Regions Financial Corporation · NYSE:RF
Regions Financial — Investor Presentation (May 2022)
70 slides from Regions Financial's investor presentation, May 17, 2022
Slide 1: Investor Information May - June 2022
Investor Information May - June 2022 Exhibit 99.1
Slide 2: Table of contents
2 Table of contents Topic Page # Profile and Strategy 3-11 Income Statement 12-25 Business Segment Highlights 26-29 Balance Sheet 30-35 Capital, Debt & Liquidity 36-39 Technology & Continuous Improvement 40-44 Credit 45-49 Near-Term Expectations 50 Environmental, Social & Governance 51-52 LIBOR Tran
Slide 3: Line of business coverage
3 Line of business coverage Alabama – 190 Georgia – 115 Iowa – 5 Mississippi – 101 South Carolina – 20 Arkansas – 59 Illinois – 41 Kentucky – 11 Missouri – 51 Tennessee – 200 Florida – 277 Indiana – 42 Louisiana – 83 North Carolina – 7 Texas – 91 Ranked 18th in the U.S. in total deposits(1) Branch l
Slide 4: Top market share plays a valuable role in the competitive landscape
4 Top market share plays a valuable role in the competitive landscape (1) Based on MSA and non-MSA counties using FDIC deposit data as of 6/30/2021; pro-forma for announced M&A transactions as of 04/27/2022. (2) Significant money center bank presence (JPM, BAC, C, WFC) defined as combined market sha
Slide 5: Strong in-market migration has converted legacy core markets into growth markets
5 Strong in-market migration has converted legacy core markets into growth markets Top Faster Growing MSAs Deposits Market Rank(1) Birmingham, Alabama $14.9 2 Nashville, Tennessee $10.8 3 Tampa, Florida $7.2 4 Miami, Florida $5.9 10 Atlanta, Georgia $5.5 7 Mobile, Alabama $3.2 1 Orlando, Florida $3.
Slide 6: Strong recovery within footprint
6 Strong recovery within footprint (1) Per VISA Business and Economic Insights - Regional U.S. Economic Outlook, October 2021 measuring projected timeframes to return to pre-pandemic employment levels. • Majority of RF footprint will likely return to pre-pandemic employment levels by 2Q22 with the S
Slide 7: Regions receives top honors
7 Regions Bank Awarded Silver Military Friendly Employer Award Eight Years Strong: Regions Bank Again Named Gallup Exceptional Workplace Award Winner in 2022 Regions Bank earned the Great Place to Work-Certified™ Company designation based on what current associates say about their experience working
Slide 8: First quarter 2022 overview
8 First quarter 2022 overview (1) Non-GAAP, see appendix for reconciliation. Pre-Tax Pre-Provision Income(1) Diluted Earnings Per Share Total Revenue Non-Interest Expense Net Income Available to Common Shareholders $0.55 $524M • ROATCE(1) ratio improved ~590 bps QoQ to 21.0%. • Annualized net charge
Slide 9: Industry leading PPI profile
9 2.35% 2.03% 1.97% 1.95% 1.91% 1.90% 1.86% 1.72% 1.70% 1.60% 1.59% 1.54% 1.47% 1.33% RF Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Industry leading PPI(1) profile (1) Non-GAAP; see Appendix for reconciliation. (2) Source: S&P Capital IQ. Risk-weig
Slide 10: Regions' Consistent Outperformance
10 Regions' Consistent Outperformance Adjusted PPI(1) Less Net Charge-offs to RWA(2) Regions' earnings, including credit costs, have been top quartile for 7 straight quarters 1.70 2.16 2.33 2.29 2.33 2.44 2.23 2.19 1.74 1.73 1.74 1.86 1.97 1.91 1.78 1.63 RF Peer Median 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Slide 11: ROATCE: Top of Peer Group
11 ROATCE: Top of Peer Group 9.0% 9.7% 11.0% 17.6% 14.9% 9.2% 21.4% 21.0% 12.0% 11.0% 12.0% 17.0% 14.7% 8.5% 16.5% 14.0% RF Peer Median 2015 2016 2017 2018 2019 2020 2021 1Q22 ROATCE Performance Trend vs. Peers(1) (1) Non-GAAP; see Appendix for reconciliation. Peers include CFG, CMA, FHN, FITB, HBAN
Slide 12: Consistent NIM performance aided by peer-leading loan yield
12 Consistent NIM performance aided by peer-leading loan yield (1) Source: S&P Capital IQ. Peers include CFG, CMA, FHN, FITB, HBAN, HWC, KEY, MTB, PNC, SNV, TFC, USB, ZION. (2) Non-GAAP; see appendix for reconciliation. Net Interest Margin vs. Peers(1) 3.48% 3.45% 3.21% 2.85% 2.85% 3.40% 3.34% 3.43%
Slide 13: NII & margin performance
13 $978 $1,029 $1,026 3.02% 2.83% 2.85% 3.40% 3.34% 3.43% 1Q21 4Q21 1Q22 NII NII & margin performance NII and NIM(1) ($ in millions) (1) Net interest income (NII) and net interest margin (NIM) are reflected on a fully taxable-equivalent basis. (2) Non-GAAP; see appendix for reconciliation. NIM • In
Slide 14: NII drivers and outlook
14 • Avg. loans excl. PPP grew +$1.8B in 1Q • Higher short-term rates now benefiting NII ◦ Contractual loan and cash repricing ◦ Hedging benefit of $110M NII in 1Q(3) ◦ Stable deposit pricing; 1Q deposit cost = 4bps / interest-bearing deposit cost = 7bps • Higher long-term rates increase fixed rate
Slide 15: Asset sensitive balance sheet
15 (1) Adj. NIM excludes PPP and excess cash over $750M. Adjusted NIM is non-GAAP; see appendix for historical reconciliations. (2) Short-term rate NII guidance is for the first 100bps of rate hikes; migrates modestly lower at higher rates given higher deposit betas. (3) ~70% fixed rate production h
Slide 16: Balance sheet profile
16 • Balance sheet position naturally benefits from higher interest rates (i.e. asset sensitive), supported by: ◦ large floating rate loan and cash mix ◦ large, stable deposit base and low reliance on wholesale borrowings • Stability of deposit funding evidenced over time ◦ High concentration of non
Slide 17: Hedges protected NII while rates were low
17 Hedges protected NII while rates were low; unwound hedges additive to NII in coming years While not included in the outlook, opportunities exist if surge deposits are retained with lower betas (assume 70% through-the-cycle deposit beta), or if additional excess cash is able to be deployed into lo
Slide 18: Hedging program and securities additions
18 1 2 3 4 5 6 7 • Our legacy hedging program has performed as designed, limiting NII and NIM downside under the low rate environment • The hedge repositioning in 2021 purposely created more rate exposure in the period where the balance of risk had shifted to rising rates • Today, forward rate expec
Slide 19: Securities portfolio used to add downside rate protection
19 Agency/UST 5.7% Agency MBS 67.5% Agency CMBS 20.9% Non-Agency CMBS 1.5% Corporate Bonds 4.4% Securities portfolio used to add down- side rate protection Securities portfolio composition(1)• Portfolio constructed to protect against changes in market rates ◦ Duration of approximately 5 years provid
Slide 20: Non-interest income
20 • Non interest income decreased ~5% on both a reported and adjusted basis(1). • Expect 2022 capital markets to generate quarterly revenue in $90-$110M range, excl. impact of CVA/DVA; expect to be near lower end in 2Q with increasing activity 2H22. • Wealth Mgt. income remained stable despite this
Slide 21: Diversified non-interest income
21 Consumer 52% Wealth Management 17% Corporate 31% 1Q22 fee revenue by segment(1) Diversified non-interest income ($ in millions) • Consumer fee income categories include service charges on deposit accounts, card and ATM fees, and mortgage income generated through origination and servicing of resid
Slide 22: Capital Markets
22 Capital Markets Growing products and services that our clients value Our associates delivered results • Began to rebuild Capital Markets capabilities in 2014 after its 2012 sale of Morgan Keegan • 2021 vs. 2020 was driven by revenue derived from loan syndications, securities underwriting and plac
Slide 23: Updated NSF/OD policies
23 Regions has made significant changes and upgrades while continuing to provide clients with resources needed to succeed in managing their finances. Details of Regions' Announcement(2): 1Q22-Eliminate overdraft protection transfer fees • By end of 2Q22-Reduce daily cap for overdraft occurrences to
Slide 24: Mortgage remains a key component of fee revenue
24 Purchase volume expected to remain stable in 2022 driven by the housing market(1), while refinances have slowed due to rising rates Closed mortgages expected near $700M in 1Q 2022 across the US(1) Enhancing MLO execution to drive customer experience and improve cycle time Continuing to focus on g
Slide 25: Non-interest expense
25 • Non-interest expense decreased ~5%. • Adjusted non-interest expense(1) decreased ~4%. ◦ Salaries and benefits decreased 5% due to lower incentive compensation despite higher payroll taxes and 401(k) expense. ◦ Professional and legal fees decreased due to one-time costs associated with bolt-on M
Slide 26: Business segments
26 50% 44% 6% 62% 36% 2% 31% 60% 7% 2% $666M $88B $139B 1Q22 Pre-tax pre- provision income(1) 1Q22 Average deposits 1Q22 Average loans (1) Pie %'s exclude the pre-tax pre-provision income from the Other Segment totaling $(6) million. Business segments Consumer Corporate Wealth Management Other
Slide 27: Consumer Banking Group
27 (1) Consumer Bank – LOB Average Deposits. (2) From 1/1/2014 to 3/31/2022. (3) Since 2017. Consumer Banking Group Driving growth and customer engagement through strategic investments Continuing to Deliver Strong Results Upskilling Talent in branches to become more knowledgeable bankers ◦ 74% are h
Slide 28: Corporate Banking Group
28 Corporate Banking Group Strong alignment across the businesses, risk partners, and product groups Strategic Investments Expanded Expertise Solid Credit Quality with FY21 Net Charge-offs of 11bps Fully Integrated Ascentium Capital Completed strategic acquisitions Delivered Outstanding Performance
Slide 29: Wealth Management Group
29 (1) Represents 1Q22 Numbers. Wealth Management Group Focus on execution & investments to optimize the client and associate experience Customer Experience & Communication Maintained strong momentum in growth markets and protected business through continued engagement and solid partnerships with Co
Slide 30: Loan growth
30 • 1Q loans grew 1% on an average basis and 2% on an ending basis. • Business loans increased 3% driven by broad-based growth in corporate, middle market, and real estate lending. Line of credit commitments increased $1.6B and utilization increased to 43.9%. ◦ Growth driven by asset-based lending,
Slide 31: Average loan composition
31 $44.0 $5.2 $0.3 $5.5 $1.6 Commercial and Industrial CRE Mortgage - OO CRE Construction - OO IRE - Mortgage IRE - Construction 1Q22 Average loan composition $17.5 $6.2 $5.4 $1.0 $1.1 Mortgage Home Equity Other Consumer Other Consumer - Exit Portfolios Consumer Credit Card Average consumer loans $3
Slide 32: Commercial & IRE loans
32 Commercial & IRE loans As of 3/31/22 ($ in millions) Total Commitments Outstanding Balances % Utilization Administrative, Support, Waste & Repair $2,617 $1,498 57% Agriculture 615 341 55% Educational Services 4,231 3,218 76% Energy - Oil, Gas & Coal 4,163 1,422 34% Financial Services 11,967 5,579
Slide 33: Deposit growth continues
33 $122.9 $136.7 $138.7 72.9 80.9 83.1 40.3 42.7 42.6 9.3 10.1 10.4 0.4 3.0 2.6 1Q21 4Q21 1Q22 Deposit growth continues (1) Other deposits represent non-customer balances primarily consisting of EnerBank brokered deposits. (2) See next slide for assumptions underlying 70% beta. Average deposits by s
Slide 34: Deposit surge and beta
34 $97 $15 $13 $14 $139 12/31/2019 Deposits Most-Stable, Low-Beta Growth Mid-Stable, Mid-Beta Growth Least Stable, Higher-Beta Growth 3/31/2022 Deposits $— $50 $100 $150 12/31/2019 Deposits Mostly Stable, Low-Beta Growth Mid-Stable, Mid-Beta Growth Least-Stable, Higher-Beta Growth 3/31/2022 Deposits
Slide 35: Deposit advantage
35 4Q17 1Q22 Deposit advantage (1) "Other" category includes EnerBank deposits and are average deposit balances. (2) Source - Bank Call Report data as of 12/31/2021. (3) 1Q2022 Average NIB/IB split by Business: Consumer 36%/64%, Corporate 61%/39%, Wealth 14%/86%. Funding Mix - Current vs. Prior Risi
Slide 36: Capital and liquidity
36 10.3% 9.6% 9.4% 1Q21 4Q21 1Q22 • Common Equity Tier 1 (CET1) ratio decreased 20 bps to 9.4% in 1Q. ◦ Continue to prioritize capital utilization for organic growth and non-bank acquisitions that propel future growth. • In 1Q, Regions repurchased $215M of common stock and declared $159M in common d
Slide 37: CET1 waterfall
37 9.6% 0.6% (0.1)% (0.2)% (0.2)% (0.3)% 9.4% CET1 waterfall (1) Non-GAAP; see appendix for reconciliation. (2) 'Other' includes impact of tax, provision expense, CECL deferral, preferred dividends, and net change in intangibles. (3) CECL deferral credit phased-out for 1Q22 was approximately $100M.
Slide 38: Investing for growth while maintaining focus on capital optimization
38 Investing for growth while maintaining focus on capital optimization Acquisition of HUD (MAP) License 2014 2015 2016 2019 2020 2018 2021 Acquisition of Fannie Mae DUS License Third-party originated auto portfolio ~$2.0B moved to runoff Entered into MSR flow-deal arrangement Sold Regions Insurance
Slide 39: Regions unsecured debt and credit ratings profile
39 $100 $900 $650 $800 750 650 100 150 300 500 HoldCo Senior Notes HoldCo Subordinated Notes Bank Subordinated Notes 2022 2023 2024 2025 2028 2037 Regions unsecured debt and credit ratings profile • Unsecured wholesale debt footprint represents just 1.5% of 3/31/2022 assets with Holding Company and
Slide 40: Technology efforts
40 ® Efforts Omnichannel view of customers for a “You Know Me & Value Me” experience Regions Client IQ (RCLIQ) and Wealth Client IQ delivering ‘needs based’ engagement resulting in significant corporate and wealth management revenue ROSIE Personalized offering of products and services to anticipate
Slide 41: Digital acceleration
41 Digital Acceleration Digital Enhancements Multi-factor authentication one-time passcode in Online Banking, Digital Account Opening Fraud Engine enhancements, New HELOC customer application portal, Mobile Deposit optimizations. 34% increase in Zelle transactions in Q1 2022 compared to Q1 2021 Inno
Slide 42: Continue to invest for the future
42 System Maintenance New Technology Cybersecurity / Risk Management Continue to invest for the future • Regions remains competitive by reserving ~10-11% of revenue for Technology Spend. • Past investment on innovation and strategy provided a firm, resilient foundation for addressing changes in cust
Slide 43: Growth in digital
43 1.9 2.1 2.3 1Q20 1Q21 1Q22 1.03 2.03 2.73 1Q20 1Q21 1Q22 131 170 157 1Q20 1Q21 1Q22 2.7 3.0 3.2 1Q20 1Q21 1Q22 14.9% 20.5% 21.5% 31.0% 32.1% 32.9% 54.1% 47.4% 45.6% 1Q20 1Q21 1Q22 40.0 82.4 81.6 35.0 72.1 65.85.0 10.3 15.8 Deposits Lending 1Q20 1Q21 1Q22 62% 67% 70% 38% 33% 30% 1Q20 1Q21 1Q22 Gro
Slide 44: Continuous improvement framework
44 Continuous improvement framework • Making Banking Easier – Be intensely responsive to customer needs • Revenue Growth – Improve effectiveness in generating prudent, profitable, sustainable growth • Efficiency Improvements – Continuously leverage people and technology to improve processes, reduce
Slide 45: Asset quality improvement continues
45 • 1Q annualized NCOs at 21bps, increased 1bp QoQ. • In consumer - residential mortgage and home equity experienced net recoveries in 1Q. • NPLs and criticized business loans continued to improve in 1Q. • Continued improvements in key economic variables and asset quality offset by ongoing uncertai
Slide 46: Changes in Portfolio Credit Quality
46 Changes in Portfolio Credit Quality $1,574 $(46) $(54) $(5) $23 $1,492 Allowance for credit losses waterfall Economic/ Qualitative Net Charge- Offs 03/31/2022 • 1Q allowance decreased $82M compared to prior quarter, resulting in a $36MM credit provision. • Despite significant growth in balances d
Slide 47: Base economic outlook
47 Pre-R&S period 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 Real GDP, annualized % change 1.1 % 3.4 % 4.8 % 3.5 % 3.2 % 3.0 % 2.5 % 2.5 % 2.3 % Unemployment rate 3.8 % 3.5 % 3.3 % 3.3 % 3.2 % 3.1 % 3.1 % 3.1 % 3.0 % HPI, year-over-year % change 19.0 % 15.9 % 11.5 % 7.9 % 4.1 % 2
Slide 48: Allowance allocation
48 As of 3/31/2022 As of 12/31/2021 (in millions) Loan Balance ACL ACL/Loans Loan Balance ACL ACL/Loans C&I $45,643 557 1.22 % $43,758 $613 1.40 % CRE-OO mortgage 5,181 107 2.07 % 5,287 118 2.23 % CRE-OO construction 273 8 2.83 % 264 9 3.53 % Total commercial $51,097 $672 1.31 % $49,309 $740 1.50 %
Slide 49: Well positioned for next downturn
49 Well positioned for next downturn Proactive risk management efforts have Regions better positioned for next credit downturn Regions' Credit Portfolio Remains Highly Diversified(1) (1) Total Loan Balances as of March 31, 2022. Risk Rating Distribution Highlights Move Towards Lower Risk 25% 45% 17%
Slide 50: 2022 expectations
50 2022 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 utili
Slide 51: Environmental, Social & Governance
51 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 stake
Slide 52: Environmental, Social & Governance Highlights
52 Environmental, Social & Governance Highlights Promoting financial inclusivity Pursuing environmental sustainability Maintaining accountability for our ESG progress AA ESG Rating LOW ESG Risk Rating 70 Top 10% in industry S&P 500 ESG Index ▪ Established cross-functional ESG Leadership Council over
Slide 53: LIBOR Transition Readiness & the Path Forward
53 LIBOR Transition Readiness & the Path Forward Moving to Next Phase of Transition Financial Considerations & Potential Impact As of January 1, 2022 Regions is no longer originating LIBOR loans. Regions has taken steps both systematically and through training to ensure that no new LIBOR loans are a
Slide 54: Ascentium Capital acquisition
54 Ascentium Capital acquisition Acquisition exceeding expectations Company Overview • Ascentium Capital was the largest independent equipment finance lender in the U.S. • Partners with ~4,000 vendors to finance essential-use equipment for small business customers. • Strong risk management culture a
Slide 55: EnerBank acquisition
55 • Announced June 8, 2021; closed October 1, 2021 • Headquartered in Salt Lake City, UT, EnerBank originates prime and super-prime home improvement point-of-sale loans through a national network of contractors • A top 5 originator in the home improvement point-of-sale space, one of the fastest gro
Slide 56: Sabal Capital Partners acquisition
56 Sabal Capital Partners acquisition Continues build-out of Regions' fee-based businesses Company Overview & Regions' Strategic Rationale • Sabal Capital Partners continued to be one of the top originators of both Fannie Mae and Freddie Mac small- balance commercial real estate loans in Q1 2022. •
Slide 57: Clearsight Advisors acquisition
57 Clearsight Advisors acquisition Further expand Regions specialty capabilities and M&A advisory services Company Overview • Announced December 17, 2021; closed December 31, 2021. • Clearsight Advisors is a leading-edge mergers and acquisitions firm serving clients in the technology, professional s
Slide 58: Appendix
> GENERATING Consistent Sustainable \ Long-term Performance APPENDIX AW REGIONS] 58
Slide 59: Selected items impact
59 Selected items impact First quarter 2022 highlights (1) Non-GAAP, see appendix for reconciliation. (2) Based on income taxes at an approximate 25% incremental rate. (3) Items impacting results or trends during the period, but are not considered non-GAAP adjustments. These items generally include
Slide 60: Non-GAAP measures definitions
60 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 inves
Slide 61: Core net interest income and adjusted net interest margin
61 Non-GAAP reconciliation Core net interest income and adjusted net interest margin Quarter-ended Year-ended 3/31/2022 12/31/2021 3/31/2021 12/31/2021 12/31/2020 Net interest margin (FTE) (GAAP) 2.85 % 2.83 % 3.02 % 2.85 % 3.21 % Impact of SBA PPP loans (0.02) % (0.09) % (0.04) % (0.05) % 0.01 % Im
Slide 62: Non-interest expense reconciliation
62 Non-GAAP reconciliation Non-interest expense Year Ended December 31 ($ amounts in millions) 2021 2020 2019 2018 2017 2016 Non-interest expense (GAAP) $ 3,747 $ 3,643 $ 3,489 $ 3,570 $ 3,491 $ 3,483 Adjustments: Contribution to Regions Financial Corporation foundation (3) (10) — (60) (40) — Profes
Slide 63: Pre-tax pre-provision income (PPI)
63 Non-GAAP reconciliation Pre-tax pre-provision income (PPI) NM - Not Meaningful Quarter Ended ($ amounts in millions) 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Net income available to common shareholders (GAAP) $ 524 $ 414 $ 624 $ 748 $ 614 $ 588 $ 501 $ (23
Slide 64: NII, non-interest income/expense, operating leverage and efficiency ratio
64 Non-GAAP reconciliation NII, non-interest income/expense, operating leverage and efficiency ratio NM - Not Meaningful Quarter Ended ($ amounts in millions) 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 1Q22 vs. 4Q21 1Q22 vs. 1Q21 Non-interest expense (GAAP) A $ 933 $ 983 $ 938 $ 898 $ 928 $
Slide 65: Return on average tangible common shareholders' equity
65 Non-GAAP reconciliation Return on average tangible common shareholders' equity Quarter Ended Year Ended ($ amounts in millions) 3/31/2022 2021 2020 2019 2018 2017 2016 2015 RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS' EQUITY Net income available to common shareholders A $ 524 $ 2,400 $ 991 $ 1
Slide 66: Non-interest income reconciliation
66 Non-GAAP reconciliation Non-interest income Year Ended ($ amounts in millions) 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Non-interest income (GAAP) $ 2,524 $ 2,393 $ 2,116 $ 2,019 $ 1,962 $ 2,011 $ 1,937 $ 1,785 $ 2,096 $ 2,201 $ 2,226 Security (gains) losses, net (3) (4) 28 (1) (19)
Slide 67: Forward-Looking Statements
67 Forward-Looking Statements This presentation may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or
Slide 68: Forward-Looking Statements (continued)
68 • 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 capit
Slide 69: Forward-Looking Statements (continued)
69 • 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 impa
Slide 70: Generating Consistent, Sustainable, Long-term Performance
> GENERATING Consistent Sustainable Krizneterm Performance A REGIONS Ax REGIONS| 70