PART II Item 5.
Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is traded on the New York Stock Exchange under the trading symbol “HFC.
” In September 2018, our Board of Directors approved a $1 billion share repurchase program, which replaced all existing share repurchase programs, authorizing us to repurchase common stock in the open market or through privately negotiated transactions.
The timing and amount of stock repurchases will depend on market conditions and corporate, regulatory and other relevant considerations.
This program may be discontinued at any time by the Board of Directors.
The following table includes repurchases made under this program during the fourth quarter of 2018.
## Table 0 ##
During the quarter ended December 31, 2018, 102,360 shares were withheld from certain executives and employees under the terms of our share-based compensation agreements to provide funds for the payment of payroll and income taxes due at vesting of restricted stock awards.
As of February 13, 2019, we had approximately 97,419 stockholders, including beneficial owners holding shares in street name.
We intend to consider the declaration of a dividend on a quarterly basis, although there is no assurance as to future dividends since they are dependent upon future earnings, capital requirements, our financial condition and other factors.
## Table 1 ##
NM—Not meaningful (1) See Table 2 for GAAP to non-GAAP reconciliations.
(2) Current year Basel III common equity Tier 1, Tier 1 capital, Total capital, and Leverage capital ratios are estimated.
(3) Regions' regulatory capital ratios for years prior to 2015 have not been revised to reflect the retrospective application of new accounting guidance related to investments in qualified affordable housing projects.
(4) Beginning in 2015, Regions' regulatory capital ratios are calculated pursuant to the phase-in provisions of the Basel III Rules.
All prior period ratios were calculated pursuant to the Basel I capital rules.
(5) High and low market prices are based on intraday sales prices.
NON-GAAP MEASURES The table below presents computations of earnings and certain other financial measures, which exclude certain significant items that are included in the financial results presented in accordance with GAAP.
These non-GAAP financial measures include “adjusted fee income ratio”, “adjusted efficiency ratio”, “return on average tangible common stockholders’ equity”, average and end of period “tangible common stockholders’ equity”, and “Basel III CET1, on a fully phased-in basis” and related ratios.
Regions believes that expressing earnings and certain other financial measures excluding these significant items provides a meaningful base for period-to-period comparisons, 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-GAAPfinancial 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 (management only) ?
Presentations to investors of Company performance The adjusted efficiency ratio (non-GAAP), which is a measure of productivity, is generally calculated as non-interest expense divided by total revenue on a taxable-equivalent basis.
The adjusted fee income ratio (non-GAAP) is generally calculated as noninterest income divided by total revenue on a taxable-equivalent basis.
Management uses these ratios to monitor performance and believes these measures provide meaningful information to investors.
Non-interest expense (GAAP) is presented excluding adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the adjusted efficiency ratio.
Noninterest income (GAAP) is presented excluding adjustments to arrive at adjusted non-interest income (non-GAAP), which is the numerator for the adjusted fee income ratio.
Net interest income and other financing income on a taxable-equivalent basis and noninterest income are added together to arrive at total revenue on a taxable-equivalent basis.
Adjustments are made to arrive at adjusted total revenue on a taxable-equivalent basis (non-GAAP), which is the denominator for the adjusted efficiency and adjusted fee income ratios.
Tangible common stockholders’ equity ratios have become a focus of some investors in analyzing the capital position of the Company absent the effects of intangible assets and preferred stock.
Traditionally, the Federal Reserve and other banking regulatory bodies have assessed a bank’s capital adequacy based on Tier 1 capital, the calculation of which is codified in federal banking regulations.
Analysts and banking regulators have assessed Regions’ capital adequacy using the tangible common stockholders’
Table of Contents 75 Other Assets Other assets decreased $92 million to $5.9 billion as of December 31, 2015.
Timing differences between settlement and trade date accounting primarily drove the decrease.
The decrease was offset by increases in the cash surrender value of investments in bank-owned life insurance and additional investments in affordable housing.
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 providing convenient branch locations for its customers.
Regions also serves customers through providing centralized, high-quality banking services and alternative product delivery channels such as internet banking.
Deposits are Regions’ primary source of funds, providing funding for 90 percent of average earning assets in both 2015 and 2014.
Table 21 “Deposits” details year-over-year deposits on a period-ending basis.
Total deposits at December 31, 2015 increased approximately $4.2 billion compared to year-end 2014 levels.
The increase in deposits was primarily driven by increases in noninterest-bearing demand, interest-bearing transaction and money market accounts.
These increases were partially offset by continued declines in time deposits.
Due to liquidity in the market, Regions has been able to steadily grow its low-cost customer deposits and reduce its total deposit costs from 15 basis points in 2013 to 11 basis points in both 2014 and 2015.
The following table summarizes deposits by category as of December 31: Table 21—Deposits
## Table 2 ##
Within customer deposits, non-interest-bearing demand deposits increased $3.1 billion to $34.9 billion.
Non-interest-bearing deposits accounted for approximately 35 percent of total deposits at year-end 2015 compared to 34 percent at year-end 2014.
Savings balances increased $634 million to $7.3 billion, generally reflecting continued consumer savings trends, spurred by economic uncertainty.
Interest-bearing transaction accounts increased $358 million to $21.9 billion.
Interest-bearing transaction deposits accounted for approximately 22 percent and 23 percent of total deposits at year-end 2015 and 2014, respectively.
Domestic money market products, which exclude foreign money market accounts, are one of Regions’ most significant funding sources.
These balances accounted for 27 percent of total deposits in both 2015 and 2014.
Included in customer time deposits are certificates of deposit and individual retirement accounts.
The balance of customer time deposits decreased 13 percent in 2015 to $7.5 billion compared to $8.6 billion in 2014.
The decrease was primarily due to maturities with minimal reinvestment by customers as a result of the continued decline in interest rates offered on these products.
Customer time deposits accounted for 8 percent of total deposits in 2015 compared to 9 percent in 2014.
See Table 22 “Maturity of Time Deposits of $100,000 or More” for maturity information.
During 2015, corporate treasury deposits remained at low levels as the Company continued to utilize customer-based funding and other sources.
The sensitivity of Regions’ deposit rates to changes in market interest rates is reflected in Regions’ average interest rate paid on interest-bearing deposits.
The rate paid on interest-bearing deposits remained consistent at 0.17 percent in 2015 compared to 2014, driven by the expiration of time deposits, the positive mix shift to lower cost customer products, and continuation of the low interest rate environment throughout much of 2015.
Table of Contents 77 Ratings Table 23 “Credit Ratings” reflects the debt ratings information of Regions Financial Corporation and Regions Bank by Standard and Poor's ("S&P"), Moody’s, Fitch and Dominion Bond Rating Service ("DBRS") as of December 31, 2015 and 2014.
Table 23—Credit Ratings
## Table 3 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td>Period</td><td>Total Number ofShares Purchased</td><td>Average PricePaid Per Share</td><td>Total Number ofShares Purchasedas Part of Publicly Announced Plans or Programs</td><td>Maximum DollarValue of Sharesthat May Yet BePurchased under the Plans or Programs</td></tr><tr><td>October 2018</td><td>1,360,987</td><td>$66.34</td><td>1,360,987</td><td>$859,039,458</td></tr><tr><td>November 2018</td><td>450,000</td><td>$61.36</td><td>450,000</td><td>$831,427,985</td></tr><tr><td>December 2018</td><td>912,360</td><td>$53.93</td><td>810,000</td><td>$787,613,605</td></tr><tr><td>Total for October to December 2018</td><td>2,723,347</td><td></td><td>2,620,987</td><td></td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td></td><td colspan="5">(In millions, except per share data)</td></tr><tr><td>COMMON STOCK DATA</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash dividends declared per common share</td><td>$0.23</td><td>$0.18</td><td>$0.10</td><td>$0.04</td><td>$0.04</td></tr><tr><td>Common equity book value per share</td><td>12.35</td><td>11.81</td><td>11.04</td><td>10.57</td><td>10.33</td></tr><tr><td>Tangible common book value per share (non-GAAP)<sup>(1)</sup></td><td>8.52</td><td>8.18</td><td>7.47</td><td>7.05</td><td>6.31</td></tr><tr><td>Market value at year-end</td><td>9.60</td><td>10.56</td><td>9.89</td><td>7.13</td><td>4.30</td></tr><tr><td>Market price range:<sup>-5</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>High</td><td>10.87</td><td>11.54</td><td>10.52</td><td>7.73</td><td>8.09</td></tr><tr><td>Low</td><td>8.54</td><td>8.85</td><td>7.13</td><td>4.21</td><td>2.82</td></tr><tr><td>Total trading volume</td><td>4,243</td><td>3,689</td><td>3,962</td><td>5,282</td><td>5,204</td></tr><tr><td>Dividend payout ratio</td><td>30.76%</td><td>22.80%</td><td>13.31%</td><td>5.59%</td><td>NM</td></tr><tr><td>Stockholders of record at year-end (actual)</td><td>51,270</td><td>57,529</td><td>63,815</td><td>67,574</td><td>73,659</td></tr><tr><td>Weighted-average number of common shares outstanding</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>1,325</td><td>1,375</td><td>1,395</td><td>1,381</td><td>1,258</td></tr><tr><td>Diluted</td><td>1,334</td><td>1,387</td><td>1,410</td><td>1,387</td><td>1,258</td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td></td><td colspan="3">(In millions)</td></tr><tr><td>Non-interest-bearing demand</td><td>$34,862</td><td>$31,747</td><td>$30,083</td></tr><tr><td>Savings</td><td>7,287</td><td>6,653</td><td>6,250</td></tr><tr><td>Interest-bearing transaction</td><td>21,902</td><td>21,544</td><td>20,789</td></tr><tr><td>Money market—domestic</td><td>26,468</td><td>25,396</td><td>25,435</td></tr><tr><td>Money market—foreign</td><td>243</td><td>265</td><td>220</td></tr><tr><td>Low-cost deposits</td><td>90,762</td><td>85,605</td><td>82,777</td></tr><tr><td>Time deposits</td><td>7,468</td><td>8,595</td><td>9,608</td></tr><tr><td>Customer deposits</td><td>98,230</td><td>94,200</td><td>92,385</td></tr><tr><td>Corporate treasury time deposits</td><td>200</td><td>—</td><td>68</td></tr><tr><td></td><td>$98,430</td><td>$94,200</td><td>$92,453</td></tr></table>
<table><tr><td></td><td colspan="4">As of December 31, 2015</td></tr><tr><td></td><td>S&P</td><td>Moody’s</td><td>Fitch</td><td>DBRS</td></tr><tr><td>Regions Financial Corporation</td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes</td><td>BBB</td><td>Baa3</td><td>BBB</td><td>BBB</td></tr><tr><td>Subordinated notes</td><td>BBB-</td><td>Baa3</td><td>BBB-</td><td>BBBL</td></tr><tr><td>Regions Bank</td><td></td><td></td><td></td><td></td></tr><tr><td>Short-term debt</td><td>A-2</td><td>P-2</td><td>F2</td><td>R-1L</td></tr><tr><td>Long-term bank deposits<sup>-1</sup></td><td>N/A</td><td>A3</td><td>BBB+</td><td>BBBH</td></tr><tr><td>Long-term debt</td><td>BBB+</td><td>A3</td><td>BBB</td><td>BBBH</td></tr><tr><td>Subordinated debt</td><td>BBB</td><td>Baa3</td><td>BBB-</td><td>BBB</td></tr><tr><td>Outlook</td><td>Stable</td><td>Stable</td><td>Stable</td><td>Positive</td></tr></table>

Question: What is the average growth rate of Total trading volume between 2013 and 2014?
Answer: -0.1594
Reasoning program: subtract(3689,3962), divide(#0,3962), subtract(3962,5282), divide(#2,5282), add(#1,#3), divide(#4,2)