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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
September 30, 2024
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period fromto                               
Commission File Number: 001-34034
Regions Financial Corporation
(Exact name of registrant as specified in its charter)

Delaware 63-0589368
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
1900 Fifth Avenue North 
Birmingham
Alabama35203
(Address of principal executive offices) (Zip Code)
(800) 734-4667
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueRFNew York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
5.700% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series CRF PRCNew York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
4.45% Non-Cumulative Perpetual Preferred Stock, Series ERF PRENew York Stock Exchange
Depositary Shares, each representing a 1/40th Interest in a Share of
Non-Cumulative Perpetual Preferred Stock, Series F
RF PRF
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ☒  Yes    ☐ No
1

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   ☒  Yes  ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): ☒ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer  Smaller reporting company    Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes   ☒  No
Securities registered pursuant to Section 12(b) of the Act:
As of November 4, 2024 there were 908,863,765 shares of the issuer's common stock, par value $.01 per share, outstanding.




2


REGIONS FINANCIAL CORPORATION
FORM 10-Q
INDEX
 
  Page
Forward-Looking Statements
Part I. Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II. Other Information
Item 1.
Item 1A.
Item 2.
Item 6.


3

Glossary of Defined Terms
Agencies - collectively, FNMA and GNMA.
ACL - Allowance for credit losses.
ALCO - Asset/Liability Management Committee.
Allowance - Allowance for credit losses.
AOCI - Accumulated other comprehensive income.
ASU - Accounting Standards Update.
ATM - Automated teller machine.
Bank - Regions Bank.
Basel III - Basel Committee's 2010 Regulatory Capital Framework (Third Accord).
Basel III Endgame - New rules for capital requirements that include broad-based changes to the risk-weighting framework      that were proposed by U.S. federal regulators in 2023.
Basel III Rules - Final capital rules adopting the Basel III capital framework approved by U.S. federal regulators in 2013.
Basel Committee - Basel Committee on Banking Supervision.
BHC - Bank Holding Company.
Board - The Company’s Board of Directors.
BSBY - Bloomberg Short-Term Bank Yield index.
Call Report - Regions Bank's FFIEC 031 filing.
CAP - Customer Assistance Program.
CCAR - Comprehensive Capital Analysis and Review.
CECL - Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments ("Current Expected Credit Losses")
CET1 - Common Equity Tier 1.
CFPB - Consumer Financial Protection Bureau.
CME Term SOFR - Chicago Mercantile Exchange published term Secured Overnight Financing Rate.
Company - Regions Financial Corporation and its subsidiaries.
CPI - Consumer price index.
CPR - Constant (or Conditional) prepayment rate.
DIF - Deposit Insurance Fund.
Dodd-Frank Act - The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
DPD - Days past due.
DBRS - Dominion Bond Rating Service Morningstar.
DUS - Fannie Mae Delegated Underwriting & Servicing.
EVE - Economic Value of Equity.
FASB - Financial Accounting Standards Board.
FDIC - The Federal Deposit Insurance Corporation.
Federal Reserve - The Board of Governors of the Federal Reserve System.
FHA - Federal Housing Administration.
FHLB - Federal Home Loan Bank.
FICO - The Financing Corporation, established by the Competitive Equality Banking Act of 1987.
FICO scores - Personal credit scores based on the model introduced by the Fair Isaac Corporation.
Fintechs - Financial Technology Companies.
4

FOMC - Federal Open Market Committee.
FRB - Federal Reserve Bank.
GAAP - Generally Accepted Accounting Principles in the United States.
GDP - Gross domestic product.
GNMA - Government National Mortgage Association.
GSE - Government Sponsored Enterprise.
HPI - Housing price index.
IRS - Internal Revenue Service.
IRE - Investor Real Estate.
ISDA - International Swaps and Derivatives Association
LIBOR - London InterBank Offered Rate.
LROC - Liquidity Risk Oversight Committee.
LTV - Loan to value.
MBS - Mortgage-backed securities.
MSAs - Metropolitan Statistical Areas.
MSR - Mortgage servicing right.
NM - Not meaningful.
OAS - Option-adjusted spread.
OCI - Other comprehensive income.
R&S - Reasonable and supportable.
REITs - Real estate investment trust.
S&P - Standard and Poor's.
SCB - Stress Capital Buffer.
SEC - U.S. Securities and Exchange Commission.
SERP - Supplemental Executive Retirement Plan.
SOFR - Secured Overnight Financing Rate.
U.S. - United States.
U.S. Treasury - The United States Department of the Treasury.
USD - United States dollar.
VIE - Variable interest entity.
Visa - The Visa, U.S.A. Inc. card association or its affiliates, collectively.
5

PART I
Cautionary Note Regarding Forward-Looking Statements and Risk Factor Summary
This Quarterly Report on Form 10-Q, other periodic reports filed by Regions Financial Corporation under the Securities Exchange Act of 1934, as amended, and any other written or oral statements made by us or on our behalf to analysts, investors, the media and others, may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The terms “Regions,” the “Company,” “we,” “us” and “our” as used herein mean collectively Regions Financial Corporation, a Delaware corporation, together with its subsidiaries when or where appropriate.The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objectives,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar terms and expressions often signify forward-looking statements. Forward-looking statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. Therefore, we caution you against relying on any of these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those described below:
Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in interest rates and unemployment rates, inflation, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions.
Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, which could have a material adverse effect on our businesses and our financial results and conditions.
Changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets (such as our portfolio of investment securities) and obligations, as well as the availability and cost of capital and liquidity.
Volatility and uncertainty about the direction of interest rates and the timing of any changes, which may lead to increased costs for businesses and consumers and potentially contribute to poor business and economic conditions generally.
Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases.
Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, credit loss provisions or actual credit losses where our allowance for credit losses may not be adequate to cover our eventual losses.
Possible acceleration of prepayments on mortgage-backed securities due to declining interest rates, and the related acceleration of premium amortization on those securities.
Possible changes in consumer and business spending and saving habits and the related effect on our ability to increase assets and to attract deposits, which could adversely affect our net income.
Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, or the need to price interest-bearing deposits higher due to competitive forces. Either of these activities could increase our funding costs.
Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets.
The loss of value of our investment portfolio could negatively impact market perceptions of us.
Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our businesses.
The effects of social media on market perceptions of us and banks generally.
Market replacement of LIBOR and the related effect on our legacy LIBOR-based financial products and contracts, including, but not limited to, derivative products, debt obligations, deposits, investments, and loans.
The effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.
6

Volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital.
Our ability to effectively compete with other traditional and non-traditional financial services companies, including fintechs, some of which possess greater financial resources than we do or are subject to different regulatory standards than we are.
Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers’ needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue.
Our inability to keep pace with technological changes, including those related to the offering of digital banking and financial services, could result in losing business to competitors.
Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and nonfinancial benefits relating to our strategic initiatives.
The risks and uncertainties related to our acquisition or divestiture of businesses and risks related to such acquisitions, including that the expected synergies, cost savings and other financial or other benefits may not be realized within expected timeframes, or might be less than projected; and difficulties in integrating acquired businesses.
The success of our marketing efforts in attracting and retaining customers.
Our ability to achieve our expense management initiatives.
Changes in commodity market prices and conditions could adversely affect the cash flows of our borrowers operating in industries that are impacted by changes in commodity prices (including businesses indirectly impacted by commodities prices such as businesses that transport commodities or manufacture equipment used in the production of commodities), which could impair the ability of those borrowers to service any loans outstanding to them and/or reduce demand for loans in those industries.
The effects of geopolitical instability, including wars, conflicts, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our businesses.
Political uncertainty in the United States, including uncertainty around elections, could directly or indirectly impact our businesses.
Fraud, theft or other misconduct conducted by external parties, including our customers and business partners, or by our employees.
Any inaccurate or incomplete information provided to us by our customers or counterparties.
Inability of our framework to manage risks associated with our businesses, such as credit risk and operational risk, including third-party vendors and other service providers, which inability could, among other things, result in a breach of operating or security systems as a result of a cyber-attack or similar act or failure to deliver our services effectively.
Our ability to identify and address operational risks associated with the introduction of or changes to products, services, or delivery platforms.
Dependence on key suppliers or vendors to obtain equipment and other supplies for our businesses on acceptable terms.
The inability of our internal controls and procedures to prevent, detect or mitigate any material errors or fraudulent acts.
Our ability to identify and address cyber-security risks such as data security breaches, malware, ransomware, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our businesses and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage to our systems, increased costs, losses, or adverse effects to our reputation.
The effects of the failure of any component of our business infrastructure provided by a third party could disrupt our businesses, result in the disclosure of and/or misuse of confidential information or proprietary information, increase our costs, negatively affect our reputation, and cause losses.
The effects of any developments, changes or actions relating to any litigation or regulatory proceedings brought against us or any of our subsidiaries.
The costs, including possibly incurring fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results.
Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, such as changes to debit card interchange fees, special FDIC assessments, any new long-term debt requirements, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-
7

regulatory agencies, including as a result of the changes in U.S. presidential administration, control of the U.S. Congress, and changes in personnel at the bank regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses.
Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements and restrictions under law or imposed by our regulators, which may impact our ability to return capital to shareholders.
Our ability to comply with stress testing and capital planning requirements (as part of the CCAR process or otherwise) may continue to require a significant investment of our managerial resources due to the importance of such tests and requirements.
Our ability to comply with applicable capital and liquidity requirements (including, among other things, the Basel III capital standards), including our ability to generate capital internally or raise capital on favorable terms, and if we fail to meet requirements, our financial condition and market perceptions of us could be negatively impacted.
Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time.
Our ability to receive dividends from our subsidiaries, in particular Regions Bank, could affect our liquidity and ability to pay dividends to shareholders.
Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated.
The effects of anti-takeover laws and exclusive forum provision in our certificate of incorporation and bylaws.
The effect of new tax legislation and/or interpretation of existing tax law, which may impact our earnings, capital ratios and our ability to return capital to shareholders.
Changes in accounting policies or procedures as may be required by the FASB or other regulatory agencies could materially affect our financial statements and how we report those results, and expectations and preliminary analyses relating to how such changes will affect our financial results could prove incorrect.
Any impairment of our goodwill or other intangibles, any repricing of assets or any adjustment of valuation allowances on our deferred tax assets due to changes in tax law, adverse changes in the economic environment declining operations of the reporting unit or other factors.
The effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes and environmental damage (especially in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and frequency of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change.
The impact of pandemics on our businesses, operations and financial results and conditions. The duration and severity of any pandemic as well as government actions or other restrictions in connection with such events could disrupt the global economy, adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values and result in lost revenue or additional expenses.
The effects of any damage to our reputation resulting from developments related to any of the items identified above.
Other risks identified from time to time in reports that we file with the SEC.
You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation and do not intend to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law.
See also the reports filed with the SEC, including the discussion under the “Risk Factors” section of Regions’ Annual Report on Form 10-K for the year ended December 31, 2023 and in Regions’ subsequent filings with the SEC.
8

PART I
FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 2024December 31, 2023
 (In millions, except share data)
Assets
Cash and due from banks$2,665 $2,635 
Interest-bearing deposits in other banks7,856 4,166 
Debt securities held to maturity (estimated fair value of $2,759 and $716, respectively)
2,787 754 
Debt securities available for sale (amortized cost of $30,090 and $30,864, respectively)
28,698 28,104 
Loans held for sale (includes $255 and $201 measured at fair value, respectively)
522 400 
Loans, net of unearned income96,789 98,379 
Allowance for loan losses(1,607)(1,576)
Net loans95,182 96,803 
Other earning assets1,625 1,417 
Premises, equipment and software, net1,648 1,642 
Interest receivable596 614 
Goodwill5,733 5,733 
Residential mortgage servicing rights at fair value971 906 
Other identifiable intangible assets, net178 205 
Other assets8,965 8,815 
Total assets$157,426 $152,194 
Liabilities and Equity
Deposits:
Non-interest-bearing$39,698 $42,368 
Interest-bearing86,678 85,420 
Total deposits126,376 127,788 
Borrowed funds:
Short-term borrowings1,500  
Long-term borrowings6,016 2,330 
Total borrowed funds7,516 2,330 
Other liabilities4,807 4,583 
Total liabilities138,699 134,701 
Equity:
Preferred stock, authorized 10 million shares, par value $1.00 per share:
Non-cumulative perpetual, including related surplus, net of issuance costs; issued—1,403,500 shares
1,715 1,659 
Common stock, authorized 3 billion shares, par value $0.01 per share:
Issued including treasury stock—951,606,236 and 963,375,681 shares, respectively
10 10 
Additional paid-in capital11,438 11,757 
Retained earnings 8,778 8,186 
Treasury stock, at cost— 41,032,676 shares
(1,371)(1,371)
Accumulated other comprehensive income (loss), net(1,894)(2,812)
Total shareholders’ equity18,676 17,429 
Noncontrolling interest51 64 
Total equity18,727 17,493 
Total liabilities and equity$157,426 $152,194 

See notes to consolidated financial statements.
9

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended September 30Nine Months Ended September 30
 2024202320242023
 (In millions, except per share data)
Interest income on:
Loans, including fees$1,463 $1,462 $4,316 $4,276 
Debt securities 241 185 669 557 
Loans held for sale11 14 28 31 
Other earning assets105 105 293 282 
Total interest income1,820 1,766 5,306 5,146 
Interest expense on:
Deposits507 367 1,504 806 
Short-term borrowings10 39 24 86 
Long-term borrowings85 69 190 165 
Total interest expense602 475 1,718 1,057 
 Net interest income 1,218 1,291 3,588 4,089 
Provision for credit losses113 145 367 398 
Net interest income after provision for credit losses1,105 1,146 3,221 3,691 
Non-interest income:
Service charges on deposit accounts158 142 457 449 
Card and ATM fees118 126354 377 
Investment management and trust fee income85 79 249 232 
Capital markets income92 64251 174 
Mortgage income36 28 111 78 
Securities gains (losses), net(78)(1)(178)(3)
Other161 128 436 369 
Total non-interest income572 566 1,680 1,676 
Non-interest expense:
Salaries and employee benefits645 589 1,912 1,808 
Equipment and software expense101 107 302 310 
Net occupancy expense69 72 211 218 
Other254 325 779 895 
Total non-interest expense1,069 1,093 3,204 3,231 
Income before income taxes608 619 1,697 2,136 
Income tax expense 118 129 338 453 
Net income $490 $490 $1,359 $1,683 
Net income available to common shareholders$446 $465 $1,266 $1,609 
Weighted-average number of shares outstanding:
Basic914 939 917 938 
Diluted918 940 919 940 
Earnings per common share:
Basic$0.49 $0.49 $1.38 $1.72 
Diluted0.49 0.49 1.38 1.71 

See notes to consolidated financial statements.
10

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended September 30
20242023
(In millions)
Net income$490 $490 
Other comprehensive income (loss), net of tax:
Unrealized losses on securities transferred to held to maturity:
Unrealized losses on securities transferred from available for sale during the period (net of ($111) and zero tax effect, respectively)
(325) 
Less: reclassification adjustments for amortization of unrealized losses on securities transferred to held to maturity (net of zero and zero tax effect, respectively)
(1) 
Net change in unrealized losses on securities transferred to held to maturity, net of tax(324) 
Unrealized gains (losses) on securities available for sale:
Unrealized losses on securities transferred to held to maturity during the period (net of $111 and zero tax effect, respectively
325  
Unrealized holding gains (losses) arising during the period (net of $298 and ($203) tax effect, respectively)
870 (595)
Less: reclassification adjustments for securities gains (losses) realized in net income (net of ($20) and zero tax effect, respectively)
(58)(1)
Net change in unrealized gains (losses) on securities available for sale, net of tax1,253 (594)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Unrealized holding gains (losses) on derivatives arising during the period (net of $121 and ($93) tax effect, respectively)
354 (274)
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of ($28) and ($21) tax effect, respectively)
(82)(61)
Net change in unrealized gains (losses) on derivative instruments, net of tax436 (213)
Defined benefit pension plans and other post employment benefits:
Net actuarial gains (losses) arising during the period (net of zero and zero tax effect, respectively)
  
Less: reclassification adjustments for amortization of actuarial loss and settlements realized in net income (net of ($1) and ($3) tax effect, respectively)
(6)(11)
Net change from defined benefit pension plans and other post employment benefits, net of tax6 11 
Other comprehensive income (loss), net of tax1,371 (796)
Comprehensive income (loss)$1,861 $(306)
 Nine Months Ended September 30
 20242023
 (In millions)
Net income$1,359 $1,683 
Other comprehensive income (loss), net of tax:
Unrealized losses on securities transferred to held to maturity:
Unrealized losses on securities transferred from available for sale during the period (net of ($111) and zero tax effect, respectively)
(325) 
Less: reclassification adjustments for amortization of unrealized losses on securities transferred to held to maturity (net of zero and zero tax effect, respectively)
(2)(1)
Net change in unrealized losses on securities transferred to held to maturity, net of tax(323)1 
Unrealized gains (losses) on securities available for sale:
Unrealized losses on securities transferred to held to maturity during the period (net of $111 and zero tax effect, respectively)
325  
Unrealized holding gains (losses) arising during the period (net of $193 and ($177) tax effect, respectively)
560 (518)
Less: reclassification adjustments for securities gains (losses) realized in net income (net of ($45) and zero tax effect, respectively)
(133)(3)
Net change in unrealized gains (losses) on securities available for sale, net of tax1,018 (515)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Unrealized holding gains (losses) on derivatives arising during the period (net of ($16) and ($169) tax effect, respectively)
(46)(496)
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of ($88) and ($33) tax effect, respectively)
(255)(96)
Net change in unrealized gains (losses) on derivative instruments, net of tax209 (400)
Defined benefit pension plans and other post employment benefits:
Net actuarial gains (losses) arising during the period (net of zero and zero tax effect, respectively)
  
Less: reclassification adjustments for amortization of actuarial loss and settlements realized in net income (net of ($5) and ($6) tax effect, respectively)
(14)(21)
Net change from defined benefit pension plans and other post employment benefits, net of tax14 21 
Other comprehensive income (loss), net of tax918 (893)
Comprehensive income$2,277 $790 
See notes to consolidated financial statements.
11

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Shareholders' Equity
 Preferred StockCommon StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury
Stock,
At Cost
Accumulated
Other
Comprehensive
Income (Loss), Net
TotalNon-
controlling
Interest
 SharesAmountSharesAmount
 (In millions, except per share data)
BALANCE AT JANUARY 1, 2023
2 $1,659 934 $10 $11,988 $7,004 $(1,371)$(3,343)$15,947 $4 
Cumulative effect from change in accounting guidance— — — — — 28 — — 28 — 
Net income— — — — — 612 — — 612 — 
Other comprehensive income (loss), net of tax— — — — — — — 499 499 — 
Cash dividends declared— — — — — (187)— — (187)— 
Preferred stock dividends— — — — — (24)— — (24)— 
Impact of common stock transactions under compensation plans, net— —  — 8 — — — 8 — 
Other— — — — — — — — — 15 
BALANCE AT MARCH 31, 2023
2 $1,659 934 $10 $11,996 $7,433 $(1,371)$(2,844)$16,883 $19 
BALANCE AT APRIL 1, 2023
2 $1,659 934 $10 $11,996 $7,433 $(1,371)$(2,844)$16,883 $19 
Net income— — — — — 581 — — 581 — 
Other comprehensive income (loss), net of tax— — — — — — — (596)(596)— 
Cash dividends declared— — — — — (187)— — (187)— 
Preferred stock dividends— — — — — (25)— — (25)— 
Impact of common stock transactions under compensation plans, net— — 5 — (17)— — — (17)— 
Other— — — — — — — — — $3 
BALANCE AT JUNE 30, 2023
2 $1,659 939 $10 $11,979 $7,802 $(1,371)$(3,440)$16,639 $22 
BALANCE AT JULY 1, 2023
2 $1,659 939 $10 $11,979 $7,802 $(1,371)$(3,440)$16,639 $22 
Net income— — — — — 490 — — 490 — 
Other comprehensive income (loss), net of tax— — — — — — — (796)(796)— 
Cash dividends declared— — — — — (225)— — (225)— 
Preferred stock dividends— — — — — (25)— — (25)— 
Impact of common stock transactions under compensation plans, net— —  — 17 — — — 17 — 
Other— — — — — — — — — $3 
BALANCE AT SEPTEMBER 30, 2023
2 $1,659 939 $10 $11,996 $8,042 $(1,371)$(4,236)$16,100 $25 
12

Shareholders' Equity
 Preferred StockCommon StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury
Stock,
At Cost
Accumulated
Other
Comprehensive
Income (Loss), Net
TotalNon-
controlling
Interest
 SharesAmountSharesAmount
 (In millions, except per share data)
BALANCE AT JANUARY 1, 2024
2 $1,659 924 $10 $11,757 $8,186 $(1,371)$(2,812)$17,429 $64 
Cumulative effect from change in accounting guidance — — — — — (5)— — (5)— 
Net income— — — — — 368 — — 368 — 
Other comprehensive income (loss), net of tax— — — — — — — (412)(412)— 
Cash dividends declared— — — — — (220)— — (220)— 
Preferred stock dividends— — — — — (25)— — (25)— 
Impact of common stock share repurchases— — (6)— (102)— — — (102)— 
Impact of common stock transactions under compensation plans, net — —  — 11 — — — 11 — 
Other — — — — — — — — — (30)
BALANCE AT MARCH 31, 2024
2 $1,659 918 $10 $11,666 $8,304 $(1,371)$(3,224)$17,044 $34 
BALANCE AT APRIL 1, 2024
2 $1,659 918 $10 $11,666 $8,304 $(1,371)$(3,224)$17,044 $34 
Net income— — — — — 501 — — 501 — 
Other comprehensive income (loss), net of tax— — — — — — — (41)(41)— 
Cash dividends declared— — — — — (220)— — (220)— 
Preferred stock dividends(24)(24)— 
Impact of common stock share repurchases— — (4)— (87)— — — (87)
Impact of common stock transactions under compensation plans, net— — 1 — (4)— — — (4)— 
Other— — — — — — — — — (1)
BALANCE AT JUNE 30, 2024
2 $1,659 915 $10 $11,575 $8,561 $(1,371)$(3,265)$17,169 $33 
BALANCE AT JULY 1, 2024
2 $1,659 915 $10 $11,575 $8,561 $(1,371)$(3,265)$17,169 $33 
Net income— — — — — 490 — — 490 — 
Other comprehensive income (loss), net of tax— — — — — — — 1,371 1,371 — 
Cash dividends declared— — — — — (229)— — (229)— 
Preferred stock dividends— — — (29)— — (29)— 
Net proceeds from issuance of Series F preferred stock— 489 — — — — — — 489 — 
Redemption of Series B preferred stock— (433)— — (52)(15)— — (500)— 
Impact of common stock share repurchases— — (4)— (101)— — — (101)— 
Impact of common stock transactions under compensation plans, net— —  — 16 — — — 16 — 
Other— — — — — — — — — 18 
BALANCE AT SEPTEMBER 30, 2024
2 $1,715 911 $10 $11,438 $8,778 $(1,371)$(1,894)$18,676 $51 
See notes to consolidated financial statements.
13

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30
 20242023
 (In millions)
Operating activities:
Net income$1,359 $1,683 
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses367 398 
Depreciation, amortization and accretion, net123 183 
Securities (gains) losses, net178 3 
Deferred income tax expense 33 24 
Originations and purchases of loans held for sale(4,443)(3,591)
Proceeds from sales of loans held for sale4,347 3,489 
(Gain) loss on sale of loans, net(43)(25)
Net change in operating assets and liabilities:
Other earning assets
(208)(244)
Interest receivable and other assets
332 (225)
Other liabilities
(306)(270)
Other79 28 
Net cash from operating activities1,818 1,453 
Investing activities:
Proceeds from maturities of debt securities held to maturity31 37 
Proceeds from sales of debt securities available for sale3,825 49 
Proceeds from maturities of debt securities available for sale2,356 2,245 
Purchases of debt securities available for sale(8,074)(1,346)
Net (payments for) proceeds from bank-owned life insurance14  
Proceeds from sales of loans73 184 
Purchases of loans(536)(327)
Net change in loans1,792 (2,042)
Purchases of mortgage servicing rights(137)(136)
Net purchases of other assets(104)(115)
Net cash from investing activities(760)(1,451)
Financing activities:
Net change in deposits(1,412)(5,544)
Net change in short-term borrowings1,500 2,000 
Proceeds from long-term borrowings3,740 2,000 
Payments on long-term borrowings(100) 
Cash dividends on common stock(662)(561)
Cash dividends on preferred stock(78)(74)
Net proceeds from issuance of preferred stock489  
Payment for redemption of preferred stock(500) 
Repurchases of common stock(290) 
Taxes paid related to net share settlement of equity awards(25)(34)
Net cash from financing activities2,662 (2,213)
Net change in cash and cash equivalents3,720 (2,211)
Cash and cash equivalents at beginning of year6,801 11,227 
Cash and cash equivalents at end of period$10,521 $9,016 
See notes to consolidated financial statements.
14

REGIONS FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. BASIS OF PRESENTATION
Regions Financial Corporation (“Regions” or the "Company”) provides a full range of banking and bank-related services to individual and corporate customers through its subsidiaries and branch offices located across the South, Midwest and Texas as well as delivering specialty capabilities nationwide. Regions is subject to the regulations of certain government agencies and undergoes periodic examinations by certain regulatory authorities.
The accounting and reporting policies of Regions and the methods of applying those policies that materially affect the consolidated financial statements conform with GAAP and with general financial services industry practices. The accompanying interim financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes to the consolidated financial statements necessary for a complete presentation of financial position, results of operations, comprehensive income (loss) and cash flows in conformity with GAAP. In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair presentation of the consolidated financial statements have been included. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in Regions’ Annual Report on Form 10-K for the year ended December 31, 2023. Regions has evaluated all subsequent events for potential recognition and disclosure through the filing date of this Form 10-Q.
During 2024, the Company adopted new accounting guidance. See below and Note 13 for related disclosures.
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of Regions, its subsidiaries and certain VIEs. See Note 1 in Regions’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information about consolidation principals surrounding VIEs. On January 1, 2024, the Company adopted new accounting guidance that allows entities to elect to account for qualifying tax credit investments using the proportional amortization method, on a tax-credit program by tax-credit program basis, if certain conditions are met. Regions adopted the guidance under the modified-retrospective transition approach, with an immaterial cumulative impact recorded to retained earnings. Previously, Regions recognized equity investments in economic development projects at cost, with periodic adjustments for impairment, and applied proportional amortization to investments in affordable housing projects in accordance with other guidance. Refer to Note 2 for additional disclosures.
NOTE 2. VARIABLE INTEREST ENTITIES
Regions is involved in various entities that are considered to be VIEs, as defined by authoritative accounting literature. Generally, a VIE is a corporation, partnership, trust or other legal structure that either does not have equity investors with substantive voting rights or has equity investors that do not provide sufficient financial resources for the entity to support its activities. The following discusses the VIEs in which Regions has a significant interest.
Regions periodically invests in various limited partnerships that sponsor affordable housing projects and economic development projects, which then provide tax credits to Regions. These investments are funded through a combination of debt and equity. These partnerships meet the definition of a VIE and are collectively referred to as tax credit investments in the table below. On January 1, 2024, the Company adopted accounting guidance that allows the Company to utilize the proportional amortization method of accounting for economic development projects, which has historically been used for affordable housing projects. Economic development projects are not presented in prior periods as their balances were not material. Due to the nature of the management activities of the general partner, Regions is not the primary beneficiary of these partnerships. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023, for additional details. Additionally, Regions has loans or letters of credit commitments with certain limited partnerships. The funded portion of the loans and letters of credit are classified as commercial and industrial loans or investor real estate loans as applicable in Note 4 .
A summary of Regions’ tax credit investments and related loans and letters of credit, representing Regions’ maximum exposure to loss, is as follows: 
September 30, 2024December 31, 2023
 (In millions)
Tax credit investments included in other assets$1,495 $1,415 
Unfunded tax credit commitments included in other liabilities589 592 
Loans and letters of credit commitments674 730 
Funded portion of loans and letters of credit commitments346 395 
15

Three Months Ended September 30Nine Months Ended September 30
2024202320242023
 (In millions)
Tax credits and other tax benefits recognized$59 $51 $175 $151 
Tax credit amortization expense included in income tax expense49 42 142125
In addition to the investments discussed above, Regions also syndicates affordable housing investments. In these syndication transactions, Regions creates affordable housing funds in which a subsidiary is the general partner or managing member and sells limited partnership interests to third parties. Regions' general partner or managing member interest represents an insignificant interest in the affordable housing fund. The affordable housing funds meet the definition of a VIE. As Regions is not the primary beneficiary and does not have a significant interest, these investments are not consolidated. At September 30, 2024 and December 31, 2023, the value of Regions’ general partnership interest in affordable housing investments was immaterial.
NOTE 3. DEBT SECURITIES
The amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities held to maturity and debt securities available for sale are as follows:
 September 30, 2024
Recognized in OCI (1)
Not recognized in OCI
 Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesCarrying ValueGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$2,718 $ $(442)$2,276 $ $(16)$2,260 
Commercial agency512  (1)511  (12)499 
$3,230 $ $(443)$2,787 $ $(28)$2,759 
Debt securities available for sale:
U.S. Treasury securities$2,102 $13 $(69)$2,046 $2,046 
Federal agency securities461 6 (10)457 457 
Obligations of states and political subdivisions2   2 2 
Mortgage-backed securities:
Residential agency21,564 199 (1,304)20,459 20,459 
Commercial agency5,135 10 (223)4,922 4,922 
Commercial non-agency92  (7)85 85 
Corporate and other debt securities734 6 (13)727 727 
$30,090 $234 $(1,626)$28,698 $28,698 
 
16

 
December 31, 2023
Recognized in OCI (1)
Not recognized in OCI
 Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesCarrying ValueGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$247 $ $(8)$239 $ $(16)$223 
Commercial agency516  (1)515  (22)493 
$763 $ $(9)$754 $ $(38)$716 
Debt securities available for sale:
U.S. Treasury securities$1,322 $ $(99)$1,223 $1,223 
Federal agency securities1,085 4 (46)1,043 1,043 
Obligations of states and political subdivisions2   2 2 
Mortgage-backed securities:
Residential agency19,450 52 (2,130)17,372 17,372 
Commercial agency7,807 2 (502)7,307 7,307 
Commercial non-agency93  (10)83 83 
Corporate and other debt securities1,105 4 (35)1,074 1,074 
$30,864 $62 $(2,822)$28,104 $28,104 
_________
(1)Securities held to maturity gross unrealized losses recognized in OCI resulted from transfers of securities available for sale to held to maturity.
In the third quarter of 2024, the Company reclassified securities with an amortized cost, excluding items recognized in OCI, of $2.5 billion from available for sale to held to maturity. The Company determined it has both the positive intent and ability to hold these securities to maturity. The securities were transferred at amortized cost, in addition to the amount of any remaining unrealized holding gain or loss reported in AOCI, and represented a non-cash transaction. OCI included net pre-tax unrealized losses of $436 million at the date of transfer and the offsetting OCI components are being amortized into net interest income over the remaining life of the related securities as a yield adjustment, resulting in no impact on future net income.
Debt securities with carrying values of $20.8 billion and $24.0 billion at September 30, 2024 and December 31, 2023, respectively, were pledged to secure public funds, trust deposits and other borrowing arrangements.
17

The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at September 30, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost
Estimated
Fair Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$2,718 $2,260 
Commercial agency512 499 
$3,230 $2,759 
Debt securities available for sale:
Due in one year or less$411 $405 
Due after one year through five years2,023 1,967 
Due after five years through ten years726 731 
Due after ten years139 129 
Mortgage-backed securities:
Residential agency21,564 20,459 
Commercial agency5,135 4,922 
Commercial non-agency92 85 
$30,090 $28,698 
The following tables present gross unrealized losses and the related estimated fair value of debt securities held to maturity and debt securities available for sale at September 30, 2024 and December 31, 2023. For debt securities transferred to held to maturity from available for sale, the analysis in the tables below compares the securities' original amortized cost to its current estimated fair value. All securities in an unrealized position are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.
 September 30, 2024
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$ $ $2,260 $(458)$2,260 $(458)
Commercial agency  499 (13)499 (13)
$ $ $2,759 $(471)$2,759 $(471)
Debt securities available for sale:
U.S Treasury securities$92 $ $1,122 $(69)$1,214 $(69)
Federal agency securities  200 (10)200 (10)
Mortgage-backed securities:
Residential agency1,216 (6)12,079 (1,298)13,295 (1,304)
Commercial agency383 (3)3,709 (220)4,092 (223)
Commercial non-agency  84 (7)84 (7)
Corporate and other debt securities18  444 (13)462 (13)
$1,709 $(9)$17,638 $(1,617)$19,347 $(1,626)
 
18

 December 31, 2023
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$ $ $223 $(23)$223 $(23)
Commercial agency  493 (23)493 (23)
$ $ $716 $(46)$716 $(46)
Debt securities available for sale:
U.S. Treasury securities$6 $ $1,201 $(99)$1,207 $(99)
Federal agency securities237 (5)666 (41)903 (46)
Mortgage-backed securities:
Residential agency241 (3)15,144 (2,127)15,385 (2,130)
Commercial agency612 (7)6,583 (495)7,195 (502)
Commercial non-agency  82 (10)82 (10)
Corporate and other debt securities23  879 (35)902 (35)
$1,119 $(15)$24,555 $(2,807)$25,674 $(2,822)
The number of individual debt positions in an unrealized loss position in the tables above decreased to 1,540 at September 30, 2024 from 1,703 at December 31, 2023. The decrease in the total amount of unrealized losses was impacted by changes in market interest rates. In instances where an unrealized loss existed, there was no indication of an adverse change in credit on the underlying positions in the tables above. As it relates to these positions, management believes no individual unrealized loss represented credit impairment as of those dates. At September 30, 2024, the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, the positions before the recovery of their amortized cost bases, which may be at maturity.
Gross realized losses on sales of debt securities available for sale for the three and nine months ended September 30, 2024 totaled $92 million and $192 million, respectively, while gross realized gains totaled $14 million for both the three and nine months ended September 30, 2024. Therefore, the Company recognized net realized losses of $78 million and $178 million for the three and nine months ended September 30, 2024, respectively. Gross realized gains and losses on sales of debt securities available for sale were immaterial for three and nine months ended September 30, 2023. The cost of securities sold is based on the specific identification method. As part of the Company's normal process for evaluating impairment, including credit-related impairment, impairment identified by management was immaterial for the three and nine months ended September 30, 2024 and 2023.
NOTE 4. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES
LOANS
The following table presents the distribution of Regions' loan portfolio by segment and class, net of unearned income:
September 30, 2024December 31, 2023
 (In millions)
Commercial and industrial$49,565 $50,865 
Commercial real estate mortgage—owner-occupied4,873 4,887 
Commercial real estate construction—owner-occupied341 281 
Total commercial54,779 56,033 
Commercial investor real estate mortgage6,562 6,605 
Commercial investor real estate construction2,250 2,245 
Total investor real estate8,812 8,850 
Residential first mortgage20,125 20,207 
Home equity lines3,130 3,221 
Home equity loans2,404 2,439 
Consumer credit card1,372 1,341 
Other consumer—exit portfolio9 43 
Other consumer6,158 6,245 
Total consumer33,198 33,496 
Total loans, net of unearned income$96,789 $98,379 
19

ALLOWANCE FOR CREDIT LOSSES
Regions determines the appropriate level of the allowance on a quarterly basis. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023, for a description of the methodology.
ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES
The following tables present analyses of the allowance for credit losses by portfolio segment for three and nine months ended September 30, 2024, and 2023.
 Three Months Ended September 30, 2024
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, July 1, 2024$736 $233 $652 $1,621 
Provision for loan losses47 10 46 103 
Loan losses:
Charge-offs(71)(12)(60)(143)
Recoveries15  11 26 
Net loan losses(56)(12)(49)(117)
Allowance for loan losses, September 30, 2024727 231 649 1,607 
Reserve for unfunded credit commitments, July 1, 202485 8 18 111 
Provision for (benefit from) unfunded credit commitments8 2  10 
Reserve for unfunded credit commitments, September 30, 202493 10 18 121 
Allowance for credit losses, September 30, 2024$820 $241 $667 $1,728 
 Three Months Ended September 30, 2023
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, July 1, 2023$708 $151 $654 $1,513 
Provision for loan losses25 17 93 135 
Loan losses:
Charge-offs(54) (70)(124)
Recoveries13  10 23 
Net loan losses(41) (60)(101)
Allowance for loan losses, September 30, 2023692 168 687 1,547 
Reserve for unfunded credit commitments, July 1, 202382 19 19 120 
Provision for unfunded credit commitments8  2 10 
Reserve for unfunded credit commitments, September 30, 202390 19 21 130 
Allowance for credit losses, September 30, 2023$782 $187 $708 $1,677 
 Nine Months Ended September 30, 2024
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, January 1, 2024$722 $192 $662 $1,576 
Provision for loan losses166 54 150 370
Loan losses:
Charge-offs(194)(17)(196)(407)
Recoveries33 2 33 68 
Net loan losses(161)(15)(163)(339)
Allowance for loan losses, September 30, 20247272316491,607
Reserve for unfunded credit commitments, January 1, 202492 13 19 124 
Provision for (benefit from) unfunded credit losses1 (3)(1)(3)
Reserve for unfunded credit commitments, September 30, 202493 10 18 121 
Allowance for credit losses, September 30, 2024$820 $241 $667 $1,728 

20

 Nine Months Ended September 30, 2023
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, December 31, 2022$665 $121 $678 $1,464 
Cumulative effect of accounting guidance (1)
(3)(3)(32)(38)
Allowance for loan losses, January 1, 2023 (adjusted for change in accounting guidance)$662 $118 $646 $1,426 
Provision for loan losses141 50 195 386 
Loan losses:
Charge-offs(155) (186)(341)
Recoveries44  32 76 
Net loan losses(111) (154)(265)
Allowance for loan losses, September 30, 2023692 168 687 1,547 
Reserve for unfunded credit commitments, January 1, 202372 21 25 118 
Provision for (benefit from) unfunded credit losses18 (2)(4)12 
Reserve for unfunded credit commitments, September 30, 202390 19 21 130 
Allowance for credit losses, September 30, 2023$782 $187 $708 $1,677 
_____
(1) See Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
PORTFOLIO SEGMENT RISK FACTORS
Regions' portfolio segments are commercial, investor real estate, and consumer. Classes within each segment present unique credit risks. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2023 for information regarding Regions' portfolio segments and related classes, as well as the risks specific to each.
CREDIT QUALITY INDICATORS
The commercial and investor real estate portfolio segments' primary credit quality indicator is internal risk ratings which are detailed by categories related to underlying credit quality and probability of default. Regions assigns these risk ratings at loan origination and reviews the relationship utilizing a risk-based approach on, at minimum, an annual basis or at any time management becomes aware of information affecting the borrowers' ability to fulfill their obligations. Both quantitative and qualitative factors are considered in this review process. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2023 for information regarding commercial risk ratings.
Regions' consumer portfolio segment has various classes that present unique credit risks. Regions considers factors such as periodic updates of FICO scores, accrual status, days past due status, unemployment rates, and home prices as credit quality indicators for the consumer loan portfolio. FICO scores are obtained at origination as part of Regions' formal underwriting process. Refreshed FICO scores are obtained by the Company quarterly for all consumer loans, including residential first mortgage loans. Current FICO data is not available for certain loans in the portfolio for various reasons; for example, if customers do not use sufficient credit, an updated score may not be available. These categories are utilized to develop the associated allowance for credit losses. The higher the FICO score the less probability of default and vice versa.
The following tables present applicable credit quality indicators for the loan portfolio segments and classes, excluding loans held for sale as of September 30, 2024 and December 31, 2023 and gross charge-offs for the year to date period ended September 30, 2024 and 2023, both by vintage year. Regions defines the vintage date for the purposes of disclosure as the date of the most recent credit decision. In general, renewals that are categorized as new credit decisions reflect the renewal date as the vintage date. Classes in the commercial and investor real estate portfolio segments are disclosed by risk rating. Classes in the consumer portfolio segment are disclosed by current FICO scores. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2023 for more information regarding Regions' credit quality indicators.



21

September 30, 2024
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20242023202220212020Prior
(In millions)
Commercial and industrial:
Risk rating:
   Pass$5,714 $5,710 $6,969 $3,774 $1,775 $3,855 $18,878 $ $99 $46,774 
   Special Mention76 292 177 19 54 8 327   $953 
   Substandard Accrual52 278 263 93 8 73 641   $1,408 
   Non-accrual10 104 165 26 5 23 97   $430 
Total commercial and industrial$5,852 $6,384 $7,574 $3,912 $1,842 $3,959 $19,943 $ $99 $49,565 
Commercial real estate mortgage—owner-occupied:
Risk rating:
   Pass$630 $705 $845 $858 $544 $883 $94 $ $(5)$4,554 
   Special Mention4 18 47 26 13 48 1   $157 
   Substandard Accrual2 5 32 34 11 33 2   $119 
   Non-accrual3 2 6 18 5 9    $43 
Total commercial real estate mortgage—owner-occupied:$639 $730 $930 $936 $573 $973 $97 $ $(5)$4,873 
Commercial real estate construction—owner-occupied:
Risk rating:
   Pass$98 $74 $43 $33 $21 $42 $6 $ $ $317 
   Special Mention 6 8       $14 
   Substandard Accrual  4       $4 
   Non-accrual    1 5    $6 
Total commercial real estate construction—owner-occupied:$98 $80 $55 $33 $22 $47 $6 $ $ $341 
Total commercial$6,589 $7,194 $8,559 $4,881 $2,437 $4,979 $20,046 $ $94 $54,779 
Commercial investor real estate mortgage:
Risk rating:
   Pass$979 $854 $1,645 $996 $326 $248 $325 $ $(2)$5,371 
   Special Mention63 38 209 39 79 9 4   $441 
   Substandard Accrual146 63 120 24  2 108   $463 
   Non-accrual139 46 51   51    $287 
Total commercial investor real estate mortgage$1,327 $1,001 $2,025 $1,059 $405 $310 $437 $ $(2)$6,562 
Commercial investor real estate construction:
Risk rating:
   Pass$123 $340 $641 $ $ $2 $791 $ $(14)$1,883 
   Special Mention 28 183    71   $282 
   Substandard Accrual  63    22   $85 
   Non-accrual         $ 
Total commercial investor real estate construction$123 $368 $887 $ $ $2 $884 $ $(14)$2,250 
Total investor real estate$1,450 $1,369 $2,912 $1,059 $405 $312 $1,321 $ $(16)$8,812 
Residential first mortgage:
FICO scores:
   Above 720$825 $1,986 $2,798 $4,154 $4,087 $2,830 $ $ $ $16,680 
   681-72088 198 265 284 236 307    1,378 
   620-68038 83 130 134 103 300    788 
   Below 6208 60 131 141 95 425    860 
   Data not available19 32 17 41 45 90 3  172 419 
Total residential first mortgage$978 $2,359 $3,341 $4,754 $4,566 $3,952 $3 $ $172 $20,125 
22

September 30, 2024
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20242023202220212020Prior
(In millions)
Home equity lines:
FICO scores:
   Above 720$ $ $ $ $ $ $2,314 $48 $ $2,362 
   681-720      344 10  354 
   620-680      184 10  194 
   Below 620      95 7  102 
   Data not available      83 5 30 118 
Total home equity lines$ $ $ $ $ $ $3,020 $80 $30 $3,130 
Home equity loans:
FICO scores:
   Above 720$252 $278 $322 $344 $171 $506 $ $ $ $1,873 
   681-72040 44 51 42 18 60    255 
   620-68016 20 24 21 9 51    141 
   Below 6201 6 13 14 5 38    77 
   Data not available1 1 4 6 4 26   16 58 
Total home equity loans$310 $349 $414 $427 $207 $681 $ $ $16 $2,404 
Consumer credit card:
FICO scores:
Above 720$ $ $ $ $ $ $790 $ $ $790 
681-720      266   266 
620-680      218   218 
Below 620      106   106 
Data not available      23  (31)(8)
Total consumer credit card$ $ $ $ $ $ $1,403 $ $(31)$1,372 
Other consumer—exit portfolios:
FICO scores:
   Above 720$ $ $ $ $ $5 $ $ $ $5 
   681-720     1    1 
   620-680     2    2 
   Below 620     2    2 
   Data not available        (1)(1)
Total other consumer—exit portfolios$ $ $ $ $ $10 $ $ $— $(1)$9 
Other consumer(2):
FICO scores:
   Above 720$717 $1,091 $1,387 $441 $246 $227 $116 $ $ $4,225 
   681-720122 215 306 102 54 43 62   904 
   620-68063 126 203 72 33 28 51   576 
   Below 62012 47 120 45 21 16 32   293 
   Data not available82 4 10 7 5 161 2  (111)160 
Total other consumer$996 $1,483 $2,026 $667 $359 $475 $263 $ $(111)$6,158 
Total consumer loans$2,284 $4,191 $5,781 $5,848 $5,132 $5,118 $4,689 $80 $75 $33,198 
Total Loans$10,323 $12,754 $17,252 $11,788 $7,974 $10,409 $26,056 $80 $153 $96,789 
23

December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20232022202120202019Prior
(In millions)
Commercial and industrial:
Risk rating:
   Pass$8,272 $9,123 $5,267 $2,326 $1,376 $3,210 $18,561 $ $53 $48,188 
   Special Mention87 186 71 109 26 90 484   1,053 
   Substandard Accrual141 212 74 38 7 3 678   1,153 
   Non-accrual128 102 37 6 20 10 168   471 
Total commercial and industrial$8,628 $9,623 $5,449 $2,479 $1,429 $3,313 $19,891 $ $53 $50,865 
Commercial real estate mortgage—owner-occupied:
Risk rating:
   Pass$799 $954 $988 $658 $343 $801 $76 $ $(5)$4,614 
   Special Mention21 13 33 20 7 13 14   121 
   Substandard Accrual3 34 32 14 8 24 1   116 
   Non-accrual4 3 10 8 3 8    36 
Total commercial real estate mortgage—owner-occupied:$827 $1,004 $1,063 $700 $361 $846 $91 $ $(5)$4,887 
Commercial real estate construction—owner-occupied:
Risk rating:
   Pass$89 $53 $44 $24 $11 $38 $3 $ $ $262 
   Special Mention 7    1    8 
   Substandard Accrual 1  1  1    3 
   Non-accrual2   2  4    8 
Total commercial real estate construction—owner-occupied:$91 $61 $44 $27 $11 $44 $3 $ $ $281 
Total commercial$9,546 $10,688 $6,556 $3,206 $1,801 $4,203 $19,985 $ $48 $56,033 
Commercial investor real estate mortgage:
Risk rating:
   Pass$1,130 $1,587 $1,135 $488 $296 $110 $383 $ $(4)$5,125 
   Special Mention269 247 52 59 30  90   747 
   Substandard Accrual134 197  67 67 3 32   500 
   Non-accrual99 57 37  12 28    233 
Total commercial investor real estate mortgage$1,632 $2,088 $1,224 $614 $405 $141 $505 $ $(4)$6,605 
Commercial investor real estate construction:
Risk rating:
   Pass$256 $836 $280 $26 $2 $1 $649 $ $(15)$2,035 
   Special Mention 122     59   181 
   Substandard Accrual 25     4   29 
   Non-accrual          
Total commercial investor real estate construction$256 $983 $280 $26 $2 $1 $712 $ $(15)$2,245 
Total investor real estate$1,888 $3,071 $1,504 $640 $407 $142 $1,217 $ $(19)$8,850 
Residential first mortgage:
FICO scores:
   Above 720$1,939 $2,863 $4,358 $4,390 $816 $2,353 $ $ $ $16,719 
   681-720226 298 355 255 52 294    1,480 
   620-68086 153 153 112 43 270    817 
   Below 62021 90 122 87 53 389    762 
   Data not available33 16 49 46 11 92 1  181 429 
Total residential first mortgage$2,305 $3,420 $5,037 $4,890 $975 $3,398 $1 $ $181 $20,207 
24

December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20232022202120202019Prior
(In millions)
Home equity lines:
FICO scores:
   Above 720$ $ $ $ $ $ $2,399 $45 $ $2,444 
   681-720      346 11  357 
   620-680      184 9  193 
   Below 620      97 7  104 
   Data not available      85 5 33 123 
Total home equity lines$ $ $ $ $ $ $3,111 $77 $33 $3,221 
Home equity loans:
FICO scores:
   Above 720$322 $370 $397 $205 $93 $529 $ $ $ $1,916 
   681-72053 62 49 22 14 60    260 
   620-68019 27 23 8 8 52    137 
   Below 6202 8 12 5 7 35    69 
   Data not available1 4 5 3 3 25   16 57 
Total home equity loans$397 $471 $486 $243 $125 $701 $ $ $16 $2,439 
Consumer credit card:
FICO scores:
Above 720$ $ $ $ $ $ $780 $ $ $780 
681-720      254   254 
620-680      210   210 
Below 620      95   95 
Data not available      20  (18)2 
Total consumer credit card$ $ $ $ $ $ $1,359 $ $(18)$1,341 
Other consumer—exit portfolios:
FICO scores:
   Above 720$ $ $ $ $2 $22 $ $ $ $24 
   681-720    1 4    5 
   620-680     5    5 
   Below 620    1 7    8 
   Data not available     1    1 
Total other consumer—exit portfolios$ $ $ $ $4 $39 $ $ $ $43 
Other consumer(2):
FICO scores:
   Above 720$1,312 $1,519 $501 $284 $155 $118 $119 $ $ $4,008 
   681-720270 409 136 74 34 29 67   1,019 
   620-680178 294 103 50 21 20 53   719 
   Below 62052 147 65 31 14 13 30   352 
   Data not available94 10 7 5 114 65 1  (149)147 
Total other consumer$1,906 $2,379 $812 $444 $338 $245 $270 $ $(149)$6,245 
Total consumer loans$4,608 $6,270 $6,335 $5,577 $1,442 $4,383 $4,741 $77 $63 $33,496 
Total Loans$16,042 $20,029 $14,395 $9,423 $3,650 $8,728 $25,943 $77 $92 $98,379 
________
(1)These amounts consist of fees that are not allocated at the loan level and loans serviced by third parties wherein Regions does not receive FICO or vintage information.
(2)Other consumer class includes overdrafts which are included in the current vintage year.

25

The following tables present gross charge-offs by vintage year for the nine months ended September 30, 2024 and 2023.
Nine Months Ended September 30, 2024
Term LoansRevolving LoansTotal
20242023202220212020Prior
(In millions)
Commercial and industrial$6 $52 $51 $12 $6 $9 $56 $192 
Commercial real estate mortgage—owner-occupied   1  1  2 
Total commercial6 52 51 13 6 10 56 194 
Commercial investor real estate mortgage  6 5  6  17 
Total investor real estate  6 5  6  17 
Residential first mortgage     1  1 
Home equity lines      3 3 
Consumer credit card      47 47 
Other consumer—exit portfolios     1  1 
Other consumer(1)
28 30 46 15 7 11 7 144 
Total consumer28 30 46 15 7 13 57 196 
Total gross charge-offs$34 $82 $103 $33 $13 $29 $113 $407 
Nine Months Ended September 30, 2023
Term LoansRevolving LoansTotal
20232022202120202019Prior
(In millions)
Commercial and industrial$3 $49 $47 $22 $12 $12 $9 $154 
Commercial real estate mortgage—owner-occupied1       1 
Total commercial4 49 47 22 12 12 9 155 
Residential first mortgage     1  1 
Home equity lines      3 3 
Home equity loans     1  1 
Consumer credit card      38 38 
Other consumer—exit portfolios    4 7  11 
Other consumer(1)
38 40 25 13 7 9  132 
Total consumer38 40 25 13 11 18 41 186 
Total gross charge-offs$42 $89 $72 $35 $23 $30 $50 $341 
______
(1)Other consumer class includes overdraft gross charge-offs. The majority of overdraft gross charge-offs for the nine months ended September 30, 2024 and 2023 are included in the current vintage year.

26

AGING AND NON-ACCRUAL ANALYSIS
The following tables include an aging analysis of DPD and loans on non-accrual status for each portfolio segment and class as of September 30, 2024 and December 31, 2023. Loans on non-accrual status with no related allowance totaled $195 million and $280 million and were comprised of commercial and investor real estate loans at September 30, 2024 and December 31, 2023, respectively. Non–accrual loans with no related allowance typically include loans where the underlying collateral is deemed sufficient to recover all remaining principal. Loans that have been fully charged-off do not appear in the tables below.
 September 30, 2024
 Accrual Loans   
 30-59 DPD60-89 DPD90+ DPDTotal
30+ DPD
Total
Accrual
Non-accrualTotal
 (In millions)
Commercial and industrial$39 $43 $3 $85 $49,135 $430 $49,565 
Commercial real estate mortgage—owner-occupied3 1 1 5 4,830 43 4,873 
Commercial real estate construction—owner-occupied    335 6 341 
Total commercial42 44 4 90 54,300 479 54,779 
Commercial investor real estate mortgage45  40 85 6,275 287 6,562 
Commercial investor real estate construction    2,250  2,250 
Total investor real estate45  40 85 8,525 287 8,812 
Residential first mortgage112 55 121 288 20,102 23 20,125 
Home equity lines15 9 16 40 3,104 26 3,130 
Home equity loans8 4 7 19 2,398 6 2,404 
Consumer credit card10 9 19 38 1,372  1,372 
Other consumer—exit portfolios1   1 9  9 
Other consumer45 22 22 89 6,158  6,158 
Total consumer191 99 185 475 33,143 55 33,198 
$278 $143 $229 $650 $95,968 $821 $96,789 
 
 December 31, 2023
 Accrual Loans   
 30-59 DPD60-89 DPD90+ DPDTotal
30+ DPD
Total
Accrual
Non-accrualTotal
 (In millions)
Commercial and industrial$43 $21 $11 $75 $50,394 $471 $50,865 
Commercial real estate mortgage—owner-occupied3 2  5 4,851 36 4,887 
Commercial real estate construction—owner-occupied 1  1 273 8 281 
Total commercial46 24 11 81 55,518 515 56,033 
Commercial investor real estate mortgage  23 23 6,372 233 6,605 
Commercial investor real estate construction    2,245  2,245 
Total investor real estate  23 23 8,617 233 8,850 
Residential first mortgage104 48 95 247 20,185 22 20,207 
Home equity lines17 10 20 47 3,192 29 3,221 
Home equity loans10 4 7 21 2,433 6 2,439 
Consumer credit card11 8 20 39 1,341  1,341 
Other consumer—exit portfolios2 1  3 43  43 
Other consumer60 31 29 120 6,245  6,245 
Total consumer204 102 171 477 33,439 57 33,496 
$250 $126 $205 $581 $97,574 $805 $98,379 
At September 30, 2024 and December 31, 2023, the Company had collateral-dependent commercial loans of $218 million and $220 million, respectively. At September 30, 2024 and December 31, 2023, the Company had collateral-dependent investor
27

real estate loans of $199 million and $92 million, respectively. The collateral for commercial and investor real estate loans generally consists of business assets including real estate, receivables and equipment. At September 30, 2024 and December 31, 2023, the Company had collateral-dependent residential mortgage and home equity loans and lines totaling $113 million and $93 million, respectively. The collateral for these loans consists of residential real estate. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional details for the criteria of collateral dependent loans.
MODIFICATIONS TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
The majority of Regions' commercial and investor real estate modifications to troubled borrowers are the result of renewals of classified loans wherein there has been an interest rate reduction and/or maturity extension (that is considered other than insignificant). Similarly, Regions works to meet the individual needs of troubled consumer borrowers through its CAP. Regions designed the program to allow for customer-tailored modifications with the goal of keeping customers in their homes and avoiding foreclosure where possible. Modifications may be offered to any borrower experiencing financial hardship regardless of the borrower's payment status. Consumer modifications to troubled borrowers primarily involve an interest rate reduction and/or a payment deferral or maturity extension that is considered other than insignificant. All CAP modifications that involve an interest rate reduction, principal forgiveness, other than insignificant payment deferral or term extension and/or a combination of these are disclosed as modifications to troubled borrowers because the customer documents a financial hardship in order to participate. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding the Company's modifications to troubled borrowers.
For each portfolio segment and class, the following tables present the end of period balances of new modifications to troubled borrowers and the related percentage of the loan portfolio period-end balance by the type of modification that occurred in the three and nine months ended September 30, 2024 and 2023.
Three Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationOtherTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$21 0.04 %$  %$33 0.07 %$  %$54 0.11 %
Commercial real estate mortgage—owner-occupied2 0.04 %  %  %  %2 0.04 %
Total commercial23 0.04 %  %33 0.06 %  %56 0.10 %
Commercial investor real estate mortgage72 1.10 %  %  %29 0.44 %101 1.54 %
Total investor real estate72 0.82 %  %  %29 0.33 %101 1.14 %
Residential first mortgage37 0.18 %1 0.01 %2 0.01 %  %40 0.20 %
Home equity lines  %  %4 0.13 %  %4 0.13 %
Home equity loans1 0.05 %  %2 0.08 %  %3 0.13 %
Total consumer38 0.11 %1  %8 0.02 %  %47 0.14 %
$133 0.14 %$1  %$41 0.04 %$29 0.03 %$204 0.21 %
Three Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment DeferralTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$197 0.38 %$9 0.02 %$  %$48 0.09 %$254 0.49 %
Commercial real estate mortgage—owner-occupied3 0.06 %  %  %  %3 0.06 %
Total commercial200 0.35 %9 0.02 %  %48 0.08 %257 0.45 %
Commercial investor real estate mortgage89 1.39 %  %  %  %89 1.39 %
Commercial investor real estate construction2 0.08 %  %  %  %2 0.08 %
Total investor real estate91 1.04 %  %  %  %91 1.04 %
Residential first mortgage25 0.12 %2 0.01 %1 0.01 %  %28 0.14 %
Home equity lines  %  %2 0.04 %  %2 0.05 %
Home equity loans1 0.04 %  %1 0.05 %  %2 0.09 %
Total consumer26 0.08 %2 0.01 %4 0.01 %  %32 0.10 %
Total$317 0.32 %$11 0.01 %$4  %$48 0.05 %$380 0.38 %
28


Nine Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationOtherTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$51 0.10 %$  %$33 0.07 %$  %$84 0.17 %
Commercial real estate mortgage—owner-occupied4 0.08 %  %  %  %4 0.09 %
Total commercial55 0.10 %  %33 0.06 %  %88 0.16 %
Commercial investor real estate mortgage99 1.51 %  %  %29 0.44 %128 1.95 %
Total investor real estate99 1.13 %  %  %29 0.33 %128 1.46 %
Residential first mortgage115 0.57 %2 0.01 %4 0.02 %  %121 0.60 %
Home equity lines 0.01 %  %7 0.21 %  %7 0.22 %
Home equity loans3 0.13 %  %6 0.24 %  %9 0.37 %
Total consumer118 0.36 %2 0.01 %17 0.05 %  %137 0.41 %
$272 0.28 %$2  %$50 0.05 %$29 0.03 %$353 0.36 %
Nine Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment DeferralTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$255 0.49 %$148 0.29 %$  %$48 0.09 %$451 0.87 %
Commercial real estate mortgage—owner-occupied9 0.18 %  %  %  %9 0.18 %
Commercial real estate construction—owner-occupied2 0.71 %  %  %  %2 0.86 %
Total commercial266 0.47 %148 0.26 %  %48 0.08 %462 0.81 %
Commercial investor real estate mortgage151 2.35 %  %  %  %151 2.35 %
Commercial investor real estate construction2 0.08 %  %  %  %2 0.08 %
Total investor real estate153 1.75 %  %  %  %153 1.75 %
Residential first mortgage72 0.36 %3 0.01 %3 0.02 %  %78 0.39 %
Home equity lines1 0.02 %  %2 0.08 %  %3 0.10 %
Home equity loans3 0.13 %  %4 0.15 %  %7 0.29 %
Total consumer76 0.23 %3 0.01 %9 0.03 %  %88 0.26 %
Total$495 0.45 %$151 0.15 %$9 0.01 %$48 0.05 %$703 0.71 %
____
(1) Amounts calculated based upon whole dollar values.
The end of period balance of unfunded commitments related to modifications to troubled borrowers at September 30, 2024 was $65 million and at December 31, 2023 was $106 million.
29

The following tables present the financial impact of modifications to troubled borrowers during the three and nine months ended September 30, 2024 and 2023 by portfolio segment, class of financing receivable, and the type of modification. The tables include new modifications to troubled borrowers, as well as renewals of existing modifications to troubled borrowers.
Three Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate Modification
Weighted-Average Term Extension Weighted-Average Payment DeferralWeighted-Average Term Extension Weighted-Average Reduction in Interest Rate
(In years, except for percentage data)
Commercial and industrial1.08— 1.17less than 2%
Commercial real estate mortgage—owner-occupied1.42— — — 
Commercial investor real estate mortgage0.17— — — 
Residential first mortgage70.424less than 1%
Home equity lines— — 242 %
Home equity loans16— 243 %
Three Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment Deferral
Weighted-Average Term Extension Weighted-Average Payment Deferral Weighted-Average Term Extension Weighted-Average Reduction in Interest RateWeighted-Average Term Extension Weighted-Average Payment Deferral
(In years, except for percentage data)
Commercial and industrial0.670.25— — 22
Commercial real estate mortgage—owner-occupied0.92— — — — — 
Commercial investor real estate mortgage0.58— — — — — 
Commercial investor real estate construction0.42— — — — — 
Residential first mortgage70.9271 %— — 
Home equity lines— — 202 %— — 
Home equity loans12— 152 %— — 

Nine Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate Modification
Weighted-Average Term Extension Weighted-Average Payment Deferral Weighted-Average Term Extension Weighted-Average Reduction in Interest Rate
(In years, except for percentage data)
Commercial and industrial1.83— 1.17less than 2%
Commercial real estate mortgage—owner-occupied1.00— — — 
Commercial investor real estate mortgage0.75— — — 
Residential first mortgage70.55less than 1%
Home equity lines— — 232 %
Home equity loans12— 252 %
30

Nine Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment Deferral
Weighted-Average Term ExtensionWeighted-Average Payment Deferral Weighted-Average Term Extension Weighted-Average Reduction in Interest RateWeighted-Average Term Extension Weighted-Average Payment Deferral
(In years, except for percentage data)
Commercial and industrial0.750.5— — 22
Commercial real estate mortgage—owner-occupied0.83— — — — — 
Commercial real estate construction—owner-occupied0.25— — — 
Commercial investor real estate mortgage0.67— — — — — 
Commercial investor real estate construction0.42— — — — — 
Residential first mortgage60.9271 %— — 
Home equity lines18— 192 %— — 
Home equity loans14— 152 %— — 
In addition to the financial impacts in the table above, during the three and nine months ended September 30, 2024, the Company had an other modification type in which a commercial investor real estate loan was modified from amortizing to an interest-only structure. Under this structure the interest was extended for an average of two months and principal payments were deferred. Also during the nine months ended September 30, 2023, there were instances of commercial and industrial payment deferrals in which the amortization period was doubled to maturity.
The following tables include the end of period balances of aging and non-accrual performance for modifications to troubled borrowers modified in the previous twelve-month period by portfolio segment and class as of September 30, 2024 and in the previous nine-month period since adoption of the related accounting guidance by portfolio segment and class as of September 30, 2023. Refer to Note 1 and Note 5 in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information on the adoption of new accounting guidance.
September 30, 2024
Current30-89 DPD90+ DPDNon-Performing LoansTotal
(In millions)
Commercial and industrial$101 $ $ $46 $147 
Commercial real estate mortgage—owner-occupied3   2 5 
Total commercial104   48 152 
Commercial investor real estate mortgage103 27  134 264 
Total investor real estate103 27  134 264 
Residential first mortgage106 20 11 5 142 
Home equity lines7   1 8 
Home equity loans8 1  1 10 
Total consumer121 21 11 7 160 
$328 $48 $11 $189 $576 
31

September 30, 2023
Current30-89 DPD90+ DPDNon-Performing LoansTotal
(In millions)
Commercial and industrial$258 $2 $5 $186 $451 
Commercial real estate mortgage—owner-occupied4   5 9 
Commercial real estate construction—owner-occupied   2 2 
Total commercial262 2 5 193 462 
Commercial investor real estate mortgage40 48  63 151 
Commercial investor real estate construction2    2 
Total investor real estate42 48  63 153 
Residential first mortgage63 10 3 2 78 
Home equity lines3    3 
Home equity loans5   2 7 
Total consumer71 10 3 4 88 
$375 $60 $8 $260 $703 
For modifications to troubled borrowers, a subsequent payment default is defined in terms of delinquency when a principal or interest payment is 90 days past due, or classified as non-accrual status during the reporting period. As of September 30, 2024, subsequent defaults of the loans restructured as a modification to a troubled borrower during the three and nine months ended September 30, 2024 totaled $49 million and $183 million, respectively. These amounts were immaterial for the three and nine months ended September 30, 2023.

NOTE 5. SERVICING OF FINANCIAL ASSETS
RESIDENTIAL MORTGAGE BANKING ACTIVITIES
The fair value of residential MSRs is calculated using various assumptions including future cash flows, market discount rates, expected prepayment rates, servicing costs and other factors. A significant change in prepayments of mortgages in the servicing portfolio could result in significant changes in the valuation adjustments, thus creating potential volatility in the carrying amount of residential MSRs. The Company compares fair value estimates and assumptions to observable market data where available, and also considers recent market activity and actual portfolio experience.
The table below presents an analysis of residential MSRs under the fair value measurement method: 
Three Months Ended September 30Nine Months Ended September 30
 2024202320242023
 (In millions)
Carrying value, beginning of period
$1,020 $801 $906 $812 
Additions8 8 20 20 
Purchases (1)
4106134 138 
Increase (decrease) in fair value(2):
Due to change in valuation inputs or assumptions(28)45 4 41 
Economic amortization associated with borrower repayments (3)
(33)(28)(93)(79)
Carrying value, end of period
$971 $932 $971 $932 
_________
(1)Purchases of residential MSRs can be structured with cash hold back provisions, therefore the timing of payment may be made in future periods.
(2)Included in mortgage income. Amounts presented exclude offsetting impact from related derivatives.
(3)Includes both total loan payoffs as well as partial paydowns. Regions' MSR decay methodology is a discounted net cash flow approach.
32

Data and assumptions used in the fair value calculation, as well as the valuation’s sensitivity to rate fluctuations, related to residential MSRs (excluding related derivative instruments): 
September 30
 20242023
 (Dollars in millions)
Unpaid principal balance$68,361 $61,452 
Weighted-average CPR (%)9.0 %7.7 %
Estimated impact on fair value of a 10% increase$(46)$(59)
Estimated impact on fair value of a 20% increase$(87)$(100)
Option-adjusted spread (basis points)496 483 
Estimated impact on fair value of a 10% increase$(21)$(20)
Estimated impact on fair value of a 20% increase$(43)$(40)
Weighted-average coupon interest rate3.8 %3.7 %
Weighted-average remaining maturity (months)298303
Weighted-average servicing fee (basis points)27.3 27.3 
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in a particular assumption on the fair value of the residential MSRs is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. The derivative instruments utilized by Regions would serve to reduce the estimated impacts to fair value included in the table above.
Servicing related fees, which include contractually specified servicing fees, late fees and other ancillary income resulting from the servicing of residential mortgage loans totaled $53 million and $42 million for the three months ended September 30, 2024 and 2023, respectively and $143 million and $119 million for the nine months ended September 30, 2024 and 2023, respectively.
Residential mortgage loans are sold in the secondary market with standard representations and warranties regarding certain characteristics such as the quality of the loan, the absence of fraud, the eligibility of the loan for sale and the future servicing associated with the loan. Regions may be required to repurchase these loans at par, or make-whole or indemnify the purchasers for losses incurred when representations and warranties are breached.
Regions maintains an immaterial repurchase liability related to residential mortgage loans sold with representations and warranty provisions. This repurchase liability is reported in other liabilities on the consolidated balance sheets and reflects management’s estimate of losses based on historical repurchase and loss trends, as well as other factors that may result in anticipated losses different from historical loss trends. Adjustments to this reserve are recorded in other non-interest expense on the consolidated statements of income.
COMMERCIAL MORTGAGE BANKING ACTIVITIES
Regions is an approved DUS lender. The DUS program provides liquidity to the multi-family housing market. In connection with the DUS program, Regions services commercial mortgage loans, retains commercial MSRs and intangible assets associated with the DUS license, and assumes a loss share guarantee associated with the loans. See Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information. Also see Note 12 for additional information related to the guarantee.
Regions' DUS portfolio of MSRs totaled $86 million and $87 million at September 30, 2024 and December 31, 2023, respectively. Regions periodically evaluates DUS MSRs for impairment based on fair value. The estimated fair value of the DUS MSRs was approximately $108 million at September 30, 2024 and $109 million at December 31, 2023.
Servicing related fees in connection with the DUS program, which include contractually specified servicing fees, late fees and other ancillary income resulting from the servicing of DUS commercial mortgage loans totaled $6 million and $5 million for the three months ended September 30, 2024 and 2023, respectively and $19 million and $17 million for the nine months ended September 30, 2024 and 2023.
33

NOTE 6. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
PREFERRED STOCK
The following table presents a summary of the non-cumulative perpetual preferred stock:
September 30, 2024December 31, 2023
Issuance DateEarliest Redemption Date
Dividend Rate (1)
Liquidation AmountLiquidation preference per ShareLiquidation preference per Depositary ShareOwnership Interest per Depositary ShareShares Issued and OutstandingCarrying AmountCarrying Amount
(Dollars in millions, except for share and per share amounts)
Series B(2)
4/29/20149/15/20246.375 %$ $1,000 $25 1/40th $ $433 
Series C4/30/20195/15/20295.700 %
(3)
500 1,000 25 1/40th500,000490 490 
Series D6/5/20209/15/20255.750 %
(4)
350 100,000 1,000 1/100th3,500346 346 
Series E5/4/20216/15/20264.450 %400 1,000 25 1/40th400,000390 390 
Series F7/29/20249/15/20296.950 %
(5)
500 1,000 25 1/40th500,000 489  
$1,750 1,403,500 $1,715 $1,659 
_________
(1)Dividends on all series of preferred stock, if declared, accrue and are payable quarterly in arrears.
(2)The shares were fully redeemed on September 16, 2024.
(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 3.410% which includes a 0.262% spread adjustment for the transition to SOFR in accordance with ISDA protocols.
(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%.
(5)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2024, 6.950% and (ii) for each period beginning on or after September 15, 2029, the five-year Treasury rate as of the most recent reset dividend determination date plus 2.771%
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 C, Series D, Series E, and Series F preferred stock.
The Board of Directors declared cash dividends of $74 million on Series B, Series C, Series D, and Series E of preferred stock during both the first nine months of 2024 and 2023. The initial quarterly cash dividend for Series F preferred stock was declared in the third quarter of 2024 (representing a partial dividend period) for $4 million. Therefore, a total of $78 million in cash dividends on total preferred stock was declared in the first nine months of 2024.
During the third quarter of 2024, Regions issued $500 million in depositary shares each representing a 1/40th ownership interest in a share of the Company's Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share ("Series F preferred stock"), with a liquidation preference of $1,000 per share of Series F preferred stock (equivalent to $25.00 per depositary share). The Company incurred $11 million of issuance costs associated with the transaction.
During the third quarter of 2024, the Company redeemed all 500,000 outstanding shares of Series B non-cumulative perpetual preferred stock and the corresponding depositary fractional shares at par for $500 million. Upon redemption, additional paid-in-capital was reduced by $52 million related to Series B preferred dividends that were recorded as a reduction of preferred stock, including related surplus, and net income available to common shareholders was reduced by $15 million related to issuance costs.
In the event Series C, Series D, Series E, or Series F preferred shares are redeemed in full at their respective liquidation amounts, $10 million, $4 million, $10 million, or $11 million in excess of the redemption amount over the carrying amount will be recognized, respectively. These excess amounts 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
The Company's SCB from the fourth quarter of 2023 through the third quarter of 2024 was 2.5 percent. On June 28, 2024, Regions announced that the Company received its results of the 2024 stress test from the FRB, reflecting that the Company exceeded all minimum capital levels. The Company's preliminary SCB will remain floored at 2.5 percent from the fourth quarter of 2024 through the third quarter of 2025.
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 September 30, 2024, Regions had repurchased approximately 31 million shares of common stock at a total cost of $557 million under this plan. All of these shares were immediately retired upon repurchase and therefore were not included in treasury stock.
In the third quarter of 2024, the Board declared a cash dividend of $0.25 per share, a $0.01 increase to the quarterly
34

common stock dividend. The cash dividends declared for the first and second quarters of 2024 were $0.24 per common share. Therefore, Regions declared total dividends of $0.73 per common share for the first nine months of 2024 as compared to $0.64 per common share first nine months of 2023.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the balances and activity in AOCI on a pre-tax and net of tax basis for the three and nine months ended September 30, 2024 and 2023 : 
 Three Months Ended September 30, 2024
 Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
 (In millions)
Total accumulated other comprehensive income (loss), beginning of period$(4,379)$1,114 $(3,265)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(8)$1 $(7)
Unrealized gains (losses) on securities transferred from available for sale during the period(436)111 (325)
Reclassification adjustments for amortization on unrealized losses on securities transferred to held for maturity (2)
1  1 
Change in AOCI from securities held to maturity activity in the period(435)111 (324)
Ending balance$(443)$112 $(331)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(3,074)$783 $(2,291)
Unrealized (gains) losses on securities transferred to held to maturity during the period436 (111)325 
Unrealized gains (losses) arising during the period1,168 (298)870 
Reclassification adjustments for securities (gains) losses realized in net income (3)
78 (20)58 
Change in AOCI from securities available for sale activity in the period1,682 (429)1,253 
Ending balance$(1,392)$354 $(1,038)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(703)$179 $(524)
Unrealized gains (losses) on derivatives arising during the period475 (121)354 
Reclassification adjustments for (gains) losses realized in net income (2)
110 (28)82 
Change in AOCI from derivative activity in the period585 (149)436 
Ending balance$(118)$30 $(88)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(594)$151 $(443)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
7 (1)6 
Ending balance$(587)$150 $(437)
Total other comprehensive income (loss)1,839 (468)1,371 
Total accumulated other comprehensive income (loss), end of period$(2,540)$646 $(1,894)
35

 Three Months Ended September 30, 2023
 Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
 (In millions)
Total accumulated other comprehensive income (loss), beginning of period$(4,613)$1,173 $(3,440)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(10)$2 $(8)
Reclassification adjustments for amortization on unrealized losses (2)
   
Ending balance$(10)$2 $(8)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(3,328)$846 $(2,482)
Unrealized gains (losses) arising during the period(798)203 (595)
Reclassification adjustments for securities (gains) losses realized in net income (3)
1  1 
Change in AOCI from securities available for sale activity in the period(797)203 (594)
Ending balance$(4,125)$1,049 $(3,076)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(719)$183 $(536)
Unrealized gains (losses) on derivatives arising during the period(367)93 (274)
Reclassification adjustments for (gains) losses realized in net income (2)
82 (21)61 
Change in AOCI from derivative activity in the period(285)72 (213)
Ending balance$(1,004)$255 $(749)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(556)$142 $(414)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
14 (3)11 
Ending balance$(542)$139 $(403)
Total other comprehensive income (loss)(1,068)272 (796)
Total accumulated other comprehensive income (loss), end of period$(5,681)$1,445 $(4,236)

36

 Nine Months Ended September 30, 2024
 Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
 (In millions)
Total accumulated other comprehensive income (loss), beginning of period$(3,773)$961 $(2,812)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(9)$1 $(8)
Unrealized gains (losses) on securities transferred from available for sale during the period(436)111 (325)
Reclassification adjustments for amortization on unrealized losses on securities transferred to held for maturity (2)
2  2 
Change in AOCI from securities held to maturity activity in the period(434)111 (323)
Ending balance$(443)$112 $(331)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(2,759)$703 $(2,056)
Unrealized (gains) losses on securities transferred to held to maturity during the period436 (111)325 
Unrealized gains (losses) arising during the period753 (193)560 
Reclassification adjustments for securities (gains) losses realized in net income (3)
178 (45)133 
Change in AOCI from securities available for sale activity in the period1,367 (349)1,018 
Ending balance$(1,392)$354 $(1,038)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(399)$102 $(297)
Unrealized gains (losses) on derivatives arising during the period(62)16 (46)
Reclassification adjustments for (gains) losses realized in net income (2)
343 (88)255 
Change in AOCI from derivative activity in the period281 (72)209 
Ending balance$(118)$30 $(88)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(606)$155 $(451)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
19 (5)14 
Ending balance$(587)$150 $(437)
Total other comprehensive income (loss)1,233 (315)918 
Total accumulated other comprehensive income (loss), end of period$(2,540)$646 $(1,894)
37

Nine Months Ended September 30, 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 $(9)
Reclassification adjustments for amortization on unrealized losses (2)
1  1 
Ending balance$(10)$2 $(8)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(3,433)$872 $(2,561)
Unrealized gains (losses) arising during the period(695)177 (518)
Reclassification adjustments for securities (gains) losses realized in net income (3)
3  3 
Change in AOCI from securities available for sale activity in the period(692)177 (515)
Ending balance$(4,125)$1,049 $(3,076)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(468)$119 $(349)
Unrealized gains (losses) on derivatives arising during the period(665)169 (496)
Reclassification adjustments for (gains) losses realized in net income (2)
129 (33)96 
Change in AOCI from derivative activity in the period(536)136 (400)
Ending balance$(1,004)$255 $(749)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(569)$145 $(424)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
27 (6)21 
Ending balance$(542)$139 $(403)
Total other comprehensive income (loss)(1,200)307 (893)
Total accumulated other comprehensive income (loss), end of period$(5,681)$1,445 $(4,236)
____
(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 8 for additional details).
NOTE 7. EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic earnings per common share and diluted earnings per common share:
 Three Months Ended September 30Nine Months Ended September 30
 2024202320242023
 (In millions, except per share data)
Numerator:
Net income$490 $490 $1,359 $1,683 
Preferred stock dividends and other(1)
(44)(25)(93)(74)
Net income available to common shareholders$446 $465 $1,266 $1,609 
Denominator:
Weighted-average common shares outstanding—basic$914 $939 $917 $938 
Potential common shares4 1 2 2 
Weighted-average common shares outstanding—diluted$918 $940 $919 $940 
Earnings per common share:
Basic$0.49 $0.49 $1.38 $1.72 
Diluted0.49 0.49 $1.38 $1.71 
______
(1) Preferred stock dividends and other for the three and nine months ended September 30, 2024 included $15 million of issuance costs associated with the redemption of Series B preferred shares in the third quarter of 2024. See Note 6 for additional information.
The effects from the assumed exercise of 4 million and 5 million in restricted stock units and awards and performance stock units for the three and nine months ended September 30, 2024, respectively, were not included in the above computations
38

of diluted earnings per common share because such amounts would have had an antidilutive effect on earnings per common share.
The effects from the assumed exercise of 7 million and 6 million in restricted stock units and awards and performance stock units for the three and nine months ended September 30, 2023, respectively, were not included in the above computations of diluted earnings per common share because such amounts would have had an antidilutive effect on earnings per common share.
NOTE 8. PENSION AND OTHER POSTRETIREMENT BENEFITS
Regions' defined benefit pension plans cover certain employees as the pension plans are closed to new entrants. The Company also sponsors a SERP, which is a non-qualified pension plan that provides certain senior executive officers defined benefits in relation to their compensation.
Net periodic pension cost included the following components:
Three Months Ended September 30
Qualified PlansNon-qualified PlansTotal
202420232024202320242023
(In millions)
Service cost$6 $6 $ $ $6 $6 
Interest cost21 2222 2324
Expected return on plan assets(31)(30) (31)(30)
Amortization of actuarial loss7 52 7 7
Settlement charge  7  7
Net periodic pension cost$3 $3 $2 $11 $5 $14 
Nine Months Ended September 30
Qualified PlansNon-qualified PlansTotal
202420232024202320242023
(In millions)
Service cost$16 $17 $1 $1 $17 $18 
Interest cost62644 5 66 69 
Expected return on plan assets(93)(90)  (93)(90)
Amortization of actuarial loss18171 3 19 20 
Settlement charge   7  7 
Net periodic pension cost$3 $8 $6 $16 $9 $24 
The service cost component of net periodic pension cost is recorded in salaries and employee benefits on the consolidated statements of income. Components other than service cost are recorded in other non-interest expense on the consolidated statements of income.
The 2023 settlement charge related to the settlement of liabilities under the SERP for certain plan participants.
Regions' funding policy for the qualified plans is to contribute annually at least the amount required by IRS minimum funding standards. Regions made no contributions to qualified plans during the nine months ended September 30, 2024.
Regions also provides other postretirement benefits, such as defined benefit health care plans and life insurance plans, that cover certain retired employees. There was no material impact from other postretirement benefits on the consolidated financial statements for the nine months ended September 30, 2024 or 2023.
39

NOTE 9. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
The following tables present the notional amount and estimated fair value of derivative instruments.
 September 30, 2024December 31, 2023
 
Notional
Amount(1)
Estimated Fair ValueNotional
Amount
Estimated Fair Value
 
Gain(1)
Loss(1)
Gain(1)
Loss(1)
 (In millions)
Derivatives in fair value hedging relationships:
Interest rate swaps$4,934 $4 $85 $2,975 $1 $121 
Derivatives in cash flow hedging relationships:
Interest rate swaps32,300 101 307 29,550 43 580 
Interest rate options2,000 12 6 2,000 21 13 
Total derivatives in cash flow hedging relationships34,300 113 313 31,550 64 593 
Total derivatives designated as hedging instruments$39,234 $117 $398 $34,525 $65 $714 
Derivatives not designated as hedging instruments:
Interest rate swaps $99,981 $1,330 $1,258 $99,892 $1,769 $1,718 
Interest rate options 12,151 40 27 13,497 66 57 
Interest rate futures and forward commitments1,376 7 2 655 7 12 
Other contracts12,497 146 123 12,007 198 190 
Total derivatives not designated as hedging instruments $126,006 $1,523 $1,410 $126,051 $2,040 $1,977 
Total derivatives$165,240 $1,640 $1,808 $160,576 $2,105 $2,691 
Total gross derivative instruments, before netting$1,640 $1,808 $2,105 $2,691 
Less: Netting adjustments (2)
1,434 1,124 2,029 1,560 
Total gross derivative instruments, after netting$206 $684 $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 $120 million and $243 million for derivative assets at September 30, 2024 and December 31, 2023, respectively. Cash collateral totaled $67 million and $43 million for derivative liabilities at September 30, 2024 and December 31, 2023, respectively.
HEDGING DERIVATIVES
Derivatives entered into to manage interest rate risk and facilitate asset/liability management strategies are designated as hedging derivatives. Derivative financial instruments that qualify in a hedging relationship are classified, based on the exposure being hedged, as either fair value hedges or cash flow hedges. See Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding accounting policies for derivatives.
FAIR VALUE HEDGES
Fair value hedge relationships mitigate exposure to the change in fair value of an asset, liability or firm commitment.
Regions enters into interest rate swap agreements to manage interest rate exposure on the Company’s fixed-rate borrowings and time deposits. These agreements involve the receipt of fixed-rate amounts in exchange for floating-rate interest payments over the life of the agreements. Regions also enters into interest rate swap agreements to manage interest rate exposure on certain of the Company's fixed-rate prepayable and non-prepayable debt securities available for sale. These agreements involve the payment of fixed-rate amounts in exchange for floating-rate interest receipts.
CASH FLOW HEDGES
Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions.
Regions enters into interest rate swaps, options (e.g., floors, caps and collars), and agreements with a combination of these instruments to manage overall cash flow changes related to interest rate risk exposure on variable rate loans. The agreements effectively modify the Company’s exposure to interest rate risk by utilizing receive fixed/pay SOFR interest rate swaps and interest rate options. As of September 30, 2024, Regions was hedging its exposure to the variability in future cash flows into 2031.
40

As of September 30, 2024, cash flow hedges were held at a pre-tax net loss of $118 million, which includes pre-tax net gains of $43 million related to terminated cash flow floors and swaps. Regions expects to reclassify into earnings approximately $138 million in pre-tax losses due to the net receipt/ payment of interest and amortization on all cash flow hedges within the next twelve months. Included in this amount is $39 million in pre-tax net gains related to the amortization of terminated cash flow floors and swaps.
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, 2024
Interest IncomeInterest IncomeInterest ExpenseInterest Expense
Debt securitiesLoans, including feesLong-term borrowingsDeposits
(In millions)
Total income (expense) presented in the consolidated statements of income$241 $1,463 $(85)$(507)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
   Amounts related to interest settlements on derivatives$2 $ $(18)$ 
   Recognized on derivatives(8) 39 1 
   Recognized on hedged items9  (39)(1)
Income (expense) recognized on fair value hedges$3 $ $(18)$ 
Gains/(losses) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income (2)
$ $(110)$ $ 
Income (expense) recognized on cash flow hedges $ $(110)$ $ 

Three Months Ended September 30, 2023
Interest IncomeInterest IncomeInterest Expense
Debt securitiesLoans, including feesLong-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 $ $(82)$ 
41


Nine Months Ended September 30, 2024
Interest IncomeInterest IncomeInterest ExpenseInterest Expense
Debt securitiesLoans, including feesLong-term borrowingsDeposits
(In millions)
Total income (expense) presented in the consolidated statements of income$669 $4,316 $(190)$(1,504)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
Amounts related to interest settlements on derivatives$7 $ $(52)(1)
Recognized on derivatives(2) 45  
Recognized on hedged items2  (45) 
Income (expense) recognized on fair value hedges$7 $ $(52)$(1)
Gains/(losses) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income (2)
$ $(343)$ $ 
Income (expense) recognized on cash flow hedges$ $(343)$ $ 

Nine Months Ended September 30, 2023
Interest IncomeInterest Expense
Debt securitiesLoans, including feesLong-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$ $(129)$ 
_____
(1)See Note 6 for gain or (loss) recognized for cash flow hedges in AOCI.
(2)Pre-tax
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, 2024December 31, 2023
Hedged Items Currently DesignatedHedged Items Currently Designated
Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
(In millions)(In millions)
Debt securities available for sale(1)(2)
$1,754 $7 $1,653 $5 
Long-term borrowings(3,081)68 (1,286)112 
Time deposits(10) (252) 
_____
(1) At 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.
42

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
The Company holds a portfolio of interest rate swaps, option contracts, and futures and forward commitments that result from transactions with its commercial customers in which they manage their risks by entering into a derivative with Regions. The Company monitors and manages the net risk in this customer portfolio and enters into separate derivative contracts in order to reduce the overall exposure to pre-defined limits. For both derivatives with its end customers and derivatives Regions enters into to mitigate the risk in this portfolio, the Company is subject to market risk and the risk that the counterparty will default. The contracts in this portfolio are not designated as accounting hedges and are marked-to market through earnings (in capital markets income) and included in other assets and other liabilities, as appropriate.
Regions enters into interest rate lock commitments, which are commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. At September 30, 2024 and December 31, 2023, Regions had $173 million and $124 million, respectively, in total notional amount of interest rate lock commitments. Regions manages market risk on interest rate lock commitments and mortgage loans held for sale with corresponding forward sale commitments. Residential mortgage loans held for sale are recorded at fair value with changes in fair value recorded in mortgage income. Commercial mortgage loans held for sale are recorded at either the lower of cost or market or at fair value based on management's election. At September 30, 2024 and December 31, 2023, Regions had $358 million and $267 million, respectively, in total notional amounts related to these forward sale commitments. Changes in mark-to-market from both interest rate lock commitments and corresponding forward sale commitments related to residential mortgage loans are included in mortgage income. Changes in mark-to-market from both interest rate lock commitments and corresponding forward sale commitments related to commercial mortgage loans are included in capital markets income.
Regions elected to account for residential MSRs at fair value with any changes to fair value recorded in mortgage income. Concurrent with the election to use the fair value measurement method, Regions uses various derivative instruments in the form of forward rate commitments, futures contracts, swaps and swaptions to mitigate the effect of changes in the fair value of its residential MSRs in its consolidated statements of income. As of September 30, 2024 and December 31, 2023, the total notional amount related to these contracts was $3.6 billion and $3.3 billion, respectively.
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 30Nine Months Ended September 30
Derivatives Not Designated as Hedging Instruments2024202320242023
 (In millions)
Capital markets income:
Interest rate swaps$3 $16 $18 $(8)
Interest rate options15 14 38 35 
Interest rate futures and forward commitments4 2 18 10 
Other contracts12 4 17 10 
Total capital markets income34 36 91 47 
Mortgage income:
Interest rate swaps26 (38)3 (38)
Interest rate options(1)(1)(2) 
Interest rate futures and forward commitments3 (4)11 (4)
Total mortgage income28 (43)12 (42)
$62 $(7)$103 $5 
CREDIT DERIVATIVES
Regions has both bought and sold credit protection in the form of participations on interest rate swaps (swap participations). These swap participations, which meet the definition of credit derivatives, were entered into in the ordinary course of business to serve the credit needs of customers. Swap participations, whereby Regions has purchased credit protection, entitle Regions to receive a payment from the counterparty if the customer fails to make payment on any amounts due to Regions upon early termination of the swap transaction and have maturities between 2024 and 2030. Swap participations, whereby Regions has sold credit protection have maturities between 2024 and 2035. For contracts where Regions sold credit protection, Regions would be required to make payment to the counterparty if the customer fails to make payment on any amounts due to the counterparty upon early termination of the swap transaction. Regions bases the current status of the prepayment/performance risk on bought and sold credit derivatives on recently issued internal risk ratings consistent with the risk management practices of unfunded commitments.
Regions’ maximum potential amount of future payments under these contracts as of September 30, 2024 was approximately $334 million. This scenario occurs if variable interest rates were at zero percent and all counterparties defaulted with zero recovery. The fair value of sold protection at September 30, 2024 and 2023 was immaterial. In transactions where
43

Regions has sold credit protection, recourse to collateral associated with the original swap transaction is available to offset some or all of Regions’ obligation.
CONTINGENT FEATURES
Certain of Regions’ derivative instrument contracts with broker-dealers contain credit-related termination provisions and/or credit-related provisions regarding the posting of collateral, allowing those broker-dealers to terminate the contracts in the event that Regions’ and/or Regions Bank’s credit ratings falls below specified ratings from certain major credit rating agencies. The aggregate fair values of all derivative instruments with any credit-risk-related contingent features that were in a liability position on September 30, 2024 and December 31, 2023, were $45 million and $29 million, respectively, for which Regions had posted collateral of $43 million and $32 million, respectively, in the normal course of business.
NOTE 10. FAIR VALUE MEASUREMENTS
See Note 1 "Summary of Significant Accounting Policies" to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2023 for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. Marketable equity securities and debt securities available for sale may be periodically transferred to or from Level 3 valuation based on management’s conclusion regarding the observability of inputs used in valuing the securities. Such transfers are accounted for as if they occur at the beginning of a reporting period.
The following table presents assets and liabilities measured at estimated fair value on a recurring basis:
 September 30, 2024December 31, 2023
 Level 1Level 2
Level 3 (1)
Total
Estimated Fair Value
Level 1Level 2
Level 3 (1)
Total
Estimated Fair Value
 (In millions)
Recurring fair value measurements
Debt securities available for sale:
U.S. Treasury securities$2,046 $ $ $2,046 $1,223 $ $ $1,223 
Federal agency securities 457  457  1,043  1,043 
Obligations of states and political subdivisions 2  2  2  2 
Mortgage-backed securities:
Residential agency 20,459  20,459  17,372  17,372 
Commercial agency 4,922  4,922  7,307  7,307 
Commercial non-agency 85  85  83  83 
Corporate and other debt securities 724 3 727  1,073 1 1,074 
Total debt securities available for sale$2,046 $26,649 $3 $28,698 $1,223 $26,880 $1 $28,104 
Loans held for sale$ $255 $ $255 $ $201 $ $201 
Marketable equity securities in other earning assets$804 $ $ $804 $813 $ $ $813 
Residential mortgage servicing rights$ $ $971 $971 $ $ $906 $906 
Derivative assets (2):
Interest rate swaps$ $1,435 $ $1,435 $ $1,813 $ $1,813 
Interest rate options 41 11 52  83 4 87 
Interest rate futures and forward commitments 7  7  7  7 
Other contracts12 134  146  198  198 
Total derivative assets$12 $1,617 $11 $1,640 $ $2,101 $4 $2,105 
Derivative liabilities (2):
Interest rate swaps$ $1,650 $ $1,650 $ $2,419 $ $2,419 
Interest rate options 33  33  70  70 
Interest rate futures and forward commitments 2  2  12  12 
Other contracts 123  123  189 1 190 
Total derivative liabilities$ $1,808 $ $1,808 $ $2,690 $1 $2,691 
_________
(1)All following disclosures related to Level 3 recurring assets do not include those deemed to be immaterial.
(2)As permitted under U.S. GAAP, variation margin collateral payments made or received for derivatives that are centrally cleared are legally characterized as settled. As such, these derivative assets and derivative liabilities and the related variation margin collateral are presented on a net basis on the balance sheet.

Assets and liabilities in all levels could result in volatile and material price fluctuations. Realized and unrealized gains and losses on Level 3 assets represent only a portion of the risk to market fluctuations in Regions’ consolidated balance sheets. See Note 5 for a reconciliation of beginning and ending balances of residential MSRs for the three and nine months ended September 30, 2024 and 2023.
44

RECURRING FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS
Residential mortgage servicing rights
The significant unobservable inputs used in the fair value measurement of residential MSRs are OAS and CPR. This valuation requires generating cash flow projections over multiple interest rate scenarios and discounting those cash flows at a risk-adjusted rate. Additionally, the impact of prepayments and changes in the OAS are based on a variety of underlying inputs including servicing costs. Increases or decreases to the underlying cash flow inputs will have a corresponding impact on the value of the MSR asset. The net change in unrealized gains (losses) included in earnings related to MSRs held at period end are disclosed as the changes in valuation inputs or assumptions included in the MSR rollforward table in Note 5 .
The following tables present detailed information regarding material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of September 30, 2024 and December 31, 2023. The tables include the valuation techniques and the significant unobservable inputs utilized. The range of each significant unobservable input as well as the weighted-average within the range utilized at September 30, 2024 and December 31, 2023 are included. Following the tables are descriptions of the valuation techniques and the sensitivity of the techniques to changes in the significant unobservable inputs.
 September 30, 2024
 Level 3
Estimated Fair Value
Valuation
Technique
Unobservable
Input(s)
Quantitative Range of
Unobservable Inputs and
(Weighted-Average)
 (Dollars in millions)
Recurring fair value measurements:
Residential mortgage servicing rights (1)
$971Discounted cash flowWeighted-average CPR (%)
4.5% - 35.4% (9.0%)
OAS (%)
4.7% - 7.7% (5.0%)
_________
(1)See Note 5 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.

 December 31, 2023
 Level 3
Estimated Fair Value
Valuation
Technique
Unobservable
Input(s)
Quantitative Range of
Unobservable Inputs and
(Weighted-Average)
 (Dollars in millions)
Recurring fair value measurements:
Residential mortgage servicing rights (1)
$906Discounted cash flowWeighted-average CPR (%)
5.6% - 21.5% (8.2%)
OAS (%)
4.5% -8.2% (4.8%)
_______
(1)See Note 6 to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2023 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.
FAIR VALUE OPTION
The Company has elected the option to measure certain commercial and industrial loans held for sale at fair value, as these loans are actively traded in the secondary market. The Company is able to obtain fair value estimates for substantially all of these loans through a third party valuation service that is broadly used by market participants. While most of the loans are traded in the market, the volume and level of trading activity is subject to variability and the loans are not exchange-traded. The balance of these loans held for sale was immaterial at September 30, 2024 and December 31, 2023.
Regions has elected the fair value option for all eligible agency residential first mortgage loans originated with the intent to sell. This election allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting. Fair values of residential first mortgage loans held for sale are based on traded market prices of similar assets where available and/or discounted cash flows at market interest rates, adjusted for securitization activities that include servicing values and market conditions, and are recorded in loans held for sale. At September 30, 2024, the aggregate fair value of these loans totaled $248 million compared to aggregate unpaid principal of $243 million. At December 31, 2023, the aggregate fair value of these loans totaled $184 million compared to aggregate unpaid principal of $177 million.
Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest income on loans held for sale. Net gains and losses resulting from changes in fair value of residential mortgage loans held for sale, which were recorded in mortgage income in the consolidated statements of income during the three and nine months ended September 30, 2024 and 2023, were immaterial. These changes in fair value are mostly offset by economic hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk.
45

NON-RECURRING FAIR VALUE MEASUREMENTS
Items measured at fair value on a non-recurring basis include loans held for sale for which the fair value option has not been elected, foreclosed property and other real estate and equity investments without a readily determinable fair value; all of which may be considered either Level 2 or Level 3 valuation measurements. Non-recurring fair value adjustments related to loans held for sale, foreclosed property and other real estate are typically a result of the application of lower of cost or fair value accounting during the period. Non-recurring fair value adjustments related to equity investments without readily determinable fair values are the result of impairments or price changes from observable transactions. The balances of each of these assets, as well as the related fair value adjustments during the periods, were immaterial at both September 30, 2024 and December 31, 2023.
FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of September 30, 2024 are as follows:
 September 30, 2024
 Carrying
Amount
Estimated
Fair
Value(1)
Level 1Level 2Level 3
 (In millions)
Financial assets:
Cash and cash equivalents$10,521 $10,521 $10,521 $ $ 
Debt securities held to maturity2,787 2,759  2,759  
Debt securities available for sale28,698 28,698 2,046 26,649 3 
Loans held for sale522 522  509 13 
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3)
93,359 90,562   90,562 
Other earning assets1,625 1,625 804 821  
Derivative assets1,640 1,640 12 1,617 11 
Financial liabilities:
Derivative liabilities1,808 1,808  1,808  
Deposits with no stated maturity(4)
110,692 110,692  110,692  
Time deposits(4)
15,684 15,673  15,673  
Short-term borrowings1,500 1,500  1,500  
Long-term borrowings6,016 6,147  6,146 1 
Loan commitments and letters of credit154 154   154 
_________
(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred.
(2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at September 30, 2024 was $2.8 billion or 3.0 percent.
(3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.8 billion at September 30, 2024.
(4)The fair value of non-interest-bearing demand accounts, interest-bearing checking accounts, savings accounts, and money market accounts is the amount payable on demand at the reporting date (i.e., the carrying amount) as these instruments have an indeterminate maturity date. Fair values for time deposits are estimated by using discounted cash flow analyses, based on market spreads to benchmark rates.
46

The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments as of December 31, 2023 are as follows:
 December 31, 2023
 Carrying
Amount
Estimated
Fair
Value(1)
Level 1Level 2Level 3
 (In millions)
Financial assets:
Cash and cash equivalents$6,801 $6,801 $6,801 $ $ 
Debt securities held to maturity754 716  716  
Debt securities available for sale28,104 28,104 1,223 26,880 1 
Loans held for sale400 400  397 3 
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3)
95,141 91,352   91,352 
Other earning assets 1,417 1,417 813 604  
Derivative assets2,105 2,105  2,101 4 
Financial liabilities:
Derivative liabilities2,691 2,691  2,690 1 
Deposits with no stated maturity(4)
112,816 112,816  112,816  
Time deposits(4)
14,972 14,905  14,905  
Long-term borrowings2,330 2,319  2,318 1 
Loan commitments and letters of credit156 156   156 
_________
(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred.
(2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at December 31, 2023 was $3.8 billion or 4.0 percent.
(3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.7 billion at December 31, 2023.
(4)The fair value of non-interest-bearing demand accounts, interest-bearing checking accounts, savings accounts, and money market accounts is the amount payable on demand at the reporting date (i.e., the carrying amount) as these instruments have an indeterminate maturity date. Fair values for time deposits are estimated by using discounted cash flow analyses, based on market spreads to benchmark rates.
NOTE 11. BUSINESS SEGMENT INFORMATION
Each of Regions’ reportable segments is a strategic business unit that serves specific needs of Regions’ customers based on the products and services provided. The segments are based on the manner in which management views the financial performance of the business. The Company has three reportable segments: Corporate Bank, Consumer Bank, and Wealth Management, with the remainder in Other. Additional information about the Company's reportable segments is included in Regions' Annual Report on Form 10-K for the year ended December 31, 2023.
The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable segment may be periodically revised and the prior periods updated to reflect these enhancements.
47

The following tables present financial information for each reportable segment for the periods indicated:
 Three Months Ended September 30, 2024
 Corporate BankConsumer
Bank
Wealth
Management
OtherConsolidated
 (In millions)
Net interest income $459 $718 $41 $ $1,218 
Provision for (benefit from) credit losses91 67 2 (47)113 
Non-interest income (loss)240 264 130 (62)572 
Non-interest expense319 603 114 33 1,069 
Income (loss) before income taxes289 312 55 (48)608 
Income tax expense (benefit)73 78 13 (46)118 
Net income (loss)$216 $234 $42 $(2)$490 
Average assets$69,364 $37,882 $2,088 $45,333 $154,667 
Three Months Ended September 30, 2023
 Corporate BankConsumer
Bank
Wealth
Management
OtherConsolidated
 (In millions)
Net interest income$488 $760 $43 $ $1,291 
Provision for (benefit from) credit losses87 70 2 (14)145 
Non-interest income181 256 113 16 566 
Non-interest expense303 672 105 13 1,093 
Income before income taxes279 274 49 17 619 
Income tax expense (benefit)70 69 12 (22)129 
Net income $209 $205 $37 $39 $490 
Average assets$70,032 $38,108 $2,018 $43,326 $153,484 
 Nine Months Ended September 30, 2024
 Corporate BankConsumer BankWealth
Management
OtherConsolidated
 (In millions)
Net interest income $1,359 $2,107 $122 $ $3,588 
Provision for (benefit from) credit losses 272 202 6 (113)367 
Non-interest income (loss)657 780 374 (131)1,680 
Non-interest expense 950 1,800 333 121 3,204 
Income (loss) before income taxes794 885 157 (139)1,697 
Income tax expense (benefit)199 221 40 (122)338 
Net income (loss)
$595 $664 $117 $(17)$1,359 
Average assets$69,081 $37,974 $2,059 $43,884 $152,998 
 Nine Months Ended September 30, 2023
 Corporate BankConsumer BankWealth
Management
OtherConsolidated
 (In millions)
Net interest income $1,531 $2,410 $148 $ $4,089 
Provision for (benefit from) credit losses 252 208 6 (68)398 
Non-interest income 525 783 339 29 1,676 
Non-interest expense932 1,946 320 33 3,231 
Income before income taxes872 1,039 161 64 2,136 
Income tax expense (benefit)218 260 40 (65)453 
Net income $654 $779 $121 $129 $1,683 
Average assets$69,773 $37,625 $2,053 $43,997 $153,448 
48

NOTE 12. COMMITMENTS, CONTINGENCIES AND GUARANTEES
COMMERCIAL COMMITMENTS
Regions issues off-balance sheet financial instruments in connection with lending activities. The credit risk associated with these instruments is essentially the same as that involved in extending loans to customers and is subject to Regions’ normal credit approval policies and procedures. Regions measures inherent risk associated with these instruments by recording a reserve for unfunded commitments based on an assessment of the likelihood that the guarantee will be funded and the creditworthiness of the customer or counterparty. Collateral is obtained based on management’s assessment of the creditworthiness of the customer. Credit risk is represented in unused commitments to extend credit, standby letters of credit and commercial letters of credit. Refer to Note 23 "Commitments, Contingencies and Guarantees" in the Annual Report on Form 10-K for the year ended December 31, 2023 for more information regarding these instruments.
Credit risk associated with these instruments is represented by the contractual amounts indicated in the following table:
September 30, 2024December 31, 2023
 (In millions)
Unused commitments to extend credit$64,642 $63,631 
Standby letters of credit2,094 1,997 
Commercial letters of credit62 78 
Liabilities associated with standby letters of credit33 32 
Assets associated with standby letters of credit34 34 
Reserve for unfunded credit commitments121124 
LEGAL CONTINGENCIES
Regions and its subsidiaries are routinely subject to actual or threatened legal proceedings, including litigation and regulatory matters, arising in the ordinary course of business. Litigation matters range from individual actions involving a single plaintiff to class action lawsuits and can involve claims for substantial or indeterminate alleged damages or for injunctive or other relief. Regulatory investigations and enforcement matters may involve formal or informal proceedings and other inquiries initiated by various governmental agencies, law enforcement authorities, and self-regulatory organizations, and can result in fines, penalties, restitution, changes to Regions’ business practices, and other related costs, including reputational damage. At any given time, these legal proceedings are at varying stages of adjudication, arbitration, or investigation, and may relate to a variety of topics, including common law tort and contract claims, as well as statutory consumer protection-related claims, among others.
Assessment of exposure that could result from legal proceedings is complex because these proceedings often involve inherently unpredictable factors, including, but not limited to, the following: whether the proceeding is in early stages; whether damages or the amount of potential fines, penalties, and restitution are unspecified, unsupported, or uncertain; whether there is a potential for punitive or other pecuniary damages; whether the matter involves legal uncertainties, including novel issues of law; whether the matter involves multiple parties and/or jurisdictions; whether discovery or other investigation has begun or is not complete; whether material facts may be disputed or unsubstantiated; whether meaningful settlement discussions have commenced; and whether the matter involves class allegations. As a result of these complexities, Regions may be unable to develop an estimate or range of loss.
Regions evaluates legal proceedings based on information currently available, including advice of counsel. Regions establishes accruals for those matters when a loss is considered probable and the related amount is reasonably estimable. Additionally, when it is practicable and reasonably possible that it may experience losses in excess of established accruals, Regions estimates possible loss contingencies. Regions currently estimates that the aggregate amount of reasonably possible losses that it may experience, in excess of what has been accrued, is immaterial. While the final outcomes of legal proceedings are inherently unpredictable, management is currently of the opinion that the outcomes of pending and threatened matters will not have a material effect on Regions’ business, consolidated financial position, results of operations or cash flows as a whole.
As available information changes, the matters for which Regions is able to estimate, as well as the estimates themselves, will be adjusted accordingly. Regions’ estimates are subject to significant judgment and uncertainties, and the matters underlying the estimates will change from time to time. In the event of unexpected future developments, it is possible that an adverse outcome in any such matter could be material to Regions’ business, consolidated financial position, results of operations, or cash flows as a whole for any particular reporting period of occurrence.
Some of Regions’ exposure with respect to loss contingencies may be offset by applicable insurance coverage. However, in determining the amounts of any accruals or estimates of possible loss contingencies, Regions does not take into account the availability of insurance coverage. To the extent that Regions has an insurance recovery, the proceeds are recorded in the period the recovery is received.
49

GUARANTEES
FANNIE MAE LOSS SHARE GUARANTEE
Regions sells commercial loans to Fannie Mae through the DUS lending program and through other platforms. The DUS program provides liquidity to the multi-family housing market. Regions services loans sold to Fannie Mae and is required to provide a loss share guarantee equal to one-third of the principal balance for the majority of the commercial servicing portfolio. At September 30, 2024 and December 31, 2023, the Company's DUS servicing portfolio totaled approximately $6.7 billion and $6.2 billion, respectively. Regions has additional loans sold to Fannie Mae outside of the DUS program that are also subject to a loss share guarantee and at September 30, 2024 and December 31, 2023, these serviced loans totaled approximately $634 million and $653 million, respectively. Regions' maximum quantifiable contingent liability related to all loans subject to a loss share guarantee was approximately $2.3 billion at both September 30, 2024 and December 31, 2023. The Company would be liable for this amount only if all of the loans it services for Fannie Mae, for which the Company retains some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement. Therefore, the maximum quantifiable contingent liability is not representative of the actual loss the Company would be expected to incur. The estimated fair value of the associated loss share guarantee recorded as a liability on the Company's consolidated balance sheets was immaterial at both September 30, 2024 and December 31, 2023. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
NOTE 13. RECENT ACCOUNTING PRONOUNCEMENTS
The following table provides a brief description of accounting standards adopted in 2024 and those that could have a material impact to Regions’ consolidated financial statements upon adoption in the future.
StandardDescriptionRequired Date of AdoptionEffect on Regions' financial statements or other significant matters
Standards Adopted (or partially adopted) in 2024
ASU 2023-02, Investments —Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures
Using the Proportional Amortization Method
This Update allows entities to elect to account for equity investments made primarily for the purpose of receiving income tax credits using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, if certain conditions were met.

The Update also sets forth the conditions needed to apply the proportional amortization method.

The Update further eliminates certain low income housing tax credit-specific guidance to align the accounting more closely for low income housing tax credits with the accounting for other equity investments in tax credit structures and require that the delayed equity contribution apply only to tax equity investments accounted for using the proportional amortization method.
January 1, 2024Regions adopted this guidance as of January 1, 2024 with
no material impact. See Note 1 Basis of Presentation for additional information.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThe Update requires entities to provide disclosure of significant segment expenses, as defined within the standard, and requires that entities disclose other segment items by reportable segment. These disclosures are required to be made on an annual and interim basis.January 1, 2024 for the annual reporting period ending December 31, 2024 and for the interim reporting periods beginning in 2025.Regions adopted this guidance as of January 1, 2024 with
likely no material impact.
50

Standards Not Yet Adopted
ASU 2023-05, Business Combinations—
Joint Venture Formations (Subtopic 805-60)
This Update requires certain joint ventures, upon formation, to use a new basis of accounting by applying most aspects of the acquisition method for business combinations. New joint ventures generally will recognize and initially measure assets and liabilities at fair value. The Update is effective for all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted.January 1, 2025The adoption of this guidance is not likely to have a material impact. Regions will continue to evaluate through date of adoption.
ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification InitiativeThis Update incorporates into the Codification 14 of the 27 disclosures referred by the SEC in Release No. 33‐10532, Disclosure Update and Simplification. This Update clarifies and improves the disclosure and presentation requirements of a variety of Topics in the Codification to align with the SEC's regulations.The date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective.The adoption of this guidance is not likely to have a material impact. Regions will continue to evaluate through date of adoption.
ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax DisclosuresThe ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.January 1, 2025The adoption of this guidance is not likely to have a material impact. Regions will continue to evaluate through date of adoption.
51

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
INTRODUCTION
The following discussion and analysis is part of Regions Financial Corporation’s (“Regions” or the “Company”) Quarterly Report on Form 10-Q filed with the SEC and updates Regions’ Annual Report on Form 10-K for the year ended December 31, 2023, which was previously filed with the SEC. This financial information is presented to aid in understanding Regions’ financial position and results of operations and should be read together with the financial information contained in Regions’ Annual Report on Form 10-K. See Note 1 "Basis of Presentation" and Note 13 "Recent Accounting Pronouncements" to the consolidated financial statements for further detail. The emphasis of this discussion will be on the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 for the consolidated statements of income. For the consolidated balance sheets, the emphasis of this discussion will be on the balances as of September 30, 2024 compared to December 31, 2023.
This discussion and analysis contains statements that may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. See pages 6 through 8 for additional information regarding forward-looking statements.
CORPORATE PROFILE
Regions is a financial holding company headquartered in Birmingham, Alabama operating in the South, Midwest and Texas. In addition, Regions operates several offices delivering specialty capabilities in New York, Washington D.C., Chicago, Salt Lake City, and other locations nationwide. Regions provides financial solutions for a wide range of clients including retail and mortgage banking services, commercial banking services and wealth and investment services. Further, Regions and its subsidiaries deliver specialty capabilities including merger and acquisition advisory services, capital markets solutions, home improvement lending and others.
Regions conducts its banking operations through Regions Bank, an Alabama state-chartered commercial bank that is a member of the Federal Reserve System. At September 30, 2024, Regions operated 1,261 total branch outlets. Regions carries out its strategies and derives its profitability from three reportable business segments: Corporate Bank, Consumer Bank, and Wealth Management, with the remainder in Other. See Note 11 "Business Segment Information" to the consolidated financial statements for more information regarding Regions’ segment reporting structure.
Regions’ business strategy is focused on providing a competitive mix of products and services, delivering quality customer service, and continuing to develop and optimize distribution channels that include a branch distribution network with offices in convenient locations, as well as electronic and mobile banking.
Regions’ profitability, like that of many other financial institutions, is dependent on its ability to generate revenue from net interest income as well as non-interest income sources. Net interest income is primarily the difference between the interest income Regions receives on interest-earning assets, such as loans, leases, investment securities and cash balances held at the Federal Reserve Bank, and the interest expense Regions pays on interest-bearing liabilities, principally deposits and borrowings. Regions’ net interest income is impacted by the size and mix of its balance sheet components and the interest rate spread between interest earned on its assets and interest paid on its liabilities. Non-interest income includes fees from service charges on deposit accounts, card and ATM fees, mortgage servicing and secondary marketing, investment management and trust activities, capital markets and other customer services which Regions provides. Results of operations are also affected by the provision for credit losses and non-interest expenses such as salaries and employee benefits, equipment and software expenses, occupancy, professional, legal and regulatory expenses, FDIC insurance assessments, and other operating expenses, as well as income taxes.
Economic conditions, competition, new legislation and related rules impacting regulation of the financial services industry and the monetary and fiscal policies of the Federal government significantly affect most, if not all, financial institutions, including Regions. Lending and deposit activities and fee income generation are influenced by levels of business spending and investment, consumer income, consumer spending and savings, capital market activities, and competition among financial institutions, as well as customer preferences, interest rate conditions and prevailing market rates on competing products in Regions’ market areas.
THIRD QUARTER OVERVIEW
Third Quarter Results
Regions reported net income available to common shareholders of $446 million or $0.49 per diluted share in the third quarter of 2024 compared to net income available to common shareholders of $465 million or $0.49 per diluted share in the third quarter of 2023.
Net interest income (taxable-equivalent basis) totaled $1.2 billion in the third quarter of 2024, which decreased $74 million compared to the third quarter of 2023. The net interest margin (taxable-equivalent basis) was 3.54 percent in the third quarter of 2024, reflecting a 19 basis point decrease from the same period in 2023. The decreases in net interest income and net
52

interest margin were primarily driven by increases in deposit and funding costs and partially offset by higher asset yields. Refer to the related discussion below Table 19 "Consolidated Average Daily Balances and Yield/Rate Analysis" for further detail.
The provision for credit losses totaled $113 million in the third quarter of 2024 compared to $145 million in the third quarter of 2023. The current quarter provision reflects continued signs of overall asset quality stabilization experienced during 2024. Net charge-offs totaled $117 million, or 0.48 percent of average loans, in the third quarter of 2024, compared to $101 million, or 0.40 percent in the third quarter of 2023. This increase reflected higher commercial and investor real estate net charge-offs. The allowance as a percent of total loans, net, increased to 1.79 percent at September 30, 2024, compared to 1.73 percent at December 31, 2023. Refer to the "Allowance for Credit Losses" section for further detail.
Non-interest income was $572 million in the third quarter of 2024 compared to $566 million in third quarter of 2023. The increase was primarily driven by an increase in capital markets income, service charges on deposit accounts and investment services fee income. Non-interest income also includes $75 million in securities losses associated with portfolio repositioning executed in the third quarter of 2024. See Table 24 "Non-Interest Income" for further details.
Non-interest expense was $1.1 billion in the third quarter of 2024 which decreased $24 million compared to the third quarter of 2023. The decrease was driven by a decline in operational losses, other miscellaneous expenses and FDIC insurance assessments. The decreases were partially offset by an increase in salaries and employee benefits expense. See Table 25 "Non-Interest Expense" for further details.
Regions' effective tax rate was 19.4 percent in the third quarter of 2024 compared to 20.9 percent in the third quarter of 2023. See the "Income Taxes" section for further details.
Capital
Regions and Regions Bank are required to comply with regulatory capital requirements established by Federal and State banking agencies, which include quantitative requirements including the CET1 ratio. At September 30, 2024, Regions’ CET1 ratio was estimated to be 10.58 percent. For additional information on Regions' regulatory capital requirements see the "Regulatory Requirements" section.
Regions participates in supervisory stress testing conducted by the Federal Reserve and its SCB is currently floored at 2.5 percent. See Note 6 "Shareholders' Equity and Accumulated Other Comprehensive Income (Loss)" to the consolidated financial statements for further details.
The Board authorized, on April 20, 2022, 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. During the nine months ended September 30, 2024, the Company repurchased 14 million shares of common stock totaling $290 million.
At the end of the third quarter of 2024 and subsequently after September 30, 2024, two powerful storms, Hurricanes Helene and Milton made landfall in the Southeastern United States, impacting states within the Company's footprint, especially Florida, North Carolina and South Carolina. The hurricanes caused significant flood and wind damage. Due to the proximity of the hurricanes to quarter-end and into early fourth quarter, Regions is still assessing all aspects of the impacts to business operations and customers. At this time the impacts to business operations, Regions' premises and the allowance for credit losses are expected to be immaterial.
Expectations
2024 Expectations (1)(2)
CategoryExpectation
Net Interest Income (3)
Approximately $4.8 billion
Adjusted Non-Interest Income
$2.45-$2.5 billion
Adjusted Non-Interest ExpenseApproximately $4.25 billion
Average Loans
stable to down modestly
Average Deposits
 stable to down modestly
Net Charge-Offs / Average Loans
40-50 basis points (expect to be toward the upper end)
Effective Tax Rate
Approximately 20%
______
(1)The Company has provided forward-looking expectations with respect to certain measures on an adjusted basis, which are non-GAAP financial measures. Due to the complexity and inherent difficulty in forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of the Company’s control or cannot be predicted without unreasonable effort, a reconciliation of these forward-looking non-GAAP measures to their most directly comparable GAAP financial measures has not been provided. For the same reasons, the Company is unable to address the probable significance of these items; however, such unavailable information could have a significant impact on GAAP and non-GAAP financial results. The reconciliation of these forward-looking non-GAAP financial measures to their comparable GAAP financial measures following the end of 2024 is expected to be consistent with the reconciliation of such measures presented in Table 18.
(2)Expectation for CET1 is to continue to manage consistent with current levels over the near term.
(3)Expectation for net interest income assumes stable or lower short-term interest rates; flat long-term rates held at September 30, 2024 levels.
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For more information related to the Company's 2024 expectations, refer to the related sub-sections discussed in more detail within Management's Discussion and Analysis of this Form 10-Q.
BALANCE SHEET ANALYSIS
The following sections provide expanded discussion of significant changes in certain line items in asset, liability, and shareholders' equity categories.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents increased approximately $3.7 billion from December 31, 2023 to September 30, 2024 resulting from an increase in cash balances on deposit with the Federal Reserve Bank driven primarily by FHLB advances utilized in the first nine months of 2024. Cash balances were also impacted by a decline in loans. See the "Loans", "Liquidity" and "Borrowed Funds" sections for more information.
DEBT SECURITIES
The following table details the carrying values of debt securities, including both available for sale and held to maturity:
Table 1—Debt Securities
September 30, 2024December 31, 2023
 (In millions)
U.S. Treasury securities$2,046 $1,223 
Federal agency securities457 1,043 
Obligations of states and political subdivisions
Mortgage-backed securities:
Residential agency22,735 17,611 
Commercial agency5,433 7,822 
Commercial non-agency85 83 
Corporate and other debt securities727 1,074 
$31,485 $28,858 
Debt securities held to maturity constituted approximately 9 percent of the securities portfolio at September 30, 2024. In the third quarter of 2024, the Company reclassified securities with an amortized cost, excluding items recognized in OCI, of $2.5 billion from available for sale into held to maturity to reduce the volatility in AOCI in preparation for expected, upcoming changes to regulatory guidance as discussed in the "Regulatory Requirements" section. See also Note 3 "Debt Securities" for additional information.
Debt securities available for sale, comprising 21 percent of earning assets, constituted approximately 91 percent of the securities portfolio at September 30, 2024. They are an important tool used to manage interest rate sensitivity and provide a primary source of liquidity for the Company, as much of the portfolio is highly liquid. Additionally, some of the securities portfolio is eligible to be used as collateral for funding of various types of borrowings. See the "Liquidity" section for more information on these arrangements. Regions maintains a highly-rated securities portfolio consisting primarily of agency MBS. See Note 3 "Debt Securities" to the consolidated financial statements for additional information. Also see the "Market Risk-Interest Rate Risk" section for more information.
Debt securities increased $2.6 billion from December 31, 2023 to September 30, 2024 as the Company purchased $750 million of residential agency MBS securities with proceeds from a debt issuance in the second quarter of 2024 and an additional $1.0 billion of residential agency MBS securities and U.S Treasury securities with proceeds from a debt issuance in the third quarter of 2024 (see Table 15—Long-Term Borrowings). Additionally, three distinct securities repositioning transactions occurred over the nine months ended September 30, 2024 involving the sale of mostly shorter-duration commercial agency MBS and replacement with residential agency MBS with favorable prepayment profiles. The intent was to maintain the securities portfolio duration that would otherwise shorten naturally. In the first quarter of 2024, the Company sold approximately $1.3 billion of debt securities available for sale, realizing $50 million in pre-tax losses. In the second quarter of 2024, the Company sold approximately $983 million of debt securities available for sale, realizing $50 million in pre-tax losses. In the third quarter of 2024, the Company sold approximately $1.3 billion of debt securities available for sale, realizing $75 million in pre-tax losses. Proceeds from the sales were reinvested at higher market yields.
The average life of the debt securities portfolio at September 30, 2024 was estimated to be 5.8 years, with a duration of approximately 4.7 years. These metrics compare with an estimated average life of 5.5 years and a duration of approximately 4.5 years for the portfolio at December 31, 2023.
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LOANS HELD FOR SALE
The following table presents Regions’ loans held for sale by type:
Table 2—Loans Held for Sale
September 30, 2024December 31, 2023
(In millions)
Commercial$261 $208 
Residential first mortgage248 184 
Consumer and other performing5
Non-performing3
$522 $400 
Commercial loans held for sale include commercial mortgage loans originated for sale to third parties and commercial loans originally recorded as held for investment when management has the intent to sell. Levels of commercial loans held for sale fluctuate based on timing of sale to third parties. The levels of residential first mortgage loans held for sale that are part of the Company's mortgage originations fluctuate depending on the timing of origination and sale to third parties.
LOANS
Loans, net of unearned income, represented 70 percent of interest-earning assets as of September 30, 2024. The following table presents the distribution of Regions' loan portfolio by segment and class, net of unearned income:
Table 3—Loan Portfolio
September 30, 2024December 31, 2023
 (In millions, net of unearned income)
Commercial and industrial$49,565 $50,865 
Commercial real estate mortgage—owner-occupied4,873 4,887 
Commercial real estate construction—owner-occupied341 281 
Total commercial54,779 56,033 
Commercial investor real estate mortgage6,562 6,605 
Commercial investor real estate construction2,250 2,245 
Total investor real estate8,812 8,850 
Residential first mortgage20,125 20,207 
Home equity lines3,130 3,221 
Home equity loans2,404 2,439 
Consumer credit card1,372 1,341 
Other consumer—exit portfolios43 
Other consumer6,158 6,245 
Total consumer33,198 33,496 
$96,789 $98,379 
PORTFOLIO CHARACTERISTICS
The following sections describe the composition of the portfolio segments and classes disclosed in Table 3, explain changes in balances from year-end 2023 and highlight the related risk characteristics. Regions believes that its loan portfolio is well diversified by product, client, and geography throughout its footprint. However, the loan portfolio may be exposed to certain concentrations of credit risk which exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries and certain loan products. See Note 4 "Loans and the Allowance for Credit Losses" to the consolidated financial statements for additional discussion. See the "Third Quarter Overview" section for details on expectations for loans in 2024.
Commercial
The commercial portfolio segment includes commercial and industrial loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases and other expansion projects. Commercial and industrial loans decreased $1.3 billion since year-end 2023, due to lower line of credit utilization and loans refinanced off the Company's balance sheet through the debt capital markets. In the nine months ended September 30, 2024, the decline in commercial and industrial loans was broad-based as shown in Table 4.
The commercial portfolio also includes owner-occupied commercial real estate mortgage loans to operating businesses, which are loans for long-term financing on land and buildings, and are repaid by cash generated by business operations. Owner-occupied commercial real estate construction loans are made to commercial businesses for the development of land or construction of a building where the repayment is derived from revenues generated from the business of the borrower.
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Over half of the Company’s total loans are included in the commercial portfolio segment. These balances are spread across numerous industries, as noted in the table below. The Company manages the related risks to this portfolio by setting certain lending limits for each significant industry.
The following tables provide detail of Regions' commercial lending balances in selected industries.
Table 4—Commercial Industry Exposure
September 30, 2024
LoansUnfunded CommitmentsTotal Exposure
(In millions)
Administrative, support, waste and repair$1,442 $748 $2,190 
Agriculture244 123 367 
Educational services3,183 792 3,975 
Energy 1,488 3,501 4,989 
Financial services 8,419 9,632 18,051 
Government and public sector3,020 471 3,491 
Healthcare3,156 2,545 5,701 
Information2,340 1,154 3,494 
Manufacturing 4,836 5,192 10,028 
Professional, scientific and technical services 2,042 1,752 3,794 
Real estate (1)
8,893 8,880 17,773 
Religious, leisure, personal and non-profit services1,579 849 2,428 
Restaurant, accommodation and lodging1,280 205 1,485 
Retail trade2,614 1,829 4,443 
Transportation and warehousing3,587 1,601 5,188 
Utilities2,414 3,585 5,999 
Wholesale goods4,137 3,331 7,468 
Other (2)
105 2,050 2,155 
Total commercial$54,779 $48,240 $103,019 
December 31, 2023 (3)
LoansUnfunded CommitmentsTotal Exposure
(In millions)
Administrative, support, waste and repair$1,461 $916 $2,377 
Agriculture239 208 447 
Educational services3,502 827 4,329 
Energy1,484 3,349 4,833 
Financial services 7,562 8,428 15,990 
Government and public sector3,161 414 3,575 
Healthcare3,216 2,478 5,694 
Information2,791 1,250 4,041 
Manufacturing 4,789 5,122 9,911 
Professional, scientific and technical services
2,328 1,799 4,127 
Real estate (1)
9,166 9,219 18,385 
Religious, leisure, personal and non-profit services1,562 630 2,192 
Restaurant, accommodation and lodging1,408 289 1,697 
Retail trade2,764 2,327 5,091 
Transportation and warehousing
3,486 1,858 5,344 
Utilities3,044 2,732 5,776 
Wholesale goods 4,006 3,768 7,774 
Other (2)
64 1,511 1,575 
Total commercial$56,033 $47,125 $103,158 
_______
(1)"Real estate" includes REITs, which are unsecured commercial and industrial products that are real estate related. This portfolio, which accounts for approximately 17 percent and 18 percent of the total commercial exposure at September 30, 2024 and December 31, 2023, respectively, is well diversified, generally has low leverage with strong access to liquidity, and the REITs included in this portfolio are primarily investment or near investment grade.
(2)"Other" contains balances related to non-classifiable and invalid business industry codes offset by payments in process and fee accounts that are not available at the loan level.
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(3)As customers' businesses evolve (e.g. up or down the vertical manufacturing chain), Regions may need to change the assigned business industry code used to define the customer relationship. When these changes occur, Regions does not recast the customer history for prior periods into the new classification because the business industry code used in the prior period was deemed appropriate. As a result, year over year changes may be impacted.
Investor Real Estate
Loans for real estate development are repaid through cash flows related to the operation, sale or refinance of the property. This portfolio segment includes extensions of credit to real estate developers or investors where repayment is dependent on the sale of real estate or income generated from the real estate collateral. A portion of Regions’ investor real estate portfolio segment consists of loans secured by residential product types (land, single-family and condominium loans) within Regions’ markets. Additionally, this category includes loans made to finance income-producing properties such as apartment buildings, office and industrial buildings, and retail shopping centers. Total investor real estate loans decreased $38 million in comparison to year-end 2023 balances.
The Company's total non-owner-occupied commercial real estate lending consists of both unsecured commercial and industrial loans that are real estate related (including REITs) and investor real estate loans and are considered to be well diversified across property types. The following table provides detail of these loans:
Table 5— Unsecured Commercial Real Estate and Investor Real Estate Exposure
September 30, 2024
Loan Balance
Percent of Total (1)
(In millions)
Residential homebuilders$1,166 7.5 %
Apartments 4,243 27.5 %
Industrial2,233 14.5 %
Data center406 2.6 %
Diversified1,871 12.1 %
Business offices 1,555 10.1 %
Residential land67 0.4 %
Retail1,369 8.9 %
Healthcare 1,168 7.6 %
Hotel798 5.2 %
Commercial land19 0.1 %
Self Storage
272 1.8 %
Other
263 1.7 %
Total (2)
$15,430 100 %
_______
(1)Amounts calculated based on whole dollar values.
(2)Owner-occupied commercial real estate is not included as the principal source of repayment is individual businesses, which more closely aligns with the commercial portfolio credit performance.
Included within Table 5 above, the multi-family (listed as apartments), business offices, and senior housing (listed as healthcare) portfolios are considered portfolios of interest due to conditions such as inflationary pressures, higher interest rates, and adverse underlying market fundamentals resulting in rising vacancies and reductions in net effective rents. However, the level of heightened systemic risk for the multi-family and senior housing portfolios has started to decline since the second quarter of 2024. Additionally, within the commercial portfolio, the trucking sector of the transportation and warehousing portfolio is also considered a portfolio of interest as trucking companies have been working through the most prolonged downturns in the U.S. domestic freight market. Recent and future rate cuts should ease pressure on borrowers across the entire loan portfolio. See Table 6 below for more details on these portfolios, as well as the allowance discussion following Table 9 .
Table 6— Portfolios of Interest
As of and for the Nine Months Ended September 30, 2024
Office (1)
Multi-Family
Senior Housing (2)
Trucking
(dollars in millions)
Commitments
$1,653 $6,701 $1,291 $1,862 
Loan balance
$1,555 $4,243 $1,126 $1,418 
Loan balance as a percent of total loans
1.6 %4.4 %1.2 %1.5 %
Non-performing loans
$225 $— $62 $61 
Charge-offs
$$— $$24 
Related allowance for credit losses to loans
6.8 %1.8 %3.4 %4.4 %
___
(1) Approximately 90 percent of the office portfolio was secured, with approximately 62 percent of secured balances located in the South region of the U.S of which 91% was Class A properties. Additionally, the IRE office portfolio had a weighted-average LTV of approximately 66 percent at September 30,
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2024, based upon appraisal at origination or most recent received, and a stressed weighted-average LTV of approximately 88 percent as of October 4, 2024, based upon GreenStreet's Commercial Property Price Index. No new loan originations are currently being contemplated in this portfolio.
(2) Senior housing herein represents the CRE portfolio and excludes approximately $135 million in non-real estate commercial loans in the senior housing sector. There has been limited new client activity in this sector for several years.
Residential First Mortgage
Residential first mortgage loans represent loans to consumers to finance a residence. These loans are typically financed over a 15 to 30 year term and, in most cases, are extended to borrowers to finance their primary residence.
Home Equity Lines
Home equity lines are secured by a first or second mortgage on the borrower's residence and allow customers to borrow against the equity in their homes. Home equity lines decreased $91 million in comparison to year-end 2023 balances, as payoffs and paydowns continue to outpace production. Substantially all of this portfolio was originated through Regions' branch network.
Beginning in December 2016, new home equity lines of credit have a 10-year draw period and a 20-year repayment term. During the 10-year draw period customers do not have an interest-only payment option, except on a very limited basis. From May 2009 to December 2016, home equity lines of credit had a 10-year draw period and a 10-year repayment term. Prior to May 2009, the predominant structure was a 20-year draw period with a balloon payment upon maturity. The term “balloon payment” means there are no principal payments required until the balloon payment is due for interest-only lines of credit.
The following table presents information regarding the future principal payment reset dates for the Company's home equity lines of credit as of September 30, 2024. The balances presented are based on maturity date for lines with a balloon payment and draw period expiration date for lines that convert to a repayment period.
Table 7—Home Equity Lines of Credit - Future Principal Payment Resets
First Lien% of TotalSecond Lien% of TotalTotal
(Dollars in millions)
2024$23 0.75 %$15 0.47 %$38 
202573 2.34 %75 2.38 %148 
2026104 3.33 %110 3.51 %214 
2027263 8.41 %217 6.94 %480 
2028252 8.05 %165 5.28 %417 
2029-2033605 19.33 %860 27.46 %1,465 
2034-203889 2.84 %185 5.91 %274 
>=20390.22 %0.22 %14 
Revolving Loans Converted to Amortizing48 1.52 %32 1.04 %80 
Total$1,464 46.79 %$1,666 53.21 %$3,130 
Home Equity Loans
Home equity loans are also secured by a first or second mortgage on the borrower's residence, are primarily originated as amortizing loans, and allow customers to borrow against the equity in their homes. Substantially all of this portfolio was originated through Regions’ branch network.
Consumer Credit Quality Data
The Company calculates an estimate of the current value of property secured as collateral for both residential first mortgage and home equity lending products (“current LTV”). The estimate is based on home price indices compiled by a third party that is updated typically every three months. The third party data indicates trends for MSAs. Regions uses the third party valuation trends from the MSAs in the Company's footprint in its estimate. The trend data is applied to the loan portfolios taking into account the age of the most recent valuation and geographic area.
The following table presents current LTV data for components of the residential first mortgage, home equity lines and home equity loans classes of the consumer portfolio segment. Current LTV data for some loans in the portfolio is not available due to mergers and systems integrations. The amounts in the table represent the entire loan balance. For purposes of the table below, if the loan balance exceeds the current estimated collateral the entire balance is included in the “Above 100%” category, regardless of the amount of collateral available to partially offset the shortfall.
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Table 8—Estimated Current Loan to Value Ranges
 September 30, 2024
Residential
First Mortgage
Home Equity Lines of CreditHome Equity Loans
 1st Lien2nd Lien1st Lien2nd Lien
 (In millions)
Estimated current LTV:
Above 100%$44 $— $— $$— 
Above 80% - 100%1,764 
80% and below17,985 1,447 1,652 1,925 460 
Data not available332 15 12 
$20,125 $1,464 $1,666 $1,935 $469 
 December 31, 2023
Residential
First Mortgage
Home Equity Lines of CreditHome Equity Loans
 1st Lien2nd Lien1st Lien2nd Lien
 (In millions)
Estimated current LTV:`
Above 100%$57 $$— $$— 
Above 80% - 100%1,822 
80% and below17,981 1,567 1,619 2,055 365 
Data not available347 15 13 — 
$20,207 $1,587 $1,634 $2,067 $372 
Consumer Credit Card
Consumer credit card lending represents primarily open-ended variable interest rate consumer credit card loans.
Other Consumer—Exit Portfolios
Exit portfolios primarily include lending initiatives through third parties consisting of loans made through automotive dealerships. Regions ceased originating new loans related to these businesses prior to 2020 and therefore the portfolio balances have been in run-off.
Other Consumer
Other consumer loans primarily include indirect and direct consumer loans, overdrafts and other revolving loans. Other consumer loans decreased $87 million from year-end 2023 driven by a slight decline in consumer home improvement lending.
Regions considers factors such as periodic updates of FICO scores, unemployment, and home prices as credit quality indicators for consumer loans. FICO scores are obtained at origination and refreshed FICO scores are obtained by the Company quarterly for most consumer loans. For more information on credit quality indicators refer to Note 4 "Loans and the Allowance for Credit Losses".
ALLOWANCE
The allowance consists of two components: the allowance for loan losses and the reserve for unfunded credit commitments. Unfunded credit commitments includes items such as letters of credit, financial guarantees and binding unfunded loan commitments. The allowance totaled $1.7 billion at September 30, 2024 and December 31, 2023, which represents management's best estimate of expected losses over the life of the loan and credit commitment portfolios.
The table below reflects a range of macroeconomic factors utilized in the Base forecast over the two-year R&S forecast period as of September 30, 2024. The unemployment rate is the most significant macroeconomic factor among the allowance models and is expected to remain relatively consistent over the forecast period.
Table 9— Macroeconomic Factors in the Forecast
Pre-R&S PeriodBase R&S Forecast
September 30, 2024
3Q20244Q20241Q20252Q20253Q20254Q20251Q20262Q20263Q2026
Unemployment rate4.2 %4.2 %4.3 %4.3 %4.4 %4.4 %4.3 %4.3 %4.2 %
Real GDP, annualized % change1.8 %1.9 %2.0 %1.8 %2.1 %2.3 %2.2 %2.1 %1.9 %
HPI, year-over-year % change3.4 %2.7 %2.5 %2.5 %2.4 %2.5 %2.5 %2.5 %2.6 %
CPI, year-over-year % change2.6 %2.4 %2.1 %2.0 %2.4 %2.5 %2.5 %2.4 %2.4 %
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In deriving any forecast, Regions benchmarks its internal forecast with external forecasts and external data available. Regions' September 2024 baseline forecast showed some deterioration compared to the June 2024 forecast. Job and wage growth are slowing, but growth in labor earnings is expected to continue to outpace inflation. The trend rate of job growth is slowing, but thus far this has been a function of a slowing rate of hiring as opposed to an increasing rate of layoffs. Regions' baseline forecast anticipates further deceleration in the rate of job growth in the months ahead. The labor force participation rate has risen, which has contributed to an increase in the unemployment rate, but the participation rate is nonetheless expected to remain below pre-pandemic norms, which will limit further increases in the unemployment rate over the forecast horizon. Growth in consumer spending is slowing, but this reflects growth in spending becoming realigned with income growth after the pandemic-related distortions in spending patterns over the past few years. Business investment in machinery and equipment, as well as intellectual property products, is expected to grow at a slow but steady rate over the coming quarters; sustained growth in these areas is necessary to support faster growth in labor productivity over time. Core inflation is expected to slow further but remain above the FOMC's 2.0 percent target rate through 2025. The risks to the baseline forecast are considered to be balanced.
Credit metrics are monitored throughout each quarter in order to understand external macro-views, trends and industry outlooks, as well as Regions' internal specific views of credit metrics and trends. In the third quarter of 2024, overall asset quality continued show signs of stabilization. Commercial and investor real estate criticized balances decreased approximately $171 million, which included a slight increase in classified balances of $98 million compared to the second quarter of 2024. Non-performing loans, excluding held for sale, decreased approximately $26 million compared to the second quarter of 2024. The decreases in criticized and non-performing loans were primarily due to upgrades and payoffs across several categories. Total net charge-offs increased by 6 basis points to 0.48 percent of average loans compared to the second quarter of 2024, driven by one large investor real estate borrower. See Table 12 for more details regarding non-performing assets.
While it is the intent of Regions' quantitative allowance methodologies to reflect all risk factors, including incremental risk in portfolios identified as under stress, any estimate involves assumptions and uncertainties resulting in some level of imprecision. The qualitative framework has a general imprecision component which is meant to acknowledge that model and forecast errors are inherent in any modeling estimate. In the third quarter of 2024, the general imprecision remained stable.
Based upon the factors discussed above, the September 30, 2024 allowance remained relatively stable compared to the second quarter of 2024. Based on the overall analysis performed, management deemed an allowance of $1.7 billion to be appropriate to absorb expected credit losses in the loan and credit commitment portfolios as of September 30, 2024.
Details regarding the allowance and net charge-offs, including an analysis of activity from previous year's totals, are included in Table 10 "Allowance for Credit Losses". Net charge-offs increased $74 million year-over-year, primarily driven by increases in commercial and industrial and commercial investor real estate mortgage net charge-offs. As noted, economic trends such as interest rates, unemployment, volatility in commodity prices, collateral valuations and inflationary pressure will impact the future levels of net charge-offs and may result in volatility of certain credit metrics in 2024 and beyond. See the "Third Quarter Overview" section for details on expectations for net charge-offs in 2024.
Table 10—Allowance for Credit Losses
Nine Months Ended September 30
20242023
 (Dollars in millions)
Allowance for loan losses at January 1$1,576 $1,464 
Cumulative effect from change in accounting guidance (1)
— (38)
Allowance for loan losses, January 1 (as adjusted for change in accounting guidance) (1)
1,576 1,426 
Loans charged-off:
Commercial and industrial192 154 
Commercial real estate mortgage—owner-occupied
Commercial investor real estate mortgage17 — 
Residential first mortgage
Home equity lines
Home equity loans— 
Consumer credit card47 38 
Other consumer—exit portfolios11 
Other consumer144 132 
407 341 
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Nine Months Ended September 30
20242023
Recoveries of loans previously charged-off:
Commercial and industrial31 43 
Commercial real estate mortgage—owner-occupied
Commercial real estate construction—owner-occupied— 
Commercial investor real estate mortgage— 
Residential first mortgage
Home equity lines
Home equity loans— 
Consumer credit card
Other consumer—exit portfolios
Other consumer18 16 
68 76 
Net charge-offs (recoveries):
Commercial and industrial161 111 
Commercial real estate mortgage—owner-occupied— 
Commercial real estate construction—owner-occupied(1)— 
Commercial investor real estate mortgage15 — 
Residential first mortgage(2)— 
Home equity lines(2)(3)
Consumer credit card41 32 
Other consumer—exit portfolios— 
Other consumer126 116 
339 265 
Provision for loan losses370 386 
Allowance for loan losses at September 30
1,607 1,547 
Reserve for unfunded credit commitments at January 1124 118 
Provision for (benefit from) unfunded credit losses(3)12 
Reserve for unfunded credit commitments at September 30
121 130 
Allowance for credit losses at September 30
$1,728 $1,677 
Loans, net of unearned income, outstanding at end of period$96,789 $98,942 
Average loans, net of unearned income, outstanding for the period$97,246 $98,220 
Net loan charge-offs (recoveries) as a % of average loans, annualized (2):
Commercial and industrial0.43 %0.29 %
Commercial real estate mortgage—owner-occupied0.03 %0.01 %
Commercial real estate construction—owner-occupied(0.24)%(0.11)%
Total commercial0.39 %0.26 %
Commercial investor real estate mortgage0.30 %— %
Commercial investor real estate construction— %(0.01)%
Total investor real estate0.22 %(0.01)%
Residential first mortgage(0.01)%— %
Home equity lines(0.10)%(0.12)%
Home equity loans(0.02)%(0.01)%
Consumer credit card4.07 %3.44 %
Other consumer—exit portfolios(3.72)%2.78 %
Other consumer2.73 %2.61 %
Total consumer0.65 %0.63 %
Total0.47 %0.36 %
Ratios (2):
Allowance for credit losses at end of period to loans, net of unearned income 1.79 %1.70 %
Allowance for loan losses to loans, net of unearned income1.66 %1.56 %
Allowance for credit losses at end of period to non-performing loans, excluding loans held for sale210 %261 %
Allowance for loan losses to non-performing loans, excluding loans held for sale196 %241 %
_______
(1)See Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
(2)Amounts have been calculated using whole dollar values.
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Allocation of the allowance for credit losses by portfolio segment and class is summarized as follows:
Table 11—Allowance Allocation
 September 30, 2024December 31, 2023
 Loan BalanceAllowance Allocation
Allowance to Loans %(1)
Loan BalanceAllowance Allocation
Allowance to Loans %(1)
 (Dollars in millions)
Commercial and industrial$49,565 $701 1.41 %$50,865 $697 1.37 %
Commercial real estate mortgage—owner-occupied4,873 109 2.24 4,887 110 2.25 
Commercial real estate construction—owner-occupied341 10 2.93 281 2.38 
Total commercial54,779 820 1.50 56,033 814 1.45 
Commercial investor real estate mortgage6,562 198 3.01 6,605 169 2.56 
Commercial investor real estate construction2,250 43 1.90 2,245 36 1.63 
Total investor real estate8,812 241 2.73 8,850 205 2.32 
Residential first mortgage20,125 104 0.52 20,207 100 0.50 
Home equity lines3,130 80 2.57 3,221 80 2.49 
Home equity loans2,404 26 1.07 2,439 23 0.94 
Consumer credit card1,372 138 10.03 1,341 138 10.24 
Other consumer—exit portfolios— 4.05 43 3.09 
Other consumer6,158 319 5.18 6,245 339 5.43 
Total consumer33,198 667 2.01 33,496 681 2.03 
Total$96,789 $1,728 1.79 %$98,379 $1,700 1.73 %
_____
(1)Amounts have been calculated using whole dollar values.
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NON-PERFORMING ASSETS
The following table presents non-performing assets as of September 30, 2024 and December 31, 2023:
Table 12—Non-Performing Assets
September 30, 2024December 31, 2023
 (Dollars in millions)
Non-performing loans:
Commercial and industrial$430 $471 
Commercial real estate mortgage—owner-occupied43 36 
Commercial real estate construction—owner-occupied
Total commercial479 515 
Commercial investor real estate mortgage287 233 
Total investor real estate287 233 
Residential first mortgage23 22 
Home equity lines26 29 
Home equity loans
Total consumer55 57 
Total non-performing loans, excluding loans held for sale821 805 
Non-performing loans held for sale
Total non-performing loans(1)
828 808 
Foreclosed properties17 15 
Total non-performing assets(1)
$845 $823 
Accruing loans 90+ days past due:
Commercial and industrial11 
Commercial real estate mortgage—owner-occupied— 
Total commercial11 
Commercial investor real estate mortgage40 23 
Total investor real estate40 23 
Residential first mortgage(2)
75 61 
Home equity lines16 20 
Home equity loans
Consumer credit card19 20 
Other consumer22 29 
Total consumer139 137 
Total accruing loans 90+ days past due$183 $171 
Non-performing loans(1) to loans and non-performing loans held for sale
0.86 %0.82 %
Non-performing loans, excluding loans held for sale(1) to loans
0.85 %0.82 %
Non-performing assets(1) to loans, foreclosed properties and non-performing loans held for sale
0.87 %0.84 %
_________
(1)Excludes accruing loans 90+ days past due.
(2)Excludes residential first mortgage loans that are 100% guaranteed by the FHA and all guaranteed loans sold to Ginnie Mae where Regions has the right but not the obligation to repurchase. Total 90+ days or more past due guaranteed loans excluded were $46 million at September 30, 2024 and $34 million at December 31, 2023.
Non-performing loans at September 30, 2024 increased $20 million as compared to year-end 2023 levels. The same economic trends that impact net charge-offs, as discussed above, will impact the future level of non-performing assets. Circumstances related to individually large credits could also result in volatility.
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The following tables provide an analysis of non-accrual loans (excluding loans held for sale) by portfolio segment:
Table 13— Analysis of Non-Accrual Loans
 
Non-Accrual Loans, Excluding Loans Held for Sale for the Nine Months Ended September 30, 2024
 CommercialInvestor
Real Estate
Consumer(1)
Total
 (In millions)
Balance at beginning of period$515 $233 $57 $805 
Additions485 164 — 649 
Net payments/other activity(280)(92)(2)(374)
Return to accrual(21)— — (21)
Charge-offs on non-accrual loans(2)
(187)(17)— (204)
Transfers to held for sale(3)
(9)(1)— (10)
Net loan sales
(24)— — (24)
Balance at end of period$479 $287 $55 $821 
 
Non-Accrual Loans, Excluding Loans Held for Sale for the Nine Months Ended September 30, 2023
 CommercialInvestor
Real Estate
Consumer(1)
Total
 (In millions)
Balance at beginning of period$382 $53 $65 $500 
Additions400 123 524 
Net payments/other activity(111)(7)(7)(125)
Return to accrual(104)— — (104)
Charge-offs on non-accrual loans(2)
(148)— — (148)
Transfers to held for sale(3)
(5)— — (5)
Balance at end of period$414 $169 $59 $642 
________
(1)All net activity within the consumer portfolio segment other than sales and transfers to held for sale (including related charge-offs) is included as a single net number within the net payments/other activity line.
(2)Includes charge-offs on loans on non-accrual status and charge-offs taken upon sale and transfer of non-accrual loans to held for sale.
(3)Transfers to held for sale are shown net of charge-offs recorded upon transfer.
GOODWILL
Goodwill totaled $5.7 billion at both September 30, 2024 and December 31, 2023. Refer to Note 1 "Summary of Significant Accounting Policies" and Note 9 "Intangible Assets" to the consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 for the methodologies and assumptions used in the goodwill impairment analysis.
DEPOSITS
Regions competes with other banking and financial services companies for a share of the deposit market. Regions’ ability to compete in the deposit market depends heavily on the pricing of its deposits and how effectively the Company meets customers’ needs. Regions employs various means to meet those needs and enhance competitiveness, such as providing a high level of customer service, competitive pricing and convenient branch locations for its customers. Regions also serves customers through providing centralized, high-quality banking services through the Company's digital channels and contact center.

64

The following table summarizes deposits by category and by segment:
Table 14—Deposits by Category and by Segment
September 30, 2024December 31, 2023
 (In millions)
Non-interest-bearing demand$39,698 $42,368 
Interest-bearing checking23,704 24,480 
Savings12,085 12,604 
Money market—domestic35,205 33,364 
Time deposits15,684 14,972 
$126,376 $127,788 
Consumer Bank segment$78,858 $80,031 
Corporate Bank segment36,955 36,883 
Wealth Management segment7,520 7,694 
Other(1)
3,043 3,180 
$126,376 $127,788 
____
(1) Other deposits represent non-customer balances primarily consisting of wholesale funding (for example, Eurodollar trade deposits, selected deposits and brokered time deposits). Other deposits include brokered deposits totaling $2.3 billion at September 30, 2024 and $2.4 billion at December 31, 2023.
Total deposits at September 30, 2024 decreased approximately $1.4 billion across most segments and categories compared to year-end 2023 levels due to seasonal consumer spending patterns. Slight growth in corporate deposits was overcome by declines in all other segments. As expected, the pace of deposit remixing from non-interest-bearing into interest-bearing products has continued to slow during 2024. Furthermore, competitive rates declined ahead of the 50 basis point reduction in the Fed funds rate late in the third quarter of 2024.
Regions' deposits are granular and diversified including insured and collateralized deposits, with consumer deposits making up more than 62 percent of the total deposit base. Furthermore, corporate deposits include those that are operational in nature (where the primary use is certain operational services such as clearing, custody, payments or other cash management activities). A significant amount of the Company's deposit base is insured by the FDIC or collateralized, with approximately $9.8 billion in deposits collateralized in public funds or in trusts at September 30, 2024. The amount of estimated uninsured deposits totaled $48.9 billion at September 30, 2024, therefore over 60 percent of total deposits were insured by the FDIC. The granularity of the Company's deposits was evidenced by an average deposit account balance of approximately $18 thousand at September 30, 2024. The estimates of uninsured deposits and average account size were based on methodologies used in the Company's Call Report, which is prepared on an unconsolidated bank basis.
See the "Third Quarter Overview" section for details on expectations for deposits in 2024. See also the "Liquidity" and "Market Risk-Interest Rate Risk" sections for further discussion.
BORROWED FUNDS
Short-Term Borrowings
Short-term borrowings, which primarily consist of FHLB advances, were $1.5 billion at September 30, 2024, and there were no short-term borrowings outstanding at December 31, 2023. The levels of these borrowings can fluctuate depending on the Company's funding needs and the sources utilized.
Short-term secured borrowings, such as securities sold under agreements to repurchase and FHLB advances, are a portion of Regions' funding strategy. See the "Liquidity" section for further detail of Regions' borrowing capacity with the FHLB.
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Table 15—Long-Term Borrowings
September 30, 2024December 31, 2023
(In millions)
Regions Financial Corporation (Parent):
2.25% senior notes due May 2025$749 $747 
1.80% senior notes due August 2028647 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 2025151 153 
7.375% subordinated notes due December 2037299 298 
Valuation adjustments on hedged long-term debt(68)(112)
3,518 1,832 
Regions Bank:
FHLB advances2,000 — 
6.45% subordinated notes due June 2037496 496 
Other long-term debt
2,498 498 
Total consolidated$6,016 $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%.
Long-term borrowings increased by approximately $3.7 billion from year-end 2023 due to the use of FHLB advances and debt issuances during the second and third quarters of 2024.
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.
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 September 30, 2024, Regions' blanket lien arrangements with these entities covered a total loan balance of approximately $93.3 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.
REGULATORY REQUIREMENTS
CAPITAL RULES
Regions and Regions Bank are required to comply with regulatory capital requirements established by Federal and State banking agencies. These regulatory capital requirements involve quantitative measures of the Company's assets, liabilities and selected off-balance sheet items, and also qualitative judgments by the regulators. Failure to meet minimum capital requirements can subject the Company to a series of increasingly restrictive regulatory actions. Under the Basel III Rules, Regions is designated as a standardized approach bank. Regions is a "Category IV" institution under the Federal Reserve's Tailoring Rules.
Federal banking agencies allowed a phase-in of the impact of CECL on regulatory capital. At December 31, 2021, the add-back to regulatory capital was calculated as the impact of initial adoption, adjusted for 25 percent of subsequent changes in the allowance. The amount is phased-in over a three-year period beginning in 2022 and will conclude in the first quarter of 2025. At September 30, 2024, the net impact of the addback on CET1 was approximately $102 million or approximately 8 basis points.
Regions participates in supervisory stress testing conducted by the Federal Reserve and its SCB is currently floored at 2.5 percent. See Note 6 "Shareholders' Equity and Accumulated Other Comprehensive Income" to the consolidated financial statements for further details regarding CCAR results.


66

The following table summarizes the applicable holding company and bank regulatory requirements:
Table 16—Regulatory Capital Requirements
September 30, 2024 Ratio(1)
December 31, 2023 RatioMinimum Requirement
Minimum Requirement plus SCB (2)
To Be Well
Capitalized
Common equity Tier 1 capital:
Regions Financial Corporation10.58 %10.26 %4.50 %7.00 %N/A
Regions Bank11.63 11.22 4.50 7.00 6.50 %
Tier 1 capital:
Regions Financial Corporation11.95 %11.57 %6.00 %8.50 %6.00 %
Regions Bank11.63 11.22 6.00 8.50 8.00 
Total capital:
Regions Financial Corporation13.87 %13.35 %8.00 %10.50 %10.00 %
Regions Bank13.28 12.74 8.00 10.50 10.00 
Leverage capital:
Regions Financial Corporation9.82 %9.72 %4.00 %4.00 %N/A
Regions Bank9.58 9.44 4.00 4.00 5.00 
___
(1) The current quarter Basel III CET1 capital, Tier 1 capital, Total capital, and Leverage capital ratios are estimated.
(2) Reflects Regions' SCB of 2.5 percent. SCB does not apply to leverage capital ratios.
See the "Third Quarter Overview" section for details on expectations for CET1.
In the third quarter of 2023, proposals were issued by the U.S federal banking regulators that, if adopted, would impact the Company related to long-term debt requirements and U.S. implementation of capital requirements under Basel IV rules, more recently referred to as the Basel III "Endgame". The Company is studying the proposals and evaluating their impacts. Additional discussion of the Basel III Rules, their applicability to Regions, recent proposals and final rules issued by the federal banking agencies and recent laws enacted that impact regulatory requirements is included in the "Supervision and Regulation" subsection of the "Business" section in Regions’ Annual Report on Form 10-K for the year ended December 31, 2023.
LIQUIDITY
Regions maintains a robust liquidity management framework designed to effectively manage liquidity risk in accordance with sound risk management principals and regulatory expectations. The framework establishes sustainable processes and tools to effectively identify, measure, mitigate, monitor, and report liquidity risks beginning with Regions’ Liquidity Management Policy and the Liquidity Risk Appetite Statements approved by the Board. Processes within the liquidity management framework include, but are not limited to, liquidity risk governance, cash management, liquidity stress testing, liquidity risk limits, contingency funding plans, and collateral management. While the framework is designed to comply with liquidity regulations, the processes are further tailored to be commensurate with Regions’ operating model and risk profile.
See the "Liquidity" section for more information. Also, see the “Supervision and Regulation—Liquidity Requirements” subsection of the “Business” section and the "Risk Factors" section in the 2023 Annual Report on Form 10-K for additional information.
RATINGS
    Table 17 "Credit Ratings" reflects the debt ratings information of Regions Financial Corporation and Regions Bank by S&P, Moody’s, Fitch and DBRS.
Table 17—Credit Ratings
 As of September 30, 2024
 S&PMoody’sFitch
DBRS (1)
Regions Financial Corporation
Senior unsecured debtBBB+Baa1A-A
Subordinated debtBBBBaa1BBB+WR
Regions Bank
Short-term A-2P-1F1R-1M
Long-term bank deposits N/AA1AAH
Senior unsecured debtA-Baa1A-AH
Subordinated debtBBB+Baa1BBB+A
OutlookStableStableStableStable
____
(1) As of March 31, 2024, DBRS withdrew their rating on Regions Financial Corporations' subordinated debt.
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On September 16, 2024, Moody's affirmed the Company's senior unsecured debt rating and revised its outlook to stable from negative citing its very strong deposit franchise, sound profitability and conservative asset risk profile.
In general, ratings agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, probability of government support, and level and quality of earnings. Any downgrade in credit ratings by one or more ratings agencies may impact Regions in several ways, including, but not limited to, Regions’ access to the capital markets or short-term funding, borrowing cost and capacity, collateral requirements, and acceptability of its letters of credit, thereby potentially adversely impacting Regions’ financial condition and liquidity. See the “Risk Factors” section of Regions' Annual Report on Form 10-K for the year ended December 31, 2023 for more information.
A security rating is not a recommendation to buy, sell or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. Additional information on the credit rating ranking within the overall classification system is located on the website of each credit rating agency.
SHAREHOLDERS' AND TOTAL EQUITY
Shareholders’ equity was $18.7 billion at September 30, 2024 as compared to $17.4 billion at December 31, 2023. During the nine months ended September 30, 2024, net income increased shareholders' equity by $1.4 billion, cash dividends on common stock reduced shareholders' equity by $669 million, and cash dividends on preferred stock reduced shareholders' equity by $78 million. Changes in AOCI increased shareholders' equity by $918 million, primarily due to available for sale securities and derivative instruments as a result of changes in market interest rates during the nine months ended September 30, 2024. During the third quarter of 2024, the Company issued Series F preferred stock, which increased shareholders' equity by $489 million and redeemed all of the outstanding shares of it's Series B preferred stock, which decreased shareholders' equity by $500 million. Common stock repurchased during the nine months ended September 30, 2024 decreased shareholders' equity by $290 million. These shares were immediately retired upon repurchase and therefore were not included in treasury stock. The cumulative effect from the adoption of new accounting guidance related to the accounting for tax credit investments decreased shareholders' equity by $5 million.
Subsequent to September 30, 2024, the Company purchased 2.2 million shares for approximately $52 million through November 4, 2024. These shares were immediately retired upon repurchase and therefore were not included in treasury stock.
Total equity included noncontrolling interest of $51 million and $64 million at September 30, 2024 and December 31, 2023, respectively. The noncontrolling interest represents the unowned portion of a low income housing tax credit fund syndication, of which Regions held the majority interest at September 30, 2024 and December 31, 2023.
See Note 6 "Shareholders' Equity and Accumulated Other Comprehensive Income (Loss)" section for additional information.
NON-GAAP MEASURES
The table below presents computations of earnings and certain other financial measures, which excludes certain adjustments that are included in the financial results presented in accordance with GAAP. These non-GAAP financial measures include "adjusted non-interest expense", "adjusted non-interest income", "adjusted total revenue", and "adjusted total revenue, taxable-equivalent basis". Regions believes that excluding certain items provides a meaningful base for period-to-period comparison, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of Regions’ business because management does not consider the activities related to the adjustments to be indications of ongoing operations. Regions believes that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as that applied by management. Management and the Board utilize these non-GAAP financial measures as follows:
Preparation of Regions’ operating budgets
Monthly financial performance reporting
Monthly close-out reporting of consolidated results
Presentations to investors of Company performance
Metrics for incentive compensation
Non-interest expense (GAAP) is presented excluding adjustments to arrive at adjusted non-interest expense (non-GAAP). Net interest income (GAAP) is presented with taxable-equivalent adjustments to arrive at net interest income on a taxable-equivalent basis (GAAP). Non-interest income (GAAP) is presented excluding adjustments to arrive at adjusted non-interest income (non-GAAP). Net interest income (GAAP) and adjusted non-interest income (non-GAAP) are added together to arrive at adjusted total revenue (non-GAAP). Net interest income on a taxable-equivalent basis (GAAP) and adjusted non-interest income (non-GAAP) are added together to arrive at adjusted total revenue on a taxable-equivalent basis (non-GAAP).
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Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to shareholders.
The following table provides: 1) a reconciliation of non-interest expense (GAAP) to adjusted non-interest expense (non-GAAP), 2) a reconciliation of non-interest income (GAAP) to adjusted non-interest income (non-GAAP), 3) a computation of adjusted total revenue (non-GAAP), and 4) a computation of adjusted total revenue on a taxable-equivalent basis (non-GAAP).
Table 18—GAAP to Non-GAAP Reconciliations
  Three Months Ended September 30Nine Months Ended September 30
  2024202320242023
  (Dollars in millions)
ADJUSTED EXPENSES AND REVENUES(1)
Non-interest expense (GAAP)A$1,069 $1,093 $3,204 $3,231 
Adjustments:
Other miscellaneous expenses(2)
— — 37 — 
Professional, legal and regulatory expenses(1)— (3)— 
FDIC insurance special assessment(3)
— (18)— 
Branch consolidation, property and equipment charges — (1)(2)(4)
Salaries and employee benefits—severance charges(3)(3)(20)(3)
Adjusted non-interest expense (non-GAAP)B$1,069 $1,089 $3,198 $3,224 
Net interest income (GAAP)C$1,218 $1,291 $3,588 $4,089 
Taxable-equivalent adjustment (GAAP)12 13 37 38 
Net interest income, taxable-equivalent basis (GAAP)D$1,230 $1,304 $3,625 $4,127 
Non-interest income (GAAP)E$572 $566 $1,680 $1,676 
Adjustments:
Securities (gains) losses, net78 178 
Leveraged lease termination gains— — — (1)
Adjusted non-interest income (non-GAAP)F$650 $567 $1,858 $1,678 
Total revenue (GAAP)C+E=G$1,790 $1,857 $5,268 $5,765 
Adjusted total revenue (non-GAAP)C+F=H$1,868 $1,858 $5,446 $5,767 
Total revenue, taxable-equivalent basis (GAAP)D+E=I$1,802 $1,870 $5,305 $5,803 
Adjusted total revenue, taxable-equivalent basis (non-GAAP)D+F=J$1,880 $1,871 $5,483 $5,805 
_________
(1)See the "Third Quarter Overview" for expectations for adjusted non-interest expense and non-interest income.
(2)In the second quarter of 2024, the Company had a contingent reserve release related to a previous acquisition.
(3)The third quarter 2024 amount reflects a reduction to the Company's FDIC special assessment accrual.
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Table 19 "Consolidated Average Daily Balances and Yield/Rate Analysis" presents a detail of net interest income (on a taxable-equivalent basis), the net interest margin, and the net interest spread.
Table 19—Consolidated Average Daily Balances and Yield/Rate Analysis

Three Months Ended September 30
20242023
Average
Balance
Income/
Expense
Yield/
Rate (1)
Average
Balance
Income/
Expense
Yield/
Rate (1)
(Dollars in millions; yields on taxable-equivalent basis)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell$$— 5.44 %$$— 5.32 %
Debt securities (2)(3)
32,252 241 2.98 31,106 185 2.38 
Loans held for sale642 11 6.56 910 14 5.99 
Loans, net of unearned income (4)(5)
97,040 1,475 6.02 98,785 1,475 5.91 
Interest-bearing deposits in other banks6,682 92 5.52 6,374 90 5.56 
Other earning assets1,456 13 3.58 1,465 15 4.09 
Total earning assets138,073 1,832 5.26 138,641 1,779 5.08 
Unrealized gains/(losses) on securities available for sale, net (2)
(2,213)(3,626)
Allowance for loan losses(1,629)(1,526)
Cash and due from banks2,822 2,165 
Other non-earning assets17,614 17,830 
$154,667 $153,484 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings$12,183 0.13 $13,715 0.12 
Interest-bearing checking23,599 98 1.64 22,499 74 1.31 
Money market35,051 247 2.80 32,146 179 2.20 
Time deposits15,427 158 4.09 12,112 110 3.59 
Total interest-bearing deposits (6)
86,260 507 2.34 80,472 367 1.81 
Federal funds purchased and securities sold under agreements to repurchase22 — 4.40 — 5.46 
Short-term borrowings641 10 5.42 2,794 39 5.48 
Long-term borrowings5,351 85 6.28 4,295 69 6.31 
Total interest-bearing liabilities92,274 602 2.59 87,569 475 2.15 
Non-interest-bearing deposits (6)
39,690 — — 44,748 — — 
Total funding sources131,964 602 1.81 132,317 475 1.42 
Net interest spread (2)
2.67 2.93 
Other liabilities4,623 4,677 
Shareholders’ equity18,047 16,468 
Noncontrolling interest33 22 
$154,667 $153,484 
Net interest income /margin on a taxable-equivalent basis (7)
$1,230 3.54 %$1,304 3.73 %

(1)Amounts have been calculated using whole dollar values.
(2)Debt securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
(3)Interest income on debt securities includes hedging income of $3 million for the three months ended September 30, 2024 and zero for the three months ended September 30, 2023.
(4)Loans, net of unearned income include non-accrual loans for all periods presented.
(5)Interest income on loans, net of unearned income, includes hedging expense of $110 million and $82 million for the three months ended September 30, 2024 and 2023, respectively. Interest income on loans, net of unearned income, also includes net loan fees of $36 million and $31 million for the three months ended September 30, 2024 and 2023, respectively.
(6)Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest-bearing deposits. The rates for total deposit costs equaled 1.60% and 1.16% for the three months ended September 30, 2024 and 2023, respectively.
(7)The computation of taxable-equivalent net interest income is based on the statutory federal income tax rate of 21%, adjusted for applicable state income taxes net of the related federal tax benefit.
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 Nine Months Ended September 30
 20242023
 Average
Balance
Income/
Expense
Yield/
Rate(1)
Average
Balance
Income/
Expense
Yield/
Rate(1)
 (Dollars in millions; yields on taxable-equivalent basis)
Assets
Earning assets:
Federal funds sold and securities purchased under agreements to resell$$— 5.44 %$— $— — %
Debt securities (2)(3)
31,800 669 2.80 31,576 557 2.35 
Loans held for sale557 28 6.61 615 31 6.58 
Loans, net of unearned income (4)(5)
97,246 4,353 5.94 98,220 4,314 5.84 
Interest-bearing deposits in other banks5,868 246 5.61 6,330 241 5.08 
Other earning assets1,414 47 4.47 1,406 41 3.94 
Total earning assets136,886 5,343 5.19 138,147 5,184 4.99 
Unrealized gains/(losses) on securities available for sale, net (2)
(2,838)(3,259)
Allowance for loan losses(1,615)(1,483)
Cash and due from banks2,694 2,281 
Other non-earning assets17,871 17,762 
$152,998 $153,448 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Savings$12,437 12 0.13 $14,605 13 0.12 
Interest-bearing checking24,100 303 1.68 23,383 191 1.09 
Money market34,358 713 2.77 32,077 400 1.67 
Time deposits15,386 476 4.13 9,366 202 2.88 
Total interest-bearing deposits (6)
86,281 1,504 2.33 79,431 806 1.36 
Federal funds purchased and securities sold under agreements to repurchase13 — 4.83 — 5.30 
Short-term borrowings560 24 5.47 2,154 86 5.23 
Long-term borrowings3,790 190 6.63 3,374 165 6.48 
Total interest-bearing liabilities90,644 1,718 2.53 84,967 1,057 1.66 
Non-interest-bearing deposits(6)
40,375 — — 47,155 — — 
Total funding sources131,019 1,718 1.75 132,122 1,057 1.07 
 Net interest spread (2)
2.66 3.33 
Other liabilities4,647 4,705 
Shareholders’ equity17,295 16,606 
Noncontrolling interest 37 15 
$152,998 $153,448 
Net interest income/margin on a taxable-equivalent basis (7)
$3,625 3.54 %$4,127 3.99 %
_______
(1)Amounts have been calculated using whole dollar values.
(2)Debt securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
(3)Interest income on debt securities includes hedging income of $7 million for the nine months ended September 30, 2024 and zero for the nine months ended September 30, 2023.
(4)Loans, net of unearned income include non-accrual loans for all periods presented.
(5)Interest income on loans, net of unearned income, includes hedging expense of $343 million and $129 million for the nine months ended September 30, 2024 and 2023, respectively. Interest income on loans, net of unearned income, also includes net loan fees of $105 million and $93 million for the nine months ended September 30, 2024 and 2023, respectively.
(6)Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest-bearing deposits. The rates for total deposit costs equaled 1.58% and 0.85% for the nine months ended September 30, 2024 and 2023, respectively.
(7)The computation of taxable-equivalent net interest income is based on the statutory federal income tax rate of 21%, adjusted for applicable state income taxes net of the related federal tax benefit.
Net interest income is Regions’ principal source of income and is one of the most important elements of Regions’ ability to meet its overall performance goals. Both net interest income and net interest margin are influenced by both long-term and short-term market interest rates. Both long-term and short-term rates were higher for most of the nine months ended 2024 compared to 2023. Late in the third quarter of 2024, the FOMC decreased the Fed funds rate by 50 basis points.
Net interest income (taxable-equivalent basis) and net interest margin decreased in both the third quarter and nine months ended September 30, 2024 compared to the same periods in 2023. While the pace of deposit re-mixing continued to slow in 2024, higher funding costs (which included an increase in deposit costs due to re-mixing) primarily drove the decline in net interest income and margin. Partially offsetting the increase in funding costs was higher asset yields benefiting from the
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maturity and continued replacement of lower-yielding, fixed-rate loans and securities. This includes the benefit of multiple distinct securities repositioning transactions that occurred in 2024. See Table 1 for additional details.
MARKET RISK—INTEREST RATE RISK
Regions’ primary market risk is interest rate risk. This includes uncertainty with respect to absolute interest rate levels as well as relative interest rate levels, which are impacted by both the shape and the slope of the various yield curves that affect the financial products and services that the Company offers. As its primary tool to analyze this risk, Regions measures the change in its net interest income in various interest rate scenarios compared to a base case scenario. Net interest income sensitivity to market rate movements is a useful short-term indicator of Regions’ interest rate risk.
In addition to net interest income simulations, Regions also utilizes an EVE analysis as a measurement tool to estimate risk exposure over a longer-term horizon. EVE measures the extent to which the economic value of assets, liabilities and derivative instruments may change in response to fluctuations in interest rates. Importantly, EVE values only the current balance sheet, excluding the growth assumptions used in net interest income sensitivity analyses. Additionally, the results are highly dependent on assumptions for products with embedded prepay optionality and indeterminate maturities. The uncertainty surrounding important assumptions used in EVE analysis may limit its efficacy.
Sensitivity Measurement—Financial simulation models are Regions’ primary tools used to measure interest rate exposure. Using a wide range of sophisticated simulation techniques provides management with extensive information on the potential impact to net interest income caused by changes in interest rates. Models are structured to simulate cash flows and accrual characteristics of Regions’ balance sheet. Assumptions are made about the direction and magnitude of interest rate movements, the slope of the yield curve, and the changing composition of the balance sheet that results from both strategic plans and customer behavior. Among the assumptions are expectations of balance sheet growth and composition, the pricing and maturity characteristics of existing business and the characteristics of future business. Interest rate-related risks are expressly considered, such as pricing spreads, the pricing of deposit accounts, prepayments and other option risks. Regions considers these factors, as well as the degree of certainty or uncertainty surrounding their future behavior.
The primary objective of asset/liability management at Regions is to coordinate balance sheet composition with interest rate risk management to sustain reasonable and stable net interest income throughout various interest rate cycles. In computing interest rate sensitivity, Regions compares a set of alternative interest rate scenarios to the results of a base case scenario derived using “market forward rates.” See the "Third Quarter Overview" section for details on expectations for net interest income in 2024. The set of alternative interest rate scenarios includes instantaneous parallel rate shifts of various magnitudes. In addition to parallel rate shifts, multiple curve steepening and flattening scenarios are contemplated. Regions includes simulations of gradual interest rate movements phased in over a six-month period that may more realistically mimic the speed of potential interest rate movements.
Exposure to Interest Rate Movements—Regions' balance sheet is naturally asset sensitive, with net interest income increasing with higher interest rates, and decreasing with lower interest rates. This is the result of approximately half of the loan portfolio floating contractually with market rate indices, and funding from a large, mostly stable retail deposit portfolio. Importantly, the stability and rate sensitivity of Regions' deposit portfolio has been proven over multiple interest rate cycles. With this natural balance sheet profile, the ability to utilize discretionary asset duration strategies within the investment portfolio and through derivative hedges is critical in mitigating the Bank’s naturally asset sensitive position.
As of September 30, 2024, Regions evidenced a mostly balanced, or "neutral" asset/liability position, with an asset duration of approximately 2.5 years and a liability duration of approximately 2.5 years, using historically-informed approximations. The securities portfolio duration was approximately 4.7 years and is appropriate for Regions' risk profile in order to offset the long-duration deposit liabilities. While the derivative hedging portfolio has been recorded on the balance sheet at an unrealized loss, deposit value increases more than offset this loss during the rising rate cycle. The additional value of deposits in a higher rate environment is realized in the form of lower-cost funding when compared with wholesale sources. While balance sheet analysis, particularly EVE analysis, does contemplate the economic value of deposits, the estimated fair value of deposits is equal to their carrying value for certain financial statement footnote disclosures, consistent with industry practices. See Note 10 "Fair Value Measurements" to the consolidated financial statements for additional information.
Regions' net interest income profile was mostly neutral to both gradual and instantaneous parallel yield curve shifts as compared to the base case for the 12-month measurement horizon ending September 2025. The estimated exposure associated with the rising and falling rate scenarios in Table 20 below reflects the combined impacts of movements in short-term and long-term interest rates. An increase or reduction in short-term interest rates (such as the Fed Funds rate, the interest rate on reserve balances, and SOFR) will drive the yield on assets and liabilities contractually tied to such rates higher or lower. In either scenario, it is expected that changes in funding costs and balance sheet hedging income will offset the change in asset yields, resulting in little change to net interest income.
Net interest income remains exposed to intermediate and long-term yield curve tenors. While this was a headwind to net interest income during a low rate environment, it represents a tailwind to net interest income growth given higher interest rates today. Elevated, or increasing intermediate and long-term interest rates (such as intermediate to longer-term U.S. Treasuries,
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swaps and mortgage rates) will drive yields higher on certain fixed-rate, newly originated or renewed loans, increase prospective yields on certain investment portfolio purchases, and reduce amortization of premium expense on existing securities in the investment portfolio. The opposite is true in an environment where intermediate and long-term interest rates fall.
The interest rate sensitivity analysis presented below in Table 20 is informed by a variety of assumptions and estimates regarding the progression of the balance sheet in both the baseline scenario as well as the scenarios of instantaneous and gradual shifts in the yield curve. Though there are many assumptions which affect the estimates for net interest income, those pertaining to deposit pricing, deposit mix and overall balance sheet composition are particularly impactful. Given the uncertainties associated with monetary policy on industry liquidity levels and the cost of that liquidity, management evaluates the impacts from these key assumptions through sensitivity analysis. Sensitivity calculations are hypothetical and should not be considered predictive of future results.
The Company’s baseline balance sheet assumptions include management's best estimate for balance sheet changes in the coming 12 months. Deposit balances and mix continue to show signs of stabilization and have mostly reverted to normal historical patterns and trends. Additional deposit balance outflow of $1 billion would reduce net interest income by $18 million over 12 months in the parallel, instantaneous +100 basis point scenario in Table 20. Conversely, if an additional $1 billion is retained, a positive benefit of $18 million would be expected over 12 months in the parallel, instantaneous +100 basis point scenario in Table 20.
In rising rate scenarios only, management assumes that the mix of deposits will change versus the base case as informed by analyses of prior rate cycles. Currently, however, much of the anticipated mix shift has already occurred or is expected to occur within the baseline scenario, mitigating the amount of additional remixing in higher rate scenarios. The magnitude of the remixing shift is rate dependent and equates to approximately $1.1 billion over 12 months in the parallel, instantaneous +100 basis point scenario in Table 20. Furthermore, over the 12 month horizon, an increase of $1 billion in deposit remixing would decrease net interest income by approximately $22 million, and a decrease of $1 billion in deposit remixing would increase net interest income by $22 million in the parallel, instantaneous +100 basis point scenario.
The interest-bearing deposit beta is calibrated using the experience from prior rate cycles and is dynamic across both interest rate level and time. The parallel, instantaneous +100 basis point shock scenario in Table 20 incorporates an incremental beta between 40 and 45 percent when compared to the base case scenario, while the parallel, instantaneous -100 basis point shock scenario incorporates an incremental beta between 35 and 40 percent when compared to the base case scenario. Incremental deposit pricing outperformance or underperformance of 5 percent in a parallel, instantaneous 100 basis point shock would increase or decrease net interest income by approximately $43 million.
The table below summarizes Regions' positioning over the next 12 months in various parallel yield curve shifts (i.e., including all yield curve tenors). The scenarios are inclusive of all interest rate hedging activities. More information regarding hedges is disclosed in Table 21 and its accompanying description.
Table 20—Interest Rate Sensitivity
Estimated Annual Change
in Net Interest Income
September 30, 2024(1)(2)
 (in millions)
Gradual Change in Interest Rates
+ 200 basis points$62 
+ 100 basis points32 
 - 100 basis points(43)
 - 200 basis points
(80)
Instantaneous Change in Interest Rates
+ 200 basis points$(5)
+ 100 basis points
- 100 basis points(37)
 - 200 basis points
(71)
________
(1)Disclosed interest rate sensitivity levels represent the 12-month forward looking net interest income changes as compared to market forward rate cases and include expected balance sheet growth and remixing.
(2)All active cash flow hedges, including forward starting hedges, are reflected within the measurement horizon. See Table 22 for additional information regarding hedge start and maturity dates.
Regions' comprehensive interest rate risk management approach uses derivatives and debt securities to manage its interest rate risk position.

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Interest rate movements may also have an impact on the value of Regions’ securities portfolio, which can directly impact the carrying value of shareholders’ equity.
Derivatives—Regions uses financial derivative instruments for management of interest rate sensitivity. ALCO, which consists of members of Regions’ senior management team, in its oversight role for the management of interest rate sensitivity, approves the use of derivatives in balance sheet hedging strategies. Derivatives are also used to offset the risks associated with customer derivatives, which include interest rate, credit, and foreign exchange risks. The most common derivatives Regions employs are forward rate contracts, forward sale commitments, futures contracts, interest rate swaps, interest rate options (caps, floors and collars), and contracts with a combination of these instruments.
Forward rate contracts are commitments to buy or sell financial instruments at a future date at a specified price or yield. Futures contracts subject Regions to market risk associated with changes in interest rates. Because futures contracts are cash settled daily, there is minimal credit risk associated with futures. Interest rate swaps are contractual agreements typically entered into to exchange fixed for variable (or vice versa) streams of interest payments. The notional principal is not exchanged but is used as a reference for the size of interest settlements. Interest rate options are contracts that allow the buyer to purchase or sell a financial instrument at a predetermined price and time. Forward sale commitments are contractual obligations to sell market instruments at a future date for an already agreed-upon price. Foreign currency contracts involve the exchange of one currency for another on a specified date and at a specified rate. These contracts are executed on behalf of the Company's customers and are used by customers to manage fluctuations in foreign exchange rates. The Company is subject to the credit risk that another party will fail to perform.
Regions has made use of interest rate swaps and options in balance sheet hedging strategies to effectively convert a portion of its fixed-rate funding position to a variable-rate position, to effectively convert a portion of its fixed-rate debt securities available for sale portfolio to a variable-rate position, and to effectively convert a portion of its floating-rate loan portfolios to fixed-rate. Regions also uses derivatives to economically manage interest rate and pricing risk associated with its mortgage origination business. In the period of time that elapses between the origination and sale of mortgage loans, changes in interest rates have the potential to cause a decline in the value of the loans in this held-for-sale portfolio. Futures contracts and forward sale commitments are used to protect the value of the loan pipeline and loans held for sale from changes in interest rates and pricing.
The following table presents additional information about hedging interest rate derivatives used by Regions to manage interest rate risk:
Table 21—Hedging Derivatives by Interest Rate Risk Management Strategy
September 30, 2024
Notional
Amount
Weighted-Average
Maturity (Years)Receive RatePay Rate
(Dollars in millions)
Derivatives in fair value hedging relationships:
Receive variable/pay fixed swaps - debt securities available for sale(1)(2)(3)
$1,774 0.6 4.9 %4.8 %
Receive fixed/pay variable swaps - borrowings and time deposits(3)
3,160 5.2 2.3 %4.2 %
Derivatives in cash flow hedging relationships:
Receive fixed/pay variable swaps - floating-rate loans(1)(2)(3)
$32,300 3.0 3.0 %4.5 %
   Interest rate options(4)
2,000 3.8 
Total derivatives designated as hedging instruments$39,234 
_________
(1)Floating rates represent the most recent fixing for active derivatives and the first forward fixing for future starting derivatives.
(2)Includes forward starting notional with maturity relative to current quarter-end. For more information on notional by year, see Table 22.
(3)All floating rates are SOFR based and may include SOFR conversion spread.
(4)Interest rate options have an average cap strike of 6.22% and a floor of 1.86%.
The proceeds from the 5.502% senior notes due September 2035, which were issued in September 2024, were invested in $1.0 billion of residential agency MBS and U.S Treasury securities (see Table 1). Additionally, a $1.0 billion receive fixed, fair value swap, beginning in September 2031 and maturing in September 2034 was added to complement the duration of residential agency MBS hedge and for flexibility in liquidity management in the notes' final years prior to the call date.
In the third quarter of 2024 the Company added $1.3 billion in forward-starting swaps with a receive rate of 3.22 percent, which will become active in both July 2026 and July 2028 and mature in July 2031. The Company also added $1.2 billion in pay-fixed swaps with an average pay rate of 4.85 percent maturing in 2024.
Subsequent to September 30, 2024, the Company executed an additional $2.0 billion in forward-starting swaps with a receive rate of 3.36 percent, which will become active in July 2026 and mature 5 years from their start date. The Company also terminated $1.5 billion of pay-fixed swaps originally scheduled to mature in 2024.
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The following table presents the average asset hedge notional amounts that are active during each of the remaining quarterly and annual periods. Asset hedge notional amounts mature prior to the end of 2032, with an immaterial amount of notional maturing in early 2032.
Table 22—Schedule of Notional for Asset Hedging Derivatives
Average Active Notional Amount
Quarters EndedYears Ended
12/31/20242025202620272028202920302031
Asset Hedging Relationships:
Receive fixed/pay variable swaps$19,019 $18,988 $17,157 $14,697 $9,981 $4,886 $4,250 $1,135 
Receive variable/pay fixed swaps1,654 300 249 15 23 23 23 23 
Net receive fixed/pay variable swaps$17,365 $18,688 $16,908 $14,682 $9,958 $4,863 $4,227 $1,112 
Interest rate options$1,500 $1,999 $2,000 $2,000 $999 $$— $— 
_________
(1)All cash flow hedges are reflected within the 12-month measurement horizon and included in income sensitivity levels as disclosed in Table 20.
Regions manages the credit risk of these instruments in much the same way as it manages credit risk of the loan portfolios by establishing credit limits for each counterparty and through collateral agreements for dealer transactions. For non-dealer transactions, the need for collateral is evaluated on an individual transaction basis and is primarily dependent on the financial strength of the counterparty. Credit risk is also reduced significantly by entering into legally enforceable master netting agreements. When there is more than one transaction with a counterparty and there is a legally enforceable master netting agreement in place, the exposure represents the net of the gain and loss positions with and collateral received from and/or posted to that counterparty. Most hedging interest rate swap derivatives traded by Regions are subject to mandatory clearing. The counterparty risk for cleared trades effectively moves from the executing broker to the clearinghouse allowing Regions to benefit from the risk mitigation controls in place at the respective clearinghouse. The “Credit Risk” section in this report contains more information on the management of credit risk.
Regions also uses derivatives to meet the needs of its customers. Interest rate swaps, interest rate options and foreign exchange forwards are the most common derivatives sold to customers. Other derivative instruments with similar characteristics are used to hedge market risk and minimize volatility associated with this portfolio. Instruments used to service customers are held in the trading account, with changes in value recorded in the consolidated statements of income.
The primary objective of Regions’ hedging strategies is to mitigate the impact of interest rate changes, from an economic perspective, on net interest income and other financing income and the net present value of its balance sheet. The overall effectiveness of these hedging strategies is subject to market conditions, the quality of Regions’ execution, the accuracy of its valuation assumptions, counterparty credit risk and changes in interest rates.
See Note 9 "Derivative Financial Instruments and Hedging Activities" to the consolidated financial statements for a tabular summary of Regions’ year-end derivatives positions and further discussion.
Regions accounts for residential MSRs at fair market value with any changes to fair value being recorded within mortgage income. Regions enters into derivative transactions to economically mitigate the impact of market value fluctuations related to residential MSRs. Derivative instruments entered into in the future could be materially different from the current risk profile of Regions’ current portfolio.
REFERENCE RATE REFORM
In the fourth quarter of 2023, Bloomberg Index Services Limited announced the permanent cessation of the BSBY index and all tenors effective November 15, 2024. Regions is planning for cessation and will not rely on accounting relief during transition.
LIQUIDITY
Liquidity is an important factor in the financial condition of Regions and affects Regions’ ability to meet the needs of the Company and its customers. Regions’ goal in liquidity management is to maintain diverse liquidity sources and reserves sufficient to satisfy the cash flow requirements of depositors and borrowers, under normal and stressed conditions. Accordingly, Regions maintains a variety of liquidity sources to fund its obligations, as further described below. See also Note 12 "Commitments, Contingencies and Guarantees" to the consolidated financial statements for additional discussion of the Company’s funding requirements. Furthermore, Regions performs specific procedures, including scenario analyses and stress testing to evaluate and maintain appropriate levels of available liquidity in alignment with liquidity risk.
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Regions' operation of its business provides a generally balanced liquidity base which is comprised of customer assets, consisting principally of loans, and funding provided by customer deposits and borrowed funds. Maturities in the loan portfolio provide a steady flow of funds, and are supplemented by Regions' deposit base.
Cash reserves, liquid assets and secured borrowing capabilities aid in the management of liquidity in normal and stressed conditions, and/or meeting the need of contingent events such as obligations related to potential litigation. As part of its normal management practice, Regions maintains collateral and operational readiness to utilize secured funding sources such as the FHLB and the Federal Reserve Bank on a same-day basis (subject to any practical constraints affecting these market participants). While the securities portfolio is a primary source of liquidity, the secured borrowing capabilities, in addition to cash reserves on hand, assist in alleviating the Company's need to sell securities for funding purposes. Liquidity needs can also be met by borrowing funds in national money markets, though Regions does maintain limits on short-term unsecured funding due to the volatility that can affect such markets.
The following table summarizes the Company's available sources of liquidity as of September 30, 2024:
Table 23—Liquidity Sources
Availability as of September 30, 2024
(in billions)
Cash at the Federal Reserve Bank(1)
$7.9 
Unencumbered investment securities(2)
25.2
FHLB borrowing availability8.3
Federal Reserve Bank borrowing availability through the discount window20.9
Total liquidity sources$62.3 
____
(1) Includes small in transit items that may not yet be reflected in the Fed master account closing balance.
(2) Unencumbered investment securities comprise securities that are eligible as collateral for secured transactions through market channels or are eligible to be pledged to the FHLB or the Federal Reserve Discount Window.
The balance with the Federal Reserve Bank is the primary component of the balance sheet line item “interest-bearing deposits in other banks.” At September 30, 2024, Regions had approximately $7.9 billion in cash on deposit with the Federal Reserve Bank and other depository institutions, an increase from approximately $4.2 billion at December 31, 2023, driven by FHLB utilization in order to optimize collateral and increase cash balances.
The securities portfolio also serves as a primary source and storehouse of liquidity. Proceeds from maturities and principal and interest payments of securities provide a continual flow of funds available for cash needs (see Note 3 "Debt Securities" to the consolidated financial statements). Furthermore, the highly liquid nature of the available for sale securities portfolio (for example, the agency guaranteed MBS portfolio) can be readily used as a source of cash through various secured borrowing arrangements. Regions' securities portfolio consists of residential and commercial agency MBS, U.S. Treasury securities, federal agency securities, and corporate and other debt. In evaluating the liquidity within the securities portfolio, unencumbered investment securities are primarily comprised of U.S Treasury securities and residential and commercial agency MBS. Unencumbered investment securities also includes certain corporate bonds considered to be highly liquid and other securities, primarily non-agency commercial MBS.
Regions’ financing arrangement with the FHLB adds additional flexibility in managing the Company's liquidity position. As of September 30, 2024, Regions had $1.5 billion in short-term FHLB borrowings, $2.0 billion in long-term FHLB borrowings and had borrowing capacity as shown in Table 23. FHLB borrowing capacity was determined based on eligible securities and loan amounts, as of September 30, 2024, that were pledged as collateral for future borrowing capacity. Additionally, investment in FHLB stock is required in relation to the level of outstanding borrowings. The FHLB has been and is expected to continue to be a reliable and economical source of funding.
Regions has additional borrowing availability with the Federal Reserve Bank through the discount window as shown in Table 23. Federal Reserve Bank borrowing capacity is determined based on eligible loan amounts that were pledged as collateral for future borrowing capacity. Regions also is an eligible Standing Repo Facility counterparty, which supplements Regions' available channels for monetizing unencumbered securities.
Regions maintains a shelf registration statement with the SEC that can be utilized by Regions to issue various debt and/or equity securities. Additionally, Regions' Board has authorized Regions Bank to issue up to $10 billion in aggregate principal amount of bank notes outstanding at any one time. Refer to Note 11 "Borrowed Funds" to the consolidated financial statements in the 2023 Annual Report on Form 10-K for additional information.
Regions may, from time to time, consider opportunistically retiring outstanding issued securities, including subordinated debt in privately negotiated or open market transactions for cash or common shares. Regulatory approval would be required for retirement of some instruments. See Note 6 "Shareholders' Equity and Accumulated Other Comprehensive Income (Loss)" to the consolidated financial statements for additional information.
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Regions' liquidity policy requires the holding company to maintain cash sufficient to cover the greater of (1) 18 months of debt service and other cash needs or (2) a minimum cash balance of $500 million. Cash and cash equivalents at the holding company totaled $1.8 billion at September 30, 2024. Overall liquidity risk limits are established by the Board through its Risk Appetite Statement and Liquidity Policy. The Company's Board, LROC and ALCO regularly review compliance with the established limits.
CREDIT RISK
Regions’ objective regarding credit risk is to maintain a credit portfolio that provides for stable credit costs with acceptable volatility through an economic cycle. Regions has various processes to manage credit risk as described below. In order to assess the risk profile of the loan portfolio, Regions considers risk factors within the loan portfolio segments and classes, the current U.S. economic environment and that of its primary banking markets, as well as counterparty risk. See the "Portfolio Characteristics" section found earlier in this report for further information regarding the risk characteristics of each loan type.
INFORMATION SECURITY RISK
Regions faces information security risks, such as evolving and adaptive cyber-attacks that are conducted regularly against financial institutions in attempts to compromise or disable information systems. In the event of a cyber-attack or other data breach, Regions may be required to incur significant expenses, including with respect to remediation costs, costs of implementing additional preventative measures, addressing any reputational harm and addressing any related regulatory inquiries or civil litigation arising from the event.
Refer to Part 1 Item1C. Cybersecurity in the Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion of Regions' risk identification and assessment, risk management and governance of information security risk.
PROVISION FOR CREDIT LOSSES
The provision for credit losses is used to maintain the allowance for loan losses and the reserve for unfunded credit losses at a level that in management's judgment is appropriate to absorb expected credit losses over the contractual life of the loan and credit commitment portfolio at the balance sheet date. The provision for credit losses totaled $113 million and net charge-offs were $117 million during the third quarter of 2024 compared to $145 million for provision for credit losses and $101 million for net charge-offs during the third quarter of 2023. The provision for credit losses totaled $367 million and net charge-offs were $339 million for the first nine months of 2024 compared to $398 million for provision for credit losses and $265 million for net charge-offs during the first nine months of 2023. Refer to the "Allowance" section for further detail.
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NON-INTEREST INCOME
Table 24—Non-Interest Income
 Three Months Ended September 30Quarter-to-Date Change 9/30/2024 vs. 9/30/2023
 20242023AmountPercent
 (Dollars in millions)
Service charges on deposit accounts$158 $142 $16 11.3 %
Card and ATM fees118 126 (8)(6.3)%
Capital markets income92 64 28 43.8 %
Investment management and trust fee income85 79 7.6 %
Mortgage income36 28 28.6 %
Investment services fee income43 33 10 30.3 %
Commercial credit fee income28 24 16.7 %
Bank-owned life insurance28 20 40.0 %
Market value adjustments on employee benefit assets13 225.0 %
Securities gains (losses), net(78)(1)(77)NM
Other miscellaneous income49 47 4.3 %
$572 $566 $1.1 %

 Nine Months Ended September 30Year-to-Date Change 9/30/2024 vs. 9/30/2023
 20242023AmountPercent
(Dollars in millions)
Service charges on deposit accounts $457 $449 $1.8 %
Card and ATM fees354 377 (23)(6.1)%
Capital markets income251 174 77 44.3 %
Investment management and trust fee income249 232 17 7.3 %
Mortgage income111 78 33 42.3 %
Investment services fee income120 102 18 17.6 %
Commercial credit fee income83 78 6.4 %
Bank-owned life insurance81 56 25 44.6 %
Market valuation adjustments on employee benefit assets30 27 NM
Securities gains (losses), net(178)(3)(175)NM
Other miscellaneous income122 130 (8)(6.2)%
$1,680 $1,676 $0.2 %
_______
NM - Not Meaningful
Service Charges on Deposit Accounts
Service charges on deposit accounts include overdraft fees, treasury management fees and other customer transaction-related service charges. Service charges increased modestly in the three and nine months ended September 30, 2024 compared to the same periods in 2023, driven by an increase in fees from treasury management services. Partially offsetting the increase in the nine months ended 2024 was a decline in overdraft fees as a result of recent overdraft-related policy enhancements.
On October 25, 2023, the Federal Reserve issued a proposal for public comment that, if finalized, would lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. Under the proposed rule the maximum interchange fee would be subject to adjustments every other year based upon issuer cost data. The Company is studying the proposal and evaluating its impact.
On January 17, 2024, the CFPB issued a proposal for public comment that, if finalized, would cap overdraft fees in line with established benchmarks ranging between $3-$14 or their actual costs. Alternatively, an institution could calculate its own fee to break even. The Company is studying the proposal and evaluating its impact.
Card and ATM Fees
Card and ATM fees include the combined amounts of credit card/bank card income and debit card and ATM related revenue. Card and ATM fees decreased in both the three and nine months ended September 30, 2024 compared to the same periods in 2023, driven by a decline in foreign ATM revenue due to elimination of balance inquiry fees in February 2024, as well as credit card rewards liability adjustments combined with higher trending rewards utilization.
Capital Markets Income
Capital markets income primarily relates to capital raising activities that include securities underwriting and placement, loan syndication, as well as foreign exchange, derivatives, merger and acquisition and other advisory services. Capital markets
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income increased in the three and nine months ended September 30, 2024 compared to the same periods in 2023, driven primarily by less negative credit/debit valuation adjustments due to rate and spread movements, and increased securities underwriting and placement fees. The nine months ended September 30, 2024 also benefited from increased real estate transactions.
Mortgage Income
Mortgage income is generated through the origination and servicing of residential mortgage loans for long-term investors and sales of residential mortgage loans in the secondary market. The increases in mortgage income in the three and nine months ended September 30, 2024 compared to the same periods in 2023 were due primarily to an increase in servicing income due to bulk purchases of the rights to service $6.2 billion of residential mortgage loans in the third quarter of 2023 and $8 billion of residential mortgage loans at the end of the first quarter of 2024.
Investment Services Fee Income
Investment services fee income represents income earned from investment advisory services. Investment services fee income increased in the three and nine months ended September 30, 2024 compared to the same periods in 2023 due to strong advisor production.
Bank-owned Life Insurance
Bank-owned life insurance income primarily represents income earned from the appreciation of the cash surrender value of insurance contracts held and the proceeds of insurance benefits. Bank-owned life insurance income increased during the three and nine months ended September 30, 2024 compared to the same periods in 2023 driven primarily by increased claim volume.
Market Value Adjustments on Employee Benefit Assets
Market value adjustments on employee benefit assets are the reflection of market value variations related to assets held for certain employee benefits. The adjustments are offset in salaries and benefits and other non-interest expense.
Securities Gains (Losses)
Net securities gains (losses) primarily result from the Company's asset/liability and capital management processes. In the first nine months of 2024, the Company sold debt securities and reinvested the proceeds at higher current market yields, incurring $175 million in total pre-tax losses. See Table 1 "Debt Securities" for more information. An additional $3 million in losses was incurred associated with the sale of certain employee benefit assets.

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Table 25—Non-Interest Expense
 Three Months Ended September 30Quarter-to-Date Change 9/30/2024 vs. 9/30/2023
 20242023AmountPercent
 (Dollars in millions)
Salaries and employee benefits$645 $589 $56 9.5 %
Equipment and software expense101 107 (6)(5.6)%
Net occupancy expense69 72 (3)(4.2)%
Outside services41 39 5.1 %
Marketing28 26 7.7 %
Professional, legal and regulatory expenses21 27 (6)(22.2)%
Credit/checkcard expenses14 16 (2)(12.5)%
FDIC insurance assessments17 27 (10)(37.0)%
Visa class B shares expense17 12 240.0 %
Operational losses19 75 (56)(74.7)%
Branch consolidation, property and equipment charges— (1)(100.0)%
Other miscellaneous expenses97 109 (12)(11.0)%
$1,069 $1,093 $(24)(2.2)%

 Nine Months Ended September 30Year-to-Date Change 9/30/2024 vs. 9/30/2023
 20242023AmountPercent
 (Dollars in millions)
Salaries and employee benefits$1,912 $1,808 $104 5.8 %
Equipment and software expense302 310 (8)(2.6)%
Net occupancy expense211 218 (7)(3.2)%
Outside services120 120 — — %
Marketing82 79 3.8 %
Professional, legal and regulatory expenses74 66 12.1 %
Credit/checkcard expenses43 45 (2)(4.4)%
FDIC insurance assessments89 81 9.9 %
Visa class B shares expense26 22 18.2 %
Operational losses79 183 (104)(56.8)%
Branch consolidation, property and equipment charges(2)(50.0)%
Other miscellaneous expenses264 295 (31)(10.5)%
$3,204 $3,231 $(27)(0.8)%
Salaries and Employee Benefits
Salaries and employee benefits consist of salaries, incentive compensation, long-term incentives, payroll taxes, and other employee benefits such as 401(k), pension, and medical, life and disability insurance, as well as, expenses from liabilities held for employee benefit purposes. Salaries and employee benefits increased in the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to an increase in incentives, base salaries, and benefits expenses. The increase was also driven by an increase in market valuation adjustments on employee benefit assets that are offset in non-interest income. Salaries and employee benefits expense in the nine months ended 2024 was also impacted by an increase in severance costs. Full-time equivalent headcount decreased to 19,560 at September 30, 2024 from 20,257 at September 30, 2023.
Professional, Legal and Regulatory Expenses
Professional, legal, and regulatory expenses consist of amounts related to legal, consulting, other professional fees and regulatory charges. Professional, legal, and regulatory expenses decreased in the three months ended September 30, 2024 compared to the same period in 2023 due to a decline in other professional fees. Professional, legal and regulatory expenses increased in the nine months ended September 30, 2024 compared to the same period in 2023 due to accruals for legal and regulatory matters in the first quarter of 2024.
FDIC Insurance Assessments
FDIC insurance assessments decreased in the three months ended September 30, 2024 as compared to the same period in 2023 primarily resulting from a $4 million reduction in the FDIC special assessment accrual (discussed below) and favorability in the base assessment which was driven by higher levels of unsecured debt and cash as well as lower exposures in higher risk assets. FDIC insurance assessments increased in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 primarily resulting from the special assessment, offset by favorability in the base assessment.
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Federal law requires that any losses to the FDIC’s DIF related to the protection of uninsured depositors under the Systemic Risk Exception be repaid by a special assessment on IDIs. In the fourth quarter of 2023, the FDIC finalized a special assessment related to the two March 2023 bank failures, which was required to be recognized as the accrual of a liability and related expense in the fourth quarter of 2023 pursuant to accounting guidance. In late February 2024, the FDIC published revised loss estimates related to the failures, increasing the estimated loss to the DIF. Regions adjusted the special assessment accrual by $18 million during the first quarter of 2024. Based on updated information in invoices received from the FDIC, Regions recorded an additional $4 million during the second quarter of 2024 and a reduction of $4 million in the third quarter of 2024.
The total assessment is to be paid in ten quarterly installments that began with the invoice for the first quarter of 2024 received in June 2024 and should be deductible for income taxes.
Visa Class B shares Expense
Visa class B shares expense is associated with previously sold shares. The Visa class B shares have restrictions tied to finalization of certain covered litigation. Visa class B shares expense increased in the three months ended September 30, 2024 compared to the same period in 2023 due to an expense of $14 million recognized in the third quarter of 2024 for the Company's proportionate share of the escrow funding related to the ongoing covered litigation.
Operational Losses
Operational losses include losses related to fraud, execution, delivery and process management, and damage to physical assets. Operational losses decreased in the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to check fraud that occurred in the second and third quarters of 2023.
Other Miscellaneous Expenses
Other miscellaneous expenses include expenses related to communications, postage, supplies, certain credit-related costs, foreclosed property expenses, mortgage repurchase costs, and other costs (benefits) related to employee benefit plans. Other miscellaneous expenses decreased in the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to lower pension related costs. Other miscellaneous expenses in the nine months ended September 30, 2024 also includes a reduction for a contingent reserve release in the second quarter of 2024 related to a prior acquisition.
INCOME TAXES
The Company’s income tax expense for the three months ended September 30, 2024 was $118 million compared to $129 million for the three months ended September 30, 2023, resulting in effective tax rates of 19.4 percent and 20.9 percent, respectively. The Company’s income tax expense for the nine months ended September 30, 2024 was $338 million compared to $453 million for the nine months ended September 30, 2023, resulting in effective tax rates of 19.9 percent and 21.2 percent, respectively. The decreases in the effective tax rates for the periods in 2024 were primarily due to expectations of lower pre-tax income in 2024 as compared to 2023, causing tax preferential items to have a more favorable impact as well as increased tax benefits in relation to bank owned life insurance and investments in affordable housing. See the "Third Quarter Overview" section for the Company's expectations for the 2024 effective tax rate.
The effective tax rate is affected by many factors including, but not limited to, the level of pre-tax income, the mix of income between various tax jurisdictions with differing tax rates, enacted tax legislation, net tax benefits related to affordable housing investments, bank-owned life insurance income, tax-exempt interest and nondeductible expenses. In addition, the effective tax rate is affected by items that may occur in any given period but are not consistent from period-to-period, such as the termination of certain leveraged leases, share-based payments, valuation allowance changes and changes to unrecognized tax benefits. Accordingly, the comparability of the effective tax rate between periods may be impacted.
At September 30, 2024, the Company reported a net deferred tax asset of $396 million compared to $741 million at December 31, 2023. The change in the net deferred tax position was due primarily to the deferred tax impact of decreases in unrealized losses on securities for sale and derivative instruments arising during the nine months ended September 30, 2024.
81

Item 3. Quantitative and Qualitative Disclosures about Market Risk
The information presented in the "Market Risk" section of Part 1, Item 2 is incorporated herein by reference.
Item 4. Controls and Procedures
Based on an evaluation, as of the end of the period covered by this Form 10-Q, under the supervision and with the participation of Regions’ management, including its Chief Executive Officer and Chief Financial Officer, the Chief Executive Officer and Chief Financial Officer have concluded that Regions’ disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) are effective. During the quarter ended September 30, 2024, there were no changes in Regions’ internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, Regions’ internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Information required by this item is set forth in Note 12 "Commitments, Contingencies and Guarantees" in the Notes to the Consolidated Financial Statements (Unaudited) in Part I. Item 1. of this report, which is incorporated by reference.
Item 1A. Risk Factors
There are no material changes to the risk factors set forth in Regions' Annual Report on Form 10-K for the year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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.
The following table presents information regarding issuer purchases of equity securities during the third quarter of 2024. All of these shares were immediately retired upon repurchase and therefore were not included in treasury stock.
PeriodTotal Number of  Shares Purchased
Average Price Paid
 per Share(1)
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Maximum Approximate Dollar Value of
Shares that May
Yet Be Purchased Under Publicly Announced Plans or Programs
July 1-31, 2024
— $— — $2,047,022,869 
August 1-31, 2024
645,026 $23.25 645,026 $2,032,016,432 
September 1-30, 2024
3,775,802 $22.51 3,775,802 $1,946,978,804 
Total Third Quarter
4,420,828 $22.62 4,420,828 $1,946,978,804 
_____
(1) Average price paid does not reflect the 1 percent excise tax charged on public company share repurchases.
83

Item 6. Exhibits
The following is a list of exhibits including items incorporated by reference
3.1
3.2
3.3
3.4
3.5
3.6
3.7
10.1
31.1
31.2
32
101
The following materials are formatted in Inline XBRL: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Income; (iii) the Consolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Changes in Shareholders' Equity; (v) the Consolidated Statements of Cash Flows; and (vi) the Notes to the Consolidated Financial Statements.
104
Cover Page Interactive Data File, formatted in Inline XBRL (included within the Exhibit 101 attachments).
84

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
DATE: November 5, 2024
 Regions Financial Corporation
 
/S/    Karin K. Allen      
 
Karin K. Allen
Executive Vice President and Assistant Controller
(Chief Accounting Officer and Authorized Officer)

85
EX-10.1 2 rf-2024930xex101.htm EX-10.1 Document


Exhibit 10.1
REGIONS FINANCIAL CORPORATION
FINANCIAL RESTATEMENT COMPENSATION RECOUPMENT POLICY

        This Regions Financial Corporation Financial Restatement Compensation Recoupment Policy (the “Policy”) was initially adopted by the Compensation and Human Resources Committee of the Board of Directors (the “Board”) of Regions Financial Corporation on October 17, 2023. This Policy provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under U.S. federal securities laws in accordance with the terms and conditions set forth herein. This Policy is intended to comply with the requirements of Section 10D of the Exchange Act (as defined below) and Section 303A.14 of the NYSE Listed Company Manual. The Policy, as amended and restated, has been adopted and approved by the Committee on October 15, 2024.

1.Definitions. For the purposes of this Policy, the following terms shall have the meanings set forth below.

(a)Committee” means the Compensation and Human Resources Committee of the Board or any successor committee thereof. If there is no compensation committee of the Board, references herein to the “Committee” shall refer to the Company’s committee of independent directors that is responsible for executive compensation decisions, or in the absence of such a compensation committee, the independent members of the Board.

(b)Company” means Regions Financial Corporation.

(c)Company Group” means the Company, together with each of its subsidiaries.

(d)Covered Compensation” means any Incentive-based Compensation Received by a Covered Executive during the applicable Recoupment Period; provided that:

    (i)     such Covered Compensation was Received by such Covered Executive (A) after the Effective Date, (B) after he or she commenced service as an Executive Officer, and (C) while the Company had a class of securities publicly listed on a U.S. national securities exchange; and
    
    (ii)     such Covered Executive served as an Executive Officer at any time during the performance period applicable to such Incentive-based Compensation.

(e)Covered Executive” means any current or former Executive Officer and any other employee of the Company Group designated by the Committee as subject to this Policy from time to time.
(f)Effective Date” means October 2, 2023.1

(g)Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

(h)Executive Officer” means, with respect to the Company, (i) its president, (ii) its principal financial officer, (iii) its principal accounting officer (or if there is no such accounting officer, its controller), (iv) any vice-president in charge of a principal business unit, division or function (such as sales, administration or finance), (v) any other officer who performs a policy-making function for the Company (including any officer of the Company Group if they perform policy-making functions for the Company), and (vi) any other person who performs similar policy-making functions for the Company (including any person of the Company Group if they perform policy-making functions for the Company). Policy-making function is not intended to include policy-making functions that are not significant. The determination as to an individual’s status as an Executive Officer shall be made by the Committee and such determination shall be final, conclusive, and binding on such individual and all other interested persons.

(i)Financial Reporting Measure” means any (i) measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, (ii) stock price measure, or (iii) total shareholder return measure (and any measures that are derived wholly or in part from any measure referenced in clause (i), (ii) or (iii) above). For the avoidance of doubt, any such measure does not need to be presented within the Company’s financial statements or included in a filing with the U.S. Securities and Exchange Commission to constitute a Financial Reporting Measure.

1 October 2, 2023, is the date on which Section 303A.14 of the NYSE Listed Company Manual became effective.
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(j)Financial Restatement” means a restatement of the Company’s financial statements due to the Company’s material noncompliance with any financial reporting requirement under U.S. federal securities laws that is required in order to correct:

(i)an error in previously issued financial statements that is material to the previously issued financial statements; or

(ii)     an error that would result in a material misstatement if the error were (A) corrected in the current period or (B) left uncorrected in the current period.

For purposes of this Policy, a Financial Restatement shall not be deemed to occur in the event of a revision of the Company’s financial statements due to an out-of-period adjustment (i.e., when the error is immaterial to the previously issued financial statements and the correction of the error is also immaterial to the current period) or a retrospective (1) application of a change in accounting principles; (2) revision to reportable segment information due to a change in the structure of the Company’s internal organization; (3) reclassification due to a discontinued operation; (4) application of a change in reporting entity, such as from a reorganization of entities under common control; or (5) revision for stock splits, reverse stock splits, stock dividends, or other changes in capital structure.

(k)Incentive-based Compensation” means any compensation (including, for the avoidance of doubt, any cash or equity or equity-based compensation, whether deferred or current) that is granted, earned, and/or vested based wholly or in part upon the achievement of a Financial Reporting Measure. For purposes of this Policy, “Incentive-based Compensation” shall also be deemed to include any amounts which were determined based on (or were otherwise calculated by reference to) Incentive-based Compensation (including, without limitation, any amounts under any long-term disability, life insurance or supplemental retirement or severance plan or agreement or any notional account that is based on Incentive-based Compensation, as well as any earnings accrued thereon, but excluding any tax-qualified retirement plan).

(l)NYSE” means the New York Stock Exchange, or any successor thereof.

(m)Received” means when the Financial Reporting Measure applicable to Incentive-based Compensation is attained, even if the payment or grant of such Incentive-based Compensation occurs after the end of the fiscal period. For the avoidance of doubt, Incentive-based Compensation that is subject to both a Financial Reporting Measure vesting condition and a service-based vesting condition shall be considered Received when the relevant Financial Reporting Measure is achieved, even if the Incentive-based Compensation continues to be subject to the service-based vesting.

(n)Recoupment Period” means the three fiscal years completed immediately preceding the date of any applicable Recoupment Trigger Date. Notwithstanding the foregoing, the Recoupment Period additionally includes any transition period (that results from a change in the Company’s fiscal year) within or immediately following those three completed fiscal years, provided that a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine (9) to twelve (12) months would be deemed a completed fiscal year.

(o)Recoupment Trigger Date” means the earlier of (i) the date that the Board (or a committee thereof or the officer(s) of the Company authorized to take such action if Board action is not required) concludes, or reasonably should have concluded, that the Company is required to prepare a Financial Restatement, and (ii) the date on which a court, regulator, or other legally authorized body directs the Company to prepare a Financial Restatement.

2.Recoupment of Erroneously Awarded Compensation.

(a)In the event of a Financial Restatement, if the amount of any Covered Compensation Received by a Covered Executive (the “Awarded Compensation”) exceeds the amount of such Covered Compensation that would have otherwise been Received by such Covered Executive if calculated based on the Financial Restatement (the “Adjusted Compensation”), the Company shall reasonably promptly recover from such Covered Executive an amount equal to the excess of the Awarded Compensation over the Adjusted Compensation, each calculated on a pre-tax basis (such excess amount, the “Erroneously Awarded Compensation”).

(b) If (i) the Financial Reporting Measure applicable to the relevant Covered Compensation is stock price or total shareholder return (or any measure derived wholly or in part from either of such measures) and (ii) the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the Financial Restatement, then the amount of Erroneously Awarded Compensation shall be determined (on a pre-tax basis) based on the Company’s reasonable estimate of the effect of the Financial Restatement on the Company’s stock price or total shareholder return (or the derivative measure thereof) upon
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which such Covered Compensation was Received and (iii) the Company must maintain documentation of the determination of that reasonable estimate and provide such documentation to the NYSE.

(c)For the avoidance of doubt, the Company’s obligation to recover Erroneously Awarded Compensation is not dependent on (i) if or when the restated financial statements are filed or (ii) any fault of any Covered Executive for the accounting errors or other actions leading to a Financial Restatement.

(d)Notwithstanding anything to the contrary in Sections 2(a) through (c) hereof, the Company shall not be required to recoup Erroneously Awarded Compensation if one of the following conditions is met and the Committee (or a majority of the independent directors serving on the Board) determines that recoupment would be impracticable:

(i)the direct expense paid to a third party to assist in enforcing the recovery of the Erroneously Awarded Compensation under this Policy would exceed the amount of such Erroneously Awarded Compensation to be recovered; provided that, before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation pursuant to this Section 2(d), the Company shall have first made a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s) to make such recovery, and provide that documentation to the NYSE; or

(ii)recovery of the Erroneously Awarded Compensation would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company Group, to fail to meet the requirements of Sections 401(a)(13) or 411(a) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).

(e)The Company shall not indemnify any Covered Executive, directly or indirectly, for any losses that such Covered Executive may incur in connection with the recovery of Erroneously Awarded Compensation pursuant to this Policy, including through the payment of insurance premiums or gross-up payments.

(f)The Committee shall determine, in its sole discretion, the manner and timing in which any Erroneously Awarded Compensation shall be recovered from a Covered Executive in accordance with applicable law, including, without limitation, by (i) requiring reimbursement of Covered Compensation previously paid in cash; (ii) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer or other disposition of any equity or equity-based awards; (iii) offsetting the Erroneously Awarded Compensation amount from any compensation otherwise owed by the Company Group to the Covered Executive; (iv) cancelling outstanding vested or unvested equity or equity-based awards; and/or (v) taking any other remedial and recovery action permitted by applicable law. For the avoidance of doubt, except as set forth in Section 2(d), in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation; provided that, to the extent necessary to avoid any adverse tax consequences to the Covered Executive pursuant to Section 409A of the Code, any offsets against amounts under any nonqualified deferred compensation plans (as defined under Section 409A of the Code) shall be made in compliance with Section 409A of the Code.

3.Administration.

(a)This Policy shall be administered by the Committee. All decisions of the Committee shall be final, conclusive, and binding upon the Company Group, the Covered Executives, their beneficiaries, executors, administrators, and any other legal representative. The Committee shall have full power and authority to (i) administer and interpret this Policy; (ii) correct any defect, supply any omission and reconcile any inconsistency in this Policy; and (iii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of this Policy and to comply with applicable law (including Section 10D of the Exchange Act) and applicable stock market or exchange rules and regulations. Notwithstanding anything to the contrary contained herein, to the extent permitted by Section 10D of the Exchange Act and Section 303A.14 of the NYSE Listed Company Manual, the Board may, in its sole discretion, at any time and from time to time, administer this Policy in the same manner as the Committee.

(b)The Committee may seek acknowledgment of this Policy from a Covered Executive, as it determines in its sole discretion, in the form attached hereto on Exhibit A; provided, however, failure of the Committee to obtain such acknowledgment shall have no impact on the enforceability of this Policy.

4.Amendment/Termination. Subject to Section 10D of the Exchange Act and Section 303A.14 of the NYSE Listed Company Manual, this Policy may be amended or terminated by the Committee at any time. To the extent that any applicable law or stock market or exchange rules or regulations require recovery of Erroneously Awarded Compensation in circumstances in addition to those specified herein, nothing in this Policy shall be deemed to limit or restrict the right or obligation of the Company to recover Erroneously Awarded Compensation to the fullest extent required by such applicable law or stock market or exchange rules and regulations. Unless
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otherwise required by applicable law, this Policy shall no longer be effective from and after the date that the Company no longer has a class of securities publicly listed on a United States national securities exchange.

5.Interpretation. Notwithstanding anything to the contrary herein, this Policy is intended to comply with the requirements of Section 10D of the Exchange Act and Section 303A.14 of the NYSE Listed Company Manual (and any applicable regulations, administrative interpretations or stock market or exchange rules and regulations adopted in connection therewith). The provisions of this Policy shall be interpreted in a manner that satisfies such requirements and this Policy shall be operated accordingly. If any provision of this Policy would otherwise frustrate or conflict with this intent, the provision shall be interpreted and deemed amended so as to avoid such conflict.

6.Other Compensation Clawback/Recoupment Rights. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies, rights, or requirements with respect to the clawback or recoupment of any compensation that may be available to the Company Group pursuant to the terms of any other recoupment or clawback policy of the Company Group that may be in effect from time to time, any provisions in any offer letter, employment agreement, incentive plan or program, equity plan, equity award notice or agreement, or similar plan or agreement, and any other legal remedies available to the Company Group, as well as applicable law, stock market or exchange rules, listing standards, or regulations; provided, however, that any amounts recouped or clawed back under any other policy that would be recoupable under this Policy shall count toward any required clawback or recoupment under this Policy and vice versa.

7. Exempt Compensation. Notwithstanding anything to the contrary herein, the Company has no obligation under this Policy to seek recoupment of amounts paid to a Covered Executive which are granted, vested, or earned based solely upon the occurrence or non-occurrence of nonfinancial events. Such exempt compensation includes, without limitation, base salary, time-vesting awards, compensation awarded on the basis of the achievement of metrics that are not Financial Reporting Measures or compensation awarded solely at the discretion of the Committee or the Board, provided that such amounts are in no way contingent on, and were not in any way granted on the basis of, the achievement of any Financial Reporting Measure.

8.Miscellaneous.

(a)Any applicable award agreement or other document setting forth the terms and conditions of any compensation covered by this Policy shall be deemed to include the restrictions imposed herein and incorporate this Policy by reference and, in the event of any inconsistency, the terms of this Policy will govern. For the avoidance of doubt, this Policy applies to all compensation that is Received on or after the Effective Date, regardless of the date on which the award agreement or other document setting forth the terms and conditions of the Covered Executive’s compensation became effective.

(b)This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators, or other legal representatives.

(c)The laws of the State of Alabama will govern all questions concerning the construction, validity, and interpretation of this Policy, without regard to its conflict of laws principles, and, where applicable, the laws of the United States.  Any action at law, suit in equity, or other judicial or arbitration proceeding for the enforcement of this Policy shall take place, at the option of the Company (whether or not such proceeding is initiated by the Company), in the State of Alabama, in Jefferson County, Birmingham Division.  The Covered Executive consents to the personal jurisdiction of the state and Federal courts in Jefferson County, Alabama, in any dispute arising from or relating to this Policy.

(d)WITH RESPECT TO ANY CLAIM OR DISPUTE UNDER THIS POLICY, THE PARTIES HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY COURT IN ANY ACTION FOR THE ADJUDICATION OF ANY CLAIM OR DISPUTE ARISING UNDER THIS POLICY TO THE FULLEST EXTENT PERMITTED BY LAW.

(e)If any provision of this Policy is determined to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted by applicable law and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.

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EXHIBIT A

REGIONS FINANCIAL CORPORATION
FINANCIAL RESTATEMENT COMPENSATION RECOUPMENT POLICY

FORM OF ACKNOWLEDGMENT

By signing below, the undersigned acknowledges and confirms that the undersigned has received and reviewed a copy of the Regions Financial Corporation Financial Restatement Compensation Recoupment Policy (the “Policy”). Capitalized terms used but not otherwise defined in this Form of Acknowledgment (this “Acknowledgment Form”) shall have the meanings ascribed to such terms in the Policy.

By signing this Acknowledgment Form, the undersigned acknowledges and agrees that the undersigned is and will continue to be subject to the Policy and that the Policy will apply both during and after the undersigned’s employment with the Company Group. The undersigned further acknowledges and agrees to waive any potential right to indemnification or advancement or reimbursement of fees, costs and expenses under the Company’s charter and bylaws with respect to or following any recovery of Erroneously Awarded Compensation. In the event of any inconsistency between the Policy and the terms of any employment agreement, offer letter, incentive plan or program, equity award notice or agreement, or similar plan or agreement to which the undersigned is a party, the terms of the Policy shall govern. Further, by signing below, the undersigned agrees to abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Compensation to the Company to the extent required by, and in a manner consistent with, the Policy.



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EX-31.1 3 rf-2024930xex311.htm EX-31.1 Document

EXHIBIT 31.1
CERTIFICATIONS
I, John M. Turner, Jr., certify that:
1.     I have reviewed this Quarterly Report on Form 10-Q of Regions Financial Corporation;
2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.     The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.     The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2024
 
/S/    JOHN M. TURNER, JR.
John M. Turner, Jr.
President and Chief Executive Officer


EX-31.2 4 rf-2024930xex312.htm EX-31.2 Document

EXHIBIT 31.2
CERTIFICATIONS
I, David J. Turner, Jr., certify that:
1.     I have reviewed this Quarterly Report on Form 10-Q of Regions Financial Corporation;
2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.     The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.     The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2024
 
/S/    DAVID J. TURNER, JR.
David J. Turner, Jr.
Senior Executive Vice President and
Chief Financial Officer



EX-32 5 rf-2024930xex32.htm EX-32 Document

EXHIBIT 32
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Regions Financial Corporation (the “Company”) on Form 10-Q for the quarter ended September 30, 2024 (the “Report”), I, John M. Turner, Jr., Chief Executive Officer of the Company, and David J. Turner, Jr., Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:
1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/S/    JOHN M. TURNER, JR.
 
/S/    DAVID J. TURNER, JR.
John M. Turner, Jr.
President and Chief Executive Officer
 David J. Turner, Jr.
Chief Financial Officer
Date: November 5, 2024
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to Regions Financial Corporation and will be retained by Regions Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

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DOCUMENT AND ENTITY INFORMATION - shares
9 Months Ended
Sep. 30, 2024
Nov. 04, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-34034  
Entity Registrant Name Regions Financial Corporation  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001281761  
Current Fiscal Year End Date --12-31  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 63-0589368  
Entity Address, Address Line One 1900 Fifth Avenue North  
Entity Address, City or Town Birmingham  
Entity Address, State or Province AL  
Entity Address, Postal Zip Code 35203  
City Area Code 800  
Local Phone Number 734-4667  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   908,863,765
Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $.01 par value  
Trading Symbol RF  
Security Exchange Name NYSE  
Series C    
Entity Information [Line Items]    
Title of 12(b) Security 5.700% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C  
Trading Symbol RF PRC  
Security Exchange Name NYSE  
Series E    
Entity Information [Line Items]    
Title of 12(b) Security 4.45% Non-Cumulative Perpetual Preferred Stock, Series E  
Trading Symbol RF PRE  
Security Exchange Name NYSE  
Series F Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Non-Cumulative Perpetual Preferred Stock, Series F  
Trading Symbol RF PRF  
Security Exchange Name NYSE  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and due from banks $ 2,665 $ 2,635
Interest-bearing deposits in other banks 7,856 4,166
Debt Securities held to maturity 2,787 754
Debt securities available for sale 28,698 28,104
Loans held for sale 522 400
Loans, net of unearned income 96,789 98,379
Allowance for loan losses (1,607) (1,576)
Net loans 95,182 96,803
Other earning assets 1,625 1,417
Premises, equipment and software, net 1,648 1,642
Interest receivable 596 614
Goodwill 5,733 5,733
Servicing Asset at Fair Value, Amount 971 906
Other identifiable intangible assets, net $ 178 205
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets  
Other assets $ 8,965 8,815
Total assets 157,426 152,194
Deposits:    
Noninterest-bearing Deposit Liabilities 39,698 42,368
Interest-bearing 86,678 85,420
Total deposits 126,376 127,788
Borrowed funds:    
Short-term borrowings 1,500 0
Long-term borrowings 6,016 2,330
Total borrowed funds $ 7,516 2,330
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities  
Other liabilities $ 4,807 4,583
Total liabilities 138,699 134,701
Equity:    
Preferred stock 1,715 1,659
Common stock 10 10
Additional paid-in capital 11,438 11,757
Retained earnings 8,778 8,186
Treasury stock, at cost (1,371) (1,371)
Accumulated other comprehensive income (loss), net (1,894) (2,812)
Total shareholders’ equity 18,676 17,429
Equity, Attributable to Noncontrolling Interest 51 64
Equity, Including Portion Attributable to Noncontrolling Interest, Total 18,727 17,493
Total liabilities and equity $ 157,426 $ 152,194
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Securities held to maturity, estimated fair value $ 2,759 $ 716
Debt Securities, Available-for-sale, Amortized Cost $ 30,090 $ 30,864
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, par value per share (in usd per share) $ 1.00 $ 1.00
Preferred stock, shares issued 1,403,500 1,403,500
Common Stock, Shares Authorized 3,000,000,000 3,000,000,000
Common stock, par value per share (in usd per share) $ 0.01 $ 0.01
Common stock, shares issued 951,606,236 963,375,681
Treasury stock, common shares 41,032,676 41,032,676
Recurring Fair Value Measurements    
Loans held for sale $ 255 $ 201
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income on:        
Loans, including fees $ 1,463 $ 1,462 $ 4,316 $ 4,276
Debt securities 241 185 669 557
Loans held for sale 11 14 28 31
Other earning assets 105 105 293 282
Total interest income 1,820 1,766 5,306 5,146
Interest expense on:        
Deposits 507 367 1,504 806
Short-term borrowings 10 39 24 86
Long-term borrowings 85 69 190 165
Total Interest Expense 602 475 1,718 1,057
Net interest income 1,218 1,291 3,588 4,089
Provision (benefit from) for credit losses 113 145 367 398
Net interest income after provision for credit losses 1,105 1,146 3,221 3,691
Non-interest income:        
Total Noninterest Income 572 566 1,680 1,676
Non-interest expense:        
Salaries and employee benefits 645 589 1,912 1,808
Equipment and Software Expense 101 107 302 310
Net occupancy expense 69 72 $ 211 218
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other  
Other 254 325 $ 779 895
Total non-interest expense 1,069 1,093 3,204 3,231
Income before income taxes 608 619 1,697 2,136
Income tax expense 118 129 338 453
Net income 490 490 1,359 1,683
Net income available to common shareholders $ 446 $ 465 $ 1,266 $ 1,609
Weighted Average Number of Shares Outstanding, Diluted [Abstract]        
Basic 914 939 917 938
Diluted 918 940 919 940
Earnings Per Share [Abstract]        
Basic $ 0.49 $ 0.49 $ 1.38 $ 1.72
Diluted $ 0.49 $ 0.49 $ 1.38 $ 1.71
Service charges on deposit accounts        
Non-interest income:        
Total Noninterest Income $ 158 $ 142 $ 457 $ 449
Card and ATM fees        
Non-interest income:        
Total Noninterest Income 118 126 354 377
Investment management and trust fee income        
Non-interest income:        
Total Noninterest Income 85 79 249 232
Capital Markets [Member]        
Non-interest income:        
Total Noninterest Income 92 64 251 174
Mortgage income        
Non-interest income:        
Total Noninterest Income 36 28 111 78
Securities gains, net [Member]        
Non-interest income:        
Total Noninterest Income (78) (1) (178) (3)
Other [Member]        
Non-interest income:        
Total Noninterest Income $ 161 $ 128 $ 436 $ 369
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 490 $ 490 $ 1,359 $ 1,683
Unrealized losses on securities transferred from available for sale during the period (325) 0 (325) 0
Less: reclassification adjustments for amortization of unrealized losses on securities transferred to held to maturity (1) 0 (2) (1)
Net change in unrealized losses on securities transferred to held to maturity, net of tax (324) 0 (323) 1
Unrealized losses on securities transferred to held to maturity during the period 325 0 325 0
Unrealized holding gains (losses) arising during the period on securities available for sale, net of tax 870 (595) 560 (518)
Less: reclassification adjustments for securities gains (losses) realized in net income (net of tax) (58) (1) (133) (3)
Net change in unrealized gains (losses) on securities available for sale, net of tax 1,253 (594) 1,018 (515)
Unrealized holding gains (losses) on derivatives arising during the period 354 (274) (46) (496)
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of tax) (82) (61) (255) (96)
Net change in unrealized gains (losses) on derivative instruments, net of tax 436 (213) 209 (400)
Net actuarial gains (losses) arising during the period (net of tax) 0 0 0 0
Unrealized holding gains (losses) on derivatives arising during the period (6) (11) (14) (21)
Net change from defined benefit pension plans and other post employment benefits, net of tax 6 11 14 21
Other comprehensive income (loss), net of tax 1,371 (796) 918 (893)
Comprehensive income $ 1,861 $ (306) $ 2,277 $ 790
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Unrealized losses on securities transferred to held to maturity during the period, tax $ (111) $ 0 $ (111) $ 0
Amortization of unrealized losses on securities transferred to held to maturity, tax 0 0 0 0
OCIDebtSecuritiesAvailableForSaleUnrealizedGainLossTransferredToHeldToMaturityBeforeAdjustmentTax 111 0 111 0
Unrealized holding gains (losses) on available for sale securities, tax 298 (203) 193 (177)
Reclassification adjustments for securities gains (losses) realized in net income, tax (20) 0 (45) 0
Cash flow hedging gain (loss), tax 121 (93) (16) (169)
Cash flow hedging gain (loss) reclassification, tax (28) (21) (88) (33)
Net actuarial gains and losses arising during the period, tax 0 0 0 0
Reclassification adjustments for amortization of actuarial loss and settlements realized in net income, and other, tax $ (1) $ (3) $ (5) $ (6)
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Treasury Stock, At Cost
Accumulated Other Comprehensive Income (Loss), Net
Non- controlling Interest
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Cumulative effect from change in accounting guidance                 $ 28 $ 28
Beginning Balance Outstanding (shares) at Dec. 31, 2022   2 934              
Beginning Balance at Dec. 31, 2022 $ 15,947 $ 1,659 $ 10 $ 11,988 $ 7,004 $ (1,371) $ (3,343) $ 4    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 612       612          
Other comprehensive income (loss), net of tax 499           499      
Cash dividends declared (187)       (187)          
Preferred stock dividends (24)       (24)          
Impact of stock transactions under compensation plans, net and other, shares     0              
Impact of stock transactions under compensation plans, net and other 8     8            
Other               15    
Ending Balance Outstanding (shares) at Mar. 31, 2023   2 934              
Ending Balance at Mar. 31, 2023 16,883 $ 1,659 $ 10 11,996 7,433 (1,371) (2,844) 19    
Beginning Balance Outstanding (shares) at Dec. 31, 2022   2 934              
Beginning Balance at Dec. 31, 2022 15,947 $ 1,659 $ 10 11,988 7,004 (1,371) (3,343) 4    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 1,683                  
Other comprehensive income (loss), net of tax (893)                  
Net proceeds from issuance of preferred stock 0                  
Ending Balance Outstanding (shares) at Sep. 30, 2023   2 939              
Ending Balance at Sep. 30, 2023 16,100 $ 1,659 $ 10 11,996 8,042 (1,371) (4,236) 25    
Beginning Balance Outstanding (shares) at Mar. 31, 2023   2 934              
Beginning Balance at Mar. 31, 2023 16,883 $ 1,659 $ 10 11,996 7,433 (1,371) (2,844) 19    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 581       581          
Other comprehensive income (loss), net of tax (596)           (596)      
Cash dividends declared (187)       (187)          
Preferred stock dividends (25)       (25)          
Impact of stock transactions under compensation plans, net and other, shares     5              
Impact of stock transactions under compensation plans, net and other (17)     (17)            
Other               3    
Ending Balance Outstanding (shares) at Jun. 30, 2023   2 939              
Ending Balance at Jun. 30, 2023 16,639 $ 1,659 $ 10 11,979 7,802 (1,371) (3,440) 22    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 490       490          
Other comprehensive income (loss), net of tax (796)           (796)      
Cash dividends declared (225)       (225)          
Preferred stock dividends (25)       (25)          
Impact of stock transactions under compensation plans, net and other, shares     0              
Impact of stock transactions under compensation plans, net and other 17     17            
Other               3    
Ending Balance Outstanding (shares) at Sep. 30, 2023   2 939              
Ending Balance at Sep. 30, 2023 16,100 $ 1,659 $ 10 11,996 8,042 (1,371) (4,236) 25    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Cumulative effect from change in accounting guidance                 $ (5) $ (5)
Beginning Balance Outstanding (shares) at Dec. 31, 2023   2 924              
Beginning Balance at Dec. 31, 2023 17,429 $ 1,659 $ 10 11,757 8,186 (1,371) (2,812) 64    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 368       368          
Other comprehensive income (loss), net of tax (412)           (412)      
Cash dividends declared (220)       (220)          
Preferred stock dividends (25)       (25)          
Shares repurchased (in shares)     (6)              
Impact of share repurchase, value (102)     (102)            
Impact of stock transactions under compensation plans, net and other, shares     0              
Impact of stock transactions under compensation plans, net and other 11     11            
Other               (30)    
Ending Balance Outstanding (shares) at Mar. 31, 2024   2 918              
Ending Balance at Mar. 31, 2024 17,044 $ 1,659 $ 10 11,666 8,304 (1,371) (3,224) 34    
Beginning Balance Outstanding (shares) at Dec. 31, 2023   2 924              
Beginning Balance at Dec. 31, 2023 17,429 $ 1,659 $ 10 11,757 8,186 (1,371) (2,812) 64    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 1,359                  
Other comprehensive income (loss), net of tax 918                  
Net proceeds from issuance of preferred stock 489                  
Ending Balance Outstanding (shares) at Sep. 30, 2024   2 911              
Ending Balance at Sep. 30, 2024 18,676 $ 1,715 $ 10 11,438 8,778 (1,371) (1,894) 51    
Beginning Balance Outstanding (shares) at Mar. 31, 2024   2 918              
Beginning Balance at Mar. 31, 2024 17,044 $ 1,659 $ 10 11,666 8,304 (1,371) (3,224) 34    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 501       501          
Other comprehensive income (loss), net of tax (41)           (41)      
Cash dividends declared (220)       (220)          
Preferred stock dividends (24)       (24)          
Shares repurchased (in shares)     (4)              
Impact of share repurchase, value (87)     (87)            
Impact of stock transactions under compensation plans, net and other, shares     1              
Impact of stock transactions under compensation plans, net and other (4)     (4)            
Other               (1)    
Ending Balance Outstanding (shares) at Jun. 30, 2024   2 915              
Ending Balance at Jun. 30, 2024 17,169 $ 1,659 $ 10 11,575 8,561 (1,371) (3,265) 33    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 490       490          
Other comprehensive income (loss), net of tax 1,371           1,371      
Cash dividends declared (229)       (229)          
Preferred stock dividends (29)       (29)          
Net proceeds from issuance of preferred stock 489 489                
Redemption of Series B preferred stock (500) $ (433)   (52) (15)          
Shares repurchased (in shares)     (4)              
Impact of share repurchase, value (101)     (101)            
Impact of stock transactions under compensation plans, net and other, shares     0              
Impact of stock transactions under compensation plans, net and other 16     16            
Other               18    
Ending Balance Outstanding (shares) at Sep. 30, 2024   2 911              
Ending Balance at Sep. 30, 2024 $ 18,676 $ 1,715 $ 10 $ 11,438 $ 8,778 $ (1,371) $ (1,894) $ 51    
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 1,359 $ 1,683
Adjustments to reconcile net income to net cash from operating activities:    
Provision (benefit from) for credit losses 367 398
Depreciation, amortization and accretion, net 123 183
Securities (gains) losses, net 178 3
Deferred income tax expense 33 24
Originations and purchases of loans held for sale (4,443) (3,591)
Proceeds from sales of loans held for sale 4,347 3,489
(Gain) loss on sale of loans, net (43) (25)
Net change in operating assets and liabilities:    
Other earning assets (208) (244)
Interest receivable and other assets 332 (225)
Other liabilities (306) (270)
Other 79 28
Net cash from operating activities 1,818 1,453
Investing activities:    
Proceeds from maturities of debt securities held to maturity 31 37
Proceeds from sales of debt securities available for sale 3,825 49
Proceeds from maturities of debt securities available for sale 2,356 2,245
Purchases of debt securities available for sale (8,074) (1,346)
Net (payments for) proceeds from bank-owned life insurance 14 0
Proceeds from sales of loans 73 184
Purchases of loans (536) (327)
Net change in loans 1,792 (2,042)
Purchases of mortgage servicing rights (137) (136)
Net purchases of other assets (104) (115)
Net cash from investing activities (760) (1,451)
Financing activities:    
Net change in deposits (1,412) (5,544)
Net change in short-term borrowings 1,500 2,000
Proceeds from long-term borrowings 3,740 2,000
Repayments of Debt 100 0
Cash dividends on common stock (662) (561)
Cash dividends on preferred stock (78) (74)
Net proceeds from issuance of preferred stock 489 0
Payments for Repurchase of Redeemable Preferred Stock (500) 0
Repurchases of common stock (290) 0
Taxes paid related to net share settlement of equity awards (25) (34)
Net cash from financing activities 2,662 (2,213)
Net change in cash and cash equivalents 3,720 (2,211)
Cash and cash equivalents at beginning of year 6,801 11,227
Cash and cash equivalents at end of year $ 10,521 $ 9,016
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.24.3
Basis Of Presentation
9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis Of Presentation
NOTE 1. BASIS OF PRESENTATION
Regions Financial Corporation (“Regions” or the "Company”) provides a full range of banking and bank-related services to individual and corporate customers through its subsidiaries and branch offices located across the South, Midwest and Texas as well as delivering specialty capabilities nationwide. Regions is subject to the regulations of certain government agencies and undergoes periodic examinations by certain regulatory authorities.
The accounting and reporting policies of Regions and the methods of applying those policies that materially affect the consolidated financial statements conform with GAAP and with general financial services industry practices. The accompanying interim financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes to the consolidated financial statements necessary for a complete presentation of financial position, results of operations, comprehensive income (loss) and cash flows in conformity with GAAP. In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair presentation of the consolidated financial statements have been included. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in Regions’ Annual Report on Form 10-K for the year ended December 31, 2023. Regions has evaluated all subsequent events for potential recognition and disclosure through the filing date of this Form 10-Q.
During 2024, the Company adopted new accounting guidance. See below and Note 13 for related disclosures.
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of Regions, its subsidiaries and certain VIEs. See Note 1 in Regions’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information about consolidation principals surrounding VIEs. On January 1, 2024, the Company adopted new accounting guidance that allows entities to elect to account for qualifying tax credit investments using the proportional amortization method, on a tax-credit program by tax-credit program basis, if certain conditions are met. Regions adopted the guidance under the modified-retrospective transition approach, with an immaterial cumulative impact recorded to retained earnings. Previously, Regions recognized equity investments in economic development projects at cost, with periodic adjustments for impairment, and applied proportional amortization to investments in affordable housing projects in accordance with other guidance. Refer to Note 2 for additional disclosures.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.24.3
Variable Interest Entities
9 Months Ended
Sep. 30, 2024
Disclosure Variable Interest Entities Schedule Of Equity Method Investments [Abstract]  
Variable Interest Entities
NOTE 2. VARIABLE INTEREST ENTITIES
Regions is involved in various entities that are considered to be VIEs, as defined by authoritative accounting literature. Generally, a VIE is a corporation, partnership, trust or other legal structure that either does not have equity investors with substantive voting rights or has equity investors that do not provide sufficient financial resources for the entity to support its activities. The following discusses the VIEs in which Regions has a significant interest.
Regions periodically invests in various limited partnerships that sponsor affordable housing projects and economic development projects, which then provide tax credits to Regions. These investments are funded through a combination of debt and equity. These partnerships meet the definition of a VIE and are collectively referred to as tax credit investments in the table below. On January 1, 2024, the Company adopted accounting guidance that allows the Company to utilize the proportional amortization method of accounting for economic development projects, which has historically been used for affordable housing projects. Economic development projects are not presented in prior periods as their balances were not material. Due to the nature of the management activities of the general partner, Regions is not the primary beneficiary of these partnerships. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023, for additional details. Additionally, Regions has loans or letters of credit commitments with certain limited partnerships. The funded portion of the loans and letters of credit are classified as commercial and industrial loans or investor real estate loans as applicable in Note 4 .
A summary of Regions’ tax credit investments and related loans and letters of credit, representing Regions’ maximum exposure to loss, is as follows: 
September 30, 2024December 31, 2023
 (In millions)
Tax credit investments included in other assets$1,495 $1,415 
Unfunded tax credit commitments included in other liabilities589 592 
Loans and letters of credit commitments674 730 
Funded portion of loans and letters of credit commitments346 395 
Three Months Ended September 30Nine Months Ended September 30
2024202320242023
 (In millions)
Tax credits and other tax benefits recognized$59 $51 $175 $151 
Tax credit amortization expense included in income tax expense49 42 142125
In addition to the investments discussed above, Regions also syndicates affordable housing investments. In these syndication transactions, Regions creates affordable housing funds in which a subsidiary is the general partner or managing member and sells limited partnership interests to third parties. Regions' general partner or managing member interest represents an insignificant interest in the affordable housing fund. The affordable housing funds meet the definition of a VIE. As Regions is not the primary beneficiary and does not have a significant interest, these investments are not consolidated. At September 30, 2024 and December 31, 2023, the value of Regions’ general partnership interest in affordable housing investments was immaterial.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.24.3
Debt Securities
9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Securities
NOTE 3. DEBT SECURITIES
The amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities held to maturity and debt securities available for sale are as follows:
 September 30, 2024
Recognized in OCI (1)
Not recognized in OCI
 Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesCarrying ValueGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$2,718 $— $(442)$2,276 $— $(16)$2,260 
Commercial agency512 — (1)511 — (12)499 
$3,230 $— $(443)$2,787 $— $(28)$2,759 
Debt securities available for sale:
U.S. Treasury securities$2,102 $13 $(69)$2,046 $2,046 
Federal agency securities461 (10)457 457 
Obligations of states and political subdivisions— — 
Mortgage-backed securities:
Residential agency21,564 199 (1,304)20,459 20,459 
Commercial agency5,135 10 (223)4,922 4,922 
Commercial non-agency92 — (7)85 85 
Corporate and other debt securities734 (13)727 727 
$30,090 $234 $(1,626)$28,698 $28,698 
 
 
December 31, 2023
Recognized in OCI (1)
Not recognized in OCI
 Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesCarrying ValueGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$247 $— $(8)$239 $— $(16)$223 
Commercial agency516 — (1)515 — (22)493 
$763 $— $(9)$754 $— $(38)$716 
Debt securities available for sale:
U.S. Treasury securities$1,322 $— $(99)$1,223 $1,223 
Federal agency securities1,085 (46)1,043 1,043 
Obligations of states and political subdivisions— — 
Mortgage-backed securities:
Residential agency19,450 52 (2,130)17,372 17,372 
Commercial agency7,807 (502)7,307 7,307 
Commercial non-agency93 — (10)83 83 
Corporate and other debt securities1,105 (35)1,074 1,074 
$30,864 $62 $(2,822)$28,104 $28,104 
_________
(1)Securities held to maturity gross unrealized losses recognized in OCI resulted from transfers of securities available for sale to held to maturity.
In the third quarter of 2024, the Company reclassified securities with an amortized cost, excluding items recognized in OCI, of $2.5 billion from available for sale to held to maturity. The Company determined it has both the positive intent and ability to hold these securities to maturity. The securities were transferred at amortized cost, in addition to the amount of any remaining unrealized holding gain or loss reported in AOCI, and represented a non-cash transaction. OCI included net pre-tax unrealized losses of $436 million at the date of transfer and the offsetting OCI components are being amortized into net interest income over the remaining life of the related securities as a yield adjustment, resulting in no impact on future net income.
Debt securities with carrying values of $20.8 billion and $24.0 billion at September 30, 2024 and December 31, 2023, respectively, were pledged to secure public funds, trust deposits and other borrowing arrangements.
The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at September 30, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost
Estimated
Fair Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$2,718 $2,260 
Commercial agency512 499 
$3,230 $2,759 
Debt securities available for sale:
Due in one year or less$411 $405 
Due after one year through five years2,023 1,967 
Due after five years through ten years726 731 
Due after ten years139 129 
Mortgage-backed securities:
Residential agency21,564 20,459 
Commercial agency5,135 4,922 
Commercial non-agency92 85 
$30,090 $28,698 
The following tables present gross unrealized losses and the related estimated fair value of debt securities held to maturity and debt securities available for sale at September 30, 2024 and December 31, 2023. For debt securities transferred to held to maturity from available for sale, the analysis in the tables below compares the securities' original amortized cost to its current estimated fair value. All securities in an unrealized position are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.
 September 30, 2024
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$— $— $2,260 $(458)$2,260 $(458)
Commercial agency— — 499 (13)499 (13)
$— $— $2,759 $(471)$2,759 $(471)
Debt securities available for sale:
U.S Treasury securities$92 $— $1,122 $(69)$1,214 $(69)
Federal agency securities— — 200 (10)200 (10)
Mortgage-backed securities:
Residential agency1,216 (6)12,079 (1,298)13,295 (1,304)
Commercial agency383 (3)3,709 (220)4,092 (223)
Commercial non-agency— — 84 (7)84 (7)
Corporate and other debt securities18 — 444 (13)462 (13)
$1,709 $(9)$17,638 $(1,617)$19,347 $(1,626)
 
 December 31, 2023
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$— $— $223 $(23)$223 $(23)
Commercial agency— — 493 (23)493 (23)
$— $— $716 $(46)$716 $(46)
Debt securities available for sale:
U.S. Treasury securities$$— $1,201 $(99)$1,207 $(99)
Federal agency securities237 (5)666 (41)903 (46)
Mortgage-backed securities:
Residential agency241 (3)15,144 (2,127)15,385 (2,130)
Commercial agency612 (7)6,583 (495)7,195 (502)
Commercial non-agency— — 82 (10)82 (10)
Corporate and other debt securities23 — 879 (35)902 (35)
$1,119 $(15)$24,555 $(2,807)$25,674 $(2,822)
The number of individual debt positions in an unrealized loss position in the tables above decreased to 1,540 at September 30, 2024 from 1,703 at December 31, 2023. The decrease in the total amount of unrealized losses was impacted by changes in market interest rates. In instances where an unrealized loss existed, there was no indication of an adverse change in credit on the underlying positions in the tables above. As it relates to these positions, management believes no individual unrealized loss represented credit impairment as of those dates. At September 30, 2024, the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, the positions before the recovery of their amortized cost bases, which may be at maturity.
Gross realized losses on sales of debt securities available for sale for the three and nine months ended September 30, 2024 totaled $92 million and $192 million, respectively, while gross realized gains totaled $14 million for both the three and nine months ended September 30, 2024. Therefore, the Company recognized net realized losses of $78 million and $178 million for the three and nine months ended September 30, 2024, respectively. Gross realized gains and losses on sales of debt securities available for sale were immaterial for three and nine months ended September 30, 2023. The cost of securities sold is based on the specific identification method. As part of the Company's normal process for evaluating impairment, including credit-related impairment, impairment identified by management was immaterial for the three and nine months ended September 30, 2024 and 2023.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.24.3
Loans And The Allowance For Credit Losses
9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Loans And The Allowance For Credit Losses
NOTE 4. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES
LOANS
The following table presents the distribution of Regions' loan portfolio by segment and class, net of unearned income:
September 30, 2024December 31, 2023
 (In millions)
Commercial and industrial$49,565 $50,865 
Commercial real estate mortgage—owner-occupied4,873 4,887 
Commercial real estate construction—owner-occupied341 281 
Total commercial54,779 56,033 
Commercial investor real estate mortgage6,562 6,605 
Commercial investor real estate construction2,250 2,245 
Total investor real estate8,812 8,850 
Residential first mortgage20,125 20,207 
Home equity lines3,130 3,221 
Home equity loans2,404 2,439 
Consumer credit card1,372 1,341 
Other consumer—exit portfolio43 
Other consumer6,158 6,245 
Total consumer33,198 33,496 
Total loans, net of unearned income$96,789 $98,379 
ALLOWANCE FOR CREDIT LOSSES
Regions determines the appropriate level of the allowance on a quarterly basis. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023, for a description of the methodology.
ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES
The following tables present analyses of the allowance for credit losses by portfolio segment for three and nine months ended September 30, 2024, and 2023.
 Three Months Ended September 30, 2024
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, July 1, 2024$736 $233 $652 $1,621 
Provision for loan losses47 10 46 103 
Loan losses:
Charge-offs(71)(12)(60)(143)
Recoveries15 — 11 26 
Net loan losses(56)(12)(49)(117)
Allowance for loan losses, September 30, 2024727 231 649 1,607 
Reserve for unfunded credit commitments, July 1, 202485 18 111 
Provision for (benefit from) unfunded credit commitments— 10 
Reserve for unfunded credit commitments, September 30, 202493 10 18 121 
Allowance for credit losses, September 30, 2024$820 $241 $667 $1,728 
 Three Months Ended September 30, 2023
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, July 1, 2023$708 $151 $654 $1,513 
Provision for loan losses25 17 93 135 
Loan losses:
Charge-offs(54)— (70)(124)
Recoveries13 — 10 23 
Net loan losses(41)— (60)(101)
Allowance for loan losses, September 30, 2023692 168 687 1,547 
Reserve for unfunded credit commitments, July 1, 202382 19 19 120 
Provision for unfunded credit commitments— 10 
Reserve for unfunded credit commitments, September 30, 202390 19 21 130 
Allowance for credit losses, September 30, 2023$782 $187 $708 $1,677 
 Nine Months Ended September 30, 2024
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, January 1, 2024$722 $192 $662 $1,576 
Provision for loan losses166 54 150 370
Loan losses:
Charge-offs(194)(17)(196)(407)
Recoveries33 33 68 
Net loan losses(161)(15)(163)(339)
Allowance for loan losses, September 30, 20247272316491,607
Reserve for unfunded credit commitments, January 1, 202492 13 19 124 
Provision for (benefit from) unfunded credit losses(3)(1)(3)
Reserve for unfunded credit commitments, September 30, 202493 10 18 121 
Allowance for credit losses, September 30, 2024$820 $241 $667 $1,728 
 Nine Months Ended September 30, 2023
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, December 31, 2022$665 $121 $678 $1,464 
Cumulative effect of accounting guidance (1)
(3)(3)(32)(38)
Allowance for loan losses, January 1, 2023 (adjusted for change in accounting guidance)$662 $118 $646 $1,426 
Provision for loan losses141 50 195 386 
Loan losses:
Charge-offs(155)— (186)(341)
Recoveries44 — 32 76 
Net loan losses(111)— (154)(265)
Allowance for loan losses, September 30, 2023692 168 687 1,547 
Reserve for unfunded credit commitments, January 1, 202372 21 25 118 
Provision for (benefit from) unfunded credit losses18 (2)(4)12 
Reserve for unfunded credit commitments, September 30, 202390 19 21 130 
Allowance for credit losses, September 30, 2023$782 $187 $708 $1,677 
_____
(1) See Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
PORTFOLIO SEGMENT RISK FACTORS
Regions' portfolio segments are commercial, investor real estate, and consumer. Classes within each segment present unique credit risks. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2023 for information regarding Regions' portfolio segments and related classes, as well as the risks specific to each.
CREDIT QUALITY INDICATORS
The commercial and investor real estate portfolio segments' primary credit quality indicator is internal risk ratings which are detailed by categories related to underlying credit quality and probability of default. Regions assigns these risk ratings at loan origination and reviews the relationship utilizing a risk-based approach on, at minimum, an annual basis or at any time management becomes aware of information affecting the borrowers' ability to fulfill their obligations. Both quantitative and qualitative factors are considered in this review process. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2023 for information regarding commercial risk ratings.
Regions' consumer portfolio segment has various classes that present unique credit risks. Regions considers factors such as periodic updates of FICO scores, accrual status, days past due status, unemployment rates, and home prices as credit quality indicators for the consumer loan portfolio. FICO scores are obtained at origination as part of Regions' formal underwriting process. Refreshed FICO scores are obtained by the Company quarterly for all consumer loans, including residential first mortgage loans. Current FICO data is not available for certain loans in the portfolio for various reasons; for example, if customers do not use sufficient credit, an updated score may not be available. These categories are utilized to develop the associated allowance for credit losses. The higher the FICO score the less probability of default and vice versa.
The following tables present applicable credit quality indicators for the loan portfolio segments and classes, excluding loans held for sale as of September 30, 2024 and December 31, 2023 and gross charge-offs for the year to date period ended September 30, 2024 and 2023, both by vintage year. Regions defines the vintage date for the purposes of disclosure as the date of the most recent credit decision. In general, renewals that are categorized as new credit decisions reflect the renewal date as the vintage date. Classes in the commercial and investor real estate portfolio segments are disclosed by risk rating. Classes in the consumer portfolio segment are disclosed by current FICO scores. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2023 for more information regarding Regions' credit quality indicators.
September 30, 2024
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20242023202220212020Prior
(In millions)
Commercial and industrial:
Risk rating:
   Pass$5,714 $5,710 $6,969 $3,774 $1,775 $3,855 $18,878 $— $99 $46,774 
   Special Mention76 292 177 19 54 327 — — $953 
   Substandard Accrual52 278 263 93 73 641 — — $1,408 
   Non-accrual10 104 165 26 23 97 — — $430 
Total commercial and industrial$5,852 $6,384 $7,574 $3,912 $1,842 $3,959 $19,943 $— $99 $49,565 
Commercial real estate mortgage—owner-occupied:
Risk rating:
   Pass$630 $705 $845 $858 $544 $883 $94 $— $(5)$4,554 
   Special Mention18 47 26 13 48 — — $157 
   Substandard Accrual32 34 11 33 — — $119 
   Non-accrual18 — — — $43 
Total commercial real estate mortgage—owner-occupied:$639 $730 $930 $936 $573 $973 $97 $— $(5)$4,873 
Commercial real estate construction—owner-occupied:
Risk rating:
   Pass$98 $74 $43 $33 $21 $42 $$— $— $317 
   Special Mention— — — — — — — $14 
   Substandard Accrual— — — — — — — — $
   Non-accrual— — — — — — — $
Total commercial real estate construction—owner-occupied:$98 $80 $55 $33 $22 $47 $$— $— $341 
Total commercial$6,589 $7,194 $8,559 $4,881 $2,437 $4,979 $20,046 $— $94 $54,779 
Commercial investor real estate mortgage:
Risk rating:
   Pass$979 $854 $1,645 $996 $326 $248 $325 $— $(2)$5,371 
   Special Mention63 38 209 39 79 — — $441 
   Substandard Accrual146 63 120 24 — 108 — — $463 
   Non-accrual139 46 51 — — 51 — — — $287 
Total commercial investor real estate mortgage$1,327 $1,001 $2,025 $1,059 $405 $310 $437 $— $(2)$6,562 
Commercial investor real estate construction:
Risk rating:
   Pass$123 $340 $641 $— $— $$791 $— $(14)$1,883 
   Special Mention— 28 183 — — — 71 — — $282 
   Substandard Accrual— — 63 — — — 22 — — $85 
   Non-accrual— — — — — — — — — $— 
Total commercial investor real estate construction$123 $368 $887 $— $— $$884 $— $(14)$2,250 
Total investor real estate$1,450 $1,369 $2,912 $1,059 $405 $312 $1,321 $— $(16)$8,812 
Residential first mortgage:
FICO scores:
   Above 720$825 $1,986 $2,798 $4,154 $4,087 $2,830 $— $— $— $16,680 
   681-72088 198 265 284 236 307 — — — 1,378 
   620-68038 83 130 134 103 300 — — — 788 
   Below 62060 131 141 95 425 — — — 860 
   Data not available19 32 17 41 45 90 — 172 419 
Total residential first mortgage$978 $2,359 $3,341 $4,754 $4,566 $3,952 $$— $172 $20,125 
September 30, 2024
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20242023202220212020Prior
(In millions)
Home equity lines:
FICO scores:
   Above 720$— $— $— $— $— $— $2,314 $48 $— $2,362 
   681-720— — — — — — 344 10 — 354 
   620-680— — — — — — 184 10 — 194 
   Below 620— — — — — — 95 — 102 
   Data not available— — — — — — 83 30 118 
Total home equity lines$— $— $— $— $— $— $3,020 $80 $30 $3,130 
Home equity loans:
FICO scores:
   Above 720$252 $278 $322 $344 $171 $506 $— $— $— $1,873 
   681-72040 44 51 42 18 60 — — — 255 
   620-68016 20 24 21 51 — — — 141 
   Below 62013 14 38 — — — 77 
   Data not available26 — — 16 58 
Total home equity loans$310 $349 $414 $427 $207 $681 $— $— $16 $2,404 
Consumer credit card:
FICO scores:
Above 720$— $— $— $— $— $— $790 $— $— $790 
681-720— — — — — — 266 — — 266 
620-680— — — — — — 218 — — 218 
Below 620— — — — — — 106 — — 106 
Data not available— — — — — — 23 — (31)(8)
Total consumer credit card$— $— $— $— $— $— $1,403 $— $(31)$1,372 
Other consumer—exit portfolios:
FICO scores:
   Above 720$— $— $— $— $— $$— $— $— $
   681-720— — — — — — — — 
   620-680— — — — — — — — 
   Below 620— — — — — — — — 
   Data not available— — — — — — — — (1)(1)
Total other consumer—exit portfolios$— $— $— $— $— $10 $— $— $— $(1)$
Other consumer(2):
FICO scores:
   Above 720$717 $1,091 $1,387 $441 $246 $227 $116 $— $— $4,225 
   681-720122 215 306 102 54 43 62 — — 904 
   620-68063 126 203 72 33 28 51 — — 576 
   Below 62012 47 120 45 21 16 32 — — 293 
   Data not available82 10 161 — (111)160 
Total other consumer$996 $1,483 $2,026 $667 $359 $475 $263 $— $(111)$6,158 
Total consumer loans$2,284 $4,191 $5,781 $5,848 $5,132 $5,118 $4,689 $80 $75 $33,198 
Total Loans$10,323 $12,754 $17,252 $11,788 $7,974 $10,409 $26,056 $80 $153 $96,789 
December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20232022202120202019Prior
(In millions)
Commercial and industrial:
Risk rating:
   Pass$8,272 $9,123 $5,267 $2,326 $1,376 $3,210 $18,561 $— $53 $48,188 
   Special Mention87 186 71 109 26 90 484 — — 1,053 
   Substandard Accrual141 212 74 38 678 — — 1,153 
   Non-accrual128 102 37 20 10 168 — — 471 
Total commercial and industrial$8,628 $9,623 $5,449 $2,479 $1,429 $3,313 $19,891 $— $53 $50,865 
Commercial real estate mortgage—owner-occupied:
Risk rating:
   Pass$799 $954 $988 $658 $343 $801 $76 $— $(5)$4,614 
   Special Mention21 13 33 20 13 14 — — 121 
   Substandard Accrual34 32 14 24 — — 116 
   Non-accrual10 — — — 36 
Total commercial real estate mortgage—owner-occupied:$827 $1,004 $1,063 $700 $361 $846 $91 $— $(5)$4,887 
Commercial real estate construction—owner-occupied:
Risk rating:
   Pass$89 $53 $44 $24 $11 $38 $$— $— $262 
   Special Mention— — — — — — — 
   Substandard Accrual— — — — — — 
   Non-accrual— — — — — — 
Total commercial real estate construction—owner-occupied:$91 $61 $44 $27 $11 $44 $$— $— $281 
Total commercial$9,546 $10,688 $6,556 $3,206 $1,801 $4,203 $19,985 $— $48 $56,033 
Commercial investor real estate mortgage:
Risk rating:
   Pass$1,130 $1,587 $1,135 $488 $296 $110 $383 $— $(4)$5,125 
   Special Mention269 247 52 59 30 — 90 — — 747 
   Substandard Accrual134 197 — 67 67 32 — — 500 
   Non-accrual99 57 37 — 12 28 — — — 233 
Total commercial investor real estate mortgage$1,632 $2,088 $1,224 $614 $405 $141 $505 $— $(4)$6,605 
Commercial investor real estate construction:
Risk rating:
   Pass$256 $836 $280 $26 $$$649 $— $(15)$2,035 
   Special Mention— 122 — — — — 59 — — 181 
   Substandard Accrual— 25 — — — — — — 29 
   Non-accrual— — — — — — — — — — 
Total commercial investor real estate construction$256 $983 $280 $26 $$$712 $— $(15)$2,245 
Total investor real estate$1,888 $3,071 $1,504 $640 $407 $142 $1,217 $— $(19)$8,850 
Residential first mortgage:
FICO scores:
   Above 720$1,939 $2,863 $4,358 $4,390 $816 $2,353 $— $— $— $16,719 
   681-720226 298 355 255 52 294 — — — 1,480 
   620-68086 153 153 112 43 270 — — — 817 
   Below 62021 90 122 87 53 389 — — — 762 
   Data not available33 16 49 46 11 92 — 181 429 
Total residential first mortgage$2,305 $3,420 $5,037 $4,890 $975 $3,398 $$— $181 $20,207 
December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20232022202120202019Prior
(In millions)
Home equity lines:
FICO scores:
   Above 720$— $— $— $— $— $— $2,399 $45 $— $2,444 
   681-720— — — — — — 346 11 — 357 
   620-680— — — — — — 184 — 193 
   Below 620— — — — — — 97 — 104 
   Data not available— — — — — — 85 33 123 
Total home equity lines$— $— $— $— $— $— $3,111 $77 $33 $3,221 
Home equity loans:
FICO scores:
   Above 720$322 $370 $397 $205 $93 $529 $— $— $— $1,916 
   681-72053 62 49 22 14 60 — — — 260 
   620-68019 27 23 52 — — — 137 
   Below 62012 35 — — — 69 
   Data not available25 — — 16 57 
Total home equity loans$397 $471 $486 $243 $125 $701 $— $— $16 $2,439 
Consumer credit card:
FICO scores:
Above 720$— $— $— $— $— $— $780 $— $— $780 
681-720— — — — — — 254 — — 254 
620-680— — — — — — 210 — — 210 
Below 620— — — — — — 95 — — 95 
Data not available— — — — — — 20 — (18)
Total consumer credit card$— $— $— $— $— $— $1,359 $— $(18)$1,341 
Other consumer—exit portfolios:
FICO scores:
   Above 720$— $— $— $— $$22 $— $— $— $24 
   681-720— — — — — — — 
   620-680— — — — — — — — 
   Below 620— — — — — — — 
   Data not available— — — — — — — — 
Total other consumer—exit portfolios$— $— $— $— $$39 $— $— $— $43 
Other consumer(2):
FICO scores:
   Above 720$1,312 $1,519 $501 $284 $155 $118 $119 $— $— $4,008 
   681-720270 409 136 74 34 29 67 — — 1,019 
   620-680178 294 103 50 21 20 53 — — 719 
   Below 62052 147 65 31 14 13 30 — — 352 
   Data not available94 10 114 65 — (149)147 
Total other consumer$1,906 $2,379 $812 $444 $338 $245 $270 $— $(149)$6,245 
Total consumer loans$4,608 $6,270 $6,335 $5,577 $1,442 $4,383 $4,741 $77 $63 $33,496 
Total Loans$16,042 $20,029 $14,395 $9,423 $3,650 $8,728 $25,943 $77 $92 $98,379 
________
(1)These amounts consist of fees that are not allocated at the loan level and loans serviced by third parties wherein Regions does not receive FICO or vintage information.
(2)Other consumer class includes overdrafts which are included in the current vintage year.
The following tables present gross charge-offs by vintage year for the nine months ended September 30, 2024 and 2023.
Nine Months Ended September 30, 2024
Term LoansRevolving LoansTotal
20242023202220212020Prior
(In millions)
Commercial and industrial$$52 $51 $12 $$$56 $192 
Commercial real estate mortgage—owner-occupied— — — — — 
Total commercial52 51 13 10 56 194 
Commercial investor real estate mortgage— — — — 17 
Total investor real estate— — — — 17 
Residential first mortgage— — — — — — 
Home equity lines— — — — — — 
Consumer credit card— — — — — — 47 47 
Other consumer—exit portfolios— — — — — — 
Other consumer(1)
28 30 46 15 11 144 
Total consumer28 30 46 15 13 57 196 
Total gross charge-offs$34 $82 $103 $33 $13 $29 $113 $407 
Nine Months Ended September 30, 2023
Term LoansRevolving LoansTotal
20232022202120202019Prior
(In millions)
Commercial and industrial$$49 $47 $22 $12 $12 $$154 
Commercial real estate mortgage—owner-occupied— — — — — — 
Total commercial49 47 22 12 12 155 
Residential first mortgage— — — — — — 
Home equity lines— — — — — — 
Home equity loans— — — — — — 
Consumer credit card— — — — — — 38 38 
Other consumer—exit portfolios— — — — — 11 
Other consumer(1)
38 40 25 13 — 132 
Total consumer38 40 25 13 11 18 41 186 
Total gross charge-offs$42 $89 $72 $35 $23 $30 $50 $341 
______
(1)Other consumer class includes overdraft gross charge-offs. The majority of overdraft gross charge-offs for the nine months ended September 30, 2024 and 2023 are included in the current vintage year.
AGING AND NON-ACCRUAL ANALYSIS
The following tables include an aging analysis of DPD and loans on non-accrual status for each portfolio segment and class as of September 30, 2024 and December 31, 2023. Loans on non-accrual status with no related allowance totaled $195 million and $280 million and were comprised of commercial and investor real estate loans at September 30, 2024 and December 31, 2023, respectively. Non–accrual loans with no related allowance typically include loans where the underlying collateral is deemed sufficient to recover all remaining principal. Loans that have been fully charged-off do not appear in the tables below.
 September 30, 2024
 Accrual Loans   
 30-59 DPD60-89 DPD90+ DPDTotal
30+ DPD
Total
Accrual
Non-accrualTotal
 (In millions)
Commercial and industrial$39 $43 $$85 $49,135 $430 $49,565 
Commercial real estate mortgage—owner-occupied4,830 43 4,873 
Commercial real estate construction—owner-occupied— — — — 335 341 
Total commercial42 44 90 54,300 479 54,779 
Commercial investor real estate mortgage45 — 40 85 6,275 287 6,562 
Commercial investor real estate construction— — — — 2,250 — 2,250 
Total investor real estate45 — 40 85 8,525 287 8,812 
Residential first mortgage112 55 121 288 20,102 23 20,125 
Home equity lines15 16 40 3,104 26 3,130 
Home equity loans19 2,398 2,404 
Consumer credit card10 19 38 1,372 — 1,372 
Other consumer—exit portfolios— — — 
Other consumer45 22 22 89 6,158 — 6,158 
Total consumer191 99 185 475 33,143 55 33,198 
$278 $143 $229 $650 $95,968 $821 $96,789 
 
 December 31, 2023
 Accrual Loans   
 30-59 DPD60-89 DPD90+ DPDTotal
30+ DPD
Total
Accrual
Non-accrualTotal
 (In millions)
Commercial and industrial$43 $21 $11 $75 $50,394 $471 $50,865 
Commercial real estate mortgage—owner-occupied— 4,851 36 4,887 
Commercial real estate construction—owner-occupied— — 273 281 
Total commercial46 24 11 81 55,518 515 56,033 
Commercial investor real estate mortgage— — 23 23 6,372 233 6,605 
Commercial investor real estate construction— — — — 2,245 — 2,245 
Total investor real estate— — 23 23 8,617 233 8,850 
Residential first mortgage104 48 95 247 20,185 22 20,207 
Home equity lines17 10 20 47 3,192 29 3,221 
Home equity loans10 21 2,433 2,439 
Consumer credit card11 20 39 1,341 — 1,341 
Other consumer—exit portfolios— 43 — 43 
Other consumer60 31 29 120 6,245 — 6,245 
Total consumer204 102 171 477 33,439 57 33,496 
$250 $126 $205 $581 $97,574 $805 $98,379 
At September 30, 2024 and December 31, 2023, the Company had collateral-dependent commercial loans of $218 million and $220 million, respectively. At September 30, 2024 and December 31, 2023, the Company had collateral-dependent investor
real estate loans of $199 million and $92 million, respectively. The collateral for commercial and investor real estate loans generally consists of business assets including real estate, receivables and equipment. At September 30, 2024 and December 31, 2023, the Company had collateral-dependent residential mortgage and home equity loans and lines totaling $113 million and $93 million, respectively. The collateral for these loans consists of residential real estate. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional details for the criteria of collateral dependent loans.
MODIFICATIONS TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
The majority of Regions' commercial and investor real estate modifications to troubled borrowers are the result of renewals of classified loans wherein there has been an interest rate reduction and/or maturity extension (that is considered other than insignificant). Similarly, Regions works to meet the individual needs of troubled consumer borrowers through its CAP. Regions designed the program to allow for customer-tailored modifications with the goal of keeping customers in their homes and avoiding foreclosure where possible. Modifications may be offered to any borrower experiencing financial hardship regardless of the borrower's payment status. Consumer modifications to troubled borrowers primarily involve an interest rate reduction and/or a payment deferral or maturity extension that is considered other than insignificant. All CAP modifications that involve an interest rate reduction, principal forgiveness, other than insignificant payment deferral or term extension and/or a combination of these are disclosed as modifications to troubled borrowers because the customer documents a financial hardship in order to participate. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding the Company's modifications to troubled borrowers.
For each portfolio segment and class, the following tables present the end of period balances of new modifications to troubled borrowers and the related percentage of the loan portfolio period-end balance by the type of modification that occurred in the three and nine months ended September 30, 2024 and 2023.
Three Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationOtherTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$21 0.04 %$— — %$33 0.07 %$— — %$54 0.11 %
Commercial real estate mortgage—owner-occupied0.04 %— — %— — %— — %0.04 %
Total commercial23 0.04 %— — %33 0.06 %— — %56 0.10 %
Commercial investor real estate mortgage72 1.10 %— — %— — %29 0.44 %101 1.54 %
Total investor real estate72 0.82 %— — %— — %29 0.33 %101 1.14 %
Residential first mortgage37 0.18 %0.01 %0.01 %— — %40 0.20 %
Home equity lines— — %— — %0.13 %— — %0.13 %
Home equity loans0.05 %— — %0.08 %— — %0.13 %
Total consumer38 0.11 %— %0.02 %— — %47 0.14 %
$133 0.14 %$— %$41 0.04 %$29 0.03 %$204 0.21 %
Three Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment DeferralTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$197 0.38 %$0.02 %$— — %$48 0.09 %$254 0.49 %
Commercial real estate mortgage—owner-occupied0.06 %— — %— — %— — %0.06 %
Total commercial200 0.35 %0.02 %— — %48 0.08 %257 0.45 %
Commercial investor real estate mortgage89 1.39 %— — %— — %— — %89 1.39 %
Commercial investor real estate construction0.08 %— — %— — %— — %0.08 %
Total investor real estate91 1.04 %— — %— — %— — %91 1.04 %
Residential first mortgage25 0.12 %0.01 %0.01 %— — %28 0.14 %
Home equity lines— — %— — %0.04 %— — %0.05 %
Home equity loans0.04 %— — %0.05 %— — %0.09 %
Total consumer26 0.08 %0.01 %0.01 %— — %32 0.10 %
Total$317 0.32 %$11 0.01 %$— %$48 0.05 %$380 0.38 %
Nine Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationOtherTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$51 0.10 %$— — %$33 0.07 %$— — %$84 0.17 %
Commercial real estate mortgage—owner-occupied0.08 %— — %— — %— — %0.09 %
Total commercial55 0.10 %— — %33 0.06 %— — %88 0.16 %
Commercial investor real estate mortgage99 1.51 %— — %— — %29 0.44 %128 1.95 %
Total investor real estate99 1.13 %— — %— — %29 0.33 %128 1.46 %
Residential first mortgage115 0.57 %0.01 %0.02 %— — %121 0.60 %
Home equity lines— 0.01 %— — %0.21 %— — %0.22 %
Home equity loans0.13 %— — %0.24 %— — %0.37 %
Total consumer118 0.36 %0.01 %17 0.05 %— — %137 0.41 %
$272 0.28 %$— %$50 0.05 %$29 0.03 %$353 0.36 %
Nine Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment DeferralTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$255 0.49 %$148 0.29 %$— — %$48 0.09 %$451 0.87 %
Commercial real estate mortgage—owner-occupied0.18 %— — %— — %— — %0.18 %
Commercial real estate construction—owner-occupied0.71 %— — %— — %— — %0.86 %
Total commercial266 0.47 %148 0.26 %— — %48 0.08 %462 0.81 %
Commercial investor real estate mortgage151 2.35 %— — %— — %— — %151 2.35 %
Commercial investor real estate construction0.08 %— — %— — %— — %0.08 %
Total investor real estate153 1.75 %— — %— — %— — %153 1.75 %
Residential first mortgage72 0.36 %0.01 %0.02 %— — %78 0.39 %
Home equity lines0.02 %— — %0.08 %— — %0.10 %
Home equity loans0.13 %— — %0.15 %— — %0.29 %
Total consumer76 0.23 %0.01 %0.03 %— — %88 0.26 %
Total$495 0.45 %$151 0.15 %$0.01 %$48 0.05 %$703 0.71 %
____
(1) Amounts calculated based upon whole dollar values.
The end of period balance of unfunded commitments related to modifications to troubled borrowers at September 30, 2024 was $65 million and at December 31, 2023 was $106 million.
The following tables present the financial impact of modifications to troubled borrowers during the three and nine months ended September 30, 2024 and 2023 by portfolio segment, class of financing receivable, and the type of modification. The tables include new modifications to troubled borrowers, as well as renewals of existing modifications to troubled borrowers.
Three Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate Modification
Weighted-Average Term Extension Weighted-Average Payment DeferralWeighted-Average Term Extension Weighted-Average Reduction in Interest Rate
(In years, except for percentage data)
Commercial and industrial1.08— 1.17less than 2%
Commercial real estate mortgage—owner-occupied1.42— — — 
Commercial investor real estate mortgage0.17— — — 
Residential first mortgage70.424less than 1%
Home equity lines— — 24%
Home equity loans16— 24%
Three Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment Deferral
Weighted-Average Term Extension Weighted-Average Payment Deferral Weighted-Average Term Extension Weighted-Average Reduction in Interest RateWeighted-Average Term Extension Weighted-Average Payment Deferral
(In years, except for percentage data)
Commercial and industrial0.670.25— — 22
Commercial real estate mortgage—owner-occupied0.92— — — — — 
Commercial investor real estate mortgage0.58— — — — — 
Commercial investor real estate construction0.42— — — — — 
Residential first mortgage70.927%— — 
Home equity lines— — 20%— — 
Home equity loans12— 15%— — 

Nine Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate Modification
Weighted-Average Term Extension Weighted-Average Payment Deferral Weighted-Average Term Extension Weighted-Average Reduction in Interest Rate
(In years, except for percentage data)
Commercial and industrial1.83— 1.17less than 2%
Commercial real estate mortgage—owner-occupied1.00— — — 
Commercial investor real estate mortgage0.75— — — 
Residential first mortgage70.55less than 1%
Home equity lines— — 23%
Home equity loans12— 25%
Nine Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment Deferral
Weighted-Average Term ExtensionWeighted-Average Payment Deferral Weighted-Average Term Extension Weighted-Average Reduction in Interest RateWeighted-Average Term Extension Weighted-Average Payment Deferral
(In years, except for percentage data)
Commercial and industrial0.750.5— — 22
Commercial real estate mortgage—owner-occupied0.83— — — — — 
Commercial real estate construction—owner-occupied0.25— — — 
Commercial investor real estate mortgage0.67— — — — — 
Commercial investor real estate construction0.42— — — — — 
Residential first mortgage60.927%— — 
Home equity lines18— 19%— — 
Home equity loans14— 15%— — 
In addition to the financial impacts in the table above, during the three and nine months ended September 30, 2024, the Company had an other modification type in which a commercial investor real estate loan was modified from amortizing to an interest-only structure. Under this structure the interest was extended for an average of two months and principal payments were deferred. Also during the nine months ended September 30, 2023, there were instances of commercial and industrial payment deferrals in which the amortization period was doubled to maturity.
The following tables include the end of period balances of aging and non-accrual performance for modifications to troubled borrowers modified in the previous twelve-month period by portfolio segment and class as of September 30, 2024 and in the previous nine-month period since adoption of the related accounting guidance by portfolio segment and class as of September 30, 2023. Refer to Note 1 and Note 5 in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information on the adoption of new accounting guidance.
September 30, 2024
Current30-89 DPD90+ DPDNon-Performing LoansTotal
(In millions)
Commercial and industrial$101 $— $— $46 $147 
Commercial real estate mortgage—owner-occupied— — 
Total commercial104 — — 48 152 
Commercial investor real estate mortgage103 27 — 134 264 
Total investor real estate103 27 — 134 264 
Residential first mortgage106 20 11 142 
Home equity lines— — 
Home equity loans— 10 
Total consumer121 21 11 160 
$328 $48 $11 $189 $576 
September 30, 2023
Current30-89 DPD90+ DPDNon-Performing LoansTotal
(In millions)
Commercial and industrial$258 $$$186 $451 
Commercial real estate mortgage—owner-occupied— — 
Commercial real estate construction—owner-occupied— — — 
Total commercial262 193 462 
Commercial investor real estate mortgage40 48 — 63 151 
Commercial investor real estate construction— — — 
Total investor real estate42 48 — 63 153 
Residential first mortgage63 10 78 
Home equity lines— — — 
Home equity loans— — 
Total consumer71 10 88 
$375 $60 $$260 $703 
For modifications to troubled borrowers, a subsequent payment default is defined in terms of delinquency when a principal or interest payment is 90 days past due, or classified as non-accrual status during the reporting period. As of September 30, 2024, subsequent defaults of the loans restructured as a modification to a troubled borrower during the three and nine months ended September 30, 2024 totaled $49 million and $183 million, respectively. These amounts were immaterial for the three and nine months ended September 30, 2023.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.24.3
Servicing of Financial Assets
3 Months Ended
Sep. 30, 2024
Transfers and Servicing of Financial Assets [Abstract]  
Servicing of Financial Assets
NOTE 5. SERVICING OF FINANCIAL ASSETS
RESIDENTIAL MORTGAGE BANKING ACTIVITIES
The fair value of residential MSRs is calculated using various assumptions including future cash flows, market discount rates, expected prepayment rates, servicing costs and other factors. A significant change in prepayments of mortgages in the servicing portfolio could result in significant changes in the valuation adjustments, thus creating potential volatility in the carrying amount of residential MSRs. The Company compares fair value estimates and assumptions to observable market data where available, and also considers recent market activity and actual portfolio experience.
The table below presents an analysis of residential MSRs under the fair value measurement method: 
Three Months Ended September 30Nine Months Ended September 30
 2024202320242023
 (In millions)
Carrying value, beginning of period
$1,020 $801 $906 $812 
Additions20 20 
Purchases (1)
4106134 138 
Increase (decrease) in fair value(2):
Due to change in valuation inputs or assumptions(28)45 41 
Economic amortization associated with borrower repayments (3)
(33)(28)(93)(79)
Carrying value, end of period
$971 $932 $971 $932 
_________
(1)Purchases of residential MSRs can be structured with cash hold back provisions, therefore the timing of payment may be made in future periods.
(2)Included in mortgage income. Amounts presented exclude offsetting impact from related derivatives.
(3)Includes both total loan payoffs as well as partial paydowns. Regions' MSR decay methodology is a discounted net cash flow approach.
Data and assumptions used in the fair value calculation, as well as the valuation’s sensitivity to rate fluctuations, related to residential MSRs (excluding related derivative instruments): 
September 30
 20242023
 (Dollars in millions)
Unpaid principal balance$68,361 $61,452 
Weighted-average CPR (%)9.0 %7.7 %
Estimated impact on fair value of a 10% increase$(46)$(59)
Estimated impact on fair value of a 20% increase$(87)$(100)
Option-adjusted spread (basis points)496 483 
Estimated impact on fair value of a 10% increase$(21)$(20)
Estimated impact on fair value of a 20% increase$(43)$(40)
Weighted-average coupon interest rate3.8 %3.7 %
Weighted-average remaining maturity (months)298303
Weighted-average servicing fee (basis points)27.3 27.3 
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in a particular assumption on the fair value of the residential MSRs is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. The derivative instruments utilized by Regions would serve to reduce the estimated impacts to fair value included in the table above.
Servicing related fees, which include contractually specified servicing fees, late fees and other ancillary income resulting from the servicing of residential mortgage loans totaled $53 million and $42 million for the three months ended September 30, 2024 and 2023, respectively and $143 million and $119 million for the nine months ended September 30, 2024 and 2023, respectively.
Residential mortgage loans are sold in the secondary market with standard representations and warranties regarding certain characteristics such as the quality of the loan, the absence of fraud, the eligibility of the loan for sale and the future servicing associated with the loan. Regions may be required to repurchase these loans at par, or make-whole or indemnify the purchasers for losses incurred when representations and warranties are breached.
Regions maintains an immaterial repurchase liability related to residential mortgage loans sold with representations and warranty provisions. This repurchase liability is reported in other liabilities on the consolidated balance sheets and reflects management’s estimate of losses based on historical repurchase and loss trends, as well as other factors that may result in anticipated losses different from historical loss trends. Adjustments to this reserve are recorded in other non-interest expense on the consolidated statements of income.
COMMERCIAL MORTGAGE BANKING ACTIVITIES
Regions is an approved DUS lender. The DUS program provides liquidity to the multi-family housing market. In connection with the DUS program, Regions services commercial mortgage loans, retains commercial MSRs and intangible assets associated with the DUS license, and assumes a loss share guarantee associated with the loans. See Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information. Also see Note 12 for additional information related to the guarantee.
Regions' DUS portfolio of MSRs totaled $86 million and $87 million at September 30, 2024 and December 31, 2023, respectively. Regions periodically evaluates DUS MSRs for impairment based on fair value. The estimated fair value of the DUS MSRs was approximately $108 million at September 30, 2024 and $109 million at December 31, 2023.
Servicing related fees in connection with the DUS program, which include contractually specified servicing fees, late fees and other ancillary income resulting from the servicing of DUS commercial mortgage loans totaled $6 million and $5 million for the three months ended September 30, 2024 and 2023, respectively and $19 million and $17 million for the nine months ended September 30, 2024 and 2023.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.24.3
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss)
9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss)
NOTE 6. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
PREFERRED STOCK
The following table presents a summary of the non-cumulative perpetual preferred stock:
September 30, 2024December 31, 2023
Issuance DateEarliest Redemption Date
Dividend Rate (1)
Liquidation AmountLiquidation preference per ShareLiquidation preference per Depositary ShareOwnership Interest per Depositary ShareShares Issued and OutstandingCarrying AmountCarrying Amount
(Dollars in millions, except for share and per share amounts)
Series B(2)
4/29/20149/15/20246.375 %$— $1,000 $25 1/40th— $— $433 
Series C4/30/20195/15/20295.700 %
(3)
500 1,000 25 1/40th500,000490 490 
Series D6/5/20209/15/20255.750 %
(4)
350 100,000 1,000 1/100th3,500346 346 
Series E5/4/20216/15/20264.450 %400 1,000 25 1/40th400,000390 390 
Series F7/29/20249/15/20296.950 %
(5)
500 1,000 25 1/40th500,000 489 — 
$1,750 1,403,500 $1,715 $1,659 
_________
(1)Dividends on all series of preferred stock, if declared, accrue and are payable quarterly in arrears.
(2)The shares were fully redeemed on September 16, 2024.
(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 3.410% which includes a 0.262% spread adjustment for the transition to SOFR in accordance with ISDA protocols.
(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%.
(5)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2024, 6.950% and (ii) for each period beginning on or after September 15, 2029, the five-year Treasury rate as of the most recent reset dividend determination date plus 2.771%
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 C, Series D, Series E, and Series F preferred stock.
The Board of Directors declared cash dividends of $74 million on Series B, Series C, Series D, and Series E of preferred stock during both the first nine months of 2024 and 2023. The initial quarterly cash dividend for Series F preferred stock was declared in the third quarter of 2024 (representing a partial dividend period) for $4 million. Therefore, a total of $78 million in cash dividends on total preferred stock was declared in the first nine months of 2024.
During the third quarter of 2024, Regions issued $500 million in depositary shares each representing a 1/40th ownership interest in a share of the Company's Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share ("Series F preferred stock"), with a liquidation preference of $1,000 per share of Series F preferred stock (equivalent to $25.00 per depositary share). The Company incurred $11 million of issuance costs associated with the transaction.
During the third quarter of 2024, the Company redeemed all 500,000 outstanding shares of Series B non-cumulative perpetual preferred stock and the corresponding depositary fractional shares at par for $500 million. Upon redemption, additional paid-in-capital was reduced by $52 million related to Series B preferred dividends that were recorded as a reduction of preferred stock, including related surplus, and net income available to common shareholders was reduced by $15 million related to issuance costs.
In the event Series C, Series D, Series E, or Series F preferred shares are redeemed in full at their respective liquidation amounts, $10 million, $4 million, $10 million, or $11 million in excess of the redemption amount over the carrying amount will be recognized, respectively. These excess amounts 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
The Company's SCB from the fourth quarter of 2023 through the third quarter of 2024 was 2.5 percent. On June 28, 2024, Regions announced that the Company received its results of the 2024 stress test from the FRB, reflecting that the Company exceeded all minimum capital levels. The Company's preliminary SCB will remain floored at 2.5 percent from the fourth quarter of 2024 through the third quarter of 2025.
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 September 30, 2024, Regions had repurchased approximately 31 million shares of common stock at a total cost of $557 million under this plan. All of these shares were immediately retired upon repurchase and therefore were not included in treasury stock.
In the third quarter of 2024, the Board declared a cash dividend of $0.25 per share, a $0.01 increase to the quarterly
common stock dividend. The cash dividends declared for the first and second quarters of 2024 were $0.24 per common share. Therefore, Regions declared total dividends of $0.73 per common share for the first nine months of 2024 as compared to $0.64 per common share first nine months of 2023.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the balances and activity in AOCI on a pre-tax and net of tax basis for the three and nine months ended September 30, 2024 and 2023 : 
 Three Months Ended September 30, 2024
 Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
 (In millions)
Total accumulated other comprehensive income (loss), beginning of period$(4,379)$1,114 $(3,265)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(8)$$(7)
Unrealized gains (losses) on securities transferred from available for sale during the period(436)111 (325)
Reclassification adjustments for amortization on unrealized losses on securities transferred to held for maturity (2)
— 
Change in AOCI from securities held to maturity activity in the period(435)111 (324)
Ending balance$(443)$112 $(331)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(3,074)$783 $(2,291)
Unrealized (gains) losses on securities transferred to held to maturity during the period436 (111)325 
Unrealized gains (losses) arising during the period1,168 (298)870 
Reclassification adjustments for securities (gains) losses realized in net income (3)
78 (20)58 
Change in AOCI from securities available for sale activity in the period1,682 (429)1,253 
Ending balance$(1,392)$354 $(1,038)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(703)$179 $(524)
Unrealized gains (losses) on derivatives arising during the period475 (121)354 
Reclassification adjustments for (gains) losses realized in net income (2)
110 (28)82 
Change in AOCI from derivative activity in the period585 (149)436 
Ending balance$(118)$30 $(88)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(594)$151 $(443)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
(1)
Ending balance$(587)$150 $(437)
Total other comprehensive income (loss)1,839 (468)1,371 
Total accumulated other comprehensive income (loss), end of period$(2,540)$646 $(1,894)
 Three Months Ended September 30, 2023
 Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
 (In millions)
Total accumulated other comprehensive income (loss), beginning of period$(4,613)$1,173 $(3,440)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(10)$$(8)
Reclassification adjustments for amortization on unrealized losses (2)
— — — 
Ending balance$(10)$$(8)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(3,328)$846 $(2,482)
Unrealized gains (losses) arising during the period(798)203 (595)
Reclassification adjustments for securities (gains) losses realized in net income (3)
— 
Change in AOCI from securities available for sale activity in the period(797)203 (594)
Ending balance$(4,125)$1,049 $(3,076)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(719)$183 $(536)
Unrealized gains (losses) on derivatives arising during the period(367)93 (274)
Reclassification adjustments for (gains) losses realized in net income (2)
82 (21)61 
Change in AOCI from derivative activity in the period(285)72 (213)
Ending balance$(1,004)$255 $(749)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(556)$142 $(414)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
14 (3)11 
Ending balance$(542)$139 $(403)
Total other comprehensive income (loss)(1,068)272 (796)
Total accumulated other comprehensive income (loss), end of period$(5,681)$1,445 $(4,236)
 Nine Months Ended September 30, 2024
 Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
 (In millions)
Total accumulated other comprehensive income (loss), beginning of period$(3,773)$961 $(2,812)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(9)$$(8)
Unrealized gains (losses) on securities transferred from available for sale during the period(436)111 (325)
Reclassification adjustments for amortization on unrealized losses on securities transferred to held for maturity (2)
— 
Change in AOCI from securities held to maturity activity in the period(434)111 (323)
Ending balance$(443)$112 $(331)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(2,759)$703 $(2,056)
Unrealized (gains) losses on securities transferred to held to maturity during the period436 (111)325 
Unrealized gains (losses) arising during the period753 (193)560 
Reclassification adjustments for securities (gains) losses realized in net income (3)
178 (45)133 
Change in AOCI from securities available for sale activity in the period1,367 (349)1,018 
Ending balance$(1,392)$354 $(1,038)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(399)$102 $(297)
Unrealized gains (losses) on derivatives arising during the period(62)16 (46)
Reclassification adjustments for (gains) losses realized in net income (2)
343 (88)255 
Change in AOCI from derivative activity in the period281 (72)209 
Ending balance$(118)$30 $(88)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(606)$155 $(451)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
19 (5)14 
Ending balance$(587)$150 $(437)
Total other comprehensive income (loss)1,233 (315)918 
Total accumulated other comprehensive income (loss), end of period$(2,540)$646 $(1,894)
Nine Months Ended September 30, 2023
Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
(In millions)
Total accumulated other comprehensive income (loss), beginning of period$(4,481)$1,138 $(3,343)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(11)$$(9)
Reclassification adjustments for amortization on unrealized losses (2)
— 
Ending balance$(10)$$(8)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(3,433)$872 $(2,561)
Unrealized gains (losses) arising during the period(695)177 (518)
Reclassification adjustments for securities (gains) losses realized in net income (3)
— 
Change in AOCI from securities available for sale activity in the period(692)177 (515)
Ending balance$(4,125)$1,049 $(3,076)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(468)$119 $(349)
Unrealized gains (losses) on derivatives arising during the period(665)169 (496)
Reclassification adjustments for (gains) losses realized in net income (2)
129 (33)96 
Change in AOCI from derivative activity in the period(536)136 (400)
Ending balance$(1,004)$255 $(749)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(569)$145 $(424)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
27 (6)21 
Ending balance$(542)$139 $(403)
Total other comprehensive income (loss)(1,200)307 (893)
Total accumulated other comprehensive income (loss), end of period$(5,681)$1,445 $(4,236)
____
(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 8 for additional details).
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Earnings Per Common Share
9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share
NOTE 7. EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic earnings per common share and diluted earnings per common share:
 Three Months Ended September 30Nine Months Ended September 30
 2024202320242023
 (In millions, except per share data)
Numerator:
Net income$490 $490 $1,359 $1,683 
Preferred stock dividends and other(1)
(44)(25)(93)(74)
Net income available to common shareholders$446 $465 $1,266 $1,609 
Denominator:
Weighted-average common shares outstanding—basic$914 $939 $917 $938 
Potential common shares
Weighted-average common shares outstanding—diluted$918 $940 $919 $940 
Earnings per common share:
Basic$0.49 $0.49 $1.38 $1.72 
Diluted0.49 0.49 $1.38 $1.71 
______
(1) Preferred stock dividends and other for the three and nine months ended September 30, 2024 included $15 million of issuance costs associated with the redemption of Series B preferred shares in the third quarter of 2024. See Note 6 for additional information.
The effects from the assumed exercise of 4 million and 5 million in restricted stock units and awards and performance stock units for the three and nine months ended September 30, 2024, respectively, were not included in the above computations
of diluted earnings per common share because such amounts would have had an antidilutive effect on earnings per common share.
The effects from the assumed exercise of 7 million and 6 million in restricted stock units and awards and performance stock units for the three and nine months ended September 30, 2023, respectively, were not included in the above computations of diluted earnings per common share because such amounts would have had an antidilutive effect on earnings per common share.
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Pension and Other Postretirement Benefits
9 Months Ended
Sep. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Pension and Other Postretirement Benefits
NOTE 8. PENSION AND OTHER POSTRETIREMENT BENEFITS
Regions' defined benefit pension plans cover certain employees as the pension plans are closed to new entrants. The Company also sponsors a SERP, which is a non-qualified pension plan that provides certain senior executive officers defined benefits in relation to their compensation.
Net periodic pension cost included the following components:
Three Months Ended September 30
Qualified PlansNon-qualified PlansTotal
202420232024202320242023
(In millions)
Service cost$$$— $— $$
Interest cost21 2222324
Expected return on plan assets(31)(30)— (31)(30)
Amortization of actuarial loss57
Settlement charge— — — 7
Net periodic pension cost$$$$11 $$14 
Nine Months Ended September 30
Qualified PlansNon-qualified PlansTotal
202420232024202320242023
(In millions)
Service cost$16 $17 $$$17 $18 
Interest cost626466 69 
Expected return on plan assets(93)(90)— — (93)(90)
Amortization of actuarial loss181719 20 
Settlement charge— — — — 
Net periodic pension cost$$$$16 $$24 
The service cost component of net periodic pension cost is recorded in salaries and employee benefits on the consolidated statements of income. Components other than service cost are recorded in other non-interest expense on the consolidated statements of income.
The 2023 settlement charge related to the settlement of liabilities under the SERP for certain plan participants.
Regions' funding policy for the qualified plans is to contribute annually at least the amount required by IRS minimum funding standards. Regions made no contributions to qualified plans during the nine months ended September 30, 2024.
Regions also provides other postretirement benefits, such as defined benefit health care plans and life insurance plans, that cover certain retired employees. There was no material impact from other postretirement benefits on the consolidated financial statements for the nine months ended September 30, 2024 or 2023.
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Derivative Financial Instruments and Hedging Activities
9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities
NOTE 9. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
The following tables present the notional amount and estimated fair value of derivative instruments.
 September 30, 2024December 31, 2023
 
Notional
Amount(1)
Estimated Fair ValueNotional
Amount
Estimated Fair Value
 
Gain(1)
Loss(1)
Gain(1)
Loss(1)
 (In millions)
Derivatives in fair value hedging relationships:
Interest rate swaps$4,934 $$85 $2,975 $$121 
Derivatives in cash flow hedging relationships:
Interest rate swaps32,300 101 307 29,550 43 580 
Interest rate options2,000 12 2,000 21 13 
Total derivatives in cash flow hedging relationships34,300 113 313 31,550 64 593 
Total derivatives designated as hedging instruments$39,234 $117 $398 $34,525 $65 $714 
Derivatives not designated as hedging instruments:
Interest rate swaps $99,981 $1,330 $1,258 $99,892 $1,769 $1,718 
Interest rate options 12,151 40 27 13,497 66 57 
Interest rate futures and forward commitments1,376 655 12 
Other contracts12,497 146 123 12,007 198 190 
Total derivatives not designated as hedging instruments $126,006 $1,523 $1,410 $126,051 $2,040 $1,977 
Total derivatives$165,240 $1,640 $1,808 $160,576 $2,105 $2,691 
Total gross derivative instruments, before netting$1,640 $1,808 $2,105 $2,691 
Less: Netting adjustments (2)
1,434 1,124 2,029 1,560 
Total gross derivative instruments, after netting$206 $684 $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 $120 million and $243 million for derivative assets at September 30, 2024 and December 31, 2023, respectively. Cash collateral totaled $67 million and $43 million for derivative liabilities at September 30, 2024 and December 31, 2023, respectively.
HEDGING DERIVATIVES
Derivatives entered into to manage interest rate risk and facilitate asset/liability management strategies are designated as hedging derivatives. Derivative financial instruments that qualify in a hedging relationship are classified, based on the exposure being hedged, as either fair value hedges or cash flow hedges. See Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding accounting policies for derivatives.
FAIR VALUE HEDGES
Fair value hedge relationships mitigate exposure to the change in fair value of an asset, liability or firm commitment.
Regions enters into interest rate swap agreements to manage interest rate exposure on the Company’s fixed-rate borrowings and time deposits. These agreements involve the receipt of fixed-rate amounts in exchange for floating-rate interest payments over the life of the agreements. Regions also enters into interest rate swap agreements to manage interest rate exposure on certain of the Company's fixed-rate prepayable and non-prepayable debt securities available for sale. These agreements involve the payment of fixed-rate amounts in exchange for floating-rate interest receipts.
CASH FLOW HEDGES
Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions.
Regions enters into interest rate swaps, options (e.g., floors, caps and collars), and agreements with a combination of these instruments to manage overall cash flow changes related to interest rate risk exposure on variable rate loans. The agreements effectively modify the Company’s exposure to interest rate risk by utilizing receive fixed/pay SOFR interest rate swaps and interest rate options. As of September 30, 2024, Regions was hedging its exposure to the variability in future cash flows into 2031.
As of September 30, 2024, cash flow hedges were held at a pre-tax net loss of $118 million, which includes pre-tax net gains of $43 million related to terminated cash flow floors and swaps. Regions expects to reclassify into earnings approximately $138 million in pre-tax losses due to the net receipt/ payment of interest and amortization on all cash flow hedges within the next twelve months. Included in this amount is $39 million in pre-tax net gains related to the amortization of terminated cash flow floors and swaps.
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, 2024
Interest IncomeInterest IncomeInterest ExpenseInterest Expense
Debt securitiesLoans, including feesLong-term borrowingsDeposits
(In millions)
Total income (expense) presented in the consolidated statements of income$241 $1,463 $(85)$(507)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
   Amounts related to interest settlements on derivatives$$— $(18)$— 
   Recognized on derivatives(8)— 39 
   Recognized on hedged items— (39)(1)
Income (expense) recognized on fair value hedges$$— $(18)$— 
Gains/(losses) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income (2)
$— $(110)$— $— 
Income (expense) recognized on cash flow hedges $— $(110)$— $— 

Three Months Ended September 30, 2023
Interest IncomeInterest IncomeInterest Expense
Debt securitiesLoans, including feesLong-term borrowings
(In millions)
Total income (expense) presented in the consolidated statements of income$185 $1,462 $(69)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
   Amounts related to interest settlements on derivatives$— $— $(18)
   Recognized on derivatives— — (3)
   Recognized on hedged items— — 
Income (expense) recognized on fair value hedges$— $— $(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 $— $(82)$— 
Nine Months Ended September 30, 2024
Interest IncomeInterest IncomeInterest ExpenseInterest Expense
Debt securitiesLoans, including feesLong-term borrowingsDeposits
(In millions)
Total income (expense) presented in the consolidated statements of income$669 $4,316 $(190)$(1,504)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
Amounts related to interest settlements on derivatives$$— $(52)(1)
Recognized on derivatives(2)— 45 — 
Recognized on hedged items— (45)— 
Income (expense) recognized on fair value hedges$$— $(52)$(1)
Gains/(losses) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income (2)
$— $(343)$— $— 
Income (expense) recognized on cash flow hedges$— $(343)$— $— 

Nine Months Ended September 30, 2023
Interest IncomeInterest Expense
Debt securitiesLoans, including feesLong-term borrowings
(In millions)
Total income (expense) presented in the consolidated statements of income$557 $4,276 $(165)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
   Amounts related to interest settlements on derivatives$— $— $(47)
   Recognized on derivatives— — 
   Recognized on hedged items— — (6)
Income (expense) recognized on fair value hedges$— $— $(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$— $(129)$— 
_____
(1)See Note 6 for gain or (loss) recognized for cash flow hedges in AOCI.
(2)Pre-tax
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, 2024December 31, 2023
Hedged Items Currently DesignatedHedged Items Currently Designated
Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
(In millions)(In millions)
Debt securities available for sale(1)(2)
$1,754 $$1,653 $
Long-term borrowings(3,081)68 (1,286)112 
Time deposits(10)— (252)— 
_____
(1) At 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.
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
The Company holds a portfolio of interest rate swaps, option contracts, and futures and forward commitments that result from transactions with its commercial customers in which they manage their risks by entering into a derivative with Regions. The Company monitors and manages the net risk in this customer portfolio and enters into separate derivative contracts in order to reduce the overall exposure to pre-defined limits. For both derivatives with its end customers and derivatives Regions enters into to mitigate the risk in this portfolio, the Company is subject to market risk and the risk that the counterparty will default. The contracts in this portfolio are not designated as accounting hedges and are marked-to market through earnings (in capital markets income) and included in other assets and other liabilities, as appropriate.
Regions enters into interest rate lock commitments, which are commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. At September 30, 2024 and December 31, 2023, Regions had $173 million and $124 million, respectively, in total notional amount of interest rate lock commitments. Regions manages market risk on interest rate lock commitments and mortgage loans held for sale with corresponding forward sale commitments. Residential mortgage loans held for sale are recorded at fair value with changes in fair value recorded in mortgage income. Commercial mortgage loans held for sale are recorded at either the lower of cost or market or at fair value based on management's election. At September 30, 2024 and December 31, 2023, Regions had $358 million and $267 million, respectively, in total notional amounts related to these forward sale commitments. Changes in mark-to-market from both interest rate lock commitments and corresponding forward sale commitments related to residential mortgage loans are included in mortgage income. Changes in mark-to-market from both interest rate lock commitments and corresponding forward sale commitments related to commercial mortgage loans are included in capital markets income.
Regions elected to account for residential MSRs at fair value with any changes to fair value recorded in mortgage income. Concurrent with the election to use the fair value measurement method, Regions uses various derivative instruments in the form of forward rate commitments, futures contracts, swaps and swaptions to mitigate the effect of changes in the fair value of its residential MSRs in its consolidated statements of income. As of September 30, 2024 and December 31, 2023, the total notional amount related to these contracts was $3.6 billion and $3.3 billion, respectively.
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 30Nine Months Ended September 30
Derivatives Not Designated as Hedging Instruments2024202320242023
 (In millions)
Capital markets income:
Interest rate swaps$$16 $18 $(8)
Interest rate options15 14 38 35 
Interest rate futures and forward commitments18 10 
Other contracts12 17 10 
Total capital markets income34 36 91 47 
Mortgage income:
Interest rate swaps26 (38)(38)
Interest rate options(1)(1)(2)— 
Interest rate futures and forward commitments(4)11 (4)
Total mortgage income28 (43)12 (42)
$62 $(7)$103 $
CREDIT DERIVATIVES
Regions has both bought and sold credit protection in the form of participations on interest rate swaps (swap participations). These swap participations, which meet the definition of credit derivatives, were entered into in the ordinary course of business to serve the credit needs of customers. Swap participations, whereby Regions has purchased credit protection, entitle Regions to receive a payment from the counterparty if the customer fails to make payment on any amounts due to Regions upon early termination of the swap transaction and have maturities between 2024 and 2030. Swap participations, whereby Regions has sold credit protection have maturities between 2024 and 2035. For contracts where Regions sold credit protection, Regions would be required to make payment to the counterparty if the customer fails to make payment on any amounts due to the counterparty upon early termination of the swap transaction. Regions bases the current status of the prepayment/performance risk on bought and sold credit derivatives on recently issued internal risk ratings consistent with the risk management practices of unfunded commitments.
Regions’ maximum potential amount of future payments under these contracts as of September 30, 2024 was approximately $334 million. This scenario occurs if variable interest rates were at zero percent and all counterparties defaulted with zero recovery. The fair value of sold protection at September 30, 2024 and 2023 was immaterial. In transactions where
Regions has sold credit protection, recourse to collateral associated with the original swap transaction is available to offset some or all of Regions’ obligation.
CONTINGENT FEATURES
Certain of Regions’ derivative instrument contracts with broker-dealers contain credit-related termination provisions and/or credit-related provisions regarding the posting of collateral, allowing those broker-dealers to terminate the contracts in the event that Regions’ and/or Regions Bank’s credit ratings falls below specified ratings from certain major credit rating agencies. The aggregate fair values of all derivative instruments with any credit-risk-related contingent features that were in a liability position on September 30, 2024 and December 31, 2023, were $45 million and $29 million, respectively, for which Regions had posted collateral of $43 million and $32 million, respectively, in the normal course of business.
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Fair Value Measurements
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
NOTE 10. FAIR VALUE MEASUREMENTS
See Note 1 "Summary of Significant Accounting Policies" to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2023 for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. Marketable equity securities and debt securities available for sale may be periodically transferred to or from Level 3 valuation based on management’s conclusion regarding the observability of inputs used in valuing the securities. Such transfers are accounted for as if they occur at the beginning of a reporting period.
The following table presents assets and liabilities measured at estimated fair value on a recurring basis:
 September 30, 2024December 31, 2023
 Level 1Level 2
Level 3 (1)
Total
Estimated Fair Value
Level 1Level 2
Level 3 (1)
Total
Estimated Fair Value
 (In millions)
Recurring fair value measurements
Debt securities available for sale:
U.S. Treasury securities$2,046 $— $— $2,046 $1,223 $— $— $1,223 
Federal agency securities— 457 — 457 — 1,043 — 1,043 
Obligations of states and political subdivisions— — — — 
Mortgage-backed securities:
Residential agency— 20,459 — 20,459 — 17,372 — 17,372 
Commercial agency— 4,922 — 4,922 — 7,307 — 7,307 
Commercial non-agency— 85 — 85 — 83 — 83 
Corporate and other debt securities— 724 727 — 1,073 1,074 
Total debt securities available for sale$2,046 $26,649 $$28,698 $1,223 $26,880 $$28,104 
Loans held for sale$— $255 $— $255 $— $201 $— $201 
Marketable equity securities in other earning assets$804 $— $— $804 $813 $— $— $813 
Residential mortgage servicing rights$— $— $971 $971 $— $— $906 $906 
Derivative assets (2):
Interest rate swaps$— $1,435 $— $1,435 $— $1,813 $— $1,813 
Interest rate options— 41 11 52 — 83 87 
Interest rate futures and forward commitments— — — — 
Other contracts12 134 — 146 — 198 — 198 
Total derivative assets$12 $1,617 $11 $1,640 $— $2,101 $$2,105 
Derivative liabilities (2):
Interest rate swaps$— $1,650 $— $1,650 $— $2,419 $— $2,419 
Interest rate options— 33 — 33 — 70 — 70 
Interest rate futures and forward commitments— — — 12 — 12 
Other contracts— 123 — 123 — 189 190 
Total derivative liabilities$— $1,808 $— $1,808 $— $2,690 $$2,691 
_________
(1)All following disclosures related to Level 3 recurring assets do not include those deemed to be immaterial.
(2)As permitted under U.S. GAAP, variation margin collateral payments made or received for derivatives that are centrally cleared are legally characterized as settled. As such, these derivative assets and derivative liabilities and the related variation margin collateral are presented on a net basis on the balance sheet.

Assets and liabilities in all levels could result in volatile and material price fluctuations. Realized and unrealized gains and losses on Level 3 assets represent only a portion of the risk to market fluctuations in Regions’ consolidated balance sheets. See Note 5 for a reconciliation of beginning and ending balances of residential MSRs for the three and nine months ended September 30, 2024 and 2023.
RECURRING FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS
Residential mortgage servicing rights
The significant unobservable inputs used in the fair value measurement of residential MSRs are OAS and CPR. This valuation requires generating cash flow projections over multiple interest rate scenarios and discounting those cash flows at a risk-adjusted rate. Additionally, the impact of prepayments and changes in the OAS are based on a variety of underlying inputs including servicing costs. Increases or decreases to the underlying cash flow inputs will have a corresponding impact on the value of the MSR asset. The net change in unrealized gains (losses) included in earnings related to MSRs held at period end are disclosed as the changes in valuation inputs or assumptions included in the MSR rollforward table in Note 5 .
The following tables present detailed information regarding material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of September 30, 2024 and December 31, 2023. The tables include the valuation techniques and the significant unobservable inputs utilized. The range of each significant unobservable input as well as the weighted-average within the range utilized at September 30, 2024 and December 31, 2023 are included. Following the tables are descriptions of the valuation techniques and the sensitivity of the techniques to changes in the significant unobservable inputs.
 September 30, 2024
 Level 3
Estimated Fair Value
Valuation
Technique
Unobservable
Input(s)
Quantitative Range of
Unobservable Inputs and
(Weighted-Average)
 (Dollars in millions)
Recurring fair value measurements:
Residential mortgage servicing rights (1)
$971Discounted cash flowWeighted-average CPR (%)
4.5% - 35.4% (9.0%)
OAS (%)
4.7% - 7.7% (5.0%)
_________
(1)See Note 5 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.

 December 31, 2023
 Level 3
Estimated Fair Value
Valuation
Technique
Unobservable
Input(s)
Quantitative Range of
Unobservable Inputs and
(Weighted-Average)
 (Dollars in millions)
Recurring fair value measurements:
Residential mortgage servicing rights (1)
$906Discounted cash flowWeighted-average CPR (%)
5.6% - 21.5% (8.2%)
OAS (%)
4.5% -8.2% (4.8%)
_______
(1)See Note 6 to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2023 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.
FAIR VALUE OPTION
The Company has elected the option to measure certain commercial and industrial loans held for sale at fair value, as these loans are actively traded in the secondary market. The Company is able to obtain fair value estimates for substantially all of these loans through a third party valuation service that is broadly used by market participants. While most of the loans are traded in the market, the volume and level of trading activity is subject to variability and the loans are not exchange-traded. The balance of these loans held for sale was immaterial at September 30, 2024 and December 31, 2023.
Regions has elected the fair value option for all eligible agency residential first mortgage loans originated with the intent to sell. This election allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting. Fair values of residential first mortgage loans held for sale are based on traded market prices of similar assets where available and/or discounted cash flows at market interest rates, adjusted for securitization activities that include servicing values and market conditions, and are recorded in loans held for sale. At September 30, 2024, the aggregate fair value of these loans totaled $248 million compared to aggregate unpaid principal of $243 million. At December 31, 2023, the aggregate fair value of these loans totaled $184 million compared to aggregate unpaid principal of $177 million.
Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest income on loans held for sale. Net gains and losses resulting from changes in fair value of residential mortgage loans held for sale, which were recorded in mortgage income in the consolidated statements of income during the three and nine months ended September 30, 2024 and 2023, were immaterial. These changes in fair value are mostly offset by economic hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk.
NON-RECURRING FAIR VALUE MEASUREMENTS
Items measured at fair value on a non-recurring basis include loans held for sale for which the fair value option has not been elected, foreclosed property and other real estate and equity investments without a readily determinable fair value; all of which may be considered either Level 2 or Level 3 valuation measurements. Non-recurring fair value adjustments related to loans held for sale, foreclosed property and other real estate are typically a result of the application of lower of cost or fair value accounting during the period. Non-recurring fair value adjustments related to equity investments without readily determinable fair values are the result of impairments or price changes from observable transactions. The balances of each of these assets, as well as the related fair value adjustments during the periods, were immaterial at both September 30, 2024 and December 31, 2023.
FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of September 30, 2024 are as follows:
 September 30, 2024
 Carrying
Amount
Estimated
Fair
Value(1)
Level 1Level 2Level 3
 (In millions)
Financial assets:
Cash and cash equivalents$10,521 $10,521 $10,521 $— $— 
Debt securities held to maturity2,787 2,759 — 2,759 — 
Debt securities available for sale28,698 28,698 2,046 26,649 
Loans held for sale522 522 — 509 13 
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3)
93,359 90,562 — — 90,562 
Other earning assets1,625 1,625 804 821 — 
Derivative assets1,640 1,640 12 1,617 11 
Financial liabilities:
Derivative liabilities1,808 1,808 — 1,808 — 
Deposits with no stated maturity(4)
110,692 110,692 — 110,692 — 
Time deposits(4)
15,684 15,673 — 15,673 — 
Short-term borrowings1,500 1,500 — 1,500 — 
Long-term borrowings6,016 6,147 — 6,146 
Loan commitments and letters of credit154 154 — — 154 
_________
(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred.
(2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at September 30, 2024 was $2.8 billion or 3.0 percent.
(3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.8 billion at September 30, 2024.
(4)The fair value of non-interest-bearing demand accounts, interest-bearing checking accounts, savings accounts, and money market accounts is the amount payable on demand at the reporting date (i.e., the carrying amount) as these instruments have an indeterminate maturity date. Fair values for time deposits are estimated by using discounted cash flow analyses, based on market spreads to benchmark rates.
The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments as of December 31, 2023 are as follows:
 December 31, 2023
 Carrying
Amount
Estimated
Fair
Value(1)
Level 1Level 2Level 3
 (In millions)
Financial assets:
Cash and cash equivalents$6,801 $6,801 $6,801 $— $— 
Debt securities held to maturity754 716 — 716 — 
Debt securities available for sale28,104 28,104 1,223 26,880 
Loans held for sale400 400 — 397 
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3)
95,141 91,352 — — 91,352 
Other earning assets 1,417 1,417 813 604 — 
Derivative assets2,105 2,105 — 2,101 
Financial liabilities:
Derivative liabilities2,691 2,691 — 2,690 
Deposits with no stated maturity(4)
112,816 112,816 — 112,816 — 
Time deposits(4)
14,972 14,905 — 14,905 — 
Long-term borrowings2,330 2,319 — 2,318 
Loan commitments and letters of credit156 156 — — 156 
_________
(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred.
(2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at December 31, 2023 was $3.8 billion or 4.0 percent.
(3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.7 billion at December 31, 2023.
(4)The fair value of non-interest-bearing demand accounts, interest-bearing checking accounts, savings accounts, and money market accounts is the amount payable on demand at the reporting date (i.e., the carrying amount) as these instruments have an indeterminate maturity date. Fair values for time deposits are estimated by using discounted cash flow analyses, based on market spreads to benchmark rates.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.24.3
Business Segment Information
9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Business Segment Information
NOTE 11. BUSINESS SEGMENT INFORMATION
Each of Regions’ reportable segments is a strategic business unit that serves specific needs of Regions’ customers based on the products and services provided. The segments are based on the manner in which management views the financial performance of the business. The Company has three reportable segments: Corporate Bank, Consumer Bank, and Wealth Management, with the remainder in Other. Additional information about the Company's reportable segments is included in Regions' Annual Report on Form 10-K for the year ended December 31, 2023.
The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable segment may be periodically revised and the prior periods updated to reflect these enhancements.
The following tables present financial information for each reportable segment for the periods indicated:
 Three Months Ended September 30, 2024
 Corporate BankConsumer
Bank
Wealth
Management
OtherConsolidated
 (In millions)
Net interest income $459 $718 $41 $— $1,218 
Provision for (benefit from) credit losses91 67 (47)113 
Non-interest income (loss)240 264 130 (62)572 
Non-interest expense319 603 114 33 1,069 
Income (loss) before income taxes289 312 55 (48)608 
Income tax expense (benefit)73 78 13 (46)118 
Net income (loss)$216 $234 $42 $(2)$490 
Average assets$69,364 $37,882 $2,088 $45,333 $154,667 
Three Months Ended September 30, 2023
 Corporate BankConsumer
Bank
Wealth
Management
OtherConsolidated
 (In millions)
Net interest income$488 $760 $43 $— $1,291 
Provision for (benefit from) credit losses87 70 (14)145 
Non-interest income181 256 113 16 566 
Non-interest expense303 672 105 13 1,093 
Income before income taxes279 274 49 17 619 
Income tax expense (benefit)70 69 12 (22)129 
Net income $209 $205 $37 $39 $490 
Average assets$70,032 $38,108 $2,018 $43,326 $153,484 
 Nine Months Ended September 30, 2024
 Corporate BankConsumer BankWealth
Management
OtherConsolidated
 (In millions)
Net interest income $1,359 $2,107 $122 $— $3,588 
Provision for (benefit from) credit losses 272 202 (113)367 
Non-interest income (loss)657 780 374 (131)1,680 
Non-interest expense 950 1,800 333 121 3,204 
Income (loss) before income taxes794 885 157 (139)1,697 
Income tax expense (benefit)199 221 40 (122)338 
Net income (loss)
$595 $664 $117 $(17)$1,359 
Average assets$69,081 $37,974 $2,059 $43,884 $152,998 
 Nine Months Ended September 30, 2023
 Corporate BankConsumer BankWealth
Management
OtherConsolidated
 (In millions)
Net interest income $1,531 $2,410 $148 $— $4,089 
Provision for (benefit from) credit losses 252 208 (68)398 
Non-interest income 525 783 339 29 1,676 
Non-interest expense932 1,946 320 33 3,231 
Income before income taxes872 1,039 161 64 2,136 
Income tax expense (benefit)218 260 40 (65)453 
Net income $654 $779 $121 $129 $1,683 
Average assets$69,773 $37,625 $2,053 $43,997 $153,448 
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.24.3
Commitments, Contingencies and Guarantees
9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitment, Contingencies and Guarantees
NOTE 12. COMMITMENTS, CONTINGENCIES AND GUARANTEES
COMMERCIAL COMMITMENTS
Regions issues off-balance sheet financial instruments in connection with lending activities. The credit risk associated with these instruments is essentially the same as that involved in extending loans to customers and is subject to Regions’ normal credit approval policies and procedures. Regions measures inherent risk associated with these instruments by recording a reserve for unfunded commitments based on an assessment of the likelihood that the guarantee will be funded and the creditworthiness of the customer or counterparty. Collateral is obtained based on management’s assessment of the creditworthiness of the customer. Credit risk is represented in unused commitments to extend credit, standby letters of credit and commercial letters of credit. Refer to Note 23 "Commitments, Contingencies and Guarantees" in the Annual Report on Form 10-K for the year ended December 31, 2023 for more information regarding these instruments.
Credit risk associated with these instruments is represented by the contractual amounts indicated in the following table:
September 30, 2024December 31, 2023
 (In millions)
Unused commitments to extend credit$64,642 $63,631 
Standby letters of credit2,094 1,997 
Commercial letters of credit62 78 
Liabilities associated with standby letters of credit33 32 
Assets associated with standby letters of credit34 34 
Reserve for unfunded credit commitments121124 
LEGAL CONTINGENCIES
Regions and its subsidiaries are routinely subject to actual or threatened legal proceedings, including litigation and regulatory matters, arising in the ordinary course of business. Litigation matters range from individual actions involving a single plaintiff to class action lawsuits and can involve claims for substantial or indeterminate alleged damages or for injunctive or other relief. Regulatory investigations and enforcement matters may involve formal or informal proceedings and other inquiries initiated by various governmental agencies, law enforcement authorities, and self-regulatory organizations, and can result in fines, penalties, restitution, changes to Regions’ business practices, and other related costs, including reputational damage. At any given time, these legal proceedings are at varying stages of adjudication, arbitration, or investigation, and may relate to a variety of topics, including common law tort and contract claims, as well as statutory consumer protection-related claims, among others.
Assessment of exposure that could result from legal proceedings is complex because these proceedings often involve inherently unpredictable factors, including, but not limited to, the following: whether the proceeding is in early stages; whether damages or the amount of potential fines, penalties, and restitution are unspecified, unsupported, or uncertain; whether there is a potential for punitive or other pecuniary damages; whether the matter involves legal uncertainties, including novel issues of law; whether the matter involves multiple parties and/or jurisdictions; whether discovery or other investigation has begun or is not complete; whether material facts may be disputed or unsubstantiated; whether meaningful settlement discussions have commenced; and whether the matter involves class allegations. As a result of these complexities, Regions may be unable to develop an estimate or range of loss.
Regions evaluates legal proceedings based on information currently available, including advice of counsel. Regions establishes accruals for those matters when a loss is considered probable and the related amount is reasonably estimable. Additionally, when it is practicable and reasonably possible that it may experience losses in excess of established accruals, Regions estimates possible loss contingencies. Regions currently estimates that the aggregate amount of reasonably possible losses that it may experience, in excess of what has been accrued, is immaterial. While the final outcomes of legal proceedings are inherently unpredictable, management is currently of the opinion that the outcomes of pending and threatened matters will not have a material effect on Regions’ business, consolidated financial position, results of operations or cash flows as a whole.
As available information changes, the matters for which Regions is able to estimate, as well as the estimates themselves, will be adjusted accordingly. Regions’ estimates are subject to significant judgment and uncertainties, and the matters underlying the estimates will change from time to time. In the event of unexpected future developments, it is possible that an adverse outcome in any such matter could be material to Regions’ business, consolidated financial position, results of operations, or cash flows as a whole for any particular reporting period of occurrence.
Some of Regions’ exposure with respect to loss contingencies may be offset by applicable insurance coverage. However, in determining the amounts of any accruals or estimates of possible loss contingencies, Regions does not take into account the availability of insurance coverage. To the extent that Regions has an insurance recovery, the proceeds are recorded in the period the recovery is received.
GUARANTEES
FANNIE MAE LOSS SHARE GUARANTEE
Regions sells commercial loans to Fannie Mae through the DUS lending program and through other platforms. The DUS program provides liquidity to the multi-family housing market. Regions services loans sold to Fannie Mae and is required to provide a loss share guarantee equal to one-third of the principal balance for the majority of the commercial servicing portfolio. At September 30, 2024 and December 31, 2023, the Company's DUS servicing portfolio totaled approximately $6.7 billion and $6.2 billion, respectively. Regions has additional loans sold to Fannie Mae outside of the DUS program that are also subject to a loss share guarantee and at September 30, 2024 and December 31, 2023, these serviced loans totaled approximately $634 million and $653 million, respectively. Regions' maximum quantifiable contingent liability related to all loans subject to a loss share guarantee was approximately $2.3 billion at both September 30, 2024 and December 31, 2023. The Company would be liable for this amount only if all of the loans it services for Fannie Mae, for which the Company retains some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement. Therefore, the maximum quantifiable contingent liability is not representative of the actual loss the Company would be expected to incur. The estimated fair value of the associated loss share guarantee recorded as a liability on the Company's consolidated balance sheets was immaterial at both September 30, 2024 and December 31, 2023. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.24.3
Recent Accounting Pronouncements
9 Months Ended
Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements
NOTE 13. RECENT ACCOUNTING PRONOUNCEMENTS
The following table provides a brief description of accounting standards adopted in 2024 and those that could have a material impact to Regions’ consolidated financial statements upon adoption in the future.
StandardDescriptionRequired Date of AdoptionEffect on Regions' financial statements or other significant matters
Standards Adopted (or partially adopted) in 2024
ASU 2023-02, Investments —Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures
Using the Proportional Amortization Method
This Update allows entities to elect to account for equity investments made primarily for the purpose of receiving income tax credits using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, if certain conditions were met.

The Update also sets forth the conditions needed to apply the proportional amortization method.

The Update further eliminates certain low income housing tax credit-specific guidance to align the accounting more closely for low income housing tax credits with the accounting for other equity investments in tax credit structures and require that the delayed equity contribution apply only to tax equity investments accounted for using the proportional amortization method.
January 1, 2024Regions adopted this guidance as of January 1, 2024 with
no material impact. See Note 1 Basis of Presentation for additional information.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThe Update requires entities to provide disclosure of significant segment expenses, as defined within the standard, and requires that entities disclose other segment items by reportable segment. These disclosures are required to be made on an annual and interim basis.January 1, 2024 for the annual reporting period ending December 31, 2024 and for the interim reporting periods beginning in 2025.Regions adopted this guidance as of January 1, 2024 with
likely no material impact.
Standards Not Yet Adopted
ASU 2023-05, Business Combinations—
Joint Venture Formations (Subtopic 805-60)
This Update requires certain joint ventures, upon formation, to use a new basis of accounting by applying most aspects of the acquisition method for business combinations. New joint ventures generally will recognize and initially measure assets and liabilities at fair value. The Update is effective for all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted.January 1, 2025The adoption of this guidance is not likely to have a material impact. Regions will continue to evaluate through date of adoption.
ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification InitiativeThis Update incorporates into the Codification 14 of the 27 disclosures referred by the SEC in Release No. 33‐10532, Disclosure Update and Simplification. This Update clarifies and improves the disclosure and presentation requirements of a variety of Topics in the Codification to align with the SEC's regulations.The date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective.The adoption of this guidance is not likely to have a material impact. Regions will continue to evaluate through date of adoption.
ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax DisclosuresThe ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.January 1, 2025The adoption of this guidance is not likely to have a material impact. Regions will continue to evaluate through date of adoption.
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.24.3
Basis Of Presentation (Policies)
9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis Of Presentation And Principles Of Consolidation
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of Regions, its subsidiaries and certain VIEs. See Note 1 in Regions’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information about consolidation principals surrounding VIEs. On January 1, 2024, the Company adopted new accounting guidance that allows entities to elect to account for qualifying tax credit investments using the proportional amortization method, on a tax-credit program by tax-credit program basis, if certain conditions are met. Regions adopted the guidance under the modified-retrospective transition approach, with an immaterial cumulative impact recorded to retained earnings. Previously, Regions recognized equity investments in economic development projects at cost, with periodic adjustments for impairment, and applied proportional amortization to investments in affordable housing projects in accordance with other guidance. Refer to Note 2 for additional disclosures.
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.24.3
Accounting Changes and Error Corrections (Policies)
9 Months Ended
Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements RECENT ACCOUNTING PRONOUNCEMENTS
The following table provides a brief description of accounting standards adopted in 2024 and those that could have a material impact to Regions’ consolidated financial statements upon adoption in the future.
StandardDescriptionRequired Date of AdoptionEffect on Regions' financial statements or other significant matters
Standards Adopted (or partially adopted) in 2024
ASU 2023-02, Investments —Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures
Using the Proportional Amortization Method
This Update allows entities to elect to account for equity investments made primarily for the purpose of receiving income tax credits using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, if certain conditions were met.

The Update also sets forth the conditions needed to apply the proportional amortization method.

The Update further eliminates certain low income housing tax credit-specific guidance to align the accounting more closely for low income housing tax credits with the accounting for other equity investments in tax credit structures and require that the delayed equity contribution apply only to tax equity investments accounted for using the proportional amortization method.
January 1, 2024Regions adopted this guidance as of January 1, 2024 with
no material impact. See Note 1 Basis of Presentation for additional information.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThe Update requires entities to provide disclosure of significant segment expenses, as defined within the standard, and requires that entities disclose other segment items by reportable segment. These disclosures are required to be made on an annual and interim basis.January 1, 2024 for the annual reporting period ending December 31, 2024 and for the interim reporting periods beginning in 2025.Regions adopted this guidance as of January 1, 2024 with
likely no material impact.
Standards Not Yet Adopted
ASU 2023-05, Business Combinations—
Joint Venture Formations (Subtopic 805-60)
This Update requires certain joint ventures, upon formation, to use a new basis of accounting by applying most aspects of the acquisition method for business combinations. New joint ventures generally will recognize and initially measure assets and liabilities at fair value. The Update is effective for all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted.January 1, 2025The adoption of this guidance is not likely to have a material impact. Regions will continue to evaluate through date of adoption.
ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification InitiativeThis Update incorporates into the Codification 14 of the 27 disclosures referred by the SEC in Release No. 33‐10532, Disclosure Update and Simplification. This Update clarifies and improves the disclosure and presentation requirements of a variety of Topics in the Codification to align with the SEC's regulations.The date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective.The adoption of this guidance is not likely to have a material impact. Regions will continue to evaluate through date of adoption.
ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax DisclosuresThe ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.January 1, 2025The adoption of this guidance is not likely to have a material impact. Regions will continue to evaluate through date of adoption.
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.24.3
Variable Interest Entities (Tables)
9 Months Ended
Sep. 30, 2024
Disclosure Variable Interest Entities Schedule Of Equity Method Investments [Abstract]  
Affordable Housing Tax Credit Investments
A summary of Regions’ tax credit investments and related loans and letters of credit, representing Regions’ maximum exposure to loss, is as follows: 
September 30, 2024December 31, 2023
 (In millions)
Tax credit investments included in other assets$1,495 $1,415 
Unfunded tax credit commitments included in other liabilities589 592 
Loans and letters of credit commitments674 730 
Funded portion of loans and letters of credit commitments346 395 
Three Months Ended September 30Nine Months Ended September 30
2024202320242023
 (In millions)
Tax credits and other tax benefits recognized$59 $51 $175 $151 
Tax credit amortization expense included in income tax expense49 42 142125
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.24.3
Debt Securities (Tables)
9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost, Gross Unrealized Gains And Losses, And Estimated Fair Value Of Securities Available For Sale And Securities Held To Maturity
NOTE 3. DEBT SECURITIES
The amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities held to maturity and debt securities available for sale are as follows:
 September 30, 2024
Recognized in OCI (1)
Not recognized in OCI
 Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesCarrying ValueGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$2,718 $— $(442)$2,276 $— $(16)$2,260 
Commercial agency512 — (1)511 — (12)499 
$3,230 $— $(443)$2,787 $— $(28)$2,759 
Debt securities available for sale:
U.S. Treasury securities$2,102 $13 $(69)$2,046 $2,046 
Federal agency securities461 (10)457 457 
Obligations of states and political subdivisions— — 
Mortgage-backed securities:
Residential agency21,564 199 (1,304)20,459 20,459 
Commercial agency5,135 10 (223)4,922 4,922 
Commercial non-agency92 — (7)85 85 
Corporate and other debt securities734 (13)727 727 
$30,090 $234 $(1,626)$28,698 $28,698 
 
 
December 31, 2023
Recognized in OCI (1)
Not recognized in OCI
 Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesCarrying ValueGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$247 $— $(8)$239 $— $(16)$223 
Commercial agency516 — (1)515 — (22)493 
$763 $— $(9)$754 $— $(38)$716 
Debt securities available for sale:
U.S. Treasury securities$1,322 $— $(99)$1,223 $1,223 
Federal agency securities1,085 (46)1,043 1,043 
Obligations of states and political subdivisions— — 
Mortgage-backed securities:
Residential agency19,450 52 (2,130)17,372 17,372 
Commercial agency7,807 (502)7,307 7,307 
Commercial non-agency93 — (10)83 83 
Corporate and other debt securities1,105 (35)1,074 1,074 
$30,864 $62 $(2,822)$28,104 $28,104 
_________
(1)Securities held to maturity gross unrealized losses recognized in OCI resulted from transfers of securities available for sale to held to maturity.
Schedule Of Cost And Estimated Fair Value Of Securities Available For Sale And Securities Held To Maturity By Contractual Maturity
The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at September 30, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost
Estimated
Fair Value
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$2,718 $2,260 
Commercial agency512 499 
$3,230 $2,759 
Debt securities available for sale:
Due in one year or less$411 $405 
Due after one year through five years2,023 1,967 
Due after five years through ten years726 731 
Due after ten years139 129 
Mortgage-backed securities:
Residential agency21,564 20,459 
Commercial agency5,135 4,922 
Commercial non-agency92 85 
$30,090 $28,698 
Schedule Of Gross Unrealized Losses And Estimated Fair Value Of Securities Available For Sale and Held To Maturity
The following tables present gross unrealized losses and the related estimated fair value of debt securities held to maturity and debt securities available for sale at September 30, 2024 and December 31, 2023. For debt securities transferred to held to maturity from available for sale, the analysis in the tables below compares the securities' original amortized cost to its current estimated fair value. All securities in an unrealized position are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.
 September 30, 2024
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$— $— $2,260 $(458)$2,260 $(458)
Commercial agency— — 499 (13)499 (13)
$— $— $2,759 $(471)$2,759 $(471)
Debt securities available for sale:
U.S Treasury securities$92 $— $1,122 $(69)$1,214 $(69)
Federal agency securities— — 200 (10)200 (10)
Mortgage-backed securities:
Residential agency1,216 (6)12,079 (1,298)13,295 (1,304)
Commercial agency383 (3)3,709 (220)4,092 (223)
Commercial non-agency— — 84 (7)84 (7)
Corporate and other debt securities18 — 444 (13)462 (13)
$1,709 $(9)$17,638 $(1,617)$19,347 $(1,626)
 
 December 31, 2023
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
 (In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency$— $— $223 $(23)$223 $(23)
Commercial agency— — 493 (23)493 (23)
$— $— $716 $(46)$716 $(46)
Debt securities available for sale:
U.S. Treasury securities$$— $1,201 $(99)$1,207 $(99)
Federal agency securities237 (5)666 (41)903 (46)
Mortgage-backed securities:
Residential agency241 (3)15,144 (2,127)15,385 (2,130)
Commercial agency612 (7)6,583 (495)7,195 (502)
Commercial non-agency— — 82 (10)82 (10)
Corporate and other debt securities23 — 879 (35)902 (35)
$1,119 $(15)$24,555 $(2,807)$25,674 $(2,822)
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Loans And The Allowance For Credit Losses (Tables)
9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule Of Loan Portfolio, Net Of Unearned Income
The following table presents the distribution of Regions' loan portfolio by segment and class, net of unearned income:
September 30, 2024December 31, 2023
 (In millions)
Commercial and industrial$49,565 $50,865 
Commercial real estate mortgage—owner-occupied4,873 4,887 
Commercial real estate construction—owner-occupied341 281 
Total commercial54,779 56,033 
Commercial investor real estate mortgage6,562 6,605 
Commercial investor real estate construction2,250 2,245 
Total investor real estate8,812 8,850 
Residential first mortgage20,125 20,207 
Home equity lines3,130 3,221 
Home equity loans2,404 2,439 
Consumer credit card1,372 1,341 
Other consumer—exit portfolio43 
Other consumer6,158 6,245 
Total consumer33,198 33,496 
Total loans, net of unearned income$96,789 $98,379 
Analysis Of The Allowance For Credit Losses By Portfolio Segment
 Three Months Ended September 30, 2024
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, July 1, 2024$736 $233 $652 $1,621 
Provision for loan losses47 10 46 103 
Loan losses:
Charge-offs(71)(12)(60)(143)
Recoveries15 — 11 26 
Net loan losses(56)(12)(49)(117)
Allowance for loan losses, September 30, 2024727 231 649 1,607 
Reserve for unfunded credit commitments, July 1, 202485 18 111 
Provision for (benefit from) unfunded credit commitments— 10 
Reserve for unfunded credit commitments, September 30, 202493 10 18 121 
Allowance for credit losses, September 30, 2024$820 $241 $667 $1,728 
 Three Months Ended September 30, 2023
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, July 1, 2023$708 $151 $654 $1,513 
Provision for loan losses25 17 93 135 
Loan losses:
Charge-offs(54)— (70)(124)
Recoveries13 — 10 23 
Net loan losses(41)— (60)(101)
Allowance for loan losses, September 30, 2023692 168 687 1,547 
Reserve for unfunded credit commitments, July 1, 202382 19 19 120 
Provision for unfunded credit commitments— 10 
Reserve for unfunded credit commitments, September 30, 202390 19 21 130 
Allowance for credit losses, September 30, 2023$782 $187 $708 $1,677 
 Nine Months Ended September 30, 2024
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, January 1, 2024$722 $192 $662 $1,576 
Provision for loan losses166 54 150 370
Loan losses:
Charge-offs(194)(17)(196)(407)
Recoveries33 33 68 
Net loan losses(161)(15)(163)(339)
Allowance for loan losses, September 30, 20247272316491,607
Reserve for unfunded credit commitments, January 1, 202492 13 19 124 
Provision for (benefit from) unfunded credit losses(3)(1)(3)
Reserve for unfunded credit commitments, September 30, 202493 10 18 121 
Allowance for credit losses, September 30, 2024$820 $241 $667 $1,728 
 Nine Months Ended September 30, 2023
 CommercialInvestor Real
Estate
ConsumerTotal
 (In millions)
Allowance for loan losses, December 31, 2022$665 $121 $678 $1,464 
Cumulative effect of accounting guidance (1)
(3)(3)(32)(38)
Allowance for loan losses, January 1, 2023 (adjusted for change in accounting guidance)$662 $118 $646 $1,426 
Provision for loan losses141 50 195 386 
Loan losses:
Charge-offs(155)— (186)(341)
Recoveries44 — 32 76 
Net loan losses(111)— (154)(265)
Allowance for loan losses, September 30, 2023692 168 687 1,547 
Reserve for unfunded credit commitments, January 1, 202372 21 25 118 
Provision for (benefit from) unfunded credit losses18 (2)(4)12 
Reserve for unfunded credit commitments, September 30, 202390 19 21 130 
Allowance for credit losses, September 30, 2023$782 $187 $708 $1,677 
_____
(1) See Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
Financing Receivable Credit Quality Indicators
September 30, 2024
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20242023202220212020Prior
(In millions)
Commercial and industrial:
Risk rating:
   Pass$5,714 $5,710 $6,969 $3,774 $1,775 $3,855 $18,878 $— $99 $46,774 
   Special Mention76 292 177 19 54 327 — — $953 
   Substandard Accrual52 278 263 93 73 641 — — $1,408 
   Non-accrual10 104 165 26 23 97 — — $430 
Total commercial and industrial$5,852 $6,384 $7,574 $3,912 $1,842 $3,959 $19,943 $— $99 $49,565 
Commercial real estate mortgage—owner-occupied:
Risk rating:
   Pass$630 $705 $845 $858 $544 $883 $94 $— $(5)$4,554 
   Special Mention18 47 26 13 48 — — $157 
   Substandard Accrual32 34 11 33 — — $119 
   Non-accrual18 — — — $43 
Total commercial real estate mortgage—owner-occupied:$639 $730 $930 $936 $573 $973 $97 $— $(5)$4,873 
Commercial real estate construction—owner-occupied:
Risk rating:
   Pass$98 $74 $43 $33 $21 $42 $$— $— $317 
   Special Mention— — — — — — — $14 
   Substandard Accrual— — — — — — — — $
   Non-accrual— — — — — — — $
Total commercial real estate construction—owner-occupied:$98 $80 $55 $33 $22 $47 $$— $— $341 
Total commercial$6,589 $7,194 $8,559 $4,881 $2,437 $4,979 $20,046 $— $94 $54,779 
Commercial investor real estate mortgage:
Risk rating:
   Pass$979 $854 $1,645 $996 $326 $248 $325 $— $(2)$5,371 
   Special Mention63 38 209 39 79 — — $441 
   Substandard Accrual146 63 120 24 — 108 — — $463 
   Non-accrual139 46 51 — — 51 — — — $287 
Total commercial investor real estate mortgage$1,327 $1,001 $2,025 $1,059 $405 $310 $437 $— $(2)$6,562 
Commercial investor real estate construction:
Risk rating:
   Pass$123 $340 $641 $— $— $$791 $— $(14)$1,883 
   Special Mention— 28 183 — — — 71 — — $282 
   Substandard Accrual— — 63 — — — 22 — — $85 
   Non-accrual— — — — — — — — — $— 
Total commercial investor real estate construction$123 $368 $887 $— $— $$884 $— $(14)$2,250 
Total investor real estate$1,450 $1,369 $2,912 $1,059 $405 $312 $1,321 $— $(16)$8,812 
Residential first mortgage:
FICO scores:
   Above 720$825 $1,986 $2,798 $4,154 $4,087 $2,830 $— $— $— $16,680 
   681-72088 198 265 284 236 307 — — — 1,378 
   620-68038 83 130 134 103 300 — — — 788 
   Below 62060 131 141 95 425 — — — 860 
   Data not available19 32 17 41 45 90 — 172 419 
Total residential first mortgage$978 $2,359 $3,341 $4,754 $4,566 $3,952 $$— $172 $20,125 
September 30, 2024
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20242023202220212020Prior
(In millions)
Home equity lines:
FICO scores:
   Above 720$— $— $— $— $— $— $2,314 $48 $— $2,362 
   681-720— — — — — — 344 10 — 354 
   620-680— — — — — — 184 10 — 194 
   Below 620— — — — — — 95 — 102 
   Data not available— — — — — — 83 30 118 
Total home equity lines$— $— $— $— $— $— $3,020 $80 $30 $3,130 
Home equity loans:
FICO scores:
   Above 720$252 $278 $322 $344 $171 $506 $— $— $— $1,873 
   681-72040 44 51 42 18 60 — — — 255 
   620-68016 20 24 21 51 — — — 141 
   Below 62013 14 38 — — — 77 
   Data not available26 — — 16 58 
Total home equity loans$310 $349 $414 $427 $207 $681 $— $— $16 $2,404 
Consumer credit card:
FICO scores:
Above 720$— $— $— $— $— $— $790 $— $— $790 
681-720— — — — — — 266 — — 266 
620-680— — — — — — 218 — — 218 
Below 620— — — — — — 106 — — 106 
Data not available— — — — — — 23 — (31)(8)
Total consumer credit card$— $— $— $— $— $— $1,403 $— $(31)$1,372 
Other consumer—exit portfolios:
FICO scores:
   Above 720$— $— $— $— $— $$— $— $— $
   681-720— — — — — — — — 
   620-680— — — — — — — — 
   Below 620— — — — — — — — 
   Data not available— — — — — — — — (1)(1)
Total other consumer—exit portfolios$— $— $— $— $— $10 $— $— $— $(1)$
Other consumer(2):
FICO scores:
   Above 720$717 $1,091 $1,387 $441 $246 $227 $116 $— $— $4,225 
   681-720122 215 306 102 54 43 62 — — 904 
   620-68063 126 203 72 33 28 51 — — 576 
   Below 62012 47 120 45 21 16 32 — — 293 
   Data not available82 10 161 — (111)160 
Total other consumer$996 $1,483 $2,026 $667 $359 $475 $263 $— $(111)$6,158 
Total consumer loans$2,284 $4,191 $5,781 $5,848 $5,132 $5,118 $4,689 $80 $75 $33,198 
Total Loans$10,323 $12,754 $17,252 $11,788 $7,974 $10,409 $26,056 $80 $153 $96,789 
December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20232022202120202019Prior
(In millions)
Commercial and industrial:
Risk rating:
   Pass$8,272 $9,123 $5,267 $2,326 $1,376 $3,210 $18,561 $— $53 $48,188 
   Special Mention87 186 71 109 26 90 484 — — 1,053 
   Substandard Accrual141 212 74 38 678 — — 1,153 
   Non-accrual128 102 37 20 10 168 — — 471 
Total commercial and industrial$8,628 $9,623 $5,449 $2,479 $1,429 $3,313 $19,891 $— $53 $50,865 
Commercial real estate mortgage—owner-occupied:
Risk rating:
   Pass$799 $954 $988 $658 $343 $801 $76 $— $(5)$4,614 
   Special Mention21 13 33 20 13 14 — — 121 
   Substandard Accrual34 32 14 24 — — 116 
   Non-accrual10 — — — 36 
Total commercial real estate mortgage—owner-occupied:$827 $1,004 $1,063 $700 $361 $846 $91 $— $(5)$4,887 
Commercial real estate construction—owner-occupied:
Risk rating:
   Pass$89 $53 $44 $24 $11 $38 $$— $— $262 
   Special Mention— — — — — — — 
   Substandard Accrual— — — — — — 
   Non-accrual— — — — — — 
Total commercial real estate construction—owner-occupied:$91 $61 $44 $27 $11 $44 $$— $— $281 
Total commercial$9,546 $10,688 $6,556 $3,206 $1,801 $4,203 $19,985 $— $48 $56,033 
Commercial investor real estate mortgage:
Risk rating:
   Pass$1,130 $1,587 $1,135 $488 $296 $110 $383 $— $(4)$5,125 
   Special Mention269 247 52 59 30 — 90 — — 747 
   Substandard Accrual134 197 — 67 67 32 — — 500 
   Non-accrual99 57 37 — 12 28 — — — 233 
Total commercial investor real estate mortgage$1,632 $2,088 $1,224 $614 $405 $141 $505 $— $(4)$6,605 
Commercial investor real estate construction:
Risk rating:
   Pass$256 $836 $280 $26 $$$649 $— $(15)$2,035 
   Special Mention— 122 — — — — 59 — — 181 
   Substandard Accrual— 25 — — — — — — 29 
   Non-accrual— — — — — — — — — — 
Total commercial investor real estate construction$256 $983 $280 $26 $$$712 $— $(15)$2,245 
Total investor real estate$1,888 $3,071 $1,504 $640 $407 $142 $1,217 $— $(19)$8,850 
Residential first mortgage:
FICO scores:
   Above 720$1,939 $2,863 $4,358 $4,390 $816 $2,353 $— $— $— $16,719 
   681-720226 298 355 255 52 294 — — — 1,480 
   620-68086 153 153 112 43 270 — — — 817 
   Below 62021 90 122 87 53 389 — — — 762 
   Data not available33 16 49 46 11 92 — 181 429 
Total residential first mortgage$2,305 $3,420 $5,037 $4,890 $975 $3,398 $$— $181 $20,207 
December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20232022202120202019Prior
(In millions)
Home equity lines:
FICO scores:
   Above 720$— $— $— $— $— $— $2,399 $45 $— $2,444 
   681-720— — — — — — 346 11 — 357 
   620-680— — — — — — 184 — 193 
   Below 620— — — — — — 97 — 104 
   Data not available— — — — — — 85 33 123 
Total home equity lines$— $— $— $— $— $— $3,111 $77 $33 $3,221 
Home equity loans:
FICO scores:
   Above 720$322 $370 $397 $205 $93 $529 $— $— $— $1,916 
   681-72053 62 49 22 14 60 — — — 260 
   620-68019 27 23 52 — — — 137 
   Below 62012 35 — — — 69 
   Data not available25 — — 16 57 
Total home equity loans$397 $471 $486 $243 $125 $701 $— $— $16 $2,439 
Consumer credit card:
FICO scores:
Above 720$— $— $— $— $— $— $780 $— $— $780 
681-720— — — — — — 254 — — 254 
620-680— — — — — — 210 — — 210 
Below 620— — — — — — 95 — — 95 
Data not available— — — — — — 20 — (18)
Total consumer credit card$— $— $— $— $— $— $1,359 $— $(18)$1,341 
Other consumer—exit portfolios:
FICO scores:
   Above 720$— $— $— $— $$22 $— $— $— $24 
   681-720— — — — — — — 
   620-680— — — — — — — — 
   Below 620— — — — — — — 
   Data not available— — — — — — — — 
Total other consumer—exit portfolios$— $— $— $— $$39 $— $— $— $43 
Other consumer(2):
FICO scores:
   Above 720$1,312 $1,519 $501 $284 $155 $118 $119 $— $— $4,008 
   681-720270 409 136 74 34 29 67 — — 1,019 
   620-680178 294 103 50 21 20 53 — — 719 
   Below 62052 147 65 31 14 13 30 — — 352 
   Data not available94 10 114 65 — (149)147 
Total other consumer$1,906 $2,379 $812 $444 $338 $245 $270 $— $(149)$6,245 
Total consumer loans$4,608 $6,270 $6,335 $5,577 $1,442 $4,383 $4,741 $77 $63 $33,496 
Total Loans$16,042 $20,029 $14,395 $9,423 $3,650 $8,728 $25,943 $77 $92 $98,379 
________
(1)These amounts consist of fees that are not allocated at the loan level and loans serviced by third parties wherein Regions does not receive FICO or vintage information.
(2)Other consumer class includes overdrafts which are included in the current vintage year.
The following tables present gross charge-offs by vintage year for the nine months ended September 30, 2024 and 2023.
Nine Months Ended September 30, 2024
Term LoansRevolving LoansTotal
20242023202220212020Prior
(In millions)
Commercial and industrial$$52 $51 $12 $$$56 $192 
Commercial real estate mortgage—owner-occupied— — — — — 
Total commercial52 51 13 10 56 194 
Commercial investor real estate mortgage— — — — 17 
Total investor real estate— — — — 17 
Residential first mortgage— — — — — — 
Home equity lines— — — — — — 
Consumer credit card— — — — — — 47 47 
Other consumer—exit portfolios— — — — — — 
Other consumer(1)
28 30 46 15 11 144 
Total consumer28 30 46 15 13 57 196 
Total gross charge-offs$34 $82 $103 $33 $13 $29 $113 $407 
Nine Months Ended September 30, 2023
Term LoansRevolving LoansTotal
20232022202120202019Prior
(In millions)
Commercial and industrial$$49 $47 $22 $12 $12 $$154 
Commercial real estate mortgage—owner-occupied— — — — — — 
Total commercial49 47 22 12 12 155 
Residential first mortgage— — — — — — 
Home equity lines— — — — — — 
Home equity loans— — — — — — 
Consumer credit card— — — — — — 38 38 
Other consumer—exit portfolios— — — — — 11 
Other consumer(1)
38 40 25 13 — 132 
Total consumer38 40 25 13 11 18 41 186 
Total gross charge-offs$42 $89 $72 $35 $23 $30 $50 $341 
______
(1)Other consumer class includes overdraft gross charge-offs. The majority of overdraft gross charge-offs for the nine months ended September 30, 2024 and 2023 are included in the current vintage year.
Past Due Financing Receivables
The following tables include an aging analysis of DPD and loans on non-accrual status for each portfolio segment and class as of September 30, 2024 and December 31, 2023. Loans on non-accrual status with no related allowance totaled $195 million and $280 million and were comprised of commercial and investor real estate loans at September 30, 2024 and December 31, 2023, respectively. Non–accrual loans with no related allowance typically include loans where the underlying collateral is deemed sufficient to recover all remaining principal. Loans that have been fully charged-off do not appear in the tables below.
 September 30, 2024
 Accrual Loans   
 30-59 DPD60-89 DPD90+ DPDTotal
30+ DPD
Total
Accrual
Non-accrualTotal
 (In millions)
Commercial and industrial$39 $43 $$85 $49,135 $430 $49,565 
Commercial real estate mortgage—owner-occupied4,830 43 4,873 
Commercial real estate construction—owner-occupied— — — — 335 341 
Total commercial42 44 90 54,300 479 54,779 
Commercial investor real estate mortgage45 — 40 85 6,275 287 6,562 
Commercial investor real estate construction— — — — 2,250 — 2,250 
Total investor real estate45 — 40 85 8,525 287 8,812 
Residential first mortgage112 55 121 288 20,102 23 20,125 
Home equity lines15 16 40 3,104 26 3,130 
Home equity loans19 2,398 2,404 
Consumer credit card10 19 38 1,372 — 1,372 
Other consumer—exit portfolios— — — 
Other consumer45 22 22 89 6,158 — 6,158 
Total consumer191 99 185 475 33,143 55 33,198 
$278 $143 $229 $650 $95,968 $821 $96,789 
 
 December 31, 2023
 Accrual Loans   
 30-59 DPD60-89 DPD90+ DPDTotal
30+ DPD
Total
Accrual
Non-accrualTotal
 (In millions)
Commercial and industrial$43 $21 $11 $75 $50,394 $471 $50,865 
Commercial real estate mortgage—owner-occupied— 4,851 36 4,887 
Commercial real estate construction—owner-occupied— — 273 281 
Total commercial46 24 11 81 55,518 515 56,033 
Commercial investor real estate mortgage— — 23 23 6,372 233 6,605 
Commercial investor real estate construction— — — — 2,245 — 2,245 
Total investor real estate— — 23 23 8,617 233 8,850 
Residential first mortgage104 48 95 247 20,185 22 20,207 
Home equity lines17 10 20 47 3,192 29 3,221 
Home equity loans10 21 2,433 2,439 
Consumer credit card11 20 39 1,341 — 1,341 
Other consumer—exit portfolios— 43 — 43 
Other consumer60 31 29 120 6,245 — 6,245 
Total consumer204 102 171 477 33,439 57 33,496 
$250 $126 $205 $581 $97,574 $805 $98,379 
Modifications by class and segment
For each portfolio segment and class, the following tables present the end of period balances of new modifications to troubled borrowers and the related percentage of the loan portfolio period-end balance by the type of modification that occurred in the three and nine months ended September 30, 2024 and 2023.
Three Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationOtherTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$21 0.04 %$— — %$33 0.07 %$— — %$54 0.11 %
Commercial real estate mortgage—owner-occupied0.04 %— — %— — %— — %0.04 %
Total commercial23 0.04 %— — %33 0.06 %— — %56 0.10 %
Commercial investor real estate mortgage72 1.10 %— — %— — %29 0.44 %101 1.54 %
Total investor real estate72 0.82 %— — %— — %29 0.33 %101 1.14 %
Residential first mortgage37 0.18 %0.01 %0.01 %— — %40 0.20 %
Home equity lines— — %— — %0.13 %— — %0.13 %
Home equity loans0.05 %— — %0.08 %— — %0.13 %
Total consumer38 0.11 %— %0.02 %— — %47 0.14 %
$133 0.14 %$— %$41 0.04 %$29 0.03 %$204 0.21 %
Three Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment DeferralTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$197 0.38 %$0.02 %$— — %$48 0.09 %$254 0.49 %
Commercial real estate mortgage—owner-occupied0.06 %— — %— — %— — %0.06 %
Total commercial200 0.35 %0.02 %— — %48 0.08 %257 0.45 %
Commercial investor real estate mortgage89 1.39 %— — %— — %— — %89 1.39 %
Commercial investor real estate construction0.08 %— — %— — %— — %0.08 %
Total investor real estate91 1.04 %— — %— — %— — %91 1.04 %
Residential first mortgage25 0.12 %0.01 %0.01 %— — %28 0.14 %
Home equity lines— — %— — %0.04 %— — %0.05 %
Home equity loans0.04 %— — %0.05 %— — %0.09 %
Total consumer26 0.08 %0.01 %0.01 %— — %32 0.10 %
Total$317 0.32 %$11 0.01 %$— %$48 0.05 %$380 0.38 %
Nine Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationOtherTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$51 0.10 %$— — %$33 0.07 %$— — %$84 0.17 %
Commercial real estate mortgage—owner-occupied0.08 %— — %— — %— — %0.09 %
Total commercial55 0.10 %— — %33 0.06 %— — %88 0.16 %
Commercial investor real estate mortgage99 1.51 %— — %— — %29 0.44 %128 1.95 %
Total investor real estate99 1.13 %— — %— — %29 0.33 %128 1.46 %
Residential first mortgage115 0.57 %0.01 %0.02 %— — %121 0.60 %
Home equity lines— 0.01 %— — %0.21 %— — %0.22 %
Home equity loans0.13 %— — %0.24 %— — %0.37 %
Total consumer118 0.36 %0.01 %17 0.05 %— — %137 0.41 %
$272 0.28 %$— %$50 0.05 %$29 0.03 %$353 0.36 %
Nine Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment DeferralTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$255 0.49 %$148 0.29 %$— — %$48 0.09 %$451 0.87 %
Commercial real estate mortgage—owner-occupied0.18 %— — %— — %— — %0.18 %
Commercial real estate construction—owner-occupied0.71 %— — %— — %— — %0.86 %
Total commercial266 0.47 %148 0.26 %— — %48 0.08 %462 0.81 %
Commercial investor real estate mortgage151 2.35 %— — %— — %— — %151 2.35 %
Commercial investor real estate construction0.08 %— — %— — %— — %0.08 %
Total investor real estate153 1.75 %— — %— — %— — %153 1.75 %
Residential first mortgage72 0.36 %0.01 %0.02 %— — %78 0.39 %
Home equity lines0.02 %— — %0.08 %— — %0.10 %
Home equity loans0.13 %— — %0.15 %— — %0.29 %
Total consumer76 0.23 %0.01 %0.03 %— — %88 0.26 %
Total$495 0.45 %$151 0.15 %$0.01 %$48 0.05 %$703 0.71 %
____
(1) Amounts calculated based upon whole dollar values.
Financial impact of modifications to troubled borrowers
The following tables present the financial impact of modifications to troubled borrowers during the three and nine months ended September 30, 2024 and 2023 by portfolio segment, class of financing receivable, and the type of modification. The tables include new modifications to troubled borrowers, as well as renewals of existing modifications to troubled borrowers.
Three Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate Modification
Weighted-Average Term Extension Weighted-Average Payment DeferralWeighted-Average Term Extension Weighted-Average Reduction in Interest Rate
(In years, except for percentage data)
Commercial and industrial1.08— 1.17less than 2%
Commercial real estate mortgage—owner-occupied1.42— — — 
Commercial investor real estate mortgage0.17— — — 
Residential first mortgage70.424less than 1%
Home equity lines— — 24%
Home equity loans16— 24%
Three Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment Deferral
Weighted-Average Term Extension Weighted-Average Payment Deferral Weighted-Average Term Extension Weighted-Average Reduction in Interest RateWeighted-Average Term Extension Weighted-Average Payment Deferral
(In years, except for percentage data)
Commercial and industrial0.670.25— — 22
Commercial real estate mortgage—owner-occupied0.92— — — — — 
Commercial investor real estate mortgage0.58— — — — — 
Commercial investor real estate construction0.42— — — — — 
Residential first mortgage70.927%— — 
Home equity lines— — 20%— — 
Home equity loans12— 15%— — 

Nine Months Ended September 30, 2024
Term ExtensionPayment DeferralTerm Extension and Interest Rate Modification
Weighted-Average Term Extension Weighted-Average Payment Deferral Weighted-Average Term Extension Weighted-Average Reduction in Interest Rate
(In years, except for percentage data)
Commercial and industrial1.83— 1.17less than 2%
Commercial real estate mortgage—owner-occupied1.00— — — 
Commercial investor real estate mortgage0.75— — — 
Residential first mortgage70.55less than 1%
Home equity lines— — 23%
Home equity loans12— 25%
Nine Months Ended September 30, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTerm Extension and Payment Deferral
Weighted-Average Term ExtensionWeighted-Average Payment Deferral Weighted-Average Term Extension Weighted-Average Reduction in Interest RateWeighted-Average Term Extension Weighted-Average Payment Deferral
(In years, except for percentage data)
Commercial and industrial0.750.5— — 22
Commercial real estate mortgage—owner-occupied0.83— — — — — 
Commercial real estate construction—owner-occupied0.25— — — 
Commercial investor real estate mortgage0.67— — — — — 
Commercial investor real estate construction0.42— — — — — 
Residential first mortgage60.927%— — 
Home equity lines18— 19%— — 
Home equity loans14— 15%— — 
Aging and non-accrual performance for modifications to troubled borrowers
The following tables include the end of period balances of aging and non-accrual performance for modifications to troubled borrowers modified in the previous twelve-month period by portfolio segment and class as of September 30, 2024 and in the previous nine-month period since adoption of the related accounting guidance by portfolio segment and class as of September 30, 2023. Refer to Note 1 and Note 5 in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information on the adoption of new accounting guidance.
September 30, 2024
Current30-89 DPD90+ DPDNon-Performing LoansTotal
(In millions)
Commercial and industrial$101 $— $— $46 $147 
Commercial real estate mortgage—owner-occupied— — 
Total commercial104 — — 48 152 
Commercial investor real estate mortgage103 27 — 134 264 
Total investor real estate103 27 — 134 264 
Residential first mortgage106 20 11 142 
Home equity lines— — 
Home equity loans— 10 
Total consumer121 21 11 160 
$328 $48 $11 $189 $576 
September 30, 2023
Current30-89 DPD90+ DPDNon-Performing LoansTotal
(In millions)
Commercial and industrial$258 $$$186 $451 
Commercial real estate mortgage—owner-occupied— — 
Commercial real estate construction—owner-occupied— — — 
Total commercial262 193 462 
Commercial investor real estate mortgage40 48 — 63 151 
Commercial investor real estate construction— — — 
Total investor real estate42 48 — 63 153 
Residential first mortgage63 10 78 
Home equity lines— — — 
Home equity loans— — 
Total consumer71 10 88 
$375 $60 $$260 $703 
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Servicing of Financial Assets (Tables)
9 Months Ended
Sep. 30, 2024
Transfers and Servicing of Financial Assets [Abstract]  
Schedule of Residential Mortgage Servicing Rights Under The Fair Value Measurement Method
The table below presents an analysis of residential MSRs under the fair value measurement method: 
Three Months Ended September 30Nine Months Ended September 30
 2024202320242023
 (In millions)
Carrying value, beginning of period
$1,020 $801 $906 $812 
Additions20 20 
Purchases (1)
4106134 138 
Increase (decrease) in fair value(2):
Due to change in valuation inputs or assumptions(28)45 41 
Economic amortization associated with borrower repayments (3)
(33)(28)(93)(79)
Carrying value, end of period
$971 $932 $971 $932 
_________
(1)Purchases of residential MSRs can be structured with cash hold back provisions, therefore the timing of payment may be made in future periods.
(2)Included in mortgage income. Amounts presented exclude offsetting impact from related derivatives.
(3)Includes both total loan payoffs as well as partial paydowns. Regions' MSR decay methodology is a discounted net cash flow approach.
Data And Assumptions Used In The Fair Value Calculation As Well As The Valuation's Sensitivity To Rate Fluctuations Related To Mortgage Servicing Rights
Data and assumptions used in the fair value calculation, as well as the valuation’s sensitivity to rate fluctuations, related to residential MSRs (excluding related derivative instruments): 
September 30
 20242023
 (Dollars in millions)
Unpaid principal balance$68,361 $61,452 
Weighted-average CPR (%)9.0 %7.7 %
Estimated impact on fair value of a 10% increase$(46)$(59)
Estimated impact on fair value of a 20% increase$(87)$(100)
Option-adjusted spread (basis points)496 483 
Estimated impact on fair value of a 10% increase$(21)$(20)
Estimated impact on fair value of a 20% increase$(43)$(40)
Weighted-average coupon interest rate3.8 %3.7 %
Weighted-average remaining maturity (months)298303
Weighted-average servicing fee (basis points)27.3 27.3 
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Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) (Tables)
9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Summary of the non-cumulative perpetual preferred stock
The following table presents a summary of the non-cumulative perpetual preferred stock:
September 30, 2024December 31, 2023
Issuance DateEarliest Redemption Date
Dividend Rate (1)
Liquidation AmountLiquidation preference per ShareLiquidation preference per Depositary ShareOwnership Interest per Depositary ShareShares Issued and OutstandingCarrying AmountCarrying Amount
(Dollars in millions, except for share and per share amounts)
Series B(2)
4/29/20149/15/20246.375 %$— $1,000 $25 1/40th— $— $433 
Series C4/30/20195/15/20295.700 %
(3)
500 1,000 25 1/40th500,000490 490 
Series D6/5/20209/15/20255.750 %
(4)
350 100,000 1,000 1/100th3,500346 346 
Series E5/4/20216/15/20264.450 %400 1,000 25 1/40th400,000390 390 
Series F7/29/20249/15/20296.950 %
(5)
500 1,000 25 1/40th500,000 489 — 
$1,750 1,403,500 $1,715 $1,659 
_________
(1)Dividends on all series of preferred stock, if declared, accrue and are payable quarterly in arrears.
(2)The shares were fully redeemed on September 16, 2024.
(3)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to August 15, 2029, 5.700%, and (ii) for each period beginning on or after August 15, 2029, three-month CME Term SOFR plus 3.410% which includes a 0.262% spread adjustment for the transition to SOFR in accordance with ISDA protocols.
(4)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2025, 5.750%, and (ii) for each period beginning on or after September 15, 2025, the five-year Treasury rate as of the most recent reset dividend determination date plus 5.426%.
(5)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2024, 6.950% and (ii) for each period beginning on or after September 15, 2029, the five-year Treasury rate as of the most recent reset dividend determination date plus 2.771%
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables present the balances and activity in AOCI on a pre-tax and net of tax basis for the three and nine months ended September 30, 2024 and 2023 : 
 Three Months Ended September 30, 2024
 Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
 (In millions)
Total accumulated other comprehensive income (loss), beginning of period$(4,379)$1,114 $(3,265)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(8)$$(7)
Unrealized gains (losses) on securities transferred from available for sale during the period(436)111 (325)
Reclassification adjustments for amortization on unrealized losses on securities transferred to held for maturity (2)
— 
Change in AOCI from securities held to maturity activity in the period(435)111 (324)
Ending balance$(443)$112 $(331)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(3,074)$783 $(2,291)
Unrealized (gains) losses on securities transferred to held to maturity during the period436 (111)325 
Unrealized gains (losses) arising during the period1,168 (298)870 
Reclassification adjustments for securities (gains) losses realized in net income (3)
78 (20)58 
Change in AOCI from securities available for sale activity in the period1,682 (429)1,253 
Ending balance$(1,392)$354 $(1,038)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(703)$179 $(524)
Unrealized gains (losses) on derivatives arising during the period475 (121)354 
Reclassification adjustments for (gains) losses realized in net income (2)
110 (28)82 
Change in AOCI from derivative activity in the period585 (149)436 
Ending balance$(118)$30 $(88)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(594)$151 $(443)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
(1)
Ending balance$(587)$150 $(437)
Total other comprehensive income (loss)1,839 (468)1,371 
Total accumulated other comprehensive income (loss), end of period$(2,540)$646 $(1,894)
 Three Months Ended September 30, 2023
 Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
 (In millions)
Total accumulated other comprehensive income (loss), beginning of period$(4,613)$1,173 $(3,440)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(10)$$(8)
Reclassification adjustments for amortization on unrealized losses (2)
— — — 
Ending balance$(10)$$(8)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(3,328)$846 $(2,482)
Unrealized gains (losses) arising during the period(798)203 (595)
Reclassification adjustments for securities (gains) losses realized in net income (3)
— 
Change in AOCI from securities available for sale activity in the period(797)203 (594)
Ending balance$(4,125)$1,049 $(3,076)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(719)$183 $(536)
Unrealized gains (losses) on derivatives arising during the period(367)93 (274)
Reclassification adjustments for (gains) losses realized in net income (2)
82 (21)61 
Change in AOCI from derivative activity in the period(285)72 (213)
Ending balance$(1,004)$255 $(749)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(556)$142 $(414)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
14 (3)11 
Ending balance$(542)$139 $(403)
Total other comprehensive income (loss)(1,068)272 (796)
Total accumulated other comprehensive income (loss), end of period$(5,681)$1,445 $(4,236)
 Nine Months Ended September 30, 2024
 Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
 (In millions)
Total accumulated other comprehensive income (loss), beginning of period$(3,773)$961 $(2,812)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(9)$$(8)
Unrealized gains (losses) on securities transferred from available for sale during the period(436)111 (325)
Reclassification adjustments for amortization on unrealized losses on securities transferred to held for maturity (2)
— 
Change in AOCI from securities held to maturity activity in the period(434)111 (323)
Ending balance$(443)$112 $(331)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(2,759)$703 $(2,056)
Unrealized (gains) losses on securities transferred to held to maturity during the period436 (111)325 
Unrealized gains (losses) arising during the period753 (193)560 
Reclassification adjustments for securities (gains) losses realized in net income (3)
178 (45)133 
Change in AOCI from securities available for sale activity in the period1,367 (349)1,018 
Ending balance$(1,392)$354 $(1,038)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(399)$102 $(297)
Unrealized gains (losses) on derivatives arising during the period(62)16 (46)
Reclassification adjustments for (gains) losses realized in net income (2)
343 (88)255 
Change in AOCI from derivative activity in the period281 (72)209 
Ending balance$(118)$30 $(88)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(606)$155 $(451)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
19 (5)14 
Ending balance$(587)$150 $(437)
Total other comprehensive income (loss)1,233 (315)918 
Total accumulated other comprehensive income (loss), end of period$(2,540)$646 $(1,894)
Nine Months Ended September 30, 2023
Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
(In millions)
Total accumulated other comprehensive income (loss), beginning of period$(4,481)$1,138 $(3,343)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(11)$$(9)
Reclassification adjustments for amortization on unrealized losses (2)
— 
Ending balance$(10)$$(8)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(3,433)$872 $(2,561)
Unrealized gains (losses) arising during the period(695)177 (518)
Reclassification adjustments for securities (gains) losses realized in net income (3)
— 
Change in AOCI from securities available for sale activity in the period(692)177 (515)
Ending balance$(4,125)$1,049 $(3,076)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(468)$119 $(349)
Unrealized gains (losses) on derivatives arising during the period(665)169 (496)
Reclassification adjustments for (gains) losses realized in net income (2)
129 (33)96 
Change in AOCI from derivative activity in the period(536)136 (400)
Ending balance$(1,004)$255 $(749)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(569)$145 $(424)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
27 (6)21 
Ending balance$(542)$139 $(403)
Total other comprehensive income (loss)(1,200)307 (893)
Total accumulated other comprehensive income (loss), end of period$(5,681)$1,445 $(4,236)
____
(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 8 for additional details).
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Earnings Per Common Share (Tables)
9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of basic earnings per common share and diluted earnings per common share:
 Three Months Ended September 30Nine Months Ended September 30
 2024202320242023
 (In millions, except per share data)
Numerator:
Net income$490 $490 $1,359 $1,683 
Preferred stock dividends and other(1)
(44)(25)(93)(74)
Net income available to common shareholders$446 $465 $1,266 $1,609 
Denominator:
Weighted-average common shares outstanding—basic$914 $939 $917 $938 
Potential common shares
Weighted-average common shares outstanding—diluted$918 $940 $919 $940 
Earnings per common share:
Basic$0.49 $0.49 $1.38 $1.72 
Diluted0.49 0.49 $1.38 $1.71 
______
(1) Preferred stock dividends and other for the three and nine months ended September 30, 2024 included $15 million of issuance costs associated with the redemption of Series B preferred shares in the third quarter of 2024. See Note 6 for additional information.
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Pension and Other Postretirement Benefits (Tables)
9 Months Ended
Sep. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Components Of Net Periodic Benefit Costs
Net periodic pension cost included the following components:
Three Months Ended September 30
Qualified PlansNon-qualified PlansTotal
202420232024202320242023
(In millions)
Service cost$$$— $— $$
Interest cost21 2222324
Expected return on plan assets(31)(30)— (31)(30)
Amortization of actuarial loss57
Settlement charge— — — 7
Net periodic pension cost$$$$11 $$14 
Nine Months Ended September 30
Qualified PlansNon-qualified PlansTotal
202420232024202320242023
(In millions)
Service cost$16 $17 $$$17 $18 
Interest cost626466 69 
Expected return on plan assets(93)(90)— — (93)(90)
Amortization of actuarial loss181719 20 
Settlement charge— — — — 
Net periodic pension cost$$$$16 $$24 
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Derivative Financial Instruments and Hedging Activities (Tables)
9 Months Ended
Sep. 30, 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.
 September 30, 2024December 31, 2023
 
Notional
Amount(1)
Estimated Fair ValueNotional
Amount
Estimated Fair Value
 
Gain(1)
Loss(1)
Gain(1)
Loss(1)
 (In millions)
Derivatives in fair value hedging relationships:
Interest rate swaps$4,934 $$85 $2,975 $$121 
Derivatives in cash flow hedging relationships:
Interest rate swaps32,300 101 307 29,550 43 580 
Interest rate options2,000 12 2,000 21 13 
Total derivatives in cash flow hedging relationships34,300 113 313 31,550 64 593 
Total derivatives designated as hedging instruments$39,234 $117 $398 $34,525 $65 $714 
Derivatives not designated as hedging instruments:
Interest rate swaps $99,981 $1,330 $1,258 $99,892 $1,769 $1,718 
Interest rate options 12,151 40 27 13,497 66 57 
Interest rate futures and forward commitments1,376 655 12 
Other contracts12,497 146 123 12,007 198 190 
Total derivatives not designated as hedging instruments $126,006 $1,523 $1,410 $126,051 $2,040 $1,977 
Total derivatives$165,240 $1,640 $1,808 $160,576 $2,105 $2,691 
Total gross derivative instruments, before netting$1,640 $1,808 $2,105 $2,691 
Less: Netting adjustments (2)
1,434 1,124 2,029 1,560 
Total gross derivative instruments, after netting$206 $684 $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 $120 million and $243 million for derivative assets at September 30, 2024 and December 31, 2023, respectively. Cash collateral totaled $67 million and $43 million for derivative liabilities at September 30, 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 September 30, 2024
Interest IncomeInterest IncomeInterest ExpenseInterest Expense
Debt securitiesLoans, including feesLong-term borrowingsDeposits
(In millions)
Total income (expense) presented in the consolidated statements of income$241 $1,463 $(85)$(507)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
   Amounts related to interest settlements on derivatives$$— $(18)$— 
   Recognized on derivatives(8)— 39 
   Recognized on hedged items— (39)(1)
Income (expense) recognized on fair value hedges$$— $(18)$— 
Gains/(losses) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income (2)
$— $(110)$— $— 
Income (expense) recognized on cash flow hedges $— $(110)$— $— 

Three Months Ended September 30, 2023
Interest IncomeInterest IncomeInterest Expense
Debt securitiesLoans, including feesLong-term borrowings
(In millions)
Total income (expense) presented in the consolidated statements of income$185 $1,462 $(69)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
   Amounts related to interest settlements on derivatives$— $— $(18)
   Recognized on derivatives— — (3)
   Recognized on hedged items— — 
Income (expense) recognized on fair value hedges$— $— $(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 $— $(82)$— 
Nine Months Ended September 30, 2024
Interest IncomeInterest IncomeInterest ExpenseInterest Expense
Debt securitiesLoans, including feesLong-term borrowingsDeposits
(In millions)
Total income (expense) presented in the consolidated statements of income$669 $4,316 $(190)$(1,504)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
Amounts related to interest settlements on derivatives$$— $(52)(1)
Recognized on derivatives(2)— 45 — 
Recognized on hedged items— (45)— 
Income (expense) recognized on fair value hedges$$— $(52)$(1)
Gains/(losses) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income (2)
$— $(343)$— $— 
Income (expense) recognized on cash flow hedges$— $(343)$— $— 

Nine Months Ended September 30, 2023
Interest IncomeInterest Expense
Debt securitiesLoans, including feesLong-term borrowings
(In millions)
Total income (expense) presented in the consolidated statements of income$557 $4,276 $(165)
Gains/(losses) on fair value hedging relationships:
Interest rate contracts:
   Amounts related to interest settlements on derivatives$— $— $(47)
   Recognized on derivatives— — 
   Recognized on hedged items— — (6)
Income (expense) recognized on fair value hedges$— $— $(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$— $(129)$— 
_____
(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.
September 30, 2024December 31, 2023
Hedged Items Currently DesignatedHedged Items Currently Designated
Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
(In millions)(In millions)
Debt securities available for sale(1)(2)
$1,754 $$1,653 $
Long-term borrowings(3,081)68 (1,286)112 
Time deposits(10)— (252)— 
_____
(1) At December 31, 2023, the Company designated interest rate swaps as fair value hedges of debt securities available for sale under the portfolio layer method under which the Company designated $1.0 billion as the hedged amount from a closed portfolio of prepayable financial assets with a carrying amount of $1.3 billion.
(2) Carrying amount represents amortized cost.
Schedule Of Gains (Losses) Recognized In Income Related To Derivatives Not Designated As Hedging Instruments
The following table presents the location and amount of gain or (loss) recognized in income on derivatives not designated as hedging instruments in the consolidated statements of income for the periods presented below:
Three Months Ended September 30Nine Months Ended September 30
Derivatives Not Designated as Hedging Instruments2024202320242023
 (In millions)
Capital markets income:
Interest rate swaps$$16 $18 $(8)
Interest rate options15 14 38 35 
Interest rate futures and forward commitments18 10 
Other contracts12 17 10 
Total capital markets income34 36 91 47 
Mortgage income:
Interest rate swaps26 (38)(38)
Interest rate options(1)(1)(2)— 
Interest rate futures and forward commitments(4)11 (4)
Total mortgage income28 (43)12 (42)
$62 $(7)$103 $
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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
The following table presents assets and liabilities measured at estimated fair value on a recurring basis:
 September 30, 2024December 31, 2023
 Level 1Level 2
Level 3 (1)
Total
Estimated Fair Value
Level 1Level 2
Level 3 (1)
Total
Estimated Fair Value
 (In millions)
Recurring fair value measurements
Debt securities available for sale:
U.S. Treasury securities$2,046 $— $— $2,046 $1,223 $— $— $1,223 
Federal agency securities— 457 — 457 — 1,043 — 1,043 
Obligations of states and political subdivisions— — — — 
Mortgage-backed securities:
Residential agency— 20,459 — 20,459 — 17,372 — 17,372 
Commercial agency— 4,922 — 4,922 — 7,307 — 7,307 
Commercial non-agency— 85 — 85 — 83 — 83 
Corporate and other debt securities— 724 727 — 1,073 1,074 
Total debt securities available for sale$2,046 $26,649 $$28,698 $1,223 $26,880 $$28,104 
Loans held for sale$— $255 $— $255 $— $201 $— $201 
Marketable equity securities in other earning assets$804 $— $— $804 $813 $— $— $813 
Residential mortgage servicing rights$— $— $971 $971 $— $— $906 $906 
Derivative assets (2):
Interest rate swaps$— $1,435 $— $1,435 $— $1,813 $— $1,813 
Interest rate options— 41 11 52 — 83 87 
Interest rate futures and forward commitments— — — — 
Other contracts12 134 — 146 — 198 — 198 
Total derivative assets$12 $1,617 $11 $1,640 $— $2,101 $$2,105 
Derivative liabilities (2):
Interest rate swaps$— $1,650 $— $1,650 $— $2,419 $— $2,419 
Interest rate options— 33 — 33 — 70 — 70 
Interest rate futures and forward commitments— — — 12 — 12 
Other contracts— 123 — 123 — 189 190 
Total derivative liabilities$— $1,808 $— $1,808 $— $2,690 $$2,691 
_________
(1)All following disclosures related to Level 3 recurring assets do not include those deemed to be immaterial.
(2)As permitted under U.S. GAAP, variation margin collateral payments made or received for derivatives that are centrally cleared are legally characterized as settled. As such, these derivative assets and derivative liabilities and the related variation margin collateral are presented on a net basis on the balance sheet.
Summary Of Quantitative Information About Level 3 Measurements
The following tables present detailed information regarding material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of September 30, 2024 and December 31, 2023. The tables include the valuation techniques and the significant unobservable inputs utilized. The range of each significant unobservable input as well as the weighted-average within the range utilized at September 30, 2024 and December 31, 2023 are included. Following the tables are descriptions of the valuation techniques and the sensitivity of the techniques to changes in the significant unobservable inputs.
 September 30, 2024
 Level 3
Estimated Fair Value
Valuation
Technique
Unobservable
Input(s)
Quantitative Range of
Unobservable Inputs and
(Weighted-Average)
 (Dollars in millions)
Recurring fair value measurements:
Residential mortgage servicing rights (1)
$971Discounted cash flowWeighted-average CPR (%)
4.5% - 35.4% (9.0%)
OAS (%)
4.7% - 7.7% (5.0%)
_________
(1)See Note 5 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.

 December 31, 2023
 Level 3
Estimated Fair Value
Valuation
Technique
Unobservable
Input(s)
Quantitative Range of
Unobservable Inputs and
(Weighted-Average)
 (Dollars in millions)
Recurring fair value measurements:
Residential mortgage servicing rights (1)
$906Discounted cash flowWeighted-average CPR (%)
5.6% - 21.5% (8.2%)
OAS (%)
4.5% -8.2% (4.8%)
_______
(1)See Note 6 to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2023 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.
Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments
The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of September 30, 2024 are as follows:
 September 30, 2024
 Carrying
Amount
Estimated
Fair
Value(1)
Level 1Level 2Level 3
 (In millions)
Financial assets:
Cash and cash equivalents$10,521 $10,521 $10,521 $— $— 
Debt securities held to maturity2,787 2,759 — 2,759 — 
Debt securities available for sale28,698 28,698 2,046 26,649 
Loans held for sale522 522 — 509 13 
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3)
93,359 90,562 — — 90,562 
Other earning assets1,625 1,625 804 821 — 
Derivative assets1,640 1,640 12 1,617 11 
Financial liabilities:
Derivative liabilities1,808 1,808 — 1,808 — 
Deposits with no stated maturity(4)
110,692 110,692 — 110,692 — 
Time deposits(4)
15,684 15,673 — 15,673 — 
Short-term borrowings1,500 1,500 — 1,500 — 
Long-term borrowings6,016 6,147 — 6,146 
Loan commitments and letters of credit154 154 — — 154 
_________
(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred.
(2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at September 30, 2024 was $2.8 billion or 3.0 percent.
(3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.8 billion at September 30, 2024.
(4)The fair value of non-interest-bearing demand accounts, interest-bearing checking accounts, savings accounts, and money market accounts is the amount payable on demand at the reporting date (i.e., the carrying amount) as these instruments have an indeterminate maturity date. Fair values for time deposits are estimated by using discounted cash flow analyses, based on market spreads to benchmark rates.
The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments as of December 31, 2023 are as follows:
 December 31, 2023
 Carrying
Amount
Estimated
Fair
Value(1)
Level 1Level 2Level 3
 (In millions)
Financial assets:
Cash and cash equivalents$6,801 $6,801 $6,801 $— $— 
Debt securities held to maturity754 716 — 716 — 
Debt securities available for sale28,104 28,104 1,223 26,880 
Loans held for sale400 400 — 397 
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3)
95,141 91,352 — — 91,352 
Other earning assets 1,417 1,417 813 604 — 
Derivative assets2,105 2,105 — 2,101 
Financial liabilities:
Derivative liabilities2,691 2,691 — 2,690 
Deposits with no stated maturity(4)
112,816 112,816 — 112,816 — 
Time deposits(4)
14,972 14,905 — 14,905 — 
Long-term borrowings2,330 2,319 — 2,318 
Loan commitments and letters of credit156 156 — — 156 
_________
(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred.
(2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at December 31, 2023 was $3.8 billion or 4.0 percent.
(3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.7 billion at December 31, 2023.
(4)The fair value of non-interest-bearing demand accounts, interest-bearing checking accounts, savings accounts, and money market accounts is the amount payable on demand at the reporting date (i.e., the carrying amount) as these instruments have an indeterminate maturity date. Fair values for time deposits are estimated by using discounted cash flow analyses, based on market spreads to benchmark rates.
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Business Segment Information (Tables)
9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule Of Financial Information By Reportable Segment he following tables present financial information for each reportable segment for the periods indicated:
 Three Months Ended September 30, 2024
 Corporate BankConsumer
Bank
Wealth
Management
OtherConsolidated
 (In millions)
Net interest income $459 $718 $41 $— $1,218 
Provision for (benefit from) credit losses91 67 (47)113 
Non-interest income (loss)240 264 130 (62)572 
Non-interest expense319 603 114 33 1,069 
Income (loss) before income taxes289 312 55 (48)608 
Income tax expense (benefit)73 78 13 (46)118 
Net income (loss)$216 $234 $42 $(2)$490 
Average assets$69,364 $37,882 $2,088 $45,333 $154,667 
Three Months Ended September 30, 2023
 Corporate BankConsumer
Bank
Wealth
Management
OtherConsolidated
 (In millions)
Net interest income$488 $760 $43 $— $1,291 
Provision for (benefit from) credit losses87 70 (14)145 
Non-interest income181 256 113 16 566 
Non-interest expense303 672 105 13 1,093 
Income before income taxes279 274 49 17 619 
Income tax expense (benefit)70 69 12 (22)129 
Net income $209 $205 $37 $39 $490 
Average assets$70,032 $38,108 $2,018 $43,326 $153,484 
 Nine Months Ended September 30, 2024
 Corporate BankConsumer BankWealth
Management
OtherConsolidated
 (In millions)
Net interest income $1,359 $2,107 $122 $— $3,588 
Provision for (benefit from) credit losses 272 202 (113)367 
Non-interest income (loss)657 780 374 (131)1,680 
Non-interest expense 950 1,800 333 121 3,204 
Income (loss) before income taxes794 885 157 (139)1,697 
Income tax expense (benefit)199 221 40 (122)338 
Net income (loss)
$595 $664 $117 $(17)$1,359 
Average assets$69,081 $37,974 $2,059 $43,884 $152,998 
 Nine Months Ended September 30, 2023
 Corporate BankConsumer BankWealth
Management
OtherConsolidated
 (In millions)
Net interest income $1,531 $2,410 $148 $— $4,089 
Provision for (benefit from) credit losses 252 208 (68)398 
Non-interest income 525 783 339 29 1,676 
Non-interest expense932 1,946 320 33 3,231 
Income before income taxes872 1,039 161 64 2,136 
Income tax expense (benefit)218 260 40 (65)453 
Net income $654 $779 $121 $129 $1,683 
Average assets$69,773 $37,625 $2,053 $43,997 $153,448 
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Commitments, Contingencies and Guarantees (Tables)
9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Credit Risk Of Off- Balance Sheet Financial Instruments By Contractual Amounts
Credit risk associated with these instruments is represented by the contractual amounts indicated in the following table:
September 30, 2024December 31, 2023
 (In millions)
Unused commitments to extend credit$64,642 $63,631 
Standby letters of credit2,094 1,997 
Commercial letters of credit62 78 
Liabilities associated with standby letters of credit33 32 
Assets associated with standby letters of credit34 34 
Reserve for unfunded credit commitments121124 
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Variable Interest Entities Affordable Housing Tax Credit Investments (Details) - Tax Credit Investments - Variable Interest Entity, Not Primary Beneficiary - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Variable Interest Entity [Line Items]          
Tax credit investments included in other assets $ 1,495   $ 1,495   $ 1,415
Unfunded tax credit commitments included in other liabilities 589   589   592
Loans and letters of credit commitments 674   674   730
Funded portion of loans and letters of credit commitments 346   346   $ 395
Tax credits and other tax benefits recognized 59 $ 51 175 $ 151  
Tax credit amortization expense included in provision for income taxes $ 49 $ 42 $ 142 $ 125  
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Debt Securities (Schedule Of Amortized Cost, Gross Unrealized Gains And Losses, And Estimated Fair Value Of Securities Available For Sale And Securities Held To Maturity) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost $ 30,090 $ 30,864
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 234 62
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (1,626) (2,822)
Available-for-sale debt securities, net carrying value 28,698 28,104
Debt securities available for sale 28,698 28,104
Schedule of Held-to-maturity Securities [Line Items]    
Debt Securities held to maturity, amortized cost 3,230 763
Held To Maturity Debt Securities Gross Unrealized Gains 0 0
Held To Maturity Debt Securities Gross Unrealized Losses (443) (9)
Debt Securities held to maturity 2,787 754
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Gain 0 0
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Loss (28) (38)
Debt Securities held to maturity, estimated fair value 2,759 716
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 2,102 1,322
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 13 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (69) (99)
Available-for-sale debt securities, net carrying value 2,046 1,223
Debt securities available for sale 2,046 1,223
Federal agency securities    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 461 1,085
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 6 4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (10) (46)
Available-for-sale debt securities, net carrying value 457 1,043
Debt securities available for sale 457 1,043
Obligations of states and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 2 2
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 0 0
Available-for-sale debt securities, net carrying value 2 2
Debt securities available for sale 2 2
Residential agency    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 21,564 19,450
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 199 52
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (1,304) (2,130)
Available-for-sale debt securities, net carrying value 20,459 17,372
Debt securities available for sale 20,459 17,372
Schedule of Held-to-maturity Securities [Line Items]    
Debt Securities held to maturity, amortized cost 2,718 247
Held To Maturity Debt Securities Gross Unrealized Gains 0 0
Held To Maturity Debt Securities Gross Unrealized Losses (442) (8)
Debt Securities held to maturity 2,276 239
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Gain 0 0
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Loss (16) (16)
Debt Securities held to maturity, estimated fair value 2,260 223
Commercial agency    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 5,135 7,807
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 10 2
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (223) (502)
Available-for-sale debt securities, net carrying value 4,922 7,307
Debt securities available for sale 4,922 7,307
Schedule of Held-to-maturity Securities [Line Items]    
Debt Securities held to maturity, amortized cost 512 516
Held To Maturity Debt Securities Gross Unrealized Gains 0 0
Held To Maturity Debt Securities Gross Unrealized Losses (1) (1)
Debt Securities held to maturity 511 515
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Gain 0 0
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Loss (12) (22)
Debt Securities held to maturity, estimated fair value 499 493
Commercial non-agency    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 92 93
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (7) (10)
Available-for-sale debt securities, net carrying value 85 83
Debt securities available for sale 85 83
Corporate and other debt securities    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 734 1,105
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 6 4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (13) (35)
Available-for-sale debt securities, net carrying value 727 1,074
Debt securities available for sale $ 727 $ 1,074
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Debt Securities (Schedule Of Cost And Estimated Fair Value Of Securities Available For Sale And Securities Held To Maturity By Contractual Maturity) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Securities held to maturity, amortized cost $ 3,230 $ 763
Debt Securities held to maturity, estimated fair value 2,759 716
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost 411  
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value 405  
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost 2,023  
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value 1,967  
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost 726  
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value 731  
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost 139  
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value 129  
Debt Securities, Available-for-sale, Amortized Cost 30,090 30,864
Debt securities available for sale 28,698 28,104
Residential agency    
Debt Securities held to maturity, amortized cost 2,718 247
Debt Securities held to maturity, estimated fair value 2,260 223
Debt Securities, Available-for-sale, Amortized Cost 21,564 19,450
Debt securities available for sale 20,459 17,372
Commercial agency    
Debt Securities held to maturity, amortized cost 512 516
Debt Securities held to maturity, estimated fair value 499 493
Debt Securities, Available-for-sale, Amortized Cost 5,135 7,807
Debt securities available for sale 4,922 7,307
Commercial non-agency    
Debt Securities, Available-for-sale, Amortized Cost 92 93
Debt securities available for sale $ 85 $ 83
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.24.3
Debt Securities (Schedule Of Gross Unrealized Losses And Estimated Fair Value Of Securities Available For Sale) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Unrealized Loss And Fair Value On Securities [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months $ 1,709 $ 1,119
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (9) (15)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 17,638 24,555
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (1,617) (2,807)
Debt Securities, Available-for-sale, Unrealized Loss Position 19,347 25,674
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (1,626) (2,822)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Estimated Fair Value 0 0
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 0
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Estimated Fair Value 2,759 716
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (471) (46)
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value 2,759 716
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss (471) (46)
U.S. Treasury securities    
Unrealized Loss And Fair Value On Securities [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 92 6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 1,122 1,201
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (69) (99)
Debt Securities, Available-for-sale, Unrealized Loss Position 1,214 1,207
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (69) (99)
Federal agency securities    
Unrealized Loss And Fair Value On Securities [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 0 237
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 (5)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 200 666
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (10) (41)
Debt Securities, Available-for-sale, Unrealized Loss Position 200 903
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (10) (46)
Residential agency    
Unrealized Loss And Fair Value On Securities [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 1,216 241
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (6) (3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 12,079 15,144
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (1,298) (2,127)
Debt Securities, Available-for-sale, Unrealized Loss Position 13,295 15,385
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (1,304) (2,130)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Estimated Fair Value 0 0
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 0
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Estimated Fair Value 2,260 223
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (458) (23)
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value 2,260 223
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss (458) (23)
Commercial agency    
Unrealized Loss And Fair Value On Securities [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 383 612
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (3) (7)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 3,709 6,583
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (220) (495)
Debt Securities, Available-for-sale, Unrealized Loss Position 4,092 7,195
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (223) (502)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Estimated Fair Value 0 0
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 0
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Estimated Fair Value 499 493
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (13) (23)
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value 499 493
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss (13) (23)
Commercial non-agency    
Unrealized Loss And Fair Value On Securities [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 0 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 84 82
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (7) (10)
Debt Securities, Available-for-sale, Unrealized Loss Position 84 82
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (7) (10)
Corporate and other debt securities    
Unrealized Loss And Fair Value On Securities [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 18 23
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 444 879
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (13) (35)
Debt Securities, Available-for-sale, Unrealized Loss Position 462 902
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ (13) $ (35)
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.24.3
Debt Securities (Narrative) (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
security
Sep. 30, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
security
Debt Securities, Available-for-sale [Line Items]      
Debt securities available for sale $ 28,698,000,000 $ 28,698,000,000 $ 28,104,000,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security 1,540 1,540 1,703
Debt Securities, Available-for-Sale, Realized Loss $ 92,000,000 $ 192,000,000  
Debt Securities, Available-for-sale, Realized Gain 14,000,000 14,000,000  
Gross Realized Gain (Loss), net 78,000,000 178,000,000  
Debt Securities Transferred from Available for Sale to Held to Maturity, Amortized Cost 2,500,000,000 2,500,000,000  
OCIDebtSecuritiesAvailableForSaleTransferToHeldToMaturityUnrealizedGainLossBeforeAdjustmentBeforeTax 436,000,000    
Asset Pledged as Collateral      
Debt Securities, Available-for-sale [Line Items]      
Debt securities available for sale $ 20,800,000,000 $ 20,800,000,000 $ 24,000,000,000.0
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.24.3
Loans And The Allowance For Credit Losses (Loans by Segment) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income $ 96,789 $ 98,379
Commercial Portfolio Segment [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 54,779 56,033
Total Investor Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 8,812 8,850
Consumer Portfolio Segment [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 33,198 33,496
Commercial And Industrial [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 49,565 50,865
Commercial Real Estate Mortgage - Owner-Occupied [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 4,873 4,887
Commercial Real Estate Construction - Owner-Occupied [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 341 281
Commercial Investor Real Estate Mortgage [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 6,562 6,605
Commercial Investor Real Estate Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 2,250 2,245
Residential First Mortgage [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 20,125 20,207
Home Equity Lines of Credit[Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 3,130 3,221
Home Equity Loan [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 2,404 2,439
Consumer Credit Card Financing Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 1,372 1,341
OtherConsumerExitPortfolioMember [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income 9 43
Other Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, net of unearned income $ 6,158 $ 6,245
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.24.3
Loans And The Allowance For Credit Losses (Analysis Of The Allowance For Credit Losses By Portfolio Segment) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]          
Allowance for loan losses, beginning of period $ 1,621 $ 1,513 $ 1,576 $ 1,464  
Cumulative change in accounting guidance         $ (38)
LoanandLeaseReceivableAllowanceBeginningBalanceadjustedforchangeinaccountingguidance         1,426
Provision (credit) for loan losses 103 135 370 386  
Loan Losses:          
Charge-offs (143) (124) (407) (341)  
Recoveries 26 23 68 76  
Net loan losses (117) (101) (339) (265)  
Total allowance for loan losses 1,607 1,547 1,607 1,547  
Reserve For Unfunded Credit Commitments [Roll Forward]          
Reserve for unfunded credit commitments, beginning of year 111 120 124 118  
Provision (credit) for unfunded credit losses 10 10 (3) 12  
Reserve for unfunded credit commitments, end of year 121 130 121 130  
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 1,728 1,677 1,728 1,677  
Commercial Portfolio Segment [Member]          
Allowance for Loan and Lease Losses [Roll Forward]          
Allowance for loan losses, beginning of period 736 708 722 665  
Cumulative change in accounting guidance         (3)
LoanandLeaseReceivableAllowanceBeginningBalanceadjustedforchangeinaccountingguidance         662
Provision (credit) for loan losses 47 25 166 141  
Loan Losses:          
Charge-offs (71) (54) (194) (155)  
Recoveries 15 13 33 44  
Net loan losses (56) (41) (161) (111)  
Total allowance for loan losses 727 692 727 692  
Reserve For Unfunded Credit Commitments [Roll Forward]          
Reserve for unfunded credit commitments, beginning of year 85 82 92 72  
Provision (credit) for unfunded credit losses 8 8 1 18  
Reserve for unfunded credit commitments, end of year 93 90 93 90  
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 820 782 820 782  
Total Investor Real Estate [Member]          
Allowance for Loan and Lease Losses [Roll Forward]          
Allowance for loan losses, beginning of period 233 151 192 121  
Cumulative change in accounting guidance         (3)
LoanandLeaseReceivableAllowanceBeginningBalanceadjustedforchangeinaccountingguidance         118
Provision (credit) for loan losses 10 17 54 50  
Loan Losses:          
Charge-offs (12) 0 (17) 0  
Recoveries 0 0 2 0  
Net loan losses (12) 0 (15) 0  
Total allowance for loan losses 231 168 231 168  
Reserve For Unfunded Credit Commitments [Roll Forward]          
Reserve for unfunded credit commitments, beginning of year 8 19 13 21  
Provision (credit) for unfunded credit losses 2 0 (3) (2)  
Reserve for unfunded credit commitments, end of year 10 19 10 19  
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 241 187 241 187  
Consumer Portfolio Segment [Member]          
Allowance for Loan and Lease Losses [Roll Forward]          
Allowance for loan losses, beginning of period 652 654 662 678  
Cumulative change in accounting guidance         (32)
LoanandLeaseReceivableAllowanceBeginningBalanceadjustedforchangeinaccountingguidance         $ 646
Provision (credit) for loan losses 46 93 150 195  
Loan Losses:          
Charge-offs (60) (70) (196) (186)  
Recoveries 11 10 33 32  
Net loan losses (49) (60) (163) (154)  
Total allowance for loan losses 649 687 649 687  
Reserve For Unfunded Credit Commitments [Roll Forward]          
Reserve for unfunded credit commitments, beginning of year 18 19 19 25  
Provision (credit) for unfunded credit losses 0 2 (1) (4)  
Reserve for unfunded credit commitments, end of year 18 21 18 21  
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest $ 667 $ 708 $ 667 $ 708  
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.24.3
Loans And The Allowance For Credit Losses (Financing Receivables Credit Quality Indicators) (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year $ 10,323   $ 16,042
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 12,754   20,029
Financing Receivable, Originated Two Years before Latest Fiscal Year 17,252   14,395
Financing Receivable, Originated Three Years before Latest Fiscal Year 11,788   9,423
Financing Receivable, Originated Four Years before Latest Fiscal Year 7,974   3,650
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 10,409   8,728
Financing Receivable, Revolving 26,056   25,943
Financing Receivable, Revolving Converted to Amortizing 80   77
Financing Receivable, Unallocated 153   92
Loans, net of unearned income 96,789   98,379
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 34 $ 42  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 82 89  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 103 72  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 33 35  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 13 23  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 29 30  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 113 50  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 407 341  
Commercial And Industrial [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 5,852   8,628
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 6,384   9,623
Financing Receivable, Originated Two Years before Latest Fiscal Year 7,574   5,449
Financing Receivable, Originated Three Years before Latest Fiscal Year 3,912   2,479
Financing Receivable, Originated Four Years before Latest Fiscal Year 1,842   1,429
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 3,959   3,313
Financing Receivable, Revolving 19,943   19,891
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 99   53
Loans, net of unearned income 49,565   50,865
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 6 3  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 52 49  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 51 47  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 12 22  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 6 12  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 9 12  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 56 9  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 192 154  
Commercial Real Estate Mortgage - Owner-Occupied [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 639   827
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 730   1,004
Financing Receivable, Originated Two Years before Latest Fiscal Year 930   1,063
Financing Receivable, Originated Three Years before Latest Fiscal Year 936   700
Financing Receivable, Originated Four Years before Latest Fiscal Year 573   361
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 973   846
Financing Receivable, Revolving 97   91
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (5)   (5)
Loans, net of unearned income 4,873   4,887
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0 1  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 0 0  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 1 0  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 1 0  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 2 1  
Commercial Real Estate Construction - Owner-Occupied [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 98   91
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 80   61
Financing Receivable, Originated Two Years before Latest Fiscal Year 55   44
Financing Receivable, Originated Three Years before Latest Fiscal Year 33   27
Financing Receivable, Originated Four Years before Latest Fiscal Year 22   11
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 47   44
Financing Receivable, Revolving 6   3
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 341   281
Commercial Investor Real Estate Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 1,327   1,632
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 1,001   2,088
Financing Receivable, Originated Two Years before Latest Fiscal Year 2,025   1,224
Financing Receivable, Originated Three Years before Latest Fiscal Year 1,059   614
Financing Receivable, Originated Four Years before Latest Fiscal Year 405   405
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 310   141
Financing Receivable, Revolving 437   505
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (2)   (4)
Loans, net of unearned income 6,562   6,605
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 6    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 5    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 6    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 17    
Commercial Investor Real Estate Construction [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 123   256
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 368   983
Financing Receivable, Originated Two Years before Latest Fiscal Year 887   280
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   26
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   2
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 2   1
Financing Receivable, Revolving 884   712
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (14)   (15)
Loans, net of unearned income 2,250   2,245
Residential First Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 978   2,305
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 2,359   3,420
Financing Receivable, Originated Two Years before Latest Fiscal Year 3,341   5,037
Financing Receivable, Originated Three Years before Latest Fiscal Year 4,754   4,890
Financing Receivable, Originated Four Years before Latest Fiscal Year 4,566   975
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 3,952   3,398
Financing Receivable, Revolving 3   1
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 172   181
Loans, net of unearned income 20,125   20,207
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 0 0  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 1 1  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 1 1  
Home Equity Lines of Credit [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 3,020   3,111
Financing Receivable, Revolving Converted to Amortizing 80   77
Financing Receivable, Unallocated 30   33
Loans, net of unearned income 3,130   3,221
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 0 0  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 3 3  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 3 3  
Home Equity Loan [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 310   397
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 349   471
Financing Receivable, Originated Two Years before Latest Fiscal Year 414   486
Financing Receivable, Originated Three Years before Latest Fiscal Year 427   243
Financing Receivable, Originated Four Years before Latest Fiscal Year 207   125
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 681   701
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 16   16
Loans, net of unearned income 2,404   2,439
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff   0  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year   0  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff   0  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff   0  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff   0  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff   1  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff   0  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff   1  
Consumer Credit Card Financing Receivable [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 1,403   1,359
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (31)   (18)
Loans, net of unearned income 1,372   1,341
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 0 0  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 47 38  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 47 38  
Other consumer- exit portfolios      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   4
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 10   39
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (1)   0
Loans, net of unearned income 9   43
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 0 0  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0 4  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 1 7  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 0 0  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 1 11  
Other Consumer [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 996   1,906
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 1,483   2,379
Financing Receivable, Originated Two Years before Latest Fiscal Year 2,026   812
Financing Receivable, Originated Three Years before Latest Fiscal Year 667   444
Financing Receivable, Originated Four Years before Latest Fiscal Year 359   338
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 475   245
Financing Receivable, Revolving 263   270
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (111)   (149)
Loans, net of unearned income 6,158   6,245
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 28 38  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 30 40  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 46 25  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 15 13  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 7 7  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 11 9  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 7 0  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 144 132  
Pass [Member] | Commercial And Industrial [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 5,714   8,272
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 5,710   9,123
Financing Receivable, Originated Two Years before Latest Fiscal Year 6,969   5,267
Financing Receivable, Originated Three Years before Latest Fiscal Year 3,774   2,326
Financing Receivable, Originated Four Years before Latest Fiscal Year 1,775   1,376
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 3,855   3,210
Financing Receivable, Revolving 18,878   18,561
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 99   53
Loans, net of unearned income 46,774   48,188
Pass [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 630   799
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 705   954
Financing Receivable, Originated Two Years before Latest Fiscal Year 845   988
Financing Receivable, Originated Three Years before Latest Fiscal Year 858   658
Financing Receivable, Originated Four Years before Latest Fiscal Year 544   343
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 883   801
Financing Receivable, Revolving 94   76
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (5)   (5)
Loans, net of unearned income 4,554   4,614
Pass [Member] | Commercial Real Estate Construction - Owner-Occupied [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 98   89
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 74   53
Financing Receivable, Originated Two Years before Latest Fiscal Year 43   44
Financing Receivable, Originated Three Years before Latest Fiscal Year 33   24
Financing Receivable, Originated Four Years before Latest Fiscal Year 21   11
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 42   38
Financing Receivable, Revolving 6   3
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 317   262
Pass [Member] | Commercial Investor Real Estate Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 979   1,130
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 854   1,587
Financing Receivable, Originated Two Years before Latest Fiscal Year 1,645   1,135
Financing Receivable, Originated Three Years before Latest Fiscal Year 996   488
Financing Receivable, Originated Four Years before Latest Fiscal Year 326   296
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 248   110
Financing Receivable, Revolving 325   383
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (2)   (4)
Loans, net of unearned income 5,371   5,125
Pass [Member] | Commercial Investor Real Estate Construction [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 123   256
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 340   836
Financing Receivable, Originated Two Years before Latest Fiscal Year 641   280
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   26
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   2
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 2   1
Financing Receivable, Revolving 791   649
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (14)   (15)
Loans, net of unearned income 1,883   2,035
Special Mention [Member] | Commercial And Industrial [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 76   87
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 292   186
Financing Receivable, Originated Two Years before Latest Fiscal Year 177   71
Financing Receivable, Originated Three Years before Latest Fiscal Year 19   109
Financing Receivable, Originated Four Years before Latest Fiscal Year 54   26
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 8   90
Financing Receivable, Revolving 327   484
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 953   1,053
Special Mention [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 4   21
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 18   13
Financing Receivable, Originated Two Years before Latest Fiscal Year 47   33
Financing Receivable, Originated Three Years before Latest Fiscal Year 26   20
Financing Receivable, Originated Four Years before Latest Fiscal Year 13   7
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 48   13
Financing Receivable, Revolving 1   14
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 157   121
Special Mention [Member] | Commercial Real Estate Construction - Owner-Occupied [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 6   7
Financing Receivable, Originated Two Years before Latest Fiscal Year 8   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   1
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 14   8
Special Mention [Member] | Commercial Investor Real Estate Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 63   269
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 38   247
Financing Receivable, Originated Two Years before Latest Fiscal Year 209   52
Financing Receivable, Originated Three Years before Latest Fiscal Year 39   59
Financing Receivable, Originated Four Years before Latest Fiscal Year 79   30
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 9   0
Financing Receivable, Revolving 4   90
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 441   747
Special Mention [Member] | Commercial Investor Real Estate Construction [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 28   122
Financing Receivable, Originated Two Years before Latest Fiscal Year 183   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 71   59
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 282   181
Substandard [Member] | Commercial And Industrial [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 52   141
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 278   212
Financing Receivable, Originated Two Years before Latest Fiscal Year 263   74
Financing Receivable, Originated Three Years before Latest Fiscal Year 93   38
Financing Receivable, Originated Four Years before Latest Fiscal Year 8   7
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 73   3
Financing Receivable, Revolving 641   678
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 1,408   1,153
Substandard [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 2   3
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 5   34
Financing Receivable, Originated Two Years before Latest Fiscal Year 32   32
Financing Receivable, Originated Three Years before Latest Fiscal Year 34   14
Financing Receivable, Originated Four Years before Latest Fiscal Year 11   8
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 33   24
Financing Receivable, Revolving 2   1
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 119   116
Substandard [Member] | Commercial Real Estate Construction - Owner-Occupied [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   1
Financing Receivable, Originated Two Years before Latest Fiscal Year 4   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   1
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   1
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 4   3
Substandard [Member] | Commercial Investor Real Estate Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 146   134
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 63   197
Financing Receivable, Originated Two Years before Latest Fiscal Year 120   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 24   67
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   67
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 2   3
Financing Receivable, Revolving 108   32
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 463   500
Substandard [Member] | Commercial Investor Real Estate Construction [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   25
Financing Receivable, Originated Two Years before Latest Fiscal Year 63   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 22   4
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 85   29
Non-Accrual [Member] | Commercial And Industrial [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 10   128
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 104   102
Financing Receivable, Originated Two Years before Latest Fiscal Year 165   37
Financing Receivable, Originated Three Years before Latest Fiscal Year 26   6
Financing Receivable, Originated Four Years before Latest Fiscal Year 5   20
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 23   10
Financing Receivable, Revolving 97   168
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 430   471
Non-Accrual [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 3   4
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 2   3
Financing Receivable, Originated Two Years before Latest Fiscal Year 6   10
Financing Receivable, Originated Three Years before Latest Fiscal Year 18   8
Financing Receivable, Originated Four Years before Latest Fiscal Year 5   3
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 9   8
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 43   36
Non-Accrual [Member] | Commercial Real Estate Construction - Owner-Occupied [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   2
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   2
Financing Receivable, Originated Four Years before Latest Fiscal Year 1   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 5   4
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 6   8
Non-Accrual [Member] | Commercial Investor Real Estate Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 139   99
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 46   57
Financing Receivable, Originated Two Years before Latest Fiscal Year 51   37
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   12
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 51   28
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 287   233
Non-Accrual [Member] | Commercial Investor Real Estate Construction [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 0   0
Commercial Portfolio Segment [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 6,589   9,546
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 7,194   10,688
Financing Receivable, Originated Two Years before Latest Fiscal Year 8,559   6,556
Financing Receivable, Originated Three Years before Latest Fiscal Year 4,881   3,206
Financing Receivable, Originated Four Years before Latest Fiscal Year 2,437   1,801
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 4,979   4,203
Financing Receivable, Revolving 20,046   19,985
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 94   48
Loans, net of unearned income 54,779   56,033
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 6 4  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 52 49  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 51 47  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 13 22  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 6 12  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 10 12  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 56 9  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 194 155  
Total Investor Real Estate [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 1,450   1,888
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 1,369   3,071
Financing Receivable, Originated Two Years before Latest Fiscal Year 2,912   1,504
Financing Receivable, Originated Three Years before Latest Fiscal Year 1,059   640
Financing Receivable, Originated Four Years before Latest Fiscal Year 405   407
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 312   142
Financing Receivable, Revolving 1,321   1,217
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (16)   (19)
Loans, net of unearned income 8,812   8,850
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 6    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 5    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 6    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 17    
Consumer Portfolio Segment [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 2,284   4,608
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 4,191   6,270
Financing Receivable, Originated Two Years before Latest Fiscal Year 5,781   6,335
Financing Receivable, Originated Three Years before Latest Fiscal Year 5,848   5,577
Financing Receivable, Originated Four Years before Latest Fiscal Year 5,132   1,442
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 5,118   4,383
Financing Receivable, Revolving 4,689   4,741
Financing Receivable, Revolving Converted to Amortizing 80   77
Financing Receivable, Unallocated 75   63
Loans, net of unearned income 33,198   33,496
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 28 38  
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 30 40  
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 46 25  
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 15 13  
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 7 11  
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 13 18  
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 57 41  
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff 196 $ 186  
FICO Scores, Above 720 [Member] | Residential First Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 825   1,939
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 1,986   2,863
Financing Receivable, Originated Two Years before Latest Fiscal Year 2,798   4,358
Financing Receivable, Originated Three Years before Latest Fiscal Year 4,154   4,390
Financing Receivable, Originated Four Years before Latest Fiscal Year 4,087   816
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 2,830   2,353
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 16,680   16,719
FICO Scores, Above 720 [Member] | Home Equity Lines of Credit [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 2,314   2,399
Financing Receivable, Revolving Converted to Amortizing 48   45
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 2,362   2,444
FICO Scores, Above 720 [Member] | Home Equity Loan [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 252   322
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 278   370
Financing Receivable, Originated Two Years before Latest Fiscal Year 322   397
Financing Receivable, Originated Three Years before Latest Fiscal Year 344   205
Financing Receivable, Originated Four Years before Latest Fiscal Year 171   93
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 506   529
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 1,873   1,916
FICO Scores, Above 720 [Member] | Consumer Credit Card Financing Receivable [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 790   780
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 790   780
FICO Scores, Above 720 [Member] | Other consumer- exit portfolios      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   2
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 5   22
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 5   24
FICO Scores, Above 720 [Member] | Other Consumer [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 717   1,312
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 1,091   1,519
Financing Receivable, Originated Two Years before Latest Fiscal Year 1,387   501
Financing Receivable, Originated Three Years before Latest Fiscal Year 441   284
Financing Receivable, Originated Four Years before Latest Fiscal Year 246   155
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 227   118
Financing Receivable, Revolving 116   119
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 4,225   4,008
FICO Scores, 681-720 [Member] | Residential First Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 88   226
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 198   298
Financing Receivable, Originated Two Years before Latest Fiscal Year 265   355
Financing Receivable, Originated Three Years before Latest Fiscal Year 284   255
Financing Receivable, Originated Four Years before Latest Fiscal Year 236   52
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 307   294
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 1,378   1,480
FICO Scores, 681-720 [Member] | Home Equity Lines of Credit [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 344   346
Financing Receivable, Revolving Converted to Amortizing 10   11
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 354   357
FICO Scores, 681-720 [Member] | Home Equity Loan [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 40   53
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 44   62
Financing Receivable, Originated Two Years before Latest Fiscal Year 51   49
Financing Receivable, Originated Three Years before Latest Fiscal Year 42   22
Financing Receivable, Originated Four Years before Latest Fiscal Year 18   14
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 60   60
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 255   260
FICO Scores, 681-720 [Member] | Consumer Credit Card Financing Receivable [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 266   254
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 266   254
FICO Scores, 681-720 [Member] | Other consumer- exit portfolios      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   1
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 1   4
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 1   5
FICO Scores, 681-720 [Member] | Other Consumer [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 122   270
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 215   409
Financing Receivable, Originated Two Years before Latest Fiscal Year 306   136
Financing Receivable, Originated Three Years before Latest Fiscal Year 102   74
Financing Receivable, Originated Four Years before Latest Fiscal Year 54   34
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 43   29
Financing Receivable, Revolving 62   67
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 904   1,019
FICO Scores, 620-680 [Member] | Residential First Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 38   86
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 83   153
Financing Receivable, Originated Two Years before Latest Fiscal Year 130   153
Financing Receivable, Originated Three Years before Latest Fiscal Year 134   112
Financing Receivable, Originated Four Years before Latest Fiscal Year 103   43
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 300   270
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 788   817
FICO Scores, 620-680 [Member] | Home Equity Lines of Credit [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 184   184
Financing Receivable, Revolving Converted to Amortizing 10   9
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 194   193
FICO Scores, 620-680 [Member] | Home Equity Loan [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 16   19
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 20   27
Financing Receivable, Originated Two Years before Latest Fiscal Year 24   23
Financing Receivable, Originated Three Years before Latest Fiscal Year 21   8
Financing Receivable, Originated Four Years before Latest Fiscal Year 9   8
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 51   52
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 141   137
FICO Scores, 620-680 [Member] | Consumer Credit Card Financing Receivable [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 218   210
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 218   210
FICO Scores, 620-680 [Member] | Other consumer- exit portfolios      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 2   5
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 2   5
FICO Scores, 620-680 [Member] | Other Consumer [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 63   178
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 126   294
Financing Receivable, Originated Two Years before Latest Fiscal Year 203   103
Financing Receivable, Originated Three Years before Latest Fiscal Year 72   50
Financing Receivable, Originated Four Years before Latest Fiscal Year 33   21
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 28   20
Financing Receivable, Revolving 51   53
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 576   719
FICO Scores, Below 620 [Member] | Residential First Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 8   21
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 60   90
Financing Receivable, Originated Two Years before Latest Fiscal Year 131   122
Financing Receivable, Originated Three Years before Latest Fiscal Year 141   87
Financing Receivable, Originated Four Years before Latest Fiscal Year 95   53
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 425   389
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 860   762
FICO Scores, Below 620 [Member] | Home Equity Lines of Credit [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 95   97
Financing Receivable, Revolving Converted to Amortizing 7   7
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 102   104
FICO Scores, Below 620 [Member] | Home Equity Loan [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 1   2
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 6   8
Financing Receivable, Originated Two Years before Latest Fiscal Year 13   12
Financing Receivable, Originated Three Years before Latest Fiscal Year 14   5
Financing Receivable, Originated Four Years before Latest Fiscal Year 5   7
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 38   35
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 77   69
FICO Scores, Below 620 [Member] | Consumer Credit Card Financing Receivable [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 106   95
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 106   95
FICO Scores, Below 620 [Member] | Other consumer- exit portfolios      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   1
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 2   7
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 2   8
FICO Scores, Below 620 [Member] | Other Consumer [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 12   52
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 47   147
Financing Receivable, Originated Two Years before Latest Fiscal Year 120   65
Financing Receivable, Originated Three Years before Latest Fiscal Year 45   31
Financing Receivable, Originated Four Years before Latest Fiscal Year 21   14
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 16   13
Financing Receivable, Revolving 32   30
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 0   0
Loans, net of unearned income 293   352
FICO Scores, Data not available [Member] [Member] | Residential First Mortgage [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 19   33
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 32   16
Financing Receivable, Originated Two Years before Latest Fiscal Year 17   49
Financing Receivable, Originated Three Years before Latest Fiscal Year 41   46
Financing Receivable, Originated Four Years before Latest Fiscal Year 45   11
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 90   92
Financing Receivable, Revolving 3   1
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 172   181
Loans, net of unearned income 419   429
FICO Scores, Data not available [Member] [Member] | Home Equity Lines of Credit [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 83   85
Financing Receivable, Revolving Converted to Amortizing 5   5
Financing Receivable, Unallocated 30   33
Loans, net of unearned income 118   123
FICO Scores, Data not available [Member] [Member] | Home Equity Loan [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 1   1
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 1   4
Financing Receivable, Originated Two Years before Latest Fiscal Year 4   5
Financing Receivable, Originated Three Years before Latest Fiscal Year 6   3
Financing Receivable, Originated Four Years before Latest Fiscal Year 4   3
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 26   25
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated 16   16
Loans, net of unearned income 58   57
FICO Scores, Data not available [Member] [Member] | Consumer Credit Card Financing Receivable [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   0
Financing Receivable, Revolving 23   20
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (31)   (18)
Loans, net of unearned income (8)   2
FICO Scores, Data not available [Member] [Member] | Other consumer- exit portfolios      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 0   0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0   0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0   0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0   1
Financing Receivable, Revolving 0   0
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (1)   0
Loans, net of unearned income (1)   1
FICO Scores, Data not available [Member] [Member] | Other Consumer [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Financing Receivable, Originated in Current Fiscal Year 82   94
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 4   10
Financing Receivable, Originated Two Years before Latest Fiscal Year 10   7
Financing Receivable, Originated Three Years before Latest Fiscal Year 7   5
Financing Receivable, Originated Four Years before Latest Fiscal Year 5   114
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 161   65
Financing Receivable, Revolving 2   1
Financing Receivable, Revolving Converted to Amortizing 0   0
Financing Receivable, Unallocated (111)   (149)
Loans, net of unearned income $ 160   $ 147
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.24.3
Loans And The Allowance For Credit Losses (Past Due Financing Receivables) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans $ 229 $ 205
Total 30 plus DPD, Accrual Loans 650 581
Total Accrual 95,968 97,574
Nonaccrual 821 805
Loans, net of unearned income 96,789 98,379
Commercial Portfolio Segment [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 4 11
Total 30 plus DPD, Accrual Loans 90 81
Total Accrual 54,300 55,518
Nonaccrual 479 515
Loans, net of unearned income 54,779 56,033
Total Investor Real Estate [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 40 23
Total 30 plus DPD, Accrual Loans 85 23
Total Accrual 8,525 8,617
Nonaccrual 287 233
Loans, net of unearned income 8,812 8,850
Consumer Portfolio Segment [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 185 171
Total 30 plus DPD, Accrual Loans 475 477
Total Accrual 33,143 33,439
Nonaccrual 55 57
Loans, net of unearned income 33,198 33,496
Commercial And Industrial [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 3 11
Total 30 plus DPD, Accrual Loans 85 75
Total Accrual 49,135 50,394
Nonaccrual 430 471
Loans, net of unearned income 49,565 50,865
Commercial Real Estate Mortgage - Owner-Occupied [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 1 0
Total 30 plus DPD, Accrual Loans 5 5
Total Accrual 4,830 4,851
Nonaccrual 43 36
Loans, net of unearned income 4,873 4,887
Commercial Real Estate Construction - Owner-Occupied [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 0 0
Total 30 plus DPD, Accrual Loans 0 1
Total Accrual 335 273
Nonaccrual 6 8
Loans, net of unearned income 341 281
Commercial Investor Real Estate Mortgage [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 40 23
Total 30 plus DPD, Accrual Loans 85 23
Total Accrual 6,275 6,372
Nonaccrual 287 233
Loans, net of unearned income 6,562 6,605
Commercial Investor Real Estate Construction [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 0 0
Total 30 plus DPD, Accrual Loans 0 0
Total Accrual 2,250 2,245
Nonaccrual 0 0
Loans, net of unearned income 2,250 2,245
Residential First Mortgage [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 121 95
Total 30 plus DPD, Accrual Loans 288 247
Total Accrual 20,102 20,185
Nonaccrual 23 22
Loans, net of unearned income 20,125 20,207
Home Equity Lines of Credit[Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 16 20
Total 30 plus DPD, Accrual Loans 40 47
Total Accrual 3,104 3,192
Nonaccrual 26 29
Loans, net of unearned income 3,130 3,221
Home Equity Loan [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 7 7
Total 30 plus DPD, Accrual Loans 19 21
Total Accrual 2,398 2,433
Nonaccrual 6 6
Loans, net of unearned income 2,404 2,439
Consumer Credit Card Financing Receivable [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 19 20
Total 30 plus DPD, Accrual Loans 38 39
Total Accrual 1,372 1,341
Nonaccrual 0 0
Loans, net of unearned income 1,372 1,341
Other consumer- exit portfolios    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 0 0
Total 30 plus DPD, Accrual Loans 1 3
Total Accrual 9 43
Nonaccrual 0 0
Loans, net of unearned income 9 43
Other Consumer [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
90 plus DPD, Accrual Loans 22 29
Total 30 plus DPD, Accrual Loans 89 120
Total Accrual 6,158 6,245
Nonaccrual 0 0
Loans, net of unearned income 6,158 6,245
Financing Receivables, 30 to 59 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 278 250
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 42 46
Financing Receivables, 30 to 59 Days Past Due [Member] | Total Investor Real Estate [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 45 0
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 191 204
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial And Industrial [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 39 43
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 3 3
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Construction - Owner-Occupied [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 0 0
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Investor Real Estate Mortgage [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 45 0
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Investor Real Estate Construction [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 0 0
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential First Mortgage [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 112 104
Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity Lines of Credit[Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 15 17
Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity Loan [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 8 10
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Credit Card Financing Receivable [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 10 11
Financing Receivables, 30 to 59 Days Past Due [Member] | Other consumer- exit portfolios    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 1 2
Financing Receivables, 30 to 59 Days Past Due [Member] | Other Consumer [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 45 60
Financing Receivables, 60 to 89 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 143 126
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 44 24
Financing Receivables, 60 to 89 Days Past Due [Member] | Total Investor Real Estate [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 0 0
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 99 102
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial And Industrial [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 43 21
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 1 2
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Construction - Owner-Occupied [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 0 1
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Investor Real Estate Mortgage [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 0 0
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Investor Real Estate Construction [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 0 0
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential First Mortgage [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 55 48
Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity Lines of Credit[Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 9 10
Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity Loan [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 4 4
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Credit Card Financing Receivable [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 9 8
Financing Receivables, 60 to 89 Days Past Due [Member] | Other consumer- exit portfolios    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days 0 1
Financing Receivables, 60 to 89 Days Past Due [Member] | Other Consumer [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Past Due less than 90 days $ 22 $ 31
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.24.3
Loans And The Allowance For Credit Losses (Modifications By Class And Segment) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 204 $ 380 $ 353 $ 703
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.21% 0.38% 0.36% 0.71%
Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 133 $ 317 $ 272 $ 495
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.14% 0.32% 0.28% 0.45%
Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 1 $ 11 $ 2 $ 151
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.01% 0.00% 0.15%
Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 41 $ 4 $ 50 $ 9
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.04% 0.00% 0.05% 0.01%
us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 48   $ 48
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.05%   0.05%
Other Loan Modification type        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 29   $ 29  
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.03%   0.03%  
Commercial Portfolio Segment [Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 56 $ 257 $ 88 $ 462
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.10% 0.45% 0.16% 0.81%
Commercial Portfolio Segment [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 23 $ 200 $ 55 $ 266
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.04% 0.35% 0.10% 0.47%
Commercial Portfolio Segment [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 9 $ 0 $ 148
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.02% 0.00% 0.26%
Commercial Portfolio Segment [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 33 $ 0 $ 33 $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.06% 0.00% 0.06% 0.00%
Commercial Portfolio Segment [Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 48   $ 48
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.08%   0.08%
Commercial Portfolio Segment [Member] | Other Loan Modification type        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0   $ 0  
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00%   0.00%  
Total Investor Real Estate [Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 101 $ 91 $ 128 $ 153
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 1.14% 1.04% 1.46% 1.75%
Total Investor Real Estate [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 72 $ 91 $ 99 $ 153
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.82% 1.04% 1.13% 1.75%
Total Investor Real Estate [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 0 $ 0 $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.00% 0.00% 0.00%
Total Investor Real Estate [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 0 $ 0 $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.00% 0.00% 0.00%
Total Investor Real Estate [Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 0   $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.00%   0.00%
Total Investor Real Estate [Member] | Other Loan Modification type        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 29   $ 29  
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.33%   0.33%  
Consumer Portfolio Segment [Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 47 $ 32 $ 137 $ 88
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.14% 0.10% 0.41% 0.26%
Consumer Portfolio Segment [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 38 $ 26 $ 118 $ 76
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.11% 0.08% 0.36% 0.23%
Consumer Portfolio Segment [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 1 $ 2 $ 2 $ 3
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.01% 0.01% 0.01%
Consumer Portfolio Segment [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 8 $ 4 $ 17 $ 9
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.02% 0.01% 0.05% 0.03%
Consumer Portfolio Segment [Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 0   $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.00%   0.00%
Consumer Portfolio Segment [Member] | Other Loan Modification type        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0   $ 0  
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00%   0.00%  
Commercial And Industrial [Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 54 $ 254 $ 84 $ 451
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.11% 0.49% 0.17% 0.87%
Commercial And Industrial [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 21 $ 197 $ 51 $ 255
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.04% 0.38% 0.10% 0.49%
Commercial And Industrial [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 9 $ 0 $ 148
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.02% 0.00% 0.29%
Commercial And Industrial [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 33 $ 0 $ 33 $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.07% 0.00% 0.07% 0.00%
Commercial And Industrial [Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 48   $ 48
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.09%   0.09%
Commercial And Industrial [Member] | Other Loan Modification type        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0   $ 0  
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00%   0.00%  
Commercial Real Estate Mortgage - Owner-Occupied [Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 2 $ 3 $ 4 $ 9
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.04% 0.06% 0.09% 0.18%
Commercial Real Estate Mortgage - Owner-Occupied [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 2 $ 3 $ 4 $ 9
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.04% 0.06% 0.08% 0.18%
Commercial Real Estate Mortgage - Owner-Occupied [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 0 $ 0 $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.00% 0.00% 0.00%
Commercial Real Estate Mortgage - Owner-Occupied [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 0 $ 0 $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.00% 0.00% 0.00%
Commercial Real Estate Mortgage - Owner-Occupied [Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 0   $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.00%   0.00%
Commercial Real Estate Mortgage - Owner-Occupied [Member] | Other Loan Modification type        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0   $ 0  
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00%   0.00%  
Commercial Real Estate Construction - Owner-Occupied [Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount       $ 2
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage       0.86%
Commercial Real Estate Construction - Owner-Occupied [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount       $ 2
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage       0.71%
Commercial Real Estate Construction - Owner-Occupied [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount       $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage       0.00%
Commercial Real Estate Construction - Owner-Occupied [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount       $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage       0.00%
Commercial Real Estate Construction - Owner-Occupied [Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount       $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage       0.00%
Commercial investor real estate mortgage [Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 101 $ 89 $ 128 $ 151
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 1.54% 1.39% 1.95% 2.35%
Commercial investor real estate mortgage [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 72 $ 89 $ 99 $ 151
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 1.10% 1.39% 1.51% 2.35%
Commercial investor real estate mortgage [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 0 $ 0 $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.00% 0.00% 0.00%
Commercial investor real estate mortgage [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 0 $ 0 $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.00% 0.00% 0.00%
Commercial investor real estate mortgage [Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 0   $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.00%   0.00%
Commercial investor real estate mortgage [Member] | Other Loan Modification type        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 29   $ 29  
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.44%   0.44%  
Commercial Investor Real Estate Construction [Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 2   $ 2
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.08%   0.08%
Commercial Investor Real Estate Construction [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 2   $ 2
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.08%   0.08%
Commercial Investor Real Estate Construction [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 0   $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.00%   0.00%
Commercial Investor Real Estate Construction [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 0   $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.00%   0.00%
Commercial Investor Real Estate Construction [Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 0   $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.00%   0.00%
Residential First Mortgage [Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 40 $ 28 $ 121 $ 78
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.20% 0.14% 0.60% 0.39%
Residential First Mortgage [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 37 $ 25 $ 115 $ 72
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.18% 0.12% 0.57% 0.36%
Residential First Mortgage [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 1 $ 2 $ 2 $ 3
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.01% 0.01% 0.01% 0.01%
Residential First Mortgage [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 2 $ 1 $ 4 $ 3
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.01% 0.01% 0.02% 0.02%
Residential First Mortgage [Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 0   $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.00%   0.00%
Residential First Mortgage [Member] | Other Loan Modification type        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0   $ 0  
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00%   0.00%  
Home Equity Lines of Credit[Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 4 $ 2 $ 7 $ 3
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.13% 0.05% 0.22% 0.10%
Home Equity Lines of Credit[Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 0 $ 0 $ 1
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.00% 0.01% 0.02%
Home Equity Lines of Credit[Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 0 $ 0 $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.00% 0.00% 0.00%
Home Equity Lines of Credit[Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 4 $ 2 $ 7 $ 2
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.13% 0.04% 0.21% 0.08%
Home Equity Lines of Credit[Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 0   $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.00%   0.00%
Home Equity Lines of Credit[Member] | Other Loan Modification type        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0   $ 0  
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00%   0.00%  
Home Equity Loan [Member]        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 3 $ 2 $ 9 $ 7
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.13% 0.09% 0.37% 0.29%
Home Equity Loan [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 1 $ 1 $ 3 $ 3
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.05% 0.04% 0.13% 0.13%
Home Equity Loan [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0 $ 0 $ 0 $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00% 0.00% 0.00% 0.00%
Home Equity Loan [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 2 $ 1 $ 6 $ 4
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.08% 0.05% 0.24% 0.15%
Home Equity Loan [Member] | us-gaap_ExtendedMaturityAndPaymentDeferralMember        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount   $ 0   $ 0
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage   0.00%   0.00%
Home Equity Loan [Member] | Other Loan Modification type        
Financing Receivable, Modifications [Line Items]        
Financing Receivable, Excluding Accrued Interest, Modified in Period, amount $ 0   $ 0  
Financing Receivable, Excluding Accrued Interest, Modified in Period, Percentage 0.00%   0.00%  
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.24.3
Loans And The Allowance For Credit Losses (Financial Impact Of Modifications To Troubled Borrowers) (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Commercial And Industrial [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension 1 year 29 days 8 months 1 day 1 year 9 months 29 days 9 months
Commercial And Industrial [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Payments deferral   0.25   0.5
Commercial And Industrial [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension 1 year 2 months 1 day   1 year 2 months 1 day  
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification 200.00%   200.00%  
Commercial And Industrial [Member] | Extended Maturity and Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension   2 years   2 years
Financial Effect, Payments deferral   2   2
Commercial Real Estate Mortgage - Owner-Occupied [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension 1 year 5 months 1 day 11 months 1 day 1 year 9 months 29 days
Commercial Real Estate Construction - Owner-Occupied [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension       3 months
Commercial investor real estate mortgage [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension 2 months 1 day 6 months 29 days 9 months 8 months 1 day
Commercial Investor Real Estate Construction [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension   5 months 1 day   5 months 1 day
Residential First Mortgage [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension 7 years 7 years 7 years 6 years
Residential First Mortgage [Member] | Payment Deferral        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Payments deferral 0.42 0.92 0.5 0.92
Residential First Mortgage [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension 4 years 7 years 5 years 7 years
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification 1.00% 1.00% 1.00% 1.00%
Home Equity Lines of Credit[Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension       18 years
Home Equity Lines of Credit[Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension 24 years 20 years 23 years 19 years
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification 2.00% 2.00% 2.00% 2.00%
Home Equity Loan [Member] | Extended Maturity        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension 16 years 12 years 12 years 14 years
Home Equity Loan [Member] | Extended Maturity and Interest Rate Reduction        
Financing Receivable, Modifications [Line Items]        
Financial Effect, Term Extension 24 years 15 years 25 years 15 years
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification 3.00% 2.00% 2.00% 2.00%
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.24.3
Loans And The Allowance For Credit Losses(Aging and Non-Accrual Performance for Modifications to Troubled Borrowers (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period $ 576 $ 703
Commercial Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 152 462
Total Investor Real Estate [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 264 153
Consumer Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 160 88
Current    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 328 375
Current | Commercial Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 104 262
Current | Total Investor Real Estate [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 103 42
Current | Consumer Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 121 71
Financial Asset, 30 to 89 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 48 60
Financial Asset, 30 to 89 Days Past Due | Commercial Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 2
Financial Asset, 30 to 89 Days Past Due | Total Investor Real Estate [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 27 48
Financial Asset, 30 to 89 Days Past Due | Consumer Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 21 10
Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 11 8
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 5
Financial Asset, Equal to or Greater than 90 Days Past Due | Total Investor Real Estate [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 0
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 11 3
Non-performing [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 189 260
Non-performing [Member] | Commercial Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 48 193
Non-performing [Member] | Total Investor Real Estate [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 134 63
Non-performing [Member] | Consumer Portfolio Segment [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 7 4
Commercial And Industrial [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 147 451
Commercial And Industrial [Member] | Current    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 101 258
Commercial And Industrial [Member] | Financial Asset, 30 to 89 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 2
Commercial And Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 5
Commercial And Industrial [Member] | Non-performing [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 46 186
Commercial Real Estate Mortgage - Owner-Occupied [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 5 9
Commercial Real Estate Mortgage - Owner-Occupied [Member] | Current    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 3 4
Commercial Real Estate Mortgage - Owner-Occupied [Member] | Financial Asset, 30 to 89 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 0
Commercial Real Estate Mortgage - Owner-Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 0
Commercial Real Estate Mortgage - Owner-Occupied [Member] | Non-performing [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 2 5
Commercial Real Estate Construction - Owner-Occupied [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period   2
Commercial Real Estate Construction - Owner-Occupied [Member] | Current    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period   0
Commercial Real Estate Construction - Owner-Occupied [Member] | Financial Asset, 30 to 89 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period   0
Commercial Real Estate Construction - Owner-Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period   0
Commercial Real Estate Construction - Owner-Occupied [Member] | Non-performing [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period   2
Commercial investor real estate mortgage [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 264 151
Commercial investor real estate mortgage [Member] | Current    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 103 40
Commercial investor real estate mortgage [Member] | Financial Asset, 30 to 89 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 27 48
Commercial investor real estate mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 0
Commercial investor real estate mortgage [Member] | Non-performing [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 134 63
Commercial Investor Real Estate Construction [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period   2
Commercial Investor Real Estate Construction [Member] | Current    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period   2
Commercial Investor Real Estate Construction [Member] | Financial Asset, 30 to 89 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period   0
Commercial Investor Real Estate Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period   0
Commercial Investor Real Estate Construction [Member] | Non-performing [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period   0
Residential First Mortgage [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 142 78
Residential First Mortgage [Member] | Current    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 106 63
Residential First Mortgage [Member] | Financial Asset, 30 to 89 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 20 10
Residential First Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 11 3
Residential First Mortgage [Member] | Non-performing [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 5 2
Home Equity Lines of Credit[Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 8 3
Home Equity Lines of Credit[Member] | Current    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 7 3
Home Equity Lines of Credit[Member] | Financial Asset, 30 to 89 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 0
Home Equity Lines of Credit[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 0
Home Equity Lines of Credit[Member] | Non-performing [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 1 0
Home Equity Loan [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 10 7
Home Equity Loan [Member] | Current    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 8 5
Home Equity Loan [Member] | Financial Asset, 30 to 89 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 1 0
Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period 0 0
Home Equity Loan [Member] | Non-performing [Member]    
Financing Receivable, Modifications [Line Items]    
Modifications to Troubled Borrowers, modified in the previous 12-month period $ 1 $ 2
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.24.3
Loans And The Allowance For Credit Losses (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing receivable no allowance $ 195 $ 195 $ 280
Loans, net of unearned income 96,789 96,789 98,379
Defaulted during period as modification to troubled borrower, twelve months prior to modification 49 183  
Commercial Portfolio Segment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income 54,779 54,779 56,033
Commercial Portfolio Segment [Member] | Extended Maturity      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated 65 65 106
Total Investor Real Estate [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income 8,812 8,812 8,850
Consumer Portfolio Segment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income 33,198 33,198 33,496
Collateral Dependent Member | Commercial Portfolio Segment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income 218 218 220
Collateral Dependent Member | Total Investor Real Estate [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income 199 199 92
Collateral Dependent Member | Consumer Portfolio Segment [Member] | residential real estate and home equity loan and lines      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income $ 113 $ 113 $ 93
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.24.3
Servicing of Financial Assets (Analysis Of Residential MSRs Under The Fair Value Measurement Method) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]        
Carrying Value, beginning of period     $ 906  
Carrying value, end of period $ 971   971  
Residential Mortgage        
Servicing Asset at Fair Value, Amount [Roll Forward]        
Carrying Value, beginning of period 1,020 $ 801 906 $ 812
Additions 8 8 20 20
Servicing Asset, at fair value, purchases 4 106 134 138
Increase (decrease) in fair value, due to change in valuation inputs or assumptions (28) 45 4 41
Increase (decrease) in fair value, economic amortization associated with borrower repayments (33) (28) (93) (79)
Carrying value, end of period $ 971 $ 932 $ 971 $ 932
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.24.3
Servicing of Financial Assets (Data And Assumptions Used In The Fair Value Calculation As Well As The Valuation's Sensitivity To Rate Fluctuations Related To Mortgage Servicing Rights) (Details)
$ in Millions
9 Months Ended
Sep. 30, 2024
USD ($)
basis_point
Sep. 30, 2023
USD ($)
basis_point
Transfers and Servicing of Financial Assets [Abstract]    
Unpaid principal balance $ 68,361 $ 61,452
Weighted-average CPR (%) 9.00% 7.70%
Estimated impact on fair value of a 10% increase $ (46) $ (59)
Estimated impact on fair value of a 20% increase $ (87) $ (100)
Option-adjusted spread (basis points) | basis_point 496 483
Estimated impact on fair value of a 10% increase $ (21) $ (20)
Estimated impact on fair value of a 20% increase $ (43) $ (40)
Weighted-Average Coupon Interest Rate 3.80% 3.70%
Weighted-average remaining maturity (months) 298 months 303 months
Weighted-average servicing fee (basis points) | basis_point 27.3 27.3
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.24.3
Servicing of Financial Assets (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Servicing Assets at Fair Value [Line Items]                
Servicing Asset at Fair Value, Amount $ 971   $ 971     $ 906    
Residential Mortgage                
Servicing Assets at Fair Value [Line Items]                
Servicing related fees and other ancillary income 53 $ 42 143 $ 119        
Servicing Asset at Fair Value, Amount 971 932 971 932 $ 1,020 906 $ 801 $ 812
Fannie Mae DUS License                
Servicing Assets at Fair Value [Line Items]                
Servicing Asset at Amortized Cost 86   86     87    
Servicing Asset at Fair Value, Amount 108   108     $ 109    
Commercial Real Estate                
Servicing Assets at Fair Value [Line Items]                
Servicing related fees and other ancillary income $ 6 $ 5 $ 19 $ 17        
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.24.3
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) (Preferred Stock Issuances) (Details) - USD ($)
$ / shares in Units, $ in Millions
9 Months Ended
Aug. 15, 2029
Sep. 15, 2025
Sep. 30, 2024
Jul. 22, 2024
Dec. 31, 2023
Class of Stock [Line Items]          
Liquidation Amount     $ 1,750    
Preferred stock, shares issued     1,403,500   1,403,500
Preferred stock, shares outstanding     1,403,500    
Carrying Amount     $ 1,715   $ 1,659
Series B(2)          
Class of Stock [Line Items]          
Dividend rate, percentage     6.375%    
Liquidation Amount     $ 0    
Preferred stock, liquidation preference per share (in usd per share)     $ 1,000    
Preferred stock, shares issued     0    
Preferred stock, shares outstanding     0    
Carrying Amount     $ 0   433
Series C          
Class of Stock [Line Items]          
Dividend rate, percentage     5.70%    
Liquidation Amount     $ 500    
Preferred stock, liquidation preference per share (in usd per share)     $ 1,000    
Preferred stock, shares issued     500,000    
Preferred stock, shares outstanding     500,000    
Carrying Amount     $ 490   490
Series D          
Class of Stock [Line Items]          
Dividend rate, percentage     5.75%    
Liquidation Amount     $ 350    
Preferred stock, liquidation preference per share (in usd per share)     $ 100,000    
Preferred stock, shares issued     3,500    
Preferred stock, shares outstanding     3,500    
Carrying Amount     $ 346   346
Series E          
Class of Stock [Line Items]          
Dividend rate, percentage     4.45%    
Liquidation Amount     $ 400    
Preferred stock, liquidation preference per share (in usd per share)     $ 1,000    
Preferred stock, shares issued     400,000    
Preferred stock, shares outstanding     400,000    
Carrying Amount     $ 390   390
Series F Preferred Stock          
Class of Stock [Line Items]          
Dividend rate, percentage     6.95%    
Liquidation Amount     $ 500    
Preferred stock, liquidation preference per share (in usd per share)     $ 1,000 $ 1,000  
Preferred stock, shares issued     500,000    
Preferred stock, shares outstanding     500,000    
Carrying Amount     $ 489   $ 0
Scenario, Forecast          
Class of Stock [Line Items]          
Preferred Stock, Basis spread on variable rate for transition to SOFR, percentage 0.262%        
Scenario, Forecast | Series C Preferred Stock Dividend Scenario 1          
Class of Stock [Line Items]          
Dividend rate, percentage 5.70%        
Scenario, Forecast | Series D Preferred Stock Dividend Scenario 1          
Class of Stock [Line Items]          
Dividend rate, percentage   5.75%      
Scenario, Forecast | Series F Preferred Stock Dividend Scenario 1          
Class of Stock [Line Items]          
Dividend rate, percentage   6.95%      
Plus 3-month CME Term SOFR | Scenario, Forecast | Series C Preferred Stock Dividend Scenario 2          
Class of Stock [Line Items]          
Preferred Stock, Dividend Rate, Basis Spread on Variable Rate, Percentage 3.41%        
Plus 5-year Treasury rate | Scenario, Forecast | Series D Preferred Stock Dividend Scenario 2          
Class of Stock [Line Items]          
Preferred Stock, Dividend Rate, Basis Spread on Variable Rate, Percentage   5.426%      
Plus 5-year Treasury rate | Scenario, Forecast | Series F Preferred Stock Dividend Scenario 2          
Class of Stock [Line Items]          
Preferred Stock, Dividend Rate, Basis Spread on Variable Rate, Percentage 2.771%        
Depositary Shares | Series B(2)          
Class of Stock [Line Items]          
Preferred stock, liquidation preference per share (in usd per share)     $ 25    
Depositary Shares | Series C          
Class of Stock [Line Items]          
Preferred stock, liquidation preference per share (in usd per share)     25    
Depositary Shares | Series D          
Class of Stock [Line Items]          
Preferred stock, liquidation preference per share (in usd per share)     1,000    
Depositary Shares | Series E          
Class of Stock [Line Items]          
Preferred stock, liquidation preference per share (in usd per share)     25    
Depositary Shares | Series F Preferred Stock          
Class of Stock [Line Items]          
Preferred stock, liquidation preference per share (in usd per share)     $ 25 $ 25.00  
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.24.3
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss)(Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]                
Pre-tax AOCI activity, Period Start $ (4,379)   $ (3,773) $ (4,613)   $ (4,481) $ (3,773) $ (4,481)
OCIDebtSecuritiesAvailableForSaleTransferToHeldToMaturityUnrealizedGainLossBeforeAdjustmentBeforeTax (436)              
Unrealized losses on securities transferred to held to maturity during the period, tax (111)     0     (111) 0
Unrealized losses on securities transferred from available for sale during the period (325)     0     (325) 0
Other Comprehensive Income (Loss), before Tax 1,839     (1,068)     1,233 (1,200)
Other Comprehensive Income (Loss), Tax (468)     272     (315) 307
Other comprehensive income (loss), net of tax 1,371 $ (41) (412) (796) $ (596) 499 918 (893)
OCIDebtSecuritiesAvailableForSaleUnrealizedGainLossTransferredToHeldToMaturityBeforeAdjustmentTax 111     0     111 0
Unrealized losses on securities transferred to held to maturity during the period 325     0     325 0
Unrealized holding gains (losses) on available for sale securities, tax 298     (203)     193 (177)
Unrealized holding gains (losses) arising during the period on securities available for sale, net of tax 870     (595)     560 (518)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax 20     0     45 0
Reclassification adjustments for securities gains (losses) realized in net income (net of tax) (58)     (1)     (133) (3)
Pre-tax AOCI activity, Period End (2,540) (4,379)   (5,681) (4,613)   (2,540) (5,681)
Unrealized holding gains (losses) on derivatives arising during the period 354     (274)     (46) (496)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (net of tax) (6)     (11)     (14) (21)
Tax Effect, period start 1,114   961 1,173   1,138 961 1,138
Tax Effect, period end 646 1,114   1,445 1,173   646 1,445
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start (3,265)   (2,812) (3,440)   (3,343) (2,812) (3,343)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End (1,894) (3,265)   (4,236) (3,440)   (1,894) (4,236)
Net change in unrealized gains (losses) on derivative instruments, net of tax 436     (213)     209 (400)
Unrealized losses on securities transferred to held to maturity:                
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]                
Pre-tax AOCI activity, Period Start (8)   (9) (10)   (11) (9) (11)
OCIDebtSecuritiesAvailableForSaleTransferToHeldToMaturityUnrealizedGainLossBeforeAdjustmentBeforeTax (436)           436  
Unrealized losses on securities transferred to held to maturity during the period, tax 111           111  
Unrealized losses on securities transferred from available for sale during the period (325)           (325)  
Other Comprehensive Loss, Held-to-maturity Security, Reclassification Adjustment from AOCI for Noncredit Portion of OTTI, before Tax 1     0     2 1
Reclassification adjustments for Amortization of Unrealized Losses on Securities Transferred to Held to Maturity, Tax 0     0     0 0
Reclassification adjustments for Amortization of Unrealized Losses on Securities Transferred to Held to Maturity (net of tax) 1     0     2 1
Other Comprehensive Income (Loss), before Tax (435)           (434)  
Other Comprehensive Income (Loss), Tax 111           111  
Other comprehensive income (loss), net of tax (324)           (323)  
Pre-tax AOCI activity, Period End (443) (8)   (10) (10)   (443) (10)
Tax Effect, period start 1   1 2   2 1 2
Tax Effect, period end 112 1   2 2   112 2
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start (7)   (8) (8)   (9) (8) (9)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End (331) (7)   (8) (8)   (331) (8)
Unrealized gains (losses) on securities available for sale:                
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]                
Pre-tax AOCI activity, Period Start (3,074)   (2,759) (3,328)   (3,433) (2,759) (3,433)
Other Comprehensive Income (Loss), before Tax 1,682     (797)     1,367 (692)
Other Comprehensive Income (Loss), Tax (429)     203     (349) 177
Other comprehensive income (loss), net of tax 1,253     (594)     1,018 (515)
OCIDebtSecuritiesAvailableForSaleUnrealizedGainLossTransferredToHeldToMaturityArisingDuringBeforeTax 436           436  
OCIDebtSecuritiesAvailableForSaleUnrealizedGainLossTransferredToHeldToMaturityBeforeAdjustmentTax (111)           111  
Unrealized losses on securities transferred to held to maturity during the period 325           325  
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax 1,168     (798)     753 (695)
Unrealized holding gains (losses) on available for sale securities, tax 298     203     193 177
Unrealized holding gains (losses) arising during the period on securities available for sale, net of tax 870           560  
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax 78     1     178 (3)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax (20)     0     (45) 0
Reclassification adjustments for securities gains (losses) realized in net income (net of tax) 58     1     133 3
Pre-tax AOCI activity, Period End (1,392) (3,074)   (4,125) (3,328)   (1,392) (4,125)
Tax Effect, period start 783   703 846   872 703 872
Tax Effect, period end 354 783   1,049 846   354 1,049
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start (2,291)   (2,056) (2,482)   (2,561) (2,056) (2,561)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End (1,038) (2,291)   (3,076) (2,482)   (1,038) (3,076)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:                
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]                
Pre-tax AOCI activity, Period Start (703)   (399) (719)   (468) (399) (468)
Other Comprehensive Income (Loss), before Tax 585     (285)     281 (536)
Other Comprehensive Income (Loss), Tax (149)     72     (72) 136
Other comprehensive income (loss), net of tax 436     (213)       (400)
Pre-tax AOCI activity, Period End (118) (703)   (1,004) (719)   (118) (1,004)
OCI, before Reclassifications, before Tax, Attributable to Parent 475     (367)     (62) (665)
OCI, before reclassifications, tax, attributable to parent (121)     93     16 169
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent (110)     (82)     (343) (129)
Reclassification from AOCI, Current Period, Tax (28)     (21)     (88) (33)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent 82     61     255 (96)
Tax Effect, period start 179   102 183   119 102 119
Tax Effect, period end 30 179   255 183   30 255
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start (524)   (297) (536)   (349) (297) (349)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End (88) (524)   (749) (536)   (88) (749)
Defined benefit pension plans and other post employment benefit plans:                
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]                
Pre-tax AOCI activity, Period Start (594)   (606) (556)   (569) (606) (569)
Pre-tax AOCI activity, Period End (587) (594)   (542) (556)   (587) (542)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income, before Tax 7     14     19 27
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income, Tax (1)     (3)     (5) (6)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (net of tax) 6     11     14 21
Tax Effect, period start 151   155 142   145 155 145
Tax Effect, period end 150 151   139 142   150 139
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start (443)   $ (451) (414)   $ (424) (451) (424)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End $ (437) $ (443)   $ (403) $ (414)   $ (437) $ (403)
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.24.3
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss) (Narrative) (Details)
$ / shares in Units, shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended 29 Months Ended
Jul. 22, 2024
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
$ / shares
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
$ / shares
Sep. 30, 2023
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
$ / shares
shares
Sep. 15, 2029
USD ($)
May 15, 2029
USD ($)
Jun. 15, 2026
USD ($)
Sep. 15, 2025
USD ($)
Apr. 20, 2022
USD ($)
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock dividends   $ 29 $ 24 $ 25 $ 25 $ 25 $ 24                
Stock Redeemed or Called During Period, Value   $ 500                          
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum   0.025           0.025   0.025          
Stock Repurchase Program, Authorized Amount                             $ 2,500
Stock Repurchased During Period, Shares | shares                   31,000          
Stock Repurchased During Period, Value                   $ 557          
Cash dividend declared (in dollars per share) | $ / shares   $ 0.25 $ 0.24 $ 0.24       $ 0.73 $ 0.64            
Series B(2)                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock, liquidation preference per share (in usd per share) | $ / shares   $ 1,000           1,000   $ 1,000          
Stock Redeemed or Called During Period, Shares | shares   500                          
Stock Redeemed or Called During Period, Value   $ 500                          
Series B(2) | Depositary Shares                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock, liquidation preference per share (in usd per share) | $ / shares   $ 25           25   25          
Series C                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock, liquidation preference per share (in usd per share) | $ / shares   1,000           1,000   1,000          
Series C | Depositary Shares                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock, liquidation preference per share (in usd per share) | $ / shares   25           25   25          
Series C | Subsequent Event                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
ExcessofRedemptionAmountOverCarryingAmount                       $ 10      
Series D                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock, liquidation preference per share (in usd per share) | $ / shares   100,000           100,000   100,000          
Series D | Depositary Shares                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock, liquidation preference per share (in usd per share) | $ / shares   1,000           1,000   1,000          
Series D | Subsequent Event                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
ExcessofRedemptionAmountOverCarryingAmount                           $ 4  
Series E                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock, liquidation preference per share (in usd per share) | $ / shares   1,000           1,000   1,000          
Series E | Depositary Shares                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock, liquidation preference per share (in usd per share) | $ / shares   $ 25           25   25          
Series E | Subsequent Event                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
ExcessofRedemptionAmountOverCarryingAmount                         $ 10    
Series F Preferred Stock                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock dividends   $ 4                          
Proceeds from Issuance of Preferred Stock and Preference Stock $ 500                            
Preferred stock, liquidation preference per share (in usd per share) | $ / shares $ 1,000 $ 1,000           1,000   1,000          
Payments of Stock Issuance Costs   $ 11                          
Series F Preferred Stock | Depositary Shares                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock, liquidation preference per share (in usd per share) | $ / shares $ 25.00 $ 25           $ 25   $ 25          
Series F Preferred Stock | Subsequent Event                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
ExcessofRedemptionAmountOverCarryingAmount                     $ 11        
us-gaap_SeriesBandCandDand EPreferredStockMember                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock dividends                 $ 74            
SeriesBandCandDandEandFPreferredStock [Member]                              
Stockholders' Equity And Comprehensive Income (Loss) [Line Items]                              
Preferred stock dividends               $ 78              
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.24.3
Earnings Per Common Share (Computation Of Basic And Diluted Earnings (Loss) Per Common Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Numerator:                
Net income $ 490 $ 501 $ 368 $ 490 $ 581 $ 612 $ 1,359 $ 1,683
Preferred stock dividends and other(1) (44)     (25)     (93) (74)
Stock Redeemed or Called During Period, Value 500              
Net income available to common shareholders $ 446     $ 465     $ 1,266 $ 1,609
Denominator:                
Weighted-average common shares outstanding—basic 914     939     917 938
Potential common shares 4     1     2 2
Weighted-average common shares outstanding—diluted 918     940     919 940
Earnings per common share:                
Basic $ 0.49     $ 0.49     $ 1.38 $ 1.72
Diluted $ 0.49     $ 0.49     $ 1.38 $ 1.71
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 4     7     5 6
Retained Earnings                
Numerator:                
Net income $ 490 $ 501 $ 368 $ 490 $ 581 $ 612    
Stock Redeemed or Called During Period, Value $ 15              
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.24.3
Pension and Other Postretirement Benefits (Schedule of Net Periodic Pension Cost) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 6 $ 6 $ 17 $ 18
Interest cost 23 24 66 69
Expected return on plan assets (31) (30) (93) (90)
Amortization of actuarial loss 7 7 19 20
Settlement charge 0 7 0 7
Net periodic pension cost 5 14 9 24
Pension Plan | Qualified Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 6 6 16 17
Interest cost 21 22 62 64
Expected return on plan assets (31) (30) (93) (90)
Amortization of actuarial loss 7 5 18 17
Settlement charge 0 0 0 0
Net periodic pension cost 3 3 3 8
Supplemental Employee Retirement Plan | Non-qualified Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0 0 1 1
Interest cost 2 2 4 5
Expected return on plan assets 0 0 0 0
Amortization of actuarial loss 0 2 1 3
Settlement charge 0 7 0 7
Net periodic pension cost $ 2 $ 11 $ 6 $ 16
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.24.3
Derivative Financial Instruments And Hedging Activities (Schedule Of Derivative Instruments Notional And Fair Values) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount $ 165,240 $ 160,576
Derivative Asset, Estimated Fair Value 1,640 2,105
Derivative Liability, Estimated Fair Value 1,808 2,691
Derivative Asset, Fair Value of Derivative Contracts Offset in Accordance with Entity's Policy that were Offset Under Master Netting Agreements 1,434 2,029
Derivative Liability, Fair Value of Derivative Contracts Offset In Accordance with Policy Election that were Offset Under Master Netting Agreements 1,124 1,560
Derivative Asset 206 76
Derivative Liability 684 1,131
Derivative Asset, Collateral, Obligation to Return Cash, Offset 120 243
Derivative Liability, Collateral, Right to Reclaim Cash, Offset 67 43
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 39,234 34,525
Derivative Asset, Estimated Fair Value 117 65
Derivative Liability, Estimated Fair Value 398 714
Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 126,006 126,051
Derivative Asset, Estimated Fair Value 1,523 2,040
Derivative Liability, Estimated Fair Value 1,410 1,977
Interest rate swaps | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 99,981 99,892
Interest rate swaps | Not Designated as Hedging Instrument | Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Estimated Fair Value 1,330 1,769
Interest rate swaps | Not Designated as Hedging Instrument | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Estimated Fair Value 1,258 1,718
Interest rate options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 12,151 13,497
Interest rate options | Not Designated as Hedging Instrument | Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Estimated Fair Value 40 66
Interest rate options | Not Designated as Hedging Instrument | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Estimated Fair Value 27 57
Interest rate futures and forward commitments | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 1,376 655
Interest rate futures and forward commitments | Not Designated as Hedging Instrument | Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Estimated Fair Value 7 7
Interest rate futures and forward commitments | Not Designated as Hedging Instrument | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Estimated Fair Value 2 12
Other contracts | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 12,497 12,007
Other contracts | Not Designated as Hedging Instrument | Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Estimated Fair Value 146 198
Other contracts | Not Designated as Hedging Instrument | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Estimated Fair Value 123 190
Fair Value Hedging | Interest rate swaps | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 4,934 2,975
Fair Value Hedging | Interest rate swaps | Designated as Hedging Instrument | Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Estimated Fair Value 4 1
Fair Value Hedging | Interest rate swaps | Designated as Hedging Instrument | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Estimated Fair Value 85 121
Cash Flow Hedging | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 34,300 31,550
Derivative Asset, Estimated Fair Value 113 64
Derivative Liability, Estimated Fair Value 313 593
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 32,300 29,550
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Estimated Fair Value 101 43
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Estimated Fair Value 307 580
Cash Flow Hedging | Interest rate options | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 2,000 2,000
Cash Flow Hedging | Interest rate options | Designated as Hedging Instrument | Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Estimated Fair Value 12 21
Cash Flow Hedging | Interest rate options | Designated as Hedging Instrument | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Estimated Fair Value $ 6 $ 13
XML 68 R57.htm IDEA: XBRL DOCUMENT v3.24.3
Derivative Financial Instruments And Hedging Activities (Schedule Of The Effect Of Derivative Instruments On The Statements Of Operations) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Debt securities $ 241 $ 185 $ 669 $ 557
Loans, including fees 1,463 1,462 4,316 4,276
Fair Value Hedging | Interest Rate Contract | Taxable Debt Securities in Interest Income [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Amounts Related to Interest Settlements on Derivatives 2 0 7 0
Gain or (Loss) Recognized in Income on Derivatives (8) 0 (2) 0
Gain or (Loss) Recognized in Income on Related Hedged Item 9 0 2 0
Gain (Loss) on Fair Value Hedges Recognized in Earnings 3 0 7 0
Fair Value Hedging | Interest Rate Contract | Loans Including Fees in Interest Income [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Amounts Related to Interest Settlements on Derivatives 0 0 0 0
Gain or (Loss) Recognized in Income on Derivatives 0 0 0 0
Gain or (Loss) Recognized in Income on Related Hedged Item 0 0 0 0
Gain (Loss) on Fair Value Hedges Recognized in Earnings 0 0 0 0
Fair Value Hedging | Interest Rate Contract | Long-term Borrowings In Interest Expense [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Amounts Related to Interest Settlements on Derivatives (18) (18) (52) (47)
Gain or (Loss) Recognized in Income on Derivatives 39 (3) 45 6
Gain or (Loss) Recognized in Income on Related Hedged Item (39) 3 (45) (6)
Gain (Loss) on Fair Value Hedges Recognized in Earnings (18) (18) (52) (47)
Fair Value Hedging | Interest Rate Contract | Deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Amounts Related to Interest Settlements on Derivatives 0   1  
Gain or (Loss) Recognized in Income on Derivatives 1   0  
Gain or (Loss) Recognized in Income on Related Hedged Item (1)   0  
Gain (Loss) on Fair Value Hedges Recognized in Earnings 0   (1)  
Cash Flow Hedging | Interest Rate Contract | Taxable Debt Securities in Interest Income [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain or (Loss) Reclassified from AOCI into Income 0 0 0 0
Net Income (Expense) Recognized on Cash Flow Hedges 0 0 0 0
Cash Flow Hedging | Interest Rate Contract | Loans Including Fees in Interest Income [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain or (Loss) Reclassified from AOCI into Income (110) (82) (343) (129)
Net Income (Expense) Recognized on Cash Flow Hedges (110) (82) (343) (129)
Cash Flow Hedging | Interest Rate Contract | Long-term Borrowings In Interest Expense [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain or (Loss) Reclassified from AOCI into Income 0 0 0 0
Net Income (Expense) Recognized on Cash Flow Hedges 0 $ 0 0 $ 0
Cash Flow Hedging | Interest Rate Contract | Deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain or (Loss) Reclassified from AOCI into Income 0   0  
Net Income (Expense) Recognized on Cash Flow Hedges $ 0   $ 0  
XML 69 R58.htm IDEA: XBRL DOCUMENT v3.24.3
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities (Schedule of Fair Value Hedging Basis Adjustments) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Asset, Fair Value Hedge, Portfolio method, Amount   $ 1,000
Financial Asset, Closed Portfolio, Portfolio Layer Method, Amortized Cost   1,300
Designated as Hedging Instrument | Debt Available-for-Sale Securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Asset, Fair Value Hedge $ 1,754 1,653
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) 7 5
Designated as Hedging Instrument | Long-term Debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge (3,081) (1,286)
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) 68 112
Designated as Hedging Instrument | Deposits    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge (10) (252)
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) $ 0 $ 0
XML 70 R59.htm IDEA: XBRL DOCUMENT v3.24.3
Derivative Financial Instruments And Hedging Activities (Schedule Of Gains (Losses) Recognized Related To Derivatives Not Designated As Hedging Instruments) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative [Line Items]        
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments $ 62 $ (7) $ 103 $ 5
Capital markets income [Member] | Not Designated as Hedging Instrument        
Derivative [Line Items]        
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments 34 36 91 47
Capital markets income [Member] | Interest rate swaps | Not Designated as Hedging Instrument        
Derivative [Line Items]        
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments 3 16 18 (8)
Capital markets income [Member] | Interest rate options | Not Designated as Hedging Instrument        
Derivative [Line Items]        
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments 15 14 38 35
Capital markets income [Member] | Interest rate futures and forward commitments | Not Designated as Hedging Instrument        
Derivative [Line Items]        
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments 4 2 18 10
Capital markets income [Member] | Other Contracts [Member] | Not Designated as Hedging Instrument        
Derivative [Line Items]        
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments 12 4 17 10
Mortgage Income [Member] | Not Designated as Hedging Instrument        
Derivative [Line Items]        
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments 28 (43) 12 (42)
Mortgage Income [Member] | Interest rate swaps | Not Designated as Hedging Instrument        
Derivative [Line Items]        
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments 26 (38) 3 (38)
Mortgage Income [Member] | Interest rate options | Not Designated as Hedging Instrument        
Derivative [Line Items]        
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments (1) (1) (2) 0
Mortgage Income [Member] | Interest rate futures and forward commitments | Not Designated as Hedging Instrument        
Derivative [Line Items]        
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments $ 3 $ (4) $ 11 $ (4)
XML 71 R60.htm IDEA: XBRL DOCUMENT v3.24.3
Derivative Financial Instruments And Hedging Activities (Narrative) (Details) - USD ($)
9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Pre-tax AOCI loss $ (2,540,000,000) $ (4,379,000,000) $ (3,773,000,000) $ (5,681,000,000) $ (4,613,000,000) $ (4,481,000,000)
Accumulated Other Comprehensive Income related to discontinued cash flow hedges, before tax 43,000,000          
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months (138,000,000)          
Pre-tax net income related to amortization of discontinued cash flow hedges 39,000,000          
Derivative, Notional Amount 165,240,000,000   160,576,000,000      
Maximum potential future exposure on swap participations 334,000,000          
Aggregate fair value of all derivative instruments with credit risk 45,000,000   29,000,000      
Posted collateral related to derivative instruments with credit risk 43,000,000   32,000,000      
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Pre-tax AOCI loss (118,000,000) $ (703,000,000) (399,000,000) $ (1,004,000,000) $ (719,000,000) $ (468,000,000)
Not Designated as Hedging Instrument            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Derivative, Notional Amount 126,006,000,000   126,051,000,000      
Interest Rate Lock Commitments | Not Designated as Hedging Instrument            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Derivative, Notional Amount 173,000,000   124,000,000      
Forward Sale Commitments | Not Designated as Hedging Instrument            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Derivative, Notional Amount 358,000,000   267,000,000      
Forward Rate Commitments and Futures Contracts | Not Designated as Hedging Instrument            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Derivative, Notional Amount $ 3,600,000,000   $ 3,300,000,000      
XML 72 R61.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value Measurements (Schedule Of Assets And Liabilities At Fair Value Measured On A Recurring Basis) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale $ 28,698 $ 28,104
Residential mortgage servicing rights 971 906
Derivative Asset, Estimated Fair Value 1,640 2,105
Derivative Liability, Estimated Fair Value 1,808 2,691
Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 28,698 28,104
Loans held for sale 255 201
Marketable Equity Securities carried at fair value 804 813
Residential mortgage servicing rights 971 906
Derivative Asset, Estimated Fair Value 1,640 2,105
Derivative Liability, Estimated Fair Value 1,808 2,691
Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 2,046 1,223
Loans held for sale 0 0
Derivative Asset, Estimated Fair Value 12 0
Derivative Liability, Estimated Fair Value 0 0
Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 2,046 1,223
Loans held for sale 0 0
Marketable Equity Securities carried at fair value 804 813
Residential mortgage servicing rights 0 0
Derivative Asset, Estimated Fair Value 12 0
Derivative Liability, Estimated Fair Value 0 0
Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 26,649 26,880
Loans held for sale 509 397
Derivative Asset, Estimated Fair Value 1,617 2,101
Derivative Liability, Estimated Fair Value 1,808 2,690
Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 26,649 26,880
Loans held for sale 255 201
Marketable Equity Securities carried at fair value 0 0
Residential mortgage servicing rights 0 0
Derivative Asset, Estimated Fair Value 1,617 2,101
Derivative Liability, Estimated Fair Value 1,808 2,690
Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 3 1
Loans held for sale 13 3
Derivative Asset, Estimated Fair Value 11 4
Derivative Liability, Estimated Fair Value 0 1
Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 3 1
Loans held for sale 0 0
Marketable Equity Securities carried at fair value 0 0
Residential mortgage servicing rights 971 906
Derivative Asset, Estimated Fair Value 11 4
Derivative Liability, Estimated Fair Value 0 1
Interest rate swaps | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 1,435 1,813
Derivative Liability, Estimated Fair Value 1,650 2,419
Interest rate swaps | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 0 0
Derivative Liability, Estimated Fair Value 0 0
Interest rate swaps | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 1,435 1,813
Derivative Liability, Estimated Fair Value 1,650 2,419
Interest rate swaps | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 0 0
Derivative Liability, Estimated Fair Value 0 0
Interest rate options | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 52 87
Derivative Liability, Estimated Fair Value 33 70
Interest rate options | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 0 0
Derivative Liability, Estimated Fair Value 0 0
Interest rate options | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 41 83
Derivative Liability, Estimated Fair Value 33 70
Interest rate options | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 11 4
Derivative Liability, Estimated Fair Value 0 0
Interest rate futures and forward commitments | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 7 7
Derivative Liability, Estimated Fair Value 2 12
Interest rate futures and forward commitments | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 0 0
Derivative Liability, Estimated Fair Value 0 0
Interest rate futures and forward commitments | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 7 7
Derivative Liability, Estimated Fair Value 2 12
Interest rate futures and forward commitments | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 0 0
Derivative Liability, Estimated Fair Value 0 0
Other Contracts [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 146 198
Derivative Liability, Estimated Fair Value 123 190
Other Contracts [Member] | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 12 0
Derivative Liability, Estimated Fair Value 0 0
Other Contracts [Member] | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 134 198
Derivative Liability, Estimated Fair Value 123 189
Other Contracts [Member] | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Estimated Fair Value 0 0
Derivative Liability, Estimated Fair Value 0 1
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 2,046 1,223
U.S. Treasury securities | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 2,046 1,223
U.S. Treasury securities | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 2,046 1,223
U.S. Treasury securities | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
U.S. Treasury securities | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Federal agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 457 1,043
Federal agency securities | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 457 1,043
Federal agency securities | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Federal agency securities | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 457 1,043
Federal agency securities | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Obligations of states and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 2 2
Obligations of states and political subdivisions | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 2 2
Obligations of states and political subdivisions | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Obligations of states and political subdivisions | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 2 2
Obligations of states and political subdivisions | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Residential agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 20,459 17,372
Residential agency | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 20,459 17,372
Residential agency | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Residential agency | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 20,459 17,372
Residential agency | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Commercial agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 4,922 7,307
Commercial agency | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 4,922 7,307
Commercial agency | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Commercial agency | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 4,922 7,307
Commercial agency | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Commercial non-agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 85 83
Commercial non-agency | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 85 83
Commercial non-agency | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Commercial non-agency | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 85 83
Commercial non-agency | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Corporate and other debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 727 1,074
Corporate and other debt securities | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 727 1,074
Corporate and other debt securities | Level 1 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 0 0
Corporate and other debt securities | Level 2 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 724 1,073
Corporate and other debt securities | Level 3 [Member] | Recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale $ 3 $ 1
XML 73 R62.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value Measurements (Summary Of Quantitative Information About Level 3 Fair Value Measurements) (Details) - Discounted Cash Flow [Member] - Residential Mortgage
$ in Millions
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Level 3 [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, Fair Value Disclosure $ 971 $ 906
Recurring Fair Value Measurements | Minimum [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average CPR 0.045 0.056
Option-Adjusted Spread 4.70% 4.50%
Recurring Fair Value Measurements | Maximum [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average CPR 0.354 0.215
Option-Adjusted Spread 7.70% 8.20%
Recurring Fair Value Measurements | Weighted Average [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average CPR 0.090 0.082
Option-Adjusted Spread 5.00% 4.80%
XML 74 R63.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value Measurements (Fair Value Option, Fair Value and Unpaid Principal Balance) (Details) - Mortgage loans held for sale [Member] - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans Held for Sale $ 248 $ 184
Fair Value Option Mortgages Held For Sale Aggregate Unpaid Principal $ 243 $ 177
XML 75 R64.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value Measurements (Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Financial Assets    
Debt securities held to maturity $ 2,759 $ 716
Debt securities available for sale 28,698 28,104
Other earning assets 1,625 1,417
Derivative Asset, Estimated Fair Value 1,640 2,105
Financial Liabilities    
Fair value Discount On Loan Portfolio Amount $ (2,800) $ (3,800)
Fair value Discount On Loan Portfolio Rate 3.00% 4.00%
Capital Leases Carrying Amount Excluded $ 1,800 $ 1,700
Derivative Liability, Estimated Fair Value 1,808 2,691
Carrying Amount [Member]    
Financial Assets    
Cash and cash equivalents 10,521 6,801
Debt securities held to maturity 2,787 754
Debt securities available for sale 28,698 28,104
Loans held for sale 522 400
Loans (excluding leases), net of unearned income and allowance for loan losses 93,359 95,141
Other earning assets 1,625 1,417
Derivative Asset, Estimated Fair Value 1,640 2,105
Financial Liabilities    
Deposits with no stated maturity, Fair Value Disclosure 110,692 112,816
Time deposits. fair value disclosure 15,684 14,972
Short-term Borrowings 1,500  
Long-term Borrowings 6,016 2,330
Loan commitments and letters of credit 154 156
Derivative Liability, Estimated Fair Value 1,808 2,691
Estimate of Fair Value [Member]    
Financial Assets    
Cash and cash equivalents 10,521 6,801
Debt securities held to maturity 2,759 716
Debt securities available for sale 28,698 28,104
Loans held for sale 522 400
Loans (excluding leases), net of unearned income and allowance for loan losses 90,562 91,352
Other earning assets 1,625 1,417
Derivative Asset, Estimated Fair Value 1,640 2,105
Financial Liabilities    
Deposits with no stated maturity, Fair Value Disclosure 110,692 112,816
Time deposits. fair value disclosure 15,673 14,905
Short-term Borrowings 1,500  
Long-term Borrowings 6,147 2,319
Loan commitments and letters of credit 154 156
Derivative Liability, Estimated Fair Value 1,808 2,691
Level 1 [Member]    
Financial Assets    
Cash and cash equivalents 10,521 6,801
Debt securities held to maturity 0 0
Debt securities available for sale 2,046 1,223
Loans held for sale 0 0
Loans (excluding leases), net of unearned income and allowance for loan losses 0 0
Other earning assets 804 813
Derivative Asset, Estimated Fair Value 12 0
Financial Liabilities    
Deposits with no stated maturity, Fair Value Disclosure 0 0
Time deposits. fair value disclosure 0 0
Short-term Borrowings 0  
Long-term Borrowings 0 0
Loan commitments and letters of credit 0 0
Derivative Liability, Estimated Fair Value 0 0
Level 2 [Member]    
Financial Assets    
Cash and cash equivalents 0 0
Debt securities held to maturity 2,759 716
Debt securities available for sale 26,649 26,880
Loans held for sale 509 397
Loans (excluding leases), net of unearned income and allowance for loan losses 0 0
Other earning assets 821 604
Derivative Asset, Estimated Fair Value 1,617 2,101
Financial Liabilities    
Deposits with no stated maturity, Fair Value Disclosure 110,692 112,816
Time deposits. fair value disclosure 15,673 14,905
Short-term Borrowings 1,500  
Long-term Borrowings 6,146 2,318
Loan commitments and letters of credit 0 0
Derivative Liability, Estimated Fair Value 1,808 2,690
Level 3 [Member]    
Financial Assets    
Cash and cash equivalents 0 0
Debt securities held to maturity 0 0
Debt securities available for sale 3 1
Loans held for sale 13 3
Loans (excluding leases), net of unearned income and allowance for loan losses 90,562 91,352
Other earning assets 0 0
Derivative Asset, Estimated Fair Value 11 4
Financial Liabilities    
Deposits with no stated maturity, Fair Value Disclosure 0 0
Time deposits. fair value disclosure 0 0
Short-term Borrowings 0  
Long-term Borrowings 1 1
Loan commitments and letters of credit 154 156
Derivative Liability, Estimated Fair Value $ 0 $ 1
XML 76 R65.htm IDEA: XBRL DOCUMENT v3.24.3
Business Segment Information (Schedule Of Financial Information By Reportable Segment) (Details)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
segment
Sep. 30, 2023
USD ($)
Segment Reporting Information [Line Items]        
Reportable segments | segment     3  
Net interest income and other financing income (loss) $ 1,218 $ 1,291 $ 3,588 $ 4,089
Provision (benefit from) for credit losses 113 145 367 398
Non-interest income 572 566 1,680 1,676
Non-interest expense 1,069 1,093 3,204 3,231
Income before income taxes 608 619 1,697 2,136
Income tax expense (benefit) 118 129 338 453
Net income (loss) 490 490 1,359 1,683
Average assets 154,667 153,484 152,998 153,448
Corporate Bank [Member]        
Segment Reporting Information [Line Items]        
Net interest income and other financing income (loss) 459 488 1,359 1,531
Provision (benefit from) for credit losses 91 87 272 252
Non-interest income 240 181 657 525
Non-interest expense 319 303 950 932
Income before income taxes 289 279 794 872
Income tax expense (benefit) 73 70 199 218
Net income (loss) 216 209 595 654
Average assets 69,364 70,032 69,081 69,773
Consumer Bank [Member]        
Segment Reporting Information [Line Items]        
Net interest income and other financing income (loss) 718 760 2,107 2,410
Provision (benefit from) for credit losses 67 70 202 208
Non-interest income 264 256 780 783
Non-interest expense 603 672 1,800 1,946
Income before income taxes 312 274 885 1,039
Income tax expense (benefit) 78 69 221 260
Net income (loss) 234 205 664 779
Average assets 37,882 38,108 37,974 37,625
Wealth Management [Member]        
Segment Reporting Information [Line Items]        
Net interest income and other financing income (loss) 41 43 122 148
Provision (benefit from) for credit losses 2 2 6 6
Non-interest income 130 113 374 339
Non-interest expense 114 105 333 320
Income before income taxes 55 49 157 161
Income tax expense (benefit) 13 12 40 40
Net income (loss) 42 37 117 121
Average assets 2,088 2,018 2,059 2,053
Other [Member]        
Segment Reporting Information [Line Items]        
Net interest income and other financing income (loss) 0 0 0 0
Provision (benefit from) for credit losses (47) (14) (113) (68)
Non-interest income (62) 16 (131) 29
Non-interest expense 33 13 121 33
Income before income taxes (48) 17 (139) 64
Income tax expense (benefit) (46) (22) (122) (65)
Net income (loss) (2) 39 (17) 129
Average assets $ 45,333 $ 43,326 $ 43,884 $ 43,997
XML 77 R66.htm IDEA: XBRL DOCUMENT v3.24.3
Commitments, Contingencies and Guarantees (Credit Risk Of Financial Instruments By Contractual Amounts) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]            
Unused commitments to extend credit $ 64,642   $ 63,631      
Standby letters of credit 2,094   1,997      
Commercial letters of credit 62   78      
Liabilities associated with standby letters of credit 33   32      
Assets associated with standby letters of credit 34   34      
Reserve for unfunded credit commitments $ 121 $ 111 $ 124 $ 130 $ 120 $ 118
XML 78 R67.htm IDEA: XBRL DOCUMENT v3.24.3
Commitments, Contingencies and Guarantees (Narrative) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Long-term Purchase Commitment [Line Items]    
Fannie Mae DUS Servicing Portfolio, Amount $ 6,700 $ 6,200
Fannie Mae Servicing Portfolio, Other, Amount 634 653
Maximum Quantifiable Fannie Mae Loss Share Guarantee $ 2,300 $ 2,300
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