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Derivative Financial Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule Of Derivative Instruments Notional And Fair Values | The following tables present the notional amount and estimated fair value of derivative instruments on a gross basis.
| June 30, 2021 |  | December 31, 2020
| Notional Amount |  | Estimated Fair Value |  | Notional Amount |  | Estimated Fair Value
| Gain(1) |  | Loss(1) |  | Gain(1) |  | Loss(1)
| (In millions)
Derivatives in fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 1,750 |  |  | $ | 60 |  |  | $ | 11 |  |  | $ | 2,100 |  |  | $ | 77 |  |  | $ | — |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (2) | 17,000 |  |  | 532 |  |  | 1 |  |  | 16,000 |  |  | 1,181 |  |  | — |
Interest rate floors (3)(4) | 3,500 |  |  | 196 |  |  | — |  |  | 5,750 |  |  | 430 |  |  | — |
Total derivatives in cash flow hedging relationships | 20,500 |  |  | 728 |  |  | 1 |  |  | 21,750 |  |  | 1,611 |  |  | — |
Total derivatives designated as hedging instruments | $ | 22,250 |  |  | $ | 788 |  |  | $ | 12 |  |  | $ | 23,850 |  |  | $ | 1,688 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 76,721 |  |  | $ | 1,039 |  |  | $ | 1,055 |  |  | $ | 76,764 |  |  | $ | 1,492 |  |  | $ | 1,464 |
Interest rate options | 15,590 |  |  | $ | 64 |  |  | $ | 23 |  |  | 13,806 |  |  | 90 |  |  | 28 |
Interest rate futures and forward commitments | 2,921 |  |  | $ | 13 |  |  | $ | 4 |  |  | 4,270 |  |  | 11 |  |  | 26 |
Other contracts | 9,120 |  |  | $ | 157 |  |  | $ | 160 |  |  | 9,924 |  |  | 68 |  |  | 80 |
Total derivatives not designated as hedging instruments | $ | 104,352 |  |  | $ | 1,273 |  |  | $ | 1,242 |  |  | $ | 104,764 |  |  | $ | 1,661 |  |  | $ | 1,598 |
Total derivatives | $ | 126,602 |  |  | $ | 2,061 |  |  | $ | 1,254 |  |  | $ | 128,614 |  |  | $ | 3,349 |  |  | $ | 1,598 |
Total gross derivative instruments, before netting |  |  | $ | 2,061 |  |  | $ | 1,254 |  |  |  |  | $ | 3,349 |  |  | $ | 1,598 |
Less: Netting adjustments (5) |  |  | $ | 1,357 |  |  | $ | 1,202 |  |  |  |  | 2,428 |  |  | 1,545 |
Total gross derivative instruments, after netting (6) |  |  | $ | 704 |  |  | $ | 52 |  |  |  |  | $ | 921 |  |  | $ | 53 |
_________ (1)Derivatives in a gain position are recorded as other assets and derivatives in a loss position are recorded as other liabilities on the consolidated balance sheets. (2)Includes accrued interest of $21 million at June 30, 2021 and $28 million at December 31, 2020, respectively. (3)Includes accrued interest of $8 million at June 30, 2021 and $12 million at December 31, 2020, respectively. (4)Estimated fair value includes premium of approximately $44 million as of June 30, 2021 and $83 million as of December 31, 2020 to be amortized over the remaining life. Approximately $32 million of the decrease since December 31, 2020 related to hedges that were terminated during the first six months of 2021 and were not amortized into earnings as of the date of termination. (5)Netting adjustments represent amounts recorded to convert derivative assets and derivative liabilities from a gross basis to a net basis in accordance with applicable accounting guidance. The net basis takes into account the impact of cash collateral received or posted, legally enforceable master netting agreements, and variation margin that allow Regions to settle derivative contracts with the counterparty on a net basis and to offset the net position with the related cash collateral. (6)The gain amounts, which are not collateralized with cash or other assets or reserved for, represent the net credit risk on all trading and other derivative positions. As of June 30, 2021 and December 31, 2020, financial instruments posted of $24 million, for both periods, were not offset in the consolidated balance sheets.
Schedule of Discontinued Cash Flow Hedges | The following table presents the pre-tax impact of terminated cash flow hedges on AOCI. The balance of terminated cash flow hedges in AOCI will be amortized into earnings through 2025.
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In millions)
Unrealized gains on terminated hedges included in AOCI- Beginning | $ | 279 |  |  | $ | 70 |  |  | $ | 121 |  |  | $ | 78 |
Unrealized gains (losses) on terminated hedges arising during the period | 249 |  |  | — |  |  | 415 |  |  | (6) |
Reclassification adjustments for amortization of unrealized (gains) into net income | (34) |  |  | (2) |  |  | (42) |  |  | (4) |
Unrealized gains on terminated hedges included in AOCI-Ending | $ | 494 |  |  | $ | 68 |  |  | $ | 494 |  |  | $ | 68 |
Schedule Of Effect Of Hedging Derivative Instruments On Statements Of Operations | The following tables present the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line items effected:
|  |  | Three Months Ended June 30, 2021
|  |  | Interest Income |  | Interest Expense
|  |  | Loans, Including Fees |  | Long-term Borrowings
|  |  | (In millions)
Total amounts presented in the consolidated statements of income |  |  | $ | 849 |  |  | $ | 26 |
Gains/(losses) on fair value hedging relationships: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amounts related to interest settlements on derivatives |  |  | $ | — |  |  | $ | 7 |
Recognized on derivatives |  |  | — |  |  | (4) |
Recognized on hedged items |  |  | — |  |  | 4 |
Net income recognized on fair value hedges |  |  | $ | — |  |  | $ | 7 |
Gains/(losses) on cash flow hedging relationships: (1) |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Realized gains (losses) reclassified from AOCI into net income (2) |  |  | $ | 104 |  |  | $ | — |
Income (expense) recognized on cash flow hedges |  |  | $ | 104 |  |  | $ | — |
|  |  | Three Months Ended June 30, 2020
|  |  | Interest Income |  | Interest Expense
|  |  | Loans, Including Fees |  | Long-term Borrowings
|  |  | (In millions)
Total amounts presented in the consolidated statements of income |  |  | $ | 898 |  |  | $ | 49 |
Gains/(losses) on fair value hedging relationships: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amounts related to interest settlements on derivatives |  |  | $ | — |  |  | $ | 11 |
Recognized on derivatives |  |  | — |  |  | 1 |
Recognized on hedged items |  |  | — |  |  | (1) |
Net income recognized on fair value hedges |  |  | $ | — |  |  | $ | 11 |
Gains/(losses) on cash flow hedging relationships: (1) |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Realized gains (losses) reclassified from AOCI into net income (2) |  |  | $ | 60 |  |  | $ | — |
Income (expense) recognized on cash flow hedges |  |  | $ | 60 |  |  | $ | — |
|  |  | Six Months Ended June 30, 2021
|  |  | Interest Income |  | Interest Expense
|  |  | Loans, Including Fees |  | Long-term Borrowings
|  |  | (In millions)
Total amounts presented in the consolidated statements of income |  |  | $ | 1,703 |  |  | $ | 53 |
Gains/(losses) on fair value hedging relationships: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amounts related to interest settlements on derivatives |  |  | $ | — |  |  | $ | 14 |
Recognized on derivatives |  |  | — |  |  | (26) |
Recognized on hedged items |  |  | — |  |  | 26 |
Income (expense) recognized on fair value hedges |  |  | $ | — |  |  | $ | 14 |
Gains/(losses) on cash flow hedging relationships: (1) |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Realized gains (losses) reclassified from AOCI into net income (2) |  |  | $ | 206 |  |  | $ | — |
Income (expense) recognized on cash flow hedges |  |  | $ | 206 |  |  | $ | — |
|  |  | Six Months Ended June 30, 2020
|  |  | Interest Income |  | Interest Expense
|  |  | Loans, Including Fees |  | Long-term Borrowings
|  |  | (In millions)
Total amounts presented in the consolidated statements of income |  |  | $ | 1,801 |  |  | $ | 108 |
Gains/(losses) on fair value hedging relationships: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amounts related to interest settlements on derivatives |  |  | $ | — |  |  | $ | 15 |
Recognized on derivatives |  |  | — |  |  | 77 |
Recognized on hedged items |  |  | — |  |  | (77) |
Income (expense) recognized on fair value hedges |  |  | $ | — |  |  | $ | 15 |
Gains/(losses) on cash flow hedging relationships: (1) |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Realized gains (losses) reclassified from AOCI into net income (2) |  |  | $ | 69 |  |  | $ | — |
Income (expense) recognized on cash flow hedges |  |  | $ | 69 |  |  | $ | — |
___ (1)See Note 5 for gain or (loss) recognized for cash flow hedges in AOCI. (2)Pre-tax
Schedule of Fair Value Hedging Basis Adjustments | The following tables present the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.
| June 30, 2021 |  | December 31, 2020
| Hedged Items Currently Designated |  | Hedged Items Currently Designated
| Carrying Amount of Assets/(Liabilities) |  | Hedge Accounting Basis Adjustment |  | Carrying Amount of Assets/(Liabilities) |  | Hedge Accounting Basis Adjustment
| (In millions)
Long-term borrowings | $ | (1,786) |  |  | $ | (38) |  |  | $ | (2,171) |  |  | $ | (64) |
Schedule of Gains (Losses) Recognized Related to Derivatives Not Designated as Hedging Instruments | The following table presents the location and amount of gain or (loss) recognized in income on derivatives not designated as hedging instruments in the consolidated statements of income for the periods presented below:
| Three Months Ended June 30 |  | Six Months Ended June 30
Derivatives Not Designated as Hedging Instruments | 2021 |  | 2020 |  | 2021 |  | 2020
| (In millions)
Capital markets income: |  |  |  |  |  |  |
Interest rate swaps | $ | (3) |  |  | $ | 29 |  |  | $ | 20 |  |  | $ | (8) |
Interest rate options | 2 |  |  | 16 |  |  | 17 |  |  | 32 |
Interest rate futures and forward commitments | 3 |  |  | 2 |  |  | 12 |  |  | 7 |
Other contracts | 2 |  |  | 11 |  |  | 7 |  |  | — |
Total capital markets income | 4 |  |  | 58 |  |  | 56 |  |  | 31 |
Mortgage income: |  |  |  |  |  |  |
Interest rate swaps | 29 |  |  | 6 |  |  | (38) |  |  | 104 |
Interest rate options | (2) |  |  | 2 |  |  | (15) |  |  | 26 |
Interest rate futures and forward commitments | (19) |  |  | 17 |  |  | 11 |  |  | 1 |
Total mortgage income | 8 |  |  | 25 |  |  | (42) |  |  | 131 |
| $ | 12 |  |  | $ | 83 |  |  | $ | 14 |  |  | $ | 162 |

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