8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  FORM 8-K

 CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 20, 2023

 REGIONS FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

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

1900 Fifth Avenue North

Birmingham, Alabama 35203

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

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

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

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	RF	New York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
6.375% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B	RF PRB	New York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
5.700% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C	RF PRC	New York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
4.45% Non-Cumulative Perpetual Preferred Stock, Series E	RF PRE	New York Stock Exchange

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. ¨

Item 2.02    Results of Operations and Financial Condition.

Item 7.01    Regulation FD Disclosure.

On October 20, 2023, Regions Financial Corporation (“Regions”) issued a press release announcing its preliminary results of operations for the quarter ended September 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1. Supplemental financial information for the quarter ended September 30, 2023 is attached as Exhibit 99.2. Executives from Regions will review the results via a live audio webcast at 10:00 a.m. Eastern time on October 20, 2023. 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, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in any such filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description of Exhibit
99.1	Press Release dated October 20, 2023.
99.2	Supplemental Financial Information for the Quarter Ended September 30, 2023.
99.3	Visual Presentation of October 20, 2023.
104	Cover Page Interactive Data (embedded within the Inline XBRL document).

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/ Karin K. Allen
Name:	Karin K. Allen
Title:	Executive Vice President and Assistant Controller (Chief Accounting Officer and Authorized Officer)

Date: October 20, 2023

EX-99.1

Exhibit 99.1

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

Strong balance sheet. Consistent, sustainable performance. Regions reports third quarter 2023 earnings of $465 million, earnings per diluted share of $0.49

BIRMINGHAM, Ala. - (BUSINESS WIRE) - Oct. 20, 2023 - Regions Financial Corp. (NYSE:RF) today reported earnings for the third quarter ended Sept. 30, 2023. The company reported third quarter net income available to common shareholders of $465 million and earnings per diluted share of $0.49. Compared to the third quarter of 2022, net income available to common shareholders increased 15 percent while total revenue remained relatively stable at $1.9 billion on both a reported and adjusted basis(1).

“We are pleased with our third quarter core performance," said John Turner, President and CEO of Regions Financial Corp. “Our results reflect the strength and diversity of our balance sheet, robust liquidity position, and prudent risk management. Our protective hedging strategies position us for success in any rate environment and support our commitment to generating consistent, sustainable long-term performance. While the industry continues to face economic and regulatory uncertainty, we are confident in our ability to adapt to the changing landscape while continuing to deliver top-quartile returns through the cycle. Our confidence comes from having a strategic plan to drive soundness, profitability and growth and a talented team focused on executing it."

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SUMMARY OF THIRD QUARTER 2023 RESULTS:

	Quarter Ended
(amounts in millions, except per share data)	9/30/2023		6/30/2023		9/30/2022
Net income	$	490	$	581	$	429
Preferred dividends and other	25		25		25
Net income available to common shareholders	$	465	$	556	$	404
Weighted-average diluted shares outstanding	940		939		940
Actual shares outstanding—end of period	939		939		934
Diluted earnings per common share	$	0.49	$	0.59	$	0.43
Selected items impacting earnings:
Pre-tax adjusted items(1):
Adjustments to non-interest expense(1)	$	(4)	$	(1)	$	(182)
Adjustments to non-interest income(1)	(1)		—		(1)
Net provision benefit from sale of unsecured consumer loans***	—		—		31
Total pre-tax adjusted items(1)	$	(5)	$	(1)	$	(152)
Diluted EPS impact*	$	—	$	—	$	(0.13)
Pre-tax additional selected items**:
Provision in excess of net charge-offs****	$	(44)	$	(37)	$	(36)
Incremental provision for hurricane-related allowance for loan losses	—		—		(20)
Capital markets income (loss) - CVA/DVA	(3)		(9)		21
Residential MSR net hedge performance	4		(4)		2
Pension settlement charges	(7)		—		—
Incremental operational losses related to fraud	(53)		(82)		—

*     Based on income taxes at an approximate 25% incremental rate.

**     Items impacting results or trends during the period, but are not considered non-GAAP adjustments.

***     The net provision benefit of $31 million in third quarter of 2022 includes a $94 million reserve release offset by a $63 million fair value mark recorded through charge-offs. While reflected as a pre-tax adjusted item, the net provision benefit is not included in a non-GAAP reconciliation as it is not a non-GAAP metric and was not used in the determination of any non-GAAP metrics.

**** The third quarter of 2022 provision in excess of net charge-offs excludes the $31 million net provision benefit from the sale of unsecured consumer loans and the $20 million provision for hurricane-related allowance for loan losses.

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.

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Total revenue

	Quarter Ended
($ amounts in millions)	9/30/2023			6/30/2023			9/30/2022			3Q23 vs. 2Q23				3Q23 vs. 3Q22
Net interest income	$	1,291		$	1,381		$	1,262		$	(90)	(6.5)	%	$	29	2.3	%
Taxable equivalent adjustment	13			12			12			1		8.3	%	1		8.3	%
Net interest income, taxable equivalent basis	$	1,304		$	1,393		$	1,274		$	(89)	(6.4)	%	$	30	2.4	%
Net interest margin (FTE)	3.73		%	4.04		%	3.53		%
Non-interest income:
Service charges on deposit accounts	$	142		$	152		$	156		(10)		(6.6)	%	(14)		(9.0)	%
Card and ATM fees	126			130			126			(4)		(3.1)	%	—		—	%
Wealth management income	112			110			108			2		1.8	%	4		3.7	%
Capital markets income	64			68			93			(4)		(5.9)	%	(29)		(31.2)	%
Mortgage income	28			26			37			2		7.7	%	(9)		(24.3)	%
Commercial credit fee income	24			28			26			(4)		(14.3)	%	(2)		(7.7)	%
Bank-owned life insurance	20			19			15			1		5.3	%	5		33.3	%
Securities gains (losses), net	(1)			—			(1)			(1)		NM		—		—	%
Market value adjustments on employee benefit assets*	4			—			(5)			4		NM		9		180.0	%
Other	47			43			50			4		9.3	%	(3)		(6.0)	%
Non-interest income	$	566		$	576		$	605		$	(10)	(1.7)	%	$	(39)	(6.4)	%
Total revenue	$	1,857		$	1,957		$	1,867		$	(100)	(5.1)	%	$	(10)	(0.5)	%
Adjusted total revenue (non-GAAP)(1)	$	1,858		$	1,957		$	1,868		$	(99)	(5.1)	%	$	(10)	(0.5)	%

NM - Not Meaningful

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

Total revenue of approximately $1.9 billion decreased 5 percent on both a reported and adjusted basis(1) compared to the second quarter of 2023. Consistent with the company's expectations, net interest income decreased during the quarter to $1.3 billion or 6.5 percent compared to the second quarter attributable to accelerating deposit and funding costs and a portion of the company's forward starting interest rate hedges becoming active, partially offset by the impact of higher market interest rates on asset yields. Total net interest margin decreased 31 basis points to 3.73 percent.

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Non-interest income decreased 2 percent on both a reported and adjusted basis(1) compared to the second quarter of 2023 primarily driven by decreases in service charges and capital markets income. Service charges income decreased 7 percent driven primarily by implementation of the no-cost Regions Overdraft Grace feature. The additional financial benefits and flexibility provided to Regions' customers from account features and enhancements over the past three years, has resulted in an approximate 45 percent reduction in both the number of occurrences and fees assessed. Capital markets income decreased 6 percent attributable primarily to lower real estate capital markets income offset partially by growth in merger and acquisitions advisory services. Excluding the impact of CVA/DVA, capital markets income decreased 13 percent. Mortgage income increased during the quarter primarily attributable to higher servicing income associated with a bulk purchase of the rights to service $6.2 billion of residential mortgage loans that closed early in the third quarter.

Non-interest expense

	Quarter Ended
($ amounts in millions)	9/30/2023		6/30/2023		9/30/2022		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Salaries and employee benefits	$	589	$	603	$	593	$	(14)	(2.3)	%	$	(4)	(0.7)	%
Equipment and software expense	107		101		98		6		5.9	%	9		9.2	%
Net occupancy expense	72		73		76		(1)		(1.4)	%	(4)		(5.3)	%
Outside services	39		42		40		(3)		(7.1)	%	(1)		(2.5)	%
Professional, legal and regulatory expenses	27		20		199		7		35.0	%	(172)		(86.4)	%
Marketing	26		26		29		—		—	%	(3)		(10.3)	%
FDIC insurance assessments	27		29		16		(2)		(6.9)	%	11		68.8	%
Credit/checkcard expenses	16		15		13		1		6.7	%	3		23.1	%
Operational losses	75		95		13		(20)		(21.1)	%	62		476.9	%
Branch consolidation, property and equipment charges	1		1		3		—		—	%	(2)		(66.7)	%
Visa class B shares expense	5		9		3		(4)		(44.4)	%	2		66.7	%
Other	109		97		87		12		12.4	%	22		25.3	%
Total non-interest expense	$	1,093	$	1,111	$	1,170	$	(18)	(1.6)	%	$	(77)	(6.6)	%
Total adjusted non-interest expense(1)	$	1,089	$	1,110	$	988	$	(21)	(1.9)	%	$	101	10.2	%

NM - Not Meaningful

Non-interest expense decreased 2 percent on both a reported and adjusted basis(1) compared to the second quarter of 2023. Operational losses decreased 21 percent; however, during the quarter, the company continued to experience elevated fraud losses. Salaries and benefits also decreased 2 percent driven primarily by lower incentive compensation and payroll taxes.

The company's third quarter efficiency ratio was 58.5 percent on a reported and 58.2 percent on an adjusted basis(1). The effective tax rate was 20.9 percent in the third quarter.

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Loans and Leases

	Average Balances
($ amounts in millions)	3Q23		2Q23		3Q22		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Commercial and industrial	$	51,721	$	52,039	$	49,120	$	(318)	(0.6)	%	$	2,601	5.3%
Commercial real estate—owner-occupied	5,100		5,197		5,441		(97)		(1.9)	%	(341)		(6.3)%
Investor real estate	8,617		8,482		7,879		135		1.6	%	738		9.4%
Business Lending	65,438		65,718		62,440		(280)		(0.4)	%	2,998		4.8%
Residential first mortgage	19,914		19,427		18,125		487		2.5	%	1,789		9.9%
Home equity	5,688		5,785		6,050		(97)		(1.7)	%	(362)		(6.0)%
Consumer credit card	1,245		1,217		1,176		28		2.3	%	69		5.9%
Other consumer—exit portfolios	384		450		716		(66)		(14.7)	%	(332)		(46.4)%
Other consumer*	6,116		5,984		6,177		132		2.2	%	(61)		(1.0)%
Consumer Lending	33,347		32,863		32,244		484		1.5	%	1,103		3.4%
Total Loans	$	98,785	$	98,581	$	94,684	$	204	0.2	%	$	4,101	4.3%

NM - Not meaningful.

*     Other consumer loans includes EnerBank (Regions' point of sale home improvement portfolio).

Average loans and leases remained relatively stable compared to the prior quarter. Average business loans decreased modestly, offset by a 1 percent increase in consumer loans. Commercial loan line utilization levels ended the quarter at approximately 43.3 percent, decreasing 20 basis points over the prior quarter, while line commitments decreased 1 percent. The growth in consumer loans was driven by both residential first mortgage and EnerBank.

Deposits

	Average Balances
($ amounts in millions)	3Q23		2Q23		3Q22		3Q23 vs. 2Q23			3Q23 vs. 3Q22
Total interest-bearing deposits	$	80,472	$	78,361	$	79,712	$	2,111	2.7%	$	760	1.0%
Non-interest-bearing deposits	44,748		47,178		55,806		(2,430)		(5.2)%	(11,058)		(19.8)%
Total Deposits	$	125,220	$	125,539	$	135,518	$	(319)	(0.3)%	$	(10,298)	(7.6)%
($ amounts in millions)	3Q23		2Q23		3Q22		3Q23 vs. 2Q23			3Q23 vs. 3Q22
Consumer Bank Segment	$	80,036	$	80,999	$	84,741	$	(963)	(1.2)%	$	(4,705)	(5.6)%
Corporate Bank Segment	34,924		34,860		39,058		64		0.2%	(4,134)		(10.6)%
Wealth Management Segment	7,451		7,470		9,467		(19)		(0.3)%	(2,016)		(21.3)%
Other	2,809		2,210		2,252		599		27.1%	557		24.7%
Total Deposits	$	125,220	$	125,539	$	135,518	$	(319)	(0.3)%	$	(10,298)	(7.6)%

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	Ending Balances as of
							9/30/2023			9/30/2023
($ amounts in millions)	9/30/2023		6/30/2023		9/30/2022		vs. 6/30/2023			vs. 9/30/2022
Consumer Bank Segment	$	80,980	$	81,554	$	85,455	$	(574)	(0.7)%	$	(4,475)	(5.2)%
Corporate Bank Segment	34,650		35,332		38,293		(682)		(1.9)%	(3,643)		(9.5)%
Wealth Management Segment	7,791		7,176		9,400		615		8.6%	(1,609)		(17.1)%
Other	2,778		2,897		2,230		(119)		(4.1)%	548		24.6%
Total Deposits	$	126,199	$	126,959	$	135,378	$	(760)	(0.6)%	$	(9,179)	(6.8)%

The company's deposit base continues to be a source of strength and a differentiator in liquidity and margin performance. Consistent with the company's expectations, total ending and average deposits remained relatively stable during the third quarter of 2023 compared to the second quarter of 2023, while also experiencing continued remixing out of non-interest-bearing products into interest-bearing products. Declines in average Consumer deposits were partially offset by stability or growth in the other segments.

Asset quality

	As of and for the Quarter Ended
($ amounts in millions)	9/30/2023	6/30/2023	9/30/2022
Allowance for credit losses (ACL) at period end	$1,677	$1,633	$1,539
ACL/Loans, net	1.70%	1.65%	1.63%
ALL/Loans, net	1.56%	1.53%	1.50%
Allowance for credit losses to non-performing loans, excluding loans held for sale	261%	332%	311%
Allowance for loan losses to non-performing loans, excluding loans held for sale	241%	308%	287%
Provision for credit losses	$145	$118	$135
Net loans charged-off	$101	$81	$110
Adjusted net loan charge-offs (non-GAAP)(1)	$101	$81	$47
Net loans charged-off as a % of average loans, annualized	0.40%	0.33%	0.46%
Adjusted net loan charge-offs as a % of average loans, annualized (non-GAAP) (1)	0.40%	0.33%	0.19%
Non-performing loans, excluding loans held for sale/Loans, net	0.65%	0.50%	0.52%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale	0.67%	0.51%	0.54%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale*	0.81%	0.64%	0.65%
Total Criticized Loans—Business Services**	$4,167	$4,039	$2,771

* 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.

Overall asset quality normalized further during the quarter. Business services criticized loans increased 3 percent, while total delinquencies and non-performing loans as a percentage of total loans increased 15 basis points each. Total net charge-offs for the quarter were $101 million, or 40 basis points of average loans, due to elevated losses associated with a consumer point of sale program the company has previously discontinued, as well as

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lower commercial recoveries relative to the second quarter.

The increase to the allowance for credit losses compared to the second quarter was attributable primarily to adverse risk migration and continued credit quality normalization, as well as a build in model or qualitative adjustments for incremental risk in certain portfolios.

The allowance for credit loss ratio increased 5 basis points to 1.70 percent of total loans, while the allowance as a percentage of nonperforming loans decreased to 261 percent.

Capital and liquidity

	As of and for Quarter Ended
	9/30/2023	6/30/2023	9/30/2022
Common Equity Tier 1 ratio(2)	10.3%	10.1%	9.3%
Tier 1 capital ratio(2)	11.6%	11.4%	10.6%
Tangible common stockholders’ equity to tangible assets (non-GAAP)(1)	5.82%	6.09%	5.01%
Tangible common book value per share (non-GAAP)(1)*	$9.16	$9.72	$8.15
Loans, net of unearned income, to total deposits	78.4%	78.1%	70.0%

* 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 with estimated capital ratios remaining well above current regulatory requirements. The Common Equity Tier 1(2) and Tier 1(2) ratios were estimated at 10.3 percent and 11.6 percent, respectively, at quarter-end.

During the third quarter, the company declared $225 million in dividends to common shareholders and did not repurchase any shares of Regions' common stock.

The company's liquidity position also remains robust as of Sept. 30, 2023, with total available liquidity of approximately $56.8 billion, which includes cash held at the Federal Reserve, FHLB borrowing capacity, unencumbered securities, borrowing capacity at the Federal Reserve's discount window, and the Federal Reserve's Bank Term Lending Plan facility. The loan-to-deposit ratio totaled 78 percent at the end of the quarter.

(1)Non-GAAP; refer to pages 12, 16, 17, 18 and 20 of the financial supplement to this earnings release for reconciliations.

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

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Conference Call

In addition to the live audio webcast at 10 a.m. ET on Oct. 20, 2023, an archived recording of the webcast will be available at the Investor Relations page of ir.regions.com following the live event.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $154 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 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

Forward-Looking Statements

This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objectives,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. Forward-looking statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below:

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

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

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

•Volatility and uncertainty related to inflation and the effects of inflation, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally.

•The impact of pandemics, including the COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any pandemic could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses.

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

•The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios, and our ability to return capital to shareholders.

•Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases.

•Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses.

•Possible acceleration of prepayments on mortgage-backed securities due to declining interest rates, and the related acceleration of premium amortization on those securities.

•Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, 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.

•Rising interest rates could negatively impact the value of our portfolio of investment securities.

•The loss of value of our investment portfolio could negatively impact market perceptions of us.

•The effects of social media on market perceptions of us and banks generally.

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•Volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital.

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

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

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

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

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

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

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

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

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

•Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our businesses.

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

•The risks and uncertainties related to our acquisition or divestiture of businesses and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses.

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

•Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time.

•Fraud or misconduct by our customers, employees or business partners.

•Any inaccurate or incomplete information provided to us by our customers or counterparties.

•Inability of our framework to manage risks associated with our businesses, such as credit risk and operational risk, including third-party vendors and other service providers, which could, among other things, result in a breach of operating or security systems as a result of a cyber attack or similar act or failure to deliver our services effectively.

•Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms.

•Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms.

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

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

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

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

•Our ability to identify and address cyber-security risks such as data security breaches, malware, ransomware, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our businesses and result in the disclosure of and/or

9

misuse or misappropriation of confidential or proprietary information, disruption or damage to our systems, increased costs, losses, or adverse effects to our reputation.

•Our ability to achieve our expense management initiatives.

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

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

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

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

•Our ability to receive dividends from our subsidiaries, in particular Regions Bank, could affect our liquidity and ability to pay dividends to shareholders.

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

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

•The effects of anti-takeover laws and exclusive forum provision in our certificate of incorporation and bylaws.

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

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

The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” in Regions’ Annual Report on Form 10-K for the year ended December 31, 2022 and in Regions’ subsequent filings with the SEC.

You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law.

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 adjusted 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 adjusted 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 adjusted fee income and adjusted efficiency ratios. Net loan charge-offs (GAAP) are presented excluding adjustments to arrive at adjusted net loan-charge offs (non-GAAP). Adjusted net loan charge-offs as a percentage of average loans (non-GAAP) are calculated as adjusted net loan charge-offs (non-GAAP) divided by average loans (GAAP) and annualized. Regions believes that the exclusion of these adjustments provides a meaningful basis for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of Regions’ business. It is possible that the activities related to the adjustments may recur; however, management does not consider the activities related to the adjustments to be indications of ongoing operations. Regions believes that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as that applied by management.

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

10

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

•Presentation to investors of company performance

•Metrics for incentive compensation

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

11

EX-99.2

Exhibit 99.2

Regions Financial Corporation and Subsidiaries

Financial Supplement (unaudited)

Third Quarter 2023

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Table of Contents

	Page
Financial Highlights	1
Selected Ratios and Other Information*	2
Consolidated Balance Sheets	3
Loans	4
Deposits	6
Consolidated Statements of Income	8
Consolidated Average Daily Balances and Yield / Rate Analysis	10
Pre-Tax Pre-Provision Income ("PPI")* and Adjusted PPI*	12
Non-Interest Income, Mortgage Income, Wealth Management Income and Capital Markets Income	13
Non-Interest Expense	15
Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures*
Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income / Expense, Adjusted Operating Leverage Ratios, Return Ratios, and Tangible Common Ratios	16
Credit Quality
Allowance for Credit Losses, Net Charge-Offs and Related Ratios, Adjusted Net Charge-Offs and Related Ratios	19
Non-Accrual Loans (excludes loans held for sale), Early and Late Stage Delinquencies	21
Forward-Looking Statements	22

*Use of non-GAAP financial measures

Regions believes that presentation of non-GAAP financial measures provides a meaningful basis for period to period comparisons, which management believes will assist investors in assessing 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 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 certain adjustments does not represent the amount that effectively accrues directly to shareholders. Additionally, our non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Financial Highlights

	Quarter Ended
($ amounts in millions, except per share data)	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
Earnings Summary
Interest income - taxable equivalent	$	1,779		$	1,751		$	1,654		$	1,565		$	1,355
Interest expense - taxable equivalent	475			358			224			151			81
Net interest income - taxable equivalent	1,304			1,393			1,430			1,414			1,274
Less: Taxable-equivalent adjustment	13			12			13			13			12
Net interest income	1,291			1,381			1,417			1,401			1,262
Provision for credit losses	145			118			135			112			135
Net interest income after provision for credit losses	1,146			1,263			1,282			1,289			1,127
Non-interest income	566			576			534			600			605
Non-interest expense	1,093			1,111			1,027			1,017			1,170
Income before income taxes	619			728			789			872			562
Income tax expense	129			147			177			187			133
Net income	$	490		$	581		$	612		$	685		$	429
Net income available to common shareholders	$	465		$	556		$	588		$	660		$	404
Weighted-average shares outstanding—during quarter:
Basic	939			939			935			934			934
Diluted	940			939			942			941			940
Earnings per common share - basic	$	0.49		$	0.59		$	0.63		$	0.71		$	0.43
Earnings per common share - diluted	$	0.49		$	0.59		$	0.62		$	0.70		$	0.43
Balance Sheet Summary
At quarter-end
Loans, net of unearned income	$	98,942		$	99,191		$	98,057		$	97,009		$	94,711
Allowance for credit losses	(1,677		)	(1,633		)	(1,596		)	(1,582		)	(1,539		)
Assets	153,624			155,656			154,135			155,220			157,798
Deposits	126,199			126,959			128,460			131,743			135,378
Long-term borrowings	4,290			4,293			2,307			2,284			2,274
Shareholders' equity	16,100			16,639			16,883			15,947			15,173
Average balances
Loans, net of unearned income	$	98,785		$	98,581		$	97,277		$	95,752		$	94,684
Assets	153,484			153,774			153,082			155,668			158,422
Deposits	125,220			125,539			129,042			133,007			135,518
Long-term borrowings	4,295			3,517			2,286			2,275			2,319
Shareholders' equity	16,468			16,892			16,457			15,442			16,473

1

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Selected Ratios and Other Information

	As of and for Quarter Ended
	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
Return on average assets* (1)	1.26		%	1.52		%	1.62		%	1.75		%	1.07		%
Return on average common shareholders' equity*	12.45		%	14.65		%	16.10		%	19.01		%	10.82		%
Return on average tangible common shareholders’ equity (non-GAAP)* (2)	20.58		%	23.82		%	26.70		%	33.20		%	18.02		%
Return on average tangible common shareholders’ equity excluding AOCI (non-GAAP)* (2)	14.58		%	18.14		%	19.85		%	22.91		%	14.42		%
Efficiency ratio	58.5		%	56.4		%	52.3		%	50.5		%	62.3		%
Adjusted efficiency ratio (non-GAAP) (2)	58.2		%	56.4		%	52.2		%	51.6		%	52.6		%
Dividend payout ratio (3)	48.5		%	33.7		%	31.8		%	28.3		%	46.2		%
Common book value per share	$	15.38		$	15.95		$	16.29		$	15.29		$	14.46
Tangible common book value per share (non-GAAP) (2)	$	9.16		$	9.72		$	10.01		$	9.00		$	8.15
Total equity to total assets	10.48		%	10.69		%	10.95		%	10.27		%	9.62		%
Tangible common shareholders’ equity to tangible assets (non-GAAP) (2)	5.82		%	6.09		%	6.31		%	5.63		%	5.01		%
Common equity (4)	$	13,056		$	12,786		$	12,420		$	12,066		$	11,554
Total risk-weighted assets (4)	$	126,667		$	126,947		$	125,747		$	125,752		$	124,395
Common equity Tier 1 ratio (4)	10.3		%	10.1		%	9.9		%	9.6		%	9.3		%
Tier 1 capital ratio (4)	11.6		%	11.4		%	11.2		%	10.9		%	10.6		%
Total risk-based capital ratio (4)	13.4		%	13.1		%	12.9		%	12.5		%	12.3		%
Leverage ratio (4)	9.7		%	9.5		%	9.3		%	8.9		%	8.5		%
Effective tax rate	20.9		%	20.2		%	22.4		%	21.5		%	23.7		%
Allowance for credit losses as a percentage of loans, net of unearned income	1.70		%	1.65		%	1.63		%	1.63		%	1.63		%
Allowance for credit losses to non-performing loans, excluding loans held for sale	261		%	332		%	288		%	317		%	311		%
Net interest margin (FTE)*	3.73		%	4.04		%	4.22		%	3.99		%	3.53		%
Loans, net of unearned income, to total deposits	78.4		%	78.1		%	76.3		%	73.6		%	70.0		%
Net charge-offs as a percentage of average loans*	0.40		%	0.33		%	0.35		%	0.29		%	0.46		%
Adjusted net charge-offs as a percentage of average loans (non-GAAP) * (2)	0.40		%	0.33		%	0.35		%	0.29		%	0.19		%
Non-performing loans, excluding loans held for sale, as a percentage of loans	0.65		%	0.50		%	0.56		%	0.52		%	0.52		%
Non-performing assets (excluding loans 90 days past due) as a percentage of loans, foreclosed properties, and non-performing loans held for sale	0.67		%	0.51		%	0.58		%	0.53		%	0.54		%
Non-performing assets (including loans 90 days past due) as a percentage of loans, foreclosed properties, and non-performing loans held for sale (5)	0.81		%	0.64		%	0.71		%	0.75		%	0.65		%
Associate headcount—full-time equivalent	20,257			20,349			20,113			20,073			19,950
ATMs	2,022			2,025			2,034			2,039			2,043
Branch Statistics
Full service	1,243			1,245			1,251			1,252			1,259
Drive-through/transaction service only	29			31			34			34			35
Total branch outlets	1,272			1,276			1,285			1,286			1,294

*Annualized

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

(2)See reconciliation of GAAP to non-GAAP Financial Measures that begin on pages 12, 16, 17, 18 and 20.

(3)Dividend payout ratio reflects dividends declared within the applicable period.

(4)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.

(5)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page 21 for amounts related to these loans.

2

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Consolidated Balance Sheets

	As of
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022
Assets:
Cash and due from banks	$	1,554	$	2,480	$	2,395	$	1,997	$	2,117
Interest-bearing deposits in other banks	7,462		7,406		6,438		9,230		13,549
Debt securities held to maturity	763		777		790		801		817
Debt securities available for sale	26,228		27,296		28,230		27,933		28,126
Loans held for sale	459		554		564		354		720
Loans, net of unearned income	98,942		99,191		98,057		97,009		94,711
Allowance for loan losses	(1,547)		(1,513)		(1,472)		(1,464)		(1,418)
Net loans	97,395		97,678		96,585		95,545		93,293
Other earning assets	1,552		1,563		1,335		1,308		1,341
Premises and equipment, net	1,616		1,622		1,705		1,718		1,744
Interest receivable	625		575		538		511		424
Goodwill	5,733		5,733		5,733		5,733		5,739
Residential mortgage servicing rights at fair value (MSRs)	932		801		790		812		809
Other identifiable intangible assets, net	216		226		238		249		266
Other assets	9,089		8,945		8,794		9,029		8,853
Total assets	$	153,624	$	155,656	$	154,135	$	155,220	$	157,798
Liabilities and Equity:
Deposits:
Non-interest-bearing	$	44,640	$	46,898	$	49,647	$	51,348	$	54,996
Interest-bearing	81,559		80,061		78,813		80,395		80,382
Total deposits	126,199		126,959		128,460		131,743		135,378
Borrowed funds:
Short-term borrowings	2,000		3,000		2,000		—		—
Long-term borrowings	4,290		4,293		2,307		2,284		2,274
Other liabilities	5,010		4,743		4,466		5,242		4,973
Total liabilities	137,499		138,995		137,233		139,269		142,625
Equity:
Preferred stock, non-cumulative perpetual	1,659		1,659		1,659		1,659		1,659
Common stock	10		10		10		10		10
Additional paid-in capital	11,996		11,979		11,996		11,988		11,976
Retained earnings	8,042		7,802		7,433		7,004		6,531
Treasury stock, at cost	(1,371)		(1,371)		(1,371)		(1,371)		(1,371)
Accumulated other comprehensive income (loss), net	(4,236)		(3,440)		(2,844)		(3,343)		(3,632)
Total shareholders’ equity	16,100		16,639		16,883		15,947		15,173
Noncontrolling interest	25		22		19		4		—
Total equity	16,125		16,661		16,902		15,951		15,173
Total liabilities and equity	$	153,624	$	155,656	$	154,135	$	155,220	$	157,798

3

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

End of Period Loans

	As of
											9/30/2023				9/30/2023
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		vs. 6/30/2023				vs. 9/30/2022
Commercial and industrial	$	51,604	$	52,300	$	51,811	$	50,905	$	49,591	$	(696)	(1.3)	%	$	2,013	4.1	%
Commercial real estate mortgage—owner-occupied	4,833		4,797		4,938		5,103		5,167		36		0.8	%	(334)		(6.5)	%
Commercial real estate construction—owner-occupied	270		292		306		298		282		(22)		(7.5)	%	(12)		(4.3)	%
Total commercial	56,707		57,389		57,055		56,306		55,040		(682)		(1.2)	%	1,667		3.0	%
Commercial investor real estate mortgage	6,436		6,500		6,392		6,393		6,295		(64)		(1.0)	%	141		2.2	%
Commercial investor real estate construction	2,301		2,132		2,040		1,986		1,824		169		7.9	%	477		26.2	%
Total investor real estate	8,737		8,632		8,432		8,379		8,119		105		1.2	%	618		7.6	%
Total business	65,444		66,021		65,487		64,685		63,159		(577)		(0.9)	%	2,285		3.6	%
Residential first mortgage	20,059		19,755		19,172		18,810		18,399		304		1.5	%	1,660		9.0	%
Home equity—lines of credit (1)	3,240		3,313		3,397		3,510		3,521		(73)		(2.2)	%	(281)		(8.0)	%
Home equity—closed-end (2)	2,428		2,425		2,446		2,489		2,515		3		0.1	%	(87)		(3.5)	%
Consumer credit card	1,261		1,231		1,219		1,248		1,186		30		2.4	%	75		6.3	%
Other consumer—exit portfolios (3)	356		416		488		570		662		(60)		(14.4)	%	(306)		(46.2)	%
Other consumer	6,154		6,030		5,848		5,697		5,269		124		2.1	%	885		16.8	%
Total consumer	33,498		33,170		32,570		32,324		31,552		328		1.0	%	1,946		6.2	%
Total Loans	$	98,942	$	99,191	$	98,057	$	97,009	$	94,711	$	(249)	(0.3)	%	$	4,231	4.5	%

______

(1)     The balance of Regions' home equity lines of credit consists of $1,621 million of first lien and $1,619 million of second lien at 9/30/2023.

(2)    The balance of Regions' closed-end home equity loans consists of $2,095 million of first lien and $333 million of second lien at 9/30/2023.

(3)    Regions ceased originating indirect vehicle loans in the second quarter of 2019 and decided not to renew another third party relationship in the fourth quarter of 2019.

	As of
End of Period Loans by Percentage	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022
Commercial and industrial	52.2	%	52.7	%	52.8	%	52.5	%	52.4	%
Commercial real estate mortgage—owner-occupied	5.0	%	4.9	%	5.0	%	5.3	%	5.5	%
Commercial real estate construction—owner-occupied	0.3	%	0.3	%	0.3	%	0.3	%	0.3	%
Total commercial	57.5	%	57.9	%	58.1	%	58.1	%	58.2	%
Commercial investor real estate mortgage	6.5	%	6.6	%	6.5	%	6.6	%	6.6	%
Commercial investor real estate construction	2.3	%	2.1	%	2.1	%	2.0	%	1.9	%
Total investor real estate	8.8	%	8.7	%	8.6	%	8.6	%	8.5	%
Total business	66.3	%	66.6	%	66.7	%	66.7	%	66.7	%
Residential first mortgage	20.3	%	19.9	%	19.6	%	19.4	%	19.4	%
Home equity—lines of credit	3.3	%	3.3	%	3.5	%	3.6	%	3.7	%
Home equity—closed-end	2.5	%	2.4	%	2.5	%	2.6	%	2.7	%
Consumer credit card	1.3	%	1.2	%	1.2	%	1.3	%	1.3	%
Other consumer—exit portfolios	0.4	%	0.4	%	0.5	%	0.6	%	0.7	%
Other consumer	5.9	%	6.2	%	6.0	%	5.8	%	5.5	%
Total consumer	33.7	%	33.4	%	33.3	%	33.3	%	33.3	%
Total Loans	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

4

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Average Balances of Loans

	Average Balances
($ amounts in millions)	3Q23		2Q23		1Q23		4Q22		3Q22		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Commercial and industrial	$	51,721	$	52,039	$	51,158	$	50,135	$	49,120	$	(318)	(0.6)	%	$	2,601	5.3	%
Commercial real estate mortgage—owner-occupied	4,824		4,905		5,013		5,073		5,167		(81)		(1.7)	%	(343)		(6.6)	%
Commercial real estate construction—owner-occupied	276		292		292		289		274		(16)		(5.5)	%	2		0.7	%
Total commercial	56,821		57,236		56,463		55,497		54,561		(415)		(0.7)	%	2,260		4.1	%
Commercial investor real estate mortgage	6,333		6,459		6,444		6,406		6,115		(126)		(2.0)	%	218		3.6	%
Commercial investor real estate construction	2,284		2,023		1,960		1,884		1,764		261		12.9	%	520		29.5	%
Total investor real estate	8,617		8,482		8,404		8,290		7,879		135		1.6	%	738		9.4	%
Total business	65,438		65,718		64,867		63,787		62,440		(280)		(0.4)	%	2,998		4.8	%
Residential first mortgage	19,914		19,427		18,957		18,595		18,125		487		2.5	%	1,789		9.9	%
Home equity—lines of credit	3,270		3,354		3,460		3,520		3,531		(84)		(2.5)	%	(261)		(7.4)	%
Home equity—closed-end	2,418		2,431		2,461		2,497		2,519		(13)		(0.5)	%	(101)		(4.0)	%
Consumer credit card	1,245		1,217		1,214		1,207		1,176		28		2.3	%	69		5.9	%
Other consumer—exit portfolios (1)	384		450		527		613		716		(66)		(14.7)	%	(332)		(46.4)	%
Other consumer	6,116		5,984		5,791		5,533		6,177		132		2.2	%	(61)		(1.0)	%
Total consumer	33,347		32,863		32,410		31,965		32,244		484		1.5	%	1,103		3.4	%
Total Loans	$	98,785	$	98,581	$	97,277	$	95,752	$	94,684	$	204	0.2	%	$	4,101	4.3	%

	Average Balances
	Nine Months Ended September 30
($ amounts in millions)	2023		2022		2023 vs. 2022
Commercial and industrial	$	51,641	$	46,569	$	5,072	10.9	%
Commercial real estate mortgage—owner-occupied	4,913		5,202		(289)		(5.6)	%
Commercial real estate construction—owner-occupied	287		272		15		5.5	%
Total commercial	56,841		52,043		4,798		9.2	%
Commercial investor real estate mortgage	6,412		5,799		613		10.6	%
Commercial investor real estate construction	2,090		1,667		423		25.4	%
Total investor real estate	8,502		7,466		1,036		13.9	%
Total business	65,343		59,509		5,834		9.8	%
Residential first mortgage	19,436		17,732		1,704		9.6	%
Home equity—lines of credit	3,360		3,589		(229)		(6.4)	%
Home equity—closed-end	2,437		2,509		(72)		(2.9)	%
Consumer credit card	1,225		1,155		70		6.1	%
Other consumer—exit portfolios (1)	454		845		(391)		(46.3)	%
Other consumer	5,965		5,773		192		3.3	%
Total consumer	32,877		31,603		1,274		4.0	%
Total Loans	$	98,220	$	91,112	$	7,108	7.8	%

_____

NM - Not meaningful.

(1)Regions ceased originating indirect vehicle lending in the second quarter of 2019 and decided not to renew a third party relationship in the fourth quarter of 2019.

.

5

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

End of Period Deposits

	As of
											9/30/2023			9/30/2023
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		vs. 6/30/2023			vs. 9/30/2022
Interest-free deposits	$	44,640	$	46,898	$	49,647	$	51,348	$	54,996	$	(2,258)	(4.8)%	$	(10,356)	(18.8)%
Interest-bearing checking	22,428		22,892		24,066		25,676		26,500		(464)		(2.0)%	(4,072)		(15.4)%
Savings	13,292		14,217		15,286		15,662		16,083		(925)		(6.5)%	(2,791)		(17.4)%
Money market—domestic	32,646		32,230		31,688		33,285		32,444		416		1.3%	202		0.6%
Time deposits	13,193		10,722		7,773		5,772		5,355		2,471		23.0%	7,838		146.4%
Total Deposits	$	126,199	$	126,959	$	128,460	$	131,743	$	135,378	$	(760)	(0.6)%	$	(9,179)	(6.8)%
	As of
											9/30/2023			9/30/2023
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		vs. 6/30/2023			vs. 9/30/2022
Consumer Bank Segment	$	80,980	$	81,554	$	83,296	$	83,487	$	85,455	$	(574)	(0.7)%	$	(4,475)	(5.2)%
Corporate Bank Segment	34,650		35,332		35,185		37,145		38,293		(682)		(1.9)%	(3,643)		(9.5)%
Wealth Management Segment	7,791		7,176		7,941		9,111		9,400		615		8.6%	(1,609)		(17.1)%
Other (1)(2)	2,778		2,897		2,038		2,000		2,230		(119)		(4.1)%	548		24.6%
Total Deposits	$	126,199	$	126,959	$	128,460	$	131,743	$	135,378	$	(760)	(0.6)%	$	(9,179)	(6.8)%
	As of
											9/30/2023			9/30/2023
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		vs. 6/30/2023			vs. 9/30/2022
Wealth Management - Private Wealth	$	6,706	$	6,552	$	7,238	$	8,196	$	8,565	$	154	2.4%	$	(1,859)	(21.7)%
Wealth Management - Institutional Services	1,085		624		703		915		835		461		73.9%	250		29.9%
Total Wealth Management Segment Deposits	$	7,791	$	7,176	$	7,941	$	9,111	$	9,400	$	615	8.6%	$	(1,609)	(17.1)%

	As of
End of Period Deposits by Percentage	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022
Interest-free deposits	35.4	%	36.9	%	38.6	%	39.0	%	40.6	%
Interest-bearing checking	17.8	%	18.0	%	18.7	%	19.5	%	19.6	%
Savings	10.5	%	11.2	%	11.9	%	11.9	%	11.9	%
Money market—domestic	25.9	%	25.4	%	24.7	%	25.3	%	24.0	%
Time deposits	10.4	%	8.5	%	6.1	%	4.3	%	3.9	%
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) and included additional wholesale funding arrangements in the second quarter of 2023.

(2)Includes brokered deposits totaling $1.9 billion at 9/30/2023, $2.0 billion at 6/30/2023, $1.1 billion at 3/31/2023, $1.2 billion at 12/31/2022 and $1.3 billion at 9/30/2022.

6

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Average Balances of Deposits

	Average Balances
($ amounts in millions)	3Q23		2Q23		1Q23		4Q22		3Q22		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Interest-free deposits	$	44,748	$	47,178	$	49,592	$	53,107	$	55,806	$	(2,430)	(5.2)	%	$	(11,058)	(19.8)	%
Interest-bearing checking	22,499		22,979		24,697		25,379		26,665		(480)		(2.1)	%	(4,166)		(15.6)	%
Savings	13,715		14,701		15,418		15,840		16,176		(986)		(6.7)	%	(2,461)		(15.2)	%
Money market—domestic	32,146		31,567		32,522		33,219		31,520		579		1.8	%	626		2.0	%
Time deposits	12,112		9,114		6,813		5,462		5,351		2,998		32.9	%	6,761		126.4	%
Total Deposits	$	125,220	$	125,539	$	129,042	$	133,007	$	135,518	$	(319)	(0.3)	%	(10,298)		(7.6)	%

	Average Balances
($ amounts in millions)	3Q23		2Q23		1Q23		4Q22		3Q22		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Consumer Bank Segment	$	80,036	$	80,999	$	82,200	$	83,555	$	84,741	$	(963)	(1.2)	%	$	(4,705)	(5.6)	%
Corporate Bank Segment	34,924		34,860		36,273		38,176		39,058		64		0.2	%	(4,134)		(10.6)	%
Wealth Management Segment	7,451		7,470		8,463		9,065		9,467		(19)		(0.3)	%	(2,016)		(21.3)	%
Other (1)	2,809		2,210		2,106		2,211		2,252		599		27.1	%	557		24.7	%
Total Deposits	$	125,220	$	125,539	$	129,042	$	133,007	$	135,518	$	(319)	(0.3)	%	$	(10,298)	(7.6)	%

	Average Balances
($ amounts in millions)	3Q23		2Q23		1Q23		4Q22		3Q22		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Wealth Management - Private Wealth	$	6,701	$	6,855	$	7,785	$	8,367	$	8,792	$	(154)	(2.2)	%	$	(2,091)	(23.8)	%
Wealth Management - Institutional Services	750		615		678		698		675		135		22.0	%	75		11.1	%
Total Wealth Management Segment Deposits	$	7,451	$	7,470	$	8,463	$	9,065	$	9,467	$	(19)	(0.3)	%	$	(2,016)	(21.3)	%

	Average Balances
	Nine Months Ended September 30
($ amounts in millions)	2023		2022		2023 vs. 2022
Interest-free deposits	$	47,155	$	57,603	$	(10,448)	(18.1)	%
Interest-bearing checking	23,383		27,319		(3,936)		(14.4)	%
Savings	14,605		15,974		(1,369)		(8.6)	%
Money market—domestic	32,077		31,423		654		2.1	%
Time deposits	9,366		5,617		3,749		66.7	%
Total Deposits	$	126,586	$	137,936	$	(11,350)	(8.2)	%

	Average Balances
	Nine Months Ended September 30
($ amounts in millions)	2023		2022		2023 vs. 2022
Consumer Bank Segment	$	81,070	$	84,346	$	(3,276)	(3.9)	%
Corporate Bank Segment	35,348		41,144		(5,796)		(14.1)	%
Wealth Management Segment	7,791		10,000		(2,209)		(22.1)	%
Other (1)	2,377		2,446		(69)		(2.8)	%
Total Deposits	$	126,586	$	137,936	$	(11,350)	(8.2)	%

	Average Balances
	Nine Months Ended September 30
($ amounts in millions)	2023		2022		2023 vs. 2022
Wealth Management - Private Wealth	$	7,110	$	9,252	$	(2,142)	(23.2)	%
Wealth Management - Institutional Services	681		748		(67)		(9.0)	%
Total Wealth Management Segment Deposits	$	7,791	$	10,000	$	(2,209)	(22.1)	%

________

NM - Not meaningful.

(1)Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar trade deposits, selected deposits and brokered time deposits) and included additional wholesale funding arrangements in the second quarter of 2023.

7

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Consolidated Statements of Income

	Quarter Ended
($ amounts in millions, except per share data)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022
Interest income on:
Loans, including fees	$	1,462	$	1,454	$	1,360	$	1,208	$	1,072
Debt securities	185		185		187		222		171
Loans held for sale	14		10		7		9		8
Other earning assets	105		90		87		113		92
Total interest income	1,766		1,739		1,641		1,552		1,343
Interest expense on:
Deposits	367		260		179		114		50
Short-term borrowings	39		42		5		—		—
Long-term borrowings	69		56		40		37		31
Total interest expense	475		358		224		151		81
Net interest income	1,291		1,381		1,417		1,401		1,262
Provision for credit losses	145		118		135		112		135
Net interest income after provision for credit losses	1,146		1,263		1,282		1,289		1,127
Non-interest income:
Service charges on deposit accounts	142		152		155		152		156
Card and ATM fees	126		130		121		130		126
Wealth management income	112		110		112		108		108
Capital markets income	64		68		42		61		93
Mortgage income	28		26		24		24		37
Securities gains (losses), net	(1)		—		(2)		—		(1)
Other	95		90		82		125		86
Total non-interest income	566		576		534		600		605
Non-interest expense:
Salaries and employee benefits	589		603		616		604		593
Equipment and software expense	107		101		102		102		98
Net occupancy expense	72		73		73		74		76
Other	325		334		236		237		403
Total non-interest expense	1,093		1,111		1,027		1,017		1,170
Income before income taxes	619		728		789		872		562
Income tax expense	129		147		177		187		133
Net income	$	490	$	581	$	612	$	685	$	429
Net income available to common shareholders	$	465	$	556	$	588	$	660	$	404
Weighted-average shares outstanding—during quarter:
Basic	939		939		935		934		934
Diluted	940		939		942		941		940
Actual shares outstanding—end of quarter	939		939		935		934		934
Earnings per common share: (1)
Basic	$	0.49	$	0.59	$	0.63	$	0.71	$	0.43
Diluted	$	0.49	$	0.59	$	0.62	$	0.70	$	0.43
Taxable-equivalent net interest income	$	1,304	$	1,393	$	1,430	$	1,414	$	1,274

________

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

8

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Consolidated Statements of Income (continued) (unaudited)

	Nine Months Ended September 30
($ amounts in millions, except per share data)	2023		2022
Interest income on:
Loans, including fees	$	4,276	$	2,880
Debt securities	557		466
Loans held for sale	31		27
Other earning assets	282		177
Total interest income	5,146		3,550
Interest expense on:
Deposits	806		83
Short-term borrowings	86		—
Long-term borrowings	165		82
Total interest expense	1,057		165
Net interest income	4,089		3,385
Provision for credit losses	398		159
Net interest income after provision for credit losses	3,691		3,226
Non-interest income:
Service charges on deposit accounts	449		489
Card and ATM fees	377		383
Wealth management income	334		311
Capital markets income	174		278
Mortgage income	78		132
Securities gains (losses), net	(3)		(1)
Other	267		237
Total non-interest income	1,676		1,829
Non-interest expense:
Salaries and employee benefits	1,808		1,714
Equipment and software expense	310		290
Net occupancy expense	218		226
Other	895		821
Total non-interest expense	3,231		3,051
Income before income taxes	2,136		2,004
Income tax expense	453		444
Net income	$	1,683	$	1,560
Net income available to common shareholders	$	1,609	$	1,486
Weighted-average shares outstanding—during year:
Basic	938		936
Diluted	940		942
Actual shares outstanding—end of period	939		934
Earnings per common share:
Basic	$	1.72	$	1.59
Diluted	$	1.71	$	1.58
Taxable-equivalent net interest income	$	4,127	$	3,419

9

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Consolidated Average Daily Balances and Yield/Rate Analysis

	Quarter Ended
	9/30/2023						6/30/2023
($ amounts in millions; yields on taxable-equivalent basis)	Average Balance		Income/ Expense		Yield/ Rate (1)		Average Balance		Income/ Expense		Yield/ Rate (1)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell	$	1	$	—	5.32	%	$	1	$	—	5.02	%
Debt securities (2)	31,106		185		2.38		31,588		185		2.35
Loans held for sale	910		14		5.99		539		10		7.11
Loans, net of unearned income:
Commercial and industrial (3)	51,721		804		6.14		52,039		820		6.29
Commercial real estate mortgage—owner-occupied (4)	4,824		58		4.72		4,905		64		5.13
Commercial real estate construction—owner-occupied	276		4		5.74		292		4		5.73
Commercial investor real estate mortgage	6,333		113		6.95		6,459		110		6.74
Commercial investor real estate construction	2,284		46		7.84		2,023		38		7.55
Residential first mortgage	19,914		179		3.59		19,427		169		3.48
Home equity	5,688		94		6.63		5,785		90		6.22
Consumer credit card	1,245		48		15.57		1,217		46		15.10
Other consumer—exit portfolios	384		6		6.35		450		7		6.31
Other consumer	6,116		123		7.93		5,984		118		7.91
Total loans, net of unearned income	98,785		1,475		5.91		98,581		1,466		5.94
Interest-bearing deposits in other banks	6,374		90		5.56		6,111		79		5.21
Other earning assets	1,465		15		4.09		1,411		11		3.05
Total earning assets	138,641		1,779		5.08		138,231		1,751		5.06
Unrealized gains/(losses) on debt securities available for sale, net (2)	(3,626)						(3,064)
Allowance for loan losses	(1,526)						(1,497)
Cash and due from banks	2,165						2,320
Other non-earning assets	17,830						17,784
	$	153,484					$	153,774
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings	$	13,715	4		0.12		$	14,701	5		0.12
Interest-bearing checking	22,499		74		1.31		22,979		63		1.09
Money market	32,146		179		2.20		31,567		130		1.66
Time deposits	12,112		110		3.59		9,114		62		2.74
Total interest-bearing deposits (5)	80,472		367		1.81		78,361		260		1.33
Federal funds purchased and securities sold under agreements to repurchase	8		—		5.46		17		—		5.23
Short-term borrowings	2,794		39		5.48		3,242		42		5.06
Long-term borrowings	4,295		69		6.31		3,517		56		6.42
Total interest-bearing liabilities	87,569		475		2.15		85,137		358		1.69
Non-interest-bearing deposits (5)	44,748		—		—		47,178		—		—
Total funding sources	132,317		475		1.42		132,315		358		1.08
Net interest spread (2)					2.93						3.37
Other liabilities	4,677						4,548
Shareholders’ equity	16,468						16,892
Noncontrolling interest	22						19
	$	153,484					$	153,774
Net interest income/margin FTE basis (2)			$	1,304	3.73	%			$	1,393	4.04	%

_______

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

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

(3) Interest income includes hedging expense of $73 million for the quarter ended September 30, 2023 and $29 million for the quarter ended June 30, 2023.

(4) Interest income includes hedging expense of $9 million for the quarter ended September 30, 2023 and $3 million for the quarter ended June 30, 2023.

(5) 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 1.16% for the quarter ended September 30, 2023 and 0.83% for the quarter ended June 30, 2023.

10

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

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

	Quarter Ended
	3/31/2023						12/31/2022						9/30/2022
($ amounts in millions; yields on taxable-equivalent basis)	Average Balance		Income/ Expense		Yield/ Rate (1)		Average Balance		Income/ Expense		Yield/ Rate (1)		Average Balance		Income/ Expense		Yield/ Rate (1)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell	$	—	$	—	—	%	$	1	$	—	3.56	%	$	1	$	—	2.43	%
Debt securities (2)(3)	32,044		187		2.33		32,213		222		2.75		32,101		171		2.12
Loans held for sale	389		7		7.23		537		9		6.53		539		8		6.09
Loans, net of unearned income:
Commercial and industrial (4)	51,158		763		6.02		50,135		647		5.10		49,120		549		4.42
Commercial real estate mortgage—owner-occupied (5)	5,013		61		4.88		5,073		55		4.27		5,167		56		4.20
Commercial real estate construction—owner-occupied	292		4		5.26		289		4		4.96		274		3		4.53
Commercial investor real estate mortgage	6,444		100		6.23		6,406		89		5.43		6,115		64		4.06
Commercial investor real estate construction	1,960		35		7.09		1,884		30		6.24		1,764		22		4.77
Residential first mortgage	18,957		161		3.40		18,595		155		3.33		18,125		147		3.24
Home equity	5,921		88		5.93		6,017		81		5.31		6,050		68		4.49
Consumer credit card	1,214		45		14.93		1,207		44		14.34		1,176		40		13.79
Other consumer—exit portfolios	527		8		6.20		613		9		6.07		716		10		5.72
Other consumer	5,791		108		7.56		5,533		107		7.77		6,177		125		8.03
Total loans, net of unearned income	97,277		1,373		5.68		95,752		1,221		5.05		94,684		1,084		4.53
Interest-bearing deposits in other banks	6,508		72		4.49		10,600		100		3.74		14,353		81		2.25
Other earning assets	1,340		15		4.70		1,380		13		3.76		1,379		11		3.34
Total earning assets	137,558		1,654		4.84		140,483		1,565		4.42		143,057		1,355		3.76
Unrealized gains/(losses) on debt securities available for sale, net (2)	(3,081)						(3,582)						(2,389)
Allowance for loan losses	(1,427)						(1,447)						(1,432)
Cash and due from banks	2,360						2,406						2,291
Other non-earning assets	17,672						17,808						16,895
	$	153,082					$	155,668					$	158,422
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings	$	15,418	4		0.11		$	15,840	4		0.10		$	16,176	5		0.11
Interest-bearing checking	24,697		54		0.89		25,379		42		0.65		26,665		22		0.33
Money market	32,522		91		1.13		33,219		57		0.69		31,520		17		0.22
Time deposits	6,813		30		1.80		5,462		11		0.80		5,351		6		0.45
Total interest-bearing deposits (6)	79,450		179		0.91		79,900		114		0.57		79,712		50		0.25
Federal funds purchased and securities sold under agreements to repurchase	—		—		—		39		—		3.73		—		—		—
Short-term borrowings	400		5		4.92		—		—		—		30		—		0.23
Long-term borrowings	2,286		40		6.91		2,275		37		6.38		2,319		31		5.39
Total interest-bearing liabilities	82,136		224		1.10		82,214		151		0.73		82,061		81		0.39
Non-interest-bearing deposits (6)	49,592		—		—		53,107		—		—		55,806		—		—
Total funding sources	131,728		224		0.69		135,321		151		0.44		137,867		81		0.23
Net interest spread (2)					3.73						3.69						3.36
Other liabilities	4,891						4,904						4,082
Shareholders’ equity	16,457						15,442						16,473
Noncontrolling interest	6						1						—
	$	153,082					$	155,668					$	158,422
Net interest income/margin FTE basis (2)			$	1,430	4.22	%			$	1,414	3.99	%			$	1,274	3.53	%

_______

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

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

(3) Interest income includes hedging income of $40 million for the quarter ended December 31, 2022. Hedging income for the quarter ended December 31, 2022 reflects strategies designed to accelerate hedge notional maturities through the use of pay-fixed swaps. Benefits migrated from securities to loans in the first quarter of 2023.

(4) Interest income includes hedging expense of $13 million for the quarter ended March 31, 2023, $43 million for the quarter ended December 31, 2022, and none for the quarter ended September 30, 2022.

(5) Interest income includes hedging expense of $2 million for the quarter ended March 31, 2023, $5 million for the quarter ended December 31, 2022, and none for the quarter ended September 30, 2022.

(6) 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 0.56% for the quarter ended March 31, 2023, 0.34% for the quarter ended December 31, 2022 and 0.15% for the quarter ended September 30, 2022.

11

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 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.

	Quarter Ended
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Net income available to common shareholders (GAAP)	$	465	$	556	$	588	$	660	$	404	$	(91)	(16.4)	%	$	61	15.1	%
Preferred dividends (GAAP)	25		25		24		25		25		—		—	%	—		—	%
Income tax expense (GAAP)	129		147		177		187		133		(18)		(12.2)	%	(4)		(3.0)	%
Income before income taxes (GAAP)	619		728		789		872		562		(109)		(15.0)	%	57		10.1	%
Provision for credit losses (GAAP)	145		118		135		112		135		27		22.9	%	10		7.4	%
Pre-tax pre-provision income (non-GAAP)	764		846		924		984		697		(82)		(9.7)	%	67		9.6	%
Other adjustments:
Securities (gains) losses, net	1		—		2		—		1		1		NM		—		—	%
Leveraged lease termination gains, net	—		—		(1)		—		—		—		NM		—		NM
Insurance proceeds (1)	—		—		—		(50)		—		—		NM		—		NM
Salaries and employee benefits—severance charges	3		—		—		—		—		3		NM		3		NM
Branch consolidation, property and equipment charges	1		1		2		5		3		—		—	%	(2)		(66.7)	%
Professional, legal and regulatory expenses (1)	—		—		—		—		179		—		NM		(179)		(100.0)	%
Total other adjustments	5		1		3		(45)		183		4		400.0	%	(178)		(97.3)	%
Adjusted pre-tax pre-provision income (non-GAAP)	$	769	$	847	$	927	$	939	$	880	$	(78)	(9.2)	%	$	(111)	(12.6)	%

______

NM - Not meaningful

(1) In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement

related to the settlement in the fourth quarter of 2022.

12

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Non-Interest Income

	Quarter Ended
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Service charges on deposit accounts	$	142	$	152	$	155	$	152	$	156	$	(10)	(6.6)	%	$	(14)	(9.0)	%
Card and ATM fees	126		130		121		130		126		(4)		(3.1)	%	—		—	%
Wealth management income	112		110		112		108		108		2		1.8	%	4		3.7	%
Capital markets income (1)	64		68		42		61		93		(4)		(5.9)	%	(29)		(31.2)	%
Mortgage income	28		26		24		24		37		2		7.7	%	(9)		(24.3)	%
Commercial credit fee income	24		28		26		25		26		(4)		(14.3)	%	(2)		(7.7)	%
Bank-owned life insurance	20		19		17		17		15		1		5.3	%	5		33.3	%
Market value adjustments on employee benefit assets (2)	4		—		(1)		(9)		(5)		4		NM		9		180.0	%
Securities gains (losses), net	(1)		—		(2)		—		(1)		(1)		NM		—		—	%
Insurance proceeds (3)	—		—		—		50		—		—		—	%	—		—	%
Other miscellaneous income	47		43		40		42		50		4		9.3	%	(3)		(6.0)	%
Total non-interest income	$	566	$	576	$	534	$	600	$	605	$	(10)	(1.7)	%	$	(39)	(6.4)	%

Mortgage Income

	Quarter Ended
($ amounts in millions)	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022			3Q23 vs. 2Q23				3Q23 vs. 3Q22
Production and sales	$	10		$	18		$	13		$	11		$	18		$	(8)	(44.4)	%	$	(8)	(44.4)	%
Loan servicing	42			39			38			42			40			3		7.7	%	2		5.0	%
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions	45			8			(12)			—			28			37		462.5	%	17		60.7	%
MSRs hedge gain (loss)	(41)			(12)			9			(6)			(26)			(29)		(241.7)	%	(15)		(57.7)	%
MSRs change due to payment decay	(28)			(27)			(24)			(23)			(23)			(1)		(3.7)	%	(5)		(21.7)	%
MSR and related hedge impact	(24)			(31)			(27)			(29)			(21)			7		22.6	%	(3)		(14.3)	%
Total mortgage income	$	28		$	26		$	24		$	24		$	37		$	2	7.7	%	$	(9)	(24.3)	%
Mortgage production - portfolio	$	762		$	970		$	580		$	712		$	997		$	(208)	(21.4)	%	$	(235)	(23.6)	%
Mortgage production - agency/secondary market	408			450			302			314			526			(42)		(9.3)	%	(118)		(22.4)	%
Total mortgage production	$	1,170		$	1,420		$	882		$	1,026		$	1,523		$	(250)	(17.6)	%	$	(353)	(23.2)	%
Mortgage production - purchased	90.7		%	91.3		%	88.3		%	87.9		%	88.1		%
Mortgage production - refinanced	9.3		%	8.7		%	11.7		%	12.1		%	11.9		%

Wealth Management Income

	Quarter Ended
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Investment management and trust fee income	$	79	$	77	$	76	$	76	$	74	$	2	2.6	%	$	5	6.8	%
Investment services fee income	33		33		36		32		34		—		—	%	(1)		(2.9)	%
Total wealth management income (4)	$	112	$	110	$	112	$	108	$	108	$	2	1.8	%	$	4	3.7	%

Capital Markets Income

	Quarter Ended
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Capital markets income	$	64	$	68	$	42	$	61	$	93	$	(4)	(5.9)	%	$	(29)	(31.2)	%
Less: Valuation adjustments on customer derivatives (5)	(3)		(9)		(33)		(11)		21		6		66.7	%	(24)		(114.3)	%
Capital markets income excluding valuation adjustments	$	67	$	77	$	75	$	72	$	72	$	(10)	(13.0)	%	$	(5)	(6.9)	%

_________

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 and director benefits that are offset within salaries and employee benefits expense and other non-interest expense.

(3)In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement related to the settlement in the fourth quarter of 2022.

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

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

13

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Non-Interest Income

($ amounts in millions)	Nine Months Ended				Year-to-Date Change 9/30/2023 vs. 9/30/2022
	9/30/2023		9/30/2022		Amount		Percent
Service charges on deposit accounts	$	449	$	489	$	(40)	(8.2)	%
Card and ATM fees	377		383		(6)		(1.6)	%
Wealth management income	334		311		23		7.4	%
Capital markets income (1)	174		278		(104)		(37.4)	%
Mortgage income	78		132		(54)		(40.9)	%
Commercial credit fee income	78		71		7		9.9	%
Bank-owned life insurance	56		45		11		24.4	%
Market value adjustments on employee benefit assets (2)	3		(36)		39		108.3	%
Securities gains (losses), net	(3)		(1)		(2)		(200.0)	%
Other miscellaneous income	130		157		(27)		(17.2)	%
Total non-interest income	$	1,676	$	1,829	$	(153)	(8.4)	%

Mortgage Income

	Nine Months Ended						Year-to-Date Change 9/30/2023 vs. 9/30/2022
($ amounts in millions)	9/30/2023			9/30/2022			Amount		Percent
Production and sales	$	41		$	84		$	(43)	(51.2)	%
Loan servicing	119			95			24		25.3	%
MSR and related hedge impact:
MSRs fair value increase (decrease) due to change in valuation inputs or assumptions	41			127			(86)		(67.7)	%
MSRs hedge gain (loss)	(44)			(119)			75		63.0	%
MSRs change due to payment decay	(79)			(55)			(24)		(43.6)	%
MSR and related hedge impact	(82)			(47)			(35)		(74.5)	%
Total mortgage income	$	78		$	132		$	(54)	(40.9)	%
Mortgage production - portfolio	$	2,312		$	3,295		$	(983)	(29.8)	%
Mortgage production - agency/secondary market	1,160			2,025			(865)		(42.7)	%
Total mortgage production	$	3,472		$	5,320		$	(1,848)	(34.7)	%
Mortgage production - purchased	90.3		%	78.5		%
Mortgage production - refinanced	9.7		%	21.5		%

Wealth Management Income

	Nine Months Ended				Year-to-Date Change 9/30/2023 vs. 9/30/2022
($ amounts in millions)	9/30/2023		9/30/2022		Amount		Percent
Investment management and trust fee income	$	232	$	221	$	11	5.0	%
Investment services fee income	102		90		12		13.3	%
Total wealth management income (3)	$	334	$	311	$	23	7.4	%

Capital Markets Income

	Nine Months Ended				Year-to-Date Change 9/30/2023 vs. 9/30/2022
($ amounts in millions)	9/30/2023		9/30/2022		Amount		Percent
Capital markets income	$	174	$	278	$	(104)	(37.4)	%
Less: Valuation adjustments on customer derivatives (4)	(45)		47		(92)		(195.7)	%
Capital markets income excluding valuation adjustments	$	219	$	231	$	(12)	(5.2)	%

_________

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 and director benefits that are offset within salaries and employee benefits expense and other non-interest expense.

(3)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.

(4)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.

14

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Non-Interest Expense

	Quarter Ended
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		3Q23 vs. 2Q23				3Q23 vs. 3Q22
Salaries and employee benefits	$	589	$	603	$	616	$	604	$	593	$	(14)	(2.3)	%	$	(4)	(0.7)	%
Equipment and software expense	107		101		102		102		98		6		5.9	%	9		9.2	%
Net occupancy expense	72		73		73		74		76		(1)		(1.4)	%	(4)		(5.3)	%
Outside services	39		42		39		41		40		(3)		(7.1)	%	(1)		(2.5)	%
Marketing	26		26		27		27		29		—		—	%	(3)		(10.3)	%
Professional, legal and regulatory expenses	27		20		19		23		199		7		35.0	%	(172)		(86.4)	%
Credit/checkcard expenses	16		15		14		14		13		1		6.7	%	3		23.1	%
FDIC insurance assessments	27		29		25		18		16		(2)		(6.9)	%	11		68.8	%
Visa class B shares expense	5		9		8		7		3		(4)		(44.4)	%	2		66.7	%
Operational losses	75		95		13		18		13		(20)		(21.1)	%	62		476.9	%
Branch consolidation, property and equipment charges	1		1		2		5		3		—		—	%	(2)		(66.7)	%
Other miscellaneous expenses	109		97		89		84		87		12		12.4	%	22		25.3	%
Total non-interest expense	$	1,093	$	1,111	$	1,027	$	1,017	$	1,170	$	(18)	(1.6)	%	$	(77)	(6.6)	%

	Nine Months Ended				Year-to-Date Change 9/30/2023 vs. 9/30/2022
($ amounts in millions)	9/30/2023		9/30/2022		Amount		Percent
Salaries and employee benefits	$	1,808	$	1,714	$	94	5.5	%
Equipment and software expense	310		290		20		6.9	%
Net occupancy expense	218		226		(8)		(3.5)	%
Outside services	120		116		4		3.4	%
Marketing	79		75		4		5.3	%
Professional, legal and regulatory expenses	66		240		(174)		(72.5)	%
Credit/checkcard expenses	45		52		(7)		(13.5)	%
FDIC insurance assessments	81		43		38		88.4	%
Visa class B shares expense	22		17		5		29.4	%
Operational losses	183		38		145		381.6	%
Branch consolidation, property and equipment charges	4		(2)		6		300.0	%
Other miscellaneous expenses	295		242		53		21.9	%
Total non-interest expense	$	3,231	$	3,051	$	180	5.9	%

_________

NM - Not Meaningful

15

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures

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

The tables below 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 adjusted 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 adjusted 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 adjusted fee income and adjusted efficiency ratios. Also presented is a computation of the adjusted 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).

		Quarter Ended
($ amounts in millions)		9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022			3Q23 vs. 2Q23				3Q23 vs. 3Q22
Non-interest expense (GAAP)	A	$	1,093		$	1,111		$	1,027		$	1,017		$	1,170		$	(18)	(1.6)	%	$	(77)	(6.6)	%
Adjustments:
Branch consolidation, property and equipment charges		(1)			(1)			(2)			(5)			(3)			—		—	%	2		(66.7)	%
Salaries and employee benefits—severance charges		(3)			—			—			—			—			(3)		NM		(3)		NM
Professional, legal and regulatory expenses (1)		—			—			—			—			(179)			—		NM		179		(100.0)	%
Adjusted non-interest expense (non-GAAP)	B	$	1,089		$	1,110		$	1,025		$	1,012		$	988		$	(21)	(1.9)	%	$	101	10.2	%
Net interest income (GAAP)	C	$	1,291		$	1,381		$	1,417		$	1,401		$	1,262		$	(90)	(6.5)	%	$	29	2.3	%
Taxable-equivalent adjustment		13			12			13			13			12			1		8.3	%	1		8.3	%
Net interest income, taxable-equivalent basis	D	$	1,304		$	1,393		$	1,430		$	1,414		$	1,274		$	(89)	(6.4)	%	$	30	2.4	%
Non-interest income (GAAP)	E	$	566		$	576		$	534		$	600		$	605		$	(10)	(1.7)	%	$	(39)	(6.4)	%
Adjustments:
Securities (gains) losses, net		1			—			2			—			1			1		NM		—		—	%
Leveraged lease termination gains		—			—			(1)			—			—			—		NM		—		NM
Insurance proceeds (1)		—			—			—			(50)			—			—		NM		—		NM
Adjusted non-interest income (non-GAAP)	F	$	567		$	576		$	535		$	550		$	606		$	(9)	(1.6)	%	$	(39)	(6.4)	%
Total revenue	C+E=G	$	1,857		$	1,957		$	1,951		$	2,001		$	1,867		$	(100)	(5.1)	%	$	(10)	(0.5)	%
Adjusted total revenue (non-GAAP)	C+F=H	$	1,858		$	1,957		$	1,952		$	1,951		$	1,868		$	(99)	(5.1)	%	$	(10)	(0.5)	%
Total revenue, taxable-equivalent basis	D+E=I	$	1,870		$	1,969		$	1,964		$	2,014		$	1,879		$	(99)	(5.0)	%	$	(9)	(0.5)	%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)	D+F=J	$	1,871		$	1,969		$	1,965		$	1,964		$	1,880		$	(98)	(5.0)	%	$	(9)	(0.5)	%
Efficiency ratio (GAAP) (2)	A/I	58.5		%	56.4		%	52.3		%	50.5		%	62.3		%
Adjusted efficiency ratio (non-GAAP) (2)	B/J	58.2		%	56.4		%	52.2		%	51.6		%	52.6		%
Fee income ratio (GAAP) (2)	E/I	30.3		%	29.3		%	27.2		%	29.8		%	32.2		%
Adjusted fee income ratio (non-GAAP) (2)	F/J	30.3		%	29.3		%	27.2		%	28.0		%	32.2		%

________

NM - Not Meaningful

(1)In the third quarter of 2022, the Company settled a previously disclosed matter with the Consumer Financial Protection Bureau. The Company received an insurance reimbursement related to the settlement in the fourth quarter of 2022.

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

16

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures

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

		Nine Months Ended September 30
($ amounts in millions)		2023			2022			2023 vs. 2022
Non-interest expense (GAAP)	A	$	3,231		$	3,051		$	180	5.9	%
Adjustments:
Branch consolidation, property and equipment charges		(4)			2			(6)		(300.0)	%
Salaries and employee benefits—severance charges		(3)			—			(3)		NM
Professional, legal and regulatory expenses (1)		—			(179)			179		100.0	%
Adjusted non-interest expense (non-GAAP)	B	$	3,224		$	2,874		$	350	12.2	%
Net interest income (GAAP)	C	$	4,089		$	3,385		$	704	20.8	%
Taxable-equivalent adjustment		38			34			4		11.8	%
Net interest income, taxable-equivalent basis	D	$	4,127		$	3,419		$	708	20.7	%
Non-interest income (GAAP)	E	$	1,676		$	1,829		$	(153)	(8.4)	%
Adjustments:
Securities (gains) losses, net		3			1			2		(200.0)	%
Leveraged lease termination gains		(1)			(1)			—		—	%
Adjusted non-interest income (non-GAAP)	F	$	1,678		$	1,829		$	(151)	(8.3)	%
Total revenue	C+E= G	$	5,765		$	5,214		$	551	10.6	%
Adjusted total revenue (non-GAAP)	C+F=H	$	5,767		$	5,214		$	553	10.6	%
Total revenue, taxable-equivalent basis	D+E=I	$	5,803		$	5,248		$	555	10.6	%
Adjusted total revenue, taxable-equivalent basis (non-GAAP)	D+F=J	$	5,805		$	5,248		$	557	10.6	%
Operating leverage ratio (GAAP) (2)	I-A									4.7	%
Adjusted operating leverage ratio (non-GAAP) (2)	J-B									(1.6)	%
Efficiency ratio (GAAP) (2)	A/I	55.7		%	58.1		%
Adjusted efficiency ratio (non-GAAP) (2)	B/J	55.5		%	54.8		%
Fee income ratio (GAAP) (2)	E/I	28.9		%	34.9		%
Adjusted fee income ratio (non-GAAP) (2)	F/J	28.9		%	34.8		%

______

NM - Not Meaningful

(1)This adjustment relates to the settlement of a previously disclosed matter with the Consumer Financial Protection Bureau.

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

17

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures

Return Ratios

The table below provides a calculation of “return on average tangible common shareholders’ equity” (non-GAAP). 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. In calculating return on average tangible common shareholders' equity Regions makes adjustments to shareholders' equity including average intangible assets and related deferred taxes, average preferred stock and average accumulated other comprehensive income (AOCI). Since analysts and banking regulators may assess Regions’ capital adequacy using tangible common shareholders’ equity, management believes that it is useful to provide investors the ability to assess Regions’ capital adequacy on this same basis.

		Quarter Ended
($ amounts in millions)		9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY*
Net income available to common shareholders (GAAP)	A	$	465		$	556		$	588		$	660		$	404
Average shareholders' equity (GAAP)		$	16,468		$	16,892		$	16,457		$	15,442		$	16,473
Less:
Average intangible assets (GAAP)		5,955			5,966			5,977			5,996			6,019
Average deferred tax liability related to intangibles (GAAP)		(106)			(104)			(103)			(105)			(104)
Average preferred stock (GAAP)		1,659			1,659			1,659			1,659			1,659
Average tangible common shareholders' equity (non-GAAP)	B	$	8,960		$	9,371		$	8,924		$	7,892		$	8,899
Less: Average AOCI, after tax		(3,684)			(2,936)			(3,081)			(3,535)			(2,213)
Average tangible common shareholders' equity excluding AOCI (non-GAAP)	C	$	12,644		$	12,307		$	12,005		$	11,427		$	11,112
Return on average tangible common shareholders' equity (non-GAAP) (1)	A/B	20.58		%	23.82		%	26.70		%	33.20		%	18.02		%
Return on average tangible common shareholders' equity excluding AOCI (non-GAAP) (1)	A/C	14.58		%	18.14		%	19.85		%	22.91		%	14.42		%

____

*Annualized

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

Tangible Common Ratios

The following table provides a reconciliation of shareholders’ equity (GAAP) to tangible common shareholders’ equity (non-GAAP) and the calculations of the end of period “tangible common shareholders’ equity to tangible assets” and "tangible common book value per share" ratios (non-GAAP). 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.

		As of and for Quarter Ended
($ amounts in millions, except per share data)		9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
TANGIBLE COMMON RATIOS
Shareholders’ equity (GAAP)	A	$	16,100		$	16,639		$	16,883		$	15,947		$	15,173
Less:
Preferred stock (GAAP)		1,659			1,659			1,659			1,659			1,659
Intangible assets (GAAP)		5,949			5,959			5,971			5,982			6,005
Deferred tax liability related to intangibles (GAAP)		(108)			(106)			(104)			(103)			(105)
Tangible common shareholders’ equity (non-GAAP)	B	$	8,600		$	9,127		$	9,357		$	8,409		$	7,614
Total assets (GAAP)	C	$	153,624		$	155,656		$	154,135		$	155,220		$	157,798
Less:
Intangible assets (GAAP)		5,949			5,959			5,971			5,982			6,005
Deferred tax liability related to intangibles (GAAP)		(108)			(106)			(104)			(103)			(105)
Tangible assets (non-GAAP)	D	$	147,783		$	149,803		$	148,268		$	149,341		$	151,898
Shares outstanding—end of quarter	E	939			939			935			934			934
Total equity to total assets (GAAP) (1)	A/C	10.48		%	10.69		%	10.95		%	10.27		%	9.62		%
Tangible common shareholders’ equity to tangible assets (non-GAAP) (1)	B/D	5.82		%	6.09		%	6.31		%	5.63		%	5.01		%
Tangible common book value per share (non-GAAP) (1)	B/E	$	9.16		$	9.72		$	10.01		$	9.00		$	8.15

____

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

18

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Credit Quality

	As of and for Quarter Ended
($ amounts in millions)	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022
Components:
Beginning allowance for loan losses (ALL)	$	1,513	$	1,472	$	1,464	$	1,418	$	1,425
Cumulative change in accounting guidance (1)	—		—		(38)		—		—
Beginning allowance for loan losses (ALL), as adjusted for change in accounting guidance	$	1,513	$	1,472	$	1,426	$	1,418	$	1,425
Loans charged-off:
Commercial and industrial	53		52		49		38		20
Commercial real estate mortgage—owner-occupied	1		—		—		1		—
Total commercial	54		52		49		39		20
Commercial investor real estate mortgage	—		—		—		5		—
Total investor real estate	—		—		—		5		—
Residential first mortgage	—		1		—		—		1
Home equity—lines of credit	1		1		1		1		2
Home equity—closed-end	1		—		—		—		—
Consumer credit card	14		12		12		11		9
Other consumer—exit portfolios	3		3		5		4		4
Other consumer (2)	51		43		38		33		99
Total consumer	70		60		56		49		115
Total	124		112		105		93		135
Recoveries of loans previously charged-off:
Commercial and industrial	12		21		10		10		12
Commercial real estate mortgage—owner-occupied	1		—		—		1		1
Total commercial	13		21		10		11		13
Commercial investor real estate mortgage	—		—		—		1		—
Total investor real estate	—		—		—		1		—
Residential first mortgage	—		1		—		1		1
Home equity—lines of credit	1		2		3		3		2
Home equity—closed-end	1		—		—		—		—
Consumer credit card	3		1		2		2		2
Other consumer—exit portfolios	—		1		1		1		—
Other consumer	5		5		6		5		7
Total consumer	10		10		12		12		12
Total	23		31		22		24		25
Net charge-offs (recoveries):
Commercial and industrial	41		31		39		28		8
Commercial real estate mortgage—owner-occupied	—		—		—		—		(1)
Total commercial	41		31		39		28		7
Commercial investor real estate mortgage	—		—		—		4		—
Total investor real estate	—		—		—		4		—
Residential first mortgage	—		—		—		(1)		—
Home equity—lines of credit	—		(1)		(2)		(2)		—
Home equity—closed-end	—		—		—		—		—
Consumer credit card	11		11		10		9		7
Other consumer—exit portfolios	3		2		4		3		4
Other consumer	46		38		32		28		92
Total consumer	60		50		44		37		103
Total	101		81		83		69		110
Provision for loan losses (2)	135		122		129		115		103
Ending allowance for loan losses (ALL)	1,547		1,513		1,472		1,464		1,418
Beginning reserve for unfunded credit commitments	120		124		118		121		89
Provision for (benefit from) unfunded credit losses	10		(4)		6		(3)		32
Ending reserve for unfunded commitments	130		120		124		118		121
Allowance for credit losses (ACL) at period end	$	1,677	$	1,633	$	1,596	$	1,582	$	1,539

19

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Credit Quality (continued)
	As of and for Quarter Ended
($ amounts in millions)	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
Net loan charge-offs as a % of average loans, annualized (3):
Commercial and industrial	0.31		%	0.24		%	0.31		%	0.22		%	0.07		%
Commercial real estate mortgage—owner-occupied	0.04		%	0.01		%	(0.02)		%	(0.02)		%	(0.06)		%
Commercial real estate construction—owner-occupied	(0.01)		%	(0.27)		%	(0.05)		%	(0.02)		%	(0.08)		%
Total commercial	0.29		%	0.22		%	0.28		%	0.19		%	0.06		%
Commercial investor real estate mortgage	(0.01)		%	—		%	—		%	0.27		%	(0.01)		%
Commercial investor real estate construction	—		%	(0.04)		%	—		%	(0.01)		%	—		%
Total investor real estate	—		%	(0.01)		%	—		%	0.21		%	(0.01)		%
Residential first mortgage	—		%	—		%	—		%	(0.03)		%	(0.01)		%
Home equity—lines of credit	(0.07)		%	(0.08)		%	(0.22)		%	(0.22)		%	(0.08)		%
Home equity—closed-end	(0.02)		%	—		%	(0.03)		%	(0.02)		%	(0.09)		%
Consumer credit card	3.48		%	3.38		%	3.47		%	2.94		%	2.39		%
Other consumer—exit portfolios	3.14		%	2.56		%	2.69		%	2.46		%	2.13		%
Other consumer (2)	2.99		%	2.55		%	2.26		%	2.08		%	5.92		%
Total consumer	0.71		%	0.62		%	0.55		%	0.48		%	1.25		%
Total	0.40		%	0.33		%	0.35		%	0.29		%	0.46		%
Non-performing loans, excluding loans held for sale	$	642		$	492		$	554		$	500		$	495
Non-performing loans held for sale	2			1			1			3			2
Non-performing loans, including loans held for sale	644			493			555			503			497
Foreclosed properties	15			15			15			13			14
Non-performing assets (NPAs)	$	659		$	508		$	570		$	516		$	511
Loans past due > 90 days (4)	$	140		$	131		$	128		$	208		$	105
Criticized loans—business (5)	$	4,167		$	4,039		$	3,725		$	3,149		$	2,771
Credit Ratios (3):
ACL/Loans, net	1.70		%	1.65		%	1.63		%	1.63		%	1.63		%
ALL/Loans, net	1.56		%	1.53		%	1.50		%	1.51		%	1.50		%
Allowance for credit losses to non-performing loans, excluding loans held for sale	261		%	332		%	288		%	317		%	311		%
Allowance for loan losses to non-performing loans, excluding loans held for sale	241		%	308		%	266		%	293		%	287		%
Non-performing loans, excluding loans held for sale/Loans, net	0.65		%	0.50		%	0.56		%	0.52		%	0.52		%
NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale	0.67		%	0.51		%	0.58		%	0.53		%	0.54		%
NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale (4)	0.81		%	0.64		%	0.71		%	0.75		%	0.65		%

(1)Regions adopted accounting guidance on January 1, 2023 that removed the definition of troubled debt restructurings and replaced it with modifications to borrowers experiencing financial difficulty. The Company recorded the cumulative effect of the change in accounting guidance as an increase in retained earnings and a reduction in deferred tax assets.

(2)At the end of the third quarter of 2022, the Company sold certain unsecured consumer loans with an associated allowance of $94 million at the time of the sale. As shown in the table below, there was a $63 million fair value mark recorded through charge-offs, which resulted in a net provision benefit of $31 million associated with the sale.

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

(4)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page 21 for amounts related to these loans.

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

Adjusted Net Charge-offs and Ratio (non-GAAP)

At the end of the third quarter of 2022, the Company made the strategic decision to sell certain unsecured consumer loans. These loans were marked down to fair value through charge-offs as shown below. Management believes that excluding the incremental increase to net charge-offs from the net charge-off ratio (GAAP) to arrive at an adjusted net charge-off ratio (non-GAAP) will assist investors in analyzing the Company's credit quality performance as well as provide a better basis from which to predict future performance.

	For the Quarter Ended
($ amounts in millions)	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
Net loan charge-offs (GAAP)	$	101		$	81		$	83		$	69		$	110
Less: charge-offs associated with the sale of unsecured consumer loans	—			—			—			—			63
Adjusted net loan charge-offs (non-GAAP)	$	101		$	81		$	83		$	69		$	47
Adjusted net loan charge-offs as a % of average loans, annualized (non-GAAP) (1)	0.40		%	0.33		%	0.35		%	0.29		%	0.19		%

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

20

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Non-Performing Loans (excludes loans held for sale)

	As of
($ amounts in millions, %'s calculated using whole dollar values)	9/30/2023				6/30/2023				3/31/2023				12/31/2022				9/30/2022
Commercial and industrial	$	361	0.70	%	$	297	0.57	%	$	385	0.74	%	$	347	0.68	%	$	333	0.67	%
Commercial real estate mortgage—owner-occupied	43		0.90	%	34		0.72	%	34		0.68	%	29		0.58	%	29		0.57	%
Commercial real estate construction—owner-occupied	10		3.50	%	5		1.60	%	6		1.85	%	6		1.93	%	6		2.22	%
Total commercial	414		0.73	%	336		0.59	%	425		0.74	%	382		0.68	%	368		0.67	%
Commercial investor real estate mortgage	169		2.63	%	98		1.51	%	67		1.06	%	53		0.83	%	59		0.93	%
Total investor real estate	169		1.94	%	98		1.14	%	67		0.80	%	53		0.63	%	59		0.72	%
Residential first mortgage	24		0.12	%	24		0.12	%	26		0.14	%	31		0.16	%	29		0.16	%
Home equity—lines of credit	29		0.91	%	28		0.84	%	30		0.90	%	28		0.79	%	32		0.90	%
Home equity—closed-end	6		0.23	%	6		0.24	%	6		0.23	%	6		0.24	%	7		0.28	%
Total consumer	59		0.18	%	58		0.17	%	62		0.19	%	65		0.20	%	68		0.22	%
Total non-performing loans	$	642	0.65	%	$	492	0.50	%	$	554	0.56	%	$	500	0.52	%	$	495	0.52	%

Early and Late Stage Delinquencies

Accruing 30-89 Days Past Due Loans	As of
($ amounts in millions, %'s calculated using whole dollar values)	9/30/2023				6/30/2023				3/31/2023				12/31/2022				9/30/2022
Commercial and industrial	$	52	0.10	%	$	55	0.10	%	$	47	0.09	%	$	56	0.11	%	$	77	0.16	%
Commercial real estate mortgage—owner-occupied	7		0.14	%	4		0.09	%	7		0.14	%	9		0.18	%	5		0.09	%
Total commercial	59		0.10	%	59		0.10	%	54		0.09	%	65		0.12	%	82		0.15	%
Commercial investor real estate mortgage	115		1.78	%	1		0.01	%	1		0.01	%	—		—	%	1		—	%
Total investor real estate	115		1.31	%	1		0.01	%	1		0.01	%	—		—	%	1		—	%
Residential first mortgage—non-guaranteed (1)	95		0.48	%	83		0.42	%	74		0.39	%	86		0.47	%	85		0.47	%
Home equity—lines of credit	33		1.02	%	28		0.85	%	28		0.83	%	30		0.85	%	20		0.58	%
Home equity—closed-end	11		0.46	%	10		0.43	%	10		0.38	%	11		0.44	%	11		0.44	%
Consumer credit card	18		1.43	%	16		1.28	%	15		1.24	%	16		1.26	%	17		1.39	%
Other consumer—exit portfolios	6		1.71	%	6		1.54	%	7		1.38	%	10		1.75	%	10		1.49	%
Other consumer	80		1.30	%	79		1.32	%	69		1.18	%	67		1.18	%	49		0.93	%
Total consumer (1)	243		0.85	%	222		0.78	%	203		0.74	%	220		0.82	%	192		0.73	%
Total accruing 30-89 days past due loans (1)	$	417	0.42	%	$	282	0.29	%	$	258	0.26	%	$	285	0.29	%	$	275	0.29	%
Accruing 90+ Days Past Due Loans	As of
($ amounts in millions, %'s calculated using whole dollar values)	9/30/2023				6/30/2023				3/31/2023				12/31/2022				9/30/2022
Commercial and industrial	$	13	0.02	%	$	10	0.02	%	$	23	0.04	%	$	30	0.06	%	$	4	0.01	%
Commercial real estate mortgage—owner-occupied	1		0.01	%	1		0.02	%	—		0.01	%	1		0.02	%	—		—	%
Total commercial	14		0.02	%	11		0.02	%	23		0.04	%	31		0.05	%	4		0.01	%
Commercial investor real estate mortgage	—		—	%	—		—	%	—		—	%	40		0.63	%	—		—	%
Total investor real estate	—		—	%	—		—	%	—		—	%	40		0.48	%	—		—	%
Residential first mortgage—non-guaranteed (2)	58		0.30	%	53		0.28	%	47		0.25	%	47		0.26	%	50		0.28	%
Home equity—lines of credit	16		0.49	%	19		0.56	%	17		0.50	%	15		0.44	%	17		0.47	%
Home equity—closed-end	7		0.29	%	8		0.31	%	8		0.36	%	8		0.33	%	8		0.31	%
Consumer credit card	17		1.37	%	15		1.26	%	15		1.20	%	15		1.19	%	13		1.12	%
Other consumer—exit portfolios	1		0.18	%	1		0.18	%	1		0.18	%	1		0.19	%	1		0.20	%
Other consumer	27		0.44	%	24		0.40	%	17		0.30	%	17		0.29	%	12		0.22	%
Total consumer (2)	126		0.45	%	120		0.43	%	105		0.42	%	103		0.42	%	101		0.40	%
Total accruing 90+ days past due loans (2)	$	140	0.14	%	$	131	0.13	%	$	128	0.13	%	$	174	0.18	%	$	105	0.11	%
Total delinquencies (1) (2)	$	557	0.57	%	$	413	0.42	%	$	386	0.39	%	$	459	0.47	%	$	380	0.40	%

(1)Excludes loans that are 100% guaranteed by FHA and guaranteed loans sold to Ginnie Mae where Regions has the right but not the obligation to repurchase. Total 30-89 days past due guaranteed loans excluded were $43 million at 9/30/2023, $36 million at 6/30/2023, $37 million at 3/31/2023, $46 million at 12/31/2022, and $39 million at 9/30/2022.

(2)Excludes loans that are 100% guaranteed by FHA and all guaranteed loans sold to Ginnie Mae where Regions has the right but not the obligation to repurchase. Total 90 days or more past due guaranteed loans excluded were $23 million at 9/30/2023, $24 million at 6/30/2023, $30 million at 3/31/2023, $34 million at 12/31/2022, and $26 million at 9/30/2022.

21

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

Forward-Looking Statements

This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objectives,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. Forward-looking statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below:

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

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

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

•Volatility and uncertainty related to inflation and the effects of inflation, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally.

•The impact of pandemics, including the COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any pandemic could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses.

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

•The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios, and our ability to return capital to shareholders.

•Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases.

•Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses.

•Possible acceleration of prepayments on mortgage-backed securities due to declining interest rates, and the related acceleration of premium amortization on those securities.

•Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, 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.

•Rising interest rates could negatively impact the value of our portfolio of investment securities.

•The loss of value of our investment portfolio could negatively impact market perceptions of us.

•The effects of social media on market perceptions of us and banks generally.

•Volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital.

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

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

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

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

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

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

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

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

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

•Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our businesses.

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

•The risks and uncertainties related to our acquisition or divestiture of businesses and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses.

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

•Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time.

22

Regions Financial Corporation and Subsidiaries                                

Financial Supplement (unaudited) to Third Quarter 2023 Earnings Release

•Fraud or misconduct by our customers, employees or business partners.

•Any inaccurate or incomplete information provided to us by our customers or counterparties.

•Inability of our framework to manage risks associated with our businesses, such as credit risk and operational risk, including third-party vendors and other service providers, which could, among other things, result in a breach of operating or security systems as a result of a cyber attack or similar act or failure to deliver our services effectively.

•Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms.

•Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms.

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

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

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

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

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

•Our ability to achieve our expense management initiatives.

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

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

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

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

•Our ability to receive dividends from our subsidiaries, in particular Regions Bank, could affect our liquidity and ability to pay dividends to shareholders.

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

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

•The effects of anti-takeover laws and exclusive forum provision in our certificate of incorporation and bylaws.

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

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

The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” in Regions’ Annual Report on Form 10-K for the year ended December 31, 2022 and in Regions’ subsequent filings with the SEC.

You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law.

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

23

EX-99.3

Exhibit 99.3 3rd Quarter Earnings Conference Call October 20, 2023

2 Third quarter 2023 overview Continue to generate consistent, sustainable long-term performance (1) Non-GAAP, see appendix for reconciliation. Key Performance Metrics 3Q23 Reported Net Income Available to Common Shareholders $465M Diluted Earnings Per Share $0.49 Total Revenue $1.9B Non-Interest Expense $1.1B Pre-Tax Pre-Provision Income(1) $764M Efficiency Ratio 58.5% Net-Charge Offs / Avg Loans 0.40% Highlights • One of the best ROATCE(1) in the peer group of 20.6% (14.6% ex. AOCI) • Continue to benefit from strong and diverse balance sheet with strong capital, robust liquidity, and prudent credit risk management • Proactive hedging strategies position us for success in any interest rate environment • Continued focus on disciplined capital allocation and risk- adjusted returns • Benefiting from strategic investments in LOBs

3 • Avg business loans remained stable; expect increased lending opportunities but reserving capital for full relationship business • Avg consumer loans increased 1% as growth in avg mortgage and EnerBank partially offset by declines in home equity and run- off in exit portfolios ◦ Other Consumer includes ~3% growth in avg EnerBank loans • Expect 2023 reported ending loan balances to grow in the low-single digits compared to 2022 Loans Softening demand but continuing to support our clients $94.7 $99.2 $98.9 63.2 66.0 65.4 31.5 33.2 33.5 3Q22 2Q23 3Q23 (Ending, $ in billions) $94.7 $98.6 $98.8 62.4 65.7 65.4 32.3 32.9 33.4 3Q22 2Q23 3Q23 Loans and leases (Average, $ in billions) Business loansConsumer loans QoQ highlights & outlook

4 $135.4 $127.0 $126.2 85.5 81.6 81.0 38.3 35.3 34.7 9.4 7.2 7.8 2.2 2.9 2.7 3Q22 2Q23 3Q23 $135.5 $125.5 $125.2 84.7 81.0 80.0 39.1 34.9 34.9 9.5 7.4 7.5 2.2 2.2 2.8 3Q22 2Q23 3Q23 Deposits Normalization occurring as expected (1) Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar trade deposits, selected deposits and brokered time deposits) Wealth Mgt Other(1) Consumer Bank Corporate Bank QoQ highlights & outlook • Deposit base remains a source of strength, balances continue to perform as expected • Modest deposit declines, in line with expectations, largely driven by late- cycle rate-seeking behavior • Corporate Bank customer liquidity under management remains stable • Focus on attracting and retaining a diverse and granular deposit base with high primacy, which drives loyalty & trust and supports funding stability • Ending total deposits are expected to be stable to modestly lower in 4Q; Expect continued re-mixing into interest-bearing categories (Ending, $ in billions) Deposits by Segment (Average, $ in billions)

5 • As Fed Funds nears a peak, NII and NIM will see declines from deposit cost normalization and forward starting swaps, offset by asset turnover at higher rates ◦ 4Q23 NII expected to decline ~5% vs 3Q23 ◦ 2023 NII expected to grow ~11% vs 2022 ◦ 2024 NII expected to stabilize over the first half of the year and grow over the back half of the year • Assumes ~40% cycle-to-date int-bearing deposit beta by year- end 2023 (1) Market rate impacts include contractual loan, cash and borrowings repricing; fixed asset turnover at higher market rates; securities premium amortization net discount accretion roughly flat vs 2Q at $19M. (2) Expectations assume flat 09/30/2023 rates: upper-end Fed Funds range ends 2023 at ~5.5%; remaining 2023 avg 10-year U.S. Treasury yield 4.59%. Market Rates(1) $1,381 $1,291 NII Attribution 3Q23 • NII -$90M, or -6.5% QoQ; NIM -31bps to 3.73% • Higher long-term rates increase new production fixed-rate asset yields and reduce securities premium amortization(1) • Higher short-term rates overcome by deposit balance and pricing normalization ◦ 3Q deposit cost = 1.16% ◦ 3Q interest-bearing deposit cost = 1.81% (34% cycle-to-date beta) • Beginning of active period on $6B of previously added, forward starting hedges reduces NII in the current rate environment; reduces NII volatility to future rate moves • Negative one-time, leveraged lease residual value adjustment in 3Q Drivers of NII and NIM 2Q23 -31bps -2bps -4bps+20bps -$108M -$8M +$6M+$69MNII NIM NII & margin performance Days / Other -$49M -14bps $1,274 $1,393 $1,304 3.53% 4.04% 3.73% 3Q22 2Q23 3Q23 Expectations for 4Q23 & Beyond(2) NII FTE NII and NIM ($ in millions) NIM Deposit Cost/Mix Lease Yield Adj. -$90M -31bps Hedges

6 1 2 3 4 5 6 7 Program Overview • Legacy Hedging Program: Performed as designed, limiting NII & NIM downside during a low-rate environment • 2021: Completed hedge repositioning to purposely open rate exposure prior to rates rising • 2022-23: Added meaningful future protection at rate levels supportive of longer-term margin goals Cash Flow Hedge Notional(1) (1) Floating rate leg of swaps vs overnight SOFR. (2) Collars use short interest rate caps to pay for long interest rate floors; weighted avg. floor of 1.86%, weighted avg. cap of 6.22%. (3) $200M in 3yr pay fixed, spot starting, fair value hedges versus overnight SOFR were executed across Q3 through 10/6/23. Hedging strategy update (Quarterly Avg) 1 2 3 4 5 6 3.07% 2.86% 2.92% 2.94% 2.94% 2.99% 2023 2024 2025 2026 2027 2028 $13.0B $20.4B $19.0B $15.5B $10.7B $4.9B - - - +$1.1B +$1.5B +$1.5B $13.0B $20.4B $19.0B $16.7B $12.2B $6.4B (Annual Avg) Current Focus • Continue to look for opportunities to add protection in outer years at attractive levels ◦ Added $1.5B in forward-starting (Apr '26), 3-year receive-fixed swaps (3.46%) ◦ Added $500M of forward-starting (Jan '25), 4-year costless collars • Added small amount of fair value, pay fixed swaps(3) to hedge near-term portion of securities reinvestment and associated AOCI as of 9/30/2023 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Swap Notional - 2Q23 $14.9B $18.0B $21.0B $21.1B $20.1B $19.5B $19.6B 3Q23 Swap Changes - - - - - - - Swap Notional - 3Q23 $14.9B $18.0B $21.0B $21.1B $20.1B $19.5B $19.6B Swaps Swap Receive Rate(1) 3.00% 2.89% 2.89% 2.83% 2.85% 2.85% Balance Sheet Positioning • Mostly "neutral" interest rate risk position for 2024-25 • Constructed well-protected margin in the mid-3%s • Monitoring deposit performance and its effect on interest rate sensitivity $1.0B $2.0B $2.0B $2.0B $1.0BCollar Notional(2) $0.5B $0.5B $1.5B $1.5B $2.0B Collars

7 Adj. Non-Interest Income $606 $576 $567 3Q22 2Q23 3Q23 Change vs ($ in millions) 3Q23 2Q23 3Q22 Service charges $142 (6.6)% (9.0)% Card and ATM fees 126 (3.1)% —% Capital markets (Ex CVA/DVA) 67 (13.0)% (6.9)% Capital markets - CVA/DVA (3) 66.7% (114.3)% Wealth management income 112 1.8% 3.7% Mortgage income 28 7.7% (24.3)% Non-interest income (1) Non-GAAP; see appendix for reconciliation. • Expect full-year 2023 adjusted total revenue to be up 5-6% compared to 2022 QoQ outlook Total revenue outlook • NIR decreased 2% on a reported and adjusted(1) basis as modest increase in mortgage and wealth management income was offset by declines primarily in service charges and capital markets • Mortgage benefited from $6.2B MSR bulk purchase in early 3Q • Expect FY23 service charges of ~$590M; Treasury Mgmt. revenue on track to produce another record year • Total capital markets income decreased $4M; ex. CVA/DVA decreased 13% sequentially, as increases in M&A fees were offset by declines in most other categories ◦ ($3)M CVA/DVA adjustment; $6M improvement vs. 2Q ◦ Expect 4Q23 capital markets revenue in $60-$80M range ex. CVA/DVA Non-Interest Income $605 $576 $566 3Q22 2Q23 3Q23 ($ in millions) ($ in millions) (1)

8 $1,170 $1,111 $1,093 62.3% 56.4% 58.5% Non-interest expense Efficiency ratio 3Q22 2Q23 3Q23 $988 $1,110 $1,089 $82 $53 52.6% 56.4% 58.2% Adjusted non-interest expense Incremental operational losses Adjusted efficiency ratio 3Q22 2Q23 3Q23 • Non-interest expense decreased ~2% on a reported and adjusted basis(1); Ex. incremental operational losses in both quarters, 2% decline in adj. NIE would have been a 1% increase ◦ Incremental operational losses of $82M in 2Q and $53M in 3Q are associated with elevated fraud • Salaries & benefits decreased ~2% due to lower incentives and payroll taxes • FDIC special assessment of ~$111M expected in 4Q23 (assumes adopted as drafted; is not included in FY23 expectation) • Other NIE increased 12% primarily driven by a $7M pension settlement charge • Committed to prudent expense management focusing on largest categories- S&B, occupancy and vendor spend • Expect full-year 2023 adjusted NIE to increase ~9.5% compared to 2022; Ex. $135M in incremental operational losses (2Q+3Q), expect 2023 adjusted NIE to be up ~6% compared to 2022 $3,387 $3,419 $3,434 $3,443 $3,541 $3,698 $3,886 2016 2017 2018 2019 2020 2021 2022 Non-interest expense QoQ highlights & outlookAdj. Non-Interest Expense(1) ($ in millions) 2.3% CAGR (1) (1) Non-GAAP; see appendix for reconciliation. (2) Adjusted NIE in 2020-2022 were impacted by 2Q20 acquisition of Ascentium Capital and 4Q21 acquisitions of EnerBank, Sabal Capital Partners, and ClearSight Advisors. (1) Non-Interest Expense ($ in millions) Adj. Non-Interest Expense(1)(2) ($ in millions)

9 • 3Q annualized NCOs totaled 40 bps, increasing 7 bps QoQ and included elevated losses in a discontinued solar program at EnerBank and lower commercial recoveries • 3Q NPLs, business services criticized loans and total delinquencies increased; 3Q NPL increase attributable primarily to one large collateralized information credit in C&I and two Sr Housing facilities in IRE • 3Q ACL/Loans ratio increased 5 bps; total ACL $ increase attributable to adverse risk migration and continued normalization, as well as an increase in qualitative adjustments for incremental risk in certain portfolios ◦ ACL on Office Portfolio increased to 3.1%; single office loan on non-performing status is paying as agreed under modified terms; Continue to remain confident about composition of Office Portfolio • Expect full-year 2023 NCOs to be slightly above 35 bps; Expect historical through-the-cycle annual NCOs range of 35-45 bps in 2024 Non-Performing Loans (NPLs) Asset quality Underlying credit performance continues to normalize as expected ($ in millions) ($ in millions) Allowance for Credit Losses (ACL) $1,539 $1,633 $1,677 1.63% 1.65% 1.70% 311% 332% 261% ACL ACL/Loans ACL/NPLs 3Q22 2Q23 3Q23 $110 $81 $101 $47 $63 3Q22 2Q23 3Q23 0.19% 0.33%0.46% 0.40% $495 $492 $642 0.52% 0.50% 0.65% NPLs - excluding LHFS NPL/Loans 3Q22 2Q23 3Q23 Net charge-offs ($ in millions) Adjusted Net Charge-Offs(1) 3Q22 Consumer Loan Sale(2)Net Charge-Offs Ratio Adjusted Net Charge-Offs Ratio(1) (1) Non-GAAP; see appendix for reconciliation. (2) $94M reserve release less $63M fair value mark through charge-offs = $31M net provision benefit.

10 • Basel III Endgame - estimate a low to mid-single digit increase in RWAs under the Expanded Risk Based Approach in addition to the phase-in of AOCI into regulatory capital ◦ CET1 adjusted to include AOCI at 9/30 is estimated at 7.6%(3) • Minimum Long-Term Debt - ~$6B of LTD issuance need over several years • Common Equity Tier 1 (CET1) ratio(1) increased to 10.3%, reflecting solid capital generation through earnings partially offset by common & preferred stock dividends • From 4Q23 through 3Q24, the Stress Capital Buffer will remain at 2.5% • Anticipate continuing to manage CET1 at ~10% over the near term • In 3Q, Regions declared $225M in common dividends and executed no share repurchases • Total primary liquidity (TPL) as of 9/30 was ~$38.5B(4) from readily available sources; TPL including BTFP and Discount Window was ~$56.8B(4) 9.3% 10.1% 10.3% 3Q22 2Q23 3Q23 QoQ Highlights & Outlook Capital and liquidity (1) Current quarter ratios are estimated. (2) Based on ending balances. (3) Non-GAAP; see appendix for reconciliation. (4) This includes a $2.3B Bank Term Funding Program par vs. market value benefit. 10.6% 11.4% 11.6% 3Q22 2Q23 3Q23 Tier 1 capital ratio(1) Loan-to-deposit ratio(2) 70% 78% 78% 3Q22 2Q23 3Q23 Common equity Tier 1 ratio(1)

11 2023 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) Expectations assume 09/30/2023 rates: upper-end Fed Funds range ends 2023 at ~5.5%; remaining 2023 avg 10-year U.S. Treasury yield 4.59%. FY 2023 Expectations Total Adjusted Revenue (from adjusted 2022 of $7,165)(1)(2)(3) up 5-6% Adjusted Non-Interest Expense (from adjusted 2022 of $3,886)(1)(2) up ~9.5% Ending Loans (from ending 2022 of $97,009) grow low-single digits Ending Deposits (from ending 9/30/23 of $126,199) stable to modestly lower in 4Q Net Charge-Offs / Average Loans slightly above 35 bps Effective Tax Rate 21-22% Expectations for 4Q23 & Beyond • 4Q23 NII expected to decline ~5%(3) QoQ; 2023 NII expected to grow ~11%(3) vs 2022 ◦ 2024 NII expected to stabilize over the first half of the year and grow over the back half of the year • Expect FY23 service charges of ~$590M • Expect 4Q23 capital markets revenue in $60-$80M range ex. CVA/DVA • Ex. $135M in YTD incremental operational losses (2Q+3Q), 2023 adjusted NIE growth is expected to be up ~6% compared to 2022; FDIC special assessment of ~$111M expected in 4Q23 (assumes adopted as drafted; is not included in FY23 expectation) • Expect historical through-the-cycle annual NCOs range of 35-45 bps in 2024 • Anticipate continuing to manage CET1 at ~10% over the near term

12 Appendix

13 Selected items impact Third quarter 2023 highlights (1) Non-GAAP, see appendix for reconciliation. (2) Based on income taxes at an approximate 25% incremental rate. (3) Items impacting results or trends during the period, but are not considered non-GAAP adjustments. ($ amounts in millions, except per share data) 3Q23 QoQ Change YoY Change Net interest income $ 1,291 (6.5)% 2.3% Provision for (benefit from) credit losses 145 22.9% 7.4% Non-interest income 566 (1.7)% (6.4)% Non-interest expense 1,093 (1.6)% (6.6)% Income before income taxes 619 (15.0)% 10.1% Income tax expense 129 (12.2)% (3.0)% Net income 490 (15.7)% 14.2% Preferred dividends 25 —% —% Net income available to common shareholders $ 465 (16.4)% 15.1% Diluted EPS $ 0.49 (16.9)% 14.0% Summary of third quarter results (amounts in millions, except per share data) 3Q23 Pre-tax adjusted items(1): Branch consolidation, property and equipment charges $ (1) Salary and employee benefits—severance charges (3) Securities gains (losses), net (1) Total pre-tax adjusted items(1) $ (5) Diluted EPS impact(2) $ — Additional selected items(3): Provision in excess of net charge-offs $ (44) Capital markets income (loss) - CVA/DVA (3) Residential MSR net hedge performance 4 Pension settlement charges (7) Incremental operational losses related to check fraud (53)

14 2.25 2.39 2.55 3Q21 3Q22 3Q23 2.40 3.20 4.14 3Q21 3Q22 3Q23 158 156 180 3Q21 3Q22 3Q23 21.4% 21.7% 22.9% 33.1% 32.5% 32.3% 45.5% 45.8% 44.8% 3Q21 3Q22 3Q23 83.8 86.8 102.0 71.3 70.3 87.4 12.5 16.5 14.6 Deposits Lending 3Q21 3Q22 3Q23 69% 71% 74% 31% 29% 26% 3Q21 3Q22 3Q23 Growth in digital Mobile Banking Log-Ins (Millions) Customer Transactions(3)(4) Deposit Transactions by Channel Active Users (Millions)(1) Digital Sales (Accounts in Thousands)(2) Digital Non-Digital Mobile ATMBranch +72% +14% 25% 23% 31% 73% 75% 67% 2% 2% 2% 3Q21 3Q22 3Q23 Digital BranchContact Center Consumer Checking Sales by Channel(5) Mobile Banking Mobile App Rating Zelle Transactions (Millions)Sales and TransactionsDigital Usage +22% +14% (1) Total number of unique customers who have successfully authenticated and logged into the mobile app at least once within the last 90 days. (2) Digital sales represent deposit accounts opened and loans booked. (3) Digital transactions represent online and mobile only; Non-digital transactions represent branches, contact centers and ATMs. (4) Transactions represent Consumer customer deposits, transfers, mobile deposits, fee refunds, withdrawals, payments, official checks, bill payments, and Western Union. Excludes ACH and Debit Card purchases/refunds. (5) Includes cross-channel sales capabilities through digital banker dashboard applications

15 (1) YTD Treasury Management Revenue Growth, September '22 to September '23, YoY Trade Services Dollar Volume Growth, September ‘22 to September‘23. (2) Quality Relationships defined as having a cumulative $500K in loans, deposits and IM&T accounts, revenue per Quality Relationship measured over TTM, Aug '23 vs Dec '22. Investments in our businesses Investments in talent, technology and strategic acquisitions continue to pay off CORPORATE CONSUMER WEALTH Mobile users increased 6.7% YoY Increase in revenue per quality relationship(2) of 5% Clearsight fees up 36% YoY; Real Estate Capital Markets fees up 18% YoY Transforming how we serve our clients through Wealth Client IQ, surpassing retention goal of 93.4% YTD driving an additional $1.8M of revenue Industry leading Customer Satisfaction $6.2B MSR acquisition completed in July 2023 1st in VISA Power Score for 38 consecutive quarters on Debit EnerBank generating high quality loans, 782 average FICO for loans originated in 3Q23 Investment Management & Trust revenue up 7% over 3Q22 Focused efforts around Building High Performing Teams by hosting Wealth Connections, our DEI forum, bringing a sense of belonging and connection amongst Wealth associates to continue driving engagement Digital efforts driving 13x increase YoY in web traffic to PWM landing page on Regions.com, resulting in higher utilization of Guided Discovery, Wealth Management's online lead generation solution Increased marketing in strategic growth markets; ~5% increase for FY 2023 Continued focus on fraud prevention through cybersecurity enhancements Modernized existing CRM to Salesforce Financial Services Cloud Treasury Management revenue grew 9% YoY(1); Global Trade Services dollar volume up 18% YoY, driven in part by investments in talent Continue to grow consumer net checking accounts ~1%+ per year Small Business initiatives driving results: Ascentium Capital generating solid loan production & cross-sell opportunities; new Franchise Lending unit continues to build momentum, with YTD loan production doubling 2022 performance Average balance of new checking customers is higher than pre-pandemic new account vintages by 10-15%

16 Treasury Management Enabling our clients to optimize cash flow and manage risk with a comprehensive & competitive suite of Treasury Management solutions +9% Treasury Management Revenue(1) +8% Portfolio of Treasury Management Clients(2) +8% Digital, Payment & Integrated Services Revenue(3) +18% Global Trade Services Dollar Volume(4) • Delivering capabilities in line with our "Build/Partner/Invest" strategy • Expanding client access via enhanced digital solutions and expanded self-service capabilities • Providing additional online and mobile functionality • Launching new cash flow management tools and leveraging APIs, including new secure connectivity tools for companies’ enterprise systems • Enhancing fraud mitigation resources • Simplifying business travel management with new Commercial Pay solution • Adding Treasury Management sales talent in core & expansion markets as well as product & support functions • Expanding support for subsidiaries of international corporations operating in the U.S. by launching the International Subsidiaries Banking group Steadily Growing our Treasury Management Business Earning Recognition for Excellence in Global Trade Finance Continually Investing in Technology & Talent • Export Working Capital Lender of the Year (2022 & 2019) • #1 SBA Export Lender for 4 Consecutive Years • Export Working Capital Preferred Lender • 2022 Deal of the Year • Lender of the Year (2021) • Highest Delegated Lender Authority • EX-IM Medium Term Note Financing (1) YTD Treasury Management Revenue Growth, September '22 to September '23. (2) YoY Client Growth, August ‘22 to August ‘23. (3) YoY Digital, Payments & Integrated Revenue, August '22 to August '23 (4) YoY Trade Services Dollar Volume Growth, September ‘22 to September‘23.

17 • Portfolio constructed to protect against changes in market rates ◦ Duration is fully extended at ~4.5 years as of 9/30/2023; provides offset to long-duration deposit book ◦ ~36% of securities in the portfolio are bullet-like (CMBS, corporate bonds, agency bullets, and USTs) ◦ MBS mix concentrated in less sensitive prepayment collateral types: lower loan balances, seasoning, and state-specific geographic concentrations • 96% US Government or Agency guaranteed ◦ $1.0B high quality, investment grade corporate bond portfolio is short-dated (2.1 year duration) and well diversified across sectors and issuers ◦ The Agency CMBS portfolio is guaranteed by government agencies and is collateralized by mortgage loans on multifamily properties • 97% classified as Available-for-Sale • In Q3, reinvestment was accretive to portfolio yield by ~3.25% vs paydowns/maturities • Pre-Tax unrealized losses on AFS Securities expected to decline ~21% by year end 2024 and ~36% by year end 2025(2) Agency/UST 8% Agency MBS 60% Agency CMBS 28% Non-Agency CMBS —% Corporate Bonds 4% Securities portfolio provides downside rate protection / liquidity Securities portfolio composition(1)(3) $27.0B (1) Includes AFS securities, the $4.1B unrealized AFS loss, and $772M HTM securities as of 9/30/2023 (excludes $69.3M unrealized HTM loss) (2) $ in Billions. Estimated, using market forwards and portfolio as of 9/30/2023 (3) $200M in 3yr pay fixed, spot starting, fair value hedges versus overnight SOFR were executed across Q3 through 10/6/2023 Pre-Tax AFS Unrealized Losses(2) % Represents Cumulative Decline 09/30/23 YE 2023 YE 2024 YE 2025 $(6) $(4) $(2) $— -6% -21% -36%

18 Higher Risk Industry Segments (Outstanding balances as of September 30, 2023) (1) Amounts exclude PPP loans and Held For Sale loans. (2) CoStar is an industry leader in CRE data & analytics. CoStar data as of June 30, 2023. (3) GreenStreet Commercial Property Price Index as of October 5, 2023 - change in commercial property value for business office at a 31% discount. Business Services High Risk Segments Portfolio ($ in millions) BAL$(1) % of Total Loans NPL NPL/Loans ACL ACL/Loans Consumer Discretionary Goods Retail Trade & Consumer Manufacturing $3,065 3.1% $19 0.6% $57 1.9% Freight Transportation Transportation & Warehousing 1,021 1.0% 20 2.0% 41 4.1% Healthcare Goods and Services & Facilities 1,778 1.8% 21 1.2% 49 2.7% Office 1,640 1.7% 49 3.0% 51 3.1% Senior Housing 1,489 1.5% 120 8.1% 50 3.4% Total High Risk Segments $8,993 9.1% $229 2.6% $248 2.8% • Consumer Discretionary: Consumers continue to limit spending on goods, focusing instead on services and experiences; consumer behaviors are gradually normalizing with demand patterns returning for many retailers • Freight Transportation: Smaller trucking firms operating in the spot market remains in focus; however, freight, transportation, and shipping costs have all declined from their peaks, which should provide some margin stabilization • Healthcare: The sector has experienced negative risk migration over the last year primarily due to rising costs (labor, goods, lack of pricing power related to insurance reimbursements); consistent demand for Healthcare should help the industry navigate a challenging environment in the long term • Senior Housing: Senior living occupancy increased in the third quarter; however, two facilities were moved into non-performing status in 3Q attributable to higher interest rates, elevated operating costs, and COVID overhang impacting occupancy Ongoing Portfolio Surveillance • Office: As defined by CoStar(2), office secured loan commitments consists of 94% Class A and 6% Class B property types ◦ WA LTV ~63.5% (based on appraisal at origination or most recent received); Sensitized WA LTV ~92.02% using GreenStreet(3) ◦ 63.4% of secured committed exposure is located in the Sunbelt of which 91.6% is Class A. ◦ 74% of secured committed exposure is in Suburban locations with 26% in Urban ◦ Average property leasing status for maturing office loans (next 12 months) is ~85.4% (~81.3% Occupancy) ◦ 39% of secured committed exposure is Single-Tenant ◦ Single loan on NPL status paying as agreed under modified terms

19 Commercial Real Estate(1) Highly Diversified Total IRE Portfolio (including Unsecured CRE) • Unsecured loans for RE purposes generally have low leverage, with strong access to liquidity ◦ 67% of REITs are investment grade or mapped to IG risk rating (provide loss insulation to overall portfolio) ◦ Balance of remaining unsecured is primarily to institutional RE Funds backed by predominantly IG sponsors • Business Offices secured = ~90% / unsecured = ~10% • Total IRE (incl unsec. CRE) to Risk Based Capital(3): 116% and Construction, Land, and Acq. & Dev. to Risk Based Capital: 23% are well below supervisory limits (300%/100%) (1) Outstanding balances as of 09/30/2023. (2) Excludes $5.1 billion of Owner-occupied CRE whose source of repayment are individual businesses, and whose credit performance resembles Commercial during periods of stress. (3) Based off 6/30/2023 Risk Based Capital estimate. Supervisory limits in the December 2006 joint regulatory issuance "Guidance on Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices". Res. Homebuilders 6.5% Other 4.8% Hotel 4.9% Healthcare 8.5% Retail 9.0% Residential Land 0.4% Business Offices 10.5% Data Center 2.2%Diversified 14.4% Condo 0.1% Industrial 14.0% Commercial Land 0.1% Apartments 24.6% $15.65B $ in billions % of Total Loans Unsecured CRE (incl. REITS) $ 6.91 7.0 % IRE 8.74 8.8 % Total(2) $ 15.65 15.8 % Key Portfolio Metrics Yearly IRE Loan Maturities 14% 33% 29% 14% 7% 3% Multi-Family Office Other Real Estate Total Real Estate 4Q23 2024 2025 2026 2027 >5years $— $1,000 $2,000 $3,000 Apartments 7% Business Offices 3% Data Center 4% Diversified 24% Hotel 10% Industrial 22% Other 11% Retail 19% REITs within Total: $5.5B

20 $1,633 $47 $15 $(18) $1,677 Allowance for credit losses waterfall 09/30/2023 • 3Q allowance increased $44M compared to the prior quarter, resulting in a $145M provision expense • Key drivers of the net increase in ACL: ◦ Adverse risk migration and continued credit quality normalization ◦ Increased qualitative ACL due to elevated risk in Commercial Real Estate and EnerBank ◦ The increases were partially offset by decreases in specific reserves driven by charge-offs and low loss content in large non-performing borrowers ◦ Changes in the economic scenario from June to September were modest and did not have a material impact on the ACL QoQ highlights ($ in millions) 06/30/2023 Portfolio Changes Economic/ Qualitative Changes Specific Reserve Changes

21 Pre-R&S period 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 Real GDP, annualized % change 3.6 % 0.4 % 1.0 % 0.9 % 1.3 % 1.7 % 1.8 % 1.9 % 1.9 % Unemployment rate 3.7 % 3.7 % 3.9 % 4.0 % 4.2 % 4.3 % 4.3 % 4.2 % 4.2 % HPI, year-over-year % change 2.7 % 1.6 % (0.5) % (2.7) % (3.0) % (1.9) % (0.5) % 1.3 % 1.7 % CPI, year-over-year % change 3.6 % 3.7 % 3.5 % 3.5 % 3.2 % 2.6 % 2.4 % 2.3 % 2.3 % Base R&S economic outlook (as of September 2023) • A single, base economic forecast represents Regions’ internal outlook for the economy over the reasonable & supportable forecast period. • Economic uncertainty is accounted for through qualitative adjustments to our modeled results. • Management considered alternative internal and external forecasts to establish appropriate qualitative adjustments. Final qualitative adjustments included consideration of the allowance's sensitivity to economic uncertainties that reflected a 15-20% increase in the unemployment rate

22 As of 9/30/2023 As of 12/31/2022 (in millions) Loan Balance ACL ACL/Loans Loan Balance ACL ACL/Loans C&I $51,604 $664 1.29 % $50,905 $628 1.23 % CRE-OO mortgage 4,833 111 2.30 % 5,103 102 2.00 % CRE-OO construction 270 7 2.47 % 298 7 2.29 % Total commercial $56,707 $782 1.38 % $56,306 $737 1.31 % IRE mortgage 6,436 144 2.23 % 6,393 114 1.78 % IRE construction 2,301 43 1.90 % 1,986 28 1.38 % Total IRE $8,737 $187 2.15 % $8,379 $142 1.69 % Residential first mortgage 20,059 104 0.52 % 18,810 124 0.66 % Home equity lines 3,240 79 2.42 % 3,510 77 2.18 % Home equity loans 2,428 24 0.99 % 2,489 29 1.17 % Consumer credit card 1,261 130 10.33 % 1,248 134 10.75 % Other consumer- exit portfolios 356 30 8.29 % 570 39 6.80 % Other consumer 6,154 341 5.54 % 5,697 300 5.28 % Total consumer $33,498 $708 2.11 % $32,324 $703 2.18 % Total $98,942 $1,677 1.70 % $97,009 $1,582 1.63 % Allowance allocation

23 All Other Commercial 3.6% Investor Real Estate 13.4% Financial Services 11.3% CRE Unsecured, including REITs 10.5% Govt. Education 10.1% Consumer Services 8.7% Technology Services 8.3% Manufacturing 7.2% Energy 2.5% Agriculture 0.5% Utilities 4.6% Business Services 7.8% Distribution 6.5% Healthcare 5.0% Well positioned for next downturn $65.4B Highly Diversified Business Portfolio(1) (1) Balances as of 09/30/2023. (2) CRE Unsecured consists 76% of REITs. (2)

24 Consumer lending portfolio statistics • Avg. origination FICO 764 • Current LTV 53% • 98% owner occupied • Avg. origination FICO 778 • Current LTV 34% • 67% of portfolio is 1st lien • Avg. loan size $34,791 • $79M to convert to amortizing or balloon during 2023 • Avg. origination FICO 762 • Avg. new loan $12,899 • 3Q23 Yield 7.93% • Avg. origination FICO 755 • 3Q23 Yield 6.35% • 3Q23 QTD NCO 3.14% • Avg. origination FICO 770 • Avg. new line $8,820 • 3Q23 Yield 15.57% • 3Q23 QTD NCO 3.48% 3% 6% 4%5% 12% 6% 8% 17% 10% 81% 63% 77% 3% 2% 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 09/30/2023. (2) Other Consumer consists primarily of EnerBank and Direct portfolios. Residential Mortgage Consumer - Exit Portfolios Consumer Credit Card Home Equity Other Consumer(2)

25 $3.1B Leveraged portfolio (outstanding balances as of September 30, 2023) • Consistent with Moody's historical Regional Bank Survey definition; Commitments >$5M with funded debt to EBITDA>4.0x ◦ Commitments are $4.2B • Not a strategic growth objective; used to support client relationships • Sponsor-owned clients as a percentage of total portfolio continue to decline • Enhanced centralized underwriting, servicing, and credit adjudication • Limited participation in the highest risk segments of leveraged loans - Covenant Lite & Term Loan B • Approximately 96% of leveraged loans outstanding are also SNCs Important FactorsDiversified Portfolio Information 24% Professional, Scientific & Technical Services 22% Manufacturing 8% Wholesale 8% Utilities 7% Administrative, Support, Waste & Repair 6% Other (Portfolios <5% of total) 25%

26 $27.0B SNC Portfolio (outstanding balances as of September 30, 2023) • Improved portfolio composition and asset quality through focus on lower risk segments • 43% of balances are Investment Grade • 11% of balances are leveraged(2) • Regions is agent or holds a title role for over half of SNC balances • For the 1H2023, Regions market share ranked above its Peer group median in the Agent Only league table standings(1) Portfolio CharacteristicsShared National Credit Balances by Sector CRE_Unsecured_Non-REIT 5.3% CRE-Unsecured REIT 18.7% Financial_Services 16.2% Technology_Services 13.8% Commodities 10.6% Manufacturing 6.9% Distribution 6.5% Business_Services 6.0% Other (Portfolios <5% of total) 16.0% (1) Sourced from Refinitive Loan Connector Agent Only League Table Data where peers include: CFG, CMA, FHN, FITB, HBAN, HWC, KEY, MTB, PNC, SNV, TFC, USB, ZION. (2) Consistent with Moody's historical Regional Bank Survey definition.

27 Shared National Credit Outstandings: $14B (51%) Select and Investment Grade Asset Securitization $1.7 6.4% Real Estate Investment Trusts (REITs) $5.3 19.5% Subscription Lines $0.9 3.3% Investment Grade Utilities $1.1 4.1% Superior Transaction And Return Relationships (STARR) $0.5 1.8% Investment Grade $4.2 15.7% Non-Investment Grade $13.3 49.2% Some STARR SNC Outstandings overlap with other Select segments and are excluded from STARR amounts above. Total SNC STARR Outstandings are $1.5B $27.0B SNC Portfolio (outstanding balances as of September 30, 2023) Select Portfolios Investment Grade (Non-Select Portfolios) Non-Investment Grade (Non-Select Portfolios)

28 Management uses computations of earnings and certain other financial measures, which exclude certain adjustments that are included in the financial results presented in accordance with 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. Net loan charge-offs (GAAP) are presented excluding adjustments to arrive at adjusted net loan-charge offs (non-GAAP). Adjusted net loan charge-offs as a percentage of average loans (non-GAAP) are calculated as adjusted net loan charge-offs (non-GAAP) divided by average loans (GAAP) and annualized. 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. Tangible common stockholders’ equity and return on average tangible common shareholders' equity (ROATCE) 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 and ROATCE are not formally defined by GAAP or prescribed in any amount by federal banking regulations they are currently considered to be non-GAAP financial measures and other entities may calculate them differently than Regions’ disclosed calculations. Adjustments to shareholders' equity include intangible assets and related deferred taxes and preferred stock. Additionally, adjustments to ROATCE include accumulated other comprehensive income. The Company also presents accumulated other comprehensive excluding adjustments to arrive at adjusted accumulated other comprehensive income (non-GAAP). 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. CET1 is a capital adequacy measure established by federal banking regulators under the Basel III framework. Banking institutions that meet requirements under the regulations are required to maintain certain minimum capital requirements, including a minimum CET1 ratio. This measure is utilized by analysts and banking regulators to assess Regions’ capital adequacy. Under the framework, Regions elected to remove the effects of AOCI in the calculation of CET1. Adjustments to the calculation prescribed in federal banking regulations are considered to be non- GAAP financial measures. Adjustments to CET1 include certain portions of AOCI to arrive at CET1 inclusive of AOCI (non-GAAP), which is a potential impact under recent proposed rulemaking standards. Since analysts and banking regulators may assess Regions’ capital adequacy using proposed rulemaking standards, management believes that it is useful to provide investors the ability to assess Regions’ capital adequacy on this same basis. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to stockholders. Management and the Board of Directors utilize non-GAAP measures as follows: • Preparation of Regions' operating budgets • Monthly financial performance reporting • Monthly close-out reporting of consolidated results (management only) • Presentation to investors of company performance • Metrics for incentive compensation Non-GAAP information

29 Non-GAAP reconciliation Non-interest expense Twelve Months Ended December 31 ($ amounts in millions) 2022 2021 2020 2019 2018 2017 2016 Non-interest expense (GAAP) $ 4,068 $ 3,747 $ 3,643 $ 3,489 $ 3,570 $ 3,491 $ 3,483 Adjustments: Contribution to Regions Financial Corporation foundation — (3) (10) — (60) (40) — Professional, legal and regulatory expenses (179) (15) (7) — — — (3) Branch consolidation, property and equipment charges (3) (5) (31) (25) (11) (22) (58) Expenses associated with residential mortgage loan sale — — — — (4) — — Loss on early extinguishment of debt — (20) (22) (16) — — (14) Salary and employee benefits—severance charges — (6) (31) (5) (61) (10) (21) Acquisition expense — — (1) — — — — Adjusted non-interest expense (non-GAAP) $ 3,886 $ 3,698 $ 3,541 $ 3,443 $ 3,434 $ 3,419 $ 3,387

30 Non-GAAP reconciliation Adjusted Net Charge-Offs and Ratio For the Quarter Ended ($ amounts in millions) 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 Net loan charge-offs (GAAP) $ 101 $ 81 $ 83 $ 69 $ 110 Less: charge-offs associated with the sale of unsecured consumer loans — — — — 63 Adjusted net loan charge-offs (non-GAAP) $ 101 $ 81 $ 83 $ 69 $ 47 Adjusted net loan charge-offs as a % of average loans, annualized (non-GAAP) 0.40 % 0.33 % 0.35 % 0.29 % 0.19 %

31 Non-GAAP reconciliation Pre-tax pre-provision income (PPI) Quarter Ended ($ amounts in millions) 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 3Q23 vs. 2Q23 3Q23 vs. 3Q22 Net income available to common shareholders (GAAP) $ 465 $ 556 $ 588 $ 660 $ 404 $ (91) (16.4) % $ 61 15.1 % Preferred dividends (GAAP) 25 25 24 25 25 — — % — — % Income tax expense (GAAP) 129 147 177 187 133 (18) (12.2) % (4) (3.0) % Income before income taxes (GAAP) 619 728 789 872 562 (109) (15.0) % 57 10.1 % Provision for (benefit from) credit losses (GAAP) 145 118 135 112 135 27 22.9 % 10 7.4 % Pre-tax pre-provision income (non-GAAP) 764 846 924 984 697 (82) (9.7) % 67 9.6 % Other adjustments: Securities (gains) losses, net 1 — 2 — 1 1 NM — — % Leveraged lease termination gains, net — — (1) — — — NM — NM Insurance proceeds — — — (50) — — NM — NM Salaries and employee benefits—severance charges 3 — — — — 3 NM 3 NM Branch consolidation, property and equipment charges 1 1 2 5 3 — — % (2) (66.7) % Professional, legal and regulatory expenses — — — — 179 — NM (179) (100.0) % Total other adjustments 5 1 3 (45) 183 4 400.0 % (178) (97.3) % Adjusted pre-tax pre-provision income (non-GAAP) $ 769 $ 847 $ 927 $ 939 $ 880 $ (78) (9.2) % $ (111) (12.6) % NM - Not Meaningful

32 Non-GAAP reconciliation NII, non-interest income/expense, and efficiency ratio NM - Not Meaningful Quarter Ended ($ amounts in millions) 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 3Q23 vs. 2Q23 3Q23 vs. 3Q22 Non-interest expense (GAAP) A $ 1,093 $ 1,111 $ 1,027 $ 1,017 $ 1,170 $ (18) (1.6) % $ (77) (6.6) % Adjustments: Branch consolidation, property and equipment charges (1) (1) (2) (5) (3) — — % 2 (66.7) % Salary and employee benefits—severance charges (3) — — — — (3) NM (3) NM Professional, legal and regulatory expenses — — — — (179) — NM 179 (100.0) % Adjusted non-interest expense (non-GAAP) B $ 1,089 $ 1,110 $ 1,025 $ 1,012 $ 988 $ (21) (1.9) % $ 101 10.2 % Net interest income (GAAP) C $ 1,291 $ 1,381 $ 1,417 $ 1,401 $ 1,262 $ (90) (6.5) % $ 29 2.3 % Taxable-equivalent adjustment 13 12 13 13 12 1 8.3 % 1 8.3 % Net interest income, taxable-equivalent basis D $ 1,304 $ 1,393 $ 1,430 $ 1,414 $ 1,274 $ (89) (6.4) % $ 30 2.4 % Non-interest income (GAAP) E 566 576 534 600 605 (10) (1.7) % (39) (6.4) % Adjustments: Securities (gains) losses, net 1 — 2 — 1 1 NM — — % Leveraged lease termination gains — — (1) — — — NM — NM Insurance Proceeds — — — (50) — — NM — NM Adjusted non-interest income (non-GAAP) F $ 567 $ 576 $ 535 $ 550 $ 606 (9) (1.6) % $ (39) (6.4) % Total revenue C+E=G $ 1,857 $ 1,957 $ 1,951 $ 2,001 $ 1,867 $ (100) (5.1) % $ (10) (0.5) % Adjusted total revenue (non-GAAP) C+F=H $ 1,858 $ 1,957 $ 1,952 $ 1,951 $ 1,868 $ (99) (5.1) % $ (10) (0.5) % Total revenue, taxable-equivalent basis D+E=I $ 1,870 $ 1,969 $ 1,964 $ 2,014 $ 1,879 $ (99) (5.0) % $ (9) (0.5) % Adjusted total revenue, taxable-equivalent basis (non-GAAP) D+F=J $ 1,871 $ 1,969 $ 1,965 $ 1,964 $ 1,880 $ (98) (5.0) % $ (9) (0.5) % Efficiency ratio (GAAP) A/I 58.5 % 56.4 % 52.3 % 50.5 % 62.3 % Adjusted efficiency ratio (non-GAAP) B/J 58.2 % 56.4 % 52.2 % 51.6 % 52.6 % Fee income ratio (GAAP) E/I 30.3 % 29.3 % 27.2 % 29.8 % 32.2 % Adjusted fee income ratio (non-GAAP) F/J 30.3 % 29.3 % 27.2 % 28.0 % 32.2 %

33 Non-GAAP reconciliation NII, non-interest income/expense, and efficiency ratio Twelve Months Ended December 31 ($ amounts in millions) 2022 Non-interest expense (GAAP) A $ 4,068 Adjustments: Branch consolidation, property and equipment charges (3) Professional, legal and regulatory expenses (179) Adjusted non-interest expense (non-GAAP) B $ 3,886 Net interest income (GAAP) C $ 4,786 Taxable-equivalent adjustment 47 Net interest income, taxable-equivalent basis D $ 4,833 Non-interest income (GAAP) E $ 2,429 Adjustments: Securities (gains) losses, net 1 Leveraged lease termination gains (1) Insurance proceeds (50) Adjusted non-interest income (non-GAAP) F $ 2,379 Total revenue C+E= G $ 7,215 Adjusted total revenue (non-GAAP) C+F=H $ 7,165 Total revenue, taxable-equivalent basis D+E=I $ 7,262 Adjusted total revenue, taxable-equivalent basis (non-GAAP) D+F=J $ 7,212 Efficiency ratio (GAAP) A/I 56.0 % Adjusted efficiency ratio (non-GAAP) B/J 53.9 % Fee income ratio (GAAP) E/I 33.5 % Adjusted fee income ratio (non-GAAP) F/J 33.0 %

34 Quarter Ended ($ amounts in millions) 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY Net income available to common shareholders (GAAP) A $ 465 $ 556 $ 588 $ 660 $ 404 Average shareholders' equity (GAAP) $ 16,468 $ 16,892 $ 16,457 $ 15,442 $ 16,473 Less: Average intangible assets (GAAP) 5,955 5,966 5,977 5,996 6,019 Average deferred tax liability related to intangibles (GAAP) (106) (104) (103) (105) (104) Average preferred stock (GAAP) 1,659 1,659 1,659 1,659 1,659 Average tangible common shareholders' equity (non-GAAP) B $ 8,960 $ 9,371 $ 8,924 $ 7,892 $ 8,899 Less: Average AOCI, after-tax (3,684) (2,936) (3,081) (3,535) (2,213) Average tangible common shareholders' equity excluding AOCI (non-GAAP) C $ 12,644 $ 12,307 $ 12,005 $ 11,427 $ 11,112 Return on average tangible common shareholders' equity (non-GAAP) A/B 20.58 % 23.82 % 26.70 % 33.20 % 18.02 % Return on average tangible common shareholders' equity excluding AOCI (non-GAAP) A/C 14.58 % 18.14 % 19.85 % 22.91 % 14.42 % Non-GAAP reconciliation Return on average tangible common shareholders' equity

35 As of ($ amounts in millions) 9/30/2023 ADJUSTED CET1 RATIO Common equity(1) A $ 13,056 Adjustments: AOCI gain (loss) on securities(2) (3,084) AOCI gain (loss) on defined benefit pension plans and other post employment benefits (403) Adjusted common equity (non-GAAP) B $ 9,569 Total risk-weighted assets(1) C $ 126,667 CET1 ratio(1)(3) A/C 10.3 % Adjusted CET1 ratio (non-GAAP)(1)(3) B/C 7.6 % Non-GAAP reconciliation Adjusted CET1- inclusive of AOCI(4) (1) Common equity as well as Total risk-weighted assets are estimated. (2) Represents AOCI on AFS and HTM securities (3) Amounts calculated based upon whole dollar values (4) Consistent with the proposed Basel III Endgame rules, AOCI for CF hedges remains excluded.

36 Forward-Looking Statements This presentation may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objectives,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. Forward-looking statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below: • Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in interest rates and unemployment rates, inflation, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions. • Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, which could have a material adverse effect on our businesses and our financial results and conditions. • Changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital and liquidity. • Volatility and uncertainty related to inflation and the effects of inflation, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally. • The impact of pandemics, including the COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any pandemic could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses. • Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in tax law, adverse changes in the economic environment, declining operations of the reporting unit or other factors. • The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios, and our ability to return capital to shareholders. • Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases. • Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses. • Possible acceleration of prepayments on mortgage-backed securities due to declining interest rates, and the related acceleration of premium amortization on those securities. • Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, 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. • Rising interest rates could negatively impact the value of our portfolio of investment securities. • The loss of value of our investment portfolio could negatively impact market perceptions of us. • The effects of social media on market perceptions of us and banks generally. • Volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital. • Our ability to effectively compete with other traditional and non-traditional financial services companies, including fintechs, some of whom possess greater financial resources than we do or are subject to different regulatory standards than we are. • Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers’ needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue. Forward-looking statements

37 • Our inability to keep pace with technological changes, including those related to the offering of digital banking and financial services, could result in losing business to competitors. • Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, such as special FDIC assessments, any new long-term debt requirements, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the changes in U.S. presidential administration, control of the U.S. Congress, and changes in personnel at the bank regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. • Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders. • Our ability to comply with stress testing and capital planning requirements (as part of the CCAR process or otherwise) may continue to require a significant investment of our managerial resources due to the importance of such tests and requirements. • Our ability to comply with applicable capital and liquidity requirements (including, among other things, the Basel III capital standards), including our ability to generate capital internally or raise capital on favorable terms, and if we fail to meet requirements, our financial condition and market perceptions of us could be negatively impacted. • The effects of any developments, changes or actions relating to any litigation or regulatory proceedings brought against us or any of our subsidiaries. • The costs, including possibly incurring fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results. • Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our businesses. • Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and nonfinancial benefits relating to our strategic initiatives. • The risks and uncertainties related to our acquisition or divestiture of businesses and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses. • The success of our marketing efforts in attracting and retaining customers. • Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time. • Fraud or misconduct by our customers, employees or business partners. • Any inaccurate or incomplete information provided to us by our customers or counterparties. • Inability of our framework to manage risks associated with our businesses, such as credit risk and operational risk, including third-party vendors and other service providers, which could, among other things, result in a breach of operating or security systems as a result of a cyber attack or similar act or failure to deliver our services effectively. • Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms. • Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms. • The inability of our internal controls and procedures to prevent, detect or mitigate any material errors or fraudulent acts. • The effects of geopolitical instability, including wars, conflicts, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our businesses. Forward-looking statements (continued)

38 • The effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes, and environmental damage (specifically in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and frequency of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change. • Changes in commodity market prices and conditions could adversely affect the cash flows of our borrowers operating in industries that are impacted by changes in commodity prices (including businesses indirectly impacted by commodities prices such as businesses that transport commodities or manufacture equipment used in the production of commodities), which could impair their ability to service any loans outstanding to them and/or reduce demand for loans in those industries. • Our ability to identify and address cyber-security risks such as data security breaches, malware, ransomware, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our businesses and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage to our systems, increased costs, losses, or adverse effects to our reputation. • Our ability to achieve our expense management initiatives. • Market replacement of LIBOR and the related effect on our LIBOR-based financial products and contracts, including, but not limited to, derivative products, debt obligations, deposits, investments, and loans. • Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets. • The effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. • The effects of the failure of any component of our business infrastructure provided by a third party could disrupt our businesses, result in the disclosure of and/or misuse of confidential information or proprietary information, increase our costs, negatively affect our reputation, and cause losses. • Our ability to receive dividends from our subsidiaries, in particular Regions Bank, could affect our liquidity and ability to pay dividends to shareholders. • Changes in accounting policies or procedures as may be required by the FASB or other regulatory agencies could materially affect our financial statements and how we report those results, and expectations and preliminary analyses relating to how such changes will affect our financial results could prove incorrect. • Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated. • The effects of anti-takeover laws and exclusive forum provision in our certificate of incorporation and bylaws. • The effects of any damage to our reputation resulting from developments related to any of the items identified above. • Other risks identified from time to time in reports that we file with the SEC. The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions “Forward-Looking Statements” and “Risk Factors” in Regions’ Annual Report on Form 10-K for the year ended December 31, 2022 and in Regions’ subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law. 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)

39 ®

XML

Document and Entity Information	Oct. 20, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 20, 2023
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
City Area Code	800
Local Phone Number	734-4667
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	RF
Security Exchange Name	NYSE
Series B Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	6.375% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B
Trading Symbol	RF PRB
Security Exchange Name	NYSE
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
Trading Symbol	RF PRC
Security Exchange Name	NYSE
Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	4.45% Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol	RF PRE
Security Exchange Name	NYSE