Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

Goodwill allocated to each reportable segment (each a reporting unit) at December 31 is presented as follows:


	2023		2022
	(In millions)
Corporate Bank	$	3,006	$	3,006
Consumer Bank	2,334		2,334
Wealth Management	393		393
	$	5,733	$	5,733

Regions assessed the indicators of goodwill impairment for all three reporting units as part of its annual impairment test, as of October 1, 2023 by performing a quantitative assessment of goodwill at the reporting unit level. See Note 1 for additional information on the quantitative assessment. The results of the annual test indicated that the estimated fair value of each reporting unit exceeded its carrying amount as of the test date; therefore, the goodwill of each reporting unit is considered not impaired as of the testing date.

The Company continued to assess indicators of goodwill impairment through the date of the filing of this Annual Report, by performing a qualitative assessment of goodwill at the reporting unit level. In performing the qualitative assessment, the Company evaluated events and circumstances since the annual impairment analysis, recent operating performance including reporting unit performance, changes in market capitalization, regulatory actions and assessments, changes in the business climate, company-specific factors and trends in the banking industry. The results of the qualitative assessment indicated that it was more likely than not that the estimated fair value of each reporting unit exceeded its carrying amount through the date of the filing of this Annual Report; therefore, quantitative goodwill impairment tests were deemed unnecessary.

OTHER IDENTIFIABLE INTANGIBLE ASSETS

The following table presents other identifiable intangible assets and related accumulated amortization as of December 31:


	2023		2022		2023		2022		2023		2022
	Gross Carrying Amount				Accumulated Amortization				Net Carrying Amount
	(In millions)
Core deposit intangibles	$	1,011	$	1,011	$	1,010	$	1,006	$	1	$	5
Purchased credit card relationship assets	175		175		169		164		6		11
Relationship assets (1)	267		267		90		58		177		209
Other—amortizing (2)	26		26		24		21		2		5
Agency commercial real estate licenses (3)	16		16		—		—		16		16
Other—non-amortizing (4)	3		3		—		—		3		3
	$	1,498	$	1,498	$	1,293	$	1,249	$	205	$	249

_________

(1)Includes intangible assets related to broker and contractor origination networks, vendor networks, and customer relationships.

(2)Includes intangible assets primarily related to acquired trust services, trade names, intellectual property, and employee agreements.

(3)Includes a DUS license acquired in 2014 and commercial real estate licenses acquired in 2021 that are non-amortizing intangible assets. In 2022, an immaterial purchase accounting adjustment resulted in an update to commercial real estate licenses. Refer to Note 6 for additional information related to the DUS license.

(4)Includes non-amortizing intangible assets related to other acquired trust services.

Core deposit intangibles, purchased credit card relationships and relationship assets are amortized in other non-interest expense on an accelerated basis over their expected useful lives. Other amortizing intangibles are amortized in other non-interest expense on a straight line basis over their expected useful lives.

The aggregate amount of amortization expense for amortizing intangible assets is estimated as follows:


	Year Ended December 31
	(In millions)
2024	$	36
2025	30
2026	25
2027	21
2028	18

Identifiable intangible assets other than goodwill are reviewed at least annually, usually in the fourth quarter, for events or circumstances that could impact the recoverability of the intangible asset. Regions concluded that no impairment for any identifiable intangible assets occurred during 2023, 2022 or 2021.