Redevelopment project underway at Memphis church
Last week, the church announced a $310 million redevelopment plan.
Pastor J. Lawrence Turner says a portion of the project will include medical offices, fitness centers, and other types of health-focused facilities.
'We came up with a mixed-use development that would be comprised of residential, retail, restaurants, but also, a place that would have healthcare and wellness purposes and educational purposes,' Pastor Turner said.
Medical HBCU partners with church for $310M redevelopment
Later today, in partnership with Meharry Medical College, Meharry's president and ceo, James Hildreth, will explain how the medical HBCU plans to improve health outcomes and access for Memphians.
Meharry Medical College says its partnership with the church will further its mission to serve underserved communities.
They're hoping that this new project brings unity and community to the city of Memphis.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Total revenue Quarter Ended ($ amounts in millions) 6/30/2025 3/31/2025 6/30/2024 2Q25 vs. 1Q25 2Q25 vs. 2Q24 Net interest income $ 1,259 $ 1,194 $ 1,186 $ 65 5.4 % $ 73 6.2 % Taxable equivalent adjustment 12 12 12 — — % — — % Net interest income, taxable equivalent basis $ 1,271 $ 1,206 $ 1,198 $ 65 5.4 % $ 73 6.1 % Net interest margin (FTE) 3.65 % 3.52 % 3.51 % Non-interest income: Service charges on deposit accounts $ 151 $ 161 $ 151 $ (10 ) (6.2 )% $ — — % Card and ATM fees 125 117 120 8 6.8 % 5 4.2 % Wealth management income 133 129 122 4 3.1 % 11 9.0 % Capital markets income 83 80 68 3 3.8 % 15 22.1 % Mortgage income 48 40 34 8 20.0 % 14 41.2 % Commercial credit fee income 29 27 28 2 7.4 % 1 3.6 % Bank-owned life insurance 24 23 30 1 4.3 % (6 ) (20.0 )% Market value adjustments on employee benefit assets* 16 (3 ) 2 19 NM 14 NM Securities gains (losses), net (1 ) (25 ) (50 ) 24 96.0 % 49 98.0 % Other miscellaneous income 38 41 40 (3 ) (7.3 )% (2 ) (5.0 )% Non-interest income $ 646 $ 590 $ 545 $ 56 9.5 % $ 101 18.5 % Adjusted non-interest income (non-GAAP) (1) $ 646 $ 615 $ 595 $ 31 5.0 % $ 51 8.6 % Total revenue $ 1,905 $ 1,784 $ 1,731 $ 121 6.8 % $ 174 10.1 % Adjusted total revenue (non-GAAP) (1) $ 1,905 $ 1,809 $ 1,781 $ 96 5.3 % $ 124 7.0 % NM - Not Meaningful * These market value adjustments relate to assets held for employee and director benefits that are offset within salaries and employee benefits and other non-interest expense. 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Expand Regions maintained a solid capital position in the second quarter, with estimated capital ratios remaining well above current regulatory requirements. At quarter-end, the Common Equity Tier 1 (2) and Tier 1 capital (2) ratios were estimated at 10.7 percent and 11.8 percent, respectively. Tangible common book value per share (1) ended the quarter at $12.91, a 5 percent increase quarter-over-quarter and a 22 percent increase year-over-year. During the second quarter, the company repurchased approximately 7 million shares of common stock for a total of $144 million through open market purchases and declared $224 million in dividends to common shareholders. Earlier this week, the Board of Directors declared a quarterly common stock dividend of $0.265 per share, representing a 6 percent increase over the second quarter and a continuation of Regions' history of strong dividend growth. Over the past 10 years, Regions has increased its common stock dividend just over 10 percent on a compound annual growth rate basis, the highest level across the company's peer group. The company's liquidity position also remained robust with total available liquidity as of June 30, 2025, of approximately $65 billion, which includes cash held at the Federal Reserve, FHLB borrowing capacity, unencumbered securities, and capacity at the Federal Reserve's facilities such as the Discount Window or Standing Repo Facility. These sources are sufficient to cover uninsured deposits at a ratio of approximately 185 percent as of quarter-end (excluding intercompany and secured deposits). (1) Non-GAAP; refer to reconciliations on pages 12, 16, 17, 18 and 19 of the financial supplement to this earnings release included as Exhibit 99.2 to the company's Current Report on Form 8-K that was furnished to the Securities and Exchange Commission on July 18, 2025. (2) Current quarter Common Equity Tier 1 and Tier 1 capital ratios are estimated. Expand Conference Call In addition to the live audio webcast at 10 a.m. ET on Jul. 18, 2025, an archived recording of the webcast will be available at the Investor Relations page at following the live event. About Regions Financial Corporation Regions Financial Corporation (NYSE:RF), with $159 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at Forward-Looking Statements This release and the accompanying earnings call may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. In addition, the company, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. The words 'future,' 'anticipates,' 'assumes,' 'intends,' 'plans,' 'seeks,' 'believes,' 'predicts,' 'potential,' 'objectives,' 'estimates,' 'expects,' 'targets,' 'projects,' 'outlook,' 'forecast,' 'would,' 'will,' 'may,' 'might,' 'could,' 'should,' 'can,' and similar terms and expressions often signify forward-looking statements. Forward-looking statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management's current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below: Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in interest rates and unemployment rates, inflation, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions. Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, including tariffs, which could have a material adverse effect on our businesses and our financial results and conditions. Changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets (such as our portfolio of investment securities) and obligations, as well as the availability and cost of capital and liquidity. Volatility and uncertainty about the direction of interest rates and the timing of any changes, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally. Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases. Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses. Possible acceleration of prepayments on mortgage-backed securities due to declining interest rates, and the related acceleration of premium amortization on those securities. Possible changes in consumer and business spending and saving habits and the related effect on our ability to increase assets and to attract deposits, which could adversely affect our net income. Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, or the need to price interest-bearing deposits higher due to competitive forces. Either of these activities could increase our funding costs. Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets. The loss of value of our investment portfolio could negatively impact market perceptions of us. Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our businesses. The effects of social media on market perceptions of us and banks generally. The effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. Volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital. Our ability to effectively compete with other traditional and non-traditional financial services companies, including fintechs, some of which possess greater financial resources than we do or are subject to different regulatory standards than we are. Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers' needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue. Our inability to keep pace with technological changes, including those related to the offering of digital banking and financial services, could result in losing business to competitors. The development and use of AI presents risks and challenges that may impact our business. Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and nonfinancial benefits relating to our strategic initiatives. The risks and uncertainties related to our acquisition or divestiture of businesses and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses. The success of our marketing efforts in attracting and retaining customers. Our ability to achieve our expense management initiatives. Changes in commodity market prices and conditions could adversely affect the cash flows of our borrowers operating in industries that are impacted by changes in commodity prices (including businesses indirectly impacted by commodities prices such as businesses that transport commodities or manufacture equipment used in the production of commodities), which could impair the ability of those borrowers to service any loans outstanding to them and/or reduce demand for loans in those industries. The effects of geopolitical instability, including wars, conflicts, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our businesses. Fraud, theft or other misconduct conducted by external parties, including our customers and business partners, or by our employees. Any inaccurate or incomplete information provided to us by our customers or counterparties. Inability of our framework to manage risks associated with our businesses, such as credit risk and operational risk, including third-party vendors and other service providers, which inability could, among other things, result in a breach of operating or security systems as a result of a cyber-attack or similar act or failure to deliver our services effectively. Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms. Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms. The inability of our internal controls and procedures to prevent, detect or mitigate any material errors or fraudulent acts. Our ability to identify and address cyber-security risks such as data security breaches, malware, ransomware, 'denial of service' attacks, 'hacking' and identity theft, including account take-overs, a failure of which could disrupt our businesses and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage to our systems, increased costs, losses, or adverse effects to our reputation. The effects of the failure of any component of our business infrastructure provided by a third party could disrupt our businesses, result in the disclosure of and/or misuse of confidential information or proprietary information, increase our costs, negatively affect our reputation, and cause losses. The effects of any developments, changes or actions relating to any litigation or regulatory proceedings brought against us or any of our subsidiaries. The costs, including possibly incurring fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results. Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, such as changes to debit card interchange fees, special FDIC assessments, any new long-term debt requirements, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, including as a result of the changes in U.S. presidential administration, control of the U.S. Congress, and changes in personnel at the bank regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders. Our ability to comply with stress testing and capital planning requirements (as part of the CCAR process or otherwise) may continue to require a significant investment of our managerial resources due to the importance of such tests and requirements. Our ability to comply with applicable capital and liquidity requirements (including, among other things, the Basel III Rules), including our ability to generate capital internally or raise capital on favorable terms, and if we fail to meet requirements, our financial condition and market perceptions of us could be negatively impacted. Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time. Our ability to receive dividends from our subsidiaries, in particular Regions Bank, could affect our liquidity and ability to pay dividends to shareholders. Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated. The effects of anti-takeover laws and exclusive forum provision in our certificate of incorporation and bylaws. The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios and our ability to return capital to shareholders. Changes in accounting policies or procedures as may be required by the FASB or other regulatory agencies could materially affect our financial statements and how we report those results, and expectations and preliminary analyses relating to how such changes will affect our financial results could prove incorrect. Any impairment of our goodwill or other intangibles, any repricing of assets or any adjustment of valuation allowances on our deferred tax assets due to changes in tax law, adverse changes in the economic environment declining operations of the reporting unit or other factors. The effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes and environmental damage (especially in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and frequency of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change. The impact of pandemics on our businesses, operations and financial results and conditions. The duration and severity of any pandemic as well as government actions or other restrictions in connection with such events could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values and result in lost revenue or additional expenses. The effects of any damage to our reputation resulting from developments related to any of the items identified above. Other risks identified from time to time in reports that we file with the SEC. The foregoing list of factors is not exhaustive. For discussion of these and other factors that may cause actual results to differ from expectations, look under the captions 'Forward-Looking Statements' and 'Risk Factors' in Regions' Annual Report on Form 10-K for the year ended December 31, 2024 and in Regions' subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law. Use of Non-GAAP Financial Measures Management uses pre-tax pre-provision income (non-GAAP), adjusted pre-tax pre-provision income (non-GAAP), the adjusted efficiency ratio (non-GAAP), the adjusted fee income ratio (non-GAAP), as well as adjusted net income available to common shareholders (non-GAAP) and adjusted diluted EPS (non-GAAP) to monitor performance and believes these measures provide meaningful information to investors. Non-interest expense (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the adjusted efficiency ratio. Non-interest income (GAAP) is presented excluding certain adjustments to arrive at adjusted non-interest income (non-GAAP), which is the numerator for the adjusted fee income ratio. Adjusted non-interest income (non-GAAP) and adjusted non-interest expense (non-GAAP) are used to determine adjusted pre-tax pre-provision income (non-GAAP). Net interest income (GAAP) on a taxable-equivalent basis and non-interest income are added together to arrive at total revenue on a taxable-equivalent basis. Adjustments are made to arrive at adjusted total revenue on a taxable-equivalent basis (non-GAAP), which is the denominator for the adjusted fee income and adjusted efficiency ratios. Net income available to common shareholders (GAAP) is presented excluding certain adjustments, net of tax, to arrive at adjusted net income available to common shareholders (non-GAAP), which is the numerator for adjusted diluted EPS (non-GAAP). Regions believes that the exclusion of these adjustments provides a meaningful basis for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the company and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of Regions' business. It is possible that the activities related to the adjustments may recur; however, management does not consider the activities related to the adjustments to be indications of ongoing operations. Regions believes that presentation of these non-GAAP financial measures will permit investors to assess the performance of the company on the same basis as that applied by management. Tangible common book value per share is calculated by dividing tangible common shareholders' equity (non·GAAP) by tangible assets (non-GAAP). The numerator for tangible book value per share (non·GAAP), tangible common shareholders' equity (non·GAAP), is calculated by excluding intangible assets and the deferred tax liability related to intangible assets from common shareholders' equity (GAAP). The denominator for tangible book value per share (non-GAAP), tangible assets (non-GAAP), is calculated by excluding intangible assets and the deferred tax liability related to intangible assets from total assets (non-GAAP). Tangible common shareholders' equity ratios have become a focus of some investors and management believes they may assist investors in analyzing the capital position of the company absent the effects of intangible assets and preferred stock. Analysts and banking regulators have assessed Regions' capital adequacy using the tangible common shareholders' equity measure. Because tangible common shareholders' equity is not formally defined by GAAP or prescribed in any amount by federal banking regulations it is currently considered to be a non-GAAP financial measure and other entities may calculate it differently than Regions' disclosed calculations. Since analysts and banking regulators may assess Regions' capital adequacy using tangible common shareholders' equity to tangible assets, management believes that it is useful to provide investors the ability to assess Regions' capital adequacy on this same basis. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to stockholders. Additionally, our non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies and there is no certainty that we will not incur expenses in the future that are similar to those excluded in the calculations of non-GAAP financial measures presented herein. Management and the Board of Directors utilize non-GAAP measures as follows: Preparation of Regions' operating budgets Monthly financial performance reporting Monthly close-out reporting of consolidated results (management only) Presentation to investors of company performance Metrics for incentive compensation See the company's Financial Supplement, included as Exhibit 99.2 to the company's Current Report on Form 8-K furnished to the Securities and Exchange Commission on July 18, 2025, for reconciliations of and additional information regarding the company's non-GAAP financial measures.
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More than one million low-income households — most of them working families with children — who depend on the nation's public housing and Section 8 voucher programs could be at risk of losing their government-subsidized homes under the Trump administration's proposal to impose a two-year time limit on rental assistance. That's according to new research from New York University, obtained exclusively by The Associated Press, which suggests the time restriction could affect as many as 1.4 million households helped by the U.S. Department of Housing and Urban Development. The NYU report, which was published Thursday, also raises concerns about the largely untested policy, as most of the limited number of local housing authorities that have voluntarily tried the idea eventually abandoned the pilots. Advertisement 7 The time restriction could affect as many as 1.4 million households helped by the U.S. Department of Housing and Urban Development. AP 'If currently assisted households are subject to a two-year limit, that would lead to enormous disruption and large administrative costs,' for public housing authorities, the report said, adding that once the limit was up, housing authorities 'would have to evict all of these households and identify new households to replace them.' Defining temporary assistance 7 Map of U.S. public housing agencies with time-limited programs. Local Housing Solutions Advertisement Amid a worsening national affordable housing and homelessness crisis, President Donald Trump's administration is determined to reshape HUD's expansive role providing stable housing for low-income people, which has been at the heart of its mission for generations. At a June congressional budget hearing, HUD Secretary Scott Turner argued reforms like time limits will fix waste and fraud in public housing and Section 8 voucher programs while motivating low-income families to work toward self-sufficiency. 'It's broken and deviated from its original purpose, which is to temporarily help Americans in need,' Turner said. 'HUD assistance is not supposed to be permanent.' Elderly and disabled people would be exempted, but there's little guidance from the agency on how time-limited housing assistance would be implemented — how it would be enforced, when the clock starts and how the exemptions would be defined. Advertisement 7 'It's broken and deviated from its original purpose, which is to temporarily help Americans in need,' Turner said. 'HUD assistance is not supposed to be permanent.' AP The NYU researchers dove deep into HUD's nationwide data over a 10-year period, analyzing nearly 4.9 million households that have been public housing and Section 8 voucher tenants. Of that, about 2.1 million could be affected by the time limits because they include at least one adult who is not elderly or disabled and about 70% of those households had already been living on those subsidies for two or more years. HUD spokesperson Kasey Lovett pushed back on the NYU study. 'There is plenty of data that strongly supports time limits and shows that long-term government assistance without any incentive disincentivizes able-bodied Americans to work,' Lovett said in a statement. Working families most at risk Advertisement 7 About 2.1 million could be affected by the time limits because they include at least one adult who is not elderly or disabled. AP The time limits could displace more than a million children, as it would largely punish families who are working but still earning far below their area's median income. 'Housing assistance is especially impactful for children,' said Claudia Aiken, the director of new research partnerships for the Housing Solutions Lab at NYU's Furman Center who co-authored the study with Ellie Lochhead. Their health, education, employment and earnings potential can 'change in really meaningful ways if they have stable housing,' Aiken said. 7 The time limits could displace more than a million children, as it would largely punish families who are working but still earning far below their area's median income. AP Havalah Hopkins, a 33-year-old single mom, has been living in a public housing unit outside of Seattle since 2022, but now fears a two-year time limit would leave her and her teenage son homeless. The 14-year-old boy has autism but is considered high-functioning, so how HUD defines disabled and 'able-bodied' for the time limit could determine if their family will be affected by the restriction. Hopkins, who does catering work for a local chain restaurant, pays $450 a month in rent — 30% of her household income — for their two-bedroom apartment in Woodinville, Washington. Asked what she likes most about her home, Hopkins said: 'I like that I can afford it.' Few successful examples 7 'Housing assistance is especially impactful for children,' said Claudia Aiken, the director of new research partnerships for the Housing Solutions Lab. AP Advertisement Of the 17 housing authorities that tried time limits, 11 discontinued the trial. None tried two-year limits — the most common policy was a five-year limit with the option for an extra two and the limits usually applied to specific programs or referrals. Although there are over 3,000 housing authorities in the country, only 139 of them have ever been granted flexibility to consider testing a time limit while using federal funds for programs such as job training and financial counseling. 'Any conversation about time limits ends up being this really nuanced, hyper-local focus on what works for specific communities rather than this broad national-level implementation,' said Jim Crawford, director of the Moving to Work Collaborative which oversees that group of housing authorities. 7 Of the 17 housing authorities that tried time limits, 11 discontinued the trial. AP Advertisement Even with those supports, several housing authorities said rent was still too high and well-paying jobs were scarce, according to the study. Others said they didn't have enough capacity to provide enough supportive services to help households afford rent. Shawnté Spears of the Housing Authority of the County of San Mateo in California said the agency's five-year time limits have 'given folks motivation' to meet their goals in tandem with self-sufficiency programs funded by dollars Trump wants to cut. Time limits also give more households the chance to use vouchers, she said. But with the Bay Area's high rents, some tenants still have to spend more than half of their income on rent once their time is up or end up back on waitlists. 'I believe the program is very helpful in getting folks prepared but there lies this really, really significant rent burden here in our county,' said Spears. 'When folks do leave our time-limited program, they are facing an uphill battle.'
