I've been at this long enough to know that boring banks making quiet improvements can end up being some of the most rewarding stocks you own. Regions Financial seems to be doing exactly that, and the numbers coming across the wire this week are worth a closer look if you hold individual bank stocks or have been thinking about it.

According to a thorough analysis on Seeking Alpha, Regions has had a strong run year-to-date, and the fundamentals back it up. Non-performing loans are low. The bank raised its dividend by 13.2 percent. Management is running a buyback program. A projected 12.6 percent return from current levels rounds out the case.

What I appreciate here is the simplicity. A regional bank with clean credit metrics, returning cash to shareholders through both dividends and buybacks, is doing what a well-run bank is supposed to do. Nothing flashy. You don't have to buy into some story about what the business might become five years from now. The revenue is real, and it is happening right now.

I tell people the same thing about individual stocks. You can hold a few if you understand the businesses and size them correctly. The real task is knowing what kind of company you are buying.

Regions is the type where patience tends to pay off, because the business model is straightforward. Take in deposits, make loans, manage risk, return excess capital. It is not complicated. When that machine is humming, as it seems to be here, shareholders benefit over time through compounding dividends and a slowly rising share price.

What I would watch, if you are considering adding Regions or already own it, is credit quality. Non-performing loans are low today, and that is a big reason the stock looks attractive. But in banking, credit cycles turn. I lived through the early 1990s. I watched 2008 up close. The banks with the cleanest loan books when trouble arrives are the ones that survive, and then thrive on the other side. Regions looks solid on that front at the moment.

For most readers, I will repeat what I always say. Your core portfolio should be low-cost index funds, contributed to consistently over decades. That is the approach that actually works for regular people. But if you have an appetite for a handful of individual names, a well-capitalized regional bank paying a growing dividend is a perfectly reasonable place to look.

Just keep the position sized so that a credit cycle turning against you is a disappointment, not a disaster.

As always, I'm sharing perspective here, not professional financial advice. Do your own research or talk to someone who knows your specific situation.