Regions said net income available to common shareholders was $477 million ($0.52 per diluted share) for Q2 2024, lower than $556 million ($0.59) for Q2 2023. Net interest income (taxable-equivalent basis) totaled $1.2 billion, down $195 million from a year earlier, and the net interest margin (taxable-equivalent basis) was 3.51%, a 53 basis points decline.

1. 01

   Regions said net income available to common shareholders was $477 million ($0.52 per diluted share) for Q2 2024, lower than $556 million ($0.59) for Q2 2023. Net interest income (taxable-equivalent basis) totaled $1.2 billion, down $195 million from a year earlier, and the net interest margin (taxable-equivalent basis) was 3.51%, a 53 basis points decline.

2. 02

   The company said its provision for credit losses in Q2 2024 was $102 million (Q2 2023 $118 million), and net charge-offs were $101 million (0.42% of average loans, compared with $81 million or 0.33% a year earlier). It cited higher commercial net charge-offs as a factor. The ratio of the allowance to total loans rose to 1.73% at June 30, 2024 from 1.78% at December 31, 2023.

3. 03

   Regions said it sold approximately $1.3 billion of debt securities available for sale on Q1 2024 and approximately $983 million on Q2, realizing pre-tax losses of $50 million in each quarter, or $100 million in total. The company said it reinvested the proceeds at higher market yields and, on Q2, bought $750 million of residential agency MBS as an economic hedge for the debt issuance in June.

4. 04

   Regions said its estimated CET1 ratio was 10.42% as of June 30, 2024, and that it repurchased 10 million shares of common stock for $189 million in the first half of 2024. The company also said its Board declared a 4% increase in the quarterly common stock dividend, to $0.25 per share, on July 17, 2024, payable on October 1, 2024.

Key figures

Quarter ended June 30, 2024

Revenue

$1.8B

Net income

$501M

EPS

$0.52

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.