge-offs / average loans 55 - 65 bps Effective tax rate 20% - 22%

12 Appendix

13 Selected items impact Fourth quarter 2020 highlights (1) Non-GAAP, see appendix for reconciliation. (2) Based on income taxes at an approximate 25% incremental rate. Bank-owned life insurance gain is tax free. (3) Items represent an outsized impact to the quarter or quarterly trends, but are not considered non-GAAP adjustments. NM - Not Meaningful ($ amounts in millions, except per share data) 4Q20 QoQ Change YoY Change Net interest income $ 1,006 1.8% 9.6% Provision (credit) for credit losses (38) (133.6)% (139.6)% Non-interest income 680 3.8% 21.0% Non-interest expense 987 10.2% 10.0% Income before income taxes 737 16.2% 51.3% Income tax expense 121 16.3% 23.5% Net income 616 16.2% 58.4% Preferred dividends 28 (3.4)% 21.7% Net income available to common shareholders $ 588 17.4% 60.7% Diluted EPS $ 0.61 17.3% 60.5% Summary of fourth quarter results (amounts in millions, except per share data) 4Q20 FY 2020 Pre-tax adjusted items(1): Contribution to the Regions Foundation $ (10) $ (10) Branch consolidation, property and equipment charges (7) (31) Loss on early extinguishment of debt (14) (22) Salaries and benefits related to severance charges (26) (31) Professional and related fees associated with the purchase of Ascentium Capital — (8) Valuation gain on equity investment 6 50 Securities gains (losses), net — 4 Leveraged lease termination gains — 2 Bank-owned life insurance 25 25 Total pre-tax adjusted items(1) $ (26) $ (21) Diluted EPS impact(2) $ (0.01) $ (0.01) Additional selected items(3): CECL provision less than (in excess of) net charge-offs $ 132 $ (818) Capital markets income - CVA/DVA 8 13 MSR net hedge performance (6) 10 PPP loans interest/fee income 54 103 COVID-19 related expenses (3) (29) 4Q20 reduction in unrecognized tax benefit 24 24

14 246 286 301 119 143 158 127 143 143 4Q19 3Q20 4Q20 2.7 2.8 2.9 4Q19 3Q20 4Q20 Mobile Banking Log-Ins 1.88 2.01 2.04 4Q19 3Q20 4Q20 14% 20% 20% 29% 34% 33% 57% 46% 47% 4Q19 3Q20 4Q20 40.2 73.0 63.8 31.0 63.5 53.35.1 2.8 2.4 4.1 6.7 8.1 4Q19 3Q20 4Q20 61% 67% 66% 39% 33% 34% 4Q19 3Q20 4Q20 Growth in Digital Digital Banking Log-Ins Customer Transactions Deposit Transactions by Channel Mix 22% YoY 7% YoY (Millions) (Millions) Active Digital Banking Users Active Mobile Banking Users (Millions) 9% YoY Online Banking Log-Ins Digital Sales(1) (Accounts in Thousands) Deposits Credit Card Accounts Loans Digital Non-Digital Mobile ATM Branch (1) Digital sales represents accounts opened. (2) Digital transactions represent online and mobile only; Non-digital transactions represent branches, contact centers and ATMs. (3)Transactions represent Consumer customer deposits, transfers, mobile deposits, fee refunds, withdrawals, payments, official checks, transfers, bill payments, and Western Union. Excludes ACH and Debit Card purchases/refunds. (2)(3)

15 9.9% 9.6% 9.5% 8.7% 6.9% 6.1% 5.4% 5.2% 5.0% 2.9% 2.0% 0.5% 0.3% 1.7 4.1 4.4 1.1 1.4 3.6 2.5 1.0 2.1 P e e r 12 R F 4Q R F P e e r 11 P e e r 10 P e e r 9 P e e r 8 P e e r 7 P e e r 6 P e e r 5 P e e r 4 P e e r 3 P e e r 2 P e e r 1 Cash-flow Hedge Program Details 12/31/20(1) • $20.75B of total $21.75B hedges active in 4Q20; $250mm started in 4Q • Remaining $1B in notional will be active in 1Q21 • Better protected than peer set both in size and duration of protection • Current pre-tax unrealized gain on hedges = ~$1.6B; added $97M to NII in 4Q, or ~10% of NII Hedging strategy protection Cash-Flow Hedge Notional Fixed Rate/ Strike(3) Inclusive of deferred G/L(4) Program Swaps $11.0B 2.15% 2.18% Program Floors $5.75B 2.14% 2.4% Legacy Swaps $5.00B 1.49% 1.77% (1) Includes both active and forward starting swaps/floors entered into prior to 9/30/2020 that provide incremental NII protection. (2) Peers 1, 2, 3, 4, & 8 did not disclose weighted average lives of cash flow hedge (3) Weighted average strike price for program floors excludes premiums paid. Swap and floor floating legs a blend of 1m/3m LIBOR, primarily 1m LIBOR. (4) Avg. receive fixed rate including amortization of deferred gains (losses) from terminated cash flow hedges. (5) Uses EOP 3Q20 data latest available when published; Source: SNL Financial, SEC Reporting; Peers include CFG, CMA, FHN, FITB, HBAN, HWC, KEY, MTB, PNC, SNV, USB, ZION; TFC excluded given M&A noise Cash-flow Hedge Contribution to NII - 3Q20(1) P e e r 2 P e e r 3 P e e r 6 P e e r 11 P e e r 5 P e e r 1 P e e r 7 P e e r 10 P e e r 8 P e e r 12 P e e r 4 P e e r 9 R F -50 0 50 100 150 200 P e e r 3 P e e r 11 P e e r 2 P e e r 7 P e e r 6 P e e r 5 P e e r 1 P e e r 4 P e e r 8 P e e r 9 P e e r 10 P e e r 12 R F -10% 0% 10% 20% 30% 40% 50% Securities and hedges as % of earning assets(5) Change in AOCI / earning assets 3Q20 vs 2Q19(5) b as is p oi n ts Peer Median 24% Securities Cash Flow Hedges Change in Securities AOCI / Earning Assets Peer Median 49bps Change in Hedge AOCI / Earning Assets WAL remaining on CF Hedges(2)

16 Agency/UST: 1% Agency MBS: 70% Agency CMBS: 23% Non-Agency CMBS: 2% Corporate Bonds: 4% Interest rate exposure of future business and long-term rates (1) 9/30/2020 data latest available; Source: SEC reporting, Call Report data for loan repricing within 1 year; Peers include CFG, CMA, FHN, FITB, HBAN, HWC, KEY, MTB, PNC, SNV, USB, ZION, and TFC. (2) Includes AFS, the unrealized AFS gain, and HTM securities as of 12/31/2020. • The majority of Regions’ residual NII exposure to interest rates comes from future business activities and cash-flow reinvestment; full-year 2021 estimate: • ~$11B fixed-rate loan production (excl. PPP) • ~$5B fixed-rate securities reinvestment • Balance sheet mix is a reasonable proxy for long-end rate sensitivity • Exposure to fixed-rate assets in line with peers (~50% fixed excluding hedges) Securities portfolio composition(2) • Within the securities portfolio, reinvestment and premium amortization contribute to a portion of Regions’ NII exposure to interest rates • Portfolio constructed to protect against lower market rates • ~30% of securities portfolio in bullet-like collateral (CMBS, corporate bonds, and USTs) • Purchase MBS with loan characteristics that offer prepayment protection: lower loan balances, seasoning, and state-specific geographic concentrations • Grew the securities portfolio by ~$3B during 3Q20 in order to deploy elevated cash balances and optimize NII/NIM • MBS-related book premium increased $163M over 2020 as a result of portfolio additions and higher premiums on mortgage securities resulting from the lower rate environment $28.3B P e e r 1 P e e r 2 P e e r 3 P e e r 4 R F P e e r 5 P e e r 6 P e e r 7 P e e r 8 P e e r 9 P e e r 10 P e e r 11 P e e r 12 P e e r 13 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fixed / float loan mix(1) % Fixed % Variable Peer median = 49%

17 9.3% 0.6% 0.1% (0.1)% (0.1)% 9.8% CET1 Waterfall (1) Non-GAAP; see appendix for reconciliation. (2) Provision expense includes the impact of CECL deferral. (3) Current quarter ratios are estimated. 3Q20 CET1% Pre-tax pre- provision income(1) Common Dividend 4Q20 CET1%(3) Provision expense(2) Tax & Other

18 • Proactive, frequent customer dialogue • Closely monitoring most vulnerable customers • Monitoring ratings migration • Central reporting on enterprise-wide relief initiatives • Established pandemic-related monitoring ◦ Deferral requests ◦ Revolver draws Bottom up review informs and narrows COVID-19 high-risk industry sectors (as of December 31, 2020) C&I Portfolio BAL$(1) % of BAL$ Utilization Rate(2) Leveraged % of BAL$ SNC % of BAL$ % Deferral % Criticized Energy – Oil & Gas Extraction, Oilfield Services, Coal $1.13b 1.3% 53% —% 78% —% 39% Healthcare – Offices of Physicians and Other Health Practitioners $0.95b 1.1% 72% 6% 10% 1% 3% Consumer Services & Travel – Amusement, Arts and Recreation, Personal Care Services, Charter Bus Industry $0.65b 0.8% 67% 37% 36% 2% 13% Retail (non-essential) – Furniture & Furnishings, Miscellaneous Store Retailers, Clothing $0.50b 0.6% 43% 3% 22% —% 8% Restaurants – Full Service $0.71b 0.8% 83% 31% 37% —% 64% Total C&I high-risk industry sectors $3.94b 4.6% 61% 13% 40% —% 27% CRE related exposures including unsecured C&I BAL$(1) % of BAL$ Utilization Rate(2) Leveraged % of BAL$ SNC % of BAL$ % Deferral % Criticized IRE Hotels – Full service, limited service, extended stay $0.27b 0.3% 91% —% —% —% 94% IRE Retail (non-essential) – Inclusive of malls and outlet centers $0.75b 0.9% 96% —% 27% —% 26% Total CRE-related high-risk industry sectors $1.02b 1.2% 95% —% 20% —% 44% Total high-risk industry sectors $4.96b Other specifically identified at-risk assets $0.19b Total $5.15b (1) Amounts exclude PPP Loans, Operating Leases and Held For Sale exposure. (2) Borrowing Base Adjusted Commitments, excludes PPP, Operating Leases and Loans Held For Sale. Ongoing Portfolio Surveillance

19 $6.58 $0.89 $0.19 $(1.90) $(0.61) $5.15 COVID-19 high-risk industry sectors waterfall ($ in billions) Specifically Identified Assets Sector Additions • COVID high-risk industries are continuously refined to those exhibiting higher levels of stress due to COVID impact • Specifically identified at-risk assets not falling into currently flagged sectors were included • Several sub-sectors were added, including but not limited to: ◦ C&I Retail (non-essential) ◦ Personal Care Services in Consumer Services & Travel ◦ Coal in Energy • Several sub-sectors were removed, including but not limited to: ◦ Religious Organizations ◦ Unsecured CRE Hotel and Retail QoQ highlights 9/30/2020 High-Risk Balances Other Activity(1) 12/31/2020 High-Risk Balances (1) Other activity includes payments, charge-offs, new loans, moves to held for sale and NAICs changes. Sector Deletions

20 Other Changes (Model Uncertainty & Portfolio Risk) $2,425 $(94) $(137) $99 $2,293 Allowance for credit losses waterfall Changes in Economic Outlook Net Charge- Offs 12/31/2020 • 4Q ending allowance was down ~$132M due to stabilization in economic outlook and improved credit performance, charge-offs previously provided for, and the impact of active portfolio management strategies • The benefits of an improving economic outlook were partially offset by increases to qualitative factors QoQ highlights ($ in millions) 9/30/2020

21 Pre-R&S period 4Q2020 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 Real GDP, annualized % change 3.4 % 0.5 % 1.6 % 5.0 % 5.3 % 3.9 % 2.9 % 2.4 % 2.4 % Unemployment rate 6.8 % 6.6 % 6.4 % 6.1 % 5.8 % 5.4 % 5.2 % 5.0 % 4.9 % HPI, year-over-year % change 7.2 % 7.2 % 6.8 % 5.4 % 3.8 % 3.1 % 3.0 % 2.9 % 3.0 % S&P 500 3,579 3,705 3,755 3,803 3,850 3,900 3,944 3,988 4,028 Base R&S economic outlook (as of December 11, 2020) • Economic forecasts represent Regions’ internal outlook for the economy over the reasonable & supportable forecast period. • Given uncertainty in the path of the economic recovery, management developed alternative analytics to support qualitative additions to our modeled results.

22 As of 9/30/20 As of 12/31/20 Balances w/ deferral ($ in millions) Deferral as % of total Balances w/ deferral ($ in millions) Deferral as % of total Mortgage (portfolio only) $924 6% $551 3% Home Equity 49 1% 27 —% Vehicles(1) 11 1% 5 1% Indirect-Other Consumer 25 1% 15 1% Credit Card 6 1% 3 —% Other Consumer 9 1% 4 —% Total Consumer 1,024 3% 605 2% Total Business(2) 468 1% 85 —% Total $1,492 2% $690 1% (1) Indirect vehicles deferral metrics include Dealer Financial Services and Direct auto only. (2) Business loan deferral metrics include Ascentium Capital. Customer Loan Modifications Supporting our customers • 57% of active mortgage deferral balances as of 12/31/20 are due to GNMA repurchases • As of 12/31/20, greater than 95% of loan balances previously on deferral are current or less than 30 days past due • Through December, and excluding mortgage, second deferral requests on consumer products total $25M Highlights

23 As of 12/31/20 As of 9/30/20 (in millions) Loan Balance ACL ACL/Loans Loan Balance ACL ACL/Loans C&I $42,870 $1,027 2.40 % $45,199 $1,119 2.48 % CRE-OO mortgage 5,405 242 4.47 % 5,451 247 4.53 % CRE-OO construction 300 24 7.98 % 305 22 7.16 % Total commercial $48,575 $1,293 2.66 % $50,955 $1,388 2.72 % IRE mortgage 5,394 167 3.10 % 5,598 165 2.94 % IRE construction 1,869 30 1.58 % 1,984 30 1.53 % Total IRE $7,263 $197 2.71 % $7,582 $195 2.57 % Residential first mortgage 16,575 155 0.94 % 16,195 153 0.94 % Home equity lines 4,539 122 2.69 % 4,753 131 2.75 % Home equity loans 2,713 33 1.23 % 2,839 38 1.34 % Indirect-vehicles 934 19 2.04 % 1,120 26 2.38 % Indirect-other consumer 2,431 241 9.92 % 2,663 258 9.70 % Consumer credit card 1,213 161 13.30 % 1,189 162 13.59 % Other consumer 1,023 72 7.01 % 1,063 74 6.95 % Total consumer $29,428 $803 2.73 % $29,822 $842 2.82 % Total $85,266 $2,293 2.69 % $88,359 $2,425 2.74 % Government guaranteed PPP loans 3,624 1 — 4,594 — — Total, excluding PPP loans(1) $81,642 $2,292 2.81 % $83,765 $2,425 2.90 % Allowance Allocation (1) Non-GAAP; see appendix for reconciliation. Note - All PPP loans are included in C&I. Excluding PPP loans from that category would increase the ACL ratio for C&I loans to 2.61%.

24 Commercial & IRE loans As of 12/31/20 ($ in millions) Total Commitments Outstanding Balances % Utilization Administrative, Support, Waste & Repair $2,622 $1,605 61% Agriculture 756 424 56% Educational Services 3,907 3,055 78% Energy - Oil, Gas & Coal 4,013 1,676 42% Financial Services 9,321 4,416 47% Government & Public Sector 3,528 2,907 82% Healthcare 6,609 4,141 63% Information 2,795 1,699 61% Professional, Scientific & Technical Services 4,061 2,467 61% Real Estate 14,741 7,285 49% Religious, Leisure, Personal & Non-Profit Services 2,776 1,966 71% Restaurant, Accommodation & Lodging 2,537 2,196 87% Retail Trade 4,756 2,578 54% Transportation & Warehousing 4,146 2,731 66% Utilities 4,587 1,829 40% Wholesale 6,353 3,050 48% Manufacturing 8,771 4,555 52% Other(1) 264 (5) N/A Total Commercial $86,543 $48,575 56% Land $131 $98 75% Single-Family/Condo 1,564 715 46% Hotel 296 268 91% Industrial 970 841 87% Office 2,154 1,890 88% Retail 779 749 96% Multi-Family 3,224 1,916 59% Other(1) 985 786 80% Total Investor Real Estate $10,103 $7,263 72% •The outstanding balance for Real Estate within the Commercial section reflects $2,218M of Real Estate Services & Construction loans as well as $5,067M of combined CRE-Unsecured which includes REITs: ◦ Hotel REITs total $606M in balances with $824M in commitments ◦ Retail REITs total $1,210M in balances and $2,802M in commitments •Commitments to make commitments are not included •Utilization % presented incorporates all loan structures in the portfolio; utilization on revolving line structures was ~39.9% at 12/31/2020 (1) Contains balances related to non-classifiable and invalid business industry codes offset by payments in process and fee accounts that are not available at the loan level.

25 19% 15% 10% 10% 9% 9% 7% 7% 14% Professional Services 19% Information 15% Healthcare 10% Manufacturing 10% Religious, Leisure, Personal & Non-Profit Services 9% Wholesale 9% Financial Services 7% Restaurant, Accommodation & Lodging 7% Other 14% (Portfolios <7% of total) $5.4B Leveraged Balances by Industry Leveraged portfolio (outstanding balances as of December 31, 2020) (1) As measured against TCE. Moody’s Investor Services – “Regional banks’ leveraged loan exposures are modest but growing” • Not a strategic growth objective; used to support client relationships • Enhanced centralized underwriting, servicing, and credit adjudication • Very limited participation in the highest risk segments of leveraged loans - Covenant Lite & Term Loan B • Approximately 80% of leveraged loans outstanding are also SNCs Important Factors • Regions Leveraged Lending Definition - $5.4B in balances a.Commitments are $9.4M b.Leverage exceeds 3x senior debt; 4x total debt c. Includes investment & non-investment grade loans • Moody’s 2018 Regional Bank Survey Definition(1) - $2.7B in outstanding balances a.Regions’ leveraged lending exposure just below the peer average(1) Leverage Definition

26 11% 8% 7% 7% 7% 6%6% 48% Financial Services 11% Energy 8% Retail 7% Manufacturing 7% Information 7% Wholesale 6% Healthcare 6% Other 48% (Portfolios <6% of total) $18.3B Shared National Credit Balances by Industry SNC portfolio (outstanding balances as of December 31, 2020) • • Diverse industry mix • 34% of balances are investment grade • 24% of balances are leveraged • 26% of balances are sponsor-backed • 10% of SNC balances are criticized Portfolio Characteristics

27 As of 12/31/20 ($ in millions) # of Clients (1) Total Commitments Outstanding Balances % Utilization $ Criticized % Criticized Oilfield services and supply (OFS)(2) 148 $449 $289 64% $66 23% Exploration and production (E&P)(2) 100 1,391 787 57% 346 44% Midstream 25 1,527 485 32% 135 28% Downstream 12 341 48 14% - —% Other(3) 9 295 57 19% 30 53% PPP Loans 112 10 10 100% - —% Total direct 406 $4,013 $1,676 42% $577 34% (1) Represents the number of clients with loan balances outstanding. (2) OFS, E&P, Coal and other specifically identified assets are designated as COVID-19 high-risk portfolios. (3) Other category is primarily related to Bituminous Coal Mining. Energy lending •Oil prices have rebounded from all-time lows seen in April 2020, but oversupply conditions persist; prices unlikely to rise significantly until consumer demand recovers •While lower volumes have translated into lower cash flows during 2H20, midstream has performed well to date with nominal risk rating migration and no charge-offs; multiple midstream clients accessed the capital markets during 4Q20 •Hedge positions are adequate for oil producers and strong for natural gas producers. Average oil hedge position of 54% and 20% of proved developed producing reserves (PDP) for 2021 and 2022, respectively with natural gas hedged at 87% and 54% of PDP for the same periods. Clients are hedging into oil price rallies and we saw increased activity the week of January 4 when oil prices rose above $50/bbl •Energy commitments and outstandings reduced by 15% and 23%, respectively, in 2020 •$136M in total energy charge-offs through 12/31/20 of which $113M are related to pre-2016 originations for borrowers unable to refinance prior to the March 2020 collapse in oil prices •11.3% allocated reserve for COVID-19 high-risk energy loans(2) (ex- PPP); 8.8% allocated reserve for total direct (ex-PPP) •Direct energy loans that are on non-accrual status are 7% of energy loans at 12/31/20 •No leveraged loans within the direct energy related balances; no second lien or subordinate structures •Includes $1.18B in COVID-19 high-risk industry sectors for December 31, 2020.

28 $ (M ill io ns ) 1Q2015 4Q2020 E& P Oil fie ld Se rvi ce s Mi ds tre am Do wn str ea m Ot he r PP P L oa ns $0 $300 $600 $900 $1,200 $1,500 Energy lending (continued) Balances by Category Gross Losses *Other Losses include losses to MLP funds as well as losses related to coal. $ (M ill io ns ) $0.0 $28.5 $36.7 $75.1 $33.0 $6.0 $135.9 E&P Oilfield Services Midstream Downstream Other* 20 14 20 15 20 16 20 17 20 18 20 19 20 20 $0 $20 $40 $60 $80 $100 $120 $140

29 As of 12/31/20 ($ in millions) # of Clients* Total Commitments Outstanding Balances % Utilization $ Criticized % of Outstanding Criticized Quick Service 13,188 $1,374 $1,127 82% $98 9% Casual Dining 30 488 429 88% 389 91% Other 22 148 120 81% 97 81% PPP Loans 2,475 347 347 100% — —% Total Restaurants 15,715 $2,357 $2,023 86% $584 29% Restaurant lending •In Restaurant lending, we are focused on Quick Serve and Fast Casual managed in Commercial Banking. •Our exposure to Casual Dining continues to reduce as reflected in the $63M decline in outstandings in that sector compared to YE 2019. •$705M balances of full-service and other specifically identified assets reflect COVID-19 high-risk loans; 11.5% allocated reserve (ex-PPP); 8.2% allocated reserve to total restaurant balances (ex-PPP) $173M of balances and $180M of commitments relating primarily to Traveler Accommodations have been excluded from the Restaurant totals and are reflected in the Hotel related exposure. *Represents the number of clients with loan balances outstanding. •Charge-offs were $21M in 2019 and are $40M 2020 •19% of Restaurant Outstandings are leveraged

30 As of 12/31/20 ($ in millions) # of Clients* Total Commitments Outstanding Balances % Utilization $ Criticized % of Outstanding Criticized CRE-Unsecured (REITs) 11 $824 $606 74% $602 99% IRE – Mortgage 15 216 202 94% 187 93% IRE – Construction 3 80 66 83% 66 100% Consumer Services 3,594 147 140 95% 7 5% PPP Loans 313 33 33 100% — —% Total Hotel related 3,936 $1,300 $1,047 81% $862 82% Hotel lending •CRE – Unsecured outstanding balance is comprised of 11 REIT customers •55% of total hotel related loans are SNCs •The REIT portfolio benefits from low leverage, strong liquidity, and diversity of property holdings. Companies have also taken proactive steps to reduce CAPEX, cut dividends, and reduce overhead to preserve cash. •Includes $0.29B in COVID-19 high-risk industry sectors for December 31, 2020. *Represents the number of clients with loan balances outstanding Consumer services represents amounts relating primarily to Traveler Accommodations that have been excluded from the Restaurant totals and are reflected in the Hotel related exposure

31 Commercial retail lending  As of 12/31/20 ($ in millions) # of Clients* Total Commitments Outstanding Balances % Utilization $ Criticized % Criticized CRE-Unsecured (REITs) 26 $2,802 $1,210 43% $0 —% IRE 146 779 749 96% 194 26% C&I: 22,780 2,577 1,254 49% 25 2% Leveraged 13 269 155 58% — —% Not Leveraged 22,767 2,308 1,099 48% 25 2% CRE-OO 862 804 760 95% 25 3% ABL 21 1,111 300 27% 110 37% PPP Loans 4,385 264 264 100% — —% Total Retail (1) 28,220 $8,337 $4,537 54% $354 8% • C&I retail portfolio is also widely distributed; largest categories include: ◦ Motor vehicle & parts dealers ~$360M outstanding to ~1,500 clients ◦ Gasoline stations ~$270M to ~1,600 clients ◦ Building materials, garden equipment & supplies ~$100M outstanding to ~750 clients ◦ Non-store retailers ~$80M outstanding to ~400 clients • CRE-OO portfolio consists primarily of small strip malls and convenience stores and is largely term loans where a higher utilization rate is expected • Includes $1.30B in COVID-19 high-risk industry sectors for December 31, 2020. Securities portfolio includes ~$485 million (net of defeased loans) of post-financial crisis issued AAA rated CMBS with exposure to retail within the diversified collateral pool; protected with 52% credit enhancement (defease adjusted), and losses expected to be de minimis in severely adverse scenario; portfolio also includes ~$83 million in retail related high quality, investment grade corporate bonds (1) Does not include $1 million of retail related held for sale and operating leases. *Represents the number of clients with loan balances outstanding. • Approximately $319M of outstanding balances across the REIT and IRE portfolios relate to shopping malls and outlet centers, comprised of ~$198M Class A and ~$121M Class B/C. • Portfolio exposure to REITs specializing in enclosed malls consists of a small number of credits. ◦ 30% of balances are Investment Grade with low leverage • IRE portfolio is widely distributed; largest tenants typically include ‘basic needs’ anchors. At the outset of the pandemic in 2Q, almost all of IRE Retail downgraded to Criticized due to low rent collections and concern over tenant viability over the longer term. With reopening of many parts of the retail economy, rent collections have surprised to the upside, and 74% of the Retail IRE portfolio is now rated Pass. • ABL portfolio is collateralized primarily by inventory and accounts receivable

32 Religious, Leisure, Personal & Non- Profit Services lending 53 As of 12/31/20 ($ in millions) # of Clients* Total Commitments Outstanding Balances % Utilization $ Criticized % Criticized Amusement, Gambling & Recreation 1,262 $565 $382 68% $35 9% Religious Organizations 4,605 435 291 67% 15 5% Death Care Services 259 274 170 62% 0 —% Arts, Entertainment & Recreation 875 263 170 65% 27 16% Business, Professional, Labor, Political & Similar Organizations 574 190 146 77% 1 1% Community Housing Services 920 173 140 81% 16 11% Social Assistance 725 135 65 48% 5 8% Civic & Social Organizations 353 106 79 75% 4 5% Other 5,046 382 270 71% 18 7% PPP Loans 6,142 253 253 100% 0 —% Total Religious, Leisure, Personal, & Nonprofit 20,761 $2,776 $1,966 71% $121 6% •24% of balances are leveraged •24% of balances are SNCs •9% of balances are investment grade •Includes $0.64B in COVID-19 high-risk industry sectors for December 31, 2020. *Represents the number of clients with loan balances outstanding

33 As of 12/31/20 ($ in millions) # of Clients* Total Commitments Outstanding Balances % Utilization $ Criticized % Criticized Facilities 2,455 $2,185 $1,244 57% $6 —% Patient Based Providers 8,687 1,813 1,326 73% 62 5% Goods & Services 1,297 2,065 1,025 50% 22 2% REITs — 3 0 —% 0 —% IRE 96 852 668 78% 33 5% PPP 4,763 546 546 100% 0 —% Total Healthcare 17,298 $7,464 $4,809 64% $123 3% Healthcare lending •11% of balances are leveraged •22% of balances are SNCs •21% of balances are investment grade •Includes $0.97B in COVID-19 high-risk industry sectors for December 31, 2020. *Represents the number of clients with loan balances outstanding

34 14% 13% 10% 9% 9% 8% 8% 8% 21% Healthcare 14% Real Estate 13% Transportation & Warehousing 10% Professional, Scientific & Technical Services 9% Retail Trade 9% Restaurant, Accommodation & Lodging 8% Administrative, Support, Waste & Repair 8% Manufacturing 8% Other 21% (Portfolios <8% of total) 29% 10% 10%7% 7% 37% Florida 29% Alabama 10% Tennessee 10% Georgia 7% Texas 7% Other 37% (States <6% of total) Balances by Industry Loans to Small Business and Small Farms (outstanding balances as of December 31, 2020) Loans to Small Business and Small Farms are defined consistent with the RC-C, Part II Call Report Instructions Does not include $241M of HFS • Loans to Small Businesses are loans with original amounts of $1 million or less while Loans to Small Farms are loans with original amounts of $500 thousand or less • Includes $2.2B of the $4.4B SBA loans (including PPP) Portfolio Characteristics $7.4B Balances by State $7.4B

35 • 82% are PPP Loans, 12% are 7(a) Program Loans; 6% are 504 Program Loans • $2.2B fall into the Loans to Small Business and Small Farms • 95% are wholly or partially guaranteed by the US Government 14% 13% 12% 11%10% 8% 8% 24% Healthcare 14% Manufacturing 13% Real Estate 12% Restaurant, Accommodation & Lodging 11% Professional, Scientific 10% Retail Trade 8% Religious, Leisure 8% Other 24% (Portfolios <8% of total) $4.4B Balances by Industry SBA loans (outstanding balances as of December 31, 2020) The 7(a) Program loans can be used to buy a business or obtain working capital. The 504 Program loans provide commercial real estate financing for owner-occupied properties. Loans to Small Business and Small Farms are defined consistent with the RC-C, Part II Call Report Instructions Does not include $0.1M of HFS Portfolio Characteristics 29% 14% 11% 10% 10% 26% Florida 29% Alabama 14% Tennessee 11% Georgia 10% Texas 10% Other 26% (States <9% of total) $4.4B Balances by State

36 Consumer lending portfolio statistics Residential Mortgage • Avg. origination FICO 749 • Current LTV 60% • 97% owner occupied Home Equity • Avg. origination FICO 754 • Current LTV 43% • Only $68.8M of resets through 2021 • 69% of portfolio is 1st lien • Avg. loan size $38,139 Other Consumer Unsecured • Avg. origination FICO 737 • Avg. new loan $8,650 Consumer Third Party Lending • Avg. origination FICO 754 • Avg. new line $25,253 • 49% home improvement loans • 4Q20 Yield 7.74% • 4Q20 QTD NCO 2.95% Consumer Credit Card • Avg. origination FICO 769 • Avg. new line $4,832 • 4Q20 Yield 12.40%% • 4Q20 QTD NCO 3.02% 4% 5% 4% 6% 11% 7% 9% 17% 11% 78% 63% 75% 3% 4% 3% Cons R/E secured Cons non-R/E secured Total consumer Not Available Above 720 620-680 Below 620 681-720 Consumer FICO Scores(1) (1) Refreshed FICO scores as of 12/31/2020.

37 • Regions is continuing to make progress toward all LIBOR Transition goals and objectives under the assumption of a LIBOR cessation date at year- end 2021 and is operationally ready to offer SOFR based bilateral commercial loans and ARMs. • Regions is closely monitoring developments and announcements by the Official Sector on the formal cessation of LIBOR and may reevaluate plans accordingly. Cross functional team • Corporate Banking Group • Consumer Banking Group • Private Wealth Mgt. • Capital Markets • Ops & Tech • Finance • Risk Topics • Loan origination process • System updates • Derivative systems • Business deposits • New swap arrangements LIBOR transition Four pillars of execution How do we adjust existing platforms and prepare to offer a new rate(s)? Core Products & Integration Cross functional team • Strategic Planning • Treasury • Accounting • Finance • Capital Markets • Corporate Banking Group • Consumer Banking Group • Ops & Tech • Risk Topics • Financial forecasting • Loan pricing • Financial objectives • Corporate hedging Cross functional team • Corporate Banking Group • Consumer Banking Group • Private Wealth Mgt. • Capital Markets • Risk Testing Organization • Legal • Ops & Tech Topics • Tech solutions to search & catalog LIBOR Contracts • Regions360 approach (clients w/ multiple products) • Update fallback language Cross functional team • Corporate Banking Group • Consumer Banking Group • Private Wealth Mgt. • Capital Markets • Marketing • Investor Relations • Learning & Development • Legal • Corporate Communications Topics • Client education • Associate training • External communication • Disclosures Financial Strategy & Forecasting How will we treat existing contracts and incorporate industry fallback language? When and how do we communicate effectively to all stakeholders? Contracts Communications How do we forecast for the transition and measure its impact over time?

38 Management uses pre-tax pre-provision income (non-GAAP) and adjusted pre-tax pre-provision income (non-GAAP), as well as the adjusted efficiency ratio (non-GAAP) and the adjusted fee income ratio (non-GAAP) to monitor performance and believes these measures provide meaningful information to investors. Non-interest expense (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the efficiency ratio. Non-interest income (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest income (non-GAAP), which is the numerator for the fee income ratio. Adjusted non-interest income (non-GAAP) and adjusted non-interest expense (non- GAAP) are used to determine adjusted pre-tax pre-provision income (non-GAAP). Net interest income (GAAP) on a taxable-equivalent basis and non-interest income are added together to arrive at total revenue on a taxable-equivalent basis. Adjustments are made to arrive at adjusted total revenue on a taxable-equivalent basis (non-GAAP), which is the denominator for the fee income and efficiency ratios. Regions believes that the exclusion of these adjustments provides a meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of Regions’ business. It is possible that the activities related to the adjustments may recur; however, management does not consider the activities related to the adjustments to be indications of ongoing operations. Regions believes that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as that applied by management. The allowance for credit losses (ACL) as a percentage of total loans is an important ratio, especially during periods of economic stress. Management believes this ratio provides investors with meaningful additional information about credit loss allowance levels when the impact of SBA's Paycheck Protection Program loans, which are fully backed by the U.S. government, and any related allowance are excluded from total loans and total allowance which are the denominator and numerator, respectively, used in the ACL ratio. This adjusted ACL ratio represents a non-GAAP financial measure. Tangible common stockholders’ equity ratios have become a focus of some investors and management believes they may assist investors in analyzing the capital position of the Company absent the effects of intangible assets and preferred stock. Analysts and banking regulators have assessed Regions’ capital adequacy using the tangible common stockholders’ equity measure. Because tangible common stockholders’ equity is not formally defined by GAAP or prescribed in any amount by federal banking regulations it is currently considered to be a non- GAAP financial measure and other entities may calculate it differently than Regions’ disclosed calculations. Since analysts and banking regulators may assess Regions’ capital adequacy using tangible common stockholders’ equity, management believes that it is useful to provide investors the ability to assess Regions’ capital adequacy on this same basis. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to stockholders. Management and the Board of Directors utilize non-GAAP measures as follows: • Preparation of Regions' operating budgets • Monthly financial performance reporting • Monthly close-out reporting of consolidated results (management only) • Presentation to investors of company performance Non-GAAP information

39 Non-GAAP reconciliation: adjusted average loans Average Balances ($ amounts in millions) 4Q20 3Q20 2Q20 1Q20 4Q19 4Q20 vs. 3Q20 4Q20 vs. 4Q19 Commercial and industrial $ 43,889 $ 46,405 $ 49,296 $ 40,519 $ 39,743 $ (2,516) (5.4) % $ 4,146 10.4 % Less: Commercial loans transferred to held for sale 237 239 239 — — (2) (0.8) % 237 NM Less: SBA PPP Loans 4,143 4,558 3,213 — — (415) (9.1) % 4,143 NM Adjusted commercial and industrial loans (non-GAAP) $ 39,509 $ 41,608 $ 45,844 $ 40,519 $ 39,743 $ (2,099) (5.0) % $ (234) (0.6) % Total commercial loans $ 49,597 $ 52,221 $ 55,100 $ 46,351 $ 45,589 $ (2,624) (5.0) % $ 4,008 8.8 % Less: Commercial loans transferred to held for sale 237 239 239 — — (2) (0.8) % 237 NM Less: SBA PPP Loans 4,143 4,558 3,213 — — (415) (9.1) % 4,143 NM Adjusted total commercial loans (non-GAAP) $ 45,217 $ 47,424 $ 51,648 $ 46,351 $ 45,589 $ (2,207) (4.7) % $ (372) (0.8) % Total business loans $ 57,045 $ 59,519 $ 62,119 $ 52,999 $ 51,974 $ (2,474) (4.2) % $ 5,071 9.8 % Less: Commercial loans transferred to held for sale 237 239 239 — — (2) (0.8) % 237 NM Less: SBA PPP Loans 4,143 4,558 3,213 — — (415) (9.1) % 4,143 NM Adjusted total business loans (non-GAAP) $ 52,665 $ 54,722 $ 58,667 $ 52,999 $ 51,974 $ (2,057) (3.8) % $ 691 1.3 % Total consumer loans $ 29,619 $ 29,851 $ 29,845 $ 30,250 $ 30,418 $ (232) (0.8) % $ (799) (2.6) % Less: Indirect-other consumer exit portfolio 1,164 1,318 1,493 1,696 1,841 (154) (11.7) % (677) (36.8) % Less: Indirect—vehicles 1,023 1,223 1,441 1,679 1,948 (200) (16.4) % (925) (47.5) % Adjusted total consumer loans (non-GAAP) $ 27,432 $ 27,310 $ 26,911 $ 26,875 $ 26,629 $ 122 0.4 % $ 803 3.0 % Total loans $ 86,664 $ 89,370 $ 91,964 $ 83,249 $ 82,392 $ (2,706) (3.0) % $ 4,272 5.2 % Less: Commercial loans transferred to held for sale 237 239 239 — — (2) (0.8) % 237 NM Less: SBA PPP Loans 4,143 4,558 3,213 — — (415) (9.1) % 4,143 NM Less: Indirect-other consumer exit portfolio 1,164 1,318 1,493 1,696 1,841 (154) (11.7) % (677) (36.8) % Less: Indirect—vehicles 1,023 1,223 1,441 1,679 1,948 (200) (16.4) % (925) (47.5) % Adjusted total loans (non-GAAP) $ 80,097 $ 82,032 $ 85,578 $ 79,874 $ 78,603 $ (1,935) (2.4) % $ 1,494 1.9 %

40 Non-GAAP reconciliation: adjusted ending loans As of 12/31/2020 12/31/2020 ($ amounts in millions) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 vs. 9/30/2020 vs. 12/31/2019 Commercial and industrial $ 42,870 $ 45,199 $ 47,670 $ 45,388 $ 39,971 $ (2,329) (5.2) % $ 2,899 7.3 % Less: Commercial loans transferred to held for sale(1) — 239 239 — — (239) (100.0) % — NM Less: SBA PPP Loans 3,624 4,594 4,498 — — (970) (21.1) % 3,624 NM Adjusted commercial and industrial loans (non-GAAP) $ 39,246 $ 40,366 $ 42,933 $ 45,388 $ 39,971 $ (1,120) (2.8) % $ (725) (1.8) % Total commercial loans $ 48,575 $ 50,955 $ 53,475 $ 51,247 $ 45,839 $ (2,380) (4.7) % $ 2,736 6.0 % Less: Commercial loans transferred to held for sale(1) — 239 239 — — (239) (100.0) % — NM Less: SBA PPP Loans 3,624 4,594 4,498 — — (970) (21.1) % 3,624 NM Adjusted total commercial loans (non-GAAP) $ 44,951 $ 46,122 $ 48,738 $ 51,247 $ 45,839 $ (1,171) (2.5) % $ (888) (1.9) % Total business loans $ 55,838 $ 58,537 $ 60,604 $ 58,110 $ 52,396 $ (2,699) (4.6) % $ 3,442 6.6 % Less: Commercial loans transferred to held for sale(1) — 239 239 — — (239) (100.0) % — NM Less: SBA PPP Loans 3,624 4,594 4,498 — — (970) (21.1) % 3,624 NM Adjusted total business loans (non-GAAP) $ 52,214 $ 53,704 $ 55,867 $ 58,110 $ 52,396 $ (1,490) (2.8) % $ (182) (0.3) % Total consumer loans $ 29,428 $ 29,822 $ 29,944 $ 29,988 $ 30,567 $ (394) (1.3) % $ (1,139) (3.7) % Less: Indirect-other consumer exit portfolio (2) 1,101 1,240 1,406 1,591 1,799 (139) (11.2) % (698) (38.8) % Less: Indirect—vehicles 934 1,120 1,331 1,557 1,812 (186) (16.6) % (878) (48.5) % Adjusted total consumer loans (non-GAAP) $ 27,393 $ 27,462 $ 27,207 $ 26,840 $ 26,956 $ (69) (0.3) % $ 437 1.6 % Total loans $ 85,266 $ 88,359 $ 90,548 $ 88,098 $ 82,963 $ (3,093) (3.5) % $ 2,303 2.8 % Less: Commercial loans transferred to held for sale(1) — 239 239 — — (239) (100.0) % — NM Less: SBA PPP Loans 3,624 4,594 4,498 — — (970) (21.1) % 3,624 NM Less: Indirect-other consumer exit portfolio (2) 1,101 1,240 1,406 1,591 1,799 (139) (11.2) % (698) (38.8) % Less: Indirect—vehicles 934 1,120 1,331 1,557 1,812 (186) (16.6) % (878) (48.5) % Adjusted ending total loans (non-GAAP) $ 79,607 $ 81,166 $ 83,074 $ 84,950 $ 79,352 $ (1,559) (1.9) % $ 255 0.3 %

41 Non-GAAP reconciliation: NII, non-interest income/expense, operating leverage and efficiency ratio NM - Not Meaningful Quarter Ended ($ amounts in millions) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 4Q20 vs. 3Q20 4Q20 vs. 4Q19 Non-interest expense (GAAP) A $ 987 $ 896 $ 924 $ 836 $ 897 $ 91 10.2 % $ 90 10.0 % Adjustments: Contribution to the Regions Financial Corporation foundation (10) — — — — (10) NM (10) NM Branch consolidation, property and equipment charges (7) (3) (10) (11) (12) (4) (133.3) % 5 41.7 % Salary and employee benefits—severance charges (26) (2) (2) (1) — (24) NM (26) NM Loss on early extinguishment of debt (14) (2) (6) — (16) (12) NM 2 12.5 % Professional, legal and regulatory expenses — — (7) — — — NM — NM Acquisition expenses — — (1) — — — NM — NM Adjusted non-interest expense (non-GAAP) B $ 930 $ 889 $ 898 $ 824 $ 869 $ 41 4.6 % $ 61 7.0 % Net interest income (GAAP) C $ 1,006 $ 988 $ 972 $ 928 $ 918 $ 18 1.8 % 88 9.6 % Taxable-equivalent adjustment 11 12 13 12 13 (1) (8.3) % (2) (15.4) % Net interest income, taxable-equivalent basis D $ 1,017 $ 1,000 $ 985 $ 940 $ 931 $ 17 1.7 % $ 86 9.2 % Non-interest income (GAAP) E 680 655 573 485 562 25 3.8 % 118 21.0 % Adjustments: Securities (gains) losses, net — (3) (1) — 2 3 100.0 % (2) (100.0) % Valuation gain on equity investment (6) (44) — — — 38 86.4 % (6) NM Leveraged lease termination gains — — — (2) — — NM — NM Bank owned life insurance (25) — — — — (25) NM (25) NM Adjusted non-interest income (non-GAAP) F $ 649 $ 608 $ 572 $ 483 $ 564 41 6.74 % 85 15.1 % Total revenue C+E=G $ 1,686 $ 1,643 $ 1,545 $ 1,413 $ 1,480 $ 43 2.6 % $ 206 13.9 % Adjusted total revenue (non-GAAP) C+F=H $ 1,655 $ 1,596 $ 1,544 $ 1,411 $ 1,482 $ 59 3.7 % $ 173 11.7 % Total revenue, taxable-equivalent basis D+E=I $ 1,697 $ 1,655 $ 1,558 $ 1,425 $ 1,493 $ 42 2.5 % $ 204 13.7 % Adjusted total revenue, taxable-equivalent basis (non-GAAP) D+F=J $ 1,666 $ 1,608 $ 1,557 $ 1,423 $ 1,495 $ 58 3.6 % $ 171 11.4 % Efficiency ratio (GAAP) A/I 58.1 % 54.1 % 59.4 % 58.6 % 60.1 % Adjusted efficiency ratio (non-GAAP) B/J 55.8 % 55.3 % 57.7 % 57.9 % 58.1 % Fee income ratio (GAAP) E/I 40.1 % 39.6 % 36.8 % 34.0 % 37.6 % Adjusted fee income ratio (non-GAAP) F/J 38.9 % 37.8 % 36.8 % 34.0 % 37.7 %

42 Non-GAAP reconciliation: NII, non-interest income/expense, operating leverage and efficiency ratio NM - Not Meaningful Year Ended ($ amounts in millions) 2020 2019 2020 vs. 2019 Non-interest expense (GAAP) K $ 3,643 $ 3,489 154 4.4 % Adjustments: Contribution to the Regions Financial Corporation foundation (10) — (10) NM Branch consolidation, property and equipment charges (31) (25) (6) (24.0) % Salary and employee benefits—severance charges (31) (5) (26) NM Loss on early extinguishment of debt (22) (16) (6) 37.5 % Professional, legal and regulatory expenses (7) — (7) NM Acquisition expenses (1) — (1) NM Adjusted non-interest expense (non-GAAP) L $ 3,541 $ 3,443 $ 98 2.8 % Net interest income (GAAP) M $ 3,894 $ 3,745 149 4.0 % Taxable-equivalent adjustment 48 53 (5) (9.4) % Net interest income, taxable-equivalent basis N $ 3,942 $ 3,798 $ 144 3.8 % Non-interest income (GAAP) O $ 2,393 $ 2,116 277 13.1 % Adjustments: Securities (gains) losses, net (4) 28 (32) (114.3) % Valuation gain on equity investment (50) — (50) NM Leveraged lease termination gains (2) (1) (1) (100.0) % Bank owned life insurance (25) — (25) NM Gain on sale of affordable housing residential mortgage loans — (8) 8 100.0 % Adjusted non-interest income (non-GAAP) P $ 2,312 $ 2,135 $ 177 8.3 % Total revenue M+O=Q $ 6,287 $ 5,861 $ 426 7.3 % Adjusted total revenue (non-GAAP) M+P=R $ 6,206 $ 5,880 $ 326 5.5 % Total revenue, taxable-equivalent basis N+O=S $ 6,335 $ 5,914 $ 421 7.1 % Adjusted total revenue, taxable-equivalent basis (non-GAAP) N+P=T $ 6,254 $ 5,933 $ 321 5.4 % Operating leverage ratio (GAAP) S-K 2.7 % Adjusted operating leverage ratio (non-GAAP) T-L 2.6 % Efficiency ratio (GAAP) K/S 57.5 % 59.0 % Adjusted efficiency ratio (non-GAAP) L/T 56.6 % 58.0 % Fee income ratio (GAAP) O/S 37.8 % 35.8 % Adjusted fee income ratio (non-GAAP) P/T 37.0 % 36.0 %

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

44 Non-GAAP reconciliation: ACL/Loans excluding PPP As of ($ amounts in millions) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Total Loans $ 85,266 $ 88,359 $ 90,548 $ 88,098 $ 82,963 Less: SBA PPP Loans 3,624 4,594 4,498 — — Loans excluding PPP, net (non- GAAP) $ 81,642 $ 83,765 $ 86,050 $ 88,098 $ 82,963 ACL at period end $ 2,293 $ 2,425 $ 2,425 $ 1,665 $ 914 Less: SBA PPP Loans ACL $ 1 $ — $ — $ — $ — ACL excluding PPP Loans ACL $ 2,292 $ 2,425 $ 2,425 $ 1,665 $ 914 ACL/Loans excluding PPP, net (non-GAAP) 2.81 % 2.90 % 2.82 % 1.89 % 1.10 %

45 Non-GAAP reconciliation: Pre-tax pre-provision income (PPI) Quarter Ended ($ amounts in millions) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 4Q20 vs. 3Q20 4Q20 vs. 4Q19 Net income (loss) available to common shareholders (GAAP) $ 588 $ 501 $ (237) $ 139 $ 366 $ 87 17.4 % $ 222 60.7 % Preferred dividends (GAAP) 28 29 23 23 23 (1) (3.4) % 5 21.7 % Income tax expense (benefit) (GAAP) 121 104 (47) 42 98 17 16.3 % 23 23.5 % Income (loss) before income taxes (GAAP) 737 634 (261) 204 487 103 16.2 % 250 51.3 % Provision (credit) for credit losses (GAAP) (38) 113 882 373 96 (151) (133.6) % (134) (139.6) % Pre-tax pre-provision income (non-GAAP) 699 747 621 577 583 (48) (6.4) % 116 19.9 % Other adjustments: Securities (gains) losses, net — (3) (1) — 2 3 100.0 % (2) (100.0) % Valuation gain on equity investment (6) (44) — — — 38 86.4 % (6) NM Leveraged lease termination gains — — — (2) — — NM — NM Bank-owned life insurance (25) — — — — (25) NM (25) NM Salaries and employee benefits—severance charges 26 2 2 1 — 24 NM 26 NM Branch consolidation, property and equipment charges 7 3 10 11 12 4 133.3 % (5) (41.7) % Contribution to the Regions Financial Corporation foundation 10 — — — — 10 NM 10 NM Loss on early extinguishment of debt 14 2 6 — 16 12 NM (2) (12.5) % Professional, legal and regulatory expenses — — 7 — — — NM — NM Acquisition expenses — — 1 — — — NM — NM Total other adjustments 26 (40) 25 10 30 66 (165.0) % (4) (13.3) % Adjusted pre-tax pre-provision income (non-GAAP) $ 725 $ 707 $ 646 $ 587 $ 613 $ 18 2.5 % $ 112 18.3 % NM - Not Meaningful

46 Non-GAAP reconciliation: Pre-tax pre-provision income (PPI) NM - Not Meaningful Year Ended ($ amounts in millions) 12/31/2020 12/31/2019 2020 vs. 2019 Net income available to common shareholders (GAAP) $ 991 $ 1,503 $ (512) (34.1) % Preferred dividends (GAAP) 103 79 24 30.4 % Income tax expense (GAAP) 220 403 (183) (45.4) % Income before income taxes (GAAP) 1,314 1,985 (671) (33.8) % Provision for credit losses (GAAP) 1,330 387 943 243.7 % Pre-tax pre-provision income (non-GAAP) 2,644 2,372 272 11.5 % Other adjustments: Gain on sale of affordable housing residential mortgage loans — (8) 8 100.0 % Securities (gains) losses, net (4) 28 (32) (114.3) % Valuation gain on equity investment (50) — (50) NM Leveraged lease termination gains, net (2) (1) (1) (100.0) % Bank-owned life insurance (25) — (25) NM Salaries and employee benefits—severance charges 31 5 26 NM Branch consolidation, property and equipment charges 31 25 6 24.0 % Contribution to the Regions Financial Corporation foundation 10 — 10 NM Loss on early extinguishment of debt 22 16 6 37.5 Professional, legal and regulatory expenses 7 — 7 NM Ascentium expenses 1 — 1 NM Total other adjustments 21 65 (44) (67.7) Adjusted pre-tax pre-provision income (non-GAAP) 2,665 2,437 228 9.4

47 Forward-Looking Statements This presentation may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below: • Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in unemployment rates, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions. • Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, which could have a material adverse effect on our earnings. • Possible changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital and liquidity. • The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses and financial results and conditions.The duration and severity of the ongoing COVID-19 pandemic, which has disrupted the global economy, has and could continue to adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses. The pandemic could also cause an outflow of deposits, result in goodwill impairment charges and the impairment of other financial and nonfinancial assets, and increase our cost of capital. • Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in law, adverse changes in the economic environment, declining operations of the reporting unit or other factors. • The effect of changes in tax laws, including the effect of any future interpretations of or amendments to Tax Reform, 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, loan loss provisions or actual loan losses where our allowance for loan 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, 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 could result in losing business to competitors. Forward-looking statements

48 • 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, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. ◦ Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock or other regulatory capital instruments, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements 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 business. ◦ Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and non-financial benefits relating to our strategic initiatives. ◦ The risks and uncertainties related to our acquisition or divestiture of 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 business 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 business 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 and terrorist attacks and the potential impact, directly or indirectly, on our businesses. ◦ The effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes, and environmental damage (specifically in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and impact of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change. Forward-looking statements (continued)

49 • 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, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our business and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage to our systems, increased costs, losses, or adverse effects to our reputation. ◦ Our ability to achieve our expense management initiatives. ◦ Market replacement of LIBOR and the related effect on our LIBOR-based financial products and contracts, including, but not limited to, derivative products, debt obligations, deposits, investments, and loans. ◦ Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets. ◦ The effects of a possible downgrade in the U.S. government’s sovereign credit rating or outlook, which could result in risks to us and general economic conditions that we are not able to predict. ◦ The effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. ◦ The effects of the failure of any component of our business infrastructure provided by a third party could disrupt our businesses, result in the disclosure of and/or misuse of confidential information or proprietary information, increase our costs, negatively affect our reputation, and cause losses. ◦ Our ability to receive dividends from our subsidiaries could affect our liquidity and ability to pay dividends to shareholders. ◦ Changes in accounting policies or procedures as may be required by the FASB or other regulatory agencies could materially affect our financial statements and how we report those results, and expectations and preliminary analyses relating to how such changes will affect our financial results could prove incorrect. ◦ Other risks identified from time to time in reports that we file with the SEC. ◦ Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated. ◦ The effects of any damage to our reputation resulting from developments related to any of the items identified above. The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” of Regions’ Annual Report on Form 10-K for the year ended December 31, 2019 and the "Risk Factors" of Regions' Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 as filed with the SEC. Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic (including any second wave or resurgences), actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. The words "future," “anticipates,” "assumes," “intends,” “plans,” “seeks,” “believes,” "predicts," "potential," "objectives," “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” "would," “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law. Regions’ Investor Relations contact is Dana Nolan at (205) 264-7040; Regions’ Media contact is Jeremy King at (205) 264-4551. Forward-looking statements (continued)

50 ®

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Document and Entity Information	Jan. 22, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 22, 2021
Entity Registrant Name	REGIONS FINANCIAL CORPORATION
Entity Central Index Key	0001281761
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-34034
Entity Tax Identification Number	63-0589368
Entity Address, Address Line One	1900 Fifth Avenue North
Entity Address, City or Town	Birmingham
Entity Address, State or Province	AL
Entity Address, Postal Zip Code	35203
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Written Communications	false
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Security Exchange Name	NYSE
Series A Preferred Stock
Entity Information [Line Items]
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Security Exchange Name	NYSE
Series B Preferred Stock
Entity Information [Line Items]
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Series C Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	5.700% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C
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Security Exchange Name	NYSE