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Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) | NOTE 14. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) PREFERRED STOCK The following table presents a summary of the non-cumulative perpetual preferred stock:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2023 |  | 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 $98 million and $99 million in cash dividends on all series of preferred stock during years 2023 and 2022, respectively. 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 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 December 31, 2023, Regions had repurchased approximately 17 million shares of common stock at a total cost of $267 million under this plan. All of these shares were immediately retired upon repurchase and therefore were not included in treasury stock. Regions declared $0.88 per share in cash dividends for 2023, $0.74 for 2022, and $0.65 for 2021. 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 years ended December 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) | 2 |  |  | (1) |  |  | 1 |
Ending balance | $ | (9) |  |  | $ | 1 |  |  | $ | (8) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | (3,433) |  |  | $ | 872 |  |  | $ | (2,561) |
Unrealized gains (losses) arising during the period | 669 |  |  | (168) |  |  | 501 |
Reclassification adjustments for securities (gains) losses realized in net income (3) | 5 |  |  | (1) |  |  | 4 |
Change in AOCI from securities available for sale activity in the period | 674 |  |  | (169) |  |  | 505 |
Ending balance | $ | (2,759) |  |  | $ | 703 |  |  | $ | (2,056) |
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 | (167) |  |  | 43 |  |  | (124) |
Reclassification adjustments for (gains) losses realized in net income (2) | 236 |  |  | (60) |  |  | 176 |
Change in AOCI from derivative activity in the period | 69 |  |  | (17) |  |  | 52 |
Ending balance | $ | (399) |  |  | $ | 102 |  |  | $ | (297) |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (569) |  |  | $ | 145 |  |  | $ | (424) |
Net actuarial gains (losses) arising during the period | (82) |  |  | 21 |  |  | (61) |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 45 |  |  | (11) |  |  | 34 |
Change in AOCI from defined benefit pension plans and other post employment benefits activity in the period | (37) |  |  | 10 |  |  | (27) |
Ending balance | $ | (606) |  |  | $ | 155 |  |  | $ | (451) |
Total other comprehensive income (loss) | 708 |  |  | (177) |  |  | 531 |
Total accumulated other comprehensive income (loss), end of period | $ | (3,773) |  |  | $ | 961 |  |  | $ | (2,812) |
| 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 | (3,652) |  |  | 927 |  |  | (2,725) |  |  |  |  |
Reclassification adjustments for securities losses realized in net income (3) | 1 |  |  | — |  |  | 1 |  |  |  |  |
Change in AOCI from securities available for sale activity in the period | (3,651) |  |  | 927 |  |  | (2,724) |  |  |  |  |
Ending balance | $ | (3,433) |  |  | $ | 872 |  |  | $ | (2,561) |  |  |  |  |
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 | (1,158) |  |  | 292 |  |  | (866) |  |  |  |  |
Reclassification adjustments for (gains) losses realized in net income (2) | (140) |  |  | 36 |  |  | (104) |  |  |  |  |
Change in AOCI from derivative activity in the period | (1,298) |  |  | 328 |  |  | (970) |  |  |  |  |
Ending balance | $ | (468) |  |  | $ | 119 |  |  | $ | (349) |  |  |  |  |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |  |  |  |  |
Beginning balance | $ | (647) |  |  | $ | 163 |  |  | $ | (484) |  |  |  |  |
Net actuarial gains (losses) arising during the period | 40 |  |  | (7) |  |  | 33 |  |  |  |  |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 38 |  |  | (11) |  |  | 27 |  |  |  |  |
Change in AOCI from defined benefit pension plans and other post employment benefits activity in the period | 78 |  |  | (18) |  |  | 60 |  |  |  |  |
Ending balance | $ | (569) |  |  | $ | 145 |  |  | $ | (424) |  |  |  |  |
Total other comprehensive income (loss) | (4,868) |  |  | 1,236 |  |  | (3,632) |  |  |  |  |
Total accumulated other comprehensive income (loss), end of period | $ | (4,481) |  |  | $ | 1,138 |  |  | $ | (3,343) |  |  |  |  |
| 2021
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity |  |  |  |
| (In millions) |  |  |  |
Total accumulated other comprehensive income (loss), beginning of period | $ | 1,759 |  |  | $ | (444) |  |  | $ | 1,315 |  |  |  |  |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |  |  |  |  |
Beginning balance | $ | (21) |  |  | $ | 5 |  |  | $ | (16) |  |  |  |  |
Reclassification adjustments for amortization on unrealized (gains) losses (2) | 7 |  |  | (2) |  |  | 5 |  |  |  |  |
Ending balance | $ | (14) |  |  | $ | 3 |  |  | $ | (11) |  |  |  |  |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |  |  |  |  |
Beginning balance | $ | 1,062 |  |  | $ | (268) |  |  | $ | 794 |  |  |  |  |
Unrealized gains (losses) arising during the period | (841) |  |  | 212 |  |  | (629) |  |  |  |  |
Reclassification adjustments for securities (gains) losses realized in net income (3) | (3) |  |  | 1 |  |  | (2) |  |  |  |  |
Change in AOCI from securities available for sale activity in the period | (844) |  |  | 213 |  |  | (631) |  |  |  |  |
Ending balance | $ | 218 |  |  | $ | (55) |  |  | $ | 163 |  |  |  |  |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Beginning balance | $ | 1,610 |  |  | $ | (406) |  |  | $ | 1,204 |  |  |  |  |
Unrealized gains (losses) on derivatives arising during the period | (354) |  |  | 89 |  |  | (265) |  |  |  |  |
Reclassification adjustments for (gains) losses realized in net income (2) | (426) |  |  | 108 |  |  | (318) |  |  |  |  |
Change in AOCI from derivative activity in the period | (780) |  |  | 197 |  |  | (583) |  |  |  |  |
Ending balance | $ | 830 |  |  | $ | (209) |  |  | $ | 621 |  |  |  |  |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |  |  |  |  |
Beginning balance | $ | (892) |  |  | $ | 225 |  |  | $ | (667) |  |  |  |  |
Net actuarial gains (losses) arising during the period | 180 |  |  | (46) |  |  | 134 |  |  |  |  |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 65 |  |  | (16) |  |  | 49 |  |  |  |  |
Change in AOCI from defined benefit pension plans and other post employment benefits activity in the period | 245 |  |  | (62) |  |  | 183 |  |  |  |  |
Ending balance | $ | (647) |  |  | $ | 163 |  |  | $ | (484) |  |  |  |  |
Total other comprehensive income (loss) | (1,372) |  |  | 346 |  |  | (1,026) |  |  |  |  |
Total accumulated other comprehensive income (loss), end of period | $ | 387 |  |  | $ | (98) |  |  | $ | 289 |  |  |  |  |
____ (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 17 for additional details).

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