XML 23 R14.htm IDEA: XBRL DOCUMENT
v3.23.3

Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) | 9 Months Ended
--- | ---
Sep. 30, 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:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | September 30, 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 CME Term SOFR 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 CME Term SOFR 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 $74 million in cash dividends on all series of preferred stock during both the first nine 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. As a Category IV bank, Regions was not required to participate in this year's supervisory capital stress test; however, the Company did receive its SCB reflecting planned capital changes including plans to increase its common stock dividend. From the fourth quarter of 2023 through the third quarter of 2024, the Company's SCB will remain at 2.5 percent. 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 September 30, 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. In the third quarter of 2023, the Board declared a cash dividend of $0.24 per share, a 20 percent increase to the quarterly common stock dividend. The cash dividends declared for the first and second quarter of 2023 were $0.20 per share. Therefore, Regions declared a total of $0.64 per common share for the first nine months of 2023 as compared to $0.54 per common share for the first nine months of 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 and nine months ended September 30, 2023 and 2022 :
| Three Months Ended September 30, 2023
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity
| (In millions)
Total accumulated other comprehensive income (loss), beginning of period | $ | (4,613) |  |  | $ | 1,173 |  |  | $ | (3,440) |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |
Beginning balance | $ | (10) |  |  | $ | 2 |  |  | $ | (8) |
Reclassification adjustments for amortization on unrealized losses (2) | — |  |  | — |  |  | — |
Ending balance | $ | (10) |  |  | $ | 2 |  |  | $ | (8) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | (3,328) |  |  | $ | 846 |  |  | $ | (2,482) |
Unrealized gains (losses) arising during the period | (798) |  |  | 203 |  |  | (595) |
Reclassification adjustments for securities (gains) losses realized in net income (3) | 1 |  |  | — |  |  | 1 |
Change in AOCI from securities available for sale activity in the period | (797) |  |  | 203 |  |  | (594) |
Ending balance | $ | (4,125) |  |  | $ | 1,049 |  |  | $ | (3,076) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |
Beginning balance | $ | (719) |  |  | $ | 183 |  |  | $ | (536) |
Unrealized gains (losses) on derivatives arising during the period | (367) |  |  | 93 |  |  | (274) |
Reclassification adjustments for (gains) losses realized in net income (2) | 82 |  |  | (21) |  |  | 61 |
Change in AOCI from derivative activity in the period | (285) |  |  | 72 |  |  | (213) |
Ending balance | $ | (1,004) |  |  | $ | 255 |  |  | $ | (749) |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (556) |  |  | $ | 142 |  |  | $ | (414) |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 14 |  |  | (3) |  |  | 11 |
Ending balance | $ | (542) |  |  | $ | 139 |  |  | $ | (403) |
Total other comprehensive income (loss) | (1,068) |  |  | 272 |  |  | (796) |
Total accumulated other comprehensive income (loss), end of period | $ | (5,681) |  |  | $ | 1,445 |  |  | $ | (4,236) |
| Three Months Ended September 30, 2022
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity
| (In millions)
Total accumulated other comprehensive income (loss), beginning of period | $ | (2,772) |  |  | $ | 705 |  |  | $ | (2,067) |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |
Beginning balance | $ | (12) |  |  | $ | 3 |  |  | $ | (9) |
Reclassification adjustments for amortization on unrealized losses (2) | 1 |  |  | (1) |  |  | — |
Ending balance | $ | (11) |  |  | $ | 2 |  |  | $ | (9) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | (2,211) |  |  | $ | 563 |  |  | $ | (1,648) |
Unrealized gains (losses) arising during the period | (1,478) |  |  | 376 |  |  | (1,102) |
Reclassification adjustments for securities (gains) losses realized in net income (3) | 1 |  |  | — |  |  | 1 |
Change in AOCI from securities available for sale activity in the period | (1,477) |  |  | 376 |  |  | (1,101) |
Ending balance | $ | (3,688) |  |  | $ | 939 |  |  | $ | (2,749) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |
Beginning balance | $ | 82 |  |  | $ | (21) |  |  | $ | 61 |
Unrealized gains (losses) on derivatives arising during the period | (632) |  |  | 161 |  |  | (471) |
Ending balance | $ | (550) |  |  | $ | 140 |  |  | $ | (410) |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (631) |  |  | $ | 160 |  |  | $ | (471) |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 9 |  |  | (2) |  |  | 7 |
Ending balance | $ | (622) |  |  | $ | 158 |  |  | $ | (464) |
Total other comprehensive income (loss) | (2,099) |  |  | 534 |  |  | (1,565) |
Total accumulated other comprehensive income (loss), end of period | $ | (4,871) |  |  | $ | 1,239 |  |  | $ | (3,632) |
| Nine Months Ended September 30, 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) | 1 |  |  | — |  |  | 1 |
Ending balance | $ | (10) |  |  | $ | 2 |  |  | $ | (8) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | (3,433) |  |  | $ | 872 |  |  | $ | (2,561) |
Unrealized gains (losses) arising during the period | (695) |  |  | 177 |  |  | (518) |
Reclassification adjustments for securities (gains) losses realized in net income (3) | 3 |  |  | — |  |  | 3 |
Change in AOCI from securities available for sale activity in the period | (692) |  |  | 177 |  |  | (515) |
Ending balance | $ | (4,125) |  |  | $ | 1,049 |  |  | $ | (3,076) |
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 | (665) |  |  | 169 |  |  | (496) |
Reclassification adjustments for (gains) losses realized in net income (2) | 129 |  |  | (33) |  |  | 96 |
Change in AOCI from derivative activity in the period | (536) |  |  | 136 |  |  | (400) |
Ending balance | $ | (1,004) |  |  | $ | 255 |  |  | $ | (749) |
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) | 27 |  |  | (6) |  |  | 21 |
Ending balance | $ | (542) |  |  | $ | 139 |  |  | $ | (403) |
Total other comprehensive income (loss) | (1,200) |  |  | 307 |  |  | (893) |
Total accumulated other comprehensive income (loss), end of period | $ | (5,681) |  |  | $ | 1,445 |  |  | $ | (4,236) |
| Nine Months Ended September 30, 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) | 3 |  |  | (1) |  |  | 2 |  |  |  |  |
Ending balance | $ | (11) |  |  | $ | 2 |  |  | $ | (9) |  |  |  |  |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |  |  |  |  |
Beginning balance | $ | 218 |  |  | $ | (55) |  |  | $ | 163 |  |  |  |  |
Unrealized gains (losses) arising during the period | (3,907) |  |  | 994 |  |  | (2,913) |  |  |  |  |
Reclassification adjustments for securities (gains) losses realized in net income (3) | 1 |  |  | — |  |  | 1 |  |  |  |  |
Change in AOCI from securities available for sale activity in the period | (3,906) |  |  | 994 |  |  | (2,912) |  |  |  |  |
Ending balance | $ | (3,688) |  |  | $ | 939 |  |  | $ | (2,749) |  |  |  |  |
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 | (1,192) |  |  | 301 |  |  | (891) |  |  |  |  |
Reclassification adjustments for (gains) losses realized in net income (2) | (188) |  |  | 48 |  |  | (140) |  |  |  |  |
Change in AOCI from derivative activity in the period | (1,380) |  |  | 349 |  |  | (1,031) |  |  |  |  |
Ending balance | $ | (550) |  |  | $ | 140 |  |  | $ | (410) |  |  |  |  |
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) | 25 |  |  | (5) |  |  | 20 |  |  |  |  |
Ending balance | $ | (622) |  |  | $ | 158 |  |  | $ | (464) |  |  |  |  |
Total other comprehensive income (loss) | (5,258) |  |  | 1,337 |  |  | (3,921) |  |  |  |  |
Total accumulated other comprehensive income (loss), end of period | $ | (4,871) |  |  | $ | 1,239 |  |  | $ | (3,632) |  |  |  |  |
____ (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).

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration