This is a Teaser Callout
You can choose either an image that fills the whole background as in this example, or an image to be displayed to the left or right of the text. You have control over the layover color, how transparent it is, and the font color of the text (black or white). You have control over the margins here, but better yet is to control the margins and padding through configuring the section the block is placed in to be full-width or centered, and select your margins and padding there.