Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Statements

Presented below are condensed financial statements of Regions Financial Corporation:

Balance Sheets


			December 31
			2020						2019
			(In millions)
Assets
Interest-bearing deposits in other banks			$	1,526					$	1,935
Loans to subsidiaries			20						20
Debt securities available for sale			22						21
Premises and equipment, net			38						41
Investments in subsidiaries:
Banks			18,872						16,939
Non-banks			250						207
			19,122						17,146
Other assets			313						295
Total assets			$	21,041					$	19,458
Liabilities and Shareholders’ Equity
Long-term borrowings			$	2,718					$	2,950
Other liabilities			212						213
Total liabilities			2,930						3,163
Shareholders’ equity:
Preferred stock			1,656						1,310
Common stock			10						10
Additional paid-in capital			12,731						12,685
Retained earnings			3,770						3,751
Treasury stock, at cost			(1,371)						(1,371)
Accumulated other comprehensive income (loss), net			1,315						(90)
Total shareholders’ equity			18,111						16,295
Total liabilities and shareholders’ equity			$	21,041					$	19,458

Statements of Income


			Year Ended December 31
			2020						2019						2018
			(In millions)
Income:
Dividends received from subsidiaries			$	280					$	1,675					$	2,190
Interest from subsidiaries			8						4						3
Other			53						7						7
			341						1,686						2,200
Expenses:
Salaries and employee benefits			56						54						52
Interest			93						153						123
Furniture and equipment expense			4						5						4
Other			79						84						76
			232						296						255
Income before income taxes and equity in undistributed earnings of subsidiaries			109						1,390						1,945
Income tax benefit			(36)						(68)						(64)
Income from continuing operations			145						1,458						2,009
Discontinued operations:
Income (loss) from discontinued operations before income taxes			—						—						271
Income tax expense			—						—						80
Income (loss) from discontinued operations, net of tax			—						—						191
Income before equity in undistributed earnings of subsidiaries and preferred dividends			145						1,458						2,200
Equity in undistributed earnings of subsidiaries:
Banks			905						110						(454)
Non-banks			44						14						13
			949						124						(441)
Net income			1,094						1,582						1,759
Preferred stock dividends			(103)						(79)						(64)
Net income available to common shareholders			$	991					$	1,503					$	1,695

Statements of Cash Flows


			Year Ended December 31
			2020						2019						2018
			(In millions)
Operating activities:
Net income			$	1,094					$	1,582					$	1,759
Adjustments to reconcile net cash from operating activities:
Equity in undistributed earnings of subsidiaries			(949)						(124)						441
Provision for deferred income taxes			29						20						8
Depreciation, amortization and accretion, net			3						4						3
Loss on sale of assets			1						—						—
Loss on early extinguishment of debt			14						16						—
(Gain) on sale of business			—						—						(281)
Net change in operating assets and liabilities:
Other assets			3						18						(35)
Other liabilities			—						(7)						(8)
Other			44						102						23
Net cash from operating activities			239						1,611						1,910
Investing activities:
(Investment in) / repayment of investment in subsidiaries			—						(18)						146
Proceeds from sales and maturities of debt securities available for sale			4						5						8
Purchases of debt securities available for sale			(4)						(6)						(10)

Proceeds from disposition of business, net of cash transferred			—						—						357

Net cash from investing activities			—						(19)						501
Financing activities:
Net change in short-term borrowings			—						—						(101)
Proceeds from long-term borrowings			748						500						500
Payments on long-term borrowings			(1,039)						(751)						—
Cash dividends on common stock			(595)						(577)						(452)
Cash dividends on preferred stock			(103)						(79)						(64)
Net proceeds from issuance of preferred stock			346						490						—
Repurchase of common stock			—						(1,101)						(2,122)
Other			(5)						(2)						(2)
Net cash from financing activities			(648)						(1,520)						(2,241)
Net change in cash and cash equivalents			(409)						72						170
Cash and cash equivalents at beginning of year			1,935						1,863						1,693
Cash and cash equivalents at end of year			$	1,526					$	1,935					$	1,863