2024-07-19 14:16:02 ET
Regions Financial Corporation (RF)
Q2 2024 Results Conference Call
July 19, 2024 10:00 AM ET
Company Participants
Dana Nolan - EVP, IR
John Turner - President and CEO
David Turner - CFO
Conference Call Participants
Ryan Nash - Goldman Sachs
Scott Siefers - Piper Sandler
Ken Usdin - Jefferies
Erika Najarian - UBS
Ebrahim Poonawala - Bank of America
Matt O'Connor - Deutsche Bank
Chris Spahr - Wells Fargo
Gerard Cassidy - RBC
John Pancari - Evercore
Betsy Graseck - Morgan Stanley
Presentation
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. I would like to remind everyone that all participant phone lines have been placed on listen-only. At the end of the call, there will be a question-and-answer session [Operator Instructions].
I will now turn the call over to Dana Nolan to begin.
Dana Nolan
Thank you, Christine. Welcome to Regions' Second Quarter 2024 Earnings Call. John and David will provide high level commentary regarding our results. Earnings documents, which include our forward-looking statement disclaimer and non-GAAP information, are available in the Investor Relations section of our Web site. 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 strong second quarter earnings of $477 million, resulting in earnings per share of $0.52. For the second quarter, total revenue remained relatively stable at $1.7 billion on a reported basis and $1.8 billion on an adjusted basis as net interest income remained resilient and fee revenue declined modestly compared to the first quarter. As expected, adjusted non-interest expenses declined quarter-over-quarter and are expected to remain at this approximate level for the remainder of the year. Average and ending loans remained relatively stable quarter-over-quarter, reflecting modest customer demand, continued focus on client selectivity and paydowns in the portfolio. Average deposits also remained relatively stable while ending deposits declined modestly during the quarter, consistent with seasonal tax related patterns. We experienced broad based improvement in overall asset quality this quarter. Non-performing and business services criticized loans as well as net charge-offs improved sequentially. In summary, we're proud of our second-quarter results, driven by the successful execution of our strategic plan. We have a great plan and the investments we're making in talent, technology and in products and services are positioning us to benefit as macroeconomic conditions improve. Our footprint continues to provide us with significant opportunities. And while we are experiencing more competition in our markets, our long-standing presence, commitment to communities and the favorable brand we've built over many years positions us well. As long as we remain focused on execution, I have no doubt that we can continue generating top quartile results. ...
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Regions Financial Corporation (RF) Q2 2024 Earnings Call Transcript