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Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

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.

			March 31, 2024																		December 31, 2023
			Notional Amount(1)						Estimated Fair Value												Notional Amount						Estimated Fair Value
									Gain(1)						Loss(1)												Gain(1)						Loss(1)
			(In millions)
Derivatives in fair value hedging relationships:
Interest rate swaps			$	2,985					$	3					$	126					$	2,975					$	1					$	121
Derivatives in cash flow hedging relationships:
Interest rate swaps			31,050						4						809						29,550						43						580
Interest rate options			2,000						10						9						2,000						21						13
Total derivatives in cash flow hedging relationships			33,050						14						818						31,550						64						593
Total derivatives designated as hedging instruments			$	36,035					$	17					$	944					$	34,525					$	65					$	714
Derivatives not designated as hedging instruments:
Interest rate swaps			$	101,364					$	1,958					$	1,934					$	99,892					$	1,769					$	1,718
Interest rate options			12,288						66						53						13,497						66						57
Interest rate futures and forward commitments			1,195						10						1						655						7						12
Other contracts			11,741						180						164						12,007						198						190
Total derivatives not designated as hedging instruments			$	126,588					$	2,214					$	2,152					$	126,051					$	2,040					$	1,977
Total derivatives			$	162,623					$	2,231					$	3,096					$	160,576					$	2,105					$	2,691
Total gross derivative instruments, before netting									$	2,231					$	3,096											$	2,105					$	2,691
Less: Netting adjustments (2)									2,160						1,802												2,029						1,560
Total gross derivative instruments, after netting									$	71					$	1,294											$	76					$	1,131

_________

(1)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. The table reflects net notional presentation and gross asset and liability presentation to capture the economic impact of the trades.

(2)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. Cash collateral, all of which is included as a netting adjustment, totaled $247 million and $243 million for derivative assets at

March 31, 2024 and December 31, 2023, respectively. Cash collateral totaled $46 million and $43 million for derivative liabilities at March 31, 2024 and December 31, 2023, respectively.

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 March 31, 2024
			Interest Income						Interest Income						Interest Expense						Interest Expense
			Debt securities						Loans, including fees						Long-term borrowings						Deposits
			(In millions)
Total income (expense) presented in the consolidated statements of income			$	209					$	1,421					$	(44)					$	(495)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
Amounts related to interest settlements on derivatives			$	3					$	—					$	(17)					$	—
Recognized on derivatives			6						—						(4)						(1)
Recognized on hedged items			(7)						—						4						1
Income (expense) recognized on fair value hedges			$	2					$	—					$	(17)					$	—
Gains/(losses) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income (2)			$	—					$	(117)					$	—					$	—
Income (expense) recognized on cash flow hedges			$	—					$	(117)					$	—					$	—

			Three Months Ended March 31, 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			$	187					$	1,360					$	(40)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
Amounts related to interest settlements on derivatives			$	—					$	—					$	(14)
Recognized on derivatives			—						—						23
Recognized on hedged items			—						—						(23)
Income (expense) recognized on fair value hedges			$	—					$	—					$	(14)
Gains/(losses) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income (2)			$	—					$	(15)					$	—
Income (expense) recognized on cash flow hedges			$	—					$	(15)					$	—

____

(1)See Note 6 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.

			March 31, 2024												December 31, 2023
			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)(2)			$	1,624					$	(1)																	$	1,653					$	5
Long-term borrowings			(1,282)						116																		(1,286)						112
Time deposits			(261)						1																		(252)						—

_____

(1) At March 31, 2024 and December 31, 2023, the Company designated interest rate swaps as fair value hedges of debt securities available for sale under the portfolio layer method under which the Company designated $1.0 billion as the hedged amount from a closed portfolio of prepayable financial assets with a carrying amount of $1.3 billion.

(2) 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 March 31
Derivatives Not Designated as Hedging Instruments															2024						2023
															(In millions)
Capital markets income:
Interest rate swaps															$	9					$	(28)
Interest rate options															9						9
Interest rate futures and forward commitments															8						4
Other contracts															6						(2)
Total capital markets income															32						(17)
Mortgage income:
Interest rate swaps															(15)						7
Interest rate options															1						3
Interest rate futures and forward commitments															10						(1)
Total mortgage income															(4)						9
															$	28					$	(8)

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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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