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Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

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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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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