
	2021		2020
	(In millions)
Regions Financial Corporation (Parent):
3.20% senior notes due February 2021	$	—	$	360

3.80% senior notes due August 2023	—		997
2.25% senior notes due May 2025	746		744
1.80% senior notes due August 2028	645		—
7.75% subordinated notes due September 2024	100		100
6.75% subordinated debentures due November 2025	154		155
7.375% subordinated notes due December 2037	298		298
Valuation adjustments on hedged long-term debt	(34)		64
	1,909		2,718
Regions Bank:

2.75% senior notes due April 2021	—		190
3 month LIBOR plus 0.38% of floating rate senior notes due April 2021	—		66


6.45% subordinated notes due June 2037	496		496
Ascentium note securitizations	—		97
Other long-term debt	2		2

	498		851
Total consolidated	$	2,407	$	3,569

As of December 31, 2021, Regions had three issuances and Regions Bank had one issuance of subordinated notes totaling $552 million and $496 million, respectively, with stated interest rates ranging from 6.45% to 7.75%. All issuances of these

notes are, by definition, subordinated and subject in right of payment of both principal and interest to the prior payment in full of all senior indebtedness of the Company, which is generally defined as all indebtedness and other obligations of the Company to its creditors, except subordinated indebtedness. Payment of the principal of the notes may be accelerated only in the case of certain events involving bankruptcy, insolvency proceedings or reorganization of the Company. The subordinated notes described above qualify as Tier 2 capital under Federal Reserve guidelines, subject to diminishing credit as the respective maturity dates approach and subject to certain transition provisions. None of the subordinated notes are redeemable prior to maturity, unless there is an occurrence of a qualifying capital event.

In the first quarter of 2021, Regions and Regions Bank redeemed the senior notes due February 2021 and April 2021 in their entirety. In the third quarter of 2021, Regions issued $650 million of 1.80% senior notes due August 2028. Also in the third quarter of 2021, Regions redeemed the senior notes due August 2023 in their entirety. In conjunction with the redemption, Regions incurred related early extinguishment pre-tax charges totaling $20 million.

In the second quarter of 2020, Regions issued $750 million of 2.25% senior notes due 2025. Also in the second quarter of 2020, Regions executed a partial tender of the two senior bank notes due April 2021. In the third quarter of 2020, Regions redeemed the two senior bank notes due August 2021 in their entirety. In the fourth quarter of 2020, Regions redeemed the 2.75% senior notes due August 2022 in their entirety. In conjunction with the partial tenders, redemptions, and early terminations of FHLB advances Regions incurred related early extinguishment pre-tax charges totaling $22 million.

As a part of Regions' acquisition of Ascentium on April 1, 2020, the Company assumed note securitizations that were fully redeemed as of December 31, 2021. As of December 31, 2020, the Ascentium note securitizations had two classes and had a weighted-average interest rate of 2.12%, with remaining maturities ranging from 3 years to 5 years and a weighted-average of approximately 4 years.

Regions uses derivative instruments, primarily interest rate swaps, to manage interest rate risk by converting a portion of its fixed-rate debt to a variable-rate. The effective rate adjustments related to these hedges are included in interest expense on long-term borrowings. The weighted-average interest rate on total long-term debt, including the effect of derivative instruments, was 3.6 percent, 2.7 percent, and 3.4 percent for the years ended December 31, 2021, 2020 and 2019, respectively. Further discussion of derivative instruments is included in Note 20.


	Year Ended December 31
	Regions Financial Corporation (Parent)		Regions Bank
	(In millions)
2022	$	—	$	—
2023	—		—
2024	100		—
2025	879		—
2026	—		—
Thereafter	930		498
	$	1,909	$	498

On February 22, 2019, Regions filed a shelf registration statement with the SEC. This shelf registration does not have a capacity limit and can be utilized by Regions to issue various debt and/or equity securities. The registration statement will expire in February 2022. Regions expects to file a new shelf registration statement on or about February 24, 2022.

Regions Bank may issue bank notes from time to time, either as part of a bank note program or as stand-alone issuances. Notes issued by Regions Bank may be senior or subordinated notes. Notes issued by Regions Bank are not deposits and are not insured or guaranteed by the FDIC.

Regions may, from time to time, consider opportunistically retiring outstanding issued securities, including subordinated debt in privately negotiated or open market transactions. Regulatory approval would be required for retirement of some securities.