Regions continues to use its hedges as a crutch as it waits for loan growth. Still a weaker core franchise than the bigger regional banks. Pressure on Stakeholder Stack over the long term. 

Regional banks had a good 1Q21, but mostly on non-core reserve releases. We review the fee income revenues line by showing the winners and losers and how the major ones can resume growth with a normailzing economy. Spreads are largely too tight as technicals overide credit concerns. 

Latest hedge fund problem/liquidation shows how bank risk is still opaque. Need other tools for investors/risk managers to assess bank resiliency. Viola Risk's systemic shortfall breakevens is an answer.