Regions Financial
Q2 2022 Earnings Call
Jul 22, 2022, 10:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and welcome to the Regions Financial Corporation's quarterly earnings call. My name is Christine, and I will be your operator for today's call. [Operator instructions] I will now turn the call over to Dana Nolan to begin.
Dana Nolan -- Executive Vice President, Head of Investor Relations
Thank you, Christine. Welcome to Regions second quarter 2022 earnings call. John and David will provide high-level commentary regarding the quarter. Earnings documents, which include our forward-looking statement disclaimer and non-GAAP information are available in the Investor Relations section of our website.
These disclosures cover our presentation materials, prepared comments, and Q&A. With that, I'll turn the call over to John.
John Turner -- President and Chief Executive Officer
Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. Once again, we are very pleased with our quarterly results. Earlier this morning, we reported earnings of $558 million, resulting in earnings per share of $0.59.
And importantly, our second quarter adjusted pre-tax pre-provision income represents the company's highest level on record. We continue to successfully execute our strategic plan and delivered strong results. Sentiment among our business customers today is cautiously optimistic. They are rebuilding inventories and looking for opportunities to expand their businesses.
Loan commitments and pipelines remain strong and utilization rates continue to increase. The consumer remains healthy. Net population migration inflows into our markets remain robust, and the majority of our footprint has returned to equal or better than pre-pandemic employment levels. In fact, unemployment rates in 6 of our top 8 deposit markets are essentially at all-time lows.
To date, broad segments of consumers still maintain substantial cushion in their deposit accounts. For example, consumers with less than $1,000 on average in their checking accounts prior to the pandemic are averaging a balance today that remains approximately six times higher than pre-pandemic levels. Overall asset quality remained strong during the quarter, with most metrics remaining substantially better than historical levels. However, we will continue to closely monitor early warning indicators for any signs of deterioration.
Our capital ratios remain strong. And in fact, earlier this week, our board approved an 18% increase to our common stock dividend to $0.20 per share. We have a strong balance sheet deliberately positioned to withstand an array of economic conditions. Investments we're making across our businesses are continuing to pay off.