Regions Financial Corporation (NYSE:RF) Q4 2023 Earnings Conference Call January 19, 2024 10:00 AM ET

Company Participants

Dana Nolan - Investor Relations

John Turner - President and Chief Executive Officer

David Turner - Chief Financial Officer

Conference Call Participants

Scott Siefers - Piper Sandler

Ebrahim Poonawala - Bank of America

Manan Gosalia - Morgan Stanley

Ryan Nash - Goldman Sachs

John Pancari - Evercore ISI

Dave Rochester - Compass Point

Gerard Cassidy - RBC

Brandon King - Truist

Erika Najarian - UBS

Matt O’Connor - Deutsche Bank

Operator

Good morning, and welcome to the Regions Financial Corporation’s Quarterly Earnings Call. My name is Christine and I’ll be your operator for today’s call. [Operator Instructions] I will now turn the call over to Dana Nolan to begin.

Dana Nolan

Thank you, Christine. Welcome to Regions fourth quarter 2023 earnings call. John and David will provide high-level commentary regarding our results. Earnings documents, which include our forward-looking statement disclaimers 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.

I will now turn the call over to John.

John Turner

Thank you, Dana, and good morning everyone. We appreciate you joining our call today. This morning, we reported full year 2023 earnings of $2 billion, reflecting record pre-tax pre-provision income of $3.2 billion and one of the best returns on average tangible common equity in our peer group at 22%. Our results speak to and underscore the comprehensive work that’s taken place over the past decade to position the company to generate consistent, sustainable earnings regardless of the economic environment we are experiencing. We have enhanced our credit and interest rate risk management processes and platforms while sharpening our focus on risk-adjusted returns and capital allocation.

Although the industry continues to face headwinds from lingering economic and geopolitical uncertainty, as well as the continued evolution of the regulatory framework, we feel confident about our positioning and adaptability heading into 2024. We will continue to benefit from our strong and diverse balance sheet, solid capital and liquidity and prudent credit risk management. Our proactive hedging strategies continue to position us for success in an array of economic conditions. In our desirable footprint, granular deposit base and relationship banking approach will continue to serve us well. Our strategic plan continues to deliver consistent, sustainable long-term performance as we focus on soundness, profitability and growth.