v3.24.0.1
Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Analysis Of The Allowance For Credit Losses By Portfolio Segment
 2023
 CommercialInvestor Real
Estate		ConsumerTotal
 (In millions)
Allowance for loan losses, December 31, 2022$665 $121 $678 $1,464 
Cumulative effect of accounting guidance (1)
(3)(3)(32)(38)
Allowance for loan losses, January 1, 2023 (adjusted for change in accounting guidance)662 118 646 $1,426 
Provision for loan losses205 74 268 547
Loan losses:
Charge-offs(197)— (293)(490)
Recoveries52 — 41 93 
Net loan (losses) recoveries(145)— (252)(397)
Allowance for loan losses, December 31, 20237221926621,576
Reserve for unfunded credit commitments, January 1, 202372 21 25 118 
Provision for (benefit from) unfunded credit losses20 (8)(6)6 
Reserve for unfunded credit commitments, December 31, 202392 13 19 124 
Allowance for credit losses, December 31, 2023$814 $205 $681 $1,700 

 2022
 CommercialInvestor Real
Estate		ConsumerTotal
 (In millions)
Allowance for loan losses, January 1, 2022$682 $79 $718 $1,479 
Provision for loan losses40 45 163 248 
Loan losses:
Charge-offs(107)(5)(263)(375)
Recoveries50 2 60 112 
Net loan (losses) recoveries(57)(3)(203)(263)
Allowance for loan losses, December 31, 2022665 121 678 1,464 
Reserve for unfunded credit commitments, January 1, 202258 8 29 95 
Provision for (benefit from) unfunded credit losses14 13 (4)23 
Reserve for unfunded credit commitments, December 31, 202272 21 25 118 
Allowance for credit losses, December 31, 2022$737 $142 $703 $1,582 
 2021
 CommercialInvestor Real
Estate		ConsumerTotal
 (In millions)
Allowance for loan losses, January 1, 2021$1,196 $183 $788 $2,167 
Provision for (benefit from) loan losses(445)(87)39 (493)
Initial allowance on acquired PCD loans— — 9 9 
Loan losses:
Charge-offs(128)(20)(180)(328)
Recoveries59 3 62 124 
Net loan (losses) recoveries(69)(17)(118)(204)
Allowance for loan losses, December 31, 2021682 79 718 1,479 
Reserve for unfunded credit commitments, January 1, 202197 14 15 126 
Provision for (benefit from) unfunded credit losses(39)(6)14 (31)
Reserve for unfunded credit commitments, December 31, 202158 8 29 95 
Allowance for credit losses, December 31, 2021$740 $87 $747 $1,574 
_____
(1) See Note 1 for additional information.
Financing Receivable Credit Quality Indicators
December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
Origination Year
20232022202120202019Prior
(In millions)
Commercial and industrial:
Risk rating:
   Pass$8,272 $9,123 $5,267 $2,326 $1,376 $3,210 $18,561 $— $53 $48,188 
   Special Mention87 186 71 109 26 90 484 — — 1,053 
   Substandard Accrual141 212 74 38 7 3 678 — — 1,153 
   Non-accrual128 102 37 6 20 10 168 — — 471 
Total commercial and industrial$8,628 $9,623 $5,449 $2,479 $1,429 $3,313 $19,891 $— $53 $50,865 
Gross charge-offs$12 $57 $55 $28 $15 $16 $12 $— $— $195 
December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
Origination Year
20232022202120202019Prior
(In millions)
Commercial real estate mortgage—owner-occupied:
Risk rating:
   Pass$799 $954 $988 $658 $343 $801 $76 $— $(5)$4,614 
   Special Mention21 13 33 20 7 13 14 — — 121 
   Substandard Accrual3 34 32 14 8 24 1 — — 116 
   Non-accrual4 3 10 8 3 8 — — — 36 
Total commercial real estate mortgage—owner-occupied:$827 $1,004 $1,063 $700 $361 $846 $91 $— $(5)$4,887 
Gross charge-offs$1 $— $— $— $— $1 $— $— $— $2 
Commercial real estate construction—owner-occupied:
Risk rating:
   Pass$89 $53 $44 $24 $11 $38 $3 $— $— $262 
   Special Mention— 7 — — — 1 — — — 8 
   Substandard Accrual— 1 — 1 — 1 — — — 3 
   Non-accrual2 — — 2 — 4 — — — 8 
Total commercial real estate construction—owner-occupied:$91 $61 $44 $27 $11 $44 $3 $— $— $281 
Gross charge-offs$— $— $— $— $— $— $— $— $— $— 
Total commercial$9,546 $10,688 $6,556 $3,206 $1,801 $4,203 $19,985 $— $48 $56,033 
Gross commercial charge-offs$13 $57 $55 $28 $15 $17 $12 $— $— $197 
Commercial investor real estate mortgage:
Risk rating:
   Pass$1,130 $1,587 $1,135 $488 $296 $110 $383 $— $(4)$5,125 
   Special Mention269 247 52 59 30 — 90 — — 747 
   Substandard Accrual134 197 — 67 67 3 32 — — 500 
   Non-accrual99 57 37 — 12 28 — — — 233 
Total commercial investor real estate mortgage$1,632 $2,088 $1,224 $614 $405 $141 $505 $— $(4)$6,605 
Gross charge-offs$— $— $— $— $— $— $— $— $— $— 
Commercial investor real estate construction:
Risk rating:
   Pass$256 $836 $280 $26 $2 $1 $649 $— $(15)$2,035 
   Special Mention— 122 — — — — 59 — — 181 
   Substandard Accrual— 25 — — — — 4 — — 29 
   Non-accrual— — — — — — — — — — 
Total commercial investor real estate construction$256 $983 $280 $26 $2 $1 $712 $— $(15)$2,245 
Gross charge-offs$— $— $— $— $— $— $— $— $— $— 
Total investor real estate$1,888 $3,071 $1,504 $640 $407 $142 $1,217 $— $(19)$8,850 
Gross investor real estate charge-offs$— $— $— $— $— $— $— $— $— $— 
Residential first mortgage:
FICO scores:
   Above 720$1,939 $2,863 $4,358 $4,390 $816 $2,353 $— $— $— $16,719 
   681-720226 298 355 255 52 294 — — — 1,480 
   620-68086 153 153 112 43 270 — — — 817 
   Below 62021 90 122 87 53 389 — — — 762 
   Data not available33 16 49 46 11 92 1 — 181 429 
Total residential first mortgage$2,305 $3,420 $5,037 $4,890 $975 $3,398 $1 $— $181 $20,207 
Gross charge-offs$— $— $— $— $— $1 $— $— $— $1 
December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
Origination Year
20232022202120202019Prior
(In millions)
Home equity lines:
FICO scores:
   Above 720$— $— $— $— $— $— $2,399 $45 $— $2,444 
   681-720— — — — — — 346 11 — 357 
   620-680— — — — — — 184 9 — 193 
   Below 620— — — — — — 97 7 — 104 
   Data not available— — — — — — 85 5 33 123 
Total home equity lines$— $— $— $— $— $— $3,111 $77 $33 $3,221 
Gross charge-offs$— $— $— $— $— $— $3 $— $— $3 
Home equity loans:
FICO scores:
   Above 720$322 $370 $397 $205 $93 $529 $— $— $— $1,916 
   681-72053 62 49 22 14 60 — — — 260 
   620-68019 27 23 8 8 52 — — — 137 
   Below 6202 8 12 5 7 35 — — — 69 
   Data not available1 4 5 3 3 25 — — 16 57 
Total home equity loans$397 $471 $486 $243 $125 $701 $— $— $16 $2,439 
Gross charge-offs$— $— $— $— $— $1 $— $— $— $1 
Consumer credit card:
FICO scores:
Above 720$— $— $— $— $— $— $780 $— $— $780 
681-720— — — — — — 254 — — 254 
620-680— — — — — — 210 — — 210 
Below 620— — — — — — 95 — — 95 
Data not available— — — — — — 20 — (18)2 
Total consumer credit card$— $— $— $— $— $— $1,359 $— $(18)$1,341 
Gross charge-offs$— $— $— $— $— $— $52 $— $— $52 
Other consumer—exit portfolios:
FICO scores:
   Above 720$— $— $— $— $2 $22 $— $— $— $24 
   681-720— — — — 1 4 — — — 5 
   620-680— — — — — 5 — — — 5 
   Below 620— — — — 1 7 — — — 8 
   Data not available— — — — — 1 — — — 1 
Total other consumer—exit portfolios$— $— $— $— $4 $39 $— $— $— $43 
Gross charge-offs$— $— $— $— $19 $31 $— $— $— $50 
December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
Origination Year
20232022202120202019Prior
(In millions)
Other consumer(2):
FICO scores:
   Above 720$1,312 $1,519 $501 $284 $155 $118 $119 $— $— $4,008 
   681-720270 409 136 74 34 29 67 — — 1,019 
   620-680178 294 103 50 21 20 53 — — 719 
   Below 62052 147 65 31 14 13 30 — — 352 
   Data not available94 10 7 5 114 65 1 — (149)147 
Total other consumer$1,906 $2,379 $812 $444 $338 $245 $270 $— $(149)$6,245 
Gross charge-offs$59 $57 $32 $17 $9 $12 $— $— $— $186 
Total consumer loans$4,608 $6,270 $6,335 $5,577 $1,442 $4,383 $4,741 $77 $63 $33,496 
Gross consumer charge-offs$59 $57 $32 $17 $28 $45 $55 $— $— $293 
Total Loans$16,042 $20,029 $14,395 $9,423 $3,650 $8,728 $25,943 $77 $92 $98,379 
Total Gross charge-offs$72 $114 $87 $45 $43 $62 $67 $— $— $490 
December 31, 2022
Term LoansRevolving LoansRevolving Loans Converted to Amortizing
Unallocated (1)
Total
Origination Year
20222021202020192018Prior
(In millions)
Commercial and industrial:
Risk rating:
Pass$11,948 $7,167 $3,277 $2,297 $1,026 $3,283 $19,599 $— $313 $48,910 
Special Mention85 120 70 30 32 1 282 — — 620 
Substandard Accrual248 114 39 57 53 17 500 — — 1,028 
Non-accrual95 55 11 9 36 6 135 — — 347 
Total commercial and industrial$12,376 $7,456 $3,397 $2,393 $1,147 $3,307 $20,516 $— $313 $50,905 
Commercial real estate mortgage—owner-occupied:
Risk rating:
Pass$1,058 $1,175 $929 $479 $519 $626 $89 $— $(5)$4,870 
Special Mention7 32 17 10 15 12 2 — — 95 
Substandard Accrual10 16 36 35 5 6 1 — — 109 
Non-accrual1 2 9 1 5 11 — — — 29 
Total commercial real estate mortgage—owner-occupied:$1,076 $1,225 $991 $525 $544 $655 $92 $— $(5)$5,103 
Commercial real estate construction—owner-occupied:
Risk rating:
Pass$115 $79 $22 $15 $15 $38 $1 $— $— $285 
Special Mention— — — — 2 — — — — 2 
Substandard Accrual2 — 2 — — 1 — — — 5 
Non-accrual— — 1 1 — 4 — — — 6 
Total commercial real estate construction—owner-occupied:$117 $79 $25 $16 $17 $43 $1 $— $— $298 
Total commercial$13,569 $8,760 $4,413 $2,934 $1,708 $4,005 $20,609 $— $308 $56,306 
December 31, 2022
Term LoansRevolving LoansRevolving Loans Converted to Amortizing
Unallocated (1)
Total
Origination Year
20222021202020192018Prior
(In millions)
Commercial investor real estate mortgage:
Risk rating:
Pass$2,332 $1,321 $634 $466 $257 $94 $490 $— $(7)$5,587 
Special Mention229 75 — 18 — 3 38 — — 363 
Substandard Accrual107 — 74 138 68 3 — — — 390 
Non-accrual52 — — — — 1 — — — 53 
Total commercial investor real estate mortgage$2,720 $1,396 $708 $622 $325 $101 $528 $— $(7)$6,393 
Commercial investor real estate construction:
Risk rating:
Pass$458 $402 $205 $112 $— $1 $722 $— $(16)$1,884 
Special Mention25 52 — — — — 5 — — 82 
Substandard Accrual3 — 17 — — — — — — 20 
Non-accrual— — — — — — — — — — 
Total commercial investor real estate construction$486 $454 $222 $112 $— $1 $727 $— $(16)$1,986 
Total investor real estate$3,206 $1,850 $930 $734 $325 $102 $1,255 $— $(23)$8,379 
Residential first mortgage:
FICO scores:
Above 720$2,485 $4,455 $4,765 $899 $327 $2,445 $— $— $— $15,376 
681-720337 412 313 83 42 300 — — — 1,487 
620-680168 183 129 53 34 295 — — — 862 
Below 62042 92 77 52 40 379 — — — 682 
Data not available27 45 47 13 4 98 2 — 167 403 
Total residential first mortgage$3,059 $5,187 $5,331 $1,100 $447 $3,517 $2 $— $167 $18,810 
Home equity lines:
FICO scores:
Above 720$— $— $— $— $— $— $2,620 $47 $— $2,667 
681-720— — — — — — 369 12 — 381 
620-680— — — — — — 212 11 — 223 
Below 620— — — — — — 99 8 — 107 
Data not available— — — — — — 97 4 31 132 
Total home equity lines$— $— $— $— $— $— $3,397 $82 $31 $3,510 
Home equity loans
FICO scores:
Above 720$436 $466 $250 $117 $106 $582 $— $— $— $1,957 
681-72075 62 26 17 14 67 — — — 261 
620-68029 28 11 12 9 58 — — — 147 
Below 6204 8 4 5 7 38 — — — 66 
Data not available4 3 3 3 4 24 — — 17 58 
Total home equity loans$548 $567 $294 $154 $140 $769 $— $— $17 $2,489 
Consumer credit card:
FICO scores:
Above 720$— $— $— $— $— $— $719 $— $— $719 
681-720— — — — — — 246 — — 246 
620-680— — — — — — 204 — — 204 
Below 620— — — — — — 86 — — 86 
Data not available— — — — — — 9 — (16)(7)
Total consumer credit card$— $— $— $— $— $— $1,264 $— $(16)$1,248 
December 31, 2022
Term LoansRevolving LoansRevolving Loans Converted to Amortizing
Unallocated (1)
Total
Origination Year
20222021202020192018Prior
(In millions)
Other consumer- exit portfolios:
FICO scores:
Above 720$— $— $— $102 $172 $96 $— $— $— $370 
681-720— — — 30 40 23 — — — 93 
620-680— — — 17 30 17 — — — 64 
Below 620— — — 7 17 10 — — — 34 
Data not available— — — 1 3 3 — — 2 9 
Total other consumer- exit portfolios$— $— $— $157 $262 $149 $— $— $2 $570 
Other consumer(2):
FICO scores:
Above 720$2,072 $674 $382 $215 $99 $80 $119 $— $— $3,641 
681-720493 200 106 50 23 20 66 — — 958 
620-680348 153 73 34 19 15 55 — — 697 
Below 620102 69 38 20 12 8 23 — — 272 
Data not available61 6 5 130 73 5 2 — (153)129 
Total other consumer$3,076 $1,102 $604 $449 $226 $128 $265 $— $(153)$5,697 
Total consumer loans$6,683 $6,856 $6,229 $1,860 $1,075 $4,563 $4,928 $82 $48 $32,324 
Total Loans$23,458 $17,466 $11,572 $5,528 $3,108 $8,670 $26,792 $82 $333 $97,009 
________
(1)These amounts consist of fees that are not allocated at the loan level and loans serviced by third parties wherein Regions does not receive FICO or vintage information.
(2)Other consumer class includes overdrafts and related gross charge-offs. Overdrafts are included in the current vintage year and the majority of overdraft gross charge-offs for the twelve months ended December 31, 2023 are also included in the current vintage year.
Past Due Financing Receivables
The following tables include an aging analysis of DPD and loans on non-accrual status for each portfolio segment and class as of December 31, 2023 and December 31, 2022. Loans on non-accrual status with no related allowance totaled $280 million comprised of commercial and investor real estate loans at December 31, 2023. Loans on non-accrual status with no related allowance totaled $151 million comprised of commercial loans at December 31, 2022. Non–accrual loans with no related allowance typically include loans where the underlying collateral is deemed sufficient to recover all remaining principal. Loans that have been fully charged-off do not appear in the tables below.
 2023
 Accrual Loans   
 30-59 DPD60-89 DPD90+ DPDTotal
30+ DPD		Total
Accrual		Non-accrualTotal
 (In millions)
Commercial and industrial$43 $21 $11 $75 $50,394 $471 $50,865 
Commercial real estate mortgage—owner-occupied3 2 — 5 4,851 36 4,887 
Commercial real estate construction—owner-occupied— 1 — 1 273 8 281 
Total commercial46 24 11 81 55,518 515 56,033 
Commercial investor real estate mortgage— — 23 23 6,372 233 6,605 
Commercial investor real estate construction— — — — 2,245 — 2,245 
Total investor real estate— — 23 23 8,617 233 8,850 
Residential first mortgage104 48 95 247 20,185 22 20,207 
Home equity lines17 10 20 47 3,192 29 3,221 
Home equity loans10 4 7 21 2,433 6 2,439 
Consumer credit card11 8 20 39 1,341 — 1,341 
Other consumer—exit portfolios2 1 — 3 43 — 43 
Other consumer60 31 29 120 6,245 — 6,245 
Total consumer204 102 171 477 33,439 57 33,496 
$250 $126 $205 $581 $97,574 $805 $98,379 
 
 2022
 Accrual Loans   
 30-59 DPD60-89 DPD90+ DPDTotal
30+ DPD		Total
Accrual		Non-accrualTotal
 (In millions)
Commercial and industrial$36 $20 $30 $86 $50,558 $347 $50,905 
Commercial real estate mortgage—owner-occupied7 2 1 10 5,074 29 5,103 
Commercial real estate construction—owner-occupied— — — — 292 6 298 
Total commercial43 22 31 96 55,924 382 56,306 
Commercial investor real estate mortgage— — 40 40 6,340 53 6,393 
Commercial investor real estate construction— — — — 1,986 — 1,986 
Total investor real estate— — 40 40 8,326 53 8,379 
Residential first mortgage87 45 81 213 18,779 31 18,810 
Home equity lines18 12 15 45 3,482 28 3,510 
Home equity loans8 3 8 19 2,483 6 2,489 
Consumer credit card9 7 15 31 1,248 — 1,248 
Other consumer—exit portfolios7 3 1 11 570 — 570 
Other consumer46 21 17 84 5,697 — 5,697 
Total consumer175 91 137 403 32,259 65 32,324 
$218 $113 $208 $539 $96,509 $500 $97,009 
Modifications by class and segment
For each portfolio segment and class, the following table presents the end of period balance of new modifications to troubled borrowers and the related percentage of the loan portfolio period-end balance by the type of modification in the twelve months ended December 31, 2023. During 2023, the Company did not make any modifications of principal forgiveness.
2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment DeferralTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$379 0.75 %$139 0.27 %$— — %$37 0.07 %$555 1.09 %
Commercial real estate mortgage—owner-occupied3 0.05 %— — %— — %— — %3 0.06 %
Commercial real estate construction—owner-occupied2 0.67 %1 0.15 %— — %— — %3 0.81 %
Total commercial384 0.68 %140 0.25 %— — %37 0.07 %561 1.00 %
Commercial investor real estate mortgage213 3.23 %— — %— — %— — %213 3.23 %
Total investor real estate213 2.41 %— — %— — %— — %213 2.41 %
Residential first mortgage94 0.46 %2 0.01 %3 0.02 %— — %99 0.49 %
Home equity lines1 0.02 %— — %4 0.11 %— — %5 0.13 %
Home equity loans4 0.17 %— — %5 0.18 %— — %9 0.35 %
Total consumer99 0.29 %2 0.01 %12 0.03 %— — %113 0.34 %
$696 0.71 %$142 0.14 %$12 0.01 %$37 0.04 %$887 0.90 %
____
(1) Amounts calculated based upon whole dollar values.
Financial impact of modifications to troubled borrowers
The following table presents the financial impact of modifications to troubled borrowers during 2023 by portfolio segment, class of financing receivable, and the type of modification. The table includes new modifications to troubled borrowers, as well as renewals of existing modifications to troubled borrowers.
2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment Deferral
Weighted-Average Term Extension Weighted-Average Payment DeferralWeighted-Average Term Extension Weighted-Average Reduction in Interest RateWeighted-Average Term Extension Weighted-Average Payment Deferral
(In years, except for percentage data)
Commercial and industrial10.5— — 33
Commercial real estate mortgage—owner-occupied1.50— — — — — 
Commercial real estate construction—owner-occupied0.25— — — — — 
Commercial investor real estate mortgage0.83— — — — — 
Residential first mortgage60.8371 %— — 
Home equity lines18— 211 %— — 
Home equity loans14— 172 %— — 
In addition to the financial impacts in the table above, during the twelve months ended December 31, 2023, there were instances of commercial and industrial payment deferrals in which the amortization period was doubled to maturity.
Aging and non-accrual performance for modifications to troubled borrowers
The following table includes the end of period balances of aging and non-accrual performance for modifications to troubled borrowers modified in the twelve-month period since the adoption of related accounting guidance by portfolio segment and class.
2023
Current30-89 DPD90+ DPDNon-Performing LoansTotal
(In millions)
Commercial and industrial$355 $— $5 $195 $555 
Commercial real estate mortgage—owner-occupied1 — — 2 3 
Commercial real estate construction—owner-occupied— — — 3 3 
Total commercial356 — 5 200 561 
Commercial investor real estate mortgage151 — — 62 213 
Total investor real estate151 — — 62 213 
Residential first mortgage75 16 5 3 99 
Home equity lines5 — — — 5 
Home equity loans6 1 — 2 9 
Total consumer86 17 5 5 113 
$593 $17 $10 $267 $887 
For modifications to troubled borrowers, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified as non-accrual status during the reporting period. As of December 31, 2023, subsequent defaults of the loans restructured as a modification to a troubled borrower during the twelve-month period ended December 31, 2023 totaled $116 million.
Troubled Debt Restructurings on Financing Receivables
The following table presents the end of period balance for loans modified in a TDR during the period presented by portfolio segment and class, and the financial impact of those modifications. The table includes modifications made to new TDRs, as well as renewals of existing TDRs.
Twelve Months Ended December 31, 2022
Financial Impact
of Modifications
Considered TDRs
Number of
Obligors		Recorded
Investment		Increase in
Allowance at
Modification
(Dollars in millions)
Commercial and industrial50 $174 $— 
Commercial real estate mortgage—owner-occupied11 5 — 
Commercial real estate construction—owner-occupied— 3 — 
Total commercial61 182 — 
Commercial investor real estate mortgage5 48 — 
Commercial investor real estate construction— — — 
Total investor real estate5 48 — 
Residential first mortgage983 135 6 
Home equity lines94 6 4 
Home equity loans208 14 — 
Consumer credit card4 — — 
Other consumer—exit portfolios— — — 
Other consumer5 — — 
Total consumer1,294 155 10 
1,360 $385 $10