The company said Regions reported net income available to common shareholders of $2.0 billion, or $2.11 per diluted share, in 2023, and $2.1 billion, or $2.28 per diluted share, in 2022.

1. 01

   The company said Regions reported net income available to common shareholders of $2.0 billion, or $2.11 per diluted share, in 2023, and $2.1 billion, or $2.28 per diluted share, in 2022.

2. 02

   The company said net interest income on a taxable-equivalent basis was $5.4 billion in 2023, compared with $4.8 billion in 2022, and that its net interest margin was 3.90%, 54 basis points higher than in 2022. The company cited a significant increase in market interest rates and average loan growth as the factors behind the increase.

3. 03

   The company said the provision for credit losses totaled $553 million in 2023, compared with $271 million in 2022, and was higher than net charge-offs by $156 million. The company cited adverse risk migration and continued credit normalization as factors behind the increase.

4. 04

   Regions said that at the end of 2023, Regions Bank had $4.2 billion in cash on deposit with the Federal Reserve Bank, and the parent company had cash and cash equivalents of $1.9 billion. As of December 31, 2023, its Tier 1 capital ratio was estimated at 11.57%, its Total capital ratio was 13.35%, and its CET1 ratio was 10.26%.

Key figures

Fiscal year ended December 31, 2023

Revenue

$6.9B

Operating income

$212M

Net income

$2.1B

EPS

$2.11

Operating cash flow

$2.3B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.