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CEO Message

To our shareholders, customers, associates, and communities:

Our Core Values

Put People First
Do What is Right
Focus on Your Customer
Reach Higher
Enjoy Life

Regions finished 2021 delivering record performance results. Because of our team’s diligent work following the financial crisis more than a decade ago, we were prepared for the pandemic’s challenges. Our preparation included remixing the balance sheet, developing an interest-rate hedging strategy that provided earnings stability, and being proactive in understanding credit risk in our portfolios.

The Regions team ended the year with significant momentum thanks to a business strategy that’s built on our mission to make life better and our purpose to create shared value for all stakeholders. The power of our mission and purpose drives the products and services we offer, informs how we innovate, and ultimately positions us to generate consistent, sustainable long-term growth. I am proud that our record performance reflects the work of a united team dedicated to creating shared value and making life better for everyone we touch. We provide some of these key metrics, and the goals they inform, to solidify our accountability and demonstrate our desire for openness and transparency.

Operating From a Strong Foundation

We believe that winning is about so much more than gaining market share or profits. It’s also about valuing people and relationships. As a purpose-led organization, we work from a strong foundation that’s built on our core values and a commitment to operate with integrity, trust and respect. This foundation defines our culture and keeps the Regions team focused on doing the right things, the right way.

Taking a 360° View of Our Customers: Understanding Needs, Delivering Solutions

The pandemic presented us with a clear opportunity to rally around our customers like never before and enhance the experience we provide them. Our resolve is stronger than ever to take an innovative approach in leveraging technology to offer our customers the guidance and solutions they need to reach their goals.

#1 Online Banking Satisfaction Award among Regional Banks for two years straight.

Strengthening Customer Relationships Through Digital Technologies

Customers have choices on how they interact with Regions — in the branch, over the phone, or digitally. We’ve been investing in digital technologies for years and continue to see more and more customers use digital channels so they can bank when, where and how they want.

At a growing pace, our customers increased their digital use in 2021, allowing us to:

  • Finish the year with our app store ratings for iOS and Android at 4.8 out of 5, which is directly tied to the improvements we made throughout 2020–2021.
  • Increase mobile app usage by 12 percent last year, while Zelle® person-to-person payments originating through digital banking increased 65 percent.
  • Continue strong growth in the use of both online and mobile platforms with 3.1 million active digital users — a year-over-year increase of 7 percent.
  • Grow digital sales for the full year 2021, with new deposit account openings and loans booked through digital channels increasing 36 percent year-over-year.
  • Expand secure messaging to the mobile app, adding to the customer experience.

Data and Analytics to Enhance the Customer Experience

We’re using data and analytics to take a 360° view of our customers so we can proactively recommend solutions that are unique to them. Our Commercial Bankers use data from our Regions Client IQ (RCLIQ) tool to gain a better understanding of their clients’ needs. Armed with this data, bankers are able to offer clients the best solutions that will help them achieve their business goals.

And with our Wealth Client IQ (WCLIQ) data-driven software, Wealth Advisors have access to proactive and timely insights that enhance the client experience and improve retention. Our consumer banking customers receive Next Best Action recommendations from our Regions Optimal Solution Intelligence Engine (ROSIESM), an artificial intelligence (AI) interface tool that examines data points and consumer information. Through investments like these, we’re giving customers a more personalized experience, greater access and convenience, protection from fraud, and the advice and guidance they need to reach their financial goals.

High Touch, High Tech: Helping Customers Better Manage Their Finances

In 2021, we expanded our practice of always posting deposits first by implementing a new time-order posting process that gives our customers a real-time view of when money comes in and out of their accounts. We also enhanced transaction information and mobile capabilities to create even deeper visibility for customers. At the beginning of 2022, we announced new steps to reduce overdraft charges and eliminate non-sufficient funds fees. These changes reflect our long-term commitment to provide customers a wide range of financial tools, insights, and services to help them manage their finances and take control of their financial wellness.

Our winning formula is to give customers the tools so they’ll know where they stand financially plus access to experienced bankers who can give them the advice and guidance they need.

  • More proactive and real-time visibility of information on account balances: We sent out 366 million digital alerts to customers in 2021 — a 34 percent year-over-year increase.
  • Expert advice and guidance: Customers and non-customers alike have learned about building credit, saving, homeownership finance, and other skills through the 124,000 Regions Next Step® financial wellness seminars, podcasts and other programs held each year.
  • Ability to create, track and meet financial goals: More than one million customers have completed Regions Greenprint® financial plans with Regions bankers and now have financial health scores and recommended next steps.
  • Meeting the financial needs of all our customers — including those who are underserved or underbanked: Our Bank On-certified Now Checking account adds modern banking convenience and removes the worry about overdraft or returned item fees. In 2021, we launched our Spend & Save Program, and customers who have already joined the program have saved more than $3.6 million in the last eight months of the year.

Uplifting Our Communities: Inclusive Growth, Meaningful Change

Regions operates in some of the fastest growing markets in the country. And as we grow with the communities we serve, we are mindful of the fact that, for communities to truly succeed, all people need an opportunity to take part in that success. Throughout 2021, we resolved to put our purpose and mission into action by doing more for our communities. We focused on developing meaningful, innovative ways to level the playing field and support more opportunities for more people to succeed.

Our approach is to promote inclusive growth through investments in helping individuals, families, and businesses overcome financial challenges. We focus on three strategic priorities: economic and community development; education and workforce readiness; and financial wellness. These priorities complement our expertise and talent — allowing us to best serve our communities. By supporting initiatives where we can have meaningful and measurable impact, we’re well-positioned to continue doing more today and into the future:

  • As of December 2021, we surpassed our two-year, $12 million commitment to advance programs and initiatives that promote racial equity and economic empowerment for communities of color. Over an 18-month period, we invested $14.6 million in 270 organizations across our footprint, exceeding our goal six months early. This reflects our objective to continuously make impactful strides in advancing and accelerating progress toward greater racial equity and inclusion.
  • Regions Community Development Corporation (RCDC) made a $2 million equity investment in Optus Bank, a minority-owned and community development financial institution in South Carolina. RCDC’s investment will help Optus Bank increase its capacity to meet the credit needs of certain underserved communities.
  • We expanded our financial wellness programs to include a series of financial education seminars for people with cognitive disabilities and we began working on some exciting new modules to help people maintain financial stability during medical hardships.
  • The Regions Foundation®, a nonprofit initiative of Regions Bank, has committed more than $17 million to positively impact our communities in the last three years.

Investing in Our Greatest Asset: Our Associates

Now, more than ever before, we know that people don’t connect with companies. People connect with people, and that’s why we invest so heavily in associate engagement. Regions differentiates itself by investing in associates and putting people at the center of its business strategy. We believe engaged associates care about their work and see the connection between what they do and how our organization delivers value to our stakeholders. In our 2021 Associate Engagement survey, an impressive 90 percent of our associates responded, and the results showed that engagement levels held strong during a year of continued challenge from the pandemic. The results also confirmed that our culture provided an important source of stability for the Regions team as we responded to the many changes that impacted how we approach work and life.

Through the lessons learned since March 2020, we understand the needs of associates are changing and that they want more than just a paycheck. That’s why we expanded our healthcare programs to include access to telehealth medicine and a more comprehensive wellness program. We’ve focused on providing associates with even more personal and professional development opportunities and an environment that offers a sense of belonging where every voice is heard.

Career Development

We encourage associates to show initiative and take ownership of their career paths because it’s mutually beneficial. It’s a big part of how we are creating a performance edge and building a strong and dynamic team at Regions. As part of Regions’ performance culture, all associates contribute to our success.

Based on our annual Associate Engagement survey results, we know that roughly half of our associates reported that frequent and honest coaching conversations between associates and managers motivate high performance.

Gallup research indicates the best workplaces share an intentional focus on engagement and their culture.

Last year, we:

  • Introduced a new online tool to give associates an easy and practical way to take the lead in assessing their performance and managing their career.
  • Continued to invest in Degreed, an industry leading learning resource that provides a personalized learning experience.
  • Launched a new Leadership Development for All Associates program.

Diversity, Equity, and Inclusion

Diversity of thought and experience facilitates some of the most successful growth strategies. We’re committed to raising the bar in how we strengthen Diversity, Equity and Inclusion (DEI), and our 19 DEI networks throughout our footprint are great examples of this commitment. The purpose of these networks is to drive our commitment to DEI deeper into the organization. Our effort paid off in our 2021 Associate Engagement survey with results indicating that 70 percent of our associates feel they are treated with respect at work. Additional important steps we took to strengthen our DEI commitment include:

  • Implementing internal mobility strategies that promote the development and career growth opportunities for all associates, including mentorship circles for emerging diverse talent.
  • Building on our commitment to creating an inclusive workplace where everyone can bring their whole selves to work. In 2021, we saw a 20 percent increase in Disability Self-Identification rate and 66 percent increase in LGBTQ+ (lesbian, gay, bisexual, transgender, and queer) Self-Identification rate, which speaks to our associates feeling that they are working in an environment of trust and feel safe to express their authenticity.
  • Hiring a recruiter dedicated exclusively to the research and development of DEI talent and made meaningful progress in attracting, hiring, developing, and retaining diverse talent.
  • Filling more vacant enterprise-critical positions with diverse candidates. In 2021, we realized organic growth of diverse talent representation in critical leadership roles.
  • Hosting our second annual Week of Understanding — a dedicated time for every associate to participate in a leader-led conversation about differences. The 2021 Week of Understanding focused on allyship and actionable steps to support members of marginalized groups, building on the 2020 Week of Understanding dedicated to open dialogue about race.
  • Launching our three-year journey to build a more inclusive culture by following the Path to Inclusion model by Miller-Katz. In 2021, we focused on highlighting and supporting our Regions diverse talent pioneers.

Creating Shared Value for Our Shareholders: Focusing on Sound, Profitable Growth

Our approach to delivering value to shareholders reflects our strong foundation — one that’s built on a powerful purpose, mission and culture. How we deliver long-term, consistent and sustainable performance results is grounded in a belief that winning the right way is the only way. That’s why we’re committed to operating with business models that focus on sound, profitable growth. We believe every associate plays an important role in how we manage risk at Regions — and our strong risk culture is a hallmark of our company and a key differentiator for us.

Thanks to intentional planning and remaining focused on the things we can control, we delivered record financial performance for 2021. We increased households, small business loans, and new accounts throughout our footprint that covers the fastest-growing and most dynamic markets in the nation. We continued investing in the service and delivery channels customers use most and hiring talented bankers who share our relationship-based approach to delivering financial solutions. Regions has the talent, the products and services, and an innovation mindset that are helping us deliver comprehensive financial solutions for today’s customers. Last year, these investments paid off with significant account growth and record deposit balances:

  • Consumer checking accounts grew by 3 percent and small business accounts by 5 percent.
  • 2021 net new consumer account growth exceeded the previous three years combined. This represents a growth rate that is three times higher than pre- pandemic levels.
  • Deposit balances continued to increase in 2021, ending the year at new record levels.

Deepening Customer Relationships

Regions’ consistent approach to mergers and acquisitions includes identifying areas where we can expand our range of expertise for existing customers, while also attracting new customers who can benefit from the additional experience and capabilities. Since 2014, we’ve made the strategic decision to acquire specialty businesses like BlackArch Partners, First Sterling, Ascentium Capital, and Highland Associates. In 2021, we completed three acquisitions that give us additional opportunities to grow and diversify revenue:

  • EnerBank: a point-of-sale lender that finances a wide range of home improvement projects and builds on our strategy to serve as the premier lender to homeowners.
  • Sabal Capital Partners, LLC: leverages an innovative, technology-driven origination and servicing platform to facilitate off-balance-sheet lending in the small balance commercial real estate market, further enhancing our fee-based revenues.
  • Clearsight Advisors, Inc.: provides merger and acquisitions advisory capabilities to businesses operating in the technology-enabled services industries.

By expanding and enhancing our products and expertise in specialty areas through acquisitions like these, we’ll meet more customer needs and differentiate ourselves by being a regional bank with big bank capabilities.

Environmental, Social, and Governance Practices

Our stakeholders care about how we approach ESG concerns, and we’re committed to improving how we address them.

In 2021, we made great strides in continuing to build out our ESG program:

  • Issued the first regional bank stand-alone report aligned with the TCFD recommendations.
  • Added to our list of accolades a recognition for being one of JUST Capital’s Most Just Companies — a recognition for Regions’ commitment to serving its workers, customers, communities, the environment, and shareholders.
  • Published an expanded ESG Report structured around the World Economic Forum’s Stakeholder Capitalism pillars, as well as a Workforce Demographics Report presenting information about our associates that we file with the U.S. Equal Employment Opportunity Commission.
  • Demonstrated our accountability to stakeholders on ESG commitments by achieving previously announced goals around operational emissions reduction, supporting racial equity in our communities, and establishing new goals related to our emissions and sustainable finance.

Delivering Record Performance Results

Because of our team’s clarity of purpose and mission, as well as a shared resolve to generate long-term, sustainable value for our shareholders, Regions delivered solid performance results despite a challenging interest rate and operating environment:

  • We reported net income available to common shareholders of $2.4 billion, resulting in earnings per diluted share of $2.49 and generated record pre-tax pre-provision income(1) of $2.7 billion.
  • Revenue grew 2 percent; on an adjusted basis(1) revenue growth was 3 percent.
  • Increased Corporate Banking Group loan production by 30 percent and generated highest annual capital markets revenue since we began rebuilding our capabilities in 2014.
  • Delivered remarkable net new account generation in the consumer and small business segments despite operating challenges from the pandemic.
  • Leveraged our enhanced risk management framework to mitigate credit losses resulting in our lowest annual net charge-off ratio since 2006.

In addition, we maintained our emphasis on enhancing products and capabilities to better serve our customers:

  • Completed acquisitions of EnerBank, Sabal Capital Partners, LLC, and Clearsight Advisors, Inc., demonstrating a commitment to our bolt-on acquisition strategy.
  • Continued to focus on making banking easier through investments in technology and digital capabilities.
  • Successfully executed LIBOR transition program to ensure clients were ready to move to alternative reference rates.
  • Invested in key talent and revenue-facing associates to support strategic growth initiatives.

“Our 2021 performance positioned us for future growth, and we’re optimistic we will carry the positive momentum throughout the coming year by investing in innovative tools and solutions that enhance the customer experience and in resources our associates need to be successful.”

Generating consistent, sustainable, long-term performance




Executing Plans for Sound, Profitable Growth

Against the backdrop of significant change and disruption, it’s incredible to see the progress that’s been made since the early days of the pandemic. While there are still supply chain and labor issues in our markets, we feel growing momentum and see undeniable potential that gives Regions new opportunities to serve. Our strategic plan is built on the reality of these opportunities and the three key pillars that represent how we’ll compete and win:

As we begin 2022, we’re confident knowing that our strong foundation positions us for future growth and that we’ll be successful in executing our strategic plan. Now, more than ever, I’m convinced the companies that will win are those that move and execute decisively, intelligently and with the greatest sense of urgency. It’s about prioritizing work that matters and approaching it with energy and excitement. It’s about focusing our efforts on activities that will make the most difference for our customers, communities and shareholders. I’m confident the Regions team will deliver the full power of our purpose and mission in the year to come. My thanks to our associates, and to all our stakeholders, for their contributions and support.


John M. Turner, Jr.
President and Chief Executive Officer
March 4, 2022

(1) Non-GAAP, see reconciliations in Regions’ Schedule 14A Definitive Proxy Statement filed with U.S. Securities and Exchange Commission (SEC) on March 4, 2022.

(2) The 2017 and 2018 ratios were calculated on a continuing operations basis.