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Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) | NOTE 5. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) PREFERRED STOCK The following table presents a summary of the non-cumulative perpetual preferred stock:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | March 31, 2023 |  | December 31, 2022
| Issuance Date |  | Earliest Redemption Date |  | Dividend Rate (1) |  | Liquidation Amount |  | Liquidation preference per Share |  | Liquidation preference per Depositary Share |  | Ownership Interest per Depositary Share |  | Shares Issued and Outstanding |  | Carrying Amount |  | Carrying Amount
| (Dollars in millions, except for share and per share amounts)
Series B | 4/29/2014 |  | 9/15/2024 |  | 6.375 | % | (2) |  | $ | 500 |  |  | $ | 1,000 |  |  | $ | 25 |  |  | 1/40th |  | 500,000 |  | $ | 433 |  |  | $ | 433 |
Series C | 4/30/2019 |  | 5/15/2029 |  | 5.700 | % | (3) |  | 500 |  |  | 1,000 |  |  | 25 |  |  | 1/40th |  | 500,000 |  | 490 |  |  | 490 |
Series D | 6/5/2020 |  | 9/15/2025 |  | 5.750 | % | (4) |  | 350 |  |  | 100,000 |  |  | 1,000 |  |  | 1/100th |  | 3,500 |  | 346 |  |  | 346 |
Series E | 5/4/2021 |  | 6/15/2026 |  | 4.450 | % |  |  | 400 |  |  | 1,000 |  |  | 25 |  |  | 1/40th |  | 400,000 |  | 390 |  |  | 390 |
|  |  |  |  |  |  |  | $ | 1,750 |  |  |  |  |  |  |  |  | 1,403,500 |  |  | $ | 1,659 |  |  | $ | 1,659 |
_________ (1)Dividends on all series of preferred stock, if declared, accrue and are payable quarterly in arrears. (2)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2024, 6.375%, and (ii) for each period beginning on or after September 15, 2024, three-month LIBOR plus 3.536%. (3)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to August 15, 2029, 5.700%, and (ii) for each period beginning on or after August 15, 2029, three-month LIBOR plus 3.148%. (4)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2025, 5.750%, and (ii) for each period beginning on or after September 15, 2025, the five-year treasury rate as of the most recent reset dividend determination date plus 5.426%. All series of preferred stock have no stated maturity and redemption is solely at Regions' option, subject to regulatory approval, in whole, or in part, after the earliest redemption date or in whole, but not in part, at any time following a regulatory capital treatment event for the Series B, Series C, Series D, and Series E preferred stock. The Board of Directors declared a total of $24 million in cash dividends on all series of preferred stock during both the first three months of 2023 and 2022. In the event Series B, Series C, Series D or Series E preferred shares are redeemed at the liquidation amounts, $67 million, $10 million, $4 million, or $10 million in excess of the redemption amount over the carrying amount will be recognized, respectively. Approximately $52 million of Series B preferred dividends that were recorded as a reduction of preferred stock, including related surplus, will be recorded as a reduction to common shareholders' equity. The remaining amounts listed represent issuance costs that were recorded as reductions to preferred stock, including related surplus, and will be recorded as reductions to net income available to common shareholders. COMMON STOCK Regions' 2022 stress testing results from the FRB reflected that the Company exceeded all minimum capital levels and the SCB will be floored at 2.5 percent for the fourth quarter of 2022 through the third quarter of 2023. On April 20, 2022, the Board authorized the repurchase of up to $2.5 billion of the Company's common stock, permitting purchases from the second quarter of 2022 through the fourth quarter of 2024. As of March 31, 2023, Regions had repurchased approximately 725 thousand shares of common stock at a total cost of $15 million under this plan. All of these shares were immediately retired upon repurchase and therefore were not included in treasury stock. Regions declared $0.20 per share in cash dividends for the first quarter 2023 as compared to $0.17 per common share for the first quarter 2022. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the balances and activity in AOCI on a pre-tax and net of tax basis for the three months ended March 31, 2023 and 2022 :
| Three Months Ended March 31, 2023
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity
| (In millions)
Total accumulated other comprehensive income (loss), beginning of period | $ | (4,481) |  |  | $ | 1,138 |  |  | $ | (3,343) |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |
Beginning balance | $ | (11) |  |  | $ | 2 |  |  | $ | (9) |
Reclassification adjustments for amortization on unrealized losses (2) | — |  |  | — |  |  | — |
Ending balance | $ | (11) |  |  | $ | 2 |  |  | $ | (9) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | (3,433) |  |  | $ | 872 |  |  | $ | (2,561) |
Unrealized gains (losses) arising during the period | 447 |  |  | (114) |  |  | 333 |
Reclassification adjustments for securities (gains) losses realized in net income (3) | 2 |  |  | — |  |  | 2 |
Change in AOCI from securities available for sale activity in the period | 449 |  |  | (114) |  |  | 335 |
Ending balance | $ | (2,984) |  |  | $ | 758 |  |  | $ | (2,226) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |
Beginning balance | $ | (468) |  |  | $ | 119 |  |  | $ | (349) |
Unrealized gains (losses) on derivatives arising during the period | 198 |  |  | (50) |  |  | 148 |
Reclassification adjustments for (gains) losses realized in net income (2) | 15 |  |  | (4) |  |  | 11 |
Change in AOCI from derivative activity in the period | 213 |  |  | (54) |  |  | 159 |
Ending balance | $ | (255) |  |  | $ | 65 |  |  | $ | (190) |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (569) |  |  | $ | 145 |  |  | $ | (424) |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 7 |  |  | (2) |  |  | 5 |
Ending balance | $ | (562) |  |  | $ | 143 |  |  | $ | (419) |
Total other comprehensive income (loss) | 669 |  |  | (170) |  |  | 499 |
Total accumulated other comprehensive income (loss), end of period | $ | (3,812) |  |  | $ | 968 |  |  | $ | (2,844) |
| Three Months Ended March 31, 2022
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity |  |  |  |
| (In millions) |  |  |  |
Total accumulated other comprehensive income (loss), beginning of period | $ | 387 |  |  | $ | (98) |  |  | $ | 289 |  |  |  |  |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |  |  |  |  |
Beginning balance | $ | (14) |  |  | $ | 3 |  |  | $ | (11) |  |  |  |  |
Reclassification adjustments for amortization on unrealized (gains) losses (2) | 1 |  |  | — |  |  | 1 |  |  |  |  |
Ending balance | $ | (13) |  |  | $ | 3 |  |  | $ | (10) |  |  |  |  |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |  |  |  |  |
Beginning balance | $ | 218 |  |  | $ | (55) |  |  | $ | 163 |  |  |  |  |
Unrealized gains (losses) arising during the period | (1,498) |  |  | 381 |  |  | (1,117) |  |  |  |  |
Ending balance | $ | (1,280) |  |  | $ | 326 |  |  | $ | (954) |  |  |  |  |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Beginning balance | $ | 830 |  |  | $ | (209) |  |  | $ | 621 |  |  |  |  |
Unrealized gains (losses) on derivatives arising during the period | (417) |  |  | 106 |  |  | (311) |  |  |  |  |
Reclassification adjustments for (gains) losses realized in net income (2) | (110) |  |  | 28 |  |  | (82) |  |  |  |  |
Change in AOCI from derivative activity in the period | (527) |  |  | 134 |  |  | (393) |  |  |  |  |
Ending balance | $ | 303 |  |  | $ | (75) |  |  | $ | 228 |  |  |  |  |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |  |  |  |  |
Beginning balance | $ | (647) |  |  | $ | 163 |  |  | $ | (484) |  |  |  |  |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 8 |  |  | (2) |  |  | 6 |  |  |  |  |
Ending balance | $ | (639) |  |  | $ | 161 |  |  | $ | (478) |  |  |  |  |
Total other comprehensive income (loss) | (2,016) |  |  | 513 |  |  | (1,503) |  |  |  |  |
Total accumulated other comprehensive income (loss), end of period | $ | (1,629) |  |  | $ | 415 |  |  | $ | (1,214) |  |  |  |  |
____ (1)The impact of all AOCI activity is shown net of the related tax impact, calculated using an effective tax rate of approximately 25 percent. (2)Reclassification amount is recognized in net interest income in the consolidated statements of income. (3)Reclassification amount is recognized in securities gains (losses), net in the consolidated statements of income. (4)Reclassification amount is recognized in other non-interest expense in the consolidated statements of income. Additionally, these accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 7 for additional details).

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