# EDGAR Filing Document

**Accession Number:** 0001281761
**File Stem:** 0001281761-23-000003
**Filing Date:** 2023-1
**Character Count:** 237333
**Document Hash:** e6fe44b84bff78ab4a9b7c23206dbb08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001281761-23-000003.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001281761-23-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20230120

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REGIONS FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0001281761
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 630589368
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34034
- **FILM NUMBER:** 23538818

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 FIFTH AVENUE NORTH
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35203
- **BUSINESS PHONE:** 800-734-4667

**MAIL ADDRESS:**
- **STREET 1:** 1900 FIFTH AVENUE NORTH
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW REGIONS FINANCIAL CORP
- **DATE OF NAME CHANGE:** 20040225

?xml version="1.0" ? rf-20230120

**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): January 20, 2023** 

**REGIONS FINANCIAL CORPORATION** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34034** | **63-0589368** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>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&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

&nbsp;&nbsp;&nbsp;&nbsp;

On January 20, 2023, Regions Financial Corporation ("Regions") issued a press release announcing its preliminary results of operations for the quarter and year ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1. Supplemental financial information for the quarter and year ended December 31, 2022 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 January 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.

&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 99.1 | <u>[Press Release](rf-20221231xexhibit991.htm)</u> dated January 20, 2023. |
| 99.2 | <u>[Supplemental Financial Information](rf-20221231xexhibitx992.htm)</u> for the Quarter and Year Ended December 31, 2022. |
| 99.3 | <u>[Visual Presentation](rf-20221231xexhibit993.htm)</u> of January 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| REGIONS FINANCIAL CORPORATION | 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: January 20, 2023

## Exhibit 99.1

![newsrelease_logoa78.jpg](newsrelease_logoa78.jpg)**Exhibit 99.1**

---

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

---

**Record Performance. A Firm Foundation for 2023. Regions reports 2022 earnings of $2.1 billion, earnings per diluted share of $2.28**

*$7.2 billion in total revenue reflects 12 percent year-over-year growth.* 

**BIRMINGHAM, Ala. - (BUSINESS WIRE) - January 20, 2023** - Regions Financial Corp. (NYSE:RF) today reported earnings for the fourth quarter and full-year ended December 31, 2022. The company reported fourth quarter net income available to common shareholders of $660 million and earnings per diluted share of $0.70. For the full-year 2022, the company reported net income available to common shareholders of $2.1 billion and record pre-tax pre-provision income<sup>(1)</sup> of $3.1 billion. Compared to full-year 2021, total revenue increased 12 percent to a record $7.2 billion on both a reported and adjusted basis<sup>(1)</sup> driven by growth in net interest income. Strong revenue growth contributed to a 17 percent increase in pre-tax pre-provision income<sup>(1)</sup> on a reported basis and a 21 percent increase on an adjusted basis<sup>(1)</sup> compared to the prior year. The company generated full-year positive operating leverage of 3.5 percent on a reported basis and 6.6 percent on an adjusted basis<sup>(1)</sup>.

"I want to congratulate and thank our 20,000 associates for their hard work and dedication throughout the year," said John Turner, President and CEO of Regions Financial Corp. "We have built a strong, diverse and inclusive team, and Regions' associates do a great job serving our customers and communities. Our associates volunteered over 62,000 hours in the communities we serve during 2022, and we, along with the Regions Foundation, continued to foster inclusive prosperity through more than $20 million in combined community giving."

Turner added, "Regions continued its focus on delivering consistent, sustainable financial performance, generating record pre-tax pre-provision income<sup>(1)</sup> for 2022. During the year, we continued to make banking easier for our customers and our associates through innovations and account enhancements that improve the customer experience and better enable our teams to deliver tailored financial solutions. Our strategic investments continue to provide opportunities to broaden and deepen relationships with our customers. Additionally, our attractive footprint, combined with our innovative and comprehensive product set, has supported continued customer acquisition and revenue growth while delivering benefits for all stakeholders. While uncertainty remains, we have deliberately positioned the company to withstand an array of economic conditions, and our strong performance in 2022 provides a solid foundation as we enter 2023."

------

**SUMMARY OF FULL-YEAR AND FOURTH QUARTER 2022 RESULTS:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Year Ended** | **Year Ended** |
| *(amounts in millions, except per share data)* | 12/31/2022 | 9/30/2022 | 12/31/2021 | 2022 | 2021 |
| Net income | $685 | $429 | $438 | 2245 | 2521 |
| Preferred dividends and other | 25 | 25 | 24 | 99 | 121 |
| Net income available to common shareholders | $660 | $404 | $414 | $2146 | $2400 |
| Weighted-average diluted shares outstanding | 941 | 940 | 958 | 942 | 963 |
| Actual shares outstanding—end of period | 934 | 934 | 942 | 934 | 942 |
| Diluted earnings per common share | $0.70 | $0.43 | $0.43 | $2.28 | $2.49 |
| **Selected items impacting earnings:** |  |  |  |  |  |
| Pre-tax adjusted items<sup>(1)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;Adjustments to non-interest expense<sup>(1)</sup> | $(5) | $(182) | $(16) | $(182) | $(49) |
| &nbsp;&nbsp;Adjustments to non-interest income<sup>(1)</sup> | 50 | (1) |  | 50 | 26 |
| &nbsp;&nbsp;&nbsp;Net provision benefit from sale of unsecured consumer loans\*\*\* | $— | $31 | $— | $31 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pre-tax adjusted items<sup>(1)</sup> | $45 | $(152) | $(16) | $(101) | $(23) |
| Diluted EPS impact\* | $0.03 | $(0.13) | $(0.01) | $(0.09) | $(0.03) |
| Pre-tax additional selected items\*\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CECL provision (in excess of) less than net charge-offs\*\*\*\* | $(62) | $(36) | $(66) | $(38) | $728 |
| &nbsp;&nbsp;&nbsp;(Incremental provision) for and release of hurricane-related allowance for loan losses | 20 | (20) |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital markets income - CVA/DVA | (11) | 21 |  | 36 | 8 |
| &nbsp;&nbsp;&nbsp;Residential MSR net hedge performance | (6) | 2 | (5) | 2 | (19) |
| &nbsp;&nbsp;&nbsp;PPP loan interest income\*\*\*\*\* | 1 | 4 | 39 | 24 | 153 |
| &nbsp;&nbsp;&nbsp;Pension settlement charges | (6) |  | (3) | (6) | (11) |
| &nbsp;&nbsp;&nbsp;Ginnie Mae re-securitization gains |  |  |  | 12 |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Based on income taxes at an approximate 25% incremental rate. The third quarter of 2022 adjustments to non-interest expense included $179 million associated with a regulatory settlement. A civil monetary penalty of $50 million was included in the settlement amount that was not tax deductible.

\*\*&nbsp;&nbsp;&nbsp;&nbsp; Items impacting results or trends during the period, but are not considered non-GAAP adjustments. These items generally include market-related measures, impacts of new accounting guidance, or event driven actions.

\*\*\* &nbsp;&nbsp;&nbsp;&nbsp;The third quarter of 2022 net provision benefit of $31 million included 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 CECL provision (in excess of) less than net charge-offs excludes the $31 million net provision benefit from the sale of unsecured consumer loans and both the third and fourth quarters of 2022 also exclude the $20 million provision for and subsequent release of hurricane-related allowance for loan losses.

\*\*\*\*\*&nbsp;&nbsp;&nbsp;&nbsp;Interest income for the Small Business Administration's Paycheck Protection Program (PPP) loans includes estimated funding costs.

Non-GAAP adjusted items<sup>(1)</sup> impacting the company's earnings are identified to assist investors in analyzing Regions' operating results on the same basis as that applied by management and provide a basis to predict future performance. Non-GAAP adjusted items<sup>(1)</sup> for full-year 2022 include $179 million in professional, legal and regulatory fees associated with a third quarter settlement with the Consumer Financial Protection Bureau regarding one type of overdraft fee the company discontinued in 2021. The third quarter settlement was partially mitigated by a $50 million insurance reimbursement received and included in non-interest income in the fourth quarter. Full-year adjusted items also include a $31 million net provision benefit from the sale of certain unsecured consumer loans in the third quarter.

------

**<u>Total revenue</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *($ amounts in millions)* | 12/31/2022 | 9/30/2022 | 12/31/2021 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| **Net interest income** | $1401 | $1262 | $1019 | $139 | 11.0% | $382 | 37.5% |
| Taxable equivalent adjustment | 13 | 12 | 10 | 1 | 8.3% | 3 | 30.0% |
| Net interest income, taxable equivalent basis | $1414 | $1274 | $1029 | $140 | 11.0% | $385 | 37.4% |
| Net interest margin (FTE) | 3.99% | 3.53% | 2.83% |  |  |  |  |
| **Non-interest income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | $152 | $156 | $166 | (4) | (2.6)% | (14) | (8.4)% |
| &nbsp;&nbsp;&nbsp;Card and ATM fees | 130 | 126 | 127 | 4 | 3.2% | 3 | 2.4% |
| &nbsp;&nbsp;&nbsp;Wealth management income | 108 | 108 | 100 |  | —% | 8 | 8.0% |
| &nbsp;&nbsp;&nbsp;Capital markets income | 61 | 93 | 83 | (32) | (34.4)% | (22) | (26.5)% |
| &nbsp;&nbsp;&nbsp;Mortgage income | 24 | 37 | 49 | (13) | (35.1)% | (25) | (51.0)% |
| &nbsp;&nbsp;&nbsp;Commercial credit fee income | 25 | 26 | 23 | (1) | (3.8)% | 2 | 8.7% |
| &nbsp;&nbsp;&nbsp;Bank-owned life insurance | 17 | 15 | 14 | 2 | 13.3% | 3 | 21.4% |
| &nbsp;&nbsp;&nbsp;Securities gains (losses), net |  | (1) |  | 1 | 100.0% |  | NM |
| &nbsp;&nbsp;&nbsp;Market value adjustments on employee benefit assets\* | (9) | (5) |  | (4) | (80.0)% | (9) | NM |
| &nbsp;&nbsp;&nbsp;Insurance proceeds | 50 |  |  | 50 | NM | 50 | NM |
| &nbsp;&nbsp;&nbsp;Other | 42 | 50 | 53 | (8) | (16.0)% | (11) | (20.8)% |
| **Non-interest income** | $600 | $605 | $615 | $(5) | (0.8)% | $(15) | (2.4)% |
| **Total revenue** | $2001 | $1867 | $1634 | $134 | 7.2% | $367 | 22.5% |
| **Adjusted total revenue (non-GAAP)**<sup>(1)</sup> | $1951 | $1868 | $1634 | $83 | 4.4% | $317 | 19.4% |

---

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 $2 billion represented an increase of 7 percent on a reported basis and 4 percent on an adjusted basis<sup>(1)</sup> compared to the third quarter of 2022. Representing a record, net interest income increased to $1.4 billion during the quarter. The 11 percent increase compared to the third quarter was driven primarily by higher interest rates, continued strong average loan growth and lower than anticipated deposit costs. Lower cash balances also supported the net interest margin, which increased 46 basis points to 3.99 percent.

------

Non-interest income decreased 1 percent on a reported basis and 9 percent on an adjusted basis<sup>(1)</sup> compared to the third quarter of 2022. Capital markets income decreased 34 percent. Excluding the impact of CVA/DVA, capital markets income remained relatively stable as growth in advisory transactions was offset by declines in customer hedging, syndications and real estate capital markets. Mortgage income decreased 35 percent as higher interest rates led to lower production volumes partially offset by higher mortgage servicing income. Card & ATM fees increased 3 percent driven primarily by seasonally higher interchange as well as a card rewards liability adjustment in the previous quarter that did not repeat. Service charges decreased 2 percent attributable to 3 fewer business days in the quarter. Despite volatile market conditions, wealth management income remained stable compared to the prior quarter. Market value adjustments on employee benefit assets (which are offset in salaries and benefits and other non-interest expense) decreased further during the quarter.

**<u>Non-interest expense</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *($ amounts in millions)* | 12/31/2022 | 9/30/2022 | 12/31/2021 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Salaries and employee benefits | $604 | $593 | $575 | $11 | 1.9% | $29 | 5.0% |
| Equipment and software expense | 102 | 98 | 96 | 4 | 4.1% | 6 | 6.3% |
| Net occupancy expense | 74 | 76 | 76 | (2) | (2.6)% | (2) | (2.6)% |
| Outside services | 41 | 40 | 41 | 1 | 2.5% |  | —% |
| Professional, legal and regulatory expenses | 23 | 199 | 33 | (176) | (88.4)% | (10) | (30.3)% |
| Marketing | 27 | 29 | 32 | (2) | (6.9)% | (5) | (15.6)% |
| FDIC insurance assessments | 18 | 16 | 13 | 2 | 12.5% | 5 | 38.5% |
| Credit/checkcard expenses | 14 | 13 | 15 | 1 | 7.7% | (1) | (6.7)% |
| Branch consolidation, property and equipment charges | 5 | 3 |  | 2 | 66.7% | 5 | NM |
| Visa class B shares expense | 7 | 3 | 8 | 4 | 133.3% | (1) | (12.5)% |
| Other | 102 | 100 | 94 | 2 | 2.0% | 8 | 8.5% |
| Total non-interest expense | $1017 | $1170 | $983 | $(153) | (13.1)% | $34 | 3.5% |
| Total adjusted non-interest expense<sup>(1)</sup> | $1012 | $988 | $967 | $24 | 2.4% | $45 | 4.7% |

---

NM - Not Meaningful

Non-interest expense decreased 13 percent on a reported basis but increased 2 percent on an adjusted basis<sup>(1)</sup> compared to the third quarter of 2022. Reported professional, legal and regulatory expenses decreased $176 million attributable primarily to the previously disclosed regulatory matter that was settled during the prior quarter. Salaries and benefits increased 2 percent due primarily to an increase in associate headcount and higher benefits expense.

The company's fourth quarter efficiency ratio was 50.5 percent on a reported basis and 51.6 percent on an adjusted basis<sup>(1)</sup>. The effective tax rate was 21.5 percent in the fourth quarter.

------

**<u>Loans and Leases</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** |
| *($ amounts in millions)* | 4Q22 | 3Q22 | 4Q21 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Commercial and industrial | $50135 | $49120 | $42254 | $1015 | 2.1% | $7881 | 18.7% |
| Commercial real estate—owner-occupied | 5362 | 5441 | 5649 | (79) | (1.5)% | (287) | (5.1)% |
| Investor real estate | 8290 | 7879 | 7185 | 411 | 5.2% | 1105 | 15.4% |
| &nbsp;&nbsp;&nbsp;Business Lending | 63787 | 62440 | 55088 | 1347 | 2.2% | 8699 | 15.8% |
| Residential first mortgage | 18595 | 18125 | 17413 | 470 | 2.6% | 1182 | 6.8% |
| Home equity | 6017 | 6050 | 6334 | (33) | (0.5)% | (317) | (5.0)% |
| Consumer credit card | 1207 | 1176 | 1155 | 31 | 2.6% | 52 | 4.5% |
| Other consumer—exit portfolios | 613 | 716 | 1160 | (103) | (14.4)% | (547) | (47.2)% |
| Other consumer\* | 5533 | 6177 | 5398 | (644) | (10.4)% | 135 | 2.5% |
| &nbsp;&nbsp;&nbsp;Consumer Lending | 31965 | 32244 | 31460 | (279) | (0.9)% | 505 | 1.6% |
| &nbsp;&nbsp;&nbsp;Total Loans | $95752 | $94684 | $86548 | $1068 | 1.1% | $9204 | 10.6% |

---

NM - Not meaningful.

\*&nbsp;&nbsp;&nbsp;&nbsp; Other consumer loans includes EnerBank.

Average loans and leases increased 1 percent compared to the prior quarter driven primarily by growth in commercial and industrial lending, investor real estate, residential first mortgages and EnerBank. Average business lending increased 2 percent reflecting broad-based growth in financial services, wholesale durables, information services, and multi-family. Commercial loan line utilization levels ended the quarter at approximately 43.4 percent, increasing 30 basis points over the prior quarter, while line commitments grew approximately $800 million during the quarter. Total average consumer lending decreased 1 percent driven primarily by a $1.2 billion unsecured consumer loan sale executed at the end of the third quarter.

**<u>Deposits</u>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** |
| *($ amounts in millions)* | 4Q22 | 3Q22 | 4Q21 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Customer low-cost deposits | $127544 | $130167 | $130177 | $(2623) | (2.0)% | $(2633) | (2.0)% |
| Customer time deposits | 5462 | 5351 | 6505 | 111 | 2.1% | (1043) | (16.0)% |
| Corporate treasury other deposits | 1 |  |  | 1 | NM | 1 | NM |
| &nbsp;&nbsp;&nbsp;Total Deposits | $133007 | $135518 | $136682 | $(2511) | (1.9)% | $(3675) | (2.7)% |
| *($ amounts in millions)* | 4Q22 | 3Q22 | 4Q21 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Consumer Bank Segment | $83555 | $84741 | $80930 | $(1186) | (1.4)% | $2625 | 3.2% |
| Corporate Bank Segment | 38176 | 39058 | 42659 | (882) | (2.3)% | (4483) | (10.5)% |
| Wealth Management Segment | 9065 | 9467 | 10054 | (402) | (4.2)% | (989) | (9.8)% |
| Other | 2211 | 2252 | 3039 | (41) | (1.8)% | (828) | (27.2)% |
| &nbsp;&nbsp;&nbsp;Total Deposits | $133007 | $135518 | $136682 | $(2511) | (1.9)% | $(3675) | (2.7)% |

---

------

In line with expectations, total average deposit balances decreased 2 percent in the fourth quarter of 2022. Average Consumer deposits declined 1 percent. Corporate and Wealth Management deposits experienced declines of 2 and 4 percent, respectively, as expected attrition continued in the quarter.

**<u>Asset quality</u>**

---

| | | | |
|:---|:---|:---|:---|
| | **As of and for the Quarter Ended** | **As of and for the Quarter Ended** | **As of and for the Quarter Ended** |
| *($ amounts in millions)* | 12/31/2022 | 9/30/2022 | 12/31/2021 |
| ACL/Loans, net | 1.63% | 1.63% | 1.79% |
| ALL/Loans, net | 1.51% | 1.50% | 1.69% |
| Allowance for credit losses to non-performing loans, excluding loans held for sale | 317% | 311% | 349% |
| Allowance for loan losses to non-performing loans, excluding loans held for sale | 293% | 287% | 328% |
| Provision for credit losses | $112 | $135 | $110 |
| Net loans charged-off | $69 | $110 | $44 |
| Adjusted net loan charge-offs (non-GAAP)<sup>(1)</sup> | $69 | $47 | $44 |
| Net loans charged-off as a % of average loans, annualized | 0.29% | 0.46% | 0.20% |
| Adjusted net loan charge-offs as a % of average loans, annualized (non-GAAP) <sup>(1)</sup> | 0.29% | 0.19% | 0.20% |
| Non-performing loans, excluding loans held for sale/Loans, net | 0.52% | 0.52% | 0.51% |
| NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale | 0.53% | 0.54% | 0.54% |
| NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale\* | 0.75% | 0.65% | 0.70% |
| Total Criticized Loans—Business Services<sup>\*\*</sup> | $3149 | $2771 | $2905 |

---

\* 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.

Despite continued normalization in certain credit metrics, overall asset quality remained broadly stable during the quarter. Non-performing loans remained stable at 0.52 percent of total loans, while total delinquencies and criticized loans increased modestly. Total net charge-offs for the quarter were $69 million, or 29 basis points of average loans. Excluding the impact of the third quarter consumer loan sale, full-year adjusted net charge-offs<sup>(1)</sup> were 22 basis points.

Provision expense totaled $112 million for the quarter. The increase to the allowance for credit losses compared to the third quarter was attributable primarily to economic conditions, normalizing credit quality from historically low levels, and loan growth. These increases were partially offset by the elimination of the $20 million of hurricane-related reserves established in the prior quarter. The unique factors related to this event are not expected to result in significant losses.

The allowance for credit loss ratio remains strong at 1.63 percent of total loans, while the allowance as a percentage of nonperforming loans remains strong at 317 percent.

------

&nbsp;&nbsp;&nbsp;&nbsp;

**<u>Capital and liquidity</u>**

---

| | | | |
|:---|:---|:---|:---|
| | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** |
| | 12/31/2022 | 9/30/2022 | 12/31/2021 |
| Common Equity Tier 1 ratio<sup>(2)</sup> | 9.6% | 9.3% | 9.6% |
| Tier 1 capital ratio<sup>(2)</sup> | 10.9% | 10.6% | 11.0% |
| Tangible common stockholders' equity to tangible assets (non-GAAP)<sup>(1)</sup> | 5.63% | 5.01% | 6.83% |
| Tangible common book value per share (non-GAAP)<sup>(1)\*</sup> | $9.00 | $8.15 | $11.38 |
| Loans, net of unearned income, to total deposits | 73.6% | 70.0% | 63.1% |

---

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

Regions maintains a solid capital position with estimated capital ratios remaining well above current regulatory requirements. The Tier 1<sup>(2)</sup> and Common Equity Tier 1<sup>(2)</sup> ratios were estimated at 10.9 percent and 9.6 percent, respectively, at quarter-end. The company's liquidity position also remains robust including cash held at the Federal Reserve totaling $9.2 billion and a loan to deposit ratio of 74 percent at quarter-end. Relative to pre-pandemic conditions, Regions currently has limited need for wholesale funding.

During the fourth quarter, the company declared $187 million in dividends to common shareholders and did not repurchase any shares of Regions' common stock.

(1)Non-GAAP; refer to pages 13, 17, 18, 19 and 22 of the financial supplement to this earnings release for reconciliations.

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

**Conference Call**

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

**About Regions Financial Corporation**

Regions Financial Corporation (NYSE:RF), with $155 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 more than 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.

**About Regions Foundation**

Regions Foundation supports community investments that positively impact the communities served by Regions Bank. The Foundation engages in a grantmaking program focused on priorities including economic and community development; education and workforce readiness; and financial wellness. The Foundation is a nonprofit 501(c)(3) corporation funded primarily through contributions from Regions Bank.

------

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, which could increase our funding costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to achieve our expense management initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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" of Regions' Annual Report on Form 10-K for the year ended December 31, 2021 and the "Risk Factors" of Regions' Quarterly Reports on Form 10-Q for the subsequent quarters of 2022, as filed 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

• 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.

## Exhibit 99.2

**Exhibit 99.2**

![regionslogob22.jpg](regionslogob22.jpg)

**Regions Financial Corporation and Subsidiaries**

**Financial Supplement (unaudited)**

**Fourth Quarter 2022** 

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Table of Contents**

---

| | |
|:---|:---|
| | Page |
| Financial Highlights | <u>[1](#i0cfd2f032e184082b5628ce1dba3e691_7)</u> |
| Selected Ratios and Other Information\* | <u>[2](#i0cfd2f032e184082b5628ce1dba3e691_10)</u> |
| Consolidated Balance Sheets | <u>[3](#i0cfd2f032e184082b5628ce1dba3e691_13)</u> |
| Loans | <u>[4](#i0cfd2f032e184082b5628ce1dba3e691_16)</u> |
| Deposits | <u>[6](#i0cfd2f032e184082b5628ce1dba3e691_25)</u> |
| Consolidated Statements of Income | <u>[8](#i0cfd2f032e184082b5628ce1dba3e691_31)</u> |
| Consolidated Average Daily Balances and Yield / Rate Analysis | <u>[10](#i0cfd2f032e184082b5628ce1dba3e691_37)</u> |
| Pre-Tax Pre-Provision Income ("PPI")\* and Adjusted PPI\* | <u>[13](#i0cfd2f032e184082b5628ce1dba3e691_46)</u> |
| Non-Interest Income, Mortgage Income, Wealth Management Income and Capital Markets Income | <u>[14](#i0cfd2f032e184082b5628ce1dba3e691_49)</u> |
| Non-Interest Expense | <u>[16](#i0cfd2f032e184082b5628ce1dba3e691_55)</u> |
| Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures\* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Efficiency Ratios, Adjusted Fee Income Ratios, Adjusted Non-Interest Income / Expense, Adjusted Operating Leverage Ratios, Return Ratios, and Tangible Common Ratios | <u>[17](#i0cfd2f032e184082b5628ce1dba3e691_58)</u> |
| Credit Quality |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for Credit Losses, Net Charge-Offs and Related Ratios, Adjusted Net Charge-Offs and Related Ratios | <u>[21](#i0cfd2f032e184082b5628ce1dba3e691_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Accrual Loans (excludes loans held for sale), Early and Late Stage Delinquencies | <u>[23](#i0cfd2f032e184082b5628ce1dba3e691_73)</u> |
| Forward-Looking Statements | <u>[24](#i0cfd2f032e184082b5628ce1dba3e691_79)</u> |

---

**\*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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *<u>($ amounts in millions, except per share data)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 |
| **Earnings Summary** |  |  |  |  |  |
| Interest income - taxable equivalent | $**1565** | $1355 | $1166 | $1063 | $1066 |
| Interest expense - taxable equivalent | **151** | 81 | 47 | 37 | 37 |
| Net interest income - taxable equivalent | **1414** | 1274 | 1119 | 1026 | 1029 |
| Less: Taxable-equivalent adjustment | **13** | 12 | 11 | 11 | 10 |
| Net interest income | **1401** | 1262 | 1108 | 1015 | 1019 |
| Provision for (benefit from) credit losses | **112** | 135 | 60 | (36) | 110 |
| Net interest income after provision for (benefit from) credit losses | **1289** | 1127 | 1048 | 1051 | 909 |
| Non-interest income | **600** | 605 | 640 | 584 | 615 |
| Non-interest expense | **1017** | 1170 | 948 | 933 | 983 |
| Income before income taxes | **872** | 562 | 740 | 702 | 541 |
| Income tax expense | **187** | 133 | 157 | 154 | 103 |
| Net income | $**685** | $429 | $583 | $548 | $438 |
| Net income available to common shareholders | $**660** | $404 | $558 | $524 | $414 |
| Weighted-average shares outstanding—during quarter: |  |  |  |  |  |
| Basic | **934** | 934 | 934 | 938 | 949 |
| Diluted | **941** | 940 | 940 | 947 | 958 |
| Earnings per common share - basic | $**0.71** | $0.43 | $0.60 | $0.56 | $0.44 |
| Earnings per common share - diluted | $**0.70** | $0.43 | $0.59 | $0.55 | $0.43 |
| **Balance Sheet Summary** |  |  |  |  |  |
| At quarter-end |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net of unearned income | $**97009** | $94711 | $93458 | $89335 | $87784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | **(1582)** | (1539) | (1514) | (1492) | (1574) |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets | **155220** | 157798 | 160908 | 164082 | 162938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | **131743** | 135378 | 138263 | 141022 | 139072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term borrowings | **2284** | 2274 | 2319 | 2343 | 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | **15947** | 15173 | 16507 | 16982 | 18326 |
| Average balances |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net of unearned income | $**95752** | $94684 | $90764 | $87814 | $86548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets | **155668** | 158422 | 161826 | 161728 | 160051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | **133007** | 135518 | 139592 | 138734 | 136682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term borrowings | **2275** | 2319 | 2328 | 2390 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | **15442** | 16473 | 16404 | 17717 | 18308 |

---

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Selected Ratios and Other Information** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** |
| | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 |
| Return on average assets\* <sup>(1)</sup> | **1.75%** | 1.07% | 1.44% | 1.38% | 1.09% |
| Return on average common shareholders' equity\* | **19.01%** | 10.82% | 15.18% | 13.23% | 9.86% |
| Return on average tangible common shareholders' equity (non-GAAP)\* <sup>(2)</sup> | **33.20%** | 18.02% | 25.40% | 21.00% | 15.07% |
| Return on average tangible common shareholders' equity excluding AOCI (non-GAAP)\* <sup>(2)</sup> | **22.91%** | 14.42% | 20.85% | 20.25% | 15.56% |
| Efficiency ratio | **50.5%** | 62.3% | 53.9% | 57.9% | 59.8% |
| Adjusted efficiency ratio (non-GAAP) <sup>(2)</sup> | **51.6%** | 52.6% | 54.2% | 57.9% | 58.8% |
| Dividend payout ratio <sup>(3)</sup> | **28.3%** | 46.2% | 28.5% | 30.3% | 38.8% |
| Common book value per share | $**15.29** | $14.46 | $15.89 | $16.42 | $17.69 |
| Tangible common book value per share (non-GAAP) <sup>(2)</sup> | $**9.00** | $8.15 | $9.55 | $10.06 | $11.38 |
| Total equity to total assets | **10.27%** | 9.62% | 10.26% | 10.35% | 11.25% |
| Tangible common shareholders' equity to tangible assets (non-GAAP) <sup>(2)</sup> | **5.63%** | 5.01% | 5.76% | 5.93% | 6.83% |
| Common equity <sup>(4)</sup> | $**12066** | $11554 | $11298 | $10912 | $10844 |
| Total risk-weighted assets <sup>(4)</sup> | $**125702** | $124395 | $122154 | $116182 | $113343 |
| Common equity Tier 1 ratio <sup>(4)</sup> | **9.6%** | 9.3% | 9.2% | 9.4% | 9.6% |
| Tier 1 capital ratio <sup>(4)</sup> | **10.9%** | 10.6% | 10.6% | 10.8% | 11.0% |
| Total risk-based capital ratio <sup>(4)</sup> | **12.5%** | 12.3% | 12.3% | 12.5% | 12.7% |
| Leverage ratio <sup>(4)</sup> | **8.9%** | 8.5% | 8.2% | 8.0% | 8.1% |
| Effective tax rate | **21.5%** | 23.7% | 21.2% | 21.9% | 18.9% |
| Allowance for credit losses as a percentage of loans, net of unearned income | **1.63%** | 1.63% | 1.62% | 1.67% | 1.79% |
| Allowance for credit losses to non-performing loans, excluding loans held for sale | **317%** | 311% | 410% | 446% | 349% |
| Net interest margin (FTE)\* | **3.99%** | 3.53% | 3.06% | 2.85% | 2.83% |
| Loans, net of unearned income, to total deposits | **73.6%** | 70.0% | 67.6% | 63.3% | 63.1% |
| Net charge-offs as a percentage of average loans\* | **0.29%** | 0.46% | 0.17% | 0.21% | 0.20% |
| Adjusted net charge-offs as a percentage of average loans (non-GAAP) \* <sup>(2)</sup>  | **0.29%** | 0.19% | 0.17% | 0.21% | 0.20% |
| Non-performing loans, excluding loans held for sale, as a percentage of loans | **0.52%** | 0.52% | 0.39% | 0.37% | 0.51% |
| Non-performing assets (excluding loans 90 days past due) as a percentage of loans, foreclosed properties, and non-performing loans held for sale | **0.53%** | 0.54% | 0.41% | 0.39% | 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 <sup>(5)</sup> | **0.75%** | 0.65% | 0.52% | 0.53% | 0.70% |
| Associate headcount—full-time equivalent <sup>(6)</sup> | **20073** | 19950 | 19673 | 19723 | 19626 |
| ATMs | **2039** | 2043 | 2048 | 2054 | 2068 |
| <u>Branch Statistics</u> |  |  |  |  |  |
| Full service | **1252** | 1259 | 1259 | 1259 | 1268 |
| Drive-through/transaction service only | **34** | 35 | 35 | 35 | 34 |
| Total branch outlets | **1286** | 1294 | 1294 | 1294 | 1302 |

---

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31** | **Year Ended December 31** |
| | **2022** | 2021 |
| Return on average assets <sup>(1)</sup> | **1.41%** | 1.63% |
| Return on average common shareholders' equity | **14.46%** | 14.51% |
| Return on average tangible common shareholders' equity (non-GAAP) <sup>(2)</sup> | **24.05%** | 21.42% |
| Return on average tangible common shareholders' equity excluding AOCI (non-GAAP) <sup>(2)</sup> | **19.61%** | 22.85% |
| Efficiency ratio | **56.0%** | 57.8% |
| Adjusted efficiency ratio (non-GAAP) <sup>(2)</sup> | **53.9%** | 57.3% |
| Dividend payout ratio <sup>(3)</sup> | **32.2%** | 25.8% |
| Effective tax rate | **22.0%** | 21.6% |
| Net interest margin (FTE) | **3.36%** | 2.85% |
| Net charge-offs as a percentage of average loans | **0.29%** | 0.24% |
| Adjusted net charge-offs as a percentage of average loans (non-GAAP) <sup>(2)</sup> | **0.22%** | 0.24% |

---

\*Annualized

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

(2)See reconciliation of GAAP to non-GAAP Financial Measures that begin on pages <u>[13](#i0cfd2f032e184082b5628ce1dba3e691_46)</u>, <u>[17](#i0cfd2f032e184082b5628ce1dba3e691_58)</u>, <u>[18](#i0cfd2f032e184082b5628ce1dba3e691_61)</u>, <u>[19](#i0cfd2f032e184082b5628ce1dba3e691_64)</u> and <u>[21](#i455250fbfe174bb0bef46835e2a81250_0-0-1-1-390419)</u>.

(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 <u>[23](#i0cfd2f032e184082b5628ce1dba3e691_73)</u> for amounts related to these loans.

(6)Associate headcount for the fourth quarter of 2021 includes approximately 620 associates from acquisitions closed in the quarter.

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Consolidated Balance Sheets**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 |
| Assets: |  |  |  |  |  |
| Cash and due from banks | $**1997** | $2117 | $2301 | $2227 | $1350 |
| Interest-bearing deposits in other banks | **9230** | 13549 | 18199 | 25718 | 28061 |
| Debt securities held to maturity | **801** | 817 | 836 | 864 | 899 |
| Debt securities available for sale | **27933** | 28126 | 29052 | 29384 | 28481 |
| Loans held for sale | **354** | 720 | 612 | 694 | 1003 |
| Loans, net of unearned income | **97009** | 94711 | 93458 | 89335 | 87784 |
| Allowance for loan losses  | **(1464)** | (1418) | (1425) | (1416) | (1479) |
| Net loans | **95545** | 93293 | 92033 | 87919 | 86305 |
| Other earning assets | **1308** | 1341 | 1428 | 1504 | 1187 |
| Premises and equipment, net | **1718** | 1744 | 1768 | 1794 | 1814 |
| Interest receivable | **511** | 424 | 365 | 329 | 319 |
| Goodwill | **5733** | 5739 | 5749 | 5748 | 5744 |
| Residential mortgage servicing rights at fair value (MSRs) | **812** | 809 | 770 | 542 | 418 |
| Other identifiable intangible assets, net | **249** | 266 | 279 | 292 | 305 |
| Other assets | **9029** | 8853 | 7516 | 7067 | 7052 |
| Total assets | $**155220** | $157798 | $160908 | $164082 | $162938 |
| Liabilities and Equity: |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| Non-interest-bearing | $**51348** | $54996 | $58510 | $59590 | $58369 |
| Interest-bearing | **80395** | 80382 | 79753 | 81432 | 80703 |
| Total deposits | **131743** | 135378 | 138263 | 141022 | 139072 |
| Borrowed funds: |  |  |  |  |  |
| Long-term borrowings | **2284** | 2274 | 2319 | 2343 | 2407 |
| Other liabilities | **5242** | 4973 | 3819 | 3735 | 3133 |
| Total liabilities | **139269** | 142625 | 144401 | 147100 | 144612 |
| Equity: |  |  |  |  |  |
| Preferred stock, non-cumulative perpetual | **1659** | 1659 | 1659 | 1659 | 1659 |
| Common stock | **10** | 10 | 10 | 10 | 10 |
| Additional paid-in capital | **11988** | 11976 | 11962 | 11983 | 12189 |
| Retained earnings | **7004** | 6531 | 6314 | 5915 | 5550 |
| Treasury stock, at cost | **(1371)** | (1371) | (1371) | (1371) | (1371) |
| Accumulated other comprehensive income, net | **(3343)** | (3632) | (2067) | (1214) | 289 |
| Total shareholders' equity | **15947** | 15173 | 16507 | 16982 | 18326 |
| Noncontrolling interest | **4** |  |  |  |  |
| Total equity | **15951** | 15173 | 16507 | 16982 | 18326 |
| Total liabilities and equity | $**155220** | $157798 | $160908 | $164082 | $162938 |

---

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**End of Period Loans** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| | | | | | | 12/31/2022 | 12/31/2022 | 12/31/2022 | 12/31/2022 |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | vs. 9/30/2022 | vs. 9/30/2022 | vs. 12/31/2021 | vs. 12/31/2021 |
| Commercial and industrial | $50905 | $49591 | $48492 | $45643 | $43758 | $1314 | 2.6% | $7147 | 16.3% |
| Commercial real estate mortgage—owner-occupied | 5103 | 5167 | 5218 | 5181 | 5287 | (64) | (1.2)% | (184) | (3.5)% |
| Commercial real estate construction—owner-occupied | 298 | 282 | 266 | 273 | 264 | 16 | 5.7% | 34 | 12.9% |
| Total commercial | 56306 | 55040 | 53976 | 51097 | 49309 | 1266 | 2.3% | 6997 | 14.2% |
| Commercial investor real estate mortgage | 6393 | 6295 | 5892 | 5557 | 5441 | 98 | 1.6% | 952 | 17.5% |
| Commercial investor real estate construction | 1986 | 1824 | 1720 | 1607 | 1586 | 162 | 8.9% | 400 | 25.2% |
| Total investor real estate | 8379 | 8119 | 7612 | 7164 | 7027 | 260 | 3.2% | 1352 | 19.2% |
| Total business | 64685 | 63159 | 61588 | 58261 | 56336 | 1526 | 2.4% | 8349 | 14.8% |
| Residential first mortgage | 18810 | 18399 | 17892 | 17373 | 17512 | 411 | 2.2% | 1298 | 7.4% |
| Home equity—lines of credit <sup>(1)</sup> | 3510 | 3521 | 3550 | 3602 | 3744 | (11) | (0.3)% | (234) | (6.3)% |
| Home equity—closed-end <sup>(2)</sup> | 2489 | 2515 | 2524 | 2500 | 2510 | (26) | (1.0)% | (21) | (0.8)% |
| Consumer credit card | 1248 | 1186 | 1172 | 1133 | 1184 | 62 | 5.2% | 64 | 5.4% |
| Other consumer—exit portfolios <sup>(3)</sup> | 570 | 662 | 775 | 909 | 1071 | (92) | (13.9)% | (501) | (46.8)% |
| Other consumer | 5697 | 5269 | 5957 | 5557 | 5427 | 428 | 8.1% | 270 | 5.0% |
| Total consumer | 32324 | 31552 | 31870 | 31074 | 31448 | 772 | 2.4% | 876 | 2.8% |
| **Total Loans** | $97009 | $94711 | $93458 | $89335 | $87784 | $2298 | 2.4% | $9225 | 10.5% |

---

______

NM - Not meaningful.

(1) &nbsp;&nbsp;&nbsp;&nbsp;The balance of Regions' home equity lines of credit consists of $1,855 million of first lien and $1,655 million of second lien at 12/31/2022.

(2)&nbsp;&nbsp;&nbsp;&nbsp;The balance of Regions' closed-end home equity loans consists of $2,244 million of first lien and $245 million of second lien at 12/31/2022.

(3)&nbsp;&nbsp;&nbsp;&nbsp;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** | **As of** | **As of** | **As of** | **As of** |
| **End of Period Loans by Percentage** | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 |
| Commercial and industrial | 52.5% | 52.4% | 51.9% | 51.1% | 49.9% |
| Commercial real estate mortgage—owner-occupied | 5.3% | 5.5% | 5.6% | 5.8% | 6.0% |
| Commercial real estate construction—owner-occupied | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% |
| Total commercial | 58.1% | 58.2% | 57.8% | 57.2% | 56.2% |
| Commercial investor real estate mortgage | 6.6% | 6.6% | 6.3% | 6.2% | 6.2% |
| Commercial investor real estate construction | 2.0% | 1.9% | 1.8% | 1.8% | 1.8% |
| Total investor real estate | 8.6% | 8.5% | 8.1% | 8.0% | 8.0% |
| Total business | 66.7% | 66.7% | 65.9% | 65.2% | 64.2% |
| Residential first mortgage | 19.4% | 19.4% | 19.1% | 19.4% | 19.9% |
| Home equity—lines of credit | 3.6% | 3.7% | 3.8% | 4.0% | 4.3% |
| Home equity—closed-end | 2.6% | 2.7% | 2.7% | 2.8% | 2.9% |
| Consumer credit card | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% |
| Other consumer—exit portfolios | 0.6% | 0.7% | 0.8% | 1.0% | 1.2% |
| Other consumer | 5.8% | 5.5% | 6.4% | 6.3% | 6.2% |
| Total consumer | 33.3% | 33.3% | 34.1% | 34.8% | 35.8% |
| **Total Loans** | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |

---

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Average Balances of Loans** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** |
| *<u>($ amounts in millions)</u>* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Commercial and industrial | $**50135** | $49120 | $46538 | $43993 | $42254 | $1015 | 2.1% | $7881 | 18.7% |
| Commercial real estate mortgage—owner-occupied | **5073** | 5167 | 5204 | 5237 | 5386 | (94) | (1.8)% | (313) | (5.8)% |
| Commercial real estate construction—owner-occupied | **289** | 274 | 273 | 269 | 263 | 15 | 5.5% | 26 | 9.9% |
| Total commercial | **55497** | 54561 | 52015 | 49499 | 47903 | 936 | 1.7% | 7594 | 15.9% |
| Commercial investor real estate mortgage | **6406** | 6115 | 5760 | 5514 | 5531 | 291 | 4.8% | 875 | 15.8% |
| Commercial investor real estate construction | **1884** | 1764 | 1668 | 1568 | 1654 | 120 | 6.8% | 230 | 13.9% |
| Total investor real estate | **8290** | 7879 | 7428 | 7082 | 7185 | 411 | 5.2% | 1105 | 15.4% |
| Total business | **63787** | 62440 | 59443 | 56581 | 55088 | 1347 | 2.2% | 8699 | 15.8% |
| Residential first mortgage | **18595** | 18125 | 17569 | 17496 | 17413 | 470 | 2.6% | 1182 | 6.8% |
| Home equity—lines of credit | **3520** | 3531 | 3571 | 3667 | 3806 | (11) | (0.3)% | (286) | (7.5)% |
| Home equity—closed-end | **2497** | 2519 | 2511 | 2496 | 2528 | (22) | (0.9)% | (31) | (1.2)% |
| Consumer credit card | **1207** | 1176 | 1145 | 1142 | 1155 | 31 | 2.6% | 52 | 4.5% |
| Other consumer—exit portfolios <sup>(1)</sup> | **613** | 716 | 836 | 987 | 1160 | (103) | (14.4)% | (547) | (47.2)% |
| Other consumer | **5533** | 6177 | 5689 | 5445 | 5398 | (644) | (10.4)% | 135 | 2.5% |
| Total consumer | **31965** | 32244 | 31321 | 31233 | 31460 | (279) | (0.9)% | 505 | 1.6% |
| **Total Loans** | $**95752** | $94684 | $90764 | $87814 | $86548 | $1068 | 1.1% | $9204 | 10.6% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** |
| | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
| *<u>($ amounts in millions)</u>* | **2022** | 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
| Commercial and industrial | $**47468** | $42522 | $4946 | 11.6% |
| Commercial real estate mortgage—owner-occupied | **5170** | 5389 | (219) | (4.1)% |
| Commercial real estate construction—owner-occupied | **276** | 272 | 4 | 1.5% |
| Total commercial | **52914** | 48183 | 4731 | 9.8% |
| Commercial investor real estate mortgage | **5952** | 5509 | 443 | 8.0% |
| Commercial investor real estate construction | **1722** | 1741 | (19) | (1.1)% |
| Total investor real estate | **7674** | 7250 | 424 | 5.8% |
| Total business | **60588** | 55433 | 5155 | 9.3% |
| Residential first mortgage | **17950** | 17006 | 944 | 5.6% |
| Home equity—lines of credit | **3572** | 4084 | (512) | (12.5)% |
| Home equity—closed-end | **2506** | 2593 | (87) | (3.4)% |
| Consumer credit card | **1168** | 1136 | 32 | 2.8% |
| Other consumer—exit portfolios <sup>(1)</sup> | **787** | 1499 | (712) | (47.5)% |
| Other consumer | **5711** | 3051 | 2660 | 87.2% |
| Total consumer | **31694** | 29369 | 2325 | 7.9% |
| **Total Loans** | $**92282** | $84802 | $7480 | 8.8% |

---

_____

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.

.

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**End of Period Deposits** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| | | | | | | 12/31/2022 | 12/31/2022 | 12/31/2022 | 12/31/2022 |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | vs. 9/30/2022 | vs. 9/30/2022 | vs. 12/31/2021 | vs. 12/31/2021 |
| Interest-free deposits | $**51348** | $54996 | $58510 | $59590 | $58369 | $(3648) | (6.6)% | $(7021) | (12.0)% |
| Interest-bearing checking | **25676** | 26500 | 26989 | 28001 | 28018 | (824) | (3.1)% | (2342) | (8.4)% |
| Savings | **15662** | 16083 | 16220 | 16101 | 15134 | (421) | (2.6)% | 528 | 3.5% |
| Money market—domestic | **33285** | 32444 | 31116 | 31677 | 31408 | 841 | 2.6% | 1877 | 6.0% |
| Low-cost deposits | **125971** | 130023 | 132835 | 135369 | 132929 | (4052) | (3.1)% | (6958) | (5.2)% |
| Time deposits | **5772** | 5355 | 5428 | 5653 | 6143 | 417 | 7.8% | (371) | (6.0)% |
| **Total Deposits** | $**131743** | $135378 | $138263 | $141022 | $139072 | $(3635) | (2.7)% | $(7329) | (5.3)% |
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  |  |  |  |  |  | 12/31/2022 | 12/31/2022 | 12/31/2022 | 12/31/2022 |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | vs. 9/30/2022 | vs. 9/30/2022 | vs. 12/31/2021 | vs. 12/31/2021 |
| Consumer Bank Segment | $**83487** | $85455 | $84987 | $85219 | $82849 | $(1968) | (2.3)% | $638 | 0.8% |
| Corporate Bank Segment | **37145** | 38293 | 41456 | 42836 | 42689 | (1148) | (3.0)% | (5544) | (13.0)% |
| Wealth Management Segment | **9111** | 9400 | 9489 | 10420 | 10853 | (289) | (3.1)% | (1742) | (16.1)% |
| Other <sup>(1)</sup> | **2000** | 2230 | 2331 | 2547 | 2681 | (230) | (10.3)% | (681) | (25.4)% |
| **Total Deposits** | $**131743** | $135378 | $138263 | $141022 | $139072 | $(3635) | (2.7)% | $(7329) | (5.3)% |
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  |  |  |  |  |  | 12/31/2022 | 12/31/2022 | 12/31/2022 | 12/31/2022 |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | vs. 9/30/2022 | vs. 9/30/2022 | vs. 12/31/2021 | vs. 12/31/2021 |
| Wealth Management - Private Wealth | $**8196** | $8565 | $8771 | $9472 | $10033 | $(369) | (4.3)% | $(1837) | (18.3)% |
| Wealth Management - Institutional Services | **915** | 835 | 718 | 948 | 820 | 80 | 9.6% | 95 | 11.6% |
| **Total Wealth Management Segment Deposits** | $**9111** | $9400 | $9489 | $10420 | $10853 | $(289) | (3.1)% | $(1742) | (16.1)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| **End of Period Deposits by Percentage** | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 |
| Interest-free deposits | **39.0%** | 40.6% | 42.3% | 42.3% | 42.0% |
| Interest-bearing checking | **19.5%** | 19.6% | 19.5% | 19.9% | 20.1% |
| Savings | **11.9%** | 11.9% | 11.7% | 11.4% | 10.9% |
| Money market—domestic | **25.3%** | 24.0% | 22.5% | 22.5% | 22.6% |
| Low-cost deposits | **95.7%** | 96.1% | 96.0% | 96.1% | 95.6% |
| Time deposits | **4.3%** | 3.9% | 4.0% | 3.9% | 4.4% |
| **Total Deposits** | **100.0%** | 100.0% | 100.0% | 100.0% | 100.0% |

---

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).

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Average Balances of Deposits** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** |
| *<u>($ amounts in millions)</u>* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Interest-free deposits | $**53107** | $55806 | $58911 | $58117 | $57840 | $(2699) | (4.8)% | $(4733) | (8.2)% |
| Interest-bearing checking | **25379** | 26665 | 27533 | 27771 | 26000 | (1286) | (4.8)% | (621) | (2.4)% |
| Savings | **15840** | 16176 | 16200 | 15539 | 14854 | (336) | (2.1)% | 986 | 6.6% |
| Money market—domestic | **33218** | 31520 | 31348 | 31402 | 31483 | 1698 | 5.4% | 1735 | 5.5% |
| Low-cost deposits | **127544** | 130167 | 133992 | 132829 | 130177 | (2623) | (2.0)% | (2633) | (2.0)% |
| Time deposits | **5462** | 5351 | 5600 | 5905 | 6505 | 111 | 2.1% | (1043) | (16.0)% |
| Corporate treasury other deposits | **1** |  |  |  |  | 1 | NM | 1 | NM |
| **Total Deposits** | $**133007** | $135518 | $139592 | $138734 | $136682 | $(2511) | (1.9)% | (3675) | (2.7)% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** |
| *<u>($ amounts in millions)</u>* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Consumer Bank Segment | $**83555** | $84741 | $85224 | $83054 | $80930 | $(1186) | (1.4)% | $2625 | 3.2% |
| Corporate Bank Segment | **38176** | 39058 | 41920 | 42609 | 42659 | (882) | (2.3)% | (4483) | (10.5)% |
| Wealth Management Segment | **9065** | 9467 | 10020 | 10407 | 10054 | (402) | (4.2)% | (989) | (9.8)% |
| Other <sup>(1)</sup> | **2211** | 2252 | 2428 | 2664 | 3039 | (41) | (1.8)% | (828) | (27.2)% |
| **Total Deposits** | $**133007** | $135518 | $139592 | $138734 | $136682 | $(2511) | (1.9)% | $(3675) | (2.7)% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** |
| *<u>($ amounts in millions)</u>* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Wealth Management - Private Wealth | $**8367** | $8792 | $9266 | $9591 | $9266 | $(425) | (4.8)% | $(899) | (9.7)% |
| Wealth Management - Institutional Services | **698** | 675 | 754 | 816 | 788 | 23 | 3.4% | (90) | (11.4)% |
| **Total Wealth Management Segment Deposits** | $**9065** | $9467 | $10020 | $10407 | $10054 | $(402) | (4.2)% | $(989) | (9.8)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** |
| | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
| *<u>($ amounts in millions)</u>* | **2022** | 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
| Interest-free deposits | $**56469** | $55838 | $631 | 1.1% |
| Interest-bearing checking | **26830** | 25128 | 1702 | 6.8% |
| Savings | **15940** | 13867 | 2073 | 14.9% |
| Money market—domestic | **31875** | 30615 | 1260 | 4.1% |
| Low-cost deposits | **131114** | 125448 | 5666 | 4.5% |
| Time deposits | **5578** | 5253 | 325 | 6.2% |
| Corporate treasury time deposits | **—** | 1 | (1) | (100.0)% |
| Corporate treasury other deposits | **1** | 1 |  | —% |
| **Total Deposits** | $**136693** | $130703 | $5990 | 4.6% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** |
| | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
| *<u>($ amounts in millions)</u>* | **2022** | 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
| Consumer Bank Segment | $**84146** | $77820 | $6326 | 8.1% |
| Corporate Bank Segment | **40396** | 42115 | (1719) | (4.1)% |
| Wealth Management Segment | **9764** | 9684 | 80 | 0.8% |
| Other <sup>(1)</sup> | **2387** | 1084 | 1303 | 120.2% |
| **Total Deposits** | $**136693** | $130703 | $5990 | 4.6% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Balances** | **Average Balances** | **Average Balances** | **Average Balances** |
| | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
| *<u>($ amounts in millions)</u>* | **2022** | 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
| Wealth Management - Private Wealth | $**9029** | $8857 | $172 | 1.9% |
| Wealth Management - Institutional Services | **735** | 827 | (92) | (11.1)% |
| **Total Wealth Management Segment Deposits** | $**9764** | $9684 | $80 | 0.8% |

---

________

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).

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Consolidated Statements of Income** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *<u>($ amounts in millions, except per share data)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 |
| Interest income on: |  |  |  |  |  |
| Loans, including fees | $**1208** | $1072 | $932 | $876 | $902 |
| Debt securities | **222** | 171 | 157 | 138 | 134 |
| Loans held for sale | **9** | 8 | 10 | 9 | 6 |
| Other earning assets | **113** | 92 | 56 | 29 | 14 |
| Total interest income | **1552** | 1343 | 1155 | 1052 | 1056 |
| Interest expense on: |  |  |  |  |  |
| Deposits | **114** | 50 | 20 | 13 | 13 |
| Long-term borrowings | **37** | 31 | 27 | 24 | 24 |
| Total interest expense | **151** | 81 | 47 | 37 | 37 |
| Net interest income | **1401** | 1262 | 1108 | 1015 | 1019 |
| Provision for (benefit from) credit losses | **112** | 135 | 60 | (36) | 110 |
| Net interest income after provision for (benefit from) credit losses | **1289** | 1127 | 1048 | 1051 | 909 |
| Non-interest income: |  |  |  |  |  |
| Service charges on deposit accounts | **152** | 156 | 165 | 168 | 166 |
| Card and ATM fees | **130** | 126 | 133 | 124 | 127 |
| Wealth management income | **108** | 108 | 102 | 101 | 100 |
| Capital markets income | **61** | 93 | 112 | 73 | 83 |
| Mortgage income | **24** | 37 | 47 | 48 | 49 |
| Securities gains (losses), net | **—** | (1) |  |  |  |
| Other | **125** | 86 | 81 | 70 | 90 |
| Total non-interest income | **600** | 605 | 640 | 584 | 615 |
| Non-interest expense: |  |  |  |  |  |
| Salaries and employee benefits | **604** | 593 | 575 | 546 | 575 |
| Equipment and software expense | **102** | 98 | 97 | 95 | 96 |
| Net occupancy expense | **74** | 76 | 75 | 75 | 76 |
| Other | **237** | 403 | 201 | 217 | 236 |
| Total non-interest expense | **1017** | 1170 | 948 | 933 | 983 |
| Income before income taxes | **872** | 562 | 740 | 702 | 541 |
| Income tax expense | **187** | 133 | 157 | 154 | 103 |
| Net income | $**685** | $429 | $583 | $548 | $438 |
| Net income available to common shareholders | $**660** | $404 | $558 | $524 | $414 |
| Weighted-average shares outstanding—during quarter: |  |  |  |  |  |
| Basic | **934** | 934 | 934 | 938 | 949 |
| Diluted | **941** | 940 | 940 | 947 | 958 |
| Actual shares outstanding—end of quarter | **934** | 934 | 934 | 933 | 942 |
| Earnings per common share: <sup>(1)</sup> |  |  |  |  |  |
| Basic | $**0.71** | $0.43 | $0.60 | $0.56 | $0.44 |
| Diluted | $**0.70** | $0.43 | $0.59 | $0.55 | $0.43 |
| Taxable-equivalent net interest income | $**1414** | $1274 | $1119 | $1026 | $1029 |

---

________

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

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Consolidated Statements of Income (continued) (unaudited)** 

---

| | | |
|:---|:---|:---|
| | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
| *<u>($ amounts in millions, except per share data)</u>* | **2022** | 2021 |
| Interest income on: |  |  |
| Loans, including fees | $**4088** | $3452 |
| Debt securities | **688** | 533 |
| Loans held for sale | **36** | 37 |
| Other earning assets | **290** | 59 |
| Total interest income | **5102** | 4081 |
| Interest expense on: |  |  |
| Deposits | **197** | 64 |
| Long-term borrowings | **119** | 103 |
| Total interest expense | **316** | 167 |
| Net interest income | **4786** | 3914 |
| Provision for (benefit from) credit losses | **271** | (524) |
| Net interest income after provision for (benefit from) credit losses | **4515** | 4438 |
| Non-interest income: |  |  |
| Service charges on deposit accounts | **641** | 648 |
| Card and ATM fees | **513** | 499 |
| Wealth management income | **419** | 382 |
| Capital markets income | **339** | 331 |
| Mortgage income | **156** | 242 |
| Securities gains (losses), net | **(1)** | 3 |
| Other | **362** | 419 |
| Total non-interest income | **2429** | 2524 |
| Non-interest expense: |  |  |
| Salaries and employee benefits | **2318** | 2205 |
| Equipment and software expense | **392** | 365 |
| Net occupancy expense | **300** | 303 |
| Other | **1058** | 874 |
| Total non-interest expense | **4068** | 3747 |
| Income before income taxes | **2876** | 3215 |
| Income tax expense | **631** | 694 |
| Net income | $**2245** | $2521 |
| Net income available to common shareholders | $**2146** | $2400 |
| Weighted-average shares outstanding—during year: |  |  |
| Basic | **935** | 956 |
| Diluted | **942** | 963 |
| Actual shares outstanding—end of period | **934** | 942 |
| Earnings per common share: |  |  |
| Basic | $**2.29** | $2.51 |
| Diluted | $**2.28** | $2.49 |
| Taxable-equivalent net interest income | $**4833** | $3958 |

---

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Consolidated Average Daily Balances and Yield/Rate Analysis** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| | **12/31/2022** | **12/31/2022** | **12/31/2022** | 9/30/2022 | 9/30/2022 | 9/30/2022 |
| *<u>($ amounts in millions; yields on taxable-equivalent basis)</u>* | **Average Balance** | **Income/ Expense** | **Yield/ Rate** <sup>(1)</sup> | Average Balance | Income/ Expense | Yield/ Rate <sup>(1)</sup> |
| Assets |  |  |  |  |  |  |
| Earning assets: |  |  |  |  |  |  |
| Federal funds sold and securities purchased under agreements to resell | $**1** | $**—** | **3.56%** | $1 | $— | 2.43% |
| Debt securities <sup>(2)(3)</sup> | **32213** | **222** | **2.75** | 32101 | 171 | 2.12 |
| Loans held for sale | **537** | **9** | **6.53** | 539 | 8 | 6.09 |
| Loans, net of unearned income: |  |  |  |  |  |  |
| Commercial and industrial <sup>(4)</sup> | **50135** | **647** | **5.10** | 49120 | 549 | 4.42 |
| Commercial real estate mortgage—owner-occupied <sup>(5)</sup> | **5073** | **55** | **4.27** | 5167 | 56 | 4.20 |
| Commercial real estate construction—owner-occupied | **289** | **4** | **4.96** | 274 | 3 | 4.53 |
| Commercial investor real estate mortgage | **6406** | **89** | **5.43** | 6115 | 64 | 4.06 |
| Commercial investor real estate construction | **1884** | **30** | **6.24** | 1764 | 22 | 4.77 |
| Residential first mortgage | **18595** | **155** | **3.33** | 18125 | 147 | 3.24 |
| Home equity | **6017** | **81** | **5.31** | 6050 | 68 | 4.49 |
| Consumer credit card | **1207** | **44** | **14.34** | 1176 | 40 | 13.79 |
| Other consumer—exit portfolios | **613** | **9** | **6.07** | 716 | 10 | 5.72 |
| Other consumer | **5533** | **107** | **7.77** | 6177 | 125 | 8.03 |
| Total loans, net of unearned income | **95752** | **1221** | **5.05** | 94684 | 1084 | 4.53 |
| Interest bearing deposits in other banks | **10600** | **100** | **3.74** | 14353 | 81 | 2.25 |
| Other earning assets | **1380** | **13** | **3.76** | 1379 | 11 | 3.34 |
| Total earning assets | **140483** | **1565** | **4.42** | 143057 | 1355 | 3.76 |
| Unrealized gains/(losses) on debt securities available for sale, net <sup>(2)</sup> | **(3582)** |  |  | (2389) |  |  |
| Allowance for loan losses | **(1447)** |  |  | (1432) |  |  |
| Cash and due from banks | **2406** |  |  | 2291 |  |  |
| Other non-earning assets | **17808** |  |  | 16895 |  |  |
|  | $**155668** |  |  | $158422 |  |  |
| Liabilities and Shareholders' Equity |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| Savings | $**15840** | **4** | **0.10** | $16176 | 5 | 0.11 |
| Interest-bearing checking | **25379** | **42** | **0.65** | 26665 | 22 | 0.33 |
| Money market | **33218** | **57** | **0.69** | 31520 | 17 | 0.22 |
| Time deposits | **5462** | **11** | **0.80** | 5351 | 6 | 0.45 |
| Other deposits | **1** | **—** | **5.47** |  |  |  |
| Total interest-bearing deposits <sup>(6)</sup> | **79900** | **114** | **0.57** | 79712 | 50 | 0.25 |
| Federal funds purchased and securities sold under agreements to repurchase | **39** | **—** | **3.73** |  |  |  |
| Other short-term borrowings | **—** | **—** | **—** | 30 |  | 0.23 |
| Long-term borrowings | **2275** | **37** | **6.38** | 2319 | 31 | 5.39 |
| Total interest-bearing liabilities | **82214** | **151** | **0.73** | 82061 | 81 | 0.39 |
| Non-interest-bearing deposits <sup>(6)</sup> | **53107** | **—** | **—** | 55806 |  |  |
| Total funding sources | **135321** | **151** | **0.44** | 137867 | 81 | 0.23 |
| Net interest spread <sup>(2)</sup> |  |  | **3.69** |  |  | 3.36 |
| Other liabilities | **4904** |  |  | 4082 |  |  |
| Shareholders' equity | **15442** |  |  | 16473 |  |  |
| Noncontrolling interest | **1** |  |  |  |  |  |
|  | $**155668** |  |  | $158422 |  |  |
| Net interest income/margin FTE basis <sup>(2)</sup> |  | $**1414** | **3.99%** |  | $1274 | 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)&nbsp;&nbsp;&nbsp;&nbsp;Interest income includes hedging income of $40 million for the quarter ended December 31, 2022 and zero for the quarter ended September 30, 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 will migrate from securities to loans in the first quarter of 2023.

(4) Interest income includes hedging expense of $43 million for the quarter ended December 31, 2022 and zero for the quarter ended September 30, 2022.

(5) Interest income includes hedging expense of $5 million for the quarter ended December 31, 2022 and zero 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 0.34% for the quarter ended December 31, 2022 and 0.15% for the quarter ended September 30, 2022.

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| | 6/30/2022 | 6/30/2022 | 6/30/2022 | 3/31/2022 | 3/31/2022 | 3/31/2022 | 12/31/2021 | 12/31/2021 | 12/31/2021 |
| *<u>($ amounts in millions; yields on taxable-equivalent basis)</u>* | Average Balance | Income/ Expense | Yield/ Rate <sup>(1)</sup> | Average Balance | Income/ Expense | Yield/ Rate <sup>(1)</sup> | Average Balance | Income/ Expense | Yield/ Rate <sup>(1)</sup> |
| Assets |  |  |  |  |  |  |  |  |  |
| Earning assets: |  |  |  |  |  |  |  |  |  |
| Federal funds sold and securities purchased under agreements to resell | $— | $— | —% | $2 | $— | 0.18% | $1 | $— | 0.18% |
| Debt securities <sup>(2)</sup> | 31429 | 157 | 2.00 | 29342 | 138 | 1.88 | 29264 | 134 | 1.83 |
| Loans held for sale | 704 | 10 | 5.39 | 782 | 9 | 4.89 | 855 | 6 | 2.98 |
| Loans, net of unearned income: |  |  |  |  |  |  |  |  |  |
| Commercial and industrial <sup>(3)</sup> | 46538 | 480 | 4.12 | 43993 | 447 | 4.10 | 42254 | 468 | 4.39 |
| Commercial real estate mortgage—owner-occupied <sup>(4)</sup> | 5204 | 56 | 4.31 | 5237 | 57 | 4.35 | 5386 | 60 | 4.34 |
| Commercial real estate construction—owner-occupied | 273 | 2 | 3.85 | 269 | 3 | 3.91 | 263 | 3 | 3.95 |
| Commercial investor real estate mortgage | 5760 | 39 | 2.69 | 5514 | 30 | 2.19 | 5531 | 30 | 2.13 |
| Commercial investor real estate construction | 1668 | 14 | 3.34 | 1568 | 11 | 2.83 | 1654 | 11 | 2.72 |
| Residential first mortgage | 17569 | 137 | 3.12 | 17496 | 135 | 3.09 | 17413 | 136 | 3.12 |
| Home equity | 6082 | 56 | 3.76 | 6163 | 55 | 3.55 | 6334 | 55 | 3.51 |
| Consumer credit card | 1145 | 36 | 12.38 | 1142 | 35 | 12.48 | 1155 | 35 | 12.16 |
| Other consumer—exit portfolios | 836 | 13 | 5.93 | 987 | 14 | 5.84 | 1160 | 18 | 5.71 |
| Other consumer | 5689 | 110 | 7.73 | 5445 | 100 | 7.42 | 5398 | 96 | 7.13 |
| Total loans, net of unearned income | 90764 | 943 | 4.15 | 87814 | 887 | 4.07 | 86548 | 912 | 4.18 |
| Interest bearing deposits in other banks | 22246 | 45 | 0.81 | 26606 | 13 | 0.20 | 26121 | 10 | 0.15 |
| Other earning assets | 1445 | 11 | 2.79 | 1306 | 16 | 5.02 | 1276 | 4 | 1.41 |
| Total earning assets  | 146588 | 1166 | 3.18 | 145852 | 1063 | 2.93 | 144065 | 1066 | 2.94 |
| Unrealized gains/(losses) on debt securities available for sale, net <sup>(2)</sup> | (2107) |  |  | (549) |  |  | 331 |  |  |
| Allowance for loan losses | (1419) |  |  | (1472) |  |  | (1572) |  |  |
| Cash and due from banks | 2386 |  |  | 2200 |  |  | 2143 |  |  |
| Other non-earning assets | 16378 |  |  | 15697 |  |  | 15084 |  |  |
|  | $161826 |  |  | $161728 |  |  | $160051 |  |  |
| Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| Savings | $16200 | 5 | 0.12 | $15539 | 5 | 0.13 | $14854 | 5 | 0.12 |
| Interest-bearing checking | 27533 | 6 | 0.09 | 27771 | 2 | 0.03 | 26000 | 2 | 0.03 |
| Money market | 31348 | 4 | 0.05 | 31402 | 2 | 0.02 | 31483 | 1 | 0.02 |
| Time deposits | 5600 | 5 | 0.34 | 5905 | 4 | 0.30 | 6505 | 5 | 0.36 |
| Total interest-bearing deposits <sup>(5)</sup> | 80681 | 20 | 0.10 | 80617 | 13 | 0.07 | 78842 | 13 | 0.07 |
| Federal funds purchased and securities sold under agreements to repurchase |  |  |  |  |  |  | 44 |  | 0.19 |
| Other short-term borrowings | 7 |  | 1.01 | 9 |  | 0.16 |  |  |  |
| Long-term borrowings | 2328 | 27 | 4.53 | 2390 | 24 | 4.06 | 2433 | 24 | 3.93 |
| Total interest-bearing liabilities | 83016 | 47 | 0.22 | 83016 | 37 | 0.18 | 81319 | 37 | 0.18 |
| Non-interest-bearing deposits <sup>(5)</sup> | 58911 |  |  | 58117 |  |  | 57840 |  |  |
| Total funding sources | 141927 | 47 | 0.13 | 141133 | 37 | 0.11 | 139159 | 37 | 0.11 |
| Net interest spread <sup>(2)</sup> |  |  | 2.95 |  |  | 2.75 |  |  | 2.76 |
| Other liabilities | 3495 |  |  | 2878 |  |  | 2566 |  |  |
| Shareholders' equity | 16404 |  |  | 17717 |  |  | 18308 |  |  |
| Noncontrolling interest |  |  |  |  |  |  | 18 |  |  |
|  | $161826 |  |  | $161728 |  |  | $160051 |  |  |
| Net interest income/margin FTE basis <sup>(2)</sup> |  | $1119 | 3.06% |  | $1026 | 2.85% |  | $1029 | 2.83% |

---

_______

(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 $69 million, $98 million, and $100 million for the quarters ended June 30, 2022 , March 31, 2022, and December 31, 2021, respectively.

(4) Interest income includes hedging income of $9 million, $12 million, and $12 million for the quarters ended June 30, 2022, March 31, 2022, and December 31, 2021, respectively.

(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 0.06% for the quarter ended June 30, 2022, 0.04% for the quarter ended March 31, 2022 and 0.04% for the quarter ended December 31, 2021.

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Twelve Months Ended December 31 | Twelve Months Ended December 31 | Twelve Months Ended December 31 | Twelve Months Ended December 31 | Twelve Months Ended December 31 | Twelve Months Ended December 31 |
| | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 |
| *($ amounts in millions; yields on taxable-equivalent basis)* | **Average Balance** | **Income/ Expense** | **Yield/ Rate** <sup>(1)</sup> | Average Balance | Income/ Expense | Yield/ Rate <sup>(1)</sup> |
| Assets |  |  |  |  |  |  |
| Earning assets: |  |  |  |  |  |  |
| Federal funds sold and securities purchased under agreements to resell | $**—** | $**—** | **— %** | $3 | $— | 0.14% |
| Debt securities <sup>(2)(3)</sup> | **31281** | **688** | **2.20** | 28604 | 533 | 1.86 |
| Loans held for sale | **640** | **36** | **5.63** | 1219 | 37 | 3.06 |
| Loans, net of unearned income: |  |  |  |  |  |  |
| Commercial and industrial <sup>(4)</sup> | **47468** | **2123** | **4.45** | 42522 | 1858 | 4.35 |
| Commercial real estate mortgage—owner-occupied <sup>(5)</sup> | **5170** | **224** | **4.28** | 5389 | 240 | 4.40 |
| Commercial real estate construction—owner-occupied | **276** | **12** | **4.33** | 272 | 11 | 4.00 |
| Commercial investor real estate mortgage | **5952** | **222** | **3.67** | 5509 | 122 | 2.18 |
| Commercial investor real estate construction | **1722** | **77** | **4.40** | 1741 | 48 | 2.73 |
| Residential first mortgage | **17950** | **574** | **3.20** | 17006 | 539 | 3.17 |
| Home equity | **6078** | **260** | **4.27** | 6677 | 235 | 3.53 |
| Consumer credit card | **1168** | **155** | **13.27** | 1136 | 138 | 12.17 |
| Other consumer—exit portfolios | **787** | **46** | **5.88** | 1499 | 85 | 5.65 |
| Other consumer | **5711** | **442** | **7.75** | 3051 | 220 | 7.19 |
| Total loans, net of unearned income | **92282** | **4135** | **4.46** | 84802 | 3496 | 4.11 |
| Interest bearing deposits in other banks | **18396** | **239** | **1.30** | 22810 | 30 | 0.13 |
| Other earning assets | **1379** | **51** | **3.69** | 1289 | 29 | 2.23 |
| Total earning assets | **143978** | **5149** | **3.56** | 138727 | 4125 | 2.97 |
| Unrealized gains/(losses) on debt securities available for sale, net <sup>(2)</sup> | **(2166)** |  |  | 623 |  |  |
| Allowance for loan losses | **(1442)** |  |  | (1795) |  |  |
| Cash and due from banks | **2321** |  |  | 2027 |  |  |
| Other non-earning assets | **16701** |  |  | 14687 |  |  |
|  | $**159392** |  |  | $154269 |  |  |
| Liabilities and Shareholders' Equity |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| Savings | $**15940** | **19** | **0.12** | $13867 | 19 | 0.13 |
| Interest-bearing checking | **26830** | **72** | **0.27** | 25128 | 8 | 0.03 |
| Money market | **31875** | **80** | **0.25** | 30615 | 8 | 0.03 |
| Time deposits | **5578** | **26** | **0.47** | 5253 | 29 | 0.56 |
| Other deposits | **1** | **—** | **3.52** | 2 |  | 1.20 |
| Total interest-bearing deposits <sup>(6)</sup> | **80224** | **197** | **0.25** | 74865 | 64 | 0.09 |
| Federal funds purchased and securities sold under agreements to repurchase | **10** | **—** | **3.73** | 12 |  | 0.19 |
| Long-term borrowings | **2328** | **119** | **5.08** | 2823 | 103 | 3.63 |
| Total interest-bearing liabilities | **82562** | **316** | **0.38** | 77700 | 167 | 0.21 |
| Non-interest-bearing deposits <sup>(6)</sup> | **56469** | **—** | **—** | 55838 |  |  |
| Total funding sources | **139031** | **316** | **0.23** | 133538 | 167 | 0.12 |
| Net interest spread <sup>(2)</sup> |  |  | **3.18** |  |  | 2.75 |
| Other liabilities | **3858** |  |  | 2525 |  |  |
| Shareholders' equity | **16503** |  |  | 18201 |  |  |
| Noncontrolling interest | **—** |  |  | 5 |  |  |
|  | $**159392** |  |  | $154269 |  |  |
| Net interest income/margin FTE basis <sup>(2)</sup> |  | $**4833** | **3.36%** |  | $3958 | 2.85% |

---

_______

(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)&nbsp;&nbsp;&nbsp;&nbsp;Interest income includes hedging income $41 million for the year ended December 31, 2022 and zero for the year ended December 31, 2021. Hedging income for the year ended December 31, 2022 reflects strategies designed to accelerate hedge notional maturities through the use of pay fixed swaps. Benefits will migrate to cash flow hedges from loans in the first quarter of 2023.

(4) Interest income includes hedging income of $125 million and and $379 million for the years ended December 31, 2022 and 2021, respectively.

(5) Interest income includes hedging income of $15 million and and $47 million for the years ended December 31, 2022 and 2021, respectively.

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deposit costs equal 0.14% and 0.05% for the years ended December 31, 2022 and 2021, respectively.

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 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** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Net income available to common shareholders (GAAP) | $**660** | $404 | $558 | $524 | $414 | $256 | 63.4% | $246 | 59.4% |
| Preferred dividends (GAAP) | **25** | 25 | 25 | 24 | 24 |  | —% | 1 | 4.2% |
| Income tax expense (GAAP) | **187** | 133 | 157 | 154 | 103 | 54 | 40.6% | 84 | 81.6% |
| Income before income taxes (GAAP) | **872** | 562 | 740 | 702 | 541 | 310 | 55.2% | 331 | 61.2% |
| Provision for (benefit from) credit losses (GAAP) | **112** | 135 | 60 | (36) | 110 | (23) | (17.0)% | 2 | 1.8% |
| Pre-tax pre-provision income (non-GAAP) | **984** | 697 | 800 | 666 | 651 | 287 | 41.2% | 333 | 51.2% |
| Other adjustments: |  |  |  |  |  |  |  |  |  |
| Securities (gains) losses, net | **—** | 1 |  |  |  | (1) | (100.0)% |  | NM |
| Leveraged lease termination gains, net | **—** |  |  | (1) |  |  | NM |  | NM |
| Insurance proceeds <sup>(1)</sup> | **(50)** |  |  |  |  | (50) | NM | (50) | NM |
| Salaries and employee benefits—severance charges | **—** |  |  |  | 1 |  | NM | (1) | (100.0)% |
| Branch consolidation, property and equipment charges | **5** | 3 | (6) | 1 |  | 2 | 66.7% | 5 | NM |
| Professional, legal and regulatory expenses <sup>(1)</sup> | **—** | 179 |  |  | 15 | (179) | (100.0)% | (15) | (100.0)% |
| Total other adjustments | **(45)** | 183 | (6) |  | 16 | (228) | (124.6)% | (61) | (381.3)% |
| **Adjusted pre-tax pre-provision income (non-GAAP)** | $**939** | $880 | $794 | $666 | $667 | $59 | 6.7% | $272 | 40.8% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| *<u>($ amounts in millions)</u>* | **2022** | 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
| Net income available to common shareholders (GAAP) | $**2146** | $2400 | $(254) | (10.6)% |
| Preferred dividends (GAAP) <sup>(2)</sup> | **99** | 121 | (22) | (18.2)% |
| Income tax expense (GAAP) | **631** | 694 | (63) | (9.1)% |
| Income before income taxes (GAAP) | **2876** | 3215 | (339) | (10.5)% |
| Provision for (benefit from) credit losses (GAAP) | **271** | (524) | 795 | 151.7% |
| Pre-tax pre-provision income (non-GAAP) | **3147** | 2691 | 456 | 16.9% |
| Other adjustments: |  |  |  |  |
| Securities (gains) losses, net | **1** | (3) | 4 | 133.3% |
| Gains on equity investment | **—** | (3) | 3 | 100.0% |
| Leveraged lease termination gains, net | **(1)** | (2) | 1 | 50.0% |
| Bank owned life insurance <sup>(3)</sup> | **—** | (18) | 18 | 100.0% |
| Insurance proceeds <sup>(1)</sup> | **(50)** |  | (50) | NM |
| Salaries and employee benefits—severance charges | **—** | 6 | (6) | (100.0)% |
| Branch consolidation, property and equipment charges | **3** | 5 | (2) | (40.0)% |
| Contribution to the Regions Financial Corporation foundation | **—** | 3 | (3) | (100.0)% |
| Loss on early extinguishment of debt | **—** | 20 | (20) | (100.0)% |
| Professional, legal and regulatory expenses <sup>(1)</sup> | **179** | 15 | 164 | NM |
| Total other adjustments | **132** | 23 | 109 | 473.9% |
| **Adjusted pre-tax pre-provision income (non-GAAP)** | $**3279** | $2714 | $565 | 20.8% |

---

______

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. The professional, legal and regulatory adjustment for the fourth quarter of 2021 is related to professional and legal expenses for acquisitions.

(2) Year-to-date 2021 amounts include $13 million of Series A preferred stock issuance costs, which reduced net income available to common shareholders when the shares were redeemed during the second quarter of 2021.

(3) The 2021 amount relates to an individual BOLI claim benefit.

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Non-Interest Income**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Service charges on deposit accounts | **152** | 156 | 165 | 168 | 166 | $(4) | (2.6)% | $(14) | (8.4)% |
| Card and ATM fees | **130** | 126 | 133 | 124 | 127 | 4 | 3.2% | 3 | 2.4% |
| Wealth management income | **108** | 108 | 102 | 101 | 100 |  | —% | 8 | 8.0% |
| Capital markets income <sup>(1)</sup> | **61** | 93 | 112 | 73 | 83 | (32) | (34.4)% | (22) | (26.5)% |
| Mortgage income <sup>(2)</sup> | **24** | 37 | 47 | 48 | 49 | (13) | (35.1)% | (25) | (51.0)% |
| Commercial credit fee income | **25** | 26 | 23 | 22 | 23 | (1) | (3.8)% | 2 | 8.7% |
| Bank-owned life insurance | **17** | 15 | 16 | 14 | 14 | 2 | 13.3% | 3 | 21.4% |
| Market value adjustments on employee benefit assets-other <sup>(3)</sup> | **(9)** | (5) | (17) | (14) |  | (4) | (80.0)% | (9) | NM |
| Securities gains (losses), net | **—** | (1) |  |  |  | 1 | 100.0% |  | NM |
| Insurance proceeds <sup>(4)</sup> | **50** |  |  |  |  | 50 | NM | 50 | NM |
| Other miscellaneous income | **42** | 50 | 59 | 48 | 53 | (8) | (16.0)% | (11) | (20.8)% |
| Total non-interest income | $**600** | $605 | $640 | $584 | $615 | $(5) | (0.8)% | $(15) | (2.4)% |

---

**Mortgage Income**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Production and sales | $**11** | $18 | $23 | $43 | $46 | $(7) | (38.9)% | $(35) | (76.1)% |
| Loan servicing | **42** | 40 | 28 | 27 | 27 | 2 | 5.0% | 15 | 55.6% |
| MSR and related hedge impact: |  |  |  |  |  |  |  |  |  |
| MSRs fair value increase (decrease) due to change in valuation inputs or assumptions | **—** | 28 | 52 | 47 | (6) | (28) | (100.0)% | 6 | 100.0% |
| MSRs hedge gain (loss) | **(6)** | (26) | (41) | (52) | 1 | 20 | 76.9% | (7) | NM |
| MSRs change due to payment decay | **(23)** | (23) | (15) | (17) | (19) |  | —% | (4) | (21.1)% |
| MSR and related hedge impact | **(29)** | (21) | (4) | (22) | (24) | (8) | (38.1)% | (5) | (20.8)% |
| Total mortgage income | $**24** | $37 | $47 | $48 | $49 | $(13) | (35.1)% | $(25) | (51.0)% |
| Mortgage production - portfolio | $**712** | $997 | $1277 | $1021 | $1273 | $(285) | (28.6)% | $(561) | (44.1)% |
| Mortgage production - agency/secondary market | **314** | 526 | 680 | 819 | 1133 | (212) | (40.3)% | (819) | (72.3)% |
| Total mortgage production | $**1026** | $1523 | $1957 | $1840 | $2406 | $(497) | (32.6)% | $(1380) | (57.4)% |
| Mortgage production - purchased | **87.9%** | 88.1% | 82.9% | 65.7% | 58.6% |  |  |  |  |
| Mortgage production - refinanced | **12.1%** | 11.9% | 17.1% | 34.3% | 41.4% |  |  |  |  |

---

**Wealth Management Income**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Investment management and trust fee income | $**76** | $74 | $72 | $75 | $74 | $2 | 2.7% | $2 | 2.7% |
| Investment services fee income | **32** | 34 | 30 | 26 | 26 | (2) | (5.9)% | 6 | 23.1% |
| Total wealth management income <sup>(5)</sup> | $**108** | $108 | $102 | $101 | $100 | $— | —% | $8 | 8.0% |

---

**Capital Markets Income**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Capital markets income | $**61** | $93 | $112 | $73 | $83 | $(32) | (34.4)% | $(22) | (26.5)% |
| Less: Valuation adjustments on customer derivatives <sup>(6)</sup> | **(11)** | 21 | 20 | 6 |  | (32) | (152.4)% | (11) | NM |
| Capital markets income excluding valuation adjustments | $**72** | $72 | $92 | $67 | $83 | $— | —% | $(11) | (13.3)% |

---

_________

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)Mortgage income in the first quarter of 2022 includes approximately $12 million in gains associated with the re-securitization and sale of approximately $285 million of Ginnie Mae loans that had been previously repurchased from their pools.

(3)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.

(4)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.

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

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

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Non-Interest Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** | **Year-to-Date Change 12/31/2022 vs. 12/31/2021** | **Year-to-Date Change 12/31/2022 vs. 12/31/2021** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | **12/31/2021** | **Amount** | **Percent** |
| Service charges on deposit accounts | $**641** | $648 | $(7) | (1.1)% |
| Card and ATM fees | **513** | 499 | 14 | 2.8% |
| Wealth management income | **419** | 382 | 37 | 9.7% |
| Capital markets income <sup>(1)</sup> | **339** | 331 | 8 | 2.4% |
| Mortgage income | **156** | 242 | (86) | (35.5)% |
| Commercial credit fee income | **96** | 91 | 5 | 5.5% |
| Bank-owned life insurance | **62** | 82 | (20) | (24.4)% |
| Market value adjustments on employee benefit assets - other <sup>(2)</sup> | **(45)** | 20 | (65) | (325.0)% |
| Gain on equity investment | **—** | 3 | (3) | (100.0)% |
| Securities gains (losses), net | **(1)** | 3 | (4) | (133.3)% |
| Insurance proceeds <sup>(3)</sup> | **50** |  | 50 | NM |
| Other miscellaneous income | **199** | 223 | (24) | (10.8)% |
| Total non-interest income | $**2429** | $2524 | $(95) | (3.8)% |

---

**Mortgage Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** | **Year-to-Date Change 12/31/2022 vs. 12/31/2021** | **Year-to-Date Change 12/31/2022 vs. 12/31/2021** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | **12/31/2021** | **Amount** | **Percent** |
| Production and sales | $**95** | $229 | $(134) | (58.5)% |
| Loan servicing | **137** | 102 | 35 | 34.3% |
| MSR and related hedge impact: |  |  |  |  |
| MSRs fair value increase (decrease) due to change in valuation inputs or assumptions | **127** | 43 | 84 | 195.3% |
| MSRs hedge gain (loss) | **(125)** | (62) | (63) | (101.6)% |
| MSRs change due to payment decay | **(78)** | (70) | (8) | (11.4)% |
| MSR and related hedge impact | **(76)** | (89) | 13 | 14.6% |
| Total mortgage income | $**156** | $242 | $(86) | (35.5)% |
| Mortgage production - portfolio | $**4007** | $6037 | $(2030) | (33.6)% |
| Mortgage production - agency/secondary market | **2339** | 4970 | (2631) | (52.9)% |
| Total mortgage production | $**6346** | $11007 | $(4661) | (42.3)% |
| Mortgage production - purchased | **80.0%** | 58.4% |  |  |
| Mortgage production - refinanced | **20.0%** | 41.6% |  |  |

---

**Wealth Management Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** | **Year-to-Date Change 12/31/2022 vs. 12/31/2021** | **Year-to-Date Change 12/31/2022 vs. 12/31/2021** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | **12/31/2021** | **Amount** | **Percent** |
| Investment management and trust fee income | $**297** | $278 | $19 | 6.8% |
| Investment services fee income | **122** | 104 | 18 | 17.3% |
| Total wealth management income <sup>(4)</sup> | $**419** | $382 | $37 | 9.7% |

---

**Capital Markets Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** | **Year-to-Date Change 12/31/2022 vs. 12/31/2021** | **Year-to-Date Change 12/31/2022 vs. 12/31/2021** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | **12/31/2021** | **Amount** | **Percent** |
| Capital markets income | $**339** | $331 | $8 | 2.4% |
| Less: Valuation adjustments on customer derivatives <sup>(5)</sup> | **36** | 8 | 28 | 350.0% |
| Capital markets income excluding valuation adjustments | $**303** | $323 | $(20) | (6.2)% |

---

_________

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)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.

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Non-Interest Expense** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Salaries and employee benefits | $**604** | $593 | $575 | $546 | $575 | $11 | 1.9% | $29 | 5.0% |
| Equipment and software expense | **102** | 98 | 97 | 95 | 96 | 4 | 4.1% | 6 | 6.3% |
| Net occupancy expense | **74** | 76 | 75 | 75 | 76 | (2) | (2.6)% | (2) | (2.6)% |
| Outside services | **41** | 40 | 38 | 38 | 41 | 1 | 2.5% |  | —% |
| Marketing | **27** | 29 | 22 | 24 | 32 | (2) | (6.9)% | (5) | (15.6)% |
| Professional, legal and regulatory expenses | **23** | 199 | 24 | 17 | 33 | (176) | (88.4)% | (10) | (30.3)% |
| Credit/checkcard expenses | **14** | 13 | 13 | 26 | 15 | 1 | 7.7% | (1) | (6.7)% |
| FDIC insurance assessments | **18** | 16 | 13 | 14 | 13 | 2 | 12.5% | 5 | 38.5% |
| Visa class B shares expense | **7** | 3 | 9 | 5 | 8 | 4 | 133.3% | (1) | (12.5)% |
| Branch consolidation, property and equipment charges | **5** | 3 | (6) | 1 |  | 2 | 66.7% | 5 | NM |
| Other miscellaneous expenses | **102** | 100 | 88 | 92 | 94 | 2 | 2.0% | 8 | 8.5% |
| Total non-interest expense | $**1017** | $1170 | $948 | $933 | $983 | $(153) | (13.1)% | $34 | 3.5% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** | **Year-to-Date Change 12/31/2022 vs. 12/31/2021** | **Year-to-Date Change 12/31/2022 vs. 12/31/2021** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 12/31/2021 | **Amount** | **Percent** |
| Salaries and employee benefits | $**2318** | $2205 | $113 | 5.1% |
| Equipment and software expense | **392** | 365 | 27 | 7.4% |
| Net occupancy expense | **300** | 303 | (3) | (1.0)% |
| Outside services | **157** | 156 | 1 | 0.6% |
| Marketing | **102** | 106 | (4) | (3.8)% |
| Professional, legal and regulatory expenses | **263** | 98 | 165 | 168.4% |
| Credit/checkcard expenses | **66** | 62 | 4 | 6.5% |
| FDIC insurance assessments | **61** | 45 | 16 | 35.6% |
| Visa class B shares expense | **24** | 22 | 2 | 9.1% |
| Loss on early extinguishment of debt | **—** | 20 | (20) | (100.0)% |
| Branch consolidation, property and equipment charges | **3** | 5 | (2) | (40.0)% |
| Other miscellaneous expenses | **382** | 360 | 22 | 6.1% |
| Total non-interest expense | $**4068** | $3747 | $321 | 8.6% |

---

_________

NM - Not Meaningful

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 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 table below presents 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** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *<u>($ amounts in millions)</u>* |  | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 4Q22 vs. 3Q22 | 4Q22 vs. 3Q22 | 4Q22 vs. 4Q21 | 4Q22 vs. 4Q21 |
| Non-interest expense (GAAP) | **A** | $**1017** | $1170 | $948 | $933 | $983 | $(153) | (13.1)% | $34 | 3.5% |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| Branch consolidation, property and equipment charges |  | **(5)** | (3) | 6 | (1) |  | (2) | (66.7)% | (5) | NM |
| Salaries and employee benefits—severance charges |  | **—** |  |  |  | (1) |  | NM | 1 | 100.0% |
| Professional, legal and regulatory expenses <sup>(1)</sup> |  | **—** | (179) |  |  | (15) | 179 | 100.0% | 15 | 100.0% |
| Adjusted non-interest expense (non-GAAP) | **B** | $**1012** | $988 | $954 | $932 | $967 | $24 | 2.4% | $45 | 4.7% |
| Net interest income (GAAP) | **C** | $**1401** | $1262 | $1108 | $1015 | $1019 | $139 | 11.0% | $382 | 37.5% |
| Taxable-equivalent adjustment |  | **13** | 12 | 11 | 11 | 10 | 1 | 8.3% | 3 | 30.0% |
| Net interest income, taxable-equivalent basis | **D** | $**1414** | $1274 | $1119 | $1026 | $1029 | $140 | 11.0% | $385 | 37.4% |
| Non-interest income (GAAP) | **E** | **600** | 605 | 640 | 584 | 615 | (5) | (0.8)% | (15) | (2.4)% |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| Securities (gains) losses, net |  | **—** | 1 |  |  |  | (1) | (100.0)% |  | NM |
| Leveraged lease termination gains |  | **—** |  |  | (1) |  |  | NM |  | NM |
| Insurance proceeds <sup>(1)</sup> |  | $**(50)** | $— | $— | $— | $— | (50) | NM | (50) | NM |
| Adjusted non-interest income (non-GAAP) | **F** | $**550** | $606 | $640 | $583 | $615 | (56) | (9.2)% | $(65) | (10.6)% |
| Total revenue | **C+E=G** | $**2001** | $1867 | $1748 | $1599 | $1634 | $134 | 7.2% | $367 | 22.5% |
| Adjusted total revenue (non-GAAP) | **C+F=H** | $**1951** | $1868 | $1748 | $1598 | $1634 | $83 | 4.4% | $317 | 19.4% |
| Total revenue, taxable-equivalent basis | **D+E=I** | $**2014** | $1879 | $1759 | $1610 | $1644 | $135 | 7.2% | $370 | 22.5% |
| Adjusted total revenue, taxable-equivalent basis (non-GAAP) | **D+F=J** | $**1964** | $1880 | $1759 | $1609 | $1644 | $84 | 4.5% | $320 | 19.5% |
| Efficiency ratio (GAAP) <sup>(2)</sup> | **A/I** | **50.5%** | 62.3% | 53.9% | 57.9% | 59.8% |  |  |  |  |
| Adjusted efficiency ratio (non-GAAP) <sup>(2)</sup> | **B/J** | **51.6%** | 52.6% | 54.2% | 57.9% | 58.8% |  |  |  |  |
| Fee income ratio (GAAP) <sup>(2)</sup> | **E/I** | **29.8%** | 32.2% | 36.4% | 36.3% | 37.4% |  |  |  |  |
| Adjusted fee income ratio (non-GAAP) <sup>(2)</sup> | **F/J** | **28.0%** | 32.2% | 36.4% | 36.2% | 37.4% |  |  |  |  |

---

________

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. The professional, legal and regulatory adjustment for the fourth quarter of 2021 is related to professional and legal expenses for acquisitions.

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

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
| *($ amounts in millions)* |  | 2022 | 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
| Non-interest expense (GAAP) | **A** | $**4068** | $3747 | $321 | 8.6% |
| Adjustments: |  |  |  |  |  |
| Contribution to the Regions Financial Corporation foundation |  | **—** | (3) | 3 | 100.0% |
| Branch consolidation, property and equipment charges |  | **(3)** | (5) | 2 | 40.0% |
| Salaries and employee benefits—severance charges |  | **—** | (6) | 6 | 100.0% |
| Loss on early extinguishment of debt |  | **—** | (20) | 20 | 100.0% |
| Professional, legal and regulatory expenses <sup>(1)</sup> |  | **(179)** | (15) | (164) | NM |
| Adjusted non-interest expense (non-GAAP) | **B** | $**3886** | $3698 | $188 | 5.1% |
| Net interest income (GAAP) | **C** | $**4786** | $3914 | $872 | 22.3% |
| Taxable-equivalent adjustment |  | **47** | 44 | 3 | 6.8% |
| Net interest income, taxable-equivalent basis | **D** | $**4833** | $3958 | $875 | 22.1% |
| Non-interest income (GAAP) | **E** | $**2429** | $2524 | $(95) | (3.8)% |
| Adjustments: |  |  |  |  |  |
| Securities (gains) losses, net |  | **1** | (3) | 4 | 133.3% |
| Gains on equity investment |  | **—** | (3) | 3 | 100.0% |
| Leveraged lease termination gains |  | **(1)** | (2) | 1 | 50.0% |
| Bank owned life insurance <sup>(2)</sup> |  | **—** | (18) | 18 | 100.0% |
| Insurance proceeds <sup>(1)</sup> |  | **(50)** |  | (50) | NM |
| Adjusted non-interest income (non-GAAP) | **F** | $**2379** | $2498 | $(119) | (4.8)% |
| Total revenue | **C+E= G** | $**7215** | $6438 | $777 | 12.1% |
| Adjusted total revenue (non-GAAP) | **C+F=H** | $**7165** | $6412 | $753 | 11.7% |
| Total revenue, taxable-equivalent basis | **D+E=I** | $**7262** | $6482 | $780 | 12.0% |
| Adjusted total revenue, taxable-equivalent basis (non-GAAP) | **D+F=J** | $**7212** | $6456 | $756 | 11.7% |
| Operating leverage ratio (GAAP) <sup>(3)</sup> | **I-A** |  |  |  | 3.5% |
| Adjusted operating leverage ratio (non-GAAP) <sup>(3)</sup> | **H-B** |  |  |  | 6.6% |
| Efficiency ratio (GAAP) <sup>(3)</sup> | **A/I** | **56.0%** | 57.8% |  |  |
| Adjusted efficiency ratio (non-GAAP) <sup>(3)</sup> | **B/J** | **53.9%** | 57.3% |  |  |
| Fee income ratio (GAAP) <sup>(3)</sup> | **E/I** | **33.5%** | 38.9% |  |  |
| Adjusted fee income ratio (non-GAAP) <sup>(3)</sup> | **F/J** | **33.0%** | 38.7% |  |  |

---

______

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. The professional, legal and regulatory adjustment for 2021 is related to professional and legal expenses for acquisitions.

(2)During the second quarter of 2021, the Company recognized an individual BOLI claim benefit.

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

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 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** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| *<u>($ amounts in millions)</u>* |  | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 |
| **RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |
| Net income available to common shareholders (GAAP) | **A** | $**660** | $404 | $558 | $524 | $414 |
| Average shareholders' equity (GAAP) |  | $**15442** | $16473 | $16404 | $17717 | $18308 |
| Less: |  |  |  |  |  |  |
| Average intangible assets (GAAP) |  | **5996** | 6019 | 6034 | 6043 | 5852 |
| Average deferred tax liability related to intangibles (GAAP) |  | **(105)** | (104) | (101) | (100) | (98) |
| Average preferred stock (GAAP) |  | **1659** | 1659 | 1659 | 1659 | 1660 |
| Average tangible common shareholders' equity (non-GAAP) | **B** | $**7892** | $8899 | $8812 | $10115 | $10894 |
| Less: Average AOCI, after tax |  | **(3535)** | (2213) | (1921) | (379) | 340 |
| Average tangible common shareholders' equity excluding AOCI (non-GAAP) | **C** | $**11427** | $11112 | $10733 | $10494 | $10554 |
| Return on average tangible common shareholders' equity (non-GAAP) <sup>(1)</sup> | **A/B** | **33.20%** | 18.02% | 25.40% | 21.00% | 15.07% |
| Return on average tangible common shareholders' equity excluding AOCI (non-GAAP) <sup>(1)</sup> | **A/C** | **22.91%** | 14.42% | 20.85% | 20.25% | 15.56% |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Year Ended** | **Year Ended** |
| *<u>($ amounts in millions)</u>* |  | **2022** | 2021 |
| **RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY** |  |  |  |
| Net income available to common shareholders (GAAP) | **D** | $**2146** | $2400 |
| Average shareholders' equity (GAAP) |  | $**16503** | $18201 |
| Less: |  |  |  |
| Average intangible assets (GAAP) |  | **6023** | 5435 |
| Average deferred tax liability related to intangibles (GAAP) |  | **(103)** | (99) |
| Average preferred stock (GAAP) |  | **1659** | 1658 |
| Average tangible common shareholders' equity (non-GAAP) | **E** | $**8924** | $11207 |
| Less: Average AOCI, after tax |  | **(2021)** | 705 |
| Average tangible common shareholders' equity excluding AOCI (non-GAAP) | **F** | $**10945** | $10502 |
| Return on average tangible common shareholders' equity (non-GAAP) <sup>(1)</sup> | **D/E** | **24.05%** | 21.42% |
| Return on average tangible common shareholders' equity excluding AOCI (non-GAAP) <sup>(1)</sup> | **D/F** | **19.61%** | 22.85% |

---

____

\*Annualized

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

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**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** | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** |
| *<u>($ amounts in millions, except per share data)</u>* |  | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 |
| **TANGIBLE COMMON RATIOS** |  |  |  |  |  |  |
| Shareholders' equity (GAAP) | **A** | $**15947** | $15173 | $16507 | $16982 | $18326 |
| Less: |  |  |  |  |  |  |
| Preferred stock (GAAP) |  | **1659** | 1659 | 1659 | 1659 | 1659 |
| Intangible assets (GAAP) |  | **5982** | 6005 | 6028 | 6040 | 6049 |
| Deferred tax liability related to intangibles (GAAP) |  | **(103)** | (105) | (104) | (101) | (100) |
| Tangible common shareholders' equity (non-GAAP) | **B** | $**8409** | $7614 | $8924 | $9384 | $10718 |
| Total assets (GAAP) | **C** | $**155220** | $157798 | $160908 | $164082 | $162938 |
| Less: |  |  |  |  |  |  |
| Intangible assets (GAAP) |  | **5982** | 6005 | 6028 | 6040 | 6049 |
| Deferred tax liability related to intangibles (GAAP) |  | **(103)** | (105) | (104) | (101) | (100) |
| Tangible assets (non-GAAP) | **D** | $**149341** | $151898 | $154984 | $158143 | $156989 |
| Shares outstanding—end of quarter | **E** | **934** | 934 | 934 | 933 | 942 |
| Total equity to total assets (GAAP) <sup>(1)</sup> | **A/C** | **10.27%** | 9.62% | 10.26% | 10.35% | 11.25% |
| Tangible common shareholders' equity to tangible assets (non-GAAP) <sup>(1)</sup> | **B/D** | **5.63%** | 5.01% | 5.76% | 5.93% | 6.83% |
| Tangible common book value per share (non-GAAP) <sup>(1)</sup> | **B/E** | $**9.00** | $8.15 | $9.55 | $10.06 | $11.38 |

---

____

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

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Credit Quality**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 |
| Components: |  |  |  |  |  |
| Beginning allowance for loan losses (ALL) | $**1418** | $1425 | $1416 | $1479 | $1428 |
| Loans charged-off: |  |  |  |  |  |
| Commercial and industrial | **38** | 20 | 21 | 23 | 23 |
| Commercial real estate mortgage—owner-occupied | **1** |  | 1 | 3 |  |
| Total commercial | **39** | 20 | 22 | 26 | 23 |
| Commercial investor real estate mortgage | **5** |  |  |  | 1 |
| Total investor real estate | **5** |  |  |  | 1 |
| Residential first mortgage | **—** | 1 |  |  | 1 |
| Home equity—lines of credit | **1** | 2 | 1 | 1 | 1 |
| Home equity—closed-end | **—** |  |  | 1 |  |
| Consumer credit card | **11** | 9 | 10 | 10 | 10 |
| Other consumer—exit portfolios | **4** | 4 | 4 | 6 | 6 |
| Other consumer <sup>(1)</sup> | **33** | 99 | 33 | 33 | 30 |
| Total consumer | **49** | 115 | 48 | 51 | 48 |
| Total | **93** | 135 | 70 | 77 | 72 |
| Recoveries of loans previously charged-off: |  |  |  |  |  |
| Commercial and industrial | **10** | 12 | 12 | 13 | 12 |
| Commercial real estate mortgage—owner-occupied | **1** | 1 | 1 |  |  |
| Total commercial | **11** | 13 | 13 | 13 | 12 |
| Commercial investor real estate mortgage | **1** |  | 1 |  |  |
| Total investor real estate | **1** |  | 1 |  |  |
| Residential first mortgage | **1** | 1 | 1 | 2 | 2 |
| Home equity—lines of credit | **3** | 2 | 4 | 3 | 3 |
| Home equity—closed-end | **—** |  | 1 | 1 | 1 |
| Consumer credit card | **2** | 2 | 2 | 2 | 3 |
| Other consumer—exit portfolios | **1** |  | 2 | 2 |  |
| Other consumer | **5** | 7 | 8 | 8 | 7 |
| Total consumer | **12** | 12 | 18 | 18 | 16 |
| Total | **24** | 25 | 32 | 31 | 28 |
| Net charge-offs (recoveries): |  |  |  |  |  |
| Commercial and industrial | **28** | 8 | 9 | 10 | 11 |
| Commercial real estate mortgage—owner-occupied | **—** | (1) |  | 3 |  |
| Total commercial | **28** | 7 | 9 | 13 | 11 |
| Commercial investor real estate mortgage | **4** |  | (1) |  | 1 |
| Total investor real estate | **4** |  | (1) |  | 1 |
| Residential first mortgage | **(1)** |  | (1) | (2) | (1) |
| Home equity—lines of credit | **(2)** |  | (3) | (2) | (2) |
| Home equity—closed-end | **—** |  | (1) |  | (1) |
| Consumer credit card | **9** | 7 | 8 | 8 | 7 |
| Other consumer—exit portfolios | **3** | 4 | 2 | 4 | 6 |
| Other consumer | **28** | 92 | 25 | 25 | 23 |
| Total consumer | **37** | 103 | 30 | 33 | 32 |
| Total | **69** | 110 | 38 | 46 | 44 |
| Provision for (benefit from) loan losses <sup>(1)</sup> | **115** | 103 | 47 | (17) | 86 |
| Initial allowance on acquired purchased credit deteriorated loans | **—** |  |  |  | 9 |
| Ending allowance for loan losses (ALL) | **1464** | 1418 | 1425 | 1416 | 1479 |
| Beginning reserve for unfunded credit commitments | **121** | 89 | 76 | 95 | 71 |
| Provision for (benefit from) unfunded credit losses | **(3)** | 32 | 13 | (19) | 24 |
| Ending reserve for unfunded commitments | **118** | 121 | 89 | 76 | 95 |
| Allowance for credit losses (ACL) at period end | $**1582** | $1539 | $1514 | $1492 | $1574 |

---

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**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Credit Quality (continued)** | | | | | |
| | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** | **As of and for Quarter Ended** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 |
| Net loan charge-offs as a % of average loans, annualized <sup>(2)</sup>: |  |  |  |  |  |
| Commercial and industrial | **0.22%** | 0.07% | 0.07% | 0.09% | 0.11% |
| Commercial real estate mortgage—owner-occupied | **(0.02)%** | (0.06)% | 0.05% | 0.20% | 0.01% |
| Commercial real estate construction—owner-occupied | **(0.02)%** | (0.08)% | (0.01)% | (0.03)% | 0.18% |
| Total commercial | **0.19%** | 0.06% | 0.07% | 0.10% | 0.10% |
| Commercial investor real estate mortgage | **0.27%** | (0.01)% | (0.04)% | (0.01)% | 0.01% |
| Commercial investor real estate construction | **(0.01)%** | —% | (0.01)% | —% | —% |
| Total investor real estate | **0.21%** | (0.01)% | (0.03)% | (0.01)% | 0.01% |
| Residential first mortgage | **(0.03)%** | (0.01)% | (0.01)% | (0.05)% | (0.02)% |
| Home equity—lines of credit | **(0.22)%** | (0.08)% | (0.31)% | (0.17)% | (0.22)% |
| Home equity—closed-end | **(0.02)%** | (0.09)% | (0.04)% | (0.07)% | (0.16)% |
| Consumer credit card | **2.94%** | 2.39% | 2.70% | 2.83% | 2.42% |
| Other consumer—exit portfolios | **2.46%** | 2.13% | 0.80% | 1.83% | 1.69% |
| Other consumer <sup>(1)</sup> | **2.08%** | 5.92% | 1.72% | 1.89% | 1.69% |
| Total consumer | **0.48%** | 1.25% | 0.39% | 0.44% | 0.39% |
| Total | **0.29%** | 0.46% | 0.17% | 0.21% | 0.20% |
| Non-performing loans, excluding loans held for sale | $**500** | $495 | $369 | $335 | $451 |
| Non-performing loans held for sale | **3** | 2 | 3 | 7 | 13 |
| Non-performing loans, including loans held for sale | **503** | 497 | 372 | 342 | 464 |
| Foreclosed properties | **13** | 14 | 11 | 9 | 10 |
| Non-performing assets (NPAs) | $**516** | $511 | $383 | $351 | $474 |
| Loans past due > 90 days <sup>(3)</sup> | $**208** | $105 | $107 | $125 | $140 |
| Criticized loans—business <sup>(4)</sup> | $**3149** | $2771 | $2310 | $2539 | $2905 |
| Credit Ratios <sup>(2)</sup>: |  |  |  |  |  |
| ACL/Loans, net | **1.63%** | 1.63% | 1.62% | 1.67% | 1.79% |
| ALL/Loans, net | **1.51%** | 1.50% | 1.52% | 1.59% | 1.69% |
| Allowance for credit losses to non-performing loans, excluding loans held for sale | **317%** | 311% | 410% | 446% | 349% |
| Allowance for loan losses to non-performing loans, excluding loans held for sale | **293%** | 287% | 386% | 423% | 328% |
| Non-performing loans, excluding loans held for sale/Loans, net | **0.52%** | 0.52% | 0.39% | 0.37% | 0.51% |
| NPAs (ex. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale | **0.53%** | 0.54% | 0.41% | 0.39% | 0.54% |
| NPAs (inc. 90+ past due)/Loans, foreclosed properties, and non-performing loans held for sale <sup>(2)</sup> | **0.75%** | 0.65% | 0.52% | 0.53% | 0.70% |

---

(1)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.

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

(3)Excludes guaranteed residential first mortgages that are 90+ days past due and still accruing. Refer to the footnotes on page <u>[23](#i0cfd2f032e184082b5628ce1dba3e691_73)</u> for amounts related to these loans.

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

---

| | | |
|:---|:---|:---|
| **Allowance for Credit Losses** | | |
| | **Year Ended December 31** | **Year Ended December 31** |
| *<u>($ amounts in millions)</u>* | **2022** | **2021** |
| Balance at beginning of year | $**1574** | $2293 |
| Net charge-offs | **263** | 204 |
| Provision for (benefit from) loan losses | **248** | (493) |
| Provision for (benefit from) unfunded credit losses | **23** | (31) |
| Initial allowance on acquired purchased credit deteriorated loans | **—** | 9 |
| Balance at end of year | $**1582** | $1574 |

---

**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** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
| *<u>($ amounts in millions)</u>* | **12/31/2022** | 9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 2022 | 2021 |
| Net loan charge-offs (GAAP) | $**69** | $110 | $38 | $46 | $44 | $263 | $204 |
| Less: charge-offs associated with the sale of unsecured consumer loans | **—** | 63 |  |  |  | 63 |  |
| Adjusted net loan charge-offs (non-GAAP) | $**69** | $47 | $38 | $46 | $44 | $200 | $204 |
| Adjusted net loan charge-offs as a % of average loans, annualized (non-GAAP) <sup>(1)</sup> | **0.29%** | 0.19% | 0.17% | 0.21% | 0.20% | 0.22% | 0.24% |

---

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

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**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

**Non-Performing Loans (excludes loans held for sale)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| *<u>($ amounts in millions, %'s calculated using whole dollar values)</u>* | **12/31/2022** | **12/31/2022** | 9/30/2022 | 9/30/2022 | 6/30/2022 | 6/30/2022 | 3/31/2022 | 3/31/2022 | 12/31/2021 | 12/31/2021 |
| Commercial and industrial | $**347** | **0.68%** | $333 | 0.67% | $257 | 0.53% | $216 | 0.47% | $305 | 0.70% |
| Commercial real estate mortgage—owner-occupied | **29** | **0.58%** | 29 | 0.57% | 29 | 0.55% | 32 | 0.61% | 52 | 0.98% |
| Commercial real estate construction—owner-occupied | **6** | **1.93%** | 6 | 2.22% | 10 | 3.92% | 10 | 3.75% | 11 | 4.11% |
| Total commercial | **382** | **0.68%** | 368 | 0.67% | 296 | 0.55% | 258 | 0.50% | 368 | 0.75% |
| Commercial investor real estate mortgage | **53** | **0.83%** | 59 | 0.93% | 3 | 0.05% | 2 | 0.04% | 3 | 0.06% |
| Total investor real estate | **53** | **0.63%** | 59 | 0.72% | 3 | 0.04% | 2 | 0.03% | 3 | 0.05% |
| Residential first mortgage | **31** | **0.16%** | 29 | 0.16% | 27 | 0.15% | 31 | 0.18% | 33 | 0.19% |
| Home equity—lines of credit | **28** | **0.79%** | 32 | 0.90% | 36 | 1.00% | 37 | 1.02% | 40 | 1.08% |
| Home equity—closed-end | **6** | **0.24%** | 7 | 0.28% | 7 | 0.28% | 7 | 0.28% | 7 | 0.27% |
| Total consumer | **65** | **0.20%** | 68 | 0.22% | 70 | 0.22% | 75 | 0.24% | 80 | 0.25% |
| Total non-performing loans | $**500** | **0.52%** | $495 | 0.52% | $369 | 0.39% | $335 | 0.37% | $451 | 0.51% |

---

**Early and Late Stage Delinquencies** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Accruing 30-89 Days Past Due Loans** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| *<u>($ amounts in millions, %'s calculated using whole dollar values)</u>* | **12/31/2022** | **12/31/2022** | 9/30/2022 | 9/30/2022 | 6/30/2022 | 6/30/2022 | 3/31/2022 | 3/31/2022 | 12/31/2021 | 12/31/2021 |
| Commercial and industrial | $**56** | **0.11%** | $77 | 0.16% | $37 | 0.08% | $37 | 0.08% | $64 | 0.15% |
| Commercial real estate mortgage—owner-occupied | **9** | **0.18%** | 5 | 0.09% | 5 | 0.10% | 6 | 0.11% | 4 | 0.09% |
| Commercial real estate construction—owner-occupied | **—** | **— %** |  | —% |  | —% | 1 | 0.46% |  | 0.07% |
| Total commercial | **65** | **0.12%** | 82 | 0.15% | 42 | 0.08% | 44 | 0.09% | 68 | 0.14% |
| Commercial investor real estate mortgage | **—** | **— %** | 1 | —% |  | —% | 16 | 0.29% |  | —% |
| Total investor real estate | **—** | **— %** | 1 | —% |  | —% | 16 | 0.23% |  | —% |
| Residential first mortgage—non-guaranteed <sup>(1)</sup> | **86** | **0.47%** | 85 | 0.47% | 71 | 0.41% | 58 | 0.34% | 64 | 0.38% |
| Home equity—lines of credit | **30** | **0.85%** | 20 | 0.58% | 16 | 0.45% | 20 | 0.55% | 21 | 0.57% |
| Home equity—closed-end | **11** | **0.44%** | 11 | 0.44% | 11 | 0.43% | 12 | 0.47% | 11 | 0.44% |
| Consumer credit card | **16** | **1.26%** | 17 | 1.39% | 13 | 1.11% | 13 | 1.12% | 15 | 1.23% |
| Other consumer—exit portfolios | **10** | **1.75%** | 10 | 1.49% | 10 | 1.31% | 11 | 1.21% | 14 | 1.30% |
| Other consumer | **67** | **1.18%** | 49 | 0.93% | 48 | 0.81% | 45 | 0.82% | 46 | 0.85% |
| Total consumer <sup>(1)</sup> | **220** | **0.82%** | 192 | 0.73% | 169 | 0.66% | 159 | 0.64% | 171 | 0.67% |
| Total accruing 30-89 days past due loans <sup>(1)</sup> | $**285** | **0.29%** | $275 | 0.29% | $211 | 0.23% | $219 | 0.25% | $239 | 0.27% |
| **Accruing 90+ Days Past Due Loans** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| *<u>($ amounts in millions, %'s calculated using whole dollar values)</u>* | **12/31/2022** | **12/31/2022** | 9/30/2022 | 9/30/2022 | 6/30/2022 | 6/30/2022 | 3/31/2022 | 3/31/2022 | 12/31/2021 | 12/31/2021 |
| Commercial and industrial | $**30** | **0.06%** | $4 | 0.01% | $4 | 0.01% | $5 | 0.01% | $5 | 0.01% |
| Commercial real estate mortgage—owner-occupied | **1** | **0.02%** |  | —% | 1 | 0.02% | 1 | 0.01% | 1 | 0.01% |
| Total commercial | **31** | **0.05%** | 4 | 0.01% | 5 | 0.01% | 6 | 0.01% | 6 | 0.01% |
| Commercial investor real estate mortgage | **40** | **0.63%** |  | —% |  | —% |  | —% |  | —% |
| Total investor real estate | **40** | **0.48%** |  | —% |  | —% |  | —% |  | —% |
| Residential first mortgage—non-guaranteed <sup>(2)</sup> | **47** | **0.26%** | 50 | 0.28% | 50 | 0.29% | 61 | 0.36% | 74 | 0.44% |
| Home equity—lines of credit | **15** | **0.44%** | 17 | 0.47% | 16 | 0.46% | 19 | 0.52% | 21 | 0.56% |
| Home equity—closed-end | **8** | **0.33%** | 8 | 0.31% | 9 | 0.36% | 11 | 0.45% | 12 | 0.49% |
| Consumer credit card | **15** | **1.19%** | 13 | 1.12% | 11 | 0.97% | 12 | 1.11% | 12 | 1.04% |
| Other consumer—exit portfolios | **1** | **0.19%** | 1 | 0.20% | 2 | 0.19% | 2 | 0.19% | 2 | 0.21% |
| Other consumer | **17** | **0.29%** | 12 | 0.22% | 14 | 0.23% | 14 | 0.25% | 13 | 0.23% |
| Total consumer <sup>(2)</sup> | **103** | **0.42%** | 101 | 0.40% | 102 | 0.41% | 119 | 0.50% | 134 | 0.58% |
| Total accruing 90+ days past due loans <sup>(2)</sup> | $**174** | **0.18%** | $105 | 0.11% | $107 | 0.11% | $125 | 0.14% | $140 | 0.16% |
| Total delinquencies <sup>(1) (2)</sup> | $**459** | 0.47% | $380 | 0.40% | $318 | 0.34% | $344 | 0.39% | $379 | 0.43% |

---

(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 $46 million at 12/31/2022, $39 million at 9/30/2022, $42 million at 6/30/2022, $39 million at 3/31/2022, and $40 million at 12/31/2021.

(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 $34 million at 12/31/2022, $26 million at 9/30/2022, $28 million at 6/30/2022, $37 million at 3/31/2022, and $49 million at 12/31/2021.

------

**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, which could increase our funding costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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**Regions Financial Corporation and Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Financial Supplement (unaudited) to Fourth Quarter 2022 Earnings Release**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to achieve our expense management initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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" of Regions' Annual Report on Form 10-K for the year ended December 31, 2021 and the "Risk Factors" of Regions' Quarterly Reports on Form 10-Q for the subsequent quarters of 2022, as filed 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.

## Exhibit 99.3

![](rf-20221231xexhibit993001.jpg)

Exhibit 99.3 4th Quarter Earnings Conference Call January 20, 2023

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![](rf-20221231xexhibit993002.jpg)

2 2022 overview Continue to generate consistent, sustainable long-term performance (1) Non-GAAP, see appendix for reconciliation. (2) Peer banks include: CFG, CMA, FHN, FITB, HBAN, HWC, KEY, MTB, SNV, PNC, TFC, USB, and ZION. Key Performance Metrics 4Q22 FY22 Reported Adjusted(1) Reported Adjusted(1) Net Income Available to Common Shareholders $660M $2.1B Diluted Earnings Per Share $0.70 $2.28 Total Revenue $2.0B $2.0B $7.2B $7.2B Non-Interest Expense $1.0B $1.0B $4.1B $3.9B Pre-Tax Pre-Provision Income(1) $984M $939M $3.1B $3.3B Efficiency Ratio 50.5% 51.6% 56.0% 53.9% Net-Charge Offs 0.29% 0.29% 0.29% 0.22% Highlights • Both reported and adjusted FY PPI(1) represent highest level on record • 4Q NII grew to a record $1.4B • Reported 4Q NIM increased 46 bps to 3.99%, highest level in last 15 years • Implemented additional OD policy enhancements benefiting customers • Asset sensitive profile supports strong QoQ margin expansion • Produced robust YTD average Commercial and Consumer loan growth • Continued focus on disciplined capital allocation and risk-adjusted returns • Top quartile returns on ROATCE and 1 & 3 year TSR(2)

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![](rf-20221231xexhibit993003.jpg)

3 (1) October 2022 vs 2021. (2) Quality Relationships defined as having a cumulative $500K in loans, deposits and IM&T accounts, revenue per Quality Relationship measured over TTM, Nov '22 vs Dec '21. (3) Retention of IM&T revenue vs baseline. Investments in our businesses Investments in talent, technology and strategic acquisitions continue to pay off CORPORATE CONSUMER WEALTH Mobile users increased 5.7% YoY Growth in revenue per quality relationship(2) of 14.5% Sabal closed +$730M loans in 2022, FNMA small balance origination volume doubled Better use of data contributing to strong PWM retention rate(3) of 93% Industry leading Customer Satisfaction and primacy levels 40% of all PWM Clients have a Wealth Plan, allowing us to help them focus on their unique goals Ascentium Capital experienced record 2022 loan production, up 25% YoY Completed $13B UPB MSRs bulk purchases & continue to purchase MSRs on a flow basis Upgraded mortgage contact relationship management platform EnerBank generating high quality loans; synergy work ongoing Investment Services average monthly revenue up 17%, over PY Strong Client Satisfaction and Associate Engagement scores Record 2022 non- interest income reflecting growth of 9.2% vs PY Treasury Management client base grew 11.5% YoY(1); 2022 Revenue grew 10% achieving new record Significantly improved closing time on home equity productsMigrated iTreasury to modern platform & launched Real-Time Payment send capabilities Top talent acquisition in key areas: SBA, Franchise, New Markets Tax Credits & Equip. Finance Enhanced origination productivity: BUILT, Blooma, & nCino; Continued expansion of Regions Client IQ (RCLIQ)

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![](rf-20221231xexhibit993004.jpg)

4 • Avg business loans increased 2% reflecting high-quality, broad-based growth across financial services, wholesale durables, information services and multi-family • Line commitments increased ~$800M and utilization increased to 43.4% ◦ Expect pace of loan growth to slow over time as capital market conditions become more favorable ◦ PPP loans ended the quarter at ~$135M • Avg consumer loans declined 1% but grew 2% on an ending basis; Growth in avg mortgage, EnerBank and credit card offset by consumer loan sale in 3Q and continued run-off of exit portfolios ◦ Other Consumer includes ~14% growth in avg EnerBank loans • Expect 2023 reported ending loan balances to grow ~4% compared to 2022 Loan growth continues $87.7 $94.7 $97.0 56.3 63.1 64.7 31.4 31.6 32.3 4Q21 3Q22 4Q22 (Ending, $ in billions) $86.6 $94.6 $95.8 55.1 62.4 63.8 31.5 32.2 32.0 4Q21 3Q22 4Q22 Loans and leases (Average, $ in billions) Business loansConsumer loans 1% 2% QoQ highlights & outlook

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![](rf-20221231xexhibit993005.jpg)

5 $139.1 $135.4 $131.7 82.8 85.5 83.5 42.7 38.3 37.1 10.9 9.4 9.1 2.7 2.2 2.0 4Q21 3Q22 4Q22 $136.7 $135.5 $133.0 80.9 $84.7 83.6 42.7 $39.0 38.2 10.1 $9.5 9.0 3.0 $2.3 2.2 4Q21 3Q22 4Q22 Deposits Normalization occurring as expected (1) Other deposits represent non-customer balances primarily consisting of EnerBank brokered deposits. (2) See slide 17 for an analysis of surge deposit components. Wealth Mgt Other(1) Consumer Bank Corporate Bank QoQ highlights & outlook • Avg total consumer balances modestly lower, driven by higher-balance customers seeking investment alternatives • Avg corporate deposits down 2% reflecting more evidence of normalization; Business clients continued to optimize liquidity position, remixing away from NIB to other options both on-balance sheet & those managed through our Treasury Mgt platform off-balance sheet • Ending deposits declined $7.3B YoY, in line with previous 2022 expectations • Total ending deposits expected to decline $3-5B over 1H23; considers impact of Fed bal. sheet normalization, seasonal trends, & late- cycle rate seeking behavior; 2H23 expected to be stable/modest growth • Deliberate approach to managing liquidity allows for expected deposit normalization & growth in the balance sheet without need for material wholesale borrowings in near-term (Ending, $ in billions) Deposits by Segment (Average, $ in billions)

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![](rf-20221231xexhibit993006.jpg)

6 • NII +$140M, or +11% linked-quarter; NIM +0.46% • Higher short-term rates largely drive NII growth ◦ Additional asset sensitivity in the quarter from hedge notional maturities(2) offsets deposit cost and balance normalization ◦ 4Q deposit cost = 34bps / interest-bearing deposit cost = 57bps (22% QoQ beta, 14% cycle-to-date) • Higher long-term rates increase fixed rate asset yields and reduce securities premium amortization(3) • Avg loan growth of ~$1.1B in 4Q; ~$2.3B excluding 3Q consumer loan sale Market Rates(3) (1) Net interest income (NII) and net interest margin (NIM) are reflected on a fully taxable-equivalent basis. (2) Includes the impact from prior decisions to accelerate hedge protection runoff including a fair value pay-fixed swap active in 4Q22 that added $40M to NII; benefits will migrate from securities yields to loan yields in 1Q23 as cash flow loan hedges mature. (3) Market rate impacts include contractual loan, cash, hedge and borrowings repricing; fixed asset turnover at higher market rates; and lower securities premium amort. net discount accretion from $31M to $23M. (4) Other items mostly from loan discount accretion that will persist. (5) All guidance assumes 12/31/2022 forward rates; upper-end Fed funds ends 1Q23 ~5.0%, ends 2023 at ~4.75%; assumes ~35-40% interest-bearing deposit beta in 1Q23 and ~35% interest-bearing deposit beta for the full cycle by the end of 2023. $1,262 $1,401 NII Attribution Drivers of NII and NIM 4Q22 3Q22 -18bps -3bps +2bps+63bps -$64M +$12M +$4M+$227MNII NIM NII & margin performance Other(4) -19M +4bps Rate Environment $1,029 $1,274 $1,414 2.83% 3.53% 3.99% 4Q21 3Q22 4Q22 Expectations for 1Q23 & Beyond • NII growth from higher rates(5), continued loan growth and strong liquidity position, offset by deposit repricing ◦ 1Q23 NII expected to grow 1-3% ◦ 2023 NII expected to grow 13-15% • Assumes ~35% full cycle int-bearing deposit beta by the end of 2023; a 30% beta adds 2% to 2023 growth NII FTE NII and NIM(1) ($ in millions) NIM Deposit Costs Cash / Deposit Declines 3Q Loan Sale Loan Growth -$20M -2bps +$140M +46bps

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![](rf-20221231xexhibit993007.jpg)

7 1 2 3 4 5 6 7 Program Overview • Legacy Hedging Program: Performed as designed, limiting NII & NIM downside during low-rate environment • 2021: Completed hedge repositioning to purposely open rate exposure prior to rates rising • 2022: Added meaningful future protection at rate levels supportive of longer-term margin goals Net Receive Hedge Notional(1) (1) Net receive hedge notional reflects receive-fixed asset hedges minus pay-fixed asset hedges. (2) Includes $6.5B in fair value, pay-fixed swaps active in 4Q22 intended to accelerate hedge protection runoff; added $40M to 4Q22 NII; benefits will migrate from securities yields to loan yields in 1Q23 as cash flow loan hedges mature. Hedging strategy update (Quarterly Avg) 1 2 3 4 5 62023 2024 2025 2026 2027 2028 $13.5B $20.5B $17.4B $10.8B $6.0B $1.7B +$0.5B +$0.0B +$1.6B +$3.0B +$3.0B +$1.5B $14.0B $20.5B $19.0B $13.8B $9.0B $3.1B 3.09% 2.86% 2.92% 2.88% 2.84% 2.59% 3.17% 2.95% 3.02% 2.98% 2.93% 2.63% (Annual Avg) Recent Hedge Extension • 4Q hedging focused on increasing protection in future years at opportunistic rate levels ◦ Added $3B of forward-starting (mid '25), 3 year, receive-fixed swaps (3.35%) ◦ Other modest position changes 4Q222 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Swap Notional - 3Q22 $6.7B $9.7B $9.9B $15.7B $18.7B $21.5B $21.1B 4Q22 Swap Changes +$0.0B +$1.0B +$1.0B +$0.0B +$0.0B +$0.0B +$0.0B Swap Notional - 4Q22 $6.7B $10.7B $10.9B $15.7B $18.7B $21.5B $21.1B 4Q22 Swap Additions Receive Rate (vs SOFR) 3.19% 3.21% 2.98% 2.97% 2.89% 2.89% Receive Rate (LIBOR Equivalent) 3.25% 3.28% 3.06% 3.06% 2.97% 2.97% Balance Sheet Positioning • Retaining modest asset sensitivity (~$5B floating exposure/hedge notional) given uncertainty in macroeconomic environment & deposit performance • Constructed balance sheet profile with long-term NIM target range of between 3.60% and 4.00%

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![](rf-20221231xexhibit993008.jpg)

8 Adj. Non-Interest Income $615 $606 $550 4Q21 3Q22 4Q22 Change vs ($ in millions) 4Q22 3Q22 4Q21 Service charges $152 (2.6)% (8.4)% Card and ATM fees 130 3.2% 2.4% Capital markets (Ex CVA/DVA) 72 —% (13.3)% Capital markets - CVA/DVA (11) (152.4)% NM Wealth management income 108 —% 8.0% Mortgage income 24 (35.1)% (51.0)% Non-interest income NM - Not Meaningful (1) Non-GAAP; see appendix for reconciliation. (2) FY23 expectation includes an estimated impact for a grace period feature rolling out around mid-year 2023. • Expect full-year 2023 adjusted total revenue to be up 8-10% compared to 2022 QoQ outlook Total revenue outlook • 4Q reported NIR includes $50M of insurance proceeds related to 3Q regulatory settlement • Expect to offer a grace period feature in 2023 resulting in FY23 service charges of ~$550M(2) • Within capital markets, M&A fees increased offset by declines in all other categories; Expect to generate quarterly revenue in $80-$100M range, ex.CVA/DVA in 1H23; will reassess as market conditions improve • Seasonally higher interchange and 3Q reward liability adj. that did not repeat drove card & ATM fees higher • Higher mortgage servicing income was offset by elevated interest rates & seasonally lower production driving total mortgage income lower • Wealth management continues to perform well despite market volatility and incremental YoY growth is expected Non-Interest Income $615 $605 $600 4Q21 3Q22 4Q22 ($ in millions) ($ in millions) (1)

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![](rf-20221231xexhibit993009.jpg)

9 $983 $1,170 $1,017 59.8% 62.3% 50.5% Non-interest expense Efficiency ratio 4Q21 3Q22 4Q22 • Non-interest expense decreased ~13% on a reported basis but increased ~2% on an adjusted basis(1) • Reported professional & legal expenses decline driven by charges related to settlement of regulatory matter in 3Q • Salaries & benefits increased ~2% due to 4Q increase in associate headcount and higher benefits expense ◦ Changed timing of annual merit process to 1Q from 2Q in '23 • 4Q equipment & software exp. provides reasonable quarterly '23 run rate reflecting continued technology investments • '23 quarterly FDIC assessment expected to be ~$25M/qtr reflecting increased base rate • Expect full-year 2023 adjusted non-interest expenses to increase 4.5-5.5% compared to 2022 • Expect to generate ~4% adjusted operating leverage in 2023 $967 $988 $1,012 58.8% 52.6% 51.6% Adjusted non-interest expense Adjusted efficiency ratio 4Q21 3Q22 4Q22 $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)

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![](rf-20221231xexhibit993010.jpg)

10 • Experienced some expected normalization in credit metrics, underlying credit performance remains broadly stable • 4Q annualized NCOs were 29 bps; excluding 3Q consumer loan sale, adjusted FY22 NCOs(1) at 22 bps • 4Q NPLs flat QoQ, but remain below pre-pandemic levels • 4Q ACL increased, resulting in a stable ACL/Loans ratio; increase attributable to economic conditions, normalizing credit from historically low levels, and loan growth, partially offset by elimination of $20M hurricane-related reserve established in 3Q • Expect full-year 2023 NCOs to be ~25-35 bps Non-Performing Loans (NPLs) Asset quality Underlying credit performance remains broadly stable ($ in millions) ($ in millions) Allowance for Credit Losses (ACL) $1,574 $1,539 $1,582 1.79% 1.63% 1.63% 349% 311% 317% ACL ACL/Loans ACL/NPLs 4Q21 3Q22 4Q22 $44 $110 $69 $47 $63 4Q21 3Q22 4Q22 0.20% 0.19% 0.29% 0.46% (1) Non-GAAP; see appendix for reconciliation. (2) 3Q22 $94M reserve release less $63M fair value mark through charge-offs = $31M net provision benefit. $451 $495 $500 0.51% 0.52% 0.52% NPLs - excluding LHFS NPL/Loans 4Q21 3Q22 4Q22 Net charge-offs ($ in millions) Adjusted Net Charge-Offs(1) 9/30 Consumer Loan Sale(2) Net Charge-Offs Ratio Adjusted Net Charge-Offs Ratio(1)

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![](rf-20221231xexhibit993011.jpg)

11 9.6% 9.3% 9.6% 4Q21 3Q22 4Q22 • Common Equity Tier 1 (CET1) ratio increased to 9.6%, reflecting solid capital generation through earnings offset by continued strong loan growth • Expect to manage CET1 near the upper end of 9.25-9.75% operating range over the near term • In 4Q, Regions declared $187M in common dividends; executed no share repurchases • Untapped FHLB borrowing capacity of $14.5B QoQ Highlights & Outlook Capital and liquidity (1) Current quarter ratios are estimated. (2) Based on ending balances. 11.0% 10.6% 10.9% 4Q21 3Q22 4Q22 Tier 1 capital ratio(1) Loan-to-deposit ratio(2) 63% 70% 74% 4Q21 3Q22 4Q22 Common equity Tier 1 ratio(1)

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![](rf-20221231xexhibit993012.jpg)

12 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 utilize the 12/31/2022 forward interest rate curve. (4) FY23 expectation includes an estimated impact for a grace period feature rolling out around mid-year 2023. FY 2023 Expectations Total Adjusted Revenue (from adjusted 2022 of $7,165)(1)(2)(3) up 8-10% Adjusted Non-Interest Expense (from adjusted 2022 of $3,886)(1)(2) up 4.5-5.5% Adjusted Operating Leverage(1)(2) ~4% Ending Loans (from ending 2022 of $97,009) up ~4% Ending Deposits (from ending 2022 of $131,743) down $3-5B 1H23; stable/ modest growth 2H23 Net Charge-Offs / Average Loans 25-35 bps Effective Tax Rate 22-23% Expectations for 1Q23 & Beyond • 1Q NII growth of 1-3%(3); 2023 NII growth of 13-15%(3) • OD policy changes will result in FY23 service charges of ~$550M(4) • Expect capital markets to generate quarterly revenue in $80-$100M range, ex. CVA/DVA in 1H23; will reassess as market conditions improve • Mortgage is expected to be lower in 2023 vs 2022, but remains a key component to fee revenue • Normalized through-the-cycle net charge-offs range is expected to be 35-45 bps (not expected in 2023) • Expect to manage CET1 near the upper end of 9.25-9.75% operating range over the near term

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![](rf-20221231xexhibit993013.jpg)

13 Appendix

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![](rf-20221231xexhibit993014.jpg)

14 Selected items impact Fourth quarter 2022 highlights (1) Non-GAAP, see appendix for reconciliation. (2) Based on income taxes at an approximate 25% incremental rate. 3Q22 regulatory settlement included a $50M civil monetary penalty that is not tax deductible. (3) Items impacting results or trends during the period, but are not considered non-GAAP adjustments. These items generally include market-related measures, impacts of new accounting guidance, or event driven actions. (4) 3Q22 net provision benefit of $31M includes a reserve release of $94M offset by a $63M fair value mark through charge-offs. (5) CECL provision in excess of charge-offs excludes the 3Q22 $31M net provision benefit from the sale of unsecured consumer loans and the $20M provision for hurricane-related allowance for loan losses recorded in 3Q22 and released in 4Q22. NM - Not Meaningful ($ amounts in millions, except per share data) 4Q22 QoQ Change YoY Change Net interest income $1,401 11.0% 37.5% Provision for (benefit from) credit losses 112 (17.0)% 1.8% Non-interest income 600 (0.8)% (2.4)% Non-interest expense 1,017 (13.1)% 3.5% Income before income taxes 872 55.2% 61.2% Income tax expense 187 40.6% 81.6% Net income 685 59.7% 56.4% Preferred dividends 25 —% 4.2% Net income available to common shareholders $660 63.4% 59.4% Diluted EPS $0.70 62.8% 62.8% Summary of fourth quarter results (amounts in millions, except per share data) 4Q22 FY 2022 Pre-tax adjusted items(1): Branch consolidation, property and equipment charges $(5) $(3) Professional, legal and regulatory expenses — (179) Insurance proceeds 50 50 Securities gains (losses), net — 1 Leveraged lease termination gains — (1) Net provision benefit from sale of unsecured consumer loans(4) — 31 Total pre-tax adjusted items(1) $45 $(101) Diluted EPS impact(2) $0.03 $(0.09) Additional selected items(3): CECL provision (in excess of) less than net charge-offs(5) $(62) $(38) Hurricane-related reserve release 20 — Capital markets income - CVA/DVA (11) 36 Residential MSR net hedge performance (6) 2 PPP loan interest/fee income 1 24 Pension settlement charges (6) (6) GNMA re-securitization gain — 12

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![](rf-20221231xexhibit993015.jpg)

15 2.04 2.27 2.40 4Q20 4Q21 4Q22 1.79 2.66 3.44 4Q20 4Q21 4Q22149 158 161 4Q20 4Q21 4Q22 2.89 3.18 3.28 4Q20 4Q21 4Q22 20.0% 21.5% 22.3% 33.3% 33.0% 33.0% 46.7% 45.5% 44.7% 4Q20 4Q21 4Q22 64.5 75.8 68.0 53.2 66.2 55.3 11.3 9.6 12.7 Deposits Lending 4Q20 4Q21 4Q22 67% 69% 71% 33% 31% 29% 4Q20 4Q21 4Q22 Growth in digital Mobile Banking Log-Ins (Millions) Customer Transactions(2)(3) Deposit Transactions by Channel +13% Active Users (Millions) Digital Sales (Accounts in Thousands)(1) Digital Banking Digital Non-Digital Mobile ATMBranch (1) Digital sales represent deposit accounts opened and loans booked. Temporary disruption in Digital Deposit Account Opening process in early November resulted in decreases in 4Q22 Digital Deposits sales. (2) Digital transactions represent online and mobile only; Non-digital transactions represent branches, contact centers and ATMs. (3) Transactions represent Consumer customer deposits, transfers, mobile deposits, fee refunds, withdrawals, payments, official checks, bill payments, and Western Union. Excludes ACH and Debit Card purchases/refunds. (4) Includes cross-channel sales capabilities through digital banker dashboard applications launched across our footprint at the end of 2Q21. +93% +8% 21% 22% 22% 76% 76% 76% 3% 2% 2% 4Q20 4Q21 4Q22 Digital BranchContact Center Consumer Checking Sales by Channel(4) Mobile Banking Mobile App Rating Zelle Transactions (Millions)Sales and TransactionsDigital Usage 5.5% +17%

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![](rf-20221231xexhibit993016.jpg)

16 Deposit mix and outlook Trends & Outlook Consumer & Wealth • New Customers & Customers with Low Betas in 2019: Customers who had low deposit betas in the 2019 rate cycle (effective annual rate <20bps)(3) and new customers since 2019 have exhibited very stable behavior thus far • Other 2019 Customers: Customers who were relatively more rate sensitive in the prior rate cycle declined modestly in 2022 in response to rapidly rising rates • The large low-sensitive deposit base will likely continue to support advantageous balance and overall rate sensitivity in this cycle • New Relationships & Relationships with Low Betas in 2019: Relationships with annual rate <20bps & new relationships since 2019. This cohort represents the majority of portfolio balances • Other 2019 Relationships: As expected, more rate sensitive customers are normalizing excess and seeking higher rate at a modest pace • Some additional normalization and rate seeking has been expected, but Regions' large proportion of non-interest will foster relative stability through the cycle 12/31/2022 Deposits(1)(2) (Ending, $ in billions) (1) Excludes Wealth Non-Retail deposits (Institutional Trust) of $0.9B and Other segment deposits of $2.0B. (2) Percentage estimates based on mixture at Nov 30 applied to Dec 31 balances. (3) Effective annual rates computed at the end of the 2019 up-rate cycle. 38%62% 80% 20% $37.1B $91.7B Other 2019 Relationships New Relationships & Relationships with Low Betas in 2019 Commercial/Corporate Other 2019 Customers New Customers & Customers with Low Betas in 2019

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![](rf-20221231xexhibit993017.jpg)

17 State of the consumer Regions' exposure to low-FICO borrowers remains negligible; customers with historically low deposit balances still have significant cushion Retail Deposits Business/ Other Deposits Retail Deposits Regions' consumer borrowers are in a strong position relative to pre-pandemic $378 $2,382 12/31/19 11/30/22 Balances up ~6x vs pre- pandemic • Exposure to customers with FICO scores less than 620 is less than 4.25% of consumer loan book(1) (primarily secured) • Average deposit balances among Regions' consumer borrowers are 31% higher versus pre-pandemic levels • Delinquencies are at record lows with 30 day past due volumes 25% lower than pre-pandemic levels Average Customer Balances: Balance Footing <$1K Pre-pandemic(3) More broadly, Regions' lower-deposit-balance customers pre-pandemic still maintain substantial savings cushion 3.32% 3.30% 2.90% 2.38% 2.08% 2.02% 2.10% 1.73% 1.67% 1.64% 1.26% 1.25% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 4Q22 (1) As of 11/30/2022. (2) End of period (excludes non-performing loans). (3) Includes Consumer and Private Wealth deposit customers (regardless of whether they have an outstanding Regions' borrowing or not); excludes Branch Small Business customers; fixed group of customers with at least one deposit open account in both periods. 30 Days Past Due(2) Consumer Loans

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![](rf-20221231xexhibit993018.jpg)

18 Median customer deposit balances Consumer and Corporate Retail Deposits De c- 20 19 M ar -2 02 0 Ju n- 20 20 Se p- 20 20 De c- 20 20 M ar -2 02 1 Ju n- 20 21 Se p- 20 21 De c- 20 21 M ar -2 02 2 Ju n- 20 22 Se p- 20 22 (1) Based on full RF customer set. Previous iterations of this data were based off of a large random sample of customers. All periods presented have been revised to reflect the full customer set. Excludes customers with zero-balance or overdrawn accounts and excludes branch small business customers. (2) Includes deposit relationships active as of 12/31/2019, excluding overdrawn and zero balance accounts. Median Consumer Customer Deposit Balances(1) (12/31/2019-11/30/2022) • Many Consumer customers are sustaining a higher balance level relative to pre-pandemic levels despite recent inflationary pressures (median customer balances up ~49%) • After more acute balance normalization post-stimulus in 2H20 and 2H21, 2022 seasonal patterns more closely resemble pre-pandemic norms Median Corporate Deposit Balances(2) (12/31/2019-11/30/2022) • Median Corporate relationships are also maintaining higher levels of deposits versus pre-pandemic (median balance is up ~62%) • Some additional normalization is expected as deployment and rate-seeking activity continues • As expected, declines in total aggregate Corporate deposit balances are largely attributed to movements of larger depositors Up ~49% De c- 20 19 M ar -2 02 0 Ju n- 20 20 Se p- 20 20 De c- 20 20 M ar -2 02 1 Ju n- 20 21 Se p- 20 21 De c- 20 21 M ar -2 02 2 Ju n- 20 22 Se p- 20 22 Up ~62%Stimulus Rounds 2 & 3 Stimulus Round 1

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![](rf-20221231xexhibit993019.jpg)

19 Higher Risk Industry Segments (Outstanding balances as of December 31, 2022) (1)Amounts exclude PPP loans and Held For Sale loans. Business Services High Risk Segments Portfolio BAL$(1) % of Total Loans % NPL % ACL Consumer Discretionary Goods Retail Trade & Consumer Manufacturing $1.76 1.8% 2.0% 1.8% Freight Transportation Transportation & Warehousing $0.98 1.0% 1.0% 3.6% Healthcare Goods and Services & Facilities $2.05 2.1% 1.0% 3.1% Office $1.93 2.0% 3.0% 2.1% Senior Housing Offices of Physicians & Other Health Practitioners $1.29 1.3% 0.1% 3.1% Total High Risk Segments $8.01 8.3% 1.5% 2.6% • Closely monitoring most vulnerable customers through proactive, frequent customer dialogue • Consumer Discretionary Goods: Impacted by rotation away from pandemic driven spending on housing related goods toward food service, travel, and entertainment; Pricing for some goods continue to hold up as input costs fall • Freight Transportation: Concerns limited to smaller trucking firms more likely operating in the spot market; Larger, contract-dependent carriers are better able to manage a downturn in freight markets • Healthcare: Many health systems are still recovering from low patient volume and revenue shortfalls tied to the pandemic; medical technology is in the midst of a long- term innovation cycle Ongoing Portfolio Surveillance • Office: Consists of 82% Class A and 18% Class B in term of loan commitments ◦ 63% of committed exposure is located in the Sunbelt (including California), of which 82% is Class A. ◦ 74% of committed exposure is in Suburban locations with 26% in Urban • Senior Housing: Occupancy rate increased for sixth consecutive quarter but remain below pre-pandemic levels

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![](rf-20221231xexhibit993020.jpg)

20 Economic Changes $1,539 $42 $53 $(20) $(32) $1,582 Allowance for credit losses waterfall 12/31/2022 • 4Q allowance increased $43M compared to prior quarter, resulting in a $112M provision expense. • Key drivers of the increase in ACL: ◦ High quality balance growth ◦ Credit quality changes and normalization within select commercial and consumer sectors ◦ Moderate weakening in the economic scenario ◦ Elimination of hurricane-related reserve established in 3Q as unique factors related to this event are not expected to result in significant losses QoQ highlights($ in millions) 09/30/2022 Loan & Commitment Growth /Portfolio Changes Other Qualitative Changes Hurricane- related Reserve

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![](rf-20221231xexhibit993021.jpg)

21 Pre-R&S period 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 Real GDP, annualized % change 1.1 % 0.3 % 0.6 % 0.9 % 1.3 % 1.6 % 2.3 % 2.2 % 2.4 % Unemployment rate 3.7 % 3.8 % 4.0 % 4.2 % 4.3 % 4.4 % 4.4 % 4.4 % 4.3 % HPI, year-over-year % change 6.1 % (0.2) % (3.8) % (3.7) % (2.7) % (0.5) % 1.2 % 2.6 % 3.9 % S&P 500 3,881 4,067 4,108 4,278 4,434 4,548 4,647 4,727 4,793 CPI, year-over-year % change 7.3 % 6.0 % 4.4 % 3.7 % 3.3 % 2.8 % 2.4 % 2.2 % 2.1 % Base R&S economic outlook (as of December 2022) • 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 20-25% increase in the unemployment rate.

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![](rf-20221231xexhibit993022.jpg)

22 As of 12/31/2022 As of 12/31/2021 (in millions) Loan Balance ACL ACL/Loans Loan Balance ACL ACL/Loans C&I $50,905 $628 1.23 % $43,758 $613 1.40 % CRE-OO mortgage 5,103 102 2.00 % 5,287 118 2.23 % CRE-OO construction 298 7 2.29 % 264 9 3.53 % Total commercial $56,306 $737 1.31 % $49,309 $740 1.50 % IRE mortgage 6,393 114 1.78 % 5,441 77 1.41 % IRE construction 1,986 28 1.38 % 1,586 10 0.61 % Total IRE $8,379 $142 1.69 % $7,027 $87 1.23 % Residential first mortgage 18,810 124 0.66 % 17,512 122 0.70 % Home equity lines 3,510 77 2.18 % 3,744 83 2.23 % Home equity loans 2,489 29 1.17 % 2,510 28 1.13 % Consumer credit card 1,248 134 10.75 % 1,184 120 10.15 % Other consumer- exit portfolios 570 39 6.80 % 1,071 64 6.00 % Other consumer 5,697 300 5.28 % 5,427 330 6.07 % Total consumer $32,324 $703 2.18 % $31,448 $747 2.38 % Total $97,009 $1,582 1.63 % $87,784 $1,574 1.79 % Allowance allocation

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![](rf-20221231xexhibit993023.jpg)

23 All Other Commercial 3.8% Investor Real Estate 13.0% Financial Services 10.8% CRE Unsecured, including REITs 10.4% Govt. Education 10.1% Consumer Services 8.5% Technology Services 8.3% Manufacturing 8.3% Business Services 7.5% Distribution 6.8% Commodities 6.8% Healthcare 5.7% Well positioned for next downturn $64.7B Highly Diversified Business Portfolio(1) (1) Balances as of 12/31/22. (2) All other commercial categories consist of sub-components less than 5%. (3) CRE Unsecured consists 74% of REITs. (2) (3)

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![](rf-20221231xexhibit993024.jpg)

24 Consumer lending portfolio statistics • Avg. origination FICO 759 • Current LTV 52% • 98% owner occupied • Avg. origination FICO 758 • Current LTV 35% • 68% of portfolio is 1st lien • Avg. loan size $35,733 • $125M to convert to amortizing or balloon during 2023 • Avg. origination FICO 760 • Avg. new loan $18,622 • 4Q22 Yield 7.77% • Avg. origination FICO 753 • 4Q22 Yield 6.07% • 4Q22 QTD NCO 2.46% • Avg. origination FICO 769 • Avg. new line $6,394 • 4Q22 Yield 14.34% • 4Q22 QTD NCO 2.94% 3% 5% 4%5% 13% 7% 9% 17% 11% 81% 63% 76% 2% 2% 2% Cons R/E secured Cons non-R/E secured Total consumer Not Available Above 720 620-680 Below 620 681-720 Consumer FICO Scores(1) (1) Refreshed FICO scores as of 12/31/2022. (2) Other Consumer consists primarily of EnerBank and Direct portfolios Residential Mortgage Consumer - Exit Portfolios Consumer Credit Card Home Equity Other Consumer(2)

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![](rf-20221231xexhibit993025.jpg)

25 Environmental, Social & Governance ESG Governance ESG-related elements of the Strategic Plan, annual budget, and capital planning processBOARD OF DIRECTORS Board-Level Committees NCG Committee ESG strategies, initiatives, policies, and practices, along with related voluntary disclosures and stakeholder engagement Risk Committee ESG alignment within Enterprise Risk Appetite Statement, Risk Management Framework, and Risk Library CHR Committee Associate compensation and benefits, corporate culture, DEI practices, talent management, and succession planning Audit Committee Functioning of Company's internal controls and disclosure of material ESG matters Technology Committee Company culture and strategy related to technological and digital innovation Management-Level Committees Executive Leadership Team Evaluates ESG considerations within strategic planning ESG Leadership Council Maintains aggregated view of ESG-related risks and opportunities and provides guidance and direction on internal initiatives; overseen by Executive Leadership Team Disclosure Review Committee Reviews and provides feedback on ESG-related disclosures in SEC reporting and voluntary ESG disclosures Risk Governance Committees Review ESG-related metrics' performance to assess adherence to risk tolerance; supervise enterprise risk assessments incorporating ESG risks O V E R S I G H T E X E C U T I O N A majority of our Directors have identified themselves as having considerable or extensive experience in key ESG areas, including: Corporate Governance Customer Focus & Community Engagement Environmental Sustainability Practices Executive Compensation & Benefits Human Capital Management Suite of ESG Disclosures ■ Annual Review & ESG Report ■ TCFD Report ■ SASB Index ■ GRI Index ■ Workforce Demographics (EEO-1) Index ■ CDP Climate Change Questionnaire Response ■ Community Engagement Report All resources are available through our ESG Resource Center, accessible at ir.regions.com/governance

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![](rf-20221231xexhibit993026.jpg)

26 Promoting financial inclusivity Pursuing environmental sustainability Maintaining accountability for our ESG progress ▪ Further integrated ESG into our enterprise-wide strategic planning and risk management processes ▪ Formed a new Technology Committee of the Board of Directors to provide oversight of technology and innovation initiatives, including multi-year Regions 2.0 project ▪ Onboarded 3 new independent Directors with extensive leadership experience, understanding of our footprint, and technology and cybersecurity knowledge ▪ Enhanced ESG considerations within our credit policy ▪ Introduced Regions Now CheckingSM to suite of Regions Now Banking® products ▪ Facilitated associate-led financial wellness workshops through Regions Next Step® program ▪ Built out additional resources devoted to community and fair lending ▪ Enabled customers to complete financial health plans through Regions GreenprintTM ▪ Surpassed 2023 target to reduce energy usage by 30%(1) ▪ Reduced operational greenhouse gas emissions as part of 50% reduction target for 2030(2) ▪ Established cross-functional project operating model to measure Scope 3 portfolio emissions ▪ Engaged internal stakeholders to develop and socialize organizational definition of sustainable finance ▪ Nurtured inclusivity with "Bring Your Whole Self to Work" philosophy ▪ Devoted resources to empowering associates' career and leadership development ▪ Provided philanthropic and community giving through Regions Bank and the Regions Foundation ▪ Invested in new debt and equity commitments through the Regions Community Development Corporation Fostering diversity, equity, and inclusion Maturing our governance around ESG risks and opportunities ▪ Coordinated simultaneous publication of our 2021 Annual Review & ESG Report and 2021 TCFD Report ▪ Merged disclosures aligned with SASB, GRI, and EEO-1 reporting frameworks into ESG Report ▪ Leveraged internal reporting expertise to continue evolving our ESG data governance Environmental, Social & Governance Creating Shared Value Through Commitments and Initiatives (1) Against 2015 baseline. (2) Against 2019 baseline.

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![](rf-20221231xexhibit993027.jpg)

27 Management uses pre-tax pre-provision income (non-GAAP) and adjusted pre-tax pre-provision income (non-GAAP), as well as the adjusted efficiency ratio (non-GAAP) and the adjusted fee income ratio (non-GAAP) to monitor performance and believes these measures provide meaningful information to investors. Non-interest expense (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the efficiency ratio. Non-interest income (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest income (non-GAAP), which is the numerator for the fee income ratio. Adjusted non-interest income (non-GAAP) and adjusted non-interest expense (non- GAAP) are used to determine adjusted pre-tax pre-provision income (non-GAAP). Net interest income (GAAP) on a taxable-equivalent basis and non-interest income are added together to arrive at total revenue on a taxable-equivalent basis. Adjustments are made to arrive at adjusted total revenue on a taxable-equivalent basis (non-GAAP), which is the denominator for the fee income and efficiency ratios. 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. Since analysts and banking regulators may assess Regions' capital adequacy using tangible common stockholders' equity, management believes that it is useful to provide investors the ability to assess Regions' capital adequacy on this same basis. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to stockholders. Management and the Board of Directors utilize non-GAAP measures as follows: • Preparation of Regions' operating budgets • Monthly financial performance reporting • Monthly close-out reporting of consolidated results (management only) • Presentation to investors of company performance • Metrics for incentive compensation Non-GAAP information

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![](rf-20221231xexhibit993028.jpg)

28 Non-GAAP reconciliation Adjusted Net Charge-Offs and Ratio Year-Ended For the Quarter Ended ($ amounts in millions) 2022 2021 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Net loan charge-offs (GAAP) $263 $204 $69 $110 $38 $46 $44 Less: charge-offs associated with the sale of unsecured consumer loans 63 — — 63 — — — Adjusted net loan charge-offs (non-GAAP) $200 $204 $69 $47 $38 $46 $44 Adjusted net loan charge-offs as a % of average loans, annualized (non-GAAP) 0.22% 0.24% 0.29 % 0.19 % 0.17 % 0.21 % 0.20 %

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![](rf-20221231xexhibit993029.jpg)

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

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![](rf-20221231xexhibit993030.jpg)

30 Non-GAAP reconciliation Pre-tax pre-provision income (PPI) Year Ended Quarter Ended ($ amounts in millions) 2022 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 4Q22 vs. 3Q22 4Q22 vs. 4Q21 Net income available to common shareholders (GAAP) $2,146 $660 $404 $558 $524 $414 $256 63.4 % $246 59.4 % Preferred dividends (GAAP) 99 25 25 25 24 24 — — % 1 4.2 % Income tax expense (GAAP) 631 187 133 157 154 103 54 40.6 % 84 81.6 % Income before income taxes (GAAP) 2,876 872 562 740 702 541 310 55.2 % 331 61.2 % Provision for (benefit from) credit losses (GAAP) 271 112 135 60 (36) 110 (23) (17.0) % 2 1.8 % Pre-tax pre-provision income (non-GAAP) 3,147 984 697 800 666 651 287 41.2 % 333 51.2 % Other adjustments: Securities (gains) losses, net 1 — 1 — — — (1) (100.0) % — NM Leveraged lease termination gains, net (1) — — — (1) — — NM — NM Insurance proceeds (50) (50) — — — — (50) NM (50) NM Salaries and employee benefits—severance charges — — — — — 1 — NM (1) (100.0) % Branch consolidation, property and equipment charges 3 5 3 (6) 1 — 2 66.7 % 5 NM Professional, legal and regulatory expenses 179 — 179 — — 15 (179) (100.0) % (15) (100.0) % Total other adjustments 132 (45) 183 (6) — 16 (228) (124.6) % (61) (381.3) % Adjusted pre-tax pre-provision income (non-GAAP) $3,279 $939 $880 $794 $666 $667 $59 6.7 % $272 40.8 % NM - Not Meaningful

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![](rf-20221231xexhibit993031.jpg)

31 Non-GAAP reconciliation NII, non-interest income/expense, and efficiency ratio NM - Not Meaningful Quarter Ended ($ amounts in millions) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 4Q22 vs. 3Q22 4Q22 vs. 4Q21 Non-interest expense (GAAP) A $1,017 $1,170 $948 $933 $983 $(153) (13.1) % $34 3.5 % Adjustments: Branch consolidation, property and equipment charges (5) (3) 6 (1) — (2) (66.7) % (5) NM Salary and employee benefits—severance charges — — — — (1) — NM 1 100.0 % Professional, legal and regulatory expenses — (179) — — (15) 179 100.0 % 15 100.0 % Adjusted non-interest expense (non-GAAP) B $1,012 $988 $954 $932 $967 $24 2.4 % $45 4.7 % Net interest income (GAAP) C $1,401 $1,262 $1,108 $1,015 $1,019 $139 11.0 % $382 37.5 % Taxable-equivalent adjustment 13 12 11 11 10 1 8.3 % 3 30.0 % Net interest income, taxable-equivalent basis D $1,414 $1,274 $1,119 $1,026 $1,029 $140 11.0 % $385 37.4 % Non-interest income (GAAP) E 600 605 640 584 615 (5) (0.8) % (15) (2.4) % Adjustments: Securities (gains) losses, net — 1 — — — (1) (100.0) % — NM Leveraged lease termination gains — — — (1) — — NM — NM Insurance Proceeds (50) — — — — (50) NM (50) NM Adjusted non-interest income (non-GAAP) F $550 $606 $640 $583 $615 (56) (9.2) % $(65) (10.6) % Total revenue C+E=G $2,001 $1,867 $1,748 $1,599 $1,634 $134 7.2 % $367 22.5 % Adjusted total revenue (non-GAAP) C+F=H $1,951 $1,868 $1,748 $1,598 $1,634 $83 4.4 % $317 19.4 % Total revenue, taxable-equivalent basis D+E=I $2,014 $1,879 $1,759 $1,610 $1,644 $135 7.2 % $370 22.5 % Adjusted total revenue, taxable-equivalent basis (non-GAAP) D+F=J $1,964 $1,880 $1,759 $1,609 $1,644 $84 4.5 % $320 19.5 % Efficiency ratio (GAAP) A/I 50.5 % 62.3 % 53.9 % 57.9 % 59.8 % Adjusted efficiency ratio (non-GAAP) B/J 51.6 % 52.6 % 54.2 % 57.9 % 58.8 % Fee income ratio (GAAP) E/I 29.8 % 32.2 % 36.4 % 36.3 % 37.4 % Adjusted fee income ratio (non-GAAP) F/J 28.0 % 32.2 % 36.4 % 36.2 % 37.4 %

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![](rf-20221231xexhibit993032.jpg)

32 Non-GAAP reconciliation NII, non-interest income/expense, and efficiency ratio NM - Not Meaningful Twelve Months Ended December 31 ($ amounts in millions) 2022 2021 2022 vs. 2021 Non-interest expense (GAAP) A $4,068 $3,747 $321 8.6 % Adjustments: Contribution to the Regions Financial Corporation foundation — (3) 3 100.0 % Branch consolidation, property and equipment charges (3) (5) 2 40.0 % Salaries and employee benefits—severance charges — (6) 6 100.0 % Loss on early extinguishment of debt — (20) 20 100.0 % Professional, legal and regulatory expenses (1) (179) (15) (164) NM Adjusted non-interest expense (non-GAAP) B $3,886 $3,698 $188 5.1 % Net interest income (GAAP) C $4,786 $3,914 $872 22.3 % Taxable-equivalent adjustment 47 44 3 6.8 % Net interest income, taxable-equivalent basis D $4,833 $3,958 $875 22.1 % Non-interest income (GAAP) E $2,429 $2,524 $(95) (3.8) % Adjustments: Securities (gains) losses, net 1 (3) 4 133.3 % Gains on equity investment — (3) 3 100.0 % Leveraged lease termination gains (1) (2) 1 50.0 % Bank owned life insurance (2) — (18) 18 100.0 % Insurance proceeds (1) (50) — (50) NM Adjusted non-interest income (non-GAAP) F $2,379 $2,498 $(119) (4.8) % Total revenue C+E= G $7,215 $6,438 $777 12.1 % Adjusted total revenue (non-GAAP) C+F=H $7,165 $6,412 $753 11.7 % Total revenue, taxable-equivalent basis D+E=I $7,262 $6,482 $780 12.0 % Adjusted total revenue, taxable-equivalent basis (non-GAAP) D+F=J $7,212 $6,456 $756 11.7 % Operating leverage ratio (GAAP) (3) I-A 3.5 % Adjusted operating leverage ratio (non-GAAP) (3) H-B 6.6 % Efficiency ratio (GAAP) (3) A/I 56.0 % 57.8 % Adjusted efficiency ratio (non-GAAP) (3) B/J 53.9 % 57.3 % Fee income ratio (GAAP) (3) E/I 33.5 % 38.9 % Adjusted fee income ratio (non-GAAP) (3) F/J 33.0 % 38.7 %

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![](rf-20221231xexhibit993033.jpg)

33 Year-Ended Quarter Ended ($ amounts in millions) 2022 2021 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY Net income available to common shareholders (GAAP) A $2,146 $2,400 $660 $404 $558 $524 $414 Average shareholders' equity (GAAP) $16,503 $18,201 $15,442 $16,473 $16,404 $17,717 $18,308 Less: Average intangible assets (GAAP) 6,023 5,435 5,996 6,019 6,034 6,043 5,852 Average deferred tax liability related to intangibles (GAAP) (103) (99) (105) (104) (101) (100) (98) Average preferred stock (GAAP) 1,659 1,658 1,659 1,659 1,659 1,659 1,660 Average tangible common shareholders' equity (non-GAAP) B $8,924 $11,207 $7,892 $8,899 $8,812 $10,115 $10,894 Less: Average AOCI, after-tax (2,021) 705 (3,535) (2,213) (1,921) (379) 340 Average tangible common shareholders' equity excluding AOCI (non- GAAP) C $10,945 $10,502 $11,427 $11,112 $10,733 $10,494 $10,554 Return on average tangible common shareholders' equity (non-GAAP)\*(1) A/B 24.05 % 21.42 % 33.20 % 18.02 % 25.40 % 21.00 % 15.07 % Return on average tangible common shareholders' equity excluding AOCI (non-GAAP)\*(1) A/C 19.61 % 22.85 % 22.91 % 14.42 % 20.85 % 20.25 % 15.56 % Non-GAAP reconciliation Return on average tangible common shareholders' equity \*Annualized (1) Amounts have been calculated using whole dollar values.

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![](rf-20221231xexhibit993034.jpg)

34 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. • The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses, operations, and financial results and conditions. The duration and severity of any pandemic, including the COVID-19 pandemic, could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses. • Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in tax law, adverse changes in the economic environment, declining operations of the reporting unit or other factors. • The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios, and our ability to return capital to shareholders. • Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases. • 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. • Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses. • Possible acceleration of prepayments on mortgage-backed securities due to low interest rates, and the related acceleration of premium amortization on those securities. • Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, which could increase our funding costs. • Possible changes in consumer and business spending and saving habits and the related effect on our ability to increase assets and to attract deposits, which could adversely affect our net income. • Our ability to effectively compete with other traditional and non-traditional financial services companies, including fintechs, some of whom possess greater financial resources than we do or are subject to different regulatory standards than we are. • Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers' needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue. • Our inability to keep pace with technological changes, including those related to the offering of digital banking and financial services, could result in losing business to competitors. • Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the changes in U.S. presidential administration, control of the U.S. Congress, and changes in personnel at the bank regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. • Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders. Forward-looking statements

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![](rf-20221231xexhibit993035.jpg)

35 • 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 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. Forward-looking statements (continued)

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36 • 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" of Regions' Annual Report on Form 10-K for the year ended December 31, 2021 and the "Risk Factors" of Regions' Quarterly Reports on Form 10-Q for the subsequent quarters of 2022, as filed 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)

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37®

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