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Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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