Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - REGIONS FINANCIAL CORP | d569308d8k.htm |
| EX-99.1 - EX-99.1 - REGIONS FINANCIAL CORP | d569308dex991.htm |
| EX-99.2 - EX-99.2 - REGIONS FINANCIAL CORP | d569308dex992.htm |
 Regions Financial
2nd Quarter 2013 Earnings
Conference Call
July 23, 2013
Exhibit 99.3 |
 2
Continued momentum
2Q13 Highlights
“By continuing to execute on our business
priorities, our company is well-positioned to
capitalize on opportunities.”
•
Loan balances grew $1.1B; almost
70% of markets experienced
growth
•
Expanded customer base and grew
core checking accounts
•
Invested in improved technology
and experienced bankers
•
Disciplined expense management
continued
•
Executed capital plan to reduce
future funding costs
Net Interest Income
$808
Non-Interest Revenue
$497
Non-Interest Expense
$884
Net Income
(1)
$259
Diluted EPS
$0.18
Adjusted Pre-Tax Pre-
Provision Income
(2)
$469
(1)
Available to common shareholders
(2)
Non-GAAP, see appendix for GAAP to Non-GAAP reconciliation
($ in millions, except per share data) |
 3
Loan balances increased
Commercial and Industrial Loan Balances
(1)
Total Loan Balances
(1)
(1)
Ending balances
•
Total loan balances grew $1.1 billion
linked quarter
•
Commercial and industrial loans
increased 5% linked quarter
•
Experienced more modest pace of
decline in investor real estate
portfolio
•
Indirect auto production up 21%
linked quarter as dealer network
expands
•
Credit card balances were up as the
number of card holders increased
over 2%
•
Continue to project loan growth in
the low single-digits for 2013 |
 4
Improved funding mix continues to drive
decline in deposit costs
•
Average low-cost deposits grew
$230 million linked quarter
•
Positive re-pricing and mix shift led
to deposit costs declining to 15 bps,
down 3 bps for the quarter
•
Time deposits fell to 12% of total
deposits
•
Additional $3.6 billion dollars of
CDs maturing in the second half of
2013 at an average rate of 43 basis
points
Deposit Balances
(1)
and Deposit Costs
(1)
Average balances |
 5
Net interest income increased and net
interest margin expanded
•
Net interest income was up 1%
linked quarter, driven by an
additional day in the quarter,
incremental loan growth, continued
declines in deposit costs and liability
management activity
•
Net interest margin was up 3 basis
points linked quarter, driven by a
reduction of deposit and borrowing
costs, as well as a decline in excess
average cash balances
•
Recent rise in long-term interest
rates has increased expectations for
future net interest margin; if rates
remain at current level or increase
further, modest margin expansion is
expected over time
Net Interest Income and Net Interest Margin |
 6
Interest rate sensitivity summary
Net interest income remains asset sensitive to increases in both
short-term
and longer-term rates
(1)
NII impact due to instantaneous rate versus base case scenario
*Based on market forward rates as of June 30, 2013
12-
Month Net Interest Income Impact From
Incremental Longer-term Rate Increases
(1)
LT Rate Change
NII Impact
+100 bps
+$132 MM
-50 bps
-$72 MM
12-
Month Net Interest Income Impact From
Incremental Short-term Rate Increases
(1)
ST Rate Change
NII Impact
+100 bps
+$81MM
-50 bps
-$56MM
•
As long-term rates rise, reinvestment yields are more favorable in the
securities portfolio •
Premium amortization declines as mortgage prepayments slow
•
Securities portfolio consists of $20 billion or 84% mortgage-backed
securities |
 7
Investment portfolio activity
Earning Assets*
Securities Portfolio*
($ in billions)
Available
for Sale
(1)
Held to
Maturity
(2)
Mortgage-backed securities:
Residential agency
$16.4
$1.9
Residential non-agency
-
-
Commercial agency
0.8
-
Commercial non-agency
1.1
0.2
Corporate and other debt securities
2.8
-
Other
(3)
0.9
0.3
Total
$22.0
$2.4
•
Overall size of investment portfolio
declined $2.7 billion linked quarter
•
Moved $2.4 billion in securities to
Held to Maturity
•
Will reduce wholesale borrowings,
reduce overall balance sheet size,
reduce tangible common equity
volatility, as well as increase flexibility
in asset and liability management
•
Offset portfolio sales with derivatives
in order to maintain sensitivity profile
•
Including assets moved to Held to
Maturity, securities portfolio was
$24.4 billion or 24% of earning
assets at the end of the second
quarter
(1)
Fair value includes approximately $1 million of net unrealized pre-tax
losses. (2)
Carrying value includes approximately $111 million of net unrealized pre-tax
loss recognized in Other Comprehensive Income on Held To Maturity securities
resulting from the transfer of Available For Sale securities to Held To Maturity.
(3)
Includes U.S. Treasury securities, Federal agency securities, obligations of states
and political subdivisions and equity securities *At June 30, 2013
|
 8
Non-interest revenue relatively flat
•
Mortgage income was slightly down
•
Mortgage loan production was
$1.9 billion dollars, an
increase of 6% over the prior
quarter
•
Service charges income were
impacted by lower NSF fees
•
Experienced an increase in
net checking accounts and
number of households
•
Continued focus on other revenue
generating products and services,
such as Now banking suite of
products
Non-Interest Revenue |
 9
Expense control –
a culture, not a campaign
•
Non-interest
expenses¹
declined
2%
linked quarter, excluding debt
extinguishment costs related to the
early termination of certain debt and
preferred securities
•
Credit related costs continued to
decline
•
Professional and legal fees declined
•
Salaries and benefits increased
slightly related to additional staffing in
income producing areas, as well as
increases for merit and incentive
compensation
•
Continue to expect overall 2013
expenses to be below 2012 expenses
Adjusted Non-Interest Expenses
(1)
(1)
Excluding certain adjustments-Non-GAAP, see appendix for GAAP to
Non-GAAP reconciliation 1% decrease Y-O-Y
|
 10
NPLs and Coverage Ratio
(2)
Continued improvement in asset quality
Net Charge-Offs and Ratio
Criticized and Classified Loans
(3)
Allowance for Loan Losses / Total
Loans
(1)
Year-over-year change
(2)
Excludes loans held for sale
(3)
Includes commercial and investor real estate loans only
|
 11
Capital position remains strong
•
Successfully completed several actions that
serve to improve capital efficiency:
•
Redeemed $350 million of 7.75% senior
notes
•
Issued $750 million of 2% senior notes
•
Redeemed $498 million of 6.625% Trust
Preferred Securities
•
Redeemed $100 million of 7.75% Union
Planters REIT Preferred Stock
•
Increased common stock dividend
•
Repurchased approximately half of the
$350 million dollars in common stock that
was approved by our Board of Directors
•
Basel
III
Tier
1
Common
ratio
(1)(2)
estimated
under the new proposed rules at 10.4%
•
Loan to deposit ratio remains low at 81%
Tier 1 capital ratio
(1)
(1)
Current quarter ratios are estimated
(2)
Non-GAAP
–
See
appendix
for
reconciliation
Tier 1 common ratio
(1)(2) |
 12
Appendix |
 13
Liability management summary
(1)
Impact to net income after tax from liability management activities during the
second quarter was $43.4 million (2)
Union
Planters
Preferred
and
Institutional
Trust
Preferred
Securities
upfront
costs
include
acceleration
of
unamortized
issuance
costs
(3)
Up-front costs associated with the Union Planters Preferred Tender are not tax
deductible (4)
Up-front cost and projected benefit include the impact of associated interest
rate swap; 3 month libor assumed flat at 0.28% Security
Face Amount
Retired
Dividend/Coupon
Up-front Costs
(pre-tax)
(1)
Projected Next 12
Month Run Rate
Benefit (pre-tax)
Strategic Impact
Union Planters Preferred Tender
(2) (3)
$100
7.750%
($23.8)
$8.4
Elimination of high cost
Basel III inefficient security
Parent Senior Debt Tender
(4)
$350
7.750%
($26.6)
$17.8
Reduction in high cost long-
term debt
Institutional TruPS Call
(2)
$498
6.625%
($5.7)
$33.1
Elimination of high cost
Basel III inefficient security
Aggregate Impact
($56.1)
$59.4
Q2 2013 -
Liability Management
Summary
($ in millions) |
 14
Non-GAAP
reconciliation:
Pre-tax
pre-
provision
income
The Pre-Tax Pre-Provision Income (PPI) table below presents computations of
pre-tax pre-provision income from continuing operations excluding certain adjustments (non-GAAP). Regions believes
that the presentation of PPI and the exclusion of certain items to PPI provides a
meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the
operating results of the Company and predicting future performance. These
non-GAAP financial measures are also used by management to assess the performance of Regions' business. It is
possible that the activities related to the adjustments may recur; however,
management does not consider the activities related to the adjustments to be indications of ongoing operations. Regions
believes that presentation of these non-GAAP financial measures will permit
investors to assess the performance of the Company on the same basis as that applied by management. Non-GAAP
financial measures have inherent limitations, are not required to be uniformly
applied and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the
evaluation of a company, they have limitations as analytical tools, and should not
be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a
measure of income that excludes certain adjustments does not represent the amount
that effectively accrues directly to stockholders. (1)
After tax amounts for leveraged lease terminations gains are zero for 6/30/2013,
3/31/2013, 12/31/2012 and 9/30/2012, respectively, and $0.6 million
for 6/30/2012. ($ amounts in millions)
6/30/13
3/31/13
12/31/12
9/30/12
6/30/12
common shareholders (GAAP)
260
$
325
$
273
$
312
$
280
$
(65)
$
-20.0%
(20)
$
-7.1%
8
8
4
-
71
-
-
(63)
-88.7%
122
114
138
136
126
8
7.0%
(4)
-3.2%
taxes (GAAP)
390
447
415
448
477
(57)
-12.8%
(87)
-18.2%
31
10
37
33
26
21
210.0%
5
19.2%
(non-GAAP)
421
457
452
481
503
(36)
-7.9%
(82)
-16.3%
Other Adjustments:
Securities gains, net
(8)
(15)
(12)
(12)
(12)
7
-46.7%
4
-33.3%
Leveraged lease termination gains, net
(1)
-
-
-
-
(7)
-
NM
7
-100.0%
Loss on early extinguishment of debt
56
-
11
-
-
56
NM
56
NM
Securities impairment, net
-
-
-
-
2
-
NM
(2)
-100.0%
REIT investment early termination costs
-
-
42
-
-
-
NM
-
NM
Total other adjustments
48
(15)
41
(12)
(17)
63
-420.0%
65
-382.4%
operations (non-GAAP)
469
$
442
$
493
$
469
$
486
$
27
$
6.1%
(17)
$
-3.5%
2Q13
2Q13
vs. 1Q13
vs. 2Q12
Quarter Ended
Pre-tax pre-provision income from continuing operations
Adjusted pre-tax pre-provision income from continuing
Income from continuing operations available to
Preferred dividends (GAAP)
Income tax expense (GAAP)
Income from continuing operations before income
Provision for loan losses (GAAP) |
 15
Non-GAAP
reconciliation:
Non-interest
expense
($ amounts in millions)
6/30/13
3/31/13
12/31/12
9/30/12
6/30/12
Continuing Operations
Non-interest expense (GAAP)
884
$
842
$
902
$
869
$
842
$
42
$
5.0%
42
$
5.0%
Adjustments:
REIT investment early termination costs
-
-
(42)
-
-
-
NM
-
NM
Loss on early extinguishment of debt
(56)
-
(11)
-
-
(56)
NM
(56)
NM
Securities impairment, net
-
-
-
-
(2)
-
NM
2
-100.0%
Adjusted non-interest expense (non-GAAP)
828
$
842
$
849
$
869
$
840
$
(14)
$
-1.7%
(12)
$
-1.4%
Quarter Ended
2Q13 vs. 1Q13
2Q13 vs. 2Q12
The
table
below
presents
non-interest
expense
(GAAP)
excluding
certain
adjustments
to
arrive
at
adjusted
non-interest
expense
(non-GAAP).
Regions
believes
that
the
exclusion
of
these
adjustments
provides
a
meaningful
base
for
period-to-period
comparisons,
which
management
believes
will
assist
investors
in
analyzing
the
operating
results
of
the
Company
and
predicting
future
performance.
This
non-GAAP
financial
measure
is
also
used
by
management
to
assess
the
performance
of
Regions'
business.
It
is
possible
that
the
activities
related
to
the
adjustments
may
recur;
however,
management
does
not
consider
the
activities
related
to
the
adjustments
to
be
indications
of
ongoing
operations.
Regions
believes
that
presentation
of
this
non-GAAP
financial
measure
will
permit investors to assess the performance of the Company on the
same basis as that applied by management. |
 16
Non-GAAP reconciliation: Tier 1 common
The following table provides calculations of Tier 1 capital (regulatory) and
"Tier 1 common equity" (non-GAAP). Traditionally, the Federal Reserve and other banking regulatory bodies have
assessed a bank's capital adequacy based on Tier 1 capital, the calculation of which
is prescribed in amount by federal banking regulations. In connection with the Company's
Comprehensive Capital Analysis and Review ("CCAR"), these regulators are
supplementing their assessment of the capital adequacy of a bank based on a variation of Tier 1 capital, known
as Tier 1 common equity. While not prescribed in amount by federal banking
regulations (under Basel I), analysts and banking regulators have assessed Regions' capital adequacy using the
Tier 1 common equity measure. Because Tier 1 common equity is not formally
defined by GAAP or prescribed in any amount by federal banking regulations (under Basel I), this measure is
currently
considered
to
be
a
non-GAAP
financial
measure
and
other
entities
may
calculate
it
differently
than
Regions'
disclosed
calculations.
Since
analysts
and
banking
regulators
may
assess Regions' capital adequacy using Tier 1 common equity, management believes
that it is useful to provide investors the ability to assess Regions' capital adequacy on this same basis.
Tier 1 common equity is often expressed as a percentage of risk-weighted
assets. Under the risk-based capital framework, a company's balance sheet assets and credit equivalent amounts
of off-balance sheet items are assigned to one of four broad risk
categories. The aggregated dollar amount in each category is then multiplied by the risk-weighted category. The resulting
weighted values from each of the four categories are added together and this sum is
the risk-weighted assets total that, as adjusted, comprises the denominator of certain risk-based capital
ratios. Tier 1 capital is then divided by this denominator (risk-weighted
assets) to determine the Tier 1 capital ratio. Adjustments are made to Tier 1 capital to arrive at Tier 1 common equity
(non-GAAP). Tier 1 common equity (non-GAAP) is also divided by the
risk-weighted assets to determine the Tier 1 common equity ratio (non-GAAP). The amounts disclosed as risk-
weighted assets are calculated consistent with banking regulatory
requirements. (1)
Current quarter amount and the resulting ratio are estimated.
($ amounts in millions)
6/30/13
3/31/13
12/31/12
9/30/12
6/30/12
As of and for Quarter Ended
TIER 1 COMMON RISK-BASED RATIO
(1)
-
CONSOLIDATED
Stockholders' equity (GAAP)
15,329
$
15,740
$
15,499
$
14,901
$
14,455
$
Accumulated other comprehensive (income) loss
478
12
(65)
(202)
(54)
Non-qualifying goodwill and intangibles
(4,813)
(4,819)
(4,826)
(4,836)
(4,852)
Disallowed deferred tax assets
-
-
(35)
(238)
(336)
Disallowed servicing assets
(30)
(37)
(33)
(33)
(33)
Qualifying non-controlling interests
-
93
93
93
92
Qualifying trust preferred securities
3
501
501
846
846
Tier 1 capital (regulatory)
10,967
$
11,490
$
11,134
$
10,531
$
10,118
$
Qualifying non-controlling interests
-
(93)
(93)
(93)
(92)
Qualifying trust preferred securities
(3)
(501)
(501)
(846)
(846)
Preferred stock
(466)
(474)
(482)
-
-
Tier 1 common equity (non-GAAP)
A
10,498
$
10,422
$
10,058
$
9,592
$
9,180
$
Risk-weighted assets (regulatory)
B
93,747
92,787
92,811
91,723
91,779
Tier 1 common risk-based ratio (non-GAAP)
A/B
11.2%
11.2%
10.8%
10.5%
10.0% |
 17
Non-GAAP reconciliation: Basel III
(1)
Under Basel III, in addition to goodwill and other identified intangibles
regulatory capital must be reduced by purchased credit card relationship
intangible assets. The majority of these assets are allowed in Basel I capital.
(2)
Regions continues to develop systems and internal controls to precisely calculate
risk-weighted assets as required by Basel III. The amount included above
is a reasonable approximation, based on our understanding of the requirements.
The
following
table
provides
calculations
of
Tier
1
common,
based
on
Regions’
current
understanding
of
the
Final
Basel
III
requirements,
released
in
July
2013.
Regions currently calculates its risk-based capital ratios under guidelines
adopted by the Federal Reserve based on the 1988 Capital Accord (“Basel I”) of the
Basel Committee on Banking Supervision (the “Basel Committee”). In
December 2010, the Basel Committee released its final framework for Basel III, which will
strengthen international capital and liquidity regulation. In June 2012, U.S.
Regulators released three separate Notices of Proposed Rulemaking covering U.S.
implementation
of
the
Basel
III
framework.
In
July
2013,
U.S.
Regulators
released
final
rules
covering
the
U.S.
implementation
of
the
Basel
III
framework,
which
will change capital requirements and place greater emphasis on common equity.
For Regions, the Basel III framework will be phased in beginning in 2015 with
full
implementation
complete
beginning
in
2019.
The
calculations
provided
below
are
estimates,
based
on
Regions’
current
understanding
of
the
final
framework,
including
the
Company’s
interpretation
of
the
requirements,
and
informal
feedback
received
through
the
regulatory
process.
Regions’
understanding
of
the
framework
is
evolving
and
will
likely
change
as
analysis
and
discussions
with
regulators
continue.
Because
the
Basel
III
implementation
regulations
are
not
formally
defined
by
GAAP,
these
measures
are
considered
to
be
non-GAAP
financial
measures,
and
other
entities
may
calculate
them
differently
from
Regions’
disclosed
calculations.
Since
analysts
and
banking
regulators
may
assess
Regions’
capital
adequacy
using
the
Basel
III
framework,
we
believe
that
it
is
useful
to
provide
investors
the
ability
to
assess
Regions’
capital
adequacy
on
the
same
basis.
Estimate based on July
2013 Final Rules
($ amounts in millions)
6/30/2013
Stockholders' equity (GAAP)
15,329
$
Non-qualifying
goodwill
and
intangibles
(1)
(4,946)
Final Rules Adjustments
Adjustments, including all components of Accumulated Other Comprehensive Income,
disallowed deferred tax assets,
threshold deductions and other adjustments
350
Non-Common Tier 1
(466)
Basel III Tier 1 Common (non-GAAP)
10,267
$
Basel I risk-weighted assets
93,747
Basel III risk-weighted assets
(2)
98,627
Basel III Tier 1 Common Ratio
10.4% |
 18
Forward-looking statements
This
presentation
may
include
forward-looking
statements
which
reflect
Regions’
current
views
with
respect
to
future
events
and
financial
performance.
The
Private
Securities
Litigation
Reform
Act
of
1995
(“the
Act”)
provides
a
“safe
harbor”
for
forward-looking
statements
which
are
identified
as
such
and
are
accompanied
by
the
identification
of
important
factors
that
could
cause
actual
results
to
differ
materially
from
the
forward-looking
statements.
For
these
statements,
we,
together
with
our
subsidiaries,
unless
the
context
implies
otherwise,
claim
the
protection
afforded
by
the
safe
harbor
in
the
Act.
Forward-looking
statements
are
not
based
on
historical
information,
but
rather
are
related
to
future
operations,
strategies,
financial
results
or
other
developments.
Forward-looking
statements
are
based
on
management’s
expectations
as
well
as
certain
assumptions
and
estimates
made
by,
and
information
available
to,
management
at
the
time
the
statements
are
made.
Those
statements
are
based
on
general
assumptions
and
are
subject
to
various
risks,
uncertainties
and
other
factors
that
may
cause
actual
results
to
differ
materially
from
the
views,
beliefs
and
projections
expressed
in
such
statements.
These
risks,
uncertainties
and
other
factors
include,
but
are
not
limited
to,
those
described
below:
>The Dodd-Frank Wall Street Reform and Consumer Protection Act (the
“Dodd-Frank Act”) became law in July 2010, and a number of legislative, regulatory and tax proposals remain pending. Future
and proposed rules may have significant effects on Regions and the financial
services industry, the exact nature and extent of which cannot be determined at this time.
>Possible additional loan losses, impairment of goodwill and other intangibles,
and adjustment of valuation allowances on deferred tax assets and the impact on earnings and capital.
>Possible changes in interest rates may increase funding costs and reduce
earning asset yields, thus reducing margins. Increases in benchmark interest rates could also increase debt service
requirements
for
customers
whose
terms
include
a
variable
interest
rate,
which
may
negatively
impact
the
ability
of
borrowers
to
pay
as
contractually
obligated.
>Possible adverse changes in general economic and business conditions in the
United States in general and in the communities Regions serves in particular.
>Possible changes in the creditworthiness of customers and the possible
impairment of the collectability of loans. >Possible
changes
in
trade,
monetary
and
fiscal
policies,
laws
and
regulations
and
other
activities
of
governments,
agencies,
and
similar
organizations,
may
have
an
adverse
effect
on
business.
>Possible
regulations
issued
by
the
Consumer
Financial
Protection
Bureau
or
other
regulators
which
might
adversely
impact
Regions’
business
model
or
products
and
services.
>Regions’
ability to take certain capital actions, including paying dividends and any plans to
increase common stock dividends, repurchase common stock under current or future programs, or issue or
redeem
preferred
stock
or
other
regulatory
capital
instruments,
is
subject
to
the
review
of
such
proposed
actions
by
the
Federal
Reserve
as
part
of
Regions’
comprehensive
capital
plan
for
the
applicable period in connection with the regulators’
Comprehensive Capital Analysis and Review (CCAR) process and to
the acceptance of such capital plan and non-objection to such capital actions
by the Federal Reserve.
>Possible stresses in the financial and real estate markets, including possible
deterioration in property values. >Regions’
ability
to
manage
fluctuations
in
the
value
of
assets
and
liabilities
and
off-balance
sheet
exposure
so
as
to
maintain
sufficient
capital
and
liquidity
to
support
Regions’
business.
>Regions’
ability to expand into new markets and to maintain profit margins in the face of
competitive pressures. >Regions’
ability
to
develop
competitive
new
products
and
services
in
a
timely
manner
and
the
acceptance
of
such
products
and
services
by
Regions’
customers
and
potential
customers.
>Cyber-security
risks,
including
“denial
of
service,”
“hacking”
and
“identity
theft,”
that
could
adversely
affect
our
business
and
financial
performance,
or
our
reputation.
>Regions’
ability to keep pace with technological changes.
>Regions’
ability to effectively identify and manage credit risk, interest rate risk, market
risk, operational risk, legal risk, liquidity risk, reputational risk, counterparty risk, international risk, regulatory
risk, and compliance risk.
>Regions’
ability to ensure adequate capitalization which is impacted by inherent
uncertainties in forecasting credit losses. >The cost and other effects of
material contingencies, including litigation contingencies, and any adverse judicial, administrative, or arbitral rulings or proceedings.
>The effects of increased competition from both banks and non-banks.
>The effects of geopolitical instability and risks such as terrorist
attacks. >Regions' ability to identify and address data security
breaches. >Possible
changes
in
consumer
and
business
spending
and
saving
habits
could
affect
Regions’
ability
to
increase
assets
and
to
attract
deposits.
>The effects of weather and natural disasters such as floods, droughts, wind,
tornadoes and hurricanes, and the effects of man-made disasters.
>Possible downgrades in ratings issued by rating agencies.
>Possible
changes
in
the
speed
of
loan
prepayments
by
Regions’
customers
and
loan
origination
or
sales
volumes.
>Possible acceleration of prepayments on mortgage-backed securities due to
low interest rates, and the related acceleration of premium amortization on those securities.
>The effects of problems encountered by larger or similar financial institutions
that adversely affect Regions or the banking industry generally.
>Regions’
ability to receive dividends from its subsidiaries.
>The
effects
of
the
failure
of
any
component
of
Regions’
business
infrastructure
which
is
provided
by
a
third
party.
>Changes in accounting policies or procedures as may be required by the
Financial Accounting Standards Board or other regulatory agencies.
>The
effects
of
any
damage
to
Regions’
reputation
resulting
from
developments
related
to
any
of
the
items
identified
above.
The
foregoing
list
of
factors
is
not
exhaustive.
For
discussion
of
these
and
other
factors
that
may
cause
actual
results
to
differ
from
expectations,
look
under
the
captions
“Forward-Looking
Statements”
and
“Risk
Factors"
of
Regions'
Annual
Report
on
Form
10-K
for
the
year
ended
December
31,
2012
and
the
"Foward-Looking
Statements"
section
of
Regions'
Quarterly
Report
on
Form
10-Q
for
the
quarter
ended
March
31,
2013,
as
filed
with
the
Securities
and
Exchange
Commission.
The
words
"believe,"
"expect,"
"anticipate,"
"project,"
and
similar
expressions
often
signify
forward-looking
statements.
You
should
not
place
undue
reliance
on
any
forward-looking
statements,
which
speak
only
as
of
the
date
made.
We
assume
no
obligation
to
update
or
revise
any
forward-looking
statements
that
are
made
from
time
to
time. |
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