Regions said net income available to common shareholders was $343 million ($0.37 per diluted share) for Q1 2024, compared with $588 million ($0.62 per diluted share) for Q1 2023.

1. 01

   Regions said net income available to common shareholders was $343 million ($0.37 per diluted share) for Q1 2024, compared with $588 million ($0.62 per diluted share) for Q1 2023.

2. 02

   Regions Financial said net interest income (taxable-equivalent basis) was $1.2 billion for Q1 2024, down $233 million from a year earlier, and the net interest margin was 3.55%, down 67 basis points. The company cited higher deposit and funding costs as the main factors.

3. 03

   The company said the provision for credit losses was $152 million for Q1 2024 ($135 million a year earlier), and net charge-offs were $121 million, or 0.50% of average loans ($83 million, or 0.35%, a year earlier).

4. 04

   Regions Financial said it sold about $1.3 billion of available-for-sale debt securities in Q1 2024, realizing pre-tax losses of $50 million, and that the reinvestment yields were about 190 basis points higher. It also said cash held at the Federal Reserve Bank and other banks rose from about $4.2 billion to $8.7 billion.

Key figures

Quarter ended March 31, 2024

Revenue

$1.7B

Net income

$368M

EPS

$0.37

Operating cash flow

$396M

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.