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Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

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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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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