Regions Financial Corp. - RF STOCK NEWS

Regions Financial Corp. (NYSE:RF) reported strong financial results for 2024, with full-year net income of $1.8 billion and diluted earnings per share of $1.93. The fourth quarter delivered net income of $508 million with diluted EPS of $0.56.

The company achieved record performance across several business segments, including Capital Markets, Wealth Management, and Treasury Management services. Total revenue in Q4 2024 reached $1.8 billion, with net interest margin increasing to 3.55%. The company maintained a solid capital position with a Common Equity Tier 1 ratio of 10.8%.

Notable Q4 metrics include relatively stable average deposits at $126.5 billion and average loans at $96.4 billion. Asset quality remained within expectations, with net charge-offs at $119 million or 0.49% of average loans. The company continued its capital return to shareholders through share repurchases and dividends, while maintaining strong liquidity with approximately $62.6 billion in available funds.

Regions Bank has selected Axway's Amplify Open Banking solution to enhance its open banking capabilities across Consumer Banking, Corporate Banking, and Wealth Management services. The new implementation will replace the current 'screen scraping' method with a more secure API-based solution that gives customers greater control over their financial data sharing.

The enhanced system will require customer consent for individual transactions, eliminating the need for third-party platforms to store banking credentials. Customers will be able to monitor and deactivate data sharing permissions at any time. Corporate Banking clients will benefit from Amplify's Marketplace feature for secure API connections.

The solution includes APIs built to Financial Data Exchange (FDX) standards, an enhanced developer marketplace, and integrated consent management. The implementation is expected to launch in the coming years, with Regions Bank planning to provide educational materials through their online banking platforms to guide customers through the transition.

Regions Bank (RF) announced a reduction in its prime lending rate from 7.75% to 7.50%, effective December 19, 2024. The 25-basis-point decrease in the prime rate will affect various lending products tied to this benchmark rate.

Regions Bank played a significant role in the 83rd annual Magic City Classic, serving as both the Official Bank and first Official Volunteer Sponsor of the largest HBCU football game in the country. The event, featuring Alabama A&M University versus Alabama State University, attracted nearly 70,000 fans and 200,000 participants across various activities.

Almost 200 Regions associates volunteered at various events throughout Birmingham. The bank showcased its support through multiple initiatives, including financial wellness sessions, career opportunity discussions, and the Regions Riding Forward Scholarship program. The event generates millions in revenue for local businesses, and Regions' involvement extends beyond the Classic to various HBCU campus activities across its footprint.

Regions Financial Corp. (NYSE:RF) has announced it will release its fourth quarter and full-year 2024 financial results on Friday, January 17, 2025, before market open. The company will make the results and additional materials available on their Investor Relations website. Company executives will host a live audio webcast at 10:00 AM ET on the same day, which will include a slide presentation. The webcast will be accessible through ir.regions.com, and an archived recording will be available after the event.

Literacy Texas, a Regions Bank customer and nonprofit organization, is addressing critical literacy challenges in Texas under the leadership of Executive Director Jenny Walker. The organization serves as a support network, collaborating with over 300 nonprofits and government agencies to improve adult and family literacy through resources, training, and advocacy.

Key statistics reveal that 28% of Texas is at level one for reading, and 40% of the population reads at a third-grade level. The organization focuses on developing workforce skills, improving digital literacy, and bridging the technological divide, particularly in rural communities. Low literacy rates nationally cost the U.S. approximately $200 billion in safety and health issues and over $2 trillion in lost productivity annually.

Regions Bank hosted an Important Insights webinar focusing on the 'benefits cliff' phenomenon and its impact on workforce development. The benefits cliff occurs when increased income makes individuals ineligible for public assistance programs like SNAP and CHIP, potentially leaving them worse off financially. Alex Ruder from the Federal Reserve Bank of Atlanta presented three key strategies to address this issue: coaching, mitigation through supplemental programs, and employer strategies.

The webinar provided resources and tools, including the Atlanta Fed's CLIFF suite, to help community partners prepare clients for career advancement challenges. The initiative aligns with Regions Bank's community engagement priority of education and workforce readiness, aiming to support job readiness programs and career coaching.

Regions Financial Corp. (NYSE:RF) has appointed Roger W. Jenkins, current CEO of Murphy Oil , to serve on the boards of Regions Financial Corp. and Regions Bank, effective January 1, 2025. Jenkins, who will retire from Murphy Oil's board on December 31, 2024, brings extensive experience in corporate leadership and business development. Under his leadership at Murphy Oil since 2013, Jenkins achieved significant milestones including establishing a leading position in the U.S. Gulf of Mexico and developing the pioneering Kikeh Field in Malaysia.

Upon joining, Jenkins will serve on the Risk and Technology Committees, bringing the total board membership to 14. His appointment aligns with Regions' commitment to maintaining strong governance principles and cultivating an experienced, diverse board of directors.

Regions Financial (NYSE:RF) announced the extension of its common stock repurchase program through Q4 2025. The program, initially announced in April 2022 with a $2.5 billion authorization, has resulted in the repurchase of approximately 31 million shares at a total cost of $557 million as of September 30, 2024. The repurchase execution will be influenced by market conditions, internal capital generation, and capital requirements. The program may be conducted through open market purchases, accelerated share repurchase transactions, or private negotiations, with no specific price targets set.