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Borrowed Funds | 12 Months Ended
--- | ---
Dec. 31, 2024
Long-term Borrowings [Abstract] |
Borrowed Funds | NOTE 11. BORROWED FUNDS SHORT-TERM BORROWINGS Short-term borrowings consist of FHLB advances and were $500 million at December 31, 2024 and zero at December 31, 2023. The levels of short-term borrowings can fluctuate depending on the Company's funding needs and the sources utilized. LONG-TERM BORROWINGS Long-term borrowings at December 31 consist of the following:
| 2024 |  | 2023
| (In millions)
Regions Financial Corporation (Parent): |  |  |
2.25% senior notes due May 2025 | $ | 749 |  |  | $ | 747 |
1.80% senior notes due August 2028 | 647 |  |  | 646
5.722% senior notes due June 2030 (1) | 746 |  |  | — |
5.502% senior notes due September 2035 (2) | 994 |  |  | —
7.75% subordinated notes due September 2024 | — |  |  | 100 |
6.75% subordinated debentures due November 2025 | 151 |  |  | 153 |
7.375% subordinated notes due December 2037 | 299 |  |  | 298 |
Valuation adjustments on hedged long-term debt | (91) |  |  | (112) |
| 3,495 |  |  | 1,832 |
Regions Bank: |  |  |
FHLB advances | 2,000 |  |  | — |
6.45% subordinated notes due June 2037 | 496 |  |  | 496 |
Other long-term debt | 2 |  |  | 2 |
| 2,498 |  |  | 498 |
Total consolidated | $ | 5,993 |  |  | $ | 2,330 |
____ (1) On June 6, 2029, the Notes will bear floating rate interest equal to Compounded SOFR plus 1.49%. (2) On September 6, 2034, the Notes will bear floating rate interest equal to Compounded SOFR plus 2.06%. As disclosed above, Regions and Regions Bank had subordinated notes outstanding at December 31, 2024, which are by definition, subordinated and subject in right of payment of both principal and interest to the prior payment in full of all senior indebtedness of the Company, which is generally defined as all indebtedness and other obligations of the Company to its creditors, except subordinated indebtedness. Payment of the principal of the notes may be accelerated only in the case of certain events involving bankruptcy, insolvency proceedings or reorganization of the Company. The subordinated notes described above qualify as Tier 2 capital under Federal Reserve guidelines, subject to diminishing credit as the respective maturity dates approach and subject to certain transition provisions. None of the subordinated notes are redeemable prior to maturity, unless there is an occurrence of a qualifying capital event. On June 3, 2024, Regions issued $750 million of 5.722% fixed rate to floating rate senior notes due June 2030. The notes will initially bear interest at 5.722% per annum and, commencing on June 6, 2029 in conjunction with the call date, the notes will bear interest at a floating rate per annum equal to Compounded SOFR plus 1.49%%. On September 3, 2024, Regions issued $1.0 billion of 5.502% fixed rate to floating rate senior notes due September 2035. The notes will initially bear interest at 5.502% per annum and, commencing on September 6, 2034 in conjunction with the call date, the notes will bear interest at a floating rate per annum equal to Compounded SOFR plus 2.06%%. In the third quarter of 2024, the Company's 7.75% subordinated notes matured. FHLB advances at December 31, 2024 had a weighted-average interest rate of 4.6 percent with remaining maturity within one year. Funding from the FHLB and Federal Reserve Bank is secured by pledged assets, primarily certain loan portfolios which are also subject to blanket lien arrangements with the FHLB and Federal Reserve Bank. As of December 31, 2024, Regions' blanket lien arrangements with these entities covered a total loan balance of approximately $93.6 billion and included loans from various loan portfolios. However, borrowing capacity with the FHLB and Federal Reserve Bank is contingent on a subset of the blanket lien portfolios which are eligible and pledged according to the parameters for each counterparty. Regions uses derivative instruments, primarily interest rate swaps, to manage interest rate risk by converting a portion of its fixed-rate debt to a variable-rate. The effective rate adjustments related to these hedges are included in interest expense on long-term borrowings. The weighted-average interest rate on total long-term debt, including the effect of derivative instruments, was 6.3 percent, 6.5 percent, and 5.1 percent for the years ended December 31, 2024, 2023, and 2022, respectively. Further discussion of derivative instruments is included in Note 20. The aggregate amount of contractual maturities of all long-term debt in each of the next five years and thereafter is as follows:
| Year Ended December 31
| Regions Financial Corporation (Parent) |  | Regions Bank
| (In millions)
2025 | $ | 891 |  |  | $ | 2,000 |
2026 | — |  |  | — |
2027 | — |  |  | — |
2028 | 581 |  |  | — |
2029 | — |  |  | — |
Thereafter | 2,023 |  |  | 498 |
| $ | 3,495 |  |  | $ | 2,498 |
On February 24, 2022, Regions filed a shelf registration statement with the SEC. This shelf registration does not have a capacity limit and can be utilized by Regions to issue various debt and/or equity securities. The registration statement will expire in February 2025. Regions expects to file a new shelf registration statement on or about February 21, 2025. Regions Bank may issue bank notes from time to time, either as part of a bank note program or as stand-alone issuances. Notes issued by Regions Bank may be senior or subordinated notes. Notes issued by Regions Bank are not deposits and are not insured or guaranteed by the FDIC. Regions may, from time to time, consider opportunistically retiring outstanding issued securities, including subordinated debt in privately negotiated or open market transactions. Regulatory approval would be required for retirement of some securities.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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