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2009 Annual Report

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2009 Annual Report ANNUAL REPORT TO SHAREHOLDERS 36860_Cover_final.indd 1 3/9/10 5:09:45 PM 3686306_8C6o0v_eCro_vfienra_lf.iinadld.i n d2d 2 3/9/130/9 / 150:0 9 5:4:069 P:4M6 PM MESSAGE FROM C. DOWD RITTER TO OUR SHAREHOLDERS: There is no question that we were faced with an incredibly challenging economic and banking environment in 2009, which led to disappointing fi nancial results. However, during the year we took important steps to manage those things within our control – helping to mitigate the impact of the tough market and ultimately positioning us well for the economic recovery. The actions we have taken – combined with good performance from key areas of our business in 2009 – give me confi dence that Regions has signifi cantly improved prospects for the future. We are committed to returning to profi tability, and while I cannot give you a specifi c timeline as to when this will occur, I believe the worst is behind us. 36860_Guts_final.indd 1 3/2 3/2/10/10 11:14:01 AM MESSAGE FROM C. DOWD RITTER OPERATING IN A CHANGING and protect the fi nancial needs of our INDUSTRY LANDSCAPE customers. Ultimately, we recognize that it is our responsibility to manage our own The fi rst half of 2009 was marked by risks and act in the best interests of our legislative and regulatory responses to the customers. To this end, we will continue continuing credit crisis. The government to protect Regions’ future by implementing continued to defi ne the implications of best-in-class risk management practices the Troubled Asset Relief Program. And, and delivering the very best customer regulators took steps to ensure that the experience. Regardless of the fi nal shape largest banks – Regions included – had of regulatory reform, we will be proactive suffi cient capital to withstand larger than in anticipating and responding to these expected losses. changes as appropriate. We’ve been focused on improving We remain committed to continuing to customer satisfaction, reducing help drive the U.S. economic recovery. At credit exposure, increasing Regions, we are lending. Our lending track record in 2009 is proof positive of this customer retention, and building fact. Regions is doing its part to advance deposits and new relationships. the economic recovery by extending credit to consumers and to businesses. Last year, The second half of the year was marked by we committed $65 billion in new and uncertainty about how regulation would renewed loans – that’s about $250 million be reformed to address the causes of the every business day. Moreover, through crisis and consumer concerns. Throughout our Customer Assistance Program, we the year, we monitored and addressed worked with more than 23,500 mortgage the government’s actions and met our customers so they could keep their homes. regulators’ stress test requirements. We’ve Our residential foreclosure rate is less than been focused on improving customer half the national average. To us, that’s satisfaction, reducing credit exposure, more than just a number. It means giving increasing customer retention, and families a chance to stay in their homes building deposits and new relationships. and an opportunity to regain a more stable fi nancial footing. We believe that regulatory reform is appropriate and necessary. We support improvements that strengthen our industry 2 REGIONS 2009 ANNUAL REPORT 36860_Guts_final.indd 2 3/2 3/2/10/10 11:14:01 AM MESSAGE FROM C. DOWD RITTER A critical part to operating successfully in customers fi rst when they ranked Regions this new environment is to reduce the risk in the top quartile in customer satisfaction; profi le of the balance sheet. In 2009, we and the Small Business Administration reduced critical credit exposures, selling ranked Regions the No. 3 Small Business Lender in the nation. or transferring to held for sale some $1.7 billion of troubled assets. Our Core to our philosophy is the homebuilder portfolio was down 60% fact that Regions provides since 2007, and our condominium customers a banking relationship, portfolio has become a nonissue. The early and aggressive action we have not just a banking account. taken to reduce the risk profi le of the Customer satisfaction in turn fueled balance sheet has stabilized our loan impressive growth in deposits and losses. We believe these steps will help checking. We grew customer deposits Regions return to profi tability as the by $12.6 billion over the last 18 months economy improves. and opened more than 1 million new checking accounts in 2009. We now have more than 4 million checking accounts RESULTS FROM CORE at Regions and 400,000 investment FUNDAMENTALS OF accounts at Morgan Keegan. Checking OUR BUSINESS production in 2009 was up 27% over 2008, and even more importantly, our net Even in this very challenging time for our checking account growth for the year was country and the economy, we achieved almost three times greater than 2008. signifi cant results in certain areas by keeping our business focused on the In our view, in 2009 more people chose customer. Core to our philosophy is the Regions for their banking needs and fact that Regions provides customers a Morgan Keegan for their investment needs banking relationship, not just a banking because they want to conduct fi nancial account. And, we believe satisfi ed business where they do business – on customers are loyal customers – which Main Street. In virtually all of our major ultimately results in profi tability and long- markets, we took market share last year term shareholder return. In 2009, we – with increased share in 15 of the 16 received signifi cant industry recognition states where we operate. We’re in some for customer satisfaction: J.D. Power and of the Southeast’s most attractive markets Associates named Regions Mortgage as from a growth potential standpoint and are the No. 1 Mortgage Servicer in the nation; in an excellent position to continue to build Gallup confi rmed our ability to keep market share throughout the franchise. REGIONS 2009 ANNUAL REPORT 3 36860_Guts_final.indd 3 3/2 3/2/10/10 11:14:01 AM MESSAGE FROM C. DOWD RITTER Banking at Regions is a very simple 4.49% at December 31, 2009, compared and straightforward business, with the to 1.33% a year earlier. However, infl ows foundation centered on maintaining our of new non-performing assets peaked in focus on our customers. By keeping the second quarter and declined in the our customers’ needs at the core of our quarters that followed. Net charge-offs business decisions, we will continue to increased to 2.38% of average loans, provide competitive but proven products up from 1.59% a year earlier. that build value over the long term and assist customers in achieving their Revenues from Regions’ fee income- fi nancial goals. producing businesses for 2009 were $3.8 billion as compared to $3.1 billion 2009 FINANCIAL RESULTS for 2008. Despite higher credit-related costs, we were able to keep noninterest While I am not pleased with Regions’ expenses in check by focusing on rigorous loss in 2009 of $1.3 billion, or $1.27 expense management and improved per share, these results were heavily operating effi ciencies. impacted by credit quality and economic challenges. Specifi cally, the results refl ect The net interest margin steadied in late a $3.5 billion loan loss provision, which 2009, due to an ongoing positive shift in is a result of aggressive efforts to address funding mix coupled with better pricing credit quality problems in a number of on loans and deposits. Regions’ deposit- specifi c areas. We also made progress gathering efforts were successful due in with the deceleration of assets moving large part to our goal of opening 1 million to non-performing status, driven in large checking accounts during the year. The part by our disposition of $2.7 billion in Road to a Million Checking campaign problem assets over the past 15 months. increased total customer deposits by 9% The actions we have taken to deal during 2009, and we are encouraged by this momentum as we begin 2010. with non-performing assets will put us in a stronger position once the Capital ratios throughout 2009 remained environment begins to improve. strong, fi nishing the year with a Tier 1 ratio at 11.5 percent and a Tier 1 We are confi dent that the actions we have Common ratio at a very solid 7.2 percent. taken to deal with non-performing assets Regions’ capital ratios are comparable will put us in a stronger position once to our peers. This capital reinforces our the environment begins to improve. ability to continue to be a safe harbor to Non-performing assets, excluding loans customers and their deposits. held for sale, as a percentage of total loans and repossessed assets, were 4 REGIONS 2009 ANNUAL REPORT 36860_Guts_final.indd 4 3/2 3/2/10/10 11:14:01 AM MESSAGE FROM C. DOWD RITTER STRONG LEADERSHIP TEAM, One thing has remained the same – TALENTED ASSOCIATES WILL banking continues to be a business MOVE REGIONS FORWARD built on relationships. I am proud that Regions has never lost its focus on In December 2009, I announced that serving customers or building the I would retire as Chairman and CEO kind of relationships that produce the effective March 31, 2010. Over my highest level of loyalty and satisfaction. 40-year career, this company has grown from a local, small-town bank to one of I believe Regions has the most talented the nation’s largest fi nancial institutions. team of associates in the industry, and The industry where I started my career is I consider it a privilege to have worked nothing like the industry I will be leaving.
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