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Derivative Financial Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2022
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, 2022 |  | December 31, 2021
| 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 | $ | 7,923 |  |  | $ | 36 |  |  | $ | 120 |  |  | $ | 7,900 |  |  | $ | — |  |  | $ | 32 |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps(2) | 33,100 |  |  | 76 |  |  | 543 |  |  | 20,650 |  |  | 171 |  |  | 29 |
Total derivatives designated as hedging instruments | $ | 41,023 |  |  | $ | 112 |  |  | $ | 663 |  |  | $ | 28,550 |  |  | $ | 171 |  |  | $ | 61 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 83,544 |  |  | $ | 1,378 |  |  | $ | 1,428 |  |  | $ | 81,327 |  |  | $ | 748 |  |  | $ | 794 |
Interest rate options | 17,040 |  |  | 87 |  |  | 64 |  |  | 15,990 |  |  | 48 |  |  | 19 |
Interest rate futures and forward commitments | 1,747 |  |  | 11 |  |  | 4 |  |  | 2,739 |  |  | 11 |  |  | 3 |
Other contracts | 10,561 |  |  | 301 |  |  | 267 |  |  | 9,456 |  |  | 133 |  |  | 135 |
Total derivatives not designated as hedging instruments | $ | 112,892 |  |  | $ | 1,777 |  |  | $ | 1,763 |  |  | $ | 109,512 |  |  | $ | 940 |  |  | $ | 951 |
Total derivatives | $ | 153,915 |  |  | $ | 1,889 |  |  | $ | 2,426 |  |  | $ | 138,062 |  |  | $ | 1,111 |  |  | $ | 1,012 |
Total gross derivative instruments, before netting |  |  | $ | 1,889 |  |  | $ | 2,426 |  |  |  |  | $ | 1,111 |  |  | $ | 1,012 |
Less: Netting adjustments(3) |  |  | 1,680 |  |  | 1,542 |  |  |  |  | 699 |  |  | 932 |
Total gross derivative instruments, after netting |  |  | $ | 209 |  |  | $ | 884 |  |  |  |  | $ | 412 |  |  | $ | 80 |
_________ (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 no accrued interest at June 30, 2022 and $12 million at December 31, 2021. (3)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.
Schedule of Discontinued Cash Flow Hedges | The following table presents the pre-tax impact of previously terminated cash flow hedges on AOCI. The balance of terminated cash flow hedges in AOCI will be amortized into earnings through 2026.
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Unrealized gains on terminated hedges included in AOCI- beginning of period | $ | 624 |  |  | $ | 279 |  |  | $ | 700 |  |  | $ | 121 |
Unrealized gains on terminated hedges arising during the period | — |  |  | 249 |  |  | — |  |  | 415 |
Reclassification adjustments for amortization of unrealized (gains) into net income | (76) |  |  | (34) |  |  | (152) |  |  | (42) |
Unrealized gains on terminated hedges included in AOCI - end of period | $ | 548 |  |  | $ | 494 |  |  | $ | 548 |  |  | $ | 494 |
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, 2022
| Interest Income |  | Interest Expense
| Debt Securities |  | Loans, Including Fees |  | Long-term Borrowings
| (In millions)
Total income (expense) presented in the consolidated statements of income | $ | 157 |  |  | $ | 932 |  |  | (27 | )
Gains/(losses) on fair value hedging relationships: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amounts related to interest settlements on derivatives | $ | — |  |  | $ | — |  |  | $ | (1) |
Recognized on derivatives | 14 |  |  | — |  |  | (24) |
Recognized on hedged items | (14) |  |  | — |  |  | 24 |
Income (expense) recognized on fair value hedges | $ | — |  |  | $ | — |  |  | $ | (1) |
Gains/(losses) on cash flow hedging relationships:(1) |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Realized gains (losses) reclassified from AOCI into net income(2) | $ | — |  |  | $ | 78 |  |  | $ | — |
Income (expense) recognized on cash flow hedges | $ | — |  |  | $ | 78 |  |  | $ | — |
|  |  | Three Months Ended June 30, 2021
|  |  | Interest Income |  | Interest Expense
|  |  | Loans, Including Fees |  | Long-term Borrowings
|  |  | (In millions)
Total income (expense) 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 |
Income (expense) 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 |  |  | $ | — |
| Six Months Ended June 30, 2022
| Interest Income |  | Interest Expense
| Debt Securities |  | Loans, Including Fees |  | Long-term Borrowings
| (In millions)
Total income (expense) presented in the consolidated statements of income | $ | 295 |  |  | $ | 1,808 |  |  | (51 | )
Gains/(losses) on fair value hedging relationships: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amounts related to interest settlements on derivatives | $ | — |  |  | $ | — |  |  | $ | 1 |
Recognized on derivatives | 36 |  |  | — |  |  | (88) |
Recognized on hedged items | (36) |  |  | — |  |  | 88 |
Income (expense) recognized on fair value hedges | $ | — |  |  | $ | — |  |  | $ | 1 |
Gains/(losses) on cash flow hedging relationships:(1) |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Realized gains (losses) reclassified from AOCI into net income(2) | $ | — |  |  | $ | 188 |  |  | $ | — |
Income (expense) recognized on cash flow hedges | $ | — |  |  | $ | 188 |  |  | $ | — |
|  |  | Six Months Ended June 30, 2021
|  |  | Interest Income |  | Interest Expense
|  |  | Loans, Including Fees |  | Long-term Borrowings
|  |  | (In millions)
Total income (expense) 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 |  |  | $ | — |
___ (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, 2022 |  | December 31, 2021
| 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)
Debt securities available for sale(1)(2) | $ | 9,076 |  |  | $ | (36) |  |  | $ | 9,901 |  |  | $ | — |
Long-term borrowings | (1,275) |  |  | 122 |  |  | (1,363) |  |  | 34 |
______ (1) Carrying amount represents amortized cost. (2) In the fourth quarter of 2021, the Company designated interest rate swaps as fair value hedges of debt securities available for sale under the portfolio layer method, which are included in this amount. At both June 30, 2022 and December 31, 2021, the Company had designated $5.8 billion as the hedged amount from a closed portfolio of prepayable financial assets with an associated carrying amount of $8.3 billion at June 30, 2022 and $9.1 billion at December 31, 2021.
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 | 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Capital markets income: |  |  |  |  |  |  |
Interest rate swaps | $ | 36 |  |  | $ | (3) |  |  | $ | 67 |  |  | $ | 20 |
Interest rate options | 5 |  |  | 2 |  |  | 16 |  |  | 17 |
Interest rate futures and forward commitments | 3 |  |  | 3 |  |  | (1) |  |  | 12 |
Other contracts | 5 |  |  | 2 |  |  | 8 |  |  | 7 |
Total capital markets income | 49 |  |  | 4 |  |  | 90 |  |  | 56 |
Mortgage income: |  |  |  |  |  |  |
Interest rate swaps | (38) |  |  | 29 |  |  | (84) |  |  | (38) |
Interest rate options | 1 |  |  | (2) |  |  | (9) |  |  | (15) |
Interest rate futures and forward commitments | (21) |  |  | (19) |  |  | (5) |  |  | 11 |
Total mortgage income | (58) |  |  | 8 |  |  | (98) |  |  | (42) |
| $ | (9) |  |  | $ | 12 |  |  | $ | (8) |  |  | $ | 14 |

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