Regions Financial Corporation

Good morning and welcome to the Regions Financial Corporation's quarterly earnings call. My name is Jamaria 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. If you wish to ask a question, please press star 1 in your telephone keypad. I will now turn the call over to Dana Nolan to begin.

Thank you, Jamaria. Welcome to region's first 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. I will now turn the call over to John.

Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. We're very pleased with our first quarter results. Earlier this morning, we reported earnings of $524 million, resulting in earnings per share of 55 cents. Despite the challenging geopolitical backdrop and elevated inflation, we remain optimistic about 2022. We have a strong balance sheet positioned to withstand an array of economic conditions. Business customers, for the most part, have adapted and are prospering in the new operating environment. New loan commitments and pipelines remain strong, and utilization rates continue to increase. The consumer remains healthy. Net population migration inflows in our markets remain robust, and the majority of our footprint has returned to equal or better than pre-pandemic employment levels. Asset quality remains strong with virtually all credit-related metrics improving in the quarter, and net charge-offs remain below historical levels. The integration of Cibol, Interbank, and Clearsight are progressing as planned, and we're excited about their growing contributions. Additionally, we continue to make investments in talent and technology to support strategic growth initiatives. We kicked off 2022 with a strong start and expect to continue building on that momentum. We have a solid strategic plan, an outstanding team, and a proven track record of successful execution. Now David will provide you with some select highlights regarding the quarter.