Regions repurchased approximately 16 million shares of common stock in the fourth quarter of 2023, reducing shareholders' equity by $252 million. The Board authorized repurchase of up to $2.5 billion of the Company's common stock.

Regions' Tier 1 capital and Total capital ratios were estimated to be 11.57% and 13.35%, respectively, at December 31, 2023. The CET1 ratio was estimated to be 10.26%.

The 10-K highlights that Regions' businesses are, and may continue to be, adversely affected by conditions in the financial markets and economic conditions generally. Fluctuations in market interest rates, including the level and shape of the yield curve, may adversely affect the company's performance.

The company acknowledges the risk of a variety of systems failures or errors and cybersecurity incidents that could adversely affect customer experience and the company's business and financial performance. The company is subject to complex and evolving laws, regulations, rules, standards and contractual obligations regarding privacy and cybersecurity, which could increase the cost of doing business, compliance risks and potential liability.

Industry competition may adversely affect the company's degree of success. The company's operations are concentrated primarily in the South, Midwest and Texas, and adverse changes in the economic conditions in this region can adversely affect the company's financial results and condition. The company is subject to a variety of operational risks, including the risk of fraud or theft by internal or external parties, which may adversely affect the company's business and results of operations.

The company's associate team reflects the diversity of the communities it serves, with approximately 62 percent of associates being women and approximately 38 percent self-identifying as a part of a minority demographic. Diversity, equity and inclusion are fundamental to the human capital strategy.

Heightening focus on climate change may also carry transition risks that could negatively impact our results of operations and financial condition.

After full-year 2023 growth of 2.5 percent, Regions' baseline forecast anticipates real GDP growth of 2.6 percent in 2024.

Higher mortgage interest rates weighed on single family construction and sales in 2023, but sales of new single family homes proved to be more resilient than anticipated driven by a combination of still-significant pent-up demand for home purchases and the lack of existing single family homes for sale.