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Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2023
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.
| September 30, 2023 |  | December 31, 2022
| Notional Amount(1) |  | Estimated Fair Value |  | Notional Amount |  | Estimated Fair Value
| Gain(1)(2) |  | Loss(1)(2) |  | Gain(2) |  | Loss(2)
| (In millions)
Derivatives in fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 1,523 |  |  | $ | 1 |  |  | $ | 154 |  |  | $ | 1,423 |  |  | $ | 1 |  |  | $ | 158 |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | 29,300 |  |  | 11 |  |  | 1,133 |  |  | 30,600 |  |  | 19 |  |  | 668 |
Interest rate options | 2,000 |  |  | 15 |  |  | 20 |  |  | — |  |  | — |  |  | — |
Total derivatives in cash flow hedging relationships | 31,300 |  |  | 26 |  |  | 1,153 |  |  | 30,600 |  |  | 19 |  |  | 668 |
Total derivatives designated as hedging instruments | $ | 32,823 |  |  | $ | 27 |  |  | $ | 1,307 |  |  | $ | 32,023 |  |  | $ | 20 |  |  | $ | 826 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 103,527 |  |  | $ | 2,716 |  |  | $ | 2,709 |  |  | $ | 94,220 |  |  | $ | 2,315 |  |  | $ | 2,335 |
Interest rate options | 11,979 |  |  | 84 |  |  | 73 |  |  | 12,506 |  |  | 94 |  |  | 85 |
Interest rate futures and forward commitments | 591 |  |  | 8 |  |  | 7 |  |  | 985 |  |  | 8 |  |  | 5 |
Other contracts | 11,872 |  |  | 144 |  |  | 130 |  |  | 12,173 |  |  | 172 |  |  | 127 |
Total derivatives not designated as hedging instruments | $ | 127,969 |  |  | $ | 2,952 |  |  | $ | 2,919 |  |  | $ | 119,884 |  |  | $ | 2,589 |  |  | $ | 2,552 |
Total derivatives | $ | 160,792 |  |  | $ | 2,979 |  |  | $ | 4,226 |  |  | $ | 151,907 |  |  | $ | 2,609 |  |  | $ | 3,378 |
Total gross derivative instruments, before netting |  |  | $ | 2,979 |  |  | $ | 4,226 |  |  |  |  | $ | 2,609 |  |  | $ | 3,378 |
Less: Netting adjustments (3) |  |  | 2,924 |  |  | 2,490 |  |  |  |  | 2,504 |  |  | 1,925 |
Total gross derivative instruments, after netting |  |  | $ | 55 |  |  | $ | 1,736 |  |  |  |  | $ | 105 |  |  | $ | 1,453 |
_________ (1)In the second quarter of 2023, the Company entered into additional trades to transition remaining derivative exposure from LIBOR to SOFR. The table reflects net notional presentation and gross asset and liability presentation to capture the economic impact of the trades. As a part of this transition, the Company is applying certain optional expedients and exceptions in previously adopted accounting relief for hedges. (2)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. Includes accrued interest as applicable. (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 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 affected:
| Three Months Ended September 30, 2023
| Interest Income |  | Interest Income |  | Interest Expense
| Debt securities |  | Loans, including fees |  | Long-term borrowings
| (In millions)
Total income (expense) presented in the consolidated statements of income | $ | 185 |  |  | $ | 1,462 |  |  | $ | (69) |
Gains/(losses) on fair value hedging relationships: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amounts related to interest settlements on derivatives | $ | — |  |  | $ | — |  |  | $ | (18) |
Recognized on derivatives | — |  |  | — |  |  | (3) |
Recognized on hedged items | — |  |  | — |  |  | 3 |
Income (expense) recognized on fair value hedges | $ | — |  |  | $ | — |  |  | $ | (18) |
Gains/(losses) on cash flow hedging relationships: (1) |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Realized gains (losses) reclassified from AOCI into net income (2) | $ | — |  |  | $ | (82) |  |  | $ | — |
Income (expense) recognized on cash flow hedges | $ | — |  |  | $ | (82) |  |  | $ | — |
| Three Months Ended September 30, 2022
| Interest Income |  | Interest Income |  | Interest Expense
| Debt securities |  | Loans, including fees |  | Long-term borrowings
| (In millions)
Total income (expense) presented in the consolidated statements of income | $ | 171 |  |  | $ | 1,072 |  |  | $ | (31) |
Gains/(losses) on fair value hedging relationships: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amounts related to interest settlements on derivatives | $ | 7 |  |  | $ | — |  |  | $ | (6) |
Recognized on derivatives | (3) |  |  | — |  |  | (45) |
Recognized on hedged items | (4) |  |  | — |  |  | 45 |
Income (expense) recognized on fair value hedges | $ | — |  |  | $ | — |  |  | $ | (6) |
Gains/(losses) on cash flow hedging relationships: (1) |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Realized gains (losses) reclassified from AOCI into net income (2) | $ | — |  |  | $ | — |  |  | $ | — |
Income (expense) recognized on cash flow hedges | $ | — |  |  | $ | — |  |  | $ | — |
| Nine Months Ended September 30, 2023
| Interest Income |  | Interest Income |  | Interest Expense
| Debt securities |  | Loans, including fees |  | Long-term borrowings
| (In millions)
Total income (expense) presented in the consolidated statements of income | $ | 557 |  |  | $ | 4,276 |  |  | $ | (165) |
Gains/(losses) on fair value hedging relationships: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amounts related to interest settlements on derivatives | $ | — |  |  | $ | — |  |  | $ | (47) |
Recognized on derivatives | — |  |  | — |  |  | 6 |
Recognized on hedged items | — |  |  | — |  |  | (6) |
Income (expense) recognized on fair value hedges | $ | — |  |  | $ | — |  |  | $ | (47) |
Gains/(losses) on cash flow hedging relationships: (1) |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Realized gains (losses) reclassified from AOCI into net income (2) | $ | — |  |  | $ | (129) |  |  | $ | — |
Income (expense) recognized on cash flow hedges | $ | — |  |  | $ | (129) |  |  | $ | — |
| Nine Months Ended September 30, 2022
| Interest Income |  | Interest Income |  | Interest Expense
| Debt securities |  | Loans, including fees |  | Long-term borrowings
| (In millions)
Total income (expense) presented in the consolidated statements of income | $ | 466 |  |  | $ | 2,880 |  |  | $ | (82) |
Gains/(losses) on fair value hedging relationships: |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amounts related to interest settlements on derivatives | $ | 7 |  |  | $ | — |  |  | $ | (5) |
Recognized on derivatives | 33 |  |  | — |  |  | (133) |
Recognized on hedged items | (40) |  |  | — |  |  | 133 |
Income (expense) recognized on fair value hedges | $ | — |  |  | $ | — |  |  | $ | (5) |
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 |  |  | $ | — |
____ (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.
| September 30, 2023 |  | December 31, 2022
| 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) |  | (In millions)
Debt securities available for sale(1) | $ | 123 |  |  | $ | (1) |  |  |  |  |  |  | $ | 23 |  |  | $ | — |
Long-term borrowings | (1,246) |  |  | 152 |  |  |  |  |  |  | (1,239) |  |  | 158 |
_____ (1) Carrying amount represents amortized cost.
Schedule Of Gains (Losses) Recognized In Income 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 September 30 |  | Nine Months Ended September 30 |  |
Derivatives Not Designated as Hedging Instruments | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
| (In millions)
Capital markets income: |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 16 |  |  | $ | 44 |  |  | $ | (8) |  |  | $ | 111 |  |  |
Interest rate options | 14 |  |  | 4 |  |  | 35 |  |  | 20 |  |  |
Interest rate futures and forward commitments | 2 |  |  | 8 |  |  | 10 |  |  | 7 |  |  |
Other contracts | 4 |  |  | 11 |  |  | 10 |  |  | 19 |  |  |
Total capital markets income | 36 |  |  | 67 |  |  | 47 |  |  | 157 |  |  |
Mortgage income: |  |  |  |  |  |  |  |  |
Interest rate swaps | (38) |  |  | (28) |  |  | (38) |  |  | (112) |  |  |
Interest rate options | (1) |  |  | (8) |  |  | — |  |  | (17) |  |  |
Interest rate futures and forward commitments | (4) |  |  | 19 |  |  | (4) |  |  | 14 |  |  |
Total mortgage income | (43) |  |  | (17) |  |  | (42) |  |  | (115) |  |  |
| $ | (7) |  |  | $ | 50 |  |  | $ | 5 |  |  | $ | 42 |  |  |

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