Regions Financial Corporation

Good morning, and welcome to the Region's 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. If you wish to ask a question, please press star 1 on your telephone keypad. I will now turn the call over to Dana Nolan to begin.

Thank you, Christine. Welcome to Regents' fourth 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 now turn the call over to John.

Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. Let me begin by saying that we're very pleased with our fourth quarter and full year results. Earlier this morning, we reported full year earnings of $2.1 billion, reflecting record pre-tax, pre-provision income of $3.1 billion, adjusted positive operating leverage of 7%, and industry-leading returns on both average tangible common equity and total shareholder return. 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, long-term performance. We have enhanced our credit, interest rate, and operational risk management processes and platforms while sharpening our focus on risk-adjusted returns and capital allocation. We made investments in markets, technology, talent, and capabilities to diversify our revenue base and enhance our offerings to customers. For example, investments in our treasury management products and services led to record revenue this year. Similarly, our wealth management segment also generated record revenue despite volatile market conditions. And now we're seeing positive results of our comprehensive strategy. Over the course of the year, we grew revenue in average loans. while prudently managing expenses, further illustrating the successful execution of our strategic plan. So as we enter 2023, it is from a position of strength. Our business customers have strong balance sheets. They have benefited from population migration, and many continue to carry more liquidity than in the past. Our consumer customer base remains healthy. Deposit balances remain strong, and credit card payments remain elevated. The job market continues to be solid with approximately two open jobs available for each unemployed person across the region's footprint. We have a robust credit risk management framework and a disciplined and dynamic approach to managing concentration risk. Our portfolios are more balanced and diverse than at any point in the past. We have a strong balance sheet that's well positioned to perform in an array of economic conditions. We have solid capital and liquidity positions to support balance sheet growth and strategic investments. And most importantly, we have a solid strategic plan, an outstanding team, and a proven track record of successful execution. So as we look ahead, although there is uncertainty, we feel good about how we're positioned. Now Dave will provide some highlights regarding the quarter.