REGIONS FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 23, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 4. Mine Safety Disclosures
Information About Our Executive Officers
Information concerning the Executive Officers of Regions as of February 23, 2024, is set forth below.
| Executive Officer | Age | Position andOffices Held withRegistrant and Subsidiaries | ExecutiveOfficerSince |
|---|---|---|---|
| John M. Turner, Jr. | 62 | President and Chief Executive Officer of registrant and Regions Bank. Previously served as Head of Corporate Banking Group of registrant and Regions Bank and as South Region President of Regions Bank. Prior to joining Regions, served as President of Whitney National Bank and Whitney Holding Corporation. | 2011 |
| David J. Turner, Jr. | 60 | Senior Executive Vice President and Chief Financial Officer of registrant and Regions Bank. | 2010 |
| Kate R. Danella | 45 | Senior Executive Vice President and Head of Consumer Banking Group of registrant and Regions Bank. Previously served as Chief Strategy and Client Experience Officer; Head of Strategic Planning & Consumer Bank Products and Origination Partnerships; and as Head of Strategic Planning and Corporate Development of registrant and Regions Bank. Previously served as Head of Private Wealth Management of Regions Bank. Prior to joining Regions, served as Vice President of Capital Group Companies. | 2018 |
| David R. Keenan | 56 | Senior Executive Vice President and Chief Administrative and Human Resources Officer of registrant and Regions Bank. Previously served as Chief Human Resources Officer of registrant and Regions Bank. | 2010 |
| C. Dandridge Massey | 53 | Senior Executive Vice President and Chief Enterprise Operations and Technology Officer of registrant and Regions Bank. Previously served as Head of Digital and Contact Center Banking and Head of Enterprise Technology Strategic Services at Truist Bank. | 2022 |
| Scott M. Peters | 62 | Senior Executive Vice President and Chief Transformation Officer of registrant and Regions Bank. Previously served as Director of Regions Investment Services, Inc. Previously served as Head of Consumer Banking Group and as Consumer Services Group Head of registrant and Regions Bank. | 2010 |
|---|---|---|---|
| Tara A. Plimpton | 55 | Senior Executive Vice President, Chief Legal Officer and Corporate Secretary of registrant and Regions Bank. Previously served as General Counsel of registrant and Regions Bank. Prior to joining Regions, served as Vice President and General Counsel of GE Global Operations and as General Counsel of GE Energy Connections. | 2020 |
| William D. Ritter | 53 | Senior Executive Vice President and Head of Wealth Management Group of registrant and Regions Bank. Director of Highland Associates, Inc. | 2010 |
| Ronald G. Smith | 63 | Senior Executive Vice President and Head of Corporate Banking Group of registrant and Regions Bank. Director of Regions Equipment Finance Corporation. Manager of RFC Financial Services Holding LLC. Previously served as Regional President, Mid-America Region of Regions Bank. | 2010 |
| Russell Zusi | 49 | Senior Executive Vice President and Chief Risk Officer of registrant and Regions Bank. Prior to joining Regions, served as Co-head of Global Compliance and Operational Risk and Global Technology and Operations Chief Risk Officer, and previously as Credit Review Executive, of Bank of America Corp. | 2024 |
Part II
Regions common stock, par value $.01 per share, is listed for trading on the New York Stock Exchange under the symbol RF. Information relating to compensation plans under which Regions' equity securities are authorized for issuance is presented in Part III, Item 12. As of February 21, 2024, there were 35,025 holders of record of Regions common stock (including participants in the Broadridge Direct Stock Purchase and Dividend Reinvestment Plan for Regions Financial Corporation).
Restrictions on the ability of Regions Bank to transfer funds to Regions at December 31, 2023, are set forth in Note 12 "Regulatory Capital Requirements and Restrictions" to the consolidated financial statements, which are included in Item 8. of this Annual Report on Form 10-K. A discussion of certain limitations on the ability of Regions Bank to pay dividends to Regions and the ability of Regions to pay dividends on its common stock is set forth in Item 1. “Business” under the heading “Supervision and Regulation—Payment of Dividends” of this Annual Report on Form 10-K.
Issuer Purchases of Equity Securities
On April 20, 2022, the Board authorized the repurchase of up to $2.5 billion of the Company's common stock, permitting purchases from the second quarter of 2022 through the fourth quarter of 2024.
The following table presents information regarding issuer purchases of equity securities during the fourth quarter of 2023. All of these shares were immediately retired upon repurchase and therefore were not included in treasury stock.
| Period | Total Number of Shares Purchased | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part ofPublicly AnnouncedPlans or Programs | Maximum Approximate Dollar Value ofShares that MayYet Be Purchased Under Publicly Announced Plans or Programs |
|---|---|---|---|---|
| October 1-31, 2023 | 6,437,685 | $14.22 | 6,437,685 | $2,393,179,589 |
| November 1-30, 2023 | 5,653,231 | $15.66 | 5,653,231 | $2,304,697,925 |
| December 1-31, 2023 | 4,038,243 | $17.36 | 4,038,243 | $2,234,699,026 |
| Total Fourth Quarter | 16,129,159 | $15.82 | 16,129,159 | $2,234,699,026 |
(1) Average price paid does not reflect the 1 percent excise tax charged on public company share repurchases.
PERFORMANCE GRAPH
The graph below compares the yearly percentage change in the cumulative total return of Regions common stock against the cumulative total return of the S&P 500 Index and the S&P 500 Banks Index for the past five years. This presentation assumes that the value of the investment in Regions’ common stock and in each index was $100 and that all dividends were reinvested.
| Cumulative Total Return | ||||||
|---|---|---|---|---|---|---|
| 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | 12/31/2023 | |
| Regions | $100.00 | $133.30 | $131.12 | $182.78 | $187.01 | $176.35 |
| S&P 500 Index | 100.00 | 131.47 | 155.65 | 200.29 | 163.98 | 207.04 |
| S&P 500 Banks Index | 100.00 | 140.64 | 121.29 | 164.28 | 132.73 | 147.28 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.