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My name is Shelby, and I'll be your operator for today's call. Thank you, Shelby. Welcome to Regions' second quarter earnings call. John and David will provide high-level commentary regarding the quarter.

Earnings documents which include our forward-looking statement disclaimer are available in the Investor Relations section of our website. Thank you, Dana and thank you for ing our call today.

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We are pleased with our performance this quarter and importantly, we're beginning to see increased activity across our footprint. It gives us greater confidence for overall growth in the second half of the year. Credit quality at Regions and across the industry has demonstrated remarkable resiliency throughout the pandemic.

Broadly speaking, since the pandemic began, I believe, banks have done a tremendous job, staying close to customers and supporting their needs by providing capital advice and guidance. As that begun to trap our footprint again and meet with customers, I see them gaining confidence in the economic recovery and their own business plans.

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I was seeing the strength of our markets first hand. This combined with the ongoing successful execution of our strategic plan has positioned Regions well for growth as the economic recovery continues.

We remain focused on client selectivity, risk-adjusted returns and capital allocation, all while making investments particularly in talent and technology to support growth. For example, over the last year, we redeed our mobile app and are continuing to make further enhancements to both our online and mobile platforms. We digitized the sales process.

You can now apply for almost any consumer banking product online. We're putting digital tools in the hands of our bankers and contact center associates allowing customers to start a process in one channel and seamlessly transition to another. Cassidy banks twitter now have e-ature capabilities across most of the franchise. We have also leveraged artificial intelligence to build lead generation and next best action tools for our bankers. We're also utilizing Artificial Intelligence in our contact centers. Reggie, our virtual banker is on pace to handle over 1 million customer calls this year.

In addition, over the last three years, we've increased mortgage loan originators by approximately and we continue to add talent as we grow market share. We've also added approximately 80 client-facing associates across the corporate bank and wealth management with a particular focus on growth markets. We've consolidated over branches while opening 75 De Novo branches. We're also investing in products and capabilities to serve our customers. In wealth management, we deepened our expertise in the not-for-profit and healthcare space, through the acquisition of Highland Associates, and we're working on a digital advisory solution with deployment targeted for late this year or early next.

Last year, we purchased Ascentium Capital to help small businesses with their essential equipment needs and the platform has performed well throughout the pandemic. On the consumer side, we just announced an agreement to acquire EnerBank, a top 5 originator in the home improvement point-of-sale space, which we're really excited about. Going forward, we'll continue to look for bolt-on acquisitions that provide products and capabilities that are important to our customers.

Win some really great markets as reflected cassidy banks twitter this slide, you see now.

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These markets, coupled with our go-to-market strategy and aided by technology investments have helped us realize some really nice growth in consumer checking s. Our year-to-date growth is nearly 3 times higher than our pre-pandemic rate for the same period. So we have a really solid strategic plan that supports our goal of generating consistent, sustainable long-term performance and we have a proven track record of successful execution.

We feel very good about our progress and believe, we are really well positioned to grow as the economic recovery continues to gain momentum in our markets. David J. Thank you, John. Let's start with the balance sheet. On a reported basis, average corporate loans increased while ending loans declined reflecting an acceleration in PPP forgiveness late in the quarter.

Consumer loans reflected another strong quarter of mortgage production accompanied by modest ending growth in credit card. However consumer loans continue to be negatively impacted by run-off portfolios and further pay downs in home equity.

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Overall, we continue to expect full year adjusted average loan balances to be down by low single digits compared toalthough we expect adjusted ending loans to grow by low single digits. With respect to loan guidance and the rest of our expectations, we are not including any impacts from our pending EnerBank acquisition. So let's turn to deposits. Although, the pace of deposit growth has slowed, balances continue to increase this quarter to new record levels. The increase was primarily due to higher balances.

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However, as John mentioned, we're also producing strong new growth. Broadly speaking, we think liquidity will normalize over time as the Fed becomes less accommodative. Reductions in their asset purchases will mitigate future liquidity increases in the system, which should curve further deposit growth. Let's shift to net interest income and margin, which remain a ificant source of stability for Regions.

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Pandemic-related items continue to impact NII and margin. Excluding excess cash and PPP, our adjusted margin was 3. Similar to prior quarters, the impact on NII from historically low long-term interest rates was completely offset by balance sheet management strategies, lower deposit costs and higher hedging income. We do not currently expect any further repositioning, however, this is continually evaluated in the context of a dynamic balance sheet. Our current balance sheet profile allows us to support our goal of consistent sustainable earnings growth. Specifically, we are positioned to benefit from higher middle tenor [Phonetic] interest rates and increases in short-term interest rates in the future, while protecting NII stability to the extent the Fed remains on hold longer than the market currently expects.

Importantly, recent declines of longer maturity market yields have less of an cassidy banks twitter on Regions' earnings potential as most of our fixed rate production has maturities of shorter than six years, a point on the curve that on a relative basis has fallen less. With respect to outlook, we view second quarter's NII to be the low point for the year. Over the second half and beyond, a strengthening economy, a relatively neutral impact from rates and organic and strategic balance sheet growth are expected to ultimately drive NII growth.

Before moving on, I want to highlight slide 17 through 19 in the appendix which provides additional asset liability management information that cassidy banks twitter think will be helpful to investors. Now, let's take a look at fee revenue and expense. Capital markets return to a normal run rate after experiencing record in the prior two quarters.

Mortgage income decreased quarter-over-quarter primarily due to the gain on sale compression and hedge performance, particularly around timing and market volatility. We believe pricing has stabilized and expect second half revenue to be fairly consistent with that recorded during the second quarter. Wealth management income increased quarter-over-quarter reflecting strong production and favorable market conditions.

Service charges also increased compared to the prior quarter driven primarily by three additional business days. While improving, we believe changes in customer behavior as well as customer benefits from enhancements to our overdraft practices and transaction posting which we have highlighted in the appendix are likely to keep service charges below pre-pandemic levels. Given the timing of interest rate [Technical Issues]. Let's move on to non-interest expense. We will continue to prudently manage expenses while investing in technology, products and people to grow our business.

And we remain committed to generating positive operating leverage over time.

Rf earnings call for the period ending june 30,

From an asset quality standpoint, we delivered strong performance as overall credit continues to perform better than expected. Reflecting broad-based improvement across most portfolios and recoveries associated with strong collateral asset values, annualized net charge-offs decreased 17 basis points during the quarter to 23 basis points. Non-performing loans, total delinquencies and business services criticized loans all improved during the quarter. Excluding PPP loans, our allowance for credit losses was 2.

The decline in the allowance reflects better than expected credit trends and a continued constructive outlook on the economy. Our allowance remains above peer median as measured against period end loans or stress losses as modeled by the Federal Reserve. Cassidy banks twitter levels of the allowance will depend on the timing of charge-offs and greater certainty with respect to the path of the economic recovery.

Based on improved market conditions, we now expect full year net charge-offs to range from 25 basis points to 35 basis points. With respect to capital, our common equity tier 1 ratio increased approximately 10 basis points to an estimated Based on the recent stress testour preliminary stress capital buffer requirement for the fourth quarter through the third quarter of will be 2.

And our common equity tier 1 operating range remains 9. We repurchased 8 million common shares during the second quarter. However, we are temporarily pausing further share repurchases until the expected EnerBank closing date in the fourth quarter. We anticipate being back in the market in the fourth quarter and expect to manage CET1 to the midpoint of our operating range by year end. So, wrapping up on the next slide are our expectations, which we've already addressed. In summary, we're very pleased with our second quarter and are poised for growth as the economic recovery continues.

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Pre-tax pre-provision income remain strong. Expenses are well controlled. Credit quality is outperforming expectations. Capital and liquidity are solid, and we are optimistic about the pace of the economic recovery in our markets. Thank you.

The floor is now open for questions. Can you just remind us how dilutive or sorry, the impact of capital from the pending deal. I'm just trying to think of the walk on CET1 from Well, I think you can -- Matt, it's David. We'll pick up a little bit of balance sheet and equity with that.

Okay, that's helpful. And then just talk about some of the kind of underlying loan demand, so just saying, you've had some pockets of strength and obviously there has been some pickup in COVID cases, specifically in the Southeast. And have you seen any impact in terms of behavior of that in recent weeks.