FIRST HORIZON CORP, 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-15185    
Entity Registrant Name FIRST HORIZON CORP    
Entity Incorporation, State or Country Code TN    
Entity Tax Identification Number 62-0803242    
Entity Address, Address Line One 165 Madison Avenue    
Entity Address, City or Town Memphis,    
Entity Address, State or Province TN    
Entity Address, Postal Zip Code 38103    
City Area Code 901    
Local Phone Number 523-4444    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 8.4
Entity Common Stock, Shares Outstanding   521,769,746  
Documents Incorporated by Reference
Portions of the Proxy Statement to be furnished to shareholders in connection with the Annual Meeting of shareholders scheduled for April 29, 2025 or provided in an amendment to this Annual Report: Part III of this Report
    
Auditor Name KPMG LLP    
Auditor Location Memphis, TN    
Auditor Firm ID 185    
Entity Central Index Key 0000036966    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
$.625 Par Value Common Capital Stock      
Entity Information [Line Items]      
Title of 12(b) Security $.625 Par Value Common Capital Stock    
Trading Symbol FHN    
Security Exchange Name NYSE    
Depositary Shares, each representing a 1/400th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series B      
Entity Information [Line Items]      
Title of 12(b) Security Depositary Shares, each representing a 1/400th interest ina share of Non-Cumulative Perpetual Preferred Stock, Series B    
Trading Symbol FHN PR B    
Security Exchange Name NYSE    
Depositary Shares, each representing a 1/400th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C      
Entity Information [Line Items]      
Title of 12(b) Security Depositary Shares, each representing a 1/400th interest ina share of Non-Cumulative Perpetual Preferred Stock, Series C    
Trading Symbol FHN PR C    
Security Exchange Name NYSE    
Depositary Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series E      
Entity Information [Line Items]      
Title of 12(b) Security Depositary Shares, each representing a 1/4,000th interest ina share of Non-Cumulative Perpetual Preferred Stock, Series E    
Trading Symbol FHN PR E    
Security Exchange Name NYSE    
Depositary Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series F      
Entity Information [Line Items]      
Title of 12(b) Security Depositary Shares, each representing a 1/4,000th interest ina share of Non-Cumulative Perpetual Preferred Stock, Series F    
Trading Symbol FHN PR F    
Security Exchange Name NYSE    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and due from banks $ 906 $ 1,012
Interest-bearing deposits with banks 1,538 1,328
Federal funds sold and securities purchased under agreements to resell 631 719
Trading securities 1,387 1,412
Securities available for sale at fair value 7,896 8,391
Securities held to maturity (fair value of $1,083 and $1,161, respectively) 1,270 1,323
Loans held for sale (including $85 and $68 at fair value, respectively) 551 502
Loans and leases 62,565 61,292
Allowance for loan and lease losses (815) (773)
Net loans and leases 61,750 60,519
Premises and equipment 574 590
Goodwill 1,510 1,510
Other intangible assets 143 186
Other assets 3,996 4,169
Total assets 82,152 81,661
Liabilities    
Noninterest-bearing deposits 16,021 17,204
Interest-bearing deposits 49,560 48,576
Total deposits 65,581 65,780
Trading liabilities 550 509
Short-term borrowings 3,400 2,549
Term borrowings 1,195 1,150
Other liabilities 2,315 2,382
Total liabilities 73,041 72,370
Equity    
Preferred stock, Non-cumulative perpetual, no par value; authorized 5,000,000 shares; issued 16,750 and 26,750 shares, respectively 426 520
Common stock, $0.625 par value; authorized 700,000,000 shares; issued 524,280,412 and 558,838,694 shares, respectively 328 349
Capital surplus 4,808 5,351
Retained earnings 4,382 3,964
Accumulated other comprehensive loss, net (1,128) (1,188)
FHN shareholders' equity 8,816 8,996
Noncontrolling interest 295 295
Total equity 9,111 9,291
Total liabilities and equity $ 82,152 $ 81,661
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Securities held to maturity $ 1,083 $ 1,161
Loans held for sale, fair value $ 85 $ 68
Preferred stock, authorized (in shares) 5,000,000 5,000,000
Preferred stock, issued (in shares) 16,750 26,750
Common stock, par value (in dollars per share) $ 0.625 $ 0.625
Common stock, authorized (in shares) 700,000,000 700,000,000
Common stock, issued (in shares) 524,280,412 558,838,694
v3.25.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income      
Interest and fees on loans and leases $ 3,874 $ 3,575 $ 2,292
Interest and fees on loans held for sale 36 51 39
Interest on investment securities 241 247 198
Interest on trading securities 85 78 58
Interest on other earning assets 116 149 96
Total interest income 4,352 4,100 2,683
Interest expense:      
Interest on deposits 1,620 1,266 184
Interest on trading liabilities 24 12 12
Interest on short-term borrowings 130 210 23
Interest on term borrowings 67 72 72
Total interest expense 1,841 1,560 291
Net interest income 2,511 2,540 2,392
Provision for credit losses 150 260 95
Net interest income after provision for credit losses 2,361 2,280 2,297
Noninterest income      
Fixed income 187 133 205
Deposit transactions and cash management 176 179 171
Brokerage, management fees and commissions 101 90 92
Card and digital banking fees 77 77 84
Other service charges and fees 51 54 54
Trust services and investment management 48 47 48
Mortgage banking income 35 23 68
Gain on merger termination 0 225 0
Securities gains (losses), net (89) (4) 18
Other income 93 103 75
Total noninterest income 679 927 815
Noninterest expense      
Personnel expense 1,137 1,100 1,101
Net occupancy expense 130 123 128
Computer software 121 111 113
Operations services 94 87 87
Deposit insurance expense 64 122 32
Legal and professional fees 64 49 62
Contract employment and outsourcing 51 49 54
Advertising and public relations 48 71 50
Amortization of intangible assets 44 47 51
Equipment expense 42 42 45
Communications and delivery 32 35 37
Contributions 18 61 7
Other expense 190 182 186
Total noninterest expense 2,035 2,079 1,953
Income before income taxes 1,005 1,128 1,159
Income tax expense 211 212 247
Net income (loss) 794 916 912
Net income attributable to noncontrolling interest 19 19 12
Net income attributable to controlling interest 775 897 900
Preferred stock dividends 37 32 32
Net income available to common shareholders 738 865 868
Net income available to common shareholders $ 738 $ 865 $ 868
Basic earnings per share (in dollars per share) $ 1.37 $ 1.58 $ 1.62
Diluted earnings per share (in dollars per share) $ 1.36 $ 1.54 $ 1.53
Weighted average common shares (in shares) 540,317 548,410 535,033
Diluted average common shares (in shares) 544,285 561,732 566,004
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statements of Comprehensive Income/(loss)      
Net income $ 794 $ 916 $ 912
Other comprehensive income (loss), net of tax:      
Net unrealized gains (losses) on securities available for sale 54 137 (937)
Net unrealized gains (losses) on cash flow hedges (14) 47 (129)
Net unrealized gains (losses) on pension and other postretirement plans 20 (4) (14)
Other comprehensive income (loss) 60 180 (1,080)
Comprehensive income (loss) 854 1,096 (168)
Comprehensive income attributable to noncontrolling interest 19 19 12
Comprehensive income (loss) attributable to controlling interest 835 1,077 (180)
Income tax expense (benefit) of items included in other comprehensive income:      
Net unrealized gains (losses) on securities available for sale 17 44 (302)
Net unrealized gains (losses) on cash flow hedges (5) 15 (42)
Net unrealized gains (losses) on pension and other postretirement plans $ 7 $ (1) $ (5)
v3.25.0.1
Consolidated Statements of Changes in Equity - USD ($)
$ in Millions
Total
Adjustment
Series G
Series D
Preferred Stock
Preferred Stock
Series D
Common Stock
Common Stock
Series G
Capital Surplus
Capital Surplus
Series G
Retained Earnings
Retained Earnings
Adjustment
Retained Earnings
Series D
Total
 [1]
Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2021         26,750,000                    
Beginning balance (in shares) at Dec. 31, 2021             533,577,000                
Beginning balance at Dec. 31, 2021 $ 8,494       $ 520   $ 333   $ 4,743   $ 2,891     $ (288) $ 295
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income 912                   900       12
Other comprehensive income (loss) (1,080)                         (1,080)  
Cash dividends declared:                              
Preferred stock 32                   32        
Common stock (329)                   (329)        
Preferred stock issuance (in shares)         4,936,000                    
Preferred stock issuance 494       $ 494                    
Common stock repurchased (in shares)             (577,000)                
Common stock repurchased (12)               (12)            
Common stock issued for:                              
Stock options exercised and restricted stock awards (in shares)             4,101,000                
Stock options exercised and restricted stock awards 37           $ 3   34            
Series G preferred stock conversion 0                            
Stock-based compensation expense 75               75            
Dividends declared - noncontrolling interest of subsidiary preferred stock (12)                           (12)
Ending balance (in shares) at Dec. 31, 2022         31,686,000                    
Ending balance (in shares) at Dec. 31, 2022             537,101,000                
Ending balance at Dec. 31, 2022 8,547 $ 4     $ 1,014   $ 336   4,840   3,430 $ 4   (1,368) 295
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income 916                   897       19
Other comprehensive income (loss) 180                         180  
Cash dividends declared:                              
Preferred stock 32                   32        
Common stock (335)                   (335)        
Preferred stock conversion/redemption (in shares)         (4,936,000)                    
Preferred stock conversion/redemption (494)       $ (494)                    
Common stock repurchased (in shares)             (807,000)                
Common stock repurchased (10)           $ (1)   (9)            
Common stock issued for:                              
Stock options exercised and restricted stock awards (in shares)             2,802,000                
Stock options exercised and restricted stock awards 5               5            
Series G preferred stock conversion (in shares)               19,743,000              
Series G preferred stock conversion 493   $ 493         $ 12   $ 481          
Stock-based compensation expense 36           $ 2   34            
Dividends declared - noncontrolling interest of subsidiary preferred stock (19)                           (19)
Ending balance (in shares) at Dec. 31, 2023         26,750,000                    
Ending balance (in shares) at Dec. 31, 2023             558,839,000                
Ending balance at Dec. 31, 2023 9,291 $ 8     $ 520   $ 349   5,351   3,964 $ 8   (1,188) 295
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income 794                   775       19
Other comprehensive income (loss) 60                         60  
Cash dividends declared:                              
Preferred stock 29                   29        
Common stock (329)                   (329)        
Preferred stock conversion/redemption (in shares)           (10,000,000)                  
Preferred stock conversion/redemption       $ (100)   $ (94)         (7)   $ (6)    
Common stock repurchased (in shares) [2]             (39,203,000)                
Common stock repurchased [2] (626)           $ (25)   (601)            
Common stock issued for:                              
Stock options exercised and restricted stock awards (in shares)             4,644,000                
Stock options exercised and restricted stock awards 9           $ 1   8            
Series G preferred stock conversion 0                            
Excise tax on preferred stock redemption (1)                   (1)        
Excise tax on common stock repurchased (6)               (6)            
Stock-based compensation expense 59           $ 3   56            
Dividends declared - noncontrolling interest of subsidiary preferred stock $ (19)                           (19)
Ending balance (in shares) at Dec. 31, 2024 16,750     0 16,750,000                    
Ending balance (in shares) at Dec. 31, 2024             524,280,000                
Ending balance at Dec. 31, 2024 $ 9,111       $ 426   $ 328   $ 4,808   $ 4,382     $ (1,128) $ 295
[1] Due to the nature of the preferred stock issued by FHN and its subsidiaries, all components of other comprehensive income (loss) have been attributed solely to FHN as the controlling interest holder.
[2] 2024 includes $604 million repurchased under FHN's general purchase programs.
v3.25.0.1
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity, Class of Treasury Stock [Line Items]      
Accounting Standards Update [Extensible List]   Accounting Standards Update 2023-02 Accounting Standards Update 2022-02 [Member]
Common stock - cash dividends declared per share (in dollars per share) $ 0.60 $ 0.60 $ 0.60
Common stock repurchased under share repurchase program $ 626 [1] $ 10 $ 12
Preferred Stock      
Equity, Class of Treasury Stock [Line Items]      
Preferred stock issuance, net of offering cost (in shares)     4,936
Preferred stock issuance, net of offering cost (in dollars per share)     $ 100,000
2024 General Purchase Program      
Equity, Class of Treasury Stock [Line Items]      
Common stock repurchased under share repurchase program $ 604    
[1] 2024 includes $604 million repurchased under FHN's general purchase programs.
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 794 $ 916 $ 912
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 150 260 95
Deferred income tax expense (benefit) (17) 44 91
Depreciation and amortization of premises and equipment 55 55 59
Amortization of intangible assets 44 47 51
Net other amortization and accretion 2 0 (25)
Net decrease in trading securities (a) [1] 1,011 1,163 2,120
Net (increase) decrease in derivatives (2) (314) 524
Stock-based compensation expense 59 36 75
Securities (gains) losses, net 89 4 (18)
Net (gains) losses on sale/disposal of fixed assets (3) 0 (1)
Gain on divestiture 0 (9) 0
Gain on BOLI (5) (7) (9)
Loans held for sale:      
Purchases and originations (2,758) (2,295) (3,728)
Gross proceeds from settlements and sales 1,792 1,183 2,310
(Gain) loss due to fair value adjustments and other (75) (12) 107
Other operating activities, net 132 228 (272)
Total adjustments 474 383 1,379
Net cash provided by operating activities 1,268 1,299 2,291
Investing Activities      
Proceeds from sales of securities available for sale 1,155 0 0
Proceeds from maturities of securities available for sale 831 856 1,351
Purchases of securities available for sale (1,538) (261) (2,767)
Purchases of securities held to maturity 0 0 (712)
Proceeds from prepayments of securities held to maturity 57 53 55
Proceeds from sales of premises and equipment 8 1 18
Purchases of premises and equipment (44) (37) (28)
Proceeds from BOLI 13 14 22
Net increase in loans and leases (1,337) (3,303) (3,204)
Net (increase) decrease in interest-bearing deposits with banks (209) 56 13,523
Cash received for divestitures 0 11 0
Other investing activities, net 6 5 75
Net cash (used in) provided by investing activities (1,058) (2,605) 8,333
Common stock:      
Stock options exercised 9 5 36
Cash dividends paid (332) (335) (324)
Repurchase of shares (626) (10) (12)
Preferred stock:      
Preferred stock issuance 0 0 494
Call of preferred stock (100) 0 0
Cash dividends paid - preferred stock - noncontrolling interest (19) (17) (11)
Cash dividends paid - preferred stock (29) (32) (32)
Net (decrease) increase in deposits (201) 2,289 (11,406)
Net increase in short-term borrowings 851 43 382
Net increase (decrease) in term borrowings 43 (449) 4
Net cash (used in) provided by financing activities (404) 1,494 (10,869)
Net (decrease) increase in cash and cash equivalents (194) 188 (245)
Cash and cash equivalents at beginning of period 1,731 1,543 1,788
Cash and cash equivalents at end of period 1,537 1,731 1,543
Supplemental Disclosures      
Total interest paid 1,869 1,428 280
Total taxes paid 106 123 20
Total taxes refunded 7 19 7
Transfer from loans to OREO 3 4 3
Transfer from loans HFS to trading securities 992 1,212 1,893
Transfer from loans to loans HFS 0 7 0
Preferred stock conversion to common stock $ 0 $ 493 $ 0
[1] (a) Includes transfers from loans HFS to trading securities.
v3.25.0.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Accounting
The consolidated financial statements of FHN, including its subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America and follow general practices within the industries in which it operates. This preparation requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions are based on information available as of the date of the financial statements and could differ from actual results.
Principles of Consolidation
The consolidated financial statements include the accounts of FHN and other entities in which it has a controlling financial interest. Variable interest entities for which FHN or a subsidiary has been determined to be the primary beneficiary are also consolidated. Affiliates for which FHN is not considered the primary beneficiary and in which FHN does not have a controlling financial interest are accounted for under the equity method. These investments are included in other assets, and FHN’s proportionate share of income or loss is included in noninterest income. All significant intercompany transactions and balances have been eliminated.
Revenues
Revenue is recognized when the performance obligations under the terms of a contract with a client are satisfied in an amount that reflects the consideration FHN expects to be entitled. FHN derives a significant portion of its revenues from fee-based services. Noninterest income from transaction-based fees is generally recognized immediately upon completion of the transaction. Noninterest income from service-based fees is generally recognized over the period in which FHN provides the service. Any services performed over time generally require that FHN render services each period and, therefore, FHN measures progress in completing these services based upon the passage of time and recognizes revenue as invoiced.
Following is a discussion of FHN's key revenues within the scope of ASC 606, "Revenue from Contracts with Customers," except as noted.
Fixed Income
Fixed income includes fixed income securities sales, trading, and strategies, as well as loan sales and derivative sales, which are not within the scope of revenue from contracts with customers. Fixed income also includes investment banking fees earned for services related to
underwriting debt securities and performing portfolio advisory services. FHN's performance obligation for underwriting services is satisfied on the trade date, while the performance obligation for advisory services is satisfied over time.
Mortgage Banking Income
Mortgage banking income includes mortgage servicing income, mortgage loan originations and sales, derivative settlements, as well as any changes in fair value recorded on mortgage loans and derivatives. Mortgage banking income from 1) the sale of loans, 2) the settlement of derivatives, 3) changes in the fair value of loans, derivatives, and servicing rights, and 4) the servicing of loans is not within the scope of revenue from contracts with customers. Prior to the sale of the title insurance business during 2022, mortgage banking income also included title income, which was earned when FHN fulfilled its performance obligation at the point in time when the services were completed.
Deposit Transactions and Cash Management
Deposit transactions and cash management activities include fees for services related to consumer and commercial deposit products (such as service charges on checking accounts), cash management products and services such as electronic transaction processing (Automated Clearing House and Electronic Data Interchange), account reconciliation services, cash vault services, lockbox processing, and information reporting to large corporate clients. FHN's obligation for transaction-based services is satisfied at the time of the transaction when the service is delivered, while FHN's obligation for service-based fees is satisfied over the course of each month.
Brokerage, Management Fees and Commissions
Brokerage, management fees and commissions include fees for portfolio management, trade commissions, and annuity and mutual fund sales. Asset-based management fees are charged based on the market value of the client’s assets. The services associated with these revenues, which include investment advice and active management of client assets, are generally performed and recognized over a month or quarter. Transactional revenues are based on the size and number of transactions executed at the client’s direction and are generally recognized on the trade date.
Trust Services and Investment Management
Trust services and investment management fees include investment management, personal trust, employee benefits, and custodial trust services. Obligations for trust services are generally satisfied over time but may be
satisfied at points in time for certain activities that are transactional in nature.
Card and Digital Banking Fees
Card and digital banking fees include credit interchange and network revenues and various card-related fees. Interchange income is recognized concurrently with the delivery of services on a daily basis. Card-related fees such as late fees, currency conversion, and cash advance fees are loan-related and excluded from the scope of ASC 606.
Contract Balances
As of December 31, 2024 and 2023, accounts receivable related to products and services on noninterest income were $14 million and $13 million, respectively. For the year ended December 31, 2024, FHN had no material impairment losses on noninterest accounts receivable, and there were no material contract assets, contract liabilities, or deferred contract costs recorded on the Consolidated Balance Sheets as of December 31, 2024. Credit risk is assessed on these accounts receivable each reporting period, and the amount of estimated uncollectible receivables is not material.
Transaction Price Allocated to Remaining Performance Obligations
For the year ended December 31, 2024, revenue recognized from performance obligations related to prior periods was not material. Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less and contracts where revenue is recognized as invoiced, is not material.
Refer to Note 19 - Business Segment Information for a reconciliation of disaggregated revenue by major product line and reportable segment.
Statements of Cash Flows
For purposes of these statements, cash and due from banks, federal funds sold, and securities purchased under agreements to resell are considered cash and cash equivalents. Federal funds are usually sold for one-day periods, and securities purchased under agreements to resell are short-term, highly liquid investments.
Interest-Bearing Deposits With Banks
Interest-bearing deposits with banks primarily consist of funds on deposit with the Federal Reserve and collateral posted with derivative counterparties. Interest is earned at overnight rates.
Debt Investment Securities
Debt securities that may be sold prior to maturity are classified as AFS and are carried at fair value. The unrealized gains and losses on debt securities AFS, including securities for which no credit impairment exists, are excluded from earnings and are reported, net of tax,
as a component of other comprehensive income within shareholders’ equity and the Consolidated Statements of Comprehensive Income. Debt securities which management has the intent and ability to hold to maturity are reported at amortized cost. See Note 23 - Fair Value of Assets and Liabilities for additional information. Realized gains and losses (i.e., from sales) for debt investment securities are determined by the specific identification method and reported in noninterest income.
The evaluation of credit risk for HTM debt securities mirrors the process described below for loans held for investment. AFS debt securities are reviewed for potential credit impairment at the individual security level. The evaluation of credit risk includes consideration of third-party and government guarantees (both explicit and implicit), senior or subordinated status, credit ratings of the issuer, the effects of interest rate changes since purchase, and observable market information such as issuer-specific credit spreads. Credit losses for AFS debt securities are generally recognized through establishment of an allowance for credit losses that cannot exceed the amount by which amortized cost exceeds fair value. Charge-offs are recorded as reductions of the security’s amortized cost and the credit allowance. Subsequent improvements in estimated credit losses result in reduction of the credit allowance, but not beyond zero. However, if FHN has the intent to sell or if it is more-likely-than-not that it will be compelled to sell a security with an unrecognized loss, the difference between the security's carrying value and fair value is recognized through earnings and a new amortized cost basis is established for the security (i.e., no allowance for credit losses is recognized).
FHN has elected to exclude accrued interest receivable from the fair value and amortized cost basis on debt securities when assessing whether these securities have experienced credit impairment. Additionally, FHN has elected to not measure an allowance for credit losses on AIR for debt securities based on its policy to write off uncollectible interest in a timely manner, which generally occurs when delinquency reaches no more than 90 days for all security types. Any such write-offs are recognized as a reduction of interest income. AIR for debt securities is included within other assets in the Consolidated Balance Sheets.
Equity Investments
Equity investments are classified in other assets. Banks organized under state law may apply to be members of the Federal Reserve System. Each member bank is required to own stock in its regional Federal Reserve Bank. Given this requirement, FRB stock may not be sold, traded, or pledged as collateral for loans. Membership in the Federal Home Loan Bank network requires ownership of capital stock. Member banks are entitled to borrow funds from the FHLB and are required to pledge mortgage loans as collateral. Investments in the FHLB are non-
transferable and, generally, membership is maintained primarily to provide a source of liquidity as needed. FRB and FHLB stock are recorded at cost and are subject to impairment reviews. FHN's subsidiary, First Horizon Bank, was a state member bank throughout 2024.
Other equity investments primarily consist of mutual funds, which are marked to fair value through earnings, and equity investments without a readily determinable fair value, which are recorded at cost minus impairment, with adjustments through earnings for observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
Federal Funds Sold and Purchased
Federal funds sold and purchased represent unsecured overnight funding arrangements between participants in the Federal Reserve system primarily to assist banks in meeting their regulatory cash reserve requirements. Federal funds sold are evaluated for credit risk each reporting period. Due to the short duration of each transaction and the history of no credit losses, no credit loss has been recognized.
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
FHN purchases short-term securities under agreements to resell, which are accounted for as collateralized financings except where FHN does not have an agreement to sell the same or substantially the same securities before maturity at a fixed or determinable price. All of FHN’s securities purchased under agreements to resell are recognized as collateralized financings. Securities delivered under these transactions are delivered to either the dealer custody account at the FRB or to the applicable counterparty. Securities sold under agreements to repurchase are offered to cash management clients as an automated, collateralized investment account. Securities sold under agreements to repurchase are also used by the consumer or commercial bank to obtain favorable borrowing rates on its purchased funds. All of FHN's securities sold under agreements to repurchase are secured borrowings.
Collateral is valued daily and FHN may require counterparties to deposit additional securities or cash as collateral, or FHN may return cash or securities previously pledged by counterparties, or FHN may be required to post additional securities or cash as collateral, based on the contractual requirements for these transactions.
FHN’s fixed income business utilizes securities borrowing arrangements as part of its trading operations. Securities borrowing transactions generally require FHN to deposit cash with the securities lender. The amount of cash advanced is recorded within securities purchased under agreements to resell in the Consolidated Balance Sheets. These transactions are not considered purchases and the securities borrowed are not recognized by FHN. FHN does not conduct securities lending transactions.
Securities purchased under agreements to resell and securities borrowing arrangements are evaluated for credit risk each reporting period. As presented in Note 22 - Master Netting and Similar Agreements - Repurchase, Reverse Repurchase, and Securities Borrowing Transactions, these agreements are collateralized by the related securities and collateral maintenance provisions with counterparties, including replenishment and adjustment on a transaction-specific basis. This collateral includes both the securities collateral for each transaction as well as offsetting securities sold under agreements to repurchase with the same counterparty. Given the history of no credit losses and collateralized nature of these transactions, no credit loss has been recognized.
Loans Held for Sale
Loans originated or purchased for which management lacks the intent to hold are included in loans held for sale in the Consolidated Balance Sheets. FHN generally accounts for loans held for sale at the lower of amortized cost or market value, with an exception for certain mortgage loans held for sale and repurchased loans that are not government insured which are accounted for under the fair value option of reporting.
•Fair Value Option Election. These loans consist of originated fixed-rate single-family residential mortgage loans that are committed to be sold in the secondary market. Gains and losses on these mortgage loans are included in mortgage banking income.
•Other loans held for sale. For these loans, gains on sale are recognized through noninterest income. Net unrealized losses, if any, are recognized through a valuation allowance that is also recorded as a charge to noninterest income.
Loans and Leases
Generally, loans are stated at principal amounts outstanding, net of unearned income. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs as well as premiums and discounts are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs, premiums and discounts are recognized in interest income upon early repayment of the loans. Loan commitment fees are generally deferred and amortized on a straight-line basis over the commitment period.
Equipment financing leases to commercial clients are primarily classified as direct financing and sales-type leases. Equipment financing leases are reported at the net lease investment, which represents the sum of minimum lease payments over the lease term and the estimated residual value, less unearned interest income. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to
originate the lease are deferred and recognized as an adjustment of the yield on the lease.
FHN has elected to exclude accrued interest receivable from the amortized cost basis on its held-for-investment loan portfolio. FHN has also elected to not measure an allowance for credit losses on AIR for loans held for investment based on its policy to write off uncollectible interest in a timely manner, which occurs when a loan is placed on nonaccrual status. Such write-offs are recognized as a reduction of interest income. AIR for held-for-investment loans is included within other assets in the Consolidated Balance Sheets.
Nonaccrual and Past Due Loans
Generally, loans are placed on nonaccrual status if it becomes evident that full collection of principal and interest is at risk, impairment has been recognized as a partial charge-off of principal balance due to insufficient collateral value and past due status, or on a case-by-case basis if FHN continues to receive payments, but there are other borrower-specific issues. Consumer loans are generally placed into nonaccrual status no later than 90 days past due.
•Residential real estate loans discharged through Chapter 7 bankruptcy and not reaffirmed by the borrower (“discharged bankruptcies”) are placed on nonaccrual. They are not returned to accrual status even if current and performing in the future.
•Current second-lien residential real estate loans that are junior to first liens are placed on nonaccrual status if in bankruptcy.
When commercial and consumer loans within each portfolio segment and class are placed on nonaccrual status, accrued but uncollected interest is reversed and charged against interest income. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral is sufficient to recover the principal balance and accrued interest. Interest payments received on nonaccrual loans are normally applied to outstanding principal first. Once all principal has been received, additional interest payments are recognized on a cash basis as interest income.
Generally, commercial and consumer loans within each portfolio segment and class that have been placed on nonaccrual status can be returned to accrual status if all principal and interest is current and FHN expects full repayment of the remaining contractual principal and interest. This typically requires that a borrower make payments in accordance with the contractual terms for a sustained period of time (generally for a minimum of six months) before being returned to accrual status.
Residential real estate loans discharged through Chapter 7 bankruptcy and not reaffirmed by the borrower are not returned to accrual status. For current second liens that have been placed on nonaccrual because the first lien is
90 or more days past due, the second lien may be returned to accrual upon pay-off or cure of the first lien.
Charge-offs
For all commercial and consumer loan portfolio segments, all losses of principal are charged to the ALLL in the period in which the loan is deemed to be uncollectible.
For consumer loans, the timing of a full or partial charge-off generally depends on the loan type and delinquency status. Generally, for the consumer real estate segment, a loan will be either partially or fully charged off when it becomes 180 days past due. At this time, if the collateral value does not support foreclosure, balances are fully charged off and other avenues of recovery are pursued. If the collateral value supports foreclosure, the loan is charged down to net realizable value (collateral value less estimated costs to sell) and is placed on nonaccrual status. For residential real estate loans discharged in Chapter 7 bankruptcy and not reaffirmed by the borrower, the fair value of the collateral position is assessed at the time FHN is made aware of the discharge and the loan is charged down to the net realizable value (collateral value less estimated costs to sell). Within the credit card and other portfolio segment, credit cards are normally charged off upon reaching 120 days past due. Other non-real estate consumer loans are charged off or partially charged off upon reaching 120 days past due.
For acquired PCD loans where all or a portion of the loan balance had been charged off prior to acquisition, and for which active collection efforts are still underway, the ALLL recorded at acquisition is immediately charged off if required by FHN’s existing charge off policy. Additionally, FHN is required to consider its existing policies in determining whether to charge off any financial assets, regardless of whether a charge-off was recorded by the predecessor company. The initial ALLL recognized on PCD assets includes the gross-up of the loan balance reduced by immediate charge-offs for loans previously charged off by the predecessor company or which meet FHN’s charge-off policy on the date of acquisition. Charge-offs against the allowance related to such acquired PCD loans do not result in an income statement impact.
Purchased Credit-Deteriorated Loans
At the time of acquisition, FHN evaluates all acquired loans to determine if they have experienced a more-than-insignificant deterioration in credit quality since origination. PCD loans can be identified on either an 1) individual or a 2) pooled basis when the loans share similar risk characteristics. FHN evaluates various absolute factors to assist in the identification of PCD loans, including criteria such as existing PCD status, risk rating of special mention or lower, nonaccrual or impaired status, identification of prior loan modifications, and delinquency status. FHN also utilizes relative factors to identify PCD loans, such as commercial loan grade migration, expansion of borrower credit spreads, declines in external
risk ratings and changes in consumer loan characteristics (e.g., FICO decline or LTV increase). In addition, factors reflective of broad economic considerations are also considered in identifying PCD loans. These include industry, collateral type, and the geographic location of the borrower’s operations. Internal factors for the origination of new loans that are similar to the acquired loans are also evaluated to assess loans for PCD status, including increases in required yields, the necessity of borrowers providing additional collateral and/or guarantees, and changes in acceptable loan duration. Other indicators may also be used to evaluate loans for PCD status depending on borrower-specific communications and actions, such as public statements, initiation of loan modification discussions, and obtaining emergency funding from alternate sources.
Upon acquisition, the expected credit losses are allocated to the purchase price of individual PCD loans to determine each individual asset's amortized cost basis, typically resulting in a reduction of the discount that is accreted prospectively to interest income. At the acquisition date and prospectively, only the unpaid principal balance is incorporated within the estimation of expected credit losses for PCD loans. Otherwise, the process for estimation of expected credit losses is consistent with that discussed below. As discussed below, FHN applies undiscounted cash flow methodologies for the estimation of expected credit losses, which results in the calculated amount of credit losses at acquisition that is added to the amortized cost basis of the related PCD loans to exceed the discounted value of estimated credit losses included in the loan valuation.
For PCD loans where all or a portion of the loan balance has been previously written off, or would be subject to write-off under FHN’s charge-off policy, the initial ALLL included as part of the grossed-up loan balance at acquisition was immediately written off, resulting in a zero period-end allowance balance and no impact on the ALLL rollforward.
Allowance for Credit Losses
The nature of the process by which FHN determines the appropriate ACL requires the exercise of considerable judgment. The ACL is determined in accordance with ASC 326-20, "Financial Instruments—Credit Losses," which was adopted on January 1, 2020. See Note 4 - Allowance for Credit Losses for a discussion of FHN’s ACL methodology and a description of the models utilized in the estimation process for the commercial and consumer loan portfolios.
Future adjustments to the ACL may be necessary if economic or other conditions differ substantially from the assumptions used in making the estimates or, if required by regulators, based upon information at the time of their examinations or upon future regulatory guidance. Such adjustments to original estimates, as necessary, are made in the period in which these factors and other relevant
considerations indicate that loss levels vary from previous estimates.
Management's estimate of expected credit losses in the loan and lease portfolio is recorded in the ALLL and the reserve for unfunded lending commitments, together referred to as the ACL. The ACL is maintained at a level that management determines is appropriate to absorb current expected credit losses in the loan and lease portfolio and unfunded lending commitments.
Management uses analytical models to estimate expected credit losses in the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. The models are carefully reviewed to identify trends that may not be captured in the modeled loss estimates. Management uses qualitative adjustments for those items not reflected in the modeled loss information such as recent changes from the macroeconomic forecasts utilized in model calculations, results of additional stressed modeling scenarios, observed and/or expected changes affecting borrowers in specific industries or geographic areas, exposure to large lending relationships, and expected recoveries of prior charge-offs. Qualitative adjustments are also used to accommodate for the imprecision of certain assumptions and uncertainties inherent in the model calculations as well as to align certain differences in models used by acquired loan portfolios to the methodologies described herein. Loans accounted for at elected fair value are excluded from CECL measurements.
The ALLL is increased by the provision for loan and lease losses and is decreased by loan charge-offs. Credit loss estimation is based on the amortized cost of loans, which includes the following:
1.Unpaid principal balance for originated assets or acquisition price for purchased assets
2.Accrued interest (see elections discussed previously)
3.Accretion or amortization of premium, discount, and net deferred fees or costs
4.Collection of cash
5.Charge-offs
Premiums, discounts, and net deferred origination costs/fees affect the calculated amount of expected credit losses, but they are not considered when determining the amount of expected credit losses that are recorded.
Under CECL, a loan must be pooled when it shares similar risk characteristics with other loans. Loans that do not share similar risk characteristics are evaluated individually. Expected credit loss is estimated for the remaining life of loan(s), which is limited to the remaining contractual term(s), adjusted for prepayment estimates, which are included as separate inputs into modeled loss estimates. Renewals and extensions are not anticipated unless they
are included in existing loan documentation and are not unconditionally cancellable by the lender. However, prior to January 1, 2023, losses were estimated over the estimated remaining life of reasonably expected TDRs which could extend beyond the current remaining contractual term.
Management has developed multiple current expected credit losses models which segment the loan and lease portfolio by borrower type and loan or lease type to estimate expected lifetime expected credit losses for loans and leases that share similar risk characteristics. Estimates of expected credit losses incorporate consideration of available information that is relevant to assessing the collectability of future cash flows. This includes internal and external information relating to past events, current conditions, and reasonable and supportable forecasts of future conditions. FHN utilizes internal and external historical loss information, as applicable, for all available historical periods as the initial point for estimating expected credit losses. Given the duration of historical information available, FHN considers its internal loss history to fully incorporate the effects of prior credit cycles dating back to the Great Recession. The historical loss information may be adjusted in situations where current loan characteristics (e.g., underwriting criteria) differ from those in existence at the time the historical losses occurred. Historical loss information is also adjusted for differences in economic conditions, macroeconomic forecasts and other factors management considers relevant over a period extending beyond the measurement date which is considered reasonable and supportable.
FHN generally measures expected credit losses using undiscounted cash flow methodologies. Credit enhancements (e.g., guarantors) that are not freestanding are considered in the estimation of uncollectible cash flows. Estimation of expected credit losses for loan agreements involving collateral maintenance provisions includes consideration of the value of the collateral and replenishment requirements, with the maximum loss limited to the difference between the amortized cost of the loan and the fair value of the collateral. Expected credit losses for loans for which foreclosure is probable are measured at the fair value of collateral, less estimated costs to sell when disposition through sale is anticipated. Additionally, for borrowers experiencing financial difficulty, certain loans are valued at the fair value of collateral when repayment is expected to be provided substantially through the operation of the collateral. The fair value of the collateral is reduced for estimated costs to sell when repayment is expected through sale of the collateral. Prior to January 1, 2023, expected credit losses for TDRs were measured in accordance with ASC 310-40, which generally required a discounted cash flow methodology, whereby the loans were measured based on the present value of expected future payments
discounted at the loan’s original effective interest rate. Subsequent to December 31, 2022, in accordance with the provisions of ASU 2022-02, FHN has ceased recognition of TDRs and no longer performs discounted cash flow calculations for these loans to estimate expected credit losses. FHN now monitors and discloses information associated with modifications to borrowers experiencing financial difficulty. For both commercial and consumer portfolio segments, an adjustment to the ACL is generally not recorded at the time of modification because FHN includes these modified loans in its quantitative loss estimation processes. In the event of principal forgiveness, which primarily occurs for commercial loan workouts and consumer loans experiencing bankruptcy, FHN records the reduction in expected collectible principal balance as a charge-off against the ALLL.
Expected recoveries of previously charged-off amounts are also included as a qualitative adjustment in the estimation of expected credit losses, which reduces the amount of the allowance recognized. Estimates of recoveries on previously charged-off assets included in the allowance for loan losses do not exceed the aggregate of amounts previously written off and expected to be written off for an individual loan or pool.
Since CECL requires the estimation of credit losses for the entire expected life of loans, loss estimates are highly sensitive to changes in macroeconomic forecasts, especially when those forecasts change dramatically in short time periods. Additionally, under CECL credit loss estimates are more likely to increase rapidly in periods of loan growth.
Expected credit losses for unfunded commitments are estimated for periods where the commitment is not unconditionally cancellable by FHN. The measurement of expected credit losses for unfunded commitments mirrors that of loans with the additional estimate of future draw rates (timing and amount). The liability for credit losses inherent in lending-related commitments, such as letters of credit and unfunded loan commitments, is included in other liabilities on the Consolidated Balance Sheets and established through a charge to the provision for credit losses.
Premises and Equipment
Premises and equipment are carried at cost less accumulated depreciation and amortization and include additions that materially extend the useful lives of existing premises and equipment. All other maintenance and repair expenditures are expensed as incurred. Premises and equipment held for sale are generally valued at appraised values which reference recent disposition values for similar property types but also consider marketability discounts for vacant properties. The valuations of premises and equipment held for sale are reduced by estimated costs to sell. Impairments, and any subsequent recoveries, are recorded in noninterest
expense. Gains and losses on dispositions are reflected in noninterest income and expense, respectively.
Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the assets and are recorded as noninterest expense. Leasehold improvements are amortized over the lesser of the lease periods or the estimated useful lives using the straight-line method. Useful lives utilized in determining depreciation for furniture, fixtures, and equipment and for buildings are three years to fifteen years and seven years to forty-five years, respectively.
Other Real Estate Owned
Real estate acquired by foreclosure or other real estate-owned consists of properties that have been acquired in satisfaction of debt. These properties are carried at the lower of the outstanding loan amount or estimated fair value less estimated costs to sell the real estate. At the time acquired, and in conjunction with the transfer from loans to OREO, there is a charge-off against the ALLL if the estimated fair value less costs to sell is less than the loan’s cost basis. Subsequent declines in fair value and gains or losses on dispositions, if any, are charged to other expense on the Consolidated Statements of Income.
Required developmental costs associated with acquired property under construction are capitalized and included in determining the estimated net realizable value of the property, which is reviewed periodically, and any write-downs are charged against current earnings.
Goodwill and Other Intangible Assets
Goodwill represents the excess of cost over net assets of acquired businesses less identifiable intangible assets. On an annual basis, or more frequently if necessary, FHN assesses goodwill for impairment. Other intangible assets primarily represent client lists and relationships, acquired contracts, covenants not to compete and premiums on purchased deposits, which are amortized over their estimated useful lives. Intangible assets related to acquired deposit bases are primarily amortized over 10 years using an accelerated method. Management evaluates whether events or circumstances have occurred that indicate the remaining useful life or carrying value of amortizing intangibles should be revised. Other intangibles also include smaller amounts of non-amortizing intangibles for state banking licenses.
Servicing Rights
FHN recognizes the rights to service mortgage and other loans as separate assets, which are recorded in other assets in the Consolidated Balance Sheets, when purchased or when servicing is contractually separated from the underlying loans by sale with servicing rights retained. For loan sales with servicing retained, a servicing right, generally an asset, is recorded at fair value at the time of sale for the right to service the loans sold. All servicing rights are identified by class and amortized over
the remaining life of the loan with periodic reviews for impairment.
Transfers of Financial Assets
Transfers of financial assets, or portions thereof which meet the definition of a participating interest, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when 1) the assets have been legally isolated from FHN, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to FHN, and 3) FHN does not maintain effective control over the transferred assets. If the transfer does not satisfy all three criteria, the transaction is recorded as a secured borrowing. If the transfer is accounted for as a sale, the transferred assets are derecognized from FHN’s balance sheet and a gain or loss on sale is recognized. If the transfer is accounted for as a secured borrowing, the transferred assets remain on FHN’s balance sheet and the proceeds from the transaction are recognized as a liability.
Derivative Financial Instruments
FHN accounts for derivative financial instruments in accordance with ASC 815, which requires recognition of all derivative instruments on the balance sheet as either an asset or liability measured at fair value through adjustments to either accumulated other comprehensive income within shareholders’ equity or current earnings. Fair value is defined as the price that would be received to sell a derivative asset or paid to transfer a derivative liability in an orderly transaction between market participants on the transaction date. Fair value is determined using available market information and appropriate valuation methodologies. FHN has elected to present its derivative assets and liabilities gross on the Consolidated Balance Sheets. Amounts of collateral posted or received have not been netted with the related derivatives unless the collateral amounts are considered legal settlements of the related derivative positions. See Note 21 - Derivatives for discussion on netting of derivatives.
FHN prepares written hedge documentation identifying the risk management objective and designating the derivative instrument as a fair value hedge or cash flow hedge, as applicable, or as a free-standing derivative instrument entered into as an economic hedge or to meet clients’ needs. All transactions designated as ASC 815 hedges must be assessed at inception and on an ongoing basis as to the effectiveness of the derivative instrument in offsetting changes in fair value or cash flows of the hedged item. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recognized currently in earnings. For a cash flow hedge, changes in the fair value of the derivative instrument are recorded in accumulated other
comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. For fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of effectiveness is recorded to the same financial statement line item (e.g., interest expense) used to present the earnings effect of the hedged item. For cash flow hedges, the entire fair value change of the hedging instrument that is included in the assessment of hedge effectiveness is initially recorded in other comprehensive income and later recycled into earnings as the hedged transaction(s) affect net income with the income statement effects recorded in the same financial statement line item used to present the earnings effect of the hedged item (e.g., interest income). For free-standing derivative instruments, changes in fair values are recognized currently in earnings. See Note 21 - Derivatives for additional information.
Cash flows from derivative contracts are reported as operating activities on the Consolidated Statements of Cash Flows.
Leases
At inception, all arrangements are evaluated to determine if they contain a lease, which is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Control is deemed to exist when a lessor has granted and a lessee has received both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset throughout the period of use.
Lessee
As a lessee, FHN recognizes lease (right-of-use) assets and lease liabilities for all leasing arrangements with lease terms that are greater than one year. The lease asset and lease liability are recognized at the present value of estimated future lease payments, including estimated renewal periods, with the discount rate reflecting a fully-collateralized rate matching the estimated lease term. Renewal options are included in the estimated lease term if they are considered reasonably certain of exercise. Periods covered by termination options are included in the lease term if it is reasonably certain they will not be exercised. Additionally, prepaid or accrued lease payments, lease incentives and initial direct costs related to lease arrangements are recognized within the right-of-use asset. Each lease is classified as a financing or operating lease which depends on the relationship of the lessee’s rights to the economic value of the leased asset. For finance leases, interest on the lease liability is recognized separately from amortization of the right-of-use asset in earnings, resulting in higher expense in the earlier portion of the lease term. For operating leases, a single lease cost is calculated so that the cost of the lease is allocated over the lease term on a generally straight-line
basis. Substantially all of FHN’s lessee arrangements are classified as operating leases. For leases with a term of 12 months or less, FHN does not recognize lease assets and lease liabilities and expense is generally recognized on a straight-line basis over the lease term.
Lease assumptions and classification are reassessed upon the occurrence of events that result in changes to the estimated lease term or consideration. Modifications to lease contracts are evaluated to determine 1) if a right to use an additional asset has been obtained, 2) if only the lease term and/or consideration have been revised, or 3) if a full or partial termination has occurred. If an additional right-of-use asset has been obtained, the modification is treated as a separate contract and its classification is evaluated as a new lease arrangement. If only the lease term or consideration are changed, the lease liability is revalued with an offset to the lease asset and the lease classification is re-assessed. If a modification results in a full or partial termination of the lease, the lease liability is revalued through earnings along with a proportionate reduction in the value of the related lease asset and subsequent expense recognition is similar to a new lease arrangement.
Lease assets are evaluated for impairment when triggering events occur, such as a change in management intent regarding the continued occupation of the leased space. If a lease asset is impaired, it is written down to the present value of estimated future cash flows and the prospective expense recognition for that lease follows the accelerated expense recognition methodology applicable to finance leases, even if it remains classified as an operating lease.
Sublease arrangements are accounted for consistent with the lessor accounting described below. Sublease arrangements are evaluated to determine if changes to estimates for the primary lease are warranted or if the sublease terms reflect impairment of the related lease asset.
Lease assets are recognized in other assets and lease liabilities are recognized in other liabilities in the Consolidated Balance Sheets. Since substantially all of its leasing arrangements relate to real estate, FHN records lease expense, and any related sublease income, within net occupancy expense in the Consolidated Statements of Income.
Lessor
As a lessor, FHN also evaluates its lease arrangements to determine whether a finance lease or an operating lease exists and utilizes the rate implicit in the lease arrangement as the discount rate to calculate the present value of future cash flows. Depending upon the terms of the individual agreements, finance leases represent either sales-type or direct financing leases, both of which require de-recognition of the asset being leased with offsetting recognition of a lease receivable that is evaluated for
impairment similar to loans. Other than equipment leases entered into as part of commercial lease financing arrangements, all of FHN's lessor arrangements are considered operating leases.
Lease income for operating leases is recognized over the life of the lease, generally on a straight-line basis. Lease incentives and initial direct costs are capitalized and amortized over the estimated life of the lease. Lease income is not significant for any reporting periods and is classified as a reduction of net occupancy expense in the Consolidated Statements of Income.
Tax Credit Investments
Commencing in 2024 with the adoption of ASU 2023-02 (see discussion below), FHN has elected to apply the proportional amortization method ("PAM") to all qualifying equity investments generating low income housing tax credits, new markets tax credits and historic tax credits. Under the PAM, the initial cost of a qualifying equity investment is amortized in proportion to the tax credits and other tax benefits received and recognizes the net investment performance as a component of income tax expense. Prior to 2024, FHN’s election to apply the PAM was limited by then-existing GAAP to qualifying equity investments generating low income housing tax credits. Prior to 2024, low income housing tax credit equity investments that did not qualify for the PAM, along with new markets tax credit equity investments and historic tax credit equity investments, were accounted for using the equity method.
FHN has elected to utilize the deferral method for investments that generate investment tax credits. This includes both renewable energy tax credit investments and historic tax credit equity investments that do not qualify for the proportional amortization method. Under this approach, the investment tax credits are recorded as an offset to the related investment on the balance sheet. Credit amounts are recognized in earnings over the life of the investment within the same income or expense accounts as used for the investment.
Advertising and Public Relations
Advertising and public relations costs are generally expensed as incurred.
Income Taxes
FHN accounts for income taxes using the asset and liability method pursuant to ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, FHN’s deferred tax assets and liabilities are determined based on differences between financial statement carrying amounts and the corresponding tax basis of certain assets and liabilities using enacted tax rates in effect for the year in which the
differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in income in the period that includes the enactment date.
Additionally, DTAs are subject to a “more likely than not” test to determine whether the full amount of the DTAs should be recognized in the financial statements. FHN evaluates the likelihood of realization of the DTA based on both positive and negative evidence available at the time, including (as appropriate) scheduled reversals of DTLs, projected future taxable income, tax planning strategies, and recent financial performance. If the “more likely than not” test is not met, a valuation allowance must be established against the DTA. In the event FHN determines that DTAs are realizable in the future in excess of their net recorded amount, FHN would make an adjustment to the valuation allowance, which would reduce income tax expense.
FHN records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which 1) it is determined whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and 2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority is recognized. FHN's ASC 740 policy is to recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. Accrued interest and penalties are included within the related tax asset or liability line in the Consolidated Balance Sheets.
FHN and its eligible subsidiaries are included in a consolidated federal income tax return. FHN files separate returns for subsidiaries that are not eligible to be included in a consolidated federal income tax return. Based on the laws of the applicable state where it conducts business operations, FHN either files consolidated, combined, or separate returns.
Earnings per Share
Earnings per share is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding for each period. Diluted earnings per share in net income periods is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding adjusted to include the number of additional common shares that would have been outstanding if the potential dilutive common shares resulting from performance shares and units, restricted shares and units, and options granted under FHN’s equity compensation plans and deferred compensation arrangements had been issued. FHN utilizes the treasury stock method in this calculation. Diluted earnings per share does not reflect an adjustment for potentially
dilutive shares in periods in which a net loss available to common shareholders exists.
Equity Compensation
FHN accounts for its employee stock-based compensation plans using the grant date fair value of an award to determine the expense to be recognized over the life of the award. Stock options are valued using an option-pricing model, such as Black-Scholes. Restricted and performance shares and share units are valued at the stock price on the grant date. For awards with service vesting criteria, expense is recognized using the straight-line method over the requisite service period (generally the vesting period). Forfeitures are recognized when they occur. For awards vesting based on a performance measure, anticipated performance is projected to determine the number of awards expected to vest, and the corresponding aggregate expense is adjusted to reflect the elapsed portion of the performance period. If a performance period extends beyond the required service term, total expense is adjusted for changes in estimated achievement through the end of the performance period. Some performance awards include a total shareholder return modifier (“TSR Modifier”) that operates after determination of the performance criteria, affecting only the quantity of awards issued if the minimum performance threshold is attained. The effect of the TSR Modifier is considered in the grant date fair value of the related performance awards. The fair value of equity awards with cash payout requirements, as well as awards for which fair value cannot be estimated at grant date, is remeasured each reporting period through vesting date. Performance awards with pre-grant date achievement criteria are expensed over the period from the start of the performance period through the end of the service vesting term. Awards are amortized using the nonsubstantive vesting methodology, which requires that expense associated with awards having only service vesting criteria that continue vesting after retirement be recognized over a period ending no later than an associate’s retirement eligibility date.
Cash settled awards with payouts partially or fully based on changes in share price are accounted for as liability awards and are remeasured based on changes in their fair value until the end of the performance period. Compensation cost for each reporting period is based on the change in the fair value of the award within each reporting period adjusted for the portion of required service that occurred during the reporting period.
Repurchase and Foreclosure Provision
The repurchase and foreclosure provision is the charge to earnings necessary to maintain the liability at a level that reflects management’s best estimate of losses associated with the repurchase of loans previously transferred in whole loans sales or securitizations or make-whole requests as of the balance sheet date. See Note 16 -
Contingencies and Other Disclosures for discussion related to FHN’s obligations to repurchase such loans.
Legal Costs
Generally, legal costs are expensed as incurred. Costs related to equity issuances are netted against capital surplus. Costs related to debt issuances are included in debt issuance costs that are recorded within term borrowings. Costs related to equity issuances are recorded as a reduction of the proceeds from the related issuance.
Contingency Accruals
Contingent liabilities arise in the ordinary course of business, including those related to lawsuits, arbitration, mediation, and other forms of litigation. FHN establishes loss contingency liabilities for matters when loss is both probable and reasonably estimable in accordance with ASC 450-20-50, “Contingencies – Accruals for Loss Contingencies.” If loss for a matter is probable and a range of possible loss outcomes is the best estimate available, accounting guidance generally requires a liability to be established at the low end of the range. Expected recoveries from insurance and indemnification arrangements are recognized if they are considered equally as probable and reasonably estimable as the related loss contingency up to the recognized amount of the estimated loss. Gain contingencies and expected recoveries from insurance and indemnification arrangements in excess of the associated recorded estimated losses are generally recognized when received. Recognized recoveries are recorded as offsets to the related expense in the Consolidated Statements of Income. The favorable resolution of a gain contingency generally results in the recognition of other income in the Consolidated Statements of Income. Contingencies assumed in business combinations are evaluated through the end of the one-year post-closing measurement period. If the acquisition-date fair value of the contingency can be determined during the measurement period, recognition occurs as part of the acquisition-date fair value of the acquired business. If the acquisition-date fair value of the contingency cannot be determined, but loss is considered probable as of the acquisition date and can be reasonably estimated within the measurement period, then the estimated amount is recorded within acquisition accounting. If the requirements for inclusion of the contingency as part of the acquisition are not met, subsequent recognition of the contingency is included in earnings.
Business Combinations
Assets and liabilities acquired in business combinations are generally recognized at their fair values as of the acquisition date, with the related transaction costs expensed in the period incurred. Specified items such as net investment in leases as lessor, acquired operating lease assets and liabilities as lessee, employee benefit plans and income-tax related balances are recognized in
accordance with accounting guidance that results in measurements that may differ from fair value. FHN may record provisional amounts at the time of acquisition based on available information. The provisional valuation estimates may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Business combinations are included in the financial statements from the respective dates of acquisition. Adjustments recorded during the measurement period are recognized in the current reporting period.
The excess of purchase price over the valuation of specifically identified assets and liabilities is recorded as goodwill. In certain circumstances the net values of assets and liabilities acquired may exceed the purchase price, which is recognized within noninterest income as a purchase accounting gain.
Summary of Accounting Changes
ASU 2020-04, 2021-01, and 2022-06
In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” which provides several optional expedients and exceptions to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The provisions of ASU 2020-04 primarily affect 1) contract modifications (e.g., loans, leases, debt, and derivatives) made in anticipation that a reference rate (e.g., LIBOR) will be discontinued and 2) the application of hedge accounting for existing relationships affected by those modifications. The provisions of ASU 2020-04 were effective upon release and apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Including the adoption of ASU 2022-06 (discussed below), the expedients and exceptions provided by ASU 2020-04 do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.
FHN identified contracts affected by reference rate reform, developed modification plans for those contracts and implemented those modifications before the last quotation of LIBOR on June 30, 2023. FHN elected to utilize the optional expedients and exceptions provided by ASU 2020-04 for contract modifications that immediately converted the reference rate within each contract. FHN also elected that revisions to contractual fallback provisions, including modifications in accordance with the provisions of Regulation ZZ, did not require evaluation for
modification accounting. Additionally, FHN elected that the revisions to derivative contracts implemented by central clearinghouses to convert centrally cleared derivative contracts from LIBOR to SOFR plus an appropriate spread adjustment were not considered changes requiring assessment for modification accounting.
During the transition period, for cash flow hedges that reference 1-Month USD LIBOR, FHN applied expedients related to 1) the assumption of probability of cash flows when reference rates are changed on hedged items 2) avoiding dedesignation when critical terms (i.e., reference rates) change and 3) the allowed assumption of shared risk exposure for hedged items. Additionally, for its cash flow hedges that reference 1-Month Term SOFR, FHN applied expedients related to 1) the allowed assumption of shared risk exposure for hedged items and 2) multiple allowed assumptions of conformity between hedged items and the hedging instrument when assessing effectiveness. FHN continued to utilize these expedients and exceptions through the final cash flows affected by the quotation of LIBOR.
In accordance with the provisions of ASU 2020-04, effective immediately after the end of the transition period for its cash flow hedges (i.e., no more cash flows were affected by LIBOR), FHN elected that the cessation of effectiveness assessments under the transition guidance and subsequent initiation of hedge effectiveness assessments under ASC 815 did not require dedesignation of the hedge relationships.
In December 2022, the FASB issued ASU 2022-06, "Deferral of the Sunset Date of Topic 848" which extends the transition window for ASU 2020-04 from December 31, 2022 to December 31, 2024, consistent with key USD LIBOR tenors continuing to be published through June 30, 2023.
In January 2021, the FASB issued ASU 2021-01, "Scope" to expand the scope of ASU 2020-04 to apply to certain contract modifications that were implemented in October 2020 by derivative clearinghouses for the use of the Secured Overnight Funding Rate ("SOFR") in discounting, margining and price alignment for centrally cleared derivatives, including derivatives utilized in hedging relationships. ASU 2021-01 also applies to derivative contracts affected by the change in discounting convention regardless of whether they are centrally cleared (i.e., bilateral contracts can also be modified) and regardless of whether they reference LIBOR. ASU 2021-01 was effective immediately upon issuance with retroactive application permitted. FHN elected to retroactively apply the provisions of ASU 2021-01 because FHN's centrally cleared derivatives were affected by the change in discounting convention and because FHN has other bilateral derivative contracts that may be modified to conform to the use of SOFR for discounting. Adoption did
not have a significant effect on FHN's reported financial condition or results of operations.
All applicable asset, liability and equity instruments had transitioned from LIBOR by the end of 2024.
ASU 2023-02
In March 2023, the FASB issued ASU 2023-02, “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” which permits investors to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax provision (benefit). Prior to ASU 2023-02, the proportional amortization method was only available to qualifying low income housing equity investments. An investor is required to make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis. An investor that applies the proportional amortization method to qualifying tax equity investments must account for the receipt of the investment tax credits using the flow-through method, even if the entity applies the deferral method for other investment tax credits received. ASU 2023-02 also requires specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method.
ASU 2023-02 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Adoption of ASU 2023-02 is applied on either a modified retrospective (cumulative catch up) or a retrospective (restatement of prior years) basis. FHN has assessed the applicability of ASU 2023-02 to its tax credit program equity investments, determined that its New Markets Tax Credit and Historic Tax Credit programs qualified, and made the proportional method election for them. The use of the proportional amortization method continued for FHN's Low Income Housing Tax Credits program. Upon adoption of ASU 2023-02, FHN recognized a cumulative effect adjustment that increased retained earnings by $8 million, net of tax, on January 1, 2024.
The adoption of ASU 2023-02 resulted in a revision to FHN’s accounting policy for equity investments in tax credit programs. After adoption, FHN’s election to utilize the deferral method for investments that generate Investment Tax Credits is made subsequent to the determination of whether a tax credit program will apply the proportional amortization method.
ASU 2023-07
In November 2023, the FASB issued ASU 2023-07, "Improvements to Reportable Segment Disclosures" that requires public entities to provide disclosures of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The ASU requires a public entity to disclose, for each reportable segment, the significant expense categories and amounts that are regularly provided to the chief operating decision-maker ("CODM") and included in each reported measure of a segment's profit or loss. ASU 2023-07 also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.
ASU 2023-07 was effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. FHN adopted ASU 2023-07 as of December 31, 2024 and its requirements have been applied retrospectively to all periods presented in Note 19 — Business Segment Information.
Accounting Changes Issued But Not Currently Effective
ASU 2023-09
In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures" to enhance transparency and decision usefulness of income tax disclosures. The provisions of this ASU require disaggregated information about a reporting entity's effective tax rate reconciliation in both percentages and reporting currency amounts. Certain categories of reconciling items are required by the ASU with additional categories required if a specified quantitative threshold is met. Reporting entities are also required to provide a qualitative discussion of the primary state and local jurisdictions for income taxes and the type of reconciling categories. ASU 2023-09 also requires disaggregation of income taxes paid by jurisdiction.
For public business entities, ASU 2023-09 is effective for annual periods beginning after December 31, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. FHN is currently assessing the impact of adopting ASU 2023-09 on its income tax disclosures.
ASU 2024-03
In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses" that requires tabular disclosure, on an annual and interim basis, of additional disaggregated information about prescribed expense categories if they are present in any expense caption on the face of the income statement within continuing operations. The prescribed categories
applicable to FHN are employee compensation, depreciation, and intangible asset amortization. Other required expense disclosures must be included in the tabular disclosure when they are included in the same income statement caption as a prescribed expense category. ASU 2024-03 also requires disclosure of the total amount of selling expenses and, annually, an entity’s definition of selling expenses.
ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. The guidance is required to be applied prospectively. Early adoption and retrospective application are permitted. FHN is currently assessing the effects of adopting ASU 2024-03 on its financial statement disclosures.
SEC Final Rule
In March 2024, the SEC adopted final rules, “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Climate Disclosures Rules”) to require registrants to disclose certain climate-
related information in registration statements and annual reports. Information required for inclusion within the footnotes to the financial statements for severe weather events and other natural conditions includes 1) income statement effects before insurance recoveries above 1% of pre-tax income/loss, 2) balance sheet effects above 1% of shareholders’ equity, and 3) certain carbon offsets and renewable energy credits. Qualitative discussion is also required for material impacts on financial estimates and assumptions that are due to severe weather events and other natural conditions or disclosed climate-related targets or transition plans.
In April 2024, the SEC issued a stay of the Climate Disclosures Rules pending the completion of judicial review of various legal challenges. Therefore, the actual timing of the implementation of the Climate Disclosure Rules, if sustained through the judicial process and not withdrawn by the SEC, is uncertain. FHN is assessing the potential effects of the Climate Disclosure Rules on its financial statements.
v3.25.0.1
Investment Securities
 12 Months Ended
Dec. 31, 2024
Marketable Securities [Abstract]  
Investment Securities Investment Securities
The following table summarizes FHN’s investment securities as of December 31, 2024 and 2023.
Table 8.2.1
INVESTMENT SECURITIES AT DECEMBER 31, 2024
 December 31, 2024
(Dollars in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities available for sale:
Government agency issued MBS$4,223 $1 $(522)$3,702 
Government agency issued CMO3,079 — (312)2,767 
Other U.S. government agencies1,234 — (161)1,073 
States and municipalities394 — (40)354 
Total securities available for sale (a)$8,930 $1 $(1,035)$7,896 
Securities held to maturity:
Government agency issued MBS$804 $— $(109)$695 
Government agency issued CMO466 — (78)388 
Total securities held to maturity$1,270 $— $(187)$1,083 
(a)Includes $6.9 billion of securities available for sale and $1.3 billion of securities held to maturity pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.

INVESTMENT SECURITIES AT DECEMBER 31, 2023
 December 31, 2023
(Dollars in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities available for sale:
Government agency issued MBS$5,061 $2 $(579)$4,484 
Government agency issued CMO2,487 — (341)2,146 
Other U.S. government agencies1,321 2 (151)1,172 
States and municipalities627 3 (41)589 
Total securities available for sale (a)$9,496 $7 $(1,112)$8,391 
Securities held to maturity:
Government agency issued MBS$852 $— $(96)$756 
Government agency issued CMO471 — (66)405 
Total securities held to maturity$1,323 $— $(162)$1,161 
(a)Includes $7.6 billion of securities available for sale and $1.3 billion of securities held to maturity pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.
The amortized cost and fair value by contractual maturity for the debt securities portfolio as of December 31, 2024 is provided below.
Table 8.2.2
DEBT SECURITIES PORTFOLIO MATURITIES 
 Held to MaturityAvailable for Sale
(Dollars in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Within 1 year$— $— $24 $24 
After 1 year through 5 years— — 76 71 
After 5 years through 10 years— — 270 241 
After 10 years— — 1,258 1,091 
Subtotal— — 1,628 1,427 
Government agency issued MBS and CMO (a)1,270 1,083 7,302 6,469 
Total$1,270 $1,083 $8,930 $7,896 
(a)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.

During the fourth quarter of 2024, as part of an opportunistic restructuring of a portion of the securities portfolio, FHN sold $1.2 billion of AFS securities, which resulted in realized losses of $91 million for the year ended December 31, 2024. There were no sales of AFS securities for the years ended December 31, 2023 and 2022.
The following tables provide information on investments within the available-for-sale portfolio that had unrealized losses as of December 31, 2024 and 2023.
Table 8.2.3
AFS INVESTMENT SECURITIES WITH UNREALIZED LOSSES  
 As of December 31, 2024
 Less than 12 months12 months or longerTotal
(Dollars in millions)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Government agency issued MBS$663 $(9)$2,992 $(513)$3,655 $(522)
Government agency issued CMO675 (2)1,744 (310)2,419 (312)
Other U.S. government agencies210 (6)863 (155)1,073 (161)
States and municipalities66 (1)256 (39)322 (40)
Total$1,614 $(18)$5,855 $(1,017)$7,469 $(1,035)
 As of December 31, 2023
 Less than 12 months12 months or longerTotal
(Dollars in millions)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Government agency issued MBS$140 $(2)$4,231 $(577)$4,371 $(579)
Government agency issued CMO32 — 2,098 (341)2,130 (341)
Other U.S. government agencies114 (2)905 (149)1,019 (151)
States and municipalities 14 — 465 (41)479 (41)
Total$300 $(4)$7,699 $(1,108)$7,999 $(1,112)

FHN has evaluated all AFS debt securities that were in unrealized loss positions in accordance with its accounting policy for recognition of credit losses. No AFS debt securities were determined to have credit losses. Total AIR
not included in the fair value or amortized cost basis of AFS debt securities was $29 million and $32 million as of December 31, 2024 and 2023. Consistent with FHN's review of the related securities, there were no credit-
related write downs of AIR for AFS debt securities during the reporting periods. Additionally, for AFS debt securities with unrealized losses, FHN does not intend to sell them and it is more likely than not that FHN will not be required to sell them prior to recovery. Therefore, no write downs of these investments to fair value occurred during the reporting periods. There were no transfers to or from AFS or HTM securities during the years ended December 31, 2024, 2023, or 2022.
For HTM securities, an allowance for credit losses is required to absorb estimated lifetime credit losses. Total AIR not included in the fair value or amortized cost basis of HTM debt securities was $3 million as of both December 31, 2024 and 2023. FHN has assessed the risk of credit loss and has determined that no allowance for credit losses for HTM securities was necessary as of December 31, 2024 and 2023. The evaluation of credit risk includes consideration of third-party and government
guarantees (both explicit and implicit), senior or subordinated status, credit ratings of the issuer, the effects of interest rate changes since purchase and observable market information such as issuer-specific credit spreads.
The carrying amount of equity investments without a readily determinable fair value was $96 million and $89 million as of December 31, 2024 and 2023, respectively. The year-to-date 2024 gross amounts of upward and downward valuation adjustments were not significant. The year-to-date 2023 gross amounts of upward and downward valuation adjustments included a $6 million loss.
Unrealized gains of $11 million were recognized during 2024 and 2023 and unrealized losses of $11 million were recognized during 2022 for equity investments with readily determinable fair values.
v3.25.0.1
Loans and Leases
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Loans and Leases Loans and Leases
The loans and leases portfolio is disaggregated into portfolio segments and then further disaggregated into classes for certain disclosures. GAAP defines a portfolio segment as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. A class is generally a disaggregation of a portfolio segment and is generally determined based on risk characteristics of the loan and FHN’s method for monitoring and assessing credit risk and performance. FHN's loan and lease portfolio segments are commercial and consumer. The classes of loans and leases are: (1) commercial, financial, and industrial, which
includes commercial and industrial loans and leases and loans to mortgage companies, (2) commercial real estate, (3) consumer real estate, which includes both real estate installment and home equity lines of credit, and (4) credit card and other.
The following table provides the amortized cost basis of loans and leases by portfolio segment and class as of December 31, 2024 and 2023, excluding accrued interest of $271 million and $287 million, respectively, which is included in other assets in the Consolidated Balance Sheets.
Table 8.3.1
LOANS AND LEASES BY PORTFOLIO SEGMENT
December 31,
(Dollars in millions)20242023
Commercial:
Commercial and industrial (a) (b)$29,957 $30,609 
Loans to mortgage companies3,471 2,024 
   Total commercial, financial, and industrial33,428 32,633 
Commercial real estate14,421 14,216 
Consumer:
HELOC2,092 2,219 
Real estate installment loans11,955 11,431 
   Total consumer real estate14,047 13,650 
Credit card and other (c)669 793 
Loans and leases$62,565 $61,292 
Allowance for loan and lease losses(815)(773)
Net loans and leases$61,750 $60,519 
(a)Includes equipment financing leases of $1.4 billion and $1.2 billion as of December 31, 2024 and 2023, respectively.
(b)Includes PPP loans fully guaranteed by the SBA of $12 million and $29 million as of December 31, 2024 and 2023, respectively.
(c)Includes $174 million and $180 million of commercial credit card balances as of December 31, 2024 and 2023, respectively.

Restrictions
Loans and leases with carrying values of $45.8 billion and $46.1 billion were pledged as collateral for borrowings as of December 31, 2024 and 2023, respectively.
Concentrations of Credit Risk
Most of FHN’s business activity is with clients located in the southern United States. FHN’s lending activity is concentrated in its market areas within those states. As of December 31, 2024, FHN had loans to mortgage companies of $3.5 billion and loans to finance and insurance companies of $3.7 billion. As a result, 21% of the C&I portfolio is sensitive to impacts on the financial services industry.
Credit Quality Indicators
FHN employs a dual grade commercial risk grading methodology to assign an estimate for the probability of default and the loss given default for each commercial
loan using factors specific to various industry, portfolio, or product segments that result in a rank ordering of risk and the assignment of grades PD 1 to PD 16. This credit grading system is intended to identify and measure the credit quality of the loan and lease portfolio by analyzing the migration between grading categories. It is also integral to the estimation methodology utilized in determining the ALLL since an allowance is established for pools of commercial loans based on the credit grade assigned. Each PD grade corresponds to an estimated one-year default probability percentage. PD grades are continually evaluated but require a formal scorecard annually.
PD 1 through PD 12 are “pass” grades. PD grades 13-16 correspond to the regulatory-defined categories of special mention (13), substandard (14), doubtful (15), and loss (16). Special mention commercial loans and leases have potential weaknesses that, if left uncorrected, may result
in deterioration of FHN's credit position at some future date. Substandard commercial loans and leases have well-defined weaknesses and are characterized by the distinct possibility that FHN will sustain some loss if the deficiencies are not corrected. Doubtful commercial loans and leases have the same weaknesses as substandard loans and leases with the added characteristics that the
probability of loss is high and collection of the full amount is improbable.
The following table provides the amortized cost basis of the commercial loan portfolio by year of origination and credit quality indicator as of December 31, 2024 and 2023.
Table 8.3.2
C&I PORTFOLIO
December 31, 2024
(Dollars in millions)20242023202220212020Prior to 2020LMC (a)Revolving
 Loans		Revolving
Loans Converted
to Term Loans		Total
Credit Quality Indicator:
Pass (PD grades 1 through 12) (b)$5,590 $2,607 $3,649 $2,336 $1,055 $3,853 $3,471 $8,784 $248 $31,593 
Special Mention (PD grade 13)106 27 78 47 33 57 — 279 2 629 
Substandard, Doubtful, or Loss (PD grades 14,15, and 16)84 184 113 179 33 169 — 383 61 1,206 
Total C&I loans$5,780 $2,818 $3,840 $2,562 $1,121 $4,079 $3,471 $9,446 $311 $33,428 

December 31, 2023
(Dollars in millions)20232022202120202019Prior to 2019LMC (a)Revolving LoansRevolving Loans Converted to Term LoansTotal
Credit Quality Indicator:
Pass (PD grades 1 through 12) (b)$4,008 $5,637 $3,506 $1,636 $1,665 $3,448 $2,019 $9,087 $327 $31,333 
Special Mention (PD grade 13)75 60 64 56 101 57 — 186 — 599 
Substandard, Doubtful, or Loss (PD grades 14,15, and 16)41 135 94 51 39 100 5 187 49 701 
Total C&I loans$4,124 $5,832 $3,664 $1,743 $1,805 $3,605 $2,024 $9,460 $376 $32,633 
(a)LMC includes non-revolving commercial lines of credit to qualified mortgage companies primarily for the temporary warehousing of eligible mortgage loans prior to the borrower's sale of those mortgage loans to third party investors. The loans are of short duration with maturities of less than one year.
(b)    Balance includes PPP loans.
Table 8.3.3
CRE PORTFOLIO
December 31, 2024
(Dollars in millions)20242023202220212020Prior to 2020Revolving
 Loans		Revolving
Loans Converted
to Term Loans		Total
Credit Quality Indicator:
Pass (PD grades 1 through 12)$694 $1,296 $3,282 $2,778 $894 $3,281 $340 $47 $12,612 
Special Mention (PD grade 13)— 42 280 198 37 130 — 1 688 
Substandard, Doubtful, or Loss (PD grades 14,15, and 16)3 31 251 278 116 436 6 — 1,121 
Total CRE loans$697 $1,369 $3,813 $3,254 $1,047 $3,847 $346 $48 $14,421 
December 31, 2023
(Dollars in millions)20232022202120202019Prior to 2019Revolving
 Loans		Revolving
Loans Converted
to Term Loans		Total
Credit Quality Indicator:
Pass (PD grades 1 through 12)$853 $3,473 $3,518 $1,162 $1,216 $2,853 $393 $18 $13,486 
Special Mention (PD grade 13)5 1 129 86 175 82 — — 478 
Substandard, Doubtful, or Loss (PD grades 14,15, and 16)— 2 5 11 175 59 — — 252 
Total CRE loans$858 $3,476 $3,652 $1,259 $1,566 $2,994 $393 $18 $14,216 
The consumer portfolio is comprised primarily of smaller-balance loans which are very similar in nature in that most are standard products and are backed by residential real estate. Because of the similarities of consumer loan types, FHN is able to utilize the FICO score, among other attributes, to assess the credit quality of consumer borrowers. FICO scores are refreshed on a quarterly basis in an attempt to reflect the recent risk profile of the borrowers. Accruing delinquency amounts are indicators of asset quality within the credit card and other consumer portfolio.

The following table reflects the amortized cost basis by year of origination and refreshed FICO scores for
consumer real estate loans as of December 31, 2024 and 2023. Within consumer real estate, classes include HELOC and real estate installment loans. HELOCs are loans which during their draw period are classified as revolving loans. Once the draw period ends and the loan enters its repayment period, the loan converts to a term loan and is classified as a revolving loan converted to a term loan. All loans classified in the following table as revolving loans or revolving loans converted to term loans are HELOCs. Real estate installment loans are originated as fixed term loans and are classified below in their vintage year. All loans in the following tables classified in a vintage year are real estate installment loans.
Table 8.3.4
CONSUMER REAL ESTATE PORTFOLIO
December 31, 2024
(Dollars in millions)20242023202220212020Prior to 2020Revolving LoansRevolving Loans Converted to Term Loans Total
FICO score 740 or greater$1,045 $1,493 $2,009 $1,592 $675 $1,554 $1,430 $56 $9,854 
FICO score 720-739149 197 270 213 99 271 175 17 1,391 
FICO score 700-71998 140 217 175 72 242 150 18 1,112 
FICO score 660-699133 160 183 100 75 294 146 25 1,116 
FICO score 620-65911 10 17 21 20 122 30 9 240 
FICO score less than 62018 22 19 18 18 203 25 11 334 
Total consumer real estate loans$1,454 $2,022 $2,715 $2,119 $959 $2,686 $1,956 $136 $14,047 
December 31, 2023
(Dollars in millions)20232022202120202019Prior to 2019Revolving LoansRevolving Loans Converted to Term LoansTotal
FICO score 740 or greater$1,572 $2,099 $1,720 $730 $465 $1,332 $1,522 $50 $9,490 
FICO score 720-739205 286 227 107 88 230 192 15 1,350 
FICO score 700-719154 232 193 81 52 224 159 17 1,112 
FICO score 660-699170 198 113 83 53 290 168 18 1,093 
FICO score 620-65911 20 23 22 36 106 36 7 261 
FICO score less than 62018 19 15 20 12 225 24 11 344 
Total consumer real estate loans$2,130 $2,854 $2,291 $1,043 $706 $2,407 $2,101 $118 $13,650 
The following table reflects the amortized cost basis by year of origination and refreshed FICO scores for credit card and other loans as of December 31, 2024 and 2023.
Table 8.3.5
CREDIT CARD & OTHER PORTFOLIO
December 31, 2024
(Dollars in millions)20242023202220212020Prior to 2020Revolving LoansRevolving Loans Converted to Term LoansTotal
FICO score 740 or greater$21 $22 $10 $4 $2 $19 $197 $8 $283 
FICO score 720-7397 3 1 1 — 3 20 2 37 
FICO score 700-7191 2 2 — — 2 14 — 21 
FICO score 660-6991 2 1 — — 3 15 4 26 
FICO score 620-6592 1 — — — 1 9 — 13 
FICO score less than 6208 8 5 4 4 78 181 1 289 
Total credit card and other loans$40 $38 $19 $9 $6 $106 $436 $15 $669 
December 31, 2023
(Dollars in millions)20232022202120202019Prior to 2019Revolving LoansRevolving Loans Converted to Term LoansTotal
FICO score 740 or greater$52 $26 $10 $5 $3 $27 $207 $5 $335 
FICO score 720-7395 3 1 1 1 5 24 1 41 
FICO score 700-7195 4 1 1 1 4 25 1 42 
FICO score 660-6994 3 1 1 1 8 23 — 41 
FICO score 620-6592 1 1 — — 3 7 — 14 
FICO score less than 62012 9 6 8 13 103 168 1 320 
Total credit card and other loans$80 $46 $20 $16 $19 $150 $454 $8 $793 
Nonaccrual and Past Due Loans and Leases

Loans and leases are placed on nonaccrual if it becomes evident that full collection of principal and interest is at risk, impairment has been recognized as a partial charge-off of principal balance due to insufficient collateral value and past due status, or on a case-by-case basis if FHN continues to receive payments but there are other borrower-specific issues. Included in nonaccrual are loans for which FHN continues to receive payments including
residential real estate loans where the borrower has been discharged of personal obligation through bankruptcy.

Past due loans are loans contractually past due as to interest or principal payments, but which have not yet been put on nonaccrual status.

The following table reflects accruing and non-accruing loans and leases by class on December 31, 2024 and 2023.
Table 8.3.6
ACCRUING & NON-ACCRUING LOANS & LEASES
December 31, 2024
 AccruingNon-Accruing 
(Dollars in millions)Current30-89
Days
Past Due		90+
Days
Past Due		Total
Accruing		Current30-89
Days
Past Due		90+
Days
Past Due		Total
Non-
Accruing		Total
Loans and Leases
Commercial, financial, and industrial:
C&I (a) $29,751 $32 $1 $29,784 $101 $26 $46 $173 $29,957 
Loans to mortgage companies3,471 — — 3,471 — — — — 3,471 
Total commercial, financial, and industrial33,222 32 1 33,255 101 26 46 173 33,428 
Commercial real estate:
CRE (b)14,124 3 — 14,127 221 10 63 294 14,421 
Consumer real estate:
HELOC (c)2,045 11 2 2,058 19 4 11 34 2,092 
Real estate installment loans (d)11,800 39 17 11,856 31 10 58 99 11,955 
Total consumer real estate13,845 50 19 13,914 50 14 69 133 14,047 
Credit card and other:
Credit card262 2 1 265 — — — — 265 
Other400 2 — 402 — 1 1 2 404 
Total credit card and other662 4 1 667 — 1 1 2 669 
Total loans and leases$61,853 $89 $21 $61,963 $372 $51 $179 $602 $62,565 
December 31, 2023
 AccruingNon-Accruing 
(Dollars in millions)Current30-89
Days
Past Due		90+
Days
Past Due		Total
Accruing		Current30-89
Days
Past Due		90+
Days
Past Due		Total
Non-
Accruing		Total
Loans and Leases
Commercial, financial, and industrial:
C&I (a)$30,398 $31 $1 $30,430 $108 $18 $53 $179 $30,609 
Loans to mortgage companies2,018 1 — 2,019 5 — — 5 2,024 
Total commercial, financial, and industrial32,416 32 1 32,449 113 18 53 184 32,633 
Commercial real estate:
CRE (b)14,072 8 — 14,080 41 — 95 136 14,216 
Consumer real estate:
HELOC (c)2,158 11 4 2,173 30 6 10 46 2,219 
Real estate installment loans (d)11,295 29 13 11,337 43 6 45 94 11,431 
Total consumer real estate13,453 40 17 13,510 73 12 55 140 13,650 
Credit card and other:
Credit card271 3 3 277 — — — — 277 
Other512 2 — 514 1 — 1 2 516 
Total credit card and other783 5 3 791 1 — 1 2 793 
Total loans and leases$60,724 $85 $21 $60,830 $228 $30 $204 $462 $61,292 
(a)    $172 million and $178 million of C&I loans are nonaccrual loans that have been specifically reviewed for impairment with no related allowance in 2024 and 2023, respectively.
(b)    $287 million and $129 million of CRE loans are nonaccrual loans that have been specifically reviewed for impairment with no related allowance for 2024 and 2023, respectively.
(c)    $3 million and $4 million of HELOC loans are nonaccrual loans that have been specifically reviewed for impairment with no related allowance for 2024 and 2023, respectively.
(d)    $9 million and $10 million of real estate installment loans are nonaccrual loans that have been specifically reviewed for impairment with no related allowance for 2024 and 2023, respectively.

Collateral-Dependent Loans
Collateral-dependent loans are defined as loans for which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty. At a minimum, the estimated value of the collateral for each loan equals the current book value.
As of December 31, 2024 and 2023, FHN had commercial loans with amortized cost of approximately $352 million and $250 million, respectively, that were based on the value of underlying collateral. Collateral-dependent C&I and CRE loans totaled $109 million and $243 million, respectively, as of December 31, 2024. The collateral for these loans generally consists of business assets including land, buildings, equipment and financial assets. During the years ended December 31, 2024 and 2023, FHN recognized total charge-offs of approximately $75 million and $144 million, respectively, on these loans related to reductions in estimated collateral values.
Consumer HELOC and real estate installment loans with amortized cost based on the value of underlying real estate collateral were approximately $6 million and $36 million, respectively, as of December 31, 2024, and $6 million and $27 million, respectively, as of December 31, 2023. Charge-offs were $2 million and $1 million for collateral-dependent consumer loans during the years ended December 31, 2024 and 2023, respectively.
Loan Modifications to Troubled Borrowers
As part of FHN’s ongoing risk management practices, FHN attempts to work with borrowers when necessary to extend or modify loan terms to better align with their current ability to repay. Modifications could include extension of the maturity date, reductions of the interest rate, reduction or forgiveness of accrued interest, or principal forgiveness. Combinations of these modifications may also be made for individual loans. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. Principal reductions may be made in limited circumstances, typically for specific commercial loan workouts, and in the event of borrower bankruptcy. Each occurrence is unique to the borrower and is evaluated separately.
Troubled loans are considered those in which the borrower is experiencing financial difficulty. The assessment of whether a borrower is experiencing financial difficulty can be subjective in nature and management’s judgment may be required in making this determination. FHN may determine that a borrower is experiencing financial difficulty if the borrower is currently in default on any of its debt, or if it is probable that a borrower may default in the foreseeable future absent a modification. Many aspects of a borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty.
Troubled commercial loans are typically modified through forbearance agreements which could include reduced interest rates, reduced payments, term extension, or entering into short sale agreements. Principal reductions may occur in specific circumstances.
Modifications for troubled consumer loans are generally structured using parameters of U.S. government-sponsored programs. For HELOC and real estate installment loans, troubled loans are typically modified by an interest rate reduction and a possible maturity date extension to reach an affordable housing debt-to-income ratio. Despite the absence of a loan modification by FHN, the discharge of personal liability through bankruptcy proceedings is considered a court-imposed modification.
For the credit card portfolio, troubled loan modifications are typically enacted through either a short-term credit card hardship program or a longer-term credit card workout program. In the credit card hardship program, borrowers may be granted rate and payment reductions for six months to one year. In the credit card workout program, borrowers are granted a rate reduction to 0% and a term extension for up to five years.
Modifications to Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost basis at the end of the reporting period of loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification made, as well as the financial effect of the modifications made as of December 31, 2024.
Table 8.3.7
LOAN MODIFICATIONS TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
Interest Rate Reduction
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
Consumer real estate (a)$— — %
Reduced weighted-average contractual interest rate from 10.70% to 6.75%
$2 — %
Reduced weighted-average contractual interest rate from 8.60% to 5.00%
Credit card and other (a)— — 
Reduced weighted-average contractual interest rate from 4.63% to 3.98%
— — 
Reduced weighted-average contractual interest rate from 11.20% to 0.00%
Total$— — %$2 — %
Term Extension
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
C&I$132 0.4 %
Added a weighted-average 1.3 years to the life of loans, which reduced monthly payment amounts for the borrowers
$90 0.3 %
Added a weighted-average 1 year to the life of loans, which reduced monthly payment amounts for the borrowers
CRE180 1.2 
Added a weighted-average 1.3 years to the life of loans, which reduced monthly payment amounts for the borrowers
40 0.3 
Added a weighted-average 0.8 year to the life of loans, which reduced monthly payment amounts for the borrowers
Consumer real estate (a)— — 
Added a weighted-average 24.4 years to the life of loans, which reduced monthly payment amounts for the borrowers
2 — 
Added a weighted-average 12 years to the life of loans, which reduced monthly payment amounts for the borrowers
Total$312 0.5 %$132 0.2 %
Principal Forgiveness
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
Consumer real estate (a)$— — %
Less than $1 million of the principal of consumer loans was legally discharged in bankruptcy during the period and the borrowers have not re-affirmed the debt as of period end
$2 — %
$1.3 million of the principal of consumer loans was legally discharged in bankruptcy during the period and the borrowers have not re-affirmed the debt as of period end
Total$— — %$2 — %
Payment Deferrals
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
Consumer real estate $— — %N/A$3 — %
Payment deferral for 11 months, with a balloon payment at the end of the term
Total$— — %$3 — %
(a) Balance less than $1 million
Combination - Term Extension and Interest Rate Reduction
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
C&I (a)$8 — %
Added a weighted-average 1 year to the life of loans and reduced weighted-average contractual interest rate from 8.00% to 7.50%
$— — %
Added a weighted-average 1.2 years to the life of loans and reduced weighted-average contractual interest rate from 13.00% to 11.50%
CRE61 0.4 
Added a weighted-average 2 years to the life of loans and reduced weighted-average contractual interest rate from 7.01% to 6.66%
— — N/A
Consumer real estate 3 — 
Added a weighted-average 11 years to the life of loans and reduced weighted-average contractual interest rate from 8.72% to 4.09%
6 — 
Added a weighted-average 14.3 years to the life of loans and reduced weighted-average contractual interest rate from 5.00% to 4.70%
Total$72 0.1 %$6 — %
Combination - Term Extension, Interest Rate Reduction, and Interest Forgiveness
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
C&I$— — %N/A$2 — %
Added a weighted-average 3.7 years to the life of loans, reduced weighted-average contractual interest rate from 11.25% to 7.50% and provided less than $1 million in interest forgiveness
Total$— — %$2 — %
Combination - Term Extension, Interest Rate Reduction, and Interest Deferrals
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
CRE$— — %N/A$15 0.1 %
Added a weighted-average 1 year to the life of loans, reduced weighted-average contractual interest rate from 8.65% to 8.00% and provided less than $1 million in deferred interest
Total$— — %$15 — %
(a) Balance less than $1 million
Loan modifications to borrowers experiencing financial difficulty that had a payment default during the period and were modified in the 12 months before default totaled $19 million and $28 million as of December 31, 2024 and 2023, respectively. FHN closely monitors the
performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.
The following table depicts the performance of loans that have been modified in the last 12 months.
Table 8.3.8
PERFORMANCE OF LOANS THAT HAVE BEEN MODIFIED IN THE LAST 12 MONTHS
December 31, 2024
(Dollars in millions)Current30-89 Days Past Due90+ Days Past DueNon-Accruing
C&I$116 $— $— $24 
CRE195 — — 45 
Consumer real estate2 — — 2 
Credit card and other— — — — 
Total$313 $— $— $71 
v3.25.0.1
Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Allowance for Credit Losses Allowance for Credit Losses
Management's estimate of expected credit losses in the loan and lease portfolios is recorded in the ALLL and the reserve for unfunded lending commitments, collectively referred to as the Allowance for Credit Losses, or the ACL. See Note 1 - Significant Accounting Policies for further discussion of FHN's ACL methodology.

The ACL is maintained at a level management believes to be appropriate to absorb expected lifetime credit losses over the contractual life of the loan and lease portfolio and unfunded lending commitments. The determination of the ACL is based on periodic evaluation of the loan and lease portfolios and unfunded lending commitments considering a number of relevant underlying factors, including key assumptions and evaluation of quantitative and qualitative information.
The expected loan losses are the product of multiplying FHN’s estimates of probability of default ("PD"), loss given default ("LGD"), and individual loan level exposure at default ("EAD"), including amortization and prepayment assumptions, on an undiscounted basis. FHN uses models or assumptions to develop the expected loss forecasts, which incorporate multiple macroeconomic forecasts over a reasonable and supportable forecast period of at most four years. After the reasonable and supportable forecast period, the Company reverts to its historical loss averages, evaluated over the historical observation period, for the remaining estimated life of the loans. In order to capture the unique risks of the loan portfolio within the PD, LGD, and prepayment models, FHN segments the portfolio into pools, generally incorporating loan grades for commercial loans. As there can be no certainty that actual economic performance will precisely follow any specific macroeconomic forecast, FHN uses qualitative adjustments where current loan characteristics or current or forecasted economic conditions differ from historical periods.
The evaluation of quantitative and qualitative information is performed through assessments of groups of assets that share similar risk characteristics and certain individual loans and leases that do not share similar risk characteristics with the collective group. As described in Note 3 - Loans and Leases, loans are grouped generally by product type and significant loan portfolios are assessed for credit losses using analytical or statistical models. The quantitative component utilizes economic forecast information as its foundation and is primarily based on analytical models that use known or estimated data as of the balance sheet date and forecasted data over the reasonable and supportable period. The ACL is also
affected by qualitative factors that FHN considers to reflect current judgment of various events and risks that are not measured in the quantitative calculations, including alternative economic forecasts.
In accordance with its accounting policy elections, FHN does not recognize a separate allowance for expected credit losses for AIR and records reversals of AIR as reductions of interest income. FHN reverses previously accrued but uncollected interest when an asset is placed on nonaccrual status. AIR and the related allowance for expected credit losses is included as a component of other assets. The total amount of interest reversals from loans placed on nonaccrual status and the amount of income recognized on nonaccrual loans during the years ended December 31, 2024, 2023, and 2022 were not material.
Expected credit losses for unfunded commitments are estimated for periods where the commitment is not unconditionally cancellable. The measurement of expected credit losses for unfunded commitments mirrors that of loans and leases with the additional estimate of future draw rates (timing and amount).
The increase in the ACL balance as of December 31, 2024 as compared to December 31, 2023 largely reflects negative grade migration in the commercial portfolio. In developing credit loss estimates for its loan and lease portfolios, FHN utilized a baseline and a downside forecast scenario from Moody’s for its macroeconomic inputs. As of December 31, 2024, among other things, FHN's scenario selection process factored in the outlook for production, inflation, interest rates, employment, real estate prices, and international conflict. FHN selected one scenario as its base case, which was the Moody's baseline scenario. The heaviest weight was placed on this scenario. A smaller weight was placed on the FHN-selected downside scenario.
Management also made qualitative adjustments to reflect estimated recoveries based on a review of prior charge-off and recovery levels, for default risk associated with large balances with individual borrowers, for estimated loss amounts not reflected in historical factors due to specific portfolio risk or identified model limitations, and for instances where limited data for acquired loans is considered to affect modeled results.

The following table provides a rollforward of the ALLL and the reserve for unfunded lending commitments by portfolio type for December 31, 2024, 2023 and 2022.
Table 8.4.1
ROLLFORWARD OF ALLL & RESERVE FOR UNFUNDED LENDING COMMITMENTS
(Dollars in millions)Commercial, Financial, and Industrial (a)Commercial
Real Estate		Consumer
Real Estate		Credit Card
and Other		Total
Allowance for loan and lease losses:
Balance as of January 1, 2024$339 $172 $233 $29 $773 
Charge-offs (77)(56)(3)(21)(157)
Recoveries30 1 9 5 45 
Provision for loan and lease losses 53 110 (18)9 154 
Balance as of December 31, 2024345 227 221 22 815 
Reserve for remaining unfunded commitments:
Balance as of January 1, 202449 22 12 — 83 
Provision for unfunded lending commitments8 (11)(1)— (4)
Balance as of December 31, 202457 11 11 — 79 
Allowance for credit losses as of December 31, 2024$402 $238 $232 $22 $894 
Allowance for loan and lease losses:
Balance as of January 1, 2023$308 $146 $200 $31 $685 
Adoption of ASU 2022-02 (b)1 — (7)— (6)
Charge-offs (c)(156)(17)(4)(22)(199)
Recoveries 14 2 9 4 29 
Provision for loan and lease losses 172 41 35 16 264 
Balance as of December 31, 2023339 172 233 29 773 
Reserve for remaining unfunded commitments:
Balance as of January 1, 202355 22 10 — 87 
Provision for unfunded lending commitments(6)— 2 — (4)
Balance as of December 31, 202349 22 12 — 83 
Allowance for credit losses as of December 31, 2023$388 $194 $245 $29 $856 
Allowance for loan and lease losses
Balance as of January 1, 2022$334 $154 $163 $19 $670 
Charge-offs(62)(1)(5)(25)(93)
Recoveries 9 1 19 5 34 
Provision for loan and lease losses 27 (8)23 32 74 
Balance as of December 31, 2022308 146 200 31 685 
Reserve for remaining unfunded commitments:
Balance as of January 1, 202246 12 8 — 66 
Provision for unfunded lending commitments9 10 2 — 21 
Balance as of December 31, 202255 22 10 — 87 
Allowance for credit losses as of December 31, 2022$363 $168 $210 $31 $772 
(a)    C&I loans as of December 31, 2024, 2023, and 2022 include $12 million, $29 million, and $76 million in PPP loans, respectively, which due to the government guarantee and forgiveness provisions are considered to have no credit risk and therefore have no allowance for loan and lease losses.
(b)    See Note 1 for additional information.
(c)    Charge-offs in the C&I portfolio in 2023 include $72 million from a single credit from a company in bankruptcy.
The following table represents gross charge-offs by year of origination for the years ended December 31, 2024 and 2023.
Table 8.4.2
GROSS CHARGE-OFFS
(Dollars in millions)20242023202220212020Prior to 2020Revolving LoansTotal
C&I$1 $16 $15 $23 $3 $15 $4 $77 
CRE— — 5 — 17 34 — 56 
Consumer real estate— 1 — — — 2 — 3 
Credit card and other8 1 1 — — 2 9 21 
Total$9 $18 $21 $23 $20 $53 $13 $157 
(Dollars in millions)20232022202120202019Prior to 2019Revolving LoansTotal
C&I$1 $17 $82 $5 $10 $34 $7 $156 
CRE— — — — 2 15 — 17 
Consumer real estate— 1 — — — 3 — 4 
Credit card and other12 1 — — — 2 7 22 
Total$13 $19 $82 $5 $12 $54 $14 $199 
v3.25.0.1
Premises, Equipment, and Leases
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Premises, Equipment, and Leases Premises, Equipment, and Leases
Premises and equipment was comprised of the following at December 31, 2024 and 2023.
Table 8.5.1
PREMISES & EQUIPMENT
(Dollars in millions)December 31, 2024December 31, 2023
Land$163 $163 
Buildings570 554 
Leasehold improvements88 84 
Furniture, fixtures, and equipment304 295 
Fixed assets held for sale (a)1 — 
Total premises and equipment1,126 1,096 
Less accumulated depreciation and amortization(552)(506)
Premises and equipment, net$574 $590 
(a) Primarily comprised of land and buildings.
Fixed asset and leased asset impairments were immaterial for 2024, 2023, and 2022. Net gains related to the sales of fixed assets were $3 million for 2024, immaterial for 2023, and $1 million for 2022.
First Horizon as Lessee
FHN has operating, financing, and short-term leases for branch locations, corporate offices and certain equipment. Substantially all of these leases are classified as operating leases.
The following table provides details of the classification of FHN's right-of-use assets and lease liabilities included in the Consolidated Balance Sheets.

Table 8.5.2
RIGHT-OF-USE ASSETS & LEASE LIABILITIES
(Dollars in millions)December 31, 2024December 31, 2023
Lease right-of-use assets:Classification
Operating lease right-of-use assetsOther assets$296 $306 
Finance lease right-of-use assetsOther assets2 3 
Total lease right-of-use assets$298 $309 
Lease liabilities:
Operating lease liabilitiesOther liabilities$330 $342 
Finance lease liabilitiesOther liabilities3 3 
Total lease liabilities$333 $345 
The calculated amount of ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to determine the present value of the minimum lease payments. The following table details the weighted average remaining lease term and discount rate for FHN's operating and finance leases as of December 31, 2024 and 2023.
Table 8.5.3
REMAINING LEASE TERMS
& DISCOUNT RATES
December 31, 2024December 31, 2023
Weighted Average Remaining Lease Terms
Operating leases11.68 years11.79 years
Finance leases8.60 years9.15 years
Weighted Average Discount Rate
Operating leases3.19 %2.84 %
Finance leases2.16 %2.39 %
The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2024, 2023, and 2022.
Table 8.5.4
LEASE EXPENSE &
OTHER INFORMATION
(Dollars in millions)202420232022
Lease cost
Operating lease cost$44 $45 $47 
Sublease income(1)(2)(2)
Total lease cost$43 $43 $45 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$— $1 $1 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases43 46 50 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases22 11 31 
The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of December 31, 2024.
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2024
2025$45 
202644 
202743 
202837 
202934 
2030 and thereafter199 
Total lease payments402 
Less lease liability interest(69)
Total lease liability$333 
FHN had aggregate undiscounted contractual obligations totaling $4 million for lease arrangements that have not commenced as of December 31, 2024. Payments under these arrangements are expected to occur from 2025 through 2035.
First Horizon as Lessor
As a lessor, FHN engages in the leasing of equipment to commercial clients primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that
lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases in the Consolidated Balance Sheets. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease.
FHN’s portfolio of direct financing and sales-type leases contains terms of 2 to 23 years, some of which contain options to extend the lease for various periods of time and/or to purchase the equipment subject to the lease at various points in time. These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, FHN expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of FHN’s direct financing and sales-type leases, there is no selling profit or loss on these transactions.
The components of the Company’s net investment in leases as of December 31, 2024 and 2023 were as follows.
Table 8.5.6
LEASE NET INVESTMENTS
(Dollars in millions)December 31, 2024December 31, 2023
Lease receivable$1,300 $1,143 
Unearned income(279)(244)
Guaranteed residual166 147 
Unguaranteed residual228 189 
Total net investment$1,415 $1,235 
Interest income for direct financing or sales-type leases totaled $64 million, $50 million, and $34 million for the years ended December 31, 2024, 2023, and 2022, respectively. There was no profit or loss recognized at the commencement date for direct financing or sales-type leases for the years ended December 31, 2024, 2023, and 2022.
Maturities of the Company's lease receivables as of December 31, 2024 were as follows.
Table 8.5.7
LEASE RECEIVABLE MATURITIES
(Dollars in millions)December 31, 2024
2025$292 
2026266 
2027226 
2028164 
2029128 
2030 and thereafter224 
Total future minimum lease payments$1,300 
Premises, Equipment, and Leases Premises, Equipment, and Leases
Premises and equipment was comprised of the following at December 31, 2024 and 2023.
Table 8.5.1
PREMISES & EQUIPMENT
(Dollars in millions)December 31, 2024December 31, 2023
Land$163 $163 
Buildings570 554 
Leasehold improvements88 84 
Furniture, fixtures, and equipment304 295 
Fixed assets held for sale (a)1 — 
Total premises and equipment1,126 1,096 
Less accumulated depreciation and amortization(552)(506)
Premises and equipment, net$574 $590 
(a) Primarily comprised of land and buildings.
Fixed asset and leased asset impairments were immaterial for 2024, 2023, and 2022. Net gains related to the sales of fixed assets were $3 million for 2024, immaterial for 2023, and $1 million for 2022.
First Horizon as Lessee
FHN has operating, financing, and short-term leases for branch locations, corporate offices and certain equipment. Substantially all of these leases are classified as operating leases.
The following table provides details of the classification of FHN's right-of-use assets and lease liabilities included in the Consolidated Balance Sheets.

Table 8.5.2
RIGHT-OF-USE ASSETS & LEASE LIABILITIES
(Dollars in millions)December 31, 2024December 31, 2023
Lease right-of-use assets:Classification
Operating lease right-of-use assetsOther assets$296 $306 
Finance lease right-of-use assetsOther assets2 3 
Total lease right-of-use assets$298 $309 
Lease liabilities:
Operating lease liabilitiesOther liabilities$330 $342 
Finance lease liabilitiesOther liabilities3 3 
Total lease liabilities$333 $345 
The calculated amount of ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to determine the present value of the minimum lease payments. The following table details the weighted average remaining lease term and discount rate for FHN's operating and finance leases as of December 31, 2024 and 2023.
Table 8.5.3
REMAINING LEASE TERMS
& DISCOUNT RATES
December 31, 2024December 31, 2023
Weighted Average Remaining Lease Terms
Operating leases11.68 years11.79 years
Finance leases8.60 years9.15 years
Weighted Average Discount Rate
Operating leases3.19 %2.84 %
Finance leases2.16 %2.39 %
The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2024, 2023, and 2022.
Table 8.5.4
LEASE EXPENSE &
OTHER INFORMATION
(Dollars in millions)202420232022
Lease cost
Operating lease cost$44 $45 $47 
Sublease income(1)(2)(2)
Total lease cost$43 $43 $45 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$— $1 $1 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases43 46 50 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases22 11 31 
The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of December 31, 2024.
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2024
2025$45 
202644 
202743 
202837 
202934 
2030 and thereafter199 
Total lease payments402 
Less lease liability interest(69)
Total lease liability$333 
FHN had aggregate undiscounted contractual obligations totaling $4 million for lease arrangements that have not commenced as of December 31, 2024. Payments under these arrangements are expected to occur from 2025 through 2035.
First Horizon as Lessor
As a lessor, FHN engages in the leasing of equipment to commercial clients primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that
lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases in the Consolidated Balance Sheets. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease.
FHN’s portfolio of direct financing and sales-type leases contains terms of 2 to 23 years, some of which contain options to extend the lease for various periods of time and/or to purchase the equipment subject to the lease at various points in time. These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, FHN expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of FHN’s direct financing and sales-type leases, there is no selling profit or loss on these transactions.
The components of the Company’s net investment in leases as of December 31, 2024 and 2023 were as follows.
Table 8.5.6
LEASE NET INVESTMENTS
(Dollars in millions)December 31, 2024December 31, 2023
Lease receivable$1,300 $1,143 
Unearned income(279)(244)
Guaranteed residual166 147 
Unguaranteed residual228 189 
Total net investment$1,415 $1,235 
Interest income for direct financing or sales-type leases totaled $64 million, $50 million, and $34 million for the years ended December 31, 2024, 2023, and 2022, respectively. There was no profit or loss recognized at the commencement date for direct financing or sales-type leases for the years ended December 31, 2024, 2023, and 2022.
Maturities of the Company's lease receivables as of December 31, 2024 were as follows.
Table 8.5.7
LEASE RECEIVABLE MATURITIES
(Dollars in millions)December 31, 2024
2025$292 
2026266 
2027226 
2028164 
2029128 
2030 and thereafter224 
Total future minimum lease payments$1,300 
Premises, Equipment, and Leases Premises, Equipment, and Leases
Premises and equipment was comprised of the following at December 31, 2024 and 2023.
Table 8.5.1
PREMISES & EQUIPMENT
(Dollars in millions)December 31, 2024December 31, 2023
Land$163 $163 
Buildings570 554 
Leasehold improvements88 84 
Furniture, fixtures, and equipment304 295 
Fixed assets held for sale (a)1 — 
Total premises and equipment1,126 1,096 
Less accumulated depreciation and amortization(552)(506)
Premises and equipment, net$574 $590 
(a) Primarily comprised of land and buildings.
Fixed asset and leased asset impairments were immaterial for 2024, 2023, and 2022. Net gains related to the sales of fixed assets were $3 million for 2024, immaterial for 2023, and $1 million for 2022.
First Horizon as Lessee
FHN has operating, financing, and short-term leases for branch locations, corporate offices and certain equipment. Substantially all of these leases are classified as operating leases.
The following table provides details of the classification of FHN's right-of-use assets and lease liabilities included in the Consolidated Balance Sheets.

Table 8.5.2
RIGHT-OF-USE ASSETS & LEASE LIABILITIES
(Dollars in millions)December 31, 2024December 31, 2023
Lease right-of-use assets:Classification
Operating lease right-of-use assetsOther assets$296 $306 
Finance lease right-of-use assetsOther assets2 3 
Total lease right-of-use assets$298 $309 
Lease liabilities:
Operating lease liabilitiesOther liabilities$330 $342 
Finance lease liabilitiesOther liabilities3 3 
Total lease liabilities$333 $345 
The calculated amount of ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to determine the present value of the minimum lease payments. The following table details the weighted average remaining lease term and discount rate for FHN's operating and finance leases as of December 31, 2024 and 2023.
Table 8.5.3
REMAINING LEASE TERMS
& DISCOUNT RATES
December 31, 2024December 31, 2023
Weighted Average Remaining Lease Terms
Operating leases11.68 years11.79 years
Finance leases8.60 years9.15 years
Weighted Average Discount Rate
Operating leases3.19 %2.84 %
Finance leases2.16 %2.39 %
The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2024, 2023, and 2022.
Table 8.5.4
LEASE EXPENSE &
OTHER INFORMATION
(Dollars in millions)202420232022
Lease cost
Operating lease cost$44 $45 $47 
Sublease income(1)(2)(2)
Total lease cost$43 $43 $45 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$— $1 $1 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases43 46 50 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases22 11 31 
The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of December 31, 2024.
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2024
2025$45 
202644 
202743 
202837 
202934 
2030 and thereafter199 
Total lease payments402 
Less lease liability interest(69)
Total lease liability$333 
FHN had aggregate undiscounted contractual obligations totaling $4 million for lease arrangements that have not commenced as of December 31, 2024. Payments under these arrangements are expected to occur from 2025 through 2035.
First Horizon as Lessor
As a lessor, FHN engages in the leasing of equipment to commercial clients primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that
lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases in the Consolidated Balance Sheets. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease.
FHN’s portfolio of direct financing and sales-type leases contains terms of 2 to 23 years, some of which contain options to extend the lease for various periods of time and/or to purchase the equipment subject to the lease at various points in time. These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, FHN expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of FHN’s direct financing and sales-type leases, there is no selling profit or loss on these transactions.
The components of the Company’s net investment in leases as of December 31, 2024 and 2023 were as follows.
Table 8.5.6
LEASE NET INVESTMENTS
(Dollars in millions)December 31, 2024December 31, 2023
Lease receivable$1,300 $1,143 
Unearned income(279)(244)
Guaranteed residual166 147 
Unguaranteed residual228 189 
Total net investment$1,415 $1,235 
Interest income for direct financing or sales-type leases totaled $64 million, $50 million, and $34 million for the years ended December 31, 2024, 2023, and 2022, respectively. There was no profit or loss recognized at the commencement date for direct financing or sales-type leases for the years ended December 31, 2024, 2023, and 2022.
Maturities of the Company's lease receivables as of December 31, 2024 were as follows.
Table 8.5.7
LEASE RECEIVABLE MATURITIES
(Dollars in millions)December 31, 2024
2025$292 
2026266 
2027226 
2028164 
2029128 
2030 and thereafter224 
Total future minimum lease payments$1,300 
Premises, Equipment, and Leases Premises, Equipment, and Leases
Premises and equipment was comprised of the following at December 31, 2024 and 2023.
Table 8.5.1
PREMISES & EQUIPMENT
(Dollars in millions)December 31, 2024December 31, 2023
Land$163 $163 
Buildings570 554 
Leasehold improvements88 84 
Furniture, fixtures, and equipment304 295 
Fixed assets held for sale (a)1 — 
Total premises and equipment1,126 1,096 
Less accumulated depreciation and amortization(552)(506)
Premises and equipment, net$574 $590 
(a) Primarily comprised of land and buildings.
Fixed asset and leased asset impairments were immaterial for 2024, 2023, and 2022. Net gains related to the sales of fixed assets were $3 million for 2024, immaterial for 2023, and $1 million for 2022.
First Horizon as Lessee
FHN has operating, financing, and short-term leases for branch locations, corporate offices and certain equipment. Substantially all of these leases are classified as operating leases.
The following table provides details of the classification of FHN's right-of-use assets and lease liabilities included in the Consolidated Balance Sheets.

Table 8.5.2
RIGHT-OF-USE ASSETS & LEASE LIABILITIES
(Dollars in millions)December 31, 2024December 31, 2023
Lease right-of-use assets:Classification
Operating lease right-of-use assetsOther assets$296 $306 
Finance lease right-of-use assetsOther assets2 3 
Total lease right-of-use assets$298 $309 
Lease liabilities:
Operating lease liabilitiesOther liabilities$330 $342 
Finance lease liabilitiesOther liabilities3 3 
Total lease liabilities$333 $345 
The calculated amount of ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to determine the present value of the minimum lease payments. The following table details the weighted average remaining lease term and discount rate for FHN's operating and finance leases as of December 31, 2024 and 2023.
Table 8.5.3
REMAINING LEASE TERMS
& DISCOUNT RATES
December 31, 2024December 31, 2023
Weighted Average Remaining Lease Terms
Operating leases11.68 years11.79 years
Finance leases8.60 years9.15 years
Weighted Average Discount Rate
Operating leases3.19 %2.84 %
Finance leases2.16 %2.39 %
The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2024, 2023, and 2022.
Table 8.5.4
LEASE EXPENSE &
OTHER INFORMATION
(Dollars in millions)202420232022
Lease cost
Operating lease cost$44 $45 $47 
Sublease income(1)(2)(2)
Total lease cost$43 $43 $45 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$— $1 $1 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases43 46 50 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases22 11 31 
The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of December 31, 2024.
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2024
2025$45 
202644 
202743 
202837 
202934 
2030 and thereafter199 
Total lease payments402 
Less lease liability interest(69)
Total lease liability$333 
FHN had aggregate undiscounted contractual obligations totaling $4 million for lease arrangements that have not commenced as of December 31, 2024. Payments under these arrangements are expected to occur from 2025 through 2035.
First Horizon as Lessor
As a lessor, FHN engages in the leasing of equipment to commercial clients primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that
lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases in the Consolidated Balance Sheets. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease.
FHN’s portfolio of direct financing and sales-type leases contains terms of 2 to 23 years, some of which contain options to extend the lease for various periods of time and/or to purchase the equipment subject to the lease at various points in time. These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, FHN expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of FHN’s direct financing and sales-type leases, there is no selling profit or loss on these transactions.
The components of the Company’s net investment in leases as of December 31, 2024 and 2023 were as follows.
Table 8.5.6
LEASE NET INVESTMENTS
(Dollars in millions)December 31, 2024December 31, 2023
Lease receivable$1,300 $1,143 
Unearned income(279)(244)
Guaranteed residual166 147 
Unguaranteed residual228 189 
Total net investment$1,415 $1,235 
Interest income for direct financing or sales-type leases totaled $64 million, $50 million, and $34 million for the years ended December 31, 2024, 2023, and 2022, respectively. There was no profit or loss recognized at the commencement date for direct financing or sales-type leases for the years ended December 31, 2024, 2023, and 2022.
Maturities of the Company's lease receivables as of December 31, 2024 were as follows.
Table 8.5.7
LEASE RECEIVABLE MATURITIES
(Dollars in millions)December 31, 2024
2025$292 
2026266 
2027226 
2028164 
2029128 
2030 and thereafter224 
Total future minimum lease payments$1,300 
Premises, Equipment, and Leases Premises, Equipment, and Leases
Premises and equipment was comprised of the following at December 31, 2024 and 2023.
Table 8.5.1
PREMISES & EQUIPMENT
(Dollars in millions)December 31, 2024December 31, 2023
Land$163 $163 
Buildings570 554 
Leasehold improvements88 84 
Furniture, fixtures, and equipment304 295 
Fixed assets held for sale (a)1 — 
Total premises and equipment1,126 1,096 
Less accumulated depreciation and amortization(552)(506)
Premises and equipment, net$574 $590 
(a) Primarily comprised of land and buildings.
Fixed asset and leased asset impairments were immaterial for 2024, 2023, and 2022. Net gains related to the sales of fixed assets were $3 million for 2024, immaterial for 2023, and $1 million for 2022.
First Horizon as Lessee
FHN has operating, financing, and short-term leases for branch locations, corporate offices and certain equipment. Substantially all of these leases are classified as operating leases.
The following table provides details of the classification of FHN's right-of-use assets and lease liabilities included in the Consolidated Balance Sheets.

Table 8.5.2
RIGHT-OF-USE ASSETS & LEASE LIABILITIES
(Dollars in millions)December 31, 2024December 31, 2023
Lease right-of-use assets:Classification
Operating lease right-of-use assetsOther assets$296 $306 
Finance lease right-of-use assetsOther assets2 3 
Total lease right-of-use assets$298 $309 
Lease liabilities:
Operating lease liabilitiesOther liabilities$330 $342 
Finance lease liabilitiesOther liabilities3 3 
Total lease liabilities$333 $345 
The calculated amount of ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to determine the present value of the minimum lease payments. The following table details the weighted average remaining lease term and discount rate for FHN's operating and finance leases as of December 31, 2024 and 2023.
Table 8.5.3
REMAINING LEASE TERMS
& DISCOUNT RATES
December 31, 2024December 31, 2023
Weighted Average Remaining Lease Terms
Operating leases11.68 years11.79 years
Finance leases8.60 years9.15 years
Weighted Average Discount Rate
Operating leases3.19 %2.84 %
Finance leases2.16 %2.39 %
The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2024, 2023, and 2022.
Table 8.5.4
LEASE EXPENSE &
OTHER INFORMATION
(Dollars in millions)202420232022
Lease cost
Operating lease cost$44 $45 $47 
Sublease income(1)(2)(2)
Total lease cost$43 $43 $45 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$— $1 $1 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases43 46 50 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases22 11 31 
The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of December 31, 2024.
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2024
2025$45 
202644 
202743 
202837 
202934 
2030 and thereafter199 
Total lease payments402 
Less lease liability interest(69)
Total lease liability$333 
FHN had aggregate undiscounted contractual obligations totaling $4 million for lease arrangements that have not commenced as of December 31, 2024. Payments under these arrangements are expected to occur from 2025 through 2035.
First Horizon as Lessor
As a lessor, FHN engages in the leasing of equipment to commercial clients primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that
lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases in the Consolidated Balance Sheets. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease.
FHN’s portfolio of direct financing and sales-type leases contains terms of 2 to 23 years, some of which contain options to extend the lease for various periods of time and/or to purchase the equipment subject to the lease at various points in time. These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, FHN expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of FHN’s direct financing and sales-type leases, there is no selling profit or loss on these transactions.
The components of the Company’s net investment in leases as of December 31, 2024 and 2023 were as follows.
Table 8.5.6
LEASE NET INVESTMENTS
(Dollars in millions)December 31, 2024December 31, 2023
Lease receivable$1,300 $1,143 
Unearned income(279)(244)
Guaranteed residual166 147 
Unguaranteed residual228 189 
Total net investment$1,415 $1,235 
Interest income for direct financing or sales-type leases totaled $64 million, $50 million, and $34 million for the years ended December 31, 2024, 2023, and 2022, respectively. There was no profit or loss recognized at the commencement date for direct financing or sales-type leases for the years ended December 31, 2024, 2023, and 2022.
Maturities of the Company's lease receivables as of December 31, 2024 were as follows.
Table 8.5.7
LEASE RECEIVABLE MATURITIES
(Dollars in millions)December 31, 2024
2025$292 
2026266 
2027226 
2028164 
2029128 
2030 and thereafter224 
Total future minimum lease payments$1,300 
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
FHN performed the required annual goodwill impairment test as of October 1, 2024. The annual impairment test did not indicate impairment in any of FHN’s reporting units as of the testing date. Following the testing date, management evaluated the events and circumstances that could indicate that goodwill might be impaired and concluded that it is not more likely than not that goodwill was impaired. If there are any triggering events between annual evaluations, management will evaluate whether an interim impairment analysis is warranted.
Accounting estimates and assumptions were made about FHN’s future performance and cash flows, as well as other prevailing market factors (e.g., interest rates, economic trends, etc.) when determining fair value as part of the goodwill impairment test. While management used the best information available to estimate future performance for each reporting unit, future adjustments to management’s projections may be necessary if conditions differ substantially from the assumptions used in making the estimates.
As further discussed in Note 19 - Business Segment Information, FHN reorganized its management reporting structure during the fourth quarter of 2024 and, accordingly, its segment reporting structure and reporting units used in the assessment of goodwill impairment. In
connection with the reorganization, goodwill was reallocated to segments and reporting units.
The following is a summary of goodwill by reportable segment included in the Consolidated Balance Sheets as of December 31, 2024.
Table 8.6.1
GOODWILL
(Dollars in millions)Commercial, Consumer & WealthWholesaleTotal
December 31, 2021$1,217 $294 $1,511 
Additions— — — 
December 31, 2022$1,217 $294 $1,511 
Additions— — — 
Divestitures (a)— (1)(1)
December 31, 2023$1,217 $293 $1,510 
Additions— — — 
December 31, 2024$1,217 $293 $1,510 
(a)Reduction in goodwill is related to the divestiture of FHN Financial Main Street Advisors assets in December 2023.
Other intangible assets
The following table, which excludes fully amortized intangibles, presents other intangible assets included in the Consolidated Balance Sheets.
Table 8.6.2
OTHER INTANGIBLE ASSETS
 December 31, 2024December 31, 2023
(Dollars in millions)Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Value		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Value
Core deposit intangibles$356 $(233)$123 $368 $(208)$160 
Client relationships32 (18)14 32 (16)16 
Other (a)27 (21)6 27 (17)10 
Total$415 $(272)$143 $427 $(241)$186 
(a)Includes non-compete covenants and purchased credit card intangible assets. Also includes state banking licenses which are not subject to amortization.

Amortization expense was $44 million, $47 million, and $51 million for the years ended December 31, 2024, 2023 and 2022, respectively. The following table shows the aggregated amortization expense estimated, as of December 31, 2024, for the next five years.
Table 8.6.3
ESTIMATED AMORTIZATION EXPENSE
(Dollars in millions) 
2025$38 
202633 
202729 
202817 
202915 
v3.25.0.1
Mortgage Banking Activity
 12 Months Ended
Dec. 31, 2024
Mortgage Banking [Abstract]  
Mortgage Banking Activity Mortgage Banking Activity
FHN originates mortgage loans for sale into the secondary market. These loans primarily consist of residential first lien mortgages that conform to standards established by GSEs that are major investors in U.S. home mortgages, but can also consist of junior lien and jumbo loans secured by residential property. These loans are primarily sold to private companies that are unaffiliated with the GSEs on a servicing-released basis. Gains and losses on these mortgage loans are included in mortgage banking income on the Consolidated Statements of Income.
As of December 31, 2024, FHN had approximately $31 million of loans that remained from pre-2009 mortgage business operations of legacy First Horizon. Activity related to the pre-2009 mortgage loans was primarily limited to payments and write-offs in 2024, 2023, and 2022, with no new originations or loan sales and only an insignificant amount of repurchases. These loans are excluded from the disclosure below.
The following table summarizes activity relating to residential mortgage loans held for sale for the years ended December 31, 2024, 2023, and 2022.
Table 8.7.1
MORTGAGE LOAN ACTIVITY
(Dollars in millions)202420232022
Balance at beginning of period$62 $44 $250 
Originations and purchases951 692 1,275 
Sales, net of gains(932)(674)(1,481)
Balance at end of period$81 $62 $44 

Mortgage Servicing Rights
FHN records mortgage servicing rights at the lower of cost or market value and amortizes them over the remaining servicing life of the loans, with consideration given to prepayment assumptions.
Mortgage servicing rights are included in other assets on the Consolidated Balance Sheets. The following table presents the carrying values of mortgage servicing rights as of December 31, 2024 and 2023.
Table 8.7.2
MORTGAGE SERVICING RIGHTS
 December 31, 2024
(Dollars in millions)Gross
 Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Mortgage servicing rights$30 $(9)$21 
December 31, 2023
(Dollars in millions)Gross
 Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Mortgage servicing rights$25 $(7)$18 
In addition, there was an insignificant amount of non-mortgage and commercial servicing rights as of December 31, 2024 and 2023. Total mortgage servicing fees included in mortgage banking income were $4 million for each of the years ended December 31, 2024, 2023, and 2022. Mortgage servicing rights with a net carrying amount of $21 million were sold during 2022, resulting in a gain of $12 million for the year ended December 31, 2022 which is included in mortgage banking income on the Consolidated Statements of Income.
v3.25.0.1
Deposits
 12 Months Ended
Dec. 31, 2024
Maturities of Time Deposits [Abstract]  
Deposits Deposits
The composition of deposits is presented in the following table.
Table 8.8.1
DEPOSITS
(Dollars in millions)20242023
Savings$26,695 $25,082 
Time deposits6,613 6,804 
Other interest-bearing deposits16,252 16,690 
Total interest-bearing deposits49,560 48,576 
Noninterest-bearing deposits16,021 17,204 
Total deposits$65,581 $65,780 
Time deposits in denominations that exceed the FDIC insurance limit of $250,000 as of December 31, 2024 and 2023 were $1.9 billion and $1.8 billion, respectively.
Scheduled maturities of time deposits as of December 31, 2024 were as follows.
Table 8.8.2
TIME DEPOSIT MATURITIES
(Dollars in millions) 
2025$6,398 
2026109 
202748 
202832 
202920 
2030 and after6 
Total$6,613 
v3.25.0.1
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Short-Term Borrowings Short-Term Borrowings
A summary of short-term borrowings for the years 2024, 2023 and 2022 is presented in the following table.
Table 8.9.1
SHORT-TERM BORROWINGS
(Dollars in millions)Trading LiabilitiesFederal Funds PurchasedSecurities Sold Under Agreements to RepurchaseOther Short-term Borrowings
2024
Average balance$555 $420 $1,720 $781 
Year-end balance550 259 2,096 1,045 
Maximum month-end outstanding767 626 2,096 2,067 
Average rate for the year4.22 %5.34 %3.83 %5.38 %
Average rate at year-end4.20 %4.40 %3.23 %4.48 %
2023
Average balance$301 $349 $1,426 $2,688 
Year-end balance509 302 1,921 326 
Maximum month-end outstanding509 622 1,957 7,476 
Average rate for the year4.16 %5.12 %3.66 %5.19 %
Average rate at year-end4.48 %5.40 %3.98 %5.36 %
2022
Average balance$480 $699 $881 $229 
Year-end balance335 400 1,013 1,093 
Maximum month-end outstanding700 1,023 1,211 1,093 
Average rate for the year2.56 %1.56 %0.77 %2.26 %
Average rate at year-end3.67 %4.40 %2.19 %4.30 %
Federal funds purchased and securities sold under agreements to repurchase generally have maturities of less than 90 days. Trading liabilities, which represent short positions in securities, are generally held for less than 90 days. Other short-term borrowings have original
maturities of one year or less. On December 31, 2024, there were no fixed income trading securities pledged to secure other short-term borrowings.
v3.25.0.1
Term Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Term Borrowings Term Borrowings
Term borrowings include senior and subordinated borrowings with original maturities greater than one year. The following table presents information pertaining to term borrowings as of December 31, 2024 and 2023.
Table 8.10.1
TERM BORROWINGS
(Dollars in millions)20242023
First Horizon Bank:
Subordinated notes (a)
Maturity date – May 1, 2030 - 5.75%
$448 $448 
Other collateralized borrowings - Maturity date – December 22, 2037
4.92% on December 31, 2024 and 5.95% on December 31, 2023 (b)
88 88 
Other collateralized borrowings - SBA loans (c)37 3 
First Horizon Corporation:
Senior notes
Maturity date – May 26, 2025 - 4.00%
350 349 
Junior subordinated debentures (d)
Maturity date - June 28, 2035 - 6.30% on December 31, 2024 and 7.33% on December 31, 2023
3 3 
Maturity date - December 15, 2035 - 5.99% on December 31, 2024 and 7.02% on December 31, 2023
18 18 
Maturity date - March 15, 2036 - 6.02% on December 31, 2024 and 7.05% on December 31, 2023
9 9 
Maturity date - March 15, 2036 - 6.16% on December 31, 2024 and 7.19% on December 31, 2023
12 12 
Maturity date - June 30, 2036 - 5.91% on December 31, 2024 and 6.91% on December 31, 2023
28 28 
Maturity date - July 7, 2036 - 6.47% on December 31, 2024 and 7.21% on December 31, 2023
19 19 
Maturity date - June 15, 2037 - 6.27% on December 31, 2024 and 7.30% on December 31, 2023
53 52 
Maturity date - September 6, 2037 - 6.14% on December 31, 2024 and 7.05% on December 31, 2023
9 9 
Tax Credit Investment Subsidiaries:
Notes payable - New market tax credit investments; 16 to 35 year term, 0.93% to 4.75% on December 31, 2024; 7 to 35 year term, 0.93% to 4.95% on December 31, 2023
74 65 
FT Real Estate Securities Company, Inc.:
Cumulative preferred stock (e)
Maturity date – March 31, 2031 – 9.50%
47 47 
Total$1,195 $1,150 
(a)Qualifies for Tier 2 capital under the risk-based capital guidelines for First Horizon Bank as well as First Horizon Corporation up to certain limits for minority interest capital instruments.
(b)Secured by trust preferred loans.
(c)Collateralized borrowings associated with SBA loan sales that did not meet sales criteria. The loans have remaining terms of 1 to 25 years. These borrowings had a weighted average interest rate of 7.08% and 4.81% on December 31, 2024 and 2023, respectively.
(d)Acquired in conjunction with the acquisition of CBF. A portion qualifies for Tier 2 capital under the risk-based capital guidelines. All are floating rate debentures tied to 3-month CME Term SOFR plus a term spread adjustment of 0.26161%.
(e)Qualifies for Tier 2 capital under the risk-based capital guidelines for both First Horizon Bank and First Horizon Corporation up to certain limits for minority interest capital instruments.
Annual principal repayment requirements as of December 31, 2024 are as follows.
Table 8.10.2

ANNUAL PRINCIPAL REPAYMENT SCHEDULE
(Dollars in millions) 
2025$350 
2026— 
2027— 
2028— 
2029 and after862 
In conjunction with its acquisition of CBF, FHN obtained junior subordinated debentures, each of which is held by a wholly-owned trust that has issued trust preferred securities to external investors and loaned the funds to FHN as junior subordinated debt. The book value for each
issuance represents the purchase accounting fair value as of the CBF acquisition closing date less accumulated amortization of the associated discount, as applicable. Through various contractual arrangements, FHN assumed a full and unconditional guarantee for each trust’s obligations with respect to the securities. While the maturity dates are typically 30 years from the original issuance date, FHN has the option to redeem each of the junior subordinated debentures at par on any future interest payment date, which would trigger redemption of the related trust preferred securities. A portion of FHN's remaining junior subordinated notes qualifies as Tier 2 capital under the risk-based capital guidelines.
v3.25.0.1
Preferred Stock
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Preferred Stock Preferred Stock
FHN Preferred Stock

The following table presents a summary of FHN's non-cumulative perpetual preferred stock.
Table 8.11.1
PREFERRED STOCK
December 31,
(Dollars in millions)20242023
Issuance DateEarliest Redemption Date (a) Annual Dividend RateDividend PaymentsShares OutstandingLiquidation AmountCarrying AmountCarrying Amount
Series B 7/2/20208/1/20256.625 %(b)Semi-annually8,000 $80 $77 $77 
Series C 7/2/20205/1/20266.600 %(c)Quarterly5,750 58 59 59 
Series D 7/2/20205/1/20246.100 %(d)Semi-annually— — — 94 
Series E 5/28/202010/10/20256.500 %Quarterly1,500 150 145 145 
Series F5/3/20217/10/20264.700 %Quarterly1,500 150 145 145 
16,750 $438 $426 $520 
(a)    Denotes earliest optional redemption date. Earlier redemption is possible, at FHN's election, if certain regulatory capital events occur.
(b)    As a result of LIBOR transition, the fixed dividend rate will reset on August 1, 2025 to three-month CME Term SOFR plus 4.52361% (0.26161% plus 4.262%).
(c)    As a result of LIBOR transition, the fixed dividend rate will reset on May 1, 2026 to three-month CME Term SOFR plus 5.18161% (0.26161% plus 4.920%).
(d)    On May 1, 2024, FHN redeemed all outstanding shares of its Series D Preferred Stock. The fixed dividend rate was set to convert to three-month CME Term SOFR plus 4.12061% (0.26161% plus 3.859%) on May 1, 2024.
FHN redeemed all outstanding shares of Series D Preferred Stock effective May 1, 2024. The difference between the $100 million outstanding liquidation preference amount and the $94 million carrying value of the Series D Preferred Stock along with the related share repurchase tax resulted in $7 million in deemed dividends that were included in net income available to common shareholders and EPS for the year ended December 31, 2024.
Subsidiary Preferred Stock
First Horizon Bank has issued 300,000 shares of Class A Non-Cumulative Perpetual Preferred Stock (Class A Preferred Stock) with a liquidation preference of $1,000 per share. Dividends on the Class A Preferred Stock, if declared, accrue and are payable each quarter, in arrears, at a floating rate equal to the greater of three-month CME Term SOFR plus 1.11161% (0.26161% plus 0.85%) or 3.75% per annum. These securities qualify fully as Tier 1 capital for both First Horizon Bank and FHN. On December 31, 2024 and 2023, $295 million of Class A Preferred Stock was recognized as noncontrolling interest on the Consolidated Balance Sheets.
FT Real Estate Securities Company, Inc. ("FTRESC"), an indirect subsidiary of FHN, has issued 50 shares of 9.50% Cumulative Preferred Stock, Class B (Class B Preferred Shares), with a liquidation preference of $1 million per share; of those shares, 47 were issued to nonaffiliates. FTRESC is a real estate investment trust established for the purpose of acquiring, holding, and managing real estate mortgage assets. Dividends on the Class B Preferred
Shares are cumulative and are payable semi-annually. As of December 31, 2024 and 2023, the Class B Preferred Shares qualified as Tier 2 regulatory capital. For all periods presented, these securities are presented in the Consolidated Balance Sheets as term borrowings.
The Class B Preferred Shares are mandatorily redeemable on March 31, 2031, and redeemable at the discretion of FTRESC in the event that the Class B Preferred Shares cannot be accounted for as Tier 2 regulatory capital or there is more than an insubstantial risk that dividends paid with respect to the Class B Preferred Shares will not be fully deductible for tax purposes.
v3.25.0.1
Regulatory Capital and Restrictions
 12 Months Ended
Dec. 31, 2024
Broker-Dealer [Abstract]  
Regulatory Capital and Restrictions Regulatory Capital and Restrictions
Regulatory Capital
FHN is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on FHN’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, FHN must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated pursuant to regulatory directives. Capital amounts and classification are also subject to qualitative judgment by the regulators such as capital components, asset risk weightings, and other factors.
Management believes that, as of December 31, 2024, FHN and First Horizon Bank met all capital adequacy requirements to which they were subject. As of December 31, 2024, First Horizon Bank was classified as
well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, an institution must maintain minimum Total Risk-Based, Tier 1 Risk-Based, Common Equity Tier 1, and Tier 1 Leverage ratios, as set forth in the following table. Management believes that no events or changes have occurred subsequent to year-end that would change this designation.
Quantitative measures established by regulation to ensure capital adequacy require FHN to maintain minimum ratios as set forth in the following table. FHN and First Horizon Bank are also subject to a 2.5% capital conservation buffer, which is an amount above the minimum levels designed to ensure that banks remain well-capitalized, even in adverse economic scenarios.
The actual capital amounts and ratios of FHN and First Horizon Bank are presented in the following table.
Table 8.12.1
CAPITAL AMOUNTS & RATIOS
(Dollars in millions)First Horizon CorporationFirst Horizon Bank
AmountRatioAmountRatio
December 31, 2024
Actual:
Total Capital$9,862 13.87 %$9,156 13.00 %
Tier 1 Capital8,688 12.22 8,129 11.54 
Common Equity Tier 17,967 11.20 7,834 11.12 
Leverage8,688 10.64 8,129 10.06 
Minimum Requirement for Capital Adequacy Purposes:
Total Capital5,689 8.00 5,633 8.00 
Tier 1 Capital4,266 6.00 4,225 6.00 
Common Equity Tier 13,200 4.50 3,169 4.50 
Leverage3,266 4.00 3,232 4.00 
Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions:
Total Capital7,042 10.00 
Tier 1 Capital5,633 8.00 
Common Equity Tier 14,577 6.50 
Leverage4,040 5.00 
December 31, 2023    
Actual:    
Total Capital$9,922 13.96 %$9,303 13.17 %
Tier 1 Capital8,825 12.42 8,350 11.82 
Common Equity Tier 18,104 11.40 8,055 11.40 
Leverage8,825 10.69 8,350 10.20 
Minimum Requirement for Capital Adequacy Purposes:
Total Capital5,686 8.00 5,651 8.00 
Tier 1 Capital4,264 6.00 4,238 6.00 
Common Equity Tier 13,198 4.50 3,179 4.50 
Leverage3,302 4.00 3,276 4.00 
Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions:
Total Capital7,064 10.00 
Tier 1 Capital5,651 8.00 
Common Equity Tier 14,591 6.50 
      Leverage4,095 5.00 
Restrictions on cash and due from banks
Effective March 26, 2020, the Federal Reserve reduced its reserve requirement to zero, and as a result, on December 31, 2024 and 2023, First Horizon Bank was not required to maintain cash reserves.
Restrictions on dividends
Cash dividends are paid by FHN from its assets, which are mainly provided by dividends from its subsidiaries. Certain regulatory restrictions exist regarding the ability of First Horizon Bank to transfer funds to FHN in the form of cash, dividends, loans, or advances. As of December 31, 2024, First Horizon Bank had undivided profits of $3.1 billion, of which a limited amount was available for distribution to FHN as dividends without prior regulatory approval. At any given time, the pertinent portions of those regulatory restrictions allow First Horizon Bank to declare preferred or common dividends without prior regulatory approval in an amount equal to First Horizon Bank's retained net income for the two most recent completed years plus the current year-to-date period. For any period, First Horizon Bank’s "retained net income" generally is equal to First Horizon Bank’s regulatory net income reduced by the preferred and common dividends declared by First Horizon Bank. Applying the dividend restrictions imposed under applicable federal and state rules, First Horizon Bank’s total amount available for dividends was $374 million as of January 1, 2025. First Horizon Bank declared and paid common dividends to the parent company in the amount of $1.1 billion in 2024 and $220 million in 2023. During 2024 and 2023, First Horizon Bank declared and paid dividends on its preferred stock according to the payment terms of its issuances as noted in Note 11 - Preferred Stock.
The payment of cash dividends by FHN and First Horizon Bank may also be affected or limited by other factors, such as the requirement to maintain adequate capital above regulatory guidelines. Furthermore, the Federal Reserve generally requires insured banks and bank holding companies to pay dividends only out of current operating earnings.
Restrictions on intercompany transactions
Under current Federal banking laws, First Horizon Bank may not enter into covered transactions with any affiliate including the parent company and certain financial subsidiaries in excess of 10% of the bank’s capital stock and surplus, as defined, or $937 million, on December 31, 2024. Covered transactions include a loan or extension of credit to an affiliate, a purchase of or an investment in securities issued by an affiliate, and the acceptance of securities issued by the affiliate as collateral for any loan or extension of credit. The equity investment, including retained earnings, in certain of a bank’s financial subsidiaries is also treated as a covered transaction. On December 31, 2024, the parent company had no covered transactions from First Horizon Bank and 840 Denning LLC, a parent company subsidiary, had a covered transaction of $2 million. Two of the bank’s financial subsidiaries, FHN Financial Securities Corp. and First Horizon Advisors, Inc., had covered transactions from First Horizon Bank totaling $387 million and $54 million, respectively. In addition, the aggregate amount of covered transactions with all affiliates, as defined, is limited to 20% of the bank’s capital stock and surplus, as defined, or $1.9 billion, on December 31, 2024. First Horizon Bank’s total covered transactions with all affiliates including the parent company on December 31, 2024 were $443 million.
v3.25.0.1
Components of Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Components of Other Comprehensive Income (Loss) Components of Other Comprehensive Income (Loss)
The following table provides the changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ended December 31, 2024, 2023, and 2022.
Table 8.13.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)Securities AFSCash Flow
Hedges		Pension and
Post-retirement
Plans		Total
Balance as of December 31, 2021$(36)$2 $(254)$(288)
Net unrealized gains (losses)(937)(144)(22)(1,103)
Amounts reclassified from AOCI— 15 8 23 
Other comprehensive income (loss)(937)(129)(14)(1,080)
Balance as of December 31, 2022$(973)$(127)$(268)$(1,368)
Net unrealized gains (losses)137 (5)(11)121 
Amounts reclassified from AOCI— 52 7 59 
Other comprehensive income (loss)137 47 (4)180 
Balance as of December 31, 2023$(836)$(80)$(272)$(1,188)
Net unrealized gains (losses)(15)(63)12 (66)
Amounts reclassified from AOCI69 49 8 126 
Other comprehensive income (loss)54 (14)20 60 
Balance as of December 31, 2024$(782)$(94)$(252)$(1,128)
Reclassifications from AOCI, and related tax effects, were as follows.
Table 8.13.2
RECLASSIFICATIONS FROM AOCI
(Dollars in millions) 
Details about AOCI202420232022Affected line item in the statement where net income is presented
Securities AFS:
Realized (gains) losses on securities AFS$91 $— $— Securities gains (losses), net
Tax expense (benefit)(22)— — Income tax expense
69 — — 
Cash flow hedges:
Realized (gains) losses on cash flow hedges$65 $69 $20 Interest and fees on loans and leases
Tax expense (benefit)(16)(17)(5)Income tax expense
$49 $52 $15 
Pension and Postretirement Plans:
Amortization of prior service cost and net actuarial (gain) loss$11 $9 $10 Other expense
Tax expense (benefit)(3)(2)(2)Income tax expense
8 7 8 
Total reclassification from AOCI$126 $59 $23 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The aggregate amount of income taxes included in the Consolidated Statements of Income and the Consolidated Statements of Changes in Equity for the years ended December 31 were as follows.
Table 8.14.1
INCOME TAX EXPENSE
(Dollars in millions)202420232022
Consolidated Statements of Income:   
Income tax expense$211 $212 $247 
Consolidated Statements of Changes in Equity:   
Income tax expense (benefit) related to:   
Net unrealized gains (losses) on pension and other postretirement plans7 (1)(5)
Net unrealized gains (losses) on securities available for sale17 44 (302)
Net unrealized gains (losses) on cash flow hedges(5)15 (42)
Total$230 $270 $(102)
The components of income tax expense (benefit) for the years ended December 31, were as follows.
Table 8.14.2
INCOME TAX EXPENSE COMPONENTS
(Dollars in millions)202420232022
Current:   
Federal$204 $140 $123 
State24 28 33 
Deferred:  
Federal(14)37 87 
State(3)7 4 
Total$211 $212 $247 
A reconciliation of expected income tax expense (benefit) at the federal statutory rate of 21% for 2024, 2023, and 2022, respectively, to total income tax expense follows.
Table 8.14.3
RECONCILIATION FROM STATUTORY RATES
(Dollars in millions)202420232022
Federal income tax rate21 %21 %21 %
Tax computed at statutory rate$211 $237 $243 
Increase (decrease) resulting from:   
State income taxes, net of federal income tax benefit20 34 31 
BOLI
(5)(6)(4)
Tax-exempt interest(12)(12)(10)
FDIC premium12 11 7 
Non-deductible expenses8 9 4 
LIHTC credits and benefits, net of amortization (13)(15)(16)
Other tax credits(1)(5)(4)
Other changes in unrecognized tax benefits(2)(50)(2)
Termination of BOLI policies— 21 — 
Other(7)(12)(2)
Total$211 $212 $247 
As of December 31, 2024, FHN had net deferred tax asset balances related to federal and state income tax carryforwards of $29 million and $3 million, respectively, which will expire at various dates as follows.
Table 8.14.4
TAX CARRYFORWARD DTA EXPIRATION DATES
(Dollars in millions)Expiration DatesNet Deferred Tax
Asset Balance
Losses - federal2028 - 2035$29 
Net operating losses - states2025 - 20342 
Net operating losses - states2035 - 20411 
We believe it is more likely than not that the benefit from certain state NOL carryforwards will not be realized. In recognition of this risk, we have provided an immaterial valuation allowance on the DTAs related to these state NOL carryforwards. If our assumptions change and we determine that we will be able to realize these NOLs, the tax benefits related to any reversal of the valuation allowance on DTAs will be recognized as a reduction of income tax expense.
A DTA or DTL is recognized for the tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax consequence is calculated by applying enacted statutory tax rates, applicable to future years, to these temporary differences. In order to support the recognition of the DTA, FHN’s management must believe that the realization of the DTA is more likely than not. FHN evaluates the likelihood of realization of the DTA based on both positive and negative evidence available at the time, including (as appropriate) scheduled reversals of DTLs, projected future taxable income, tax planning strategies,
and recent financial performance. Realization is dependent on generating sufficient taxable income prior to the expiration of the carryforwards attributable to the DTA. In projecting future taxable income, FHN incorporates assumptions including the estimated amount of future state and federal pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates used to manage the underlying business.
As of December 31, 2024, FHN's net DTA was $227 million compared to $215 million at December 31, 2023. At December 31, 2024, FHN's gross DTA (net of a valuation allowance) and gross DTL were $768 million and $541 million, respectively. Although realization is not assured, FHN believes that it meets the more-likely-than-not requirement with respect to the net DTA after valuation allowance.
Temporary differences which gave rise to deferred tax assets and deferred tax liabilities on December 31, 2024 and 2023 were as follows.
Table 8.14.5
COMPONENTS OF DTAs & DTLs
(Dollars in millions)20242023
Deferred tax assets:  
Securities available for sale and financial instruments (a)$284 $296 
Loan valuations and loss reserves152 107 
Employee benefits119 128 
Lease liability82 85 
Depreciation and amortization54 37 
Accrued expenses20 21 
Federal loss carryforwards29 32 
State loss carryforwards3 3 
Other25 28 
Gross deferred tax assets768 737 
Deferred tax liabilities:  
Leasing$363 $316 
ROU lease asset73 76 
Other intangible assets71 75 
Prepaid expenses23 20 
Equity investments2 31 
Other9 4 
Gross deferred tax liabilities541 522 
Net deferred tax assets$227 $215 
(a)    Tax effects of unrealized gains and losses are tracked on a security-by-security basis.

Total unrecognized tax benefits at December 31, 2024 and 2023 were $13 million and $15 million, respectively. To the extent such unrecognized tax benefits as of December 31, 2024 are subsequently recognized, $13 million of tax benefits could impact tax expense and FHN’s effective tax rate in future periods.
During 2023, FHN settled audits which allowed it to reduce unrecognized benefits by $76 million, this resulted in a reduction of tax expense by $32 million. A reduction of accrued interest related to unrecognized benefits resulted in a reduction of tax expense of $14 million.
It is reasonably possible that the unrecognized tax benefits related to federal and state exposures could decrease by
$3 million during 2025 if the applicable statutes of limitations expire as scheduled. FHN recognizes interest accrued and penalties related to unrecognized tax benefits within income tax expense. FHN had approximately $2 million and $3 million accrued for the payment of interest as of December 31, 2024 and 2023, respectively. The total amounts of interest and penalties recognized in the Consolidated Statements of Income during 2024 and 2023 were net benefits of $1 million and $14 million, respectively.
The rollforward of unrecognized tax benefits is shown in the following table.
Table 8.14.6
ROLLFORWARD OF UNRECOGNIZED TAX BENEFITS
(Dollars in millions) 
Balance at December 31, 2022$89 
Increases related to prior year tax positions1 
Increases related to current year tax positions2 
Settlements(76)
Lapse of statutes(1)
Balance at December 31, 2023$15 
Increases related to prior year tax positions2 
Increases related to current year tax positions3 
Lapse of statutes(7)
Balance at December 31, 2024$13 
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The computations of basic and diluted earnings per common share were as follows.
Table 8.15.1
EARNINGS PER SHARE COMPUTATIONS
(Dollars in millions, except per share data; shares in thousands)202420232022
Net income$794 $916 $912 
Net income attributable to noncontrolling interest19 19 12 
Net income attributable to controlling interest775 897 900 
Preferred stock dividends37 32 32 
Net income available to common shareholders$738 $865 $868 
Weighted average common shares outstanding—basic540,317 548,410 535,033 
Effect of dilutive restricted stock, performance equity awards and options3,968 3,802 7,830 
Effect of dilutive convertible preferred stock (a)— 9,520 23,141 
Weighted average common shares outstanding—diluted544,285 561,732 566,004 
Basic earnings per common share $1.37 $1.58 $1.62 
Diluted earnings per common share $1.36 $1.54 $1.53 
(a) On February 28, 2022, FHN issued $494 million of Series G Convertible Preferred Stock, which was converted into common stock on June 26, 2023, following the termination of the TD Merger Agreement. Conversion occurred at the rate of 4,000 common shares per Series G preferred share resulting in 19,742,776 additional common shares outstanding. 2023 includes the impact of the Series G based on the final conversion rate and 2022 includes the impact based on the original maximum conversion rate.
The following table presents outstanding options and other equity awards that were excluded from the calculation of diluted earnings per share because they were either anti-dilutive (the exercise price was higher
than the weighted-average market price for the period) or the performance conditions have not been met.
Table 8.15.2
ANTI-DILUTIVE EQUITY AWARDS
(Shares in thousands)202420232022
Stock options excluded from the calculation of diluted EPS26 — 29 
Weighted average exercise price of stock options excluded from the calculation of diluted EPS$19.73 $24.36 $25.64 
Other equity awards excluded from the calculation of diluted EPS2,439 2,242 144 
v3.25.0.1
Contingencies and Other Disclosures
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Other Disclosures Contingencies and Other Disclosures
Contingencies
Contingent Liabilities Overview
Contingent liabilities arise in the ordinary course of business. Often they are related to lawsuits, arbitration, mediation, and other forms of litigation. Various litigation matters currently are threatened or pending against FHN and its subsidiaries. Also, FHN at times receives requests for information, subpoenas, or other inquiries from federal, state, and local regulators, from other government authorities, and from other parties concerning various matters relating to FHN’s current or former businesses. Certain matters of that sort are pending at most times, and FHN generally cooperates when those matters arise. Pending and threatened litigation matters sometimes are settled by the parties, and sometimes pending matters are resolved in court or before an arbitrator or are withdrawn. Regardless of the manner of resolution, frequently the most significant changes in status of a matter occur over a short time period, often following a lengthy period of little substantive activity. In view of the inherent difficulty of predicting the outcome of these matters, particularly where the claimants seek very large or indeterminate damages, or where the cases present novel legal theories or involve a large number of parties, or where claims or other actions may be possible but have not been brought, FHN cannot reasonably determine what the eventual outcome of the matters will be, what the timing of the ultimate resolution of these matters may be, or what the eventual loss or impact related to each matter may be. FHN establishes a loss contingency liability for a litigation matter when loss is both probable and reasonably estimable as prescribed by applicable financial accounting guidance. If loss for a matter is probable and a range of possible loss outcomes is the best estimate available, accounting guidance requires a liability to be established at the low end of the range.
Based on current knowledge, and after consultation with counsel, management is of the opinion that loss contingencies related to threatened or pending litigation matters should not have a material adverse effect on the consolidated financial condition of FHN, but may be material to FHN’s operating results for any particular reporting period depending, in part, on the results from that period.
Material Loss Contingency Matters
As used in this Note, except for matters that are reported as having been substantially settled or otherwise substantially resolved, FHN's “material loss contingency matters” generally fall into at least one of the following categories: (i) FHN has determined material loss to be probable and has established a material loss liability in accordance with applicable financial accounting guidance;
(ii) FHN has determined material loss to be probable but is not reasonably able to estimate an amount or range of material loss liability; or (iii) FHN has determined that material loss is not probable but is reasonably possible, and the amount or range of that reasonably possible material loss is estimable. As defined in applicable accounting guidance, loss is reasonably possible if there is more than a remote chance of a material loss outcome for FHN. FHN provides contingencies note disclosures for certain pending or threatened litigation matters each quarter, including all matters mentioned in categories (i) or (ii) and, occasionally, certain matters mentioned in category (iii). In addition, in this Note, certain other matters, or groups of matters, are discussed relating to FHN’s pre-2009 mortgage origination and servicing businesses. In all litigation matters discussed in this Note, unless settled or otherwise resolved, FHN believes it has meritorious defenses and intends to pursue those defenses vigorously.
FHN reassesses the liability for litigation matters each quarter as the matters progress. At December 31, 2024, the aggregate amount of liabilities established for all such loss contingency matters was $1 million. These liabilities are separate from those discussed under the heading Mortgage Loan Repurchase and Foreclosure Liability below.
In each material loss contingency matter, except as otherwise noted, there is more than a remote chance that any of the following outcomes will occur: the plaintiff will substantially prevail; the defense will substantially prevail; the plaintiff will prevail in part; or the matter will be settled by the parties. At December 31, 2024, FHN estimates that for all material loss contingency matters, estimable reasonably possible losses in future periods in excess of currently established liabilities could aggregate in a range from zero to less than $1 million.
As a result of the general uncertainties discussed above and the specific uncertainties discussed for each matter mentioned below, it is possible that the ultimate future loss experienced by FHN for any particular matter may materially exceed the amount, if any, of currently established liability for that matter.
Mortgage Loan Repurchase and Foreclosure Liability
FHN’s repurchase and foreclosure liability, primarily related to its pre-2009 mortgage origination, sale, securitization and servicing businesses, is comprised of accruals to cover estimated loss content in the active pipeline, estimated future inflows, and estimated loss content related to certain known claims not currently included in the active pipeline. The active pipeline consists of mortgage loan repurchase and make-whole demands from loan purchasers or securitization participants, foreclosure/servicing demands from borrowers, and
certain related exposures. FHN compares the estimated probable incurred losses determined under the applicable loss estimation approaches for the respective periods with current reserve levels. Changes in the estimated required liability levels are recorded as necessary through the repurchase and foreclosure provision.
Based on currently available information and experience to date, FHN has evaluated its loan repurchase, make-whole, foreclosure, and certain related exposures and has accrued for losses of $15 million and $16 million as of December 31, 2024 and 2023, respectively. Accrued liabilities for FHN’s estimate of these obligations are reflected in other liabilities on the Consolidated Balance Sheets. Charges/expense reversals to increase/decrease the liability are included within other income on the Consolidated Statements of Income. The estimates are based upon currently available information and fact patterns that exist as of each balance sheet date and could be subject to future changes. Changes to any one of these factors could significantly impact the estimate of FHN’s liability.
Other Disclosures
Indemnification Agreements and Guarantees
In the ordinary course of business, FHN enters into indemnification agreements for legal proceedings against its directors and officers and standard representations and warranties for underwriting agreements, merger and acquisition agreements, loan sales, contractual commitments, and various other business transactions or arrangements.
The extent of FHN’s obligations under these agreements depends upon the occurrence of future events; therefore, it is not possible to estimate a maximum potential amount of payouts that could be required by such agreements.
v3.25.0.1
Retirement Plans and Other Employee Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans and Other Employee Benefits Retirement Plans and Other Employee Benefits
Pension Plan
FHN sponsors a noncontributory, qualified defined benefit pension plan to employees hired or re-hired on or before September 1, 2007. Pension benefits are based on years of service, average compensation near retirement or other termination, and estimated social security benefits at age 65. Benefits under the plan are “frozen” so that years of service and compensation changes after 2012 do not affect the benefit owed. Minimum contributions are based upon actuarially determined amounts necessary to fund the total benefit obligation. Decisions to contribute to the plan are based upon pension funding requirements under the Pension Protection Act, the maximum amount deductible under the Internal Revenue Code, the actual performance of plan assets, and trends in the regulatory environment. FHN made no contributions to the qualified pension plan in 2024, 2023, and 2022. Management does not currently anticipate that FHN will make a contribution to the qualified pension plan in 2025.
FHN also maintains non-qualified plans including a supplemental retirement plan that covers certain employees whose benefits under the qualified pension plan have been limited by tax rules. These other non-qualified plans are unfunded, and contributions to these plans cover all benefits paid under the non-qualified plans. Payments made under the non-qualified plans were $4 million for 2024, $6 million for 2023, and $5 million for 2022. FHN anticipates making benefit payments under the non-qualified plans of $5 million in 2025.
Savings Plan
FHN provides all qualifying full-time employees with the opportunity to participate in FHN's tax-qualified 401(k) savings plan. The qualified plan allows employees to defer receipt of earned salary, up to tax law limits, on a tax-advantaged basis. Accounts, which are held in trust, may be invested in a wide range of mutual funds and in FHN common stock. Up to tax law limits, FHN provides a 100% match for the first 6% of salary deferred, with company matching contributions invested according to a participant’s current investment election. Through a non-qualified savings restoration plan, FHN provides a restorative benefit to certain highly compensated employees who participate in the savings plan and whose contribution elections are capped by tax limitations.
FHN also provides “flexible dollars” to assist employees with the cost of annual benefits and/or allow the employee to contribute to his or her qualified savings plan account. These “flexible dollars” are pre-tax contributions and are based upon the employees’ years of service and qualified compensation. Contributions made by FHN
through the flexible benefits plan and the company matches were $49 million, $48 million, and $47 million for 2024, 2023, and 2022, respectively.
Other Employee Benefits
FHN provides postretirement life insurance benefits to certain employees and also provides postretirement medical insurance benefits to retirement-eligible employees, including certain prescription drug benefits. The postretirement medical plan is contributory with FHN contributing a fixed amount for certain participants.
Actuarial Assumptions
FHN’s process for developing the long-term expected rate of return of pension plan assets is based on capital market exposure as the source of investment portfolio returns. Capital market exposure refers to the plan’s allocation of its assets to asset classes, which primarily represent fixed income investments. FHN also considers expectations for inflation, real interest rates, and various risk premiums based primarily on the historical risk premium for each asset class. The expected return is based upon a time horizon of 30 years. Given its funded status, the asset allocation strategy for the qualified pension plan utilizes fixed income instruments that closely match the estimated duration of payment obligations.
The discount rates for the three years ended 2024 for pension and other benefits were determined by using a hypothetical AA yield curve represented by a series of annualized individual discount rates from one-half to 30 years. The discount rates are selected based upon data specific to FHN’s plans and employee population. The bonds used to create the hypothetical yield curve were subjected to several requirements to ensure that the resulting rates were representative of the bonds that would be selected by management to fulfill the company’s funding obligations. In addition to the AA rating, only non-callable bonds were included. Each bond issue was required to have at least $300 million par outstanding so that each issue was sufficiently marketable. Finally, bonds more than two standard deviations from the average yield were removed. When selecting the discount rate, FHN matches the duration of high-quality bonds with the duration of the obligations of the plan as of the measurement date. For all years presented, the measurement date of the benefit obligations and net periodic benefit costs was December 31.
The actuarial assumptions used in the defined benefit pension plans and other employee benefit plans were as follows.
Table 8.17.1
ACTUARIAL ASSUMPTIONS FOR DEFINED BENEFIT PLANS
 Benefit ObligationsNet Periodic Benefit Cost
202420232022202420232022
Discount rate      
Qualified pension5.66%5.00%5.20%5.00%5.20%2.96%
Nonqualified pension5.50%4.90%5.10%4.90%5.10%2.65%
Other nonqualified pension5.20%4.75%4.94%4.75%4.94%1.99%
Postretirement benefits
5.40% - 5.74%
4.84% - 5.06%
5.04% - 5.25%
4.84% - 5.49%
4.88% - 5.25%
2.42% - 5.08%
Expected long-term rate of return      
Qualified pension/
postretirement benefits		N/AN/AN/A5.00%5.15%2.85%
Postretirement benefit (retirees post January 1, 1993)N/AN/AN/A5.25%5.50%5.95%
Postretirement benefit (retirees prior to January 1, 1993)N/AN/AN/AN/AN/A1.05%
Since the benefits in the defined benefit pension plan are frozen, the rate of compensation increase has no effect on qualified pension benefits.
FHN has one pension plan where participants' benefits are affected by interest crediting rates. The plan's projected benefit obligation as of December 31, 2024, 2023 and 2022 and interest crediting rates for the respective years were as follows.
Table 8.17.2
PROJECTED BENEFIT OBLIGATION
& CREDITING RATE
(Dollars in millions)202420232022
Projected benefit obligation$7 $8 $10 
Interest crediting rate12.25 %12.04 %10.77 %


The components of net periodic benefit cost for the plan years 2024, 2023 and 2022 were as follows.
Table 8.17.3
COMPONENTS OF NET PERIODIC BENEFIT COST
(Dollars in millions)Pension BenefitsOther Benefits
202420232022202420232022
Components of net periodic benefit cost      
Interest cost$32 $33 $20 $2 $2 $1 
Expected return on plan assets(32)(32)(24)(1)(1)(2)
Amortization of unrecognized:      
Actuarial (gain) loss13 13 12 (1)(1)— 
Net periodic benefit cost$13 $14 $8 $— $— $(1)
The long-term expected rate of return is applied to the market-related value of plan assets in determining the expected return on plan assets. FHN determines the market-related value of plan assets using a hybrid methodology which recognizes liability-hedging assets at current fair value while return-seeking assets use a
calculated value that recognizes changes in fair value over five years, as permitted by GAAP.
FHN utilizes a spot rate approach which applies duration-specific rates from the full yield curve to estimated future benefit payments for the determination of interest cost.
The following table presents the plans’ benefit obligations and plan assets for 2024 and 2023.
Table 8.17.4
BENEFIT OBLIGATIONS & PLAN ASSETS
(Dollars in millions)Pension BenefitsOther Benefits
2024202320242023
Change in benefit obligation    
Benefit obligation, beginning of year$675 $663 $31 $32 
Interest cost32 33 2 2 
Actuarial (gain) loss (a)(38)20 (1)— 
Actual benefits paid(42)(41)(2)(3)
Premium paid for annuity purchase (b)(28)— — — 
Benefit obligation, end of year$599 $675 $30 $31 
Change in plan assets    
Fair value of plan assets, beginning of year$638 $641 $23 $21 
Actual return on plan assets7 35 2 2 
Employer contributions3 3 1 3 
Actual benefits paid – settlement payments(41)(40)(2)(3)
Actual benefits paid – other payments(1)(1)— — 
Premium paid for annuity purchase (b)(28)— — — 
Fair value of plan assets, end of year$578 $638 $24 $23 
Funded (unfunded) status of the plans$(21)$(37)$(6)$(8)
Amounts recognized in the Balance Sheets    
Other assets$1 $— $22 $21 
Other liabilities(22)(37)(28)(29)
Net asset (liability) at end of year$(21)$(37)$(6)$(8)
(a)Variances in the actuarial (gain) loss are due to normal activity such as changes in discount rates, updates to participant demographic information and revisions to life expectancy assumptions.
(b)Amounts represent settlements of certain retired participants in the qualified pension plan that occurred during the year.
The projected benefit obligation for unfunded plans was as follows.
Table 8.17.5
BENEFIT OBLIGATION - UNFUNDED PLANS
Pension BenefitsOther Benefits
(Dollars in millions)2024202320242023
Projected benefit obligation$22 $24 $28 $29 
The qualified pension plan was overfunded by $1 million and underfunded by $13 million as of December 31, 2024 and 2023, respectively. Because of the pension freeze at the end of 2012, as of both December 31, 2024 and 2023, the pension benefit obligation is equivalent to the accumulated benefit obligation. FHN's funded postretirement plan was in an overfunded status as of December 31, 2024 and 2023.
Unrecognized actuarial gains and losses and unrecognized prior service costs and credits are recognized as a component of accumulated other comprehensive income. Balances reflected in accumulated other comprehensive income on a pre-tax basis for the years ended December 31, 2024 and 2023 consist of the following.
Table 8.17.6
PRE-TAX ACTUARIAL (GAINS) LOSSES REFLECTED IN AOCI
(Dollars in millions)Pension BenefitsOther Benefits
2024202320242023
Amounts recognized in accumulated other comprehensive income    
Net actuarial (gain) loss$341 $367 $(9)$(8)
The pre-tax amounts recognized in other comprehensive income during 2024, 2023, and 2022 were as follows.
Table 8.17.7
PRE-TAX AMOUNTS RECOGNIZED IN OCI
(Dollars in millions)Pension BenefitsOther Benefits
202420232022202420232022
Changes in plan assets and benefit obligation recognized in other comprehensive income    
Net actuarial (gain) loss arising during measurement period$(13)$17 $32 $(2)$— $(3)
Items amortized during the measurement period:    
Net actuarial gain (loss)(13)(13)(11)1 1 — 
Total recognized in other comprehensive income$(26)$4 $21 $(1)$1 $(3)
FHN utilizes the minimum amortization method in determining the amount of actuarial gains or losses to include in plan expense. Under this approach, the net deferred actuarial gain or loss that exceeds a threshold is amortized over the average remaining service period of active plan participants. The threshold is measured as the greater of 10% of a plan’s projected benefit obligation as of the beginning of the year or 10% of the market-related value of plan assets as of the beginning of the year. FHN amortizes actuarial gains and losses using the estimated average remaining life expectancy of the remaining participants since all participants are considered inactive due to the freeze.
The following table provides detail on expected benefit payments, which reflect expected future service, as appropriate.
Table 8.17.8
EXPECTED BENEFIT PAYMENTS
(Dollars in millions)Pension
Benefits		Other
Benefits
2025$44 $2 
202645 2 
202746 2 
202846 2 
202946 2 
2030-2034229 12 

Plan Assets
FHN’s overall investment goal is to create, over the life of the pension plan and retiree medical plan, an adequate pool of sufficiently liquid assets to support the qualified pension benefit obligations to participants, retirees, and beneficiaries, as well as to partially support the medical obligations to retirees and beneficiaries. Thus, the qualified pension plan and retiree medical plan seek to achieve a level of investment return consistent with changes in projected benefit obligations.
Qualified pension plan assets primarily consist of fixed income securities which include U.S. treasuries, corporate bonds of companies from diversified industries, municipal bonds, and foreign bonds. Fixed income investments generally have long durations consistent with the estimated pension liabilities of FHN. This duration-matching strategy is intended to hedge substantially all of the plan’s risk associated with future benefit payments. Retiree medical funds are kept in short-term investments, primarily money market funds and mutual funds. On December 31, 2024 and 2023, FHN did not have any significant concentrations of risk within the plan assets related to the pension plan or the retiree medical plan.
The fair value of FHN’s pension plan assets at December 31, 2024 and 2023, by asset category classified using the fair value measurement hierarchy, is shown in the table below. See Note 23 – Fair Value of Assets and Liabilities for more details about fair value measurements.
Table 8.17.9
FAIR VALUE OF PENSION ASSETS
(Dollars in millions)December 31, 2024
Level 1Level 2Level 3Total
Cash equivalents and money market funds$11 $— $— $11 
Fixed income securities:    
U.S. treasuries— 8 — 8 
Corporate, municipal and foreign bonds— 295 — 295 
Common and collective funds:    
Fixed income— 264 — 264 
Total$11 $567 $— $578 
(Dollars in millions)December 31, 2023
Level 1Level 2Level 3Total
Cash equivalents and money market funds$6 $— $— $6 
Fixed income securities:    
U.S. treasuries— 9 — 9 
Corporate, municipal and foreign bonds— 317 — 317 
Common and collective funds:
Fixed income— 306 — 306 
Total$6 $632 $— $638 
The HR Investment and Risk Committee, comprised of senior managers within the organization, meets regularly to review asset performance and potential portfolio revisions.
Adjustments to the qualified pension plan asset allocation primarily reflect changes in anticipated liquidity needs for plan benefits.
The fair value of FHN’s retiree medical plan assets at December 31, 2024 and 2023 by asset category is as follows.
Table 8.17.10
FAIR VALUE OF RETIREE MEDICAL PLAN ASSETS
(Dollars in millions)December 31, 2024
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$8 $— $— $8 
Fixed income mutual funds16 — — 16 
Total$24 $— $— $24 
(Dollars in millions)December 31, 2023
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$7 $— $— $7 
Fixed income mutual funds16 — — 16 
Total$23 $— $— $23 
v3.25.0.1
Stock Options and Restricted Stock
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Options and Restricted Stock Stock Options and Restricted Stock
Equity Compensation Plans
FHN currently has one plan which authorizes the grant of new stock-based awards, the 2021 Incentive Plan (the IP). New awards under the IP may be granted to any of FHN's directors, officers, or associates. The IP was approved by shareholders in April 2021 and again in April 2024.
The IP authorizes a broad range of award types, including restricted shares, stock units, cash units, and stock options. Stock units may be paid in shares or cash, depending upon the terms of the award. The IP also authorizes the grant of stock appreciation rights, though no such grants have been made under the IP or recent predecessor plans. Unvested awards have service and/or performance conditions which must be met in order for the shares to vest. Awards generally have service-vesting conditions, meaning that the associate must remain employed by FHN for certain periods in order for the award to vest. Some outstanding awards also have performance conditions. FHN operates the IP by establishing award programs, each of which is intended to cover a specific need. Programs are created, changed, or terminated as needs change.
On December 31, 2024, there were 13,173,672 shares available for new awards under the IP. This includes the new/additional shares originally authorized under the IP along with shares underlying ECP awards that have been forfeited or canceled since the IP was approved by shareholders, net of shares underlying IP awards that are outstanding or have been paid.
Service condition full-value awards
Awards may be granted with service conditions only. In recent years, programs using these awards have included annual programs for executives and selected management associates, a mandatory deferral program for executives tied to annual bonuses earned, other mandatory or elective deferral programs, various retention programs, and special hiring-incentive situations. Details of the awards vary by program, but most are settled in shares at vesting rather than cash, and vesting generally begins no earlier than the third anniversary of grant and rarely extends beyond the fifth anniversary of grant.
Performance condition awards
Under FHN’s long-term incentive and corporate performance programs, performance stock units ("PSUs") (executives) and cash units (selected management employees) are granted annually and vest only if predetermined performance measures are met. The measures are changed each year based on goals and circumstances prevailing at the time of grant. In recent years the performance periods have been three years, with service-vesting near the third anniversary of the grant. PSUs granted from 2014 to 2020 had a post-vest holding period of two years. Recent annual performance awards require pro-rated forfeiture (in relation to the maximum possible) for performance falling between a threshold level and a maximum. Performance awards sometimes are used to provide a narrow, targeted incentive to a single person or small group. Of the annual program awards paid during 2024 or outstanding on December 31, 2024: the 2019, 2020 and 2021 units vested in 2022, 2023 and 2024 at the 187.5%, 187.5% and 162.5% payout level, respectively, and only the 2020 units remain in a two-year post-vesting holding period; the three-year performance period of the 2022 units has ended but performance is measured relative to peers and has not yet been determined; and, the three-year performance periods for the 2023 and 2024 units have not ended.
Director awards
Non-employee directors receive cash and annual grants of service-conditioned stock units under a program approved by the board of directors. Director stock units granted vest in the year following the year of grant and settle in shares. In 2024 and 2023, each director received a base stock unit award of $140,000 and $122,000, respectively, representing a portion of their annual retainer. Each director is permitted to increase the portion paid as stock units.
A summary of restricted and performance stock and unit activity during the year ended December 31, 2024, is presented below.
Table 8.18.1
RESTRICTED AND PERFORMANCE EQUITY AWARD ACTIVITY
Shares/
Units (a)		Weighted average
grant date fair value
(per share) (b)
January 1, 202411,317,704 $15.89 
Shares/units granted5,088,696 15.24 
Shares/units vested/distributed(4,110,142)15.81 
Shares/units canceled(456,173)13.90 
December 31, 202411,840,085 $15.71 
(a)Includes only units that settle in shares; nonvested performance units are included at 100% payout level.
(b)The weighted average grant date fair value for shares/units granted in 2023 and 2022 was $16.08 and $20.64, respectively.

On December 31, 2024, there was $90 million of unrecognized compensation cost related to nonvested restricted stock awards. That cost is expected to be recognized over a weighted-average period of three years. The total grant date fair value of shares vested during 2024, 2023 and 2022, was $65 million, $32 million, and $29 million, respectively.
Stock option awards
In 2021 FHN ended its only remaining stock option program, making only one grant related to a 2020 commitment. Options under that program, for executives, have service-vesting requirements and seven-year terms.
In the past, option programs varied widely in their uses and terms, and many old-program options, granted under the ECP or its predecessor plans, remain outstanding today. All options granted since 2005 provide for the issuance of FHN common stock at a price fixed at its fair
market value on the grant date. Except for converted options and a special retention stock option award to the CEO in 2016, all options granted since 2008 vest fully no later than the fourth anniversary of grant, and all such options expire seven years from the grant date. CBF converted options and IBKC converted options granted prior to November 3, 2019 (the IBKC merger agreement date) are fully vested and expire ten years from grant date. IBKC converted options granted subsequent to the merger agreement vest fully no later than the fifth anniversary of the grant date and expire ten years from grant date. The 2016 retention award vested on the fourth through sixth anniversaries of grant and had a seven-year term.
The summary of stock option activity for the year ended December 31, 2024, is shown below.
Table 8.18.2
STOCK OPTION ACTIVITY
Options
Outstanding		Weighted
Average
Exercise Price
(per share)		Weighted Average
Remaining
Contractual Term
(years)		Aggregate
Intrinsic Value
(millions)
January 1, 20241,898,968 $16.31   
Options granted— —   
Options exercised(604,467)15.52   
Options expired/canceled(335,879)18.15   
December 31, 2024958,622 $16.16 2.38$4 
Options exercisable883,705 16.24 2.233 
Options expected to vest74,917 15.20 4.07— 
The total intrinsic value of options exercised during 2024, 2023 and 2022 was $2 million, $4 million, and $17 million, respectively.
On December 31, 2024, there was no unrecognized compensation cost related to nonvested stock options. FHN did not grant or convert stock options in 2024, 2023 and 2022.
Expected lives of options granted are determined based on the vesting period, historical exercise patterns and contractual term of the options. FHN uses a blend of historical and implied volatility in determining expected volatility. A portion of the weighted average volatility rate is derived by compiling daily closing stock prices over a historical period approximating the expected lives of the options. Additionally, because of market volatility due to
economic conditions and the impact on stock prices of financial institutions, FHN also incorporates a measure of implied volatility so as to incorporate more recent market conditions in the estimation of future volatility.
Phantom stock awards
As a result of the IBKC merger, FHN assumed phantom stock awards under various plans to officers and other key associates. The awards are subject to a vesting period of five years and are paid out in cash upon vesting. The amount paid per vesting period is calculated as the number of vested share equivalents multiplied by closing market price of a share of the Company's common stock on the vesting date. Share equivalents are calculated on the date of grant as the total award's dollar value divided by the closing market price of a share of the Company's common stock on the grant date. As of December 31, 2024, there were 96,156 share equivalents of phantom stock awards outstanding. See Note 1 - Significant Accounting Policies for more discussion on FHN's phantom stock awards.

Compensation Cost
The compensation cost that has been included in the Consolidated Statements of Income pertaining to stock-based awards was $59 million, $36 million, and $75 million for 2024, 2023, and 2022, respectively. The corresponding total income tax benefits recognized were $14 million, $8 million and $18 million in 2024, 2023, and 2022, respectively.
Authorization
Consistent with Tennessee state law, only authorized, but unissued, stock may be utilized in connection with any issuance of FHN common stock which may be required as a result of stock-based compensation awards. Prior authorizations to repurchase shares issued in connection with compensation plans expired on December 31, 2023. After 2023, as authorized by FHN's Board and the Board's Compensation Committee, FHN continued to make automatic stock purchases by withholding shares associated with stock-based awards to cover tax obligations associated with those awards. Those limited, off-market purchases are not connected to a traditional, announced purchase program. Automatic tax withholding purchases are not subject to trading blackouts which affect senior executives and the general purchase program.
v3.25.0.1
Business Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting, Measurement Disclosures [Abstract]  
Business Segment Information Business Segment Information
During 2024, FHN reorganized its internal management structure and, accordingly, reclassified its reportable business segments. Prior to the 2024 reclassification, FHN's reportable segments were: (1) Regional Banking, (2) Specialty Banking, and (3) Corporate. As a result of the 2024 reclassification, FHN revised its reportable segments as described below. Segment information for prior periods has been reclassified to conform to the current period presentation.
FHN's operating segments are composed of the following:
•Commercial, Consumer & Wealth segment offers financial products and services, including traditional lending and deposit taking, to commercial and consumer clients primarily in the southern U.S. and other selected markets. Commercial, Consumer & Wealth also consists of lines of business that deliver product offerings and services with niche industry knowledge including asset-based lending, commercial real estate, equipment finance/leasing, energy, international banking, healthcare, and trucking and transportation. Additionally, Commercial, Consumer & Wealth provides investment, wealth management, financial planning, trust and asset management services for consumer clients as well as delivering treasury management solutions, loan syndications, and corporate banking services.
•Wholesale segment consists of lines of business that deliver product offerings and services with differentiated industry knowledge. Wholesale’s lines of business include mortgage warehouse lending, franchise finance, correspondent banking, and mortgage. Additionally, Wholesale has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.
•Corporate segment consists primarily of corporate support functions including risk management, audit, accounting, finance, executive office, and corporate communications. Shared support services such as human resources, marketing, properties, technology, credit risk and bank operations are allocated to the activities of Commercial, Consumer & Wealth, Wholesale, and Corporate. Additionally, the Corporate segment includes centralized management of capital and funding to support the business activities of the company including management of balance sheet funding, liquidity, and capital management and allocation. The Corporate segment also includes the revenue and expense associated with run-off businesses such as pre-2009 mortgage banking elements, run-off consumer and trust preferred loan portfolios, and other exited businesses.
Basis of Presentation
Results of individual segments are presented based on FHN's internal management reporting practices. There is no comprehensive, authoritative body of guidance for management accounting equivalent to GAAP; therefore, the financial results of FHN's individual segments are not necessarily comparable with similar information for any other company.
Periodically, FHN adapts its segments to reflect managerial or strategic changes. FHN may also modify its methodology of allocating expenses and equity among segments which could change historical segment results. Business segment revenue, expense, asset, and equity levels reflect those which are specifically identifiable, or which are allocated based on an internal allocation method. Because the allocations are based on internally developed assignments and allocations, to an extent they are subjective. Generally, all assignments and allocations have been consistently applied for all periods presented.
Funds Transfer Pricing
Net interest income in segment results reflects FHN's internal funds transfer pricing methodology which is designed to consider interest rate and liquidity risks. Under this methodology, assets receive a funding charge while liabilities and capital receive a funding credit based on market interest rates, product characteristics, and other factors.
The transfer pricing framework considers the application of funding curves and methodologies consistently across the balance sheet. A residual gain or loss from funds transfer pricing operations is retained within Corporate.
Segment Allocations
Financial results are presented, to the extent practicable, as if each segment operated on a standalone basis and include expense allocations for corporate overhead services used by the segments.
FHN has allocated the ALLL and the reserve for unfunded lending commitments based on the loan exposures within each segment’s portfolio.
The Company's Chief Operating Decision Maker ("CODM") is comprised of the chief executive officer and segment leadership.
For both the Commercial, Consumer & Wealth and Wholesale segments, the CODM uses both Pre-Provision Net Revenue ("PPNR") and Pre-Tax Net Income ("PTNI") to evaluate performance and allocate resources. The measure of PPNR focuses on the Company's primary businesses principally by excluding the volatility associated with credit risk estimates due to the CECL life-of-loan estimation requirement, which is highly sensitive to changes in economic forecasts. PPNR also represents a
metric utilized by regulatory agencies in stress testing assessments. PTNI is used to incorporate credit risk estimates for a holistic view of pre-tax results in the evaluation of segment performance.
For the Corporate segment, the CODM uses after-tax income to evaluate performance and allocate resources. After-tax income is most relevant for the Corporate segment because of minimal credit risk and inclusion of
the impacts from all consolidated tax matters, which are not allocated, in addition to all other methodologies affecting pre-tax income between reported segments (e.g., FTP and cost allocations).
The following table presents financial information for each reportable business segment for the years ended December 31.
Table 8.19.1
SEGMENT FINANCIAL INFORMATION
2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$3,538 $530 $284 $4,352 
Interest expense1,413 125 303 1,841 
Funds transfer pricing418 (211)(207)— 
Net interest income (expense)2,543 194 (226)2,511 
Noninterest income (a)461 230 (12)679 
Total revenues3,004 424 (238)3,190 
Noninterest expense (c)(d)1,417 299 319 2,035 
Pre-provision net revenue (f)1,587 125 (557)1,155 
Provision for credit losses158 3 (11)150 
Income (loss) before income taxes1,429 122 (546)1,005 
Income tax expense (benefit)337 29 (155)211 
Net income (loss)$1,092 $93 $(391)$794 
Average assets$59,402 $8,209 $14,211 $81,822 
Depreciation and amortization37 7 57 101 
Expenditures for long-lived assets26 1 18 45 
2023
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$3,286 $478 $336 $4,100 
Interest expense1,115 100 345 1,560 
Funds transfer pricing523 (195)(328)— 
Net interest income (expense)2,694 183 (337)2,540 
Noninterest income (a)448 174 305 927 
Total revenues3,142 357 (32)3,467 
Noninterest expense (b)(c)(d)1,370 276 433 2,079 
Pre-provision net revenue (f)1,772 81 (465)1,388 
Provision for credit losses260 15 (15)260 
Income (loss) before income taxes1,512 66 (450)1,128 
Income tax expense (benefit) (e)357 16 (161)212 
Net income (loss)$1,155 $50 $(289)$916 
Average assets$58,126 $7,583 $15,974 $81,683 
Depreciation and amortization34 7 61 102 
Expenditures for long-lived assets16 1 17 34 
2022
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$2,053 $339 $291 $2,683 
Interest expense156 47 88 291 
Funds transfer pricing368 (39)(329)— 
Net interest income (expense)2,265 253 (126)2,392 
Noninterest income (a)477 259 79 815 
Total revenues2,742 512 (47)3,207 
Noninterest expense (b)(d)1,309 344 300 1,953 
Pre-provision net revenue (f)1,433 168 (347)1,254 
Provision for credit losses85 11 (1)95 
Income (loss) before income taxes1,348 157 (346)1,159 
Income tax expense (benefit)319 38 (110)247 
Net income (loss)$1,029 $119 $(236)$912 
Average assets$52,771 $9,172 $22,274 $84,217 
Depreciation and amortization(1)6 80 85 
Expenditures for long-lived assets15 10 (1)24 
(a)2024 includes a $91 million loss on securities following the restructuring of a portion of the AFS securities portfolio. 2023 includes a $225 million gain on merger termination and a $6 million loss on equities valuation adjustments in the Corporate segment and a $9 million gain on an FHN Financial asset disposition in the Wholesale segment. 2022 includes a $12 million gain on sale of mortgage servicing rights in the Wholesale segment and a $22 million gain related to the sale of the title insurance business, a $10 million gain on equity securities and a $6 million gain related to a fintech investment in the Corporate segment.
(b)2023 includes $51 million in merger and integration expenses related to the TD Transaction in the Corporate Segment. 2022 includes $136 million in merger and integration expenses related to the IBKC merger and TD Transaction in the Corporate segment.
(c)2024 includes $14 million of restructuring costs and an FDIC special assessment of $9 million in the Corporate segment. 2023 includes $10 million of restructuring costs, an FDIC special assessment of $68 million, and a $50 million contribution to the First Horizon Foundation in the Corporate segment.
(d)2024, 2023, and 2022 include $15 million, $15 million and $22 million, respectively, in derivative valuation adjustments related to prior Visa Class B share sales in the Corporate segment.
(e)2023 includes $24 million in expense related to the surrender of bank-owned life insurance policies and a $59 million benefit from merger-related tax items in the Corporate segment.
(f)Pre-provision net revenue is a non-GAAP measure and is reconciled to income (loss) before income taxes (GAAP) in this table.
The following table presents a disaggregation of FHN’s noninterest income by major product line and reportable segment for the years ended December 31, 2024, 2023, and 2022.
Table 8.19.2
NONINTEREST INCOME DETAIL BY SEGMENT
December 31, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $187 $— $187 
Deposit transactions and cash management163 4 9 176 
Brokerage, management fees and commissions101 — — 101 
Card and digital banking fees67 — 10 77 
Other service charges and fees48 2 1 51 
Trust services and investment management48 — — 48 
Mortgage banking income
1 33 1 35 
Securities gains (losses), net (b)— — (89)(89)
Other income (c)33 4 56 93 
     Total noninterest income$461 $230 $(12)$679 
December 31, 2023
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $134 $(1)$133 
Deposit transactions and cash management165 4 10 179 
Brokerage, management fees and commissions90 — — 90 
Card and digital banking fees67 — 10 77 
Other service charges and fees51 3 — 54 
Trust services and investment management47 — — 47 
Mortgage banking income
1 21 1 23 
Gain on merger termination— — 225 225 
Securities gains (losses), net (b)— — (4)(4)
Other income (c)27 12 64 103 
     Total noninterest income$448 $174 $305 $927 
December 31, 2022
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $205 $— $205 
Deposit transactions and cash management161 3 7 171 
Brokerage, management fees and commissions92 — — 92 
Card and digital banking fees72 — 12 84 
Other service charges and fees49 3 2 54 
Trust services and investment management48 — — 48 
Mortgage banking income
22 46 — 68 
Securities gains (losses), net (b)— — 18 18 
Other income (c)33 2 40 75 
     Total noninterest income$477 $259 $79 $815 
(a)2024, 2023, and 2022 include $42 million, $42 million, and $43 million, respectively, of underwriting, portfolio advisory, and other noninterest income in scope of ASC 606, "Revenue from Contracts with Customers."
(b)Represents noninterest income excluded from the scope of ASC 606. Amount is presented for informational purposes to reconcile total noninterest income.
(c)Includes letter of credit fees and insurance commissions in scope of ASC 606.
The following table presents a disaggregation of FHN’s noninterest expense by major product line and reportable segment for the years ended December 31, 2024, 2023, and 2022.
Table 8.19.3
NONINTEREST EXPENSE DETAIL BY SEGMENT
December 31, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$540 $196 $401 $1,137 
Net occupancy expense76 9 45 130 
Computer software25 6 90 121 
Operations services18 22 54 94 
Deposit insurance expense— — 64 64 
Legal and professional fees11 3 50 64 
Contract employment and outsourcing5 3 43 51 
Advertising and public relations7 1 40 48 
Amortization of intangible assets39 2 3 44 
Equipment expense11 2 29 42 
Communications and delivery10 3 19 32 
Contributions2 — 16 18 
Other expense75 22 93 190 
Cost allocations598 30 (628)— 
Total noninterest expense$1,417 $299 $319 $2,035 
December 31, 2023
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$526 $179 $395 $1,100 
Net occupancy expense72 9 42 123 
Computer software21 5 85 111 
Operations services20 25 42 87 
Deposit insurance expense— — 122 122 
Legal and professional fees10 3 36 49 
Contract employment and outsourcing6 4 39 49 
Advertising and public relations7 1 63 71 
Amortization of intangible assets43 1 3 47 
Equipment expense13 1 28 42 
Communications and delivery10 5 20 35 
Contributions2 — 59 61 
Other expense71 20 91 182 
Cost allocations569 23 (592)— 
Total noninterest expense$1,370 $276 $433 $2,079 
December 31, 2022
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$516 $240 $345 $1,101 
Net occupancy expense72 11 45 128 
Computer software27 4 82 113 
Operations services21 22 44 87 
Deposit insurance expense— — 32 32 
Legal and professional fees11 3 48 62 
Contract employment and outsourcing6 5 43 54 
Advertising and public relations6 1 43 50 
Amortization of intangible assets46 2 3 51 
Equipment expense14 1 30 45 
Communications and delivery9 6 22 37 
Contributions2 — 5 7 
Other expense68 29 89 186 
Cost allocations511 20 (531)— 
Total noninterest expense$1,309 $344 $300 $1,953 
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Variable Interest Entities [Abstract]  
Variable Interest Entities Variable Interest Entities
FHN makes equity investments in various entities that are considered VIEs, as defined by GAAP. A VIE typically does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties. The Company’s variable interest arises from contractual, ownership or other monetary interests in the entity, which change with fluctuations in the fair value of the entity's net assets. FHN consolidates a VIE if FHN is the primary beneficiary of the entity. FHN is the primary beneficiary of a VIE if FHN's variable interest provides it with the power to direct the activities that most significantly impact the VIE and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to the VIE. To determine whether or not a variable interest held could potentially be significant to the VIE, FHN considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE. FHN assesses whether or not it is the primary beneficiary of a VIE on an ongoing basis.
Consolidated Variable Interest Entities
FHN has established certain rabbi trusts related to deferred compensation plans offered to its employees. FHN contributes employee cash compensation deferrals to the trusts and directs the underlying investments made by the trusts. The assets of these trusts are available to FHN’s creditors only in the event that FHN becomes insolvent. These trusts are considered VIEs as there is no equity at risk in the trusts since FHN provided the equity interest to its employees in exchange for services rendered. FHN is considered the primary beneficiary of the rabbi trusts as it has the power to direct the activities that most significantly impact the economic performance of the rabbi trusts through its ability to direct the underlying investments made by the trusts. Additionally, FHN could potentially receive benefits or absorb losses that are significant to the trusts due to its right to receive any asset values in excess of liability payoffs and its obligation to fund any liabilities to employees that are in excess of a rabbi trust’s assets.
The following table summarizes the carrying value of assets and liabilities associated with rabbi trusts used for deferred compensation plans which are consolidated by FHN as of December 31, 2024 and 2023.
Table 8.20.1
CONSOLIDATED VIEs
(Dollars in millions)December 31, 2024December 31, 2023
Assets:
Other assets$195 $177 
Liabilities:
Other liabilities$165 $150 

Nonconsolidated Variable Interest Entities
Tax Credit Investments
Through designated wholly-owned subsidiaries, First Horizon Bank makes equity investments as a limited partner in various partnerships that sponsor affordable housing projects utilizing the LIHTC. Through designated subsidiaries, First Horizon Bank periodically makes equity investments as a non-managing member in various LLCs that sponsor community development projects utilizing the NMTC. First Horizon Bank also makes equity investments as a limited partner or non-managing member in entities that receive historic tax credits. The purpose of these investments is to achieve a satisfactory return on capital and to support FHN’s community reinvestment initiatives. These entities are considered VIEs as First Horizon Bank's subsidiaries represent the holders of the equity investment at risk, but do not have the ability to direct the activities that most significantly affect the performance of the entities. FHN is therefore not the primary beneficiary of any of these entities. Accordingly, FHN does not consolidate these VIEs and accounts for these investments in other assets on the Consolidated Balance Sheets.
FHN accounts for qualifying LIHTC investments under the PAM. Effective for periods after 2023, all LIHTC investments qualify for the PAM. Commencing in 2024, FHN determined that its equity investments in NMTC and historic tax credit entities qualify for the PAM and made the election to apply the PAM for these programs. Expenses associated with non-qualifying LIHTC investments were not significant for 2023 and 2022.
The following table summarizes the impact to income tax expense on the Consolidated Statements of Income for the years ended December 31, 2024, 2023, and 2022 for investments accounted for under the PAM. The impact of these investments is included in other operating activities, net in the Consolidated Statements of Cash Flows.
Table 8.20.2
TAX CREDIT IMPACTS ON TAX EXPENSE
(Dollars in millions)202420232022
Income tax expense (benefit):
Amortization of qualifying investments$65 $54 $44 
Tax credits(70)(55)(48)
Other tax benefits related to qualifying investments(9)(13)(12)

Small Issuer Trust Preferred Holdings
First Horizon Bank holds variable interests in trusts which have issued mandatorily redeemable preferred capital securities (“trust preferreds”) for smaller banking and insurance enterprises. First Horizon Bank has no voting rights for the trusts’ activities. The trusts’ only assets are
junior subordinated debentures of the issuing enterprises. The creditors of the trusts hold no recourse to the assets of First Horizon Bank. Since First Horizon Bank is solely a holder of the trusts’ securities, it has no rights which would give it the power to direct the activities that most significantly impact the trusts’ economic performance and thus it is not considered the primary beneficiary of the trusts. First Horizon Bank has no contractual requirements to provide financial support to the trusts.
On-Balance Sheet Trust Preferred Securitization
In 2007, First Horizon Bank executed a securitization of certain small issuer trust preferreds for which the underlying trust meets the definition of a VIE, as the holders of the equity investment at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the entity’s economic performance. Since First Horizon Bank did not retain servicing or other decision-making rights, First Horizon Bank is not the primary beneficiary as it does not have the power to direct the activities that most significantly impact the trust’s economic performance. Accordingly, First Horizon Bank has accounted for the funds received through the securitization as a term borrowing in its Consolidated Balance Sheets. First Horizon Bank has no contractual requirements to provide financial support to the trust.
Holdings in Agency Mortgage-Backed Securities
FHN holds securities issued by various Agency securitization trusts. Based on their restrictive nature, the trusts meet the definition of a VIE since the holders of the equity investments at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the entities’ economic performance. FHN could potentially receive benefits or absorb losses that are significant to the trusts based on the nature of the trusts’ activities and the size of FHN’s holdings. However, FHN is solely a holder of the trusts’ securities and does not have the power to direct the activities that most significantly impact the trusts’ economic performance and is not considered the primary beneficiary of the trusts. FHN has no contractual requirements to provide financial support to the trusts.
Commercial Loan Modifications to Borrowers Experiencing Financial Difficulty
For certain troubled commercial loans, First Horizon Bank modifies the terms of the borrower’s debt in an effort to increase the probability of receipt of amounts contractually due. Following a modification to borrowers experiencing financial difficulty, the borrower entity typically meets the definition of a VIE as the initial determination of whether an entity is a VIE must be reconsidered as events have proven that the entity’s equity is not sufficient to permit it to finance its activities without additional subordinated financial support or a restructuring of the terms of its financing. As First Horizon Bank does not have the power to direct the activities that most significantly impact such troubled commercial borrowers’ operations, it is not considered the primary beneficiary even in situations where, based on the size of the financing provided, First Horizon Bank is exposed to potentially significant benefits and losses of the borrowing entity. First Horizon Bank has no contractual requirements to provide financial support to the borrowing entities beyond certain funding commitments established upon restructuring of the terms of the debt that allows for preparation of the underlying collateral for sale.
Proprietary Trust Preferred Issuances
In conjunction with its acquisitions, FHN acquired junior subordinated debt underlying multiple issuances of trust preferred debt. All of the trusts are considered VIEs because the ownership interests from the capital contributions to these trusts are not considered “at risk” in evaluating whether the holders of the equity investments at risk in the trusts have the ability to direct the activities that most significantly impact the entities’ economic performance. Thus, FHN cannot be the trusts’ primary beneficiary because its ownership interests in the trusts are not considered variable interests as they are not considered “at risk”. Consequently, none of the trusts are consolidated by FHN.
The following tables summarize FHN’s nonconsolidated VIEs as of December 31, 2024 and 2023.
Table 8.20.3
NONCONSOLIDATED VIEs AT DECEMBER 31, 2024
(Dollars in millions)Maximum
Loss Exposure		Liability
Recognized		Classification
Type:
Low income housing partnerships$617 $222 (a)
Other tax credit investments (b)90 73 Other assets
Small issuer trust preferred holdings (c)171 — Loans and leases
On-balance sheet trust preferred securitization26 88 (d)
Holdings of agency mortgage-backed securities (c)8,017 — (e)
Commercial loan modifications to borrowers experiencing financial difficulty (f)381 — Loans and leases
Proprietary trust preferred issuances (g)— 167 Term borrowings
(a)    Maximum loss exposure represents $395 million of current investments and $222 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events and are recognized in other liabilities. FHN currently expects to be required to fund substantially all of these accrued commitments by the end of 2026.
(b)    Maximum loss exposure represents the value of current investments.
(c)    Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities.
(d)    Includes $113 million classified as loans and leases and $2 million classified as trading securities, which are offset by $88 million classified as term borrowings.
(e)    Includes $278 million classified as trading securities, $1.3 billion classified as securities held to maturity, and $6.5 billion classified as securities available for sale.
(f)    Maximum loss exposure represents $381 million of current receivables with no additional contractual funding commitments on loans related to commercial loan modifications to borrowers experiencing financial difficulty.
(g)    No exposure to loss due to nature of FHN's involvement.

Table 8.20.4
NONCONSOLIDATED VIEs AT DECEMBER 31, 2023
(Dollars in millions)Maximum
Loss Exposure		Liability
Recognized		Classification
Type:
Low income housing partnerships$587 $223 (a)
Other tax credit investments (b) 79 64 Other assets
Small issuer trust preferred holdings (c)173 — Loans and leases
On-balance sheet trust preferred securitization26 88 (d)
Holdings of agency mortgage-backed securities (c)8,402 — (e)
Commercial loan modifications to borrowers experiencing financial difficulty (f)129 — Loans and leases
Proprietary trust preferred issuances (g)— 167 Term borrowings
(a)Maximum loss exposure represents $364 million of current investments and $223 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events and are recognized in other liabilities. FHN currently expects to be required to fund substantially all of these accrued commitments by the end of 2026.
(b)Maximum loss exposure represents the value of current investments.
(c)Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities.
(d)Includes $113 million classified as loans and leases and $2 million classified as trading securities, which are offset by $88 million classified as term borrowings.
(e)Includes $450 million classified as trading securities, $1.3 billion classified as securities held to maturity, and $6.6 billion classified as securities available for sale.
(f)Maximum loss exposure represents $129 million of current receivables with no additional contractual funding commitments on loans related to commercial loan modifications to borrowers experiencing financial difficulty.
(g)No exposure to loss due to nature of FHN's involvement.
v3.25.0.1
Derivatives
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
In the normal course of business, FHN utilizes various financial instruments (including derivative contracts and credit-related agreements) through its fixed income and risk management operations, as part of its risk management strategy and as a means to meet clients’ needs. Derivative instruments are subject to credit and market risks in excess of the amount recorded on the balance sheet as required by GAAP. The contractual or notional amounts of these financial instruments do not necessarily represent the amount of credit or market risk. However, they can be used to measure the extent of involvement in various types of financial instruments. Controls and monitoring procedures for these instruments have been established and are routinely reevaluated. The ALCO controls, coordinates, and monitors the usage and effectiveness of these financial instruments.
Credit risk represents the potential loss that may occur if a party to a transaction fails to perform according to the terms of the contract. The measure of credit exposure is the replacement cost of contracts with a positive fair value. FHN manages credit risk by entering into financial instrument transactions through national exchanges, primary dealers or approved counterparties, and by using mutual margining and master netting agreements whenever possible to limit potential exposure. FHN also maintains collateral posting requirements with certain counterparties to limit credit risk. Daily margin posted or received with central clearinghouses is considered a legal settlement of the related derivative contracts which results in a net presentation for each contract in the Consolidated Balance Sheets. Treatment of daily margin as a settlement has no effect on hedge accounting or gains/losses for the applicable derivative contracts. On December 31, 2024 and 2023, respectively, FHN had $541 million and $406 million of cash receivables and $25 million and $33 million of cash payables related to collateral posting under master netting arrangements, inclusive of collateral posted related to contracts with adjustable collateral posting thresholds and over-collateralized positions, with derivative counterparties. With exchange-traded contracts, the credit risk is limited to the clearinghouse used. For non-exchange traded instruments, credit risk may occur when there is a gain in the fair value of the financial instrument and the counterparty fails to perform according to the terms of the contract and/or when the collateral proves to be of insufficient value. See additional discussion regarding master netting agreements and collateral posting requirements later in this note under the heading “Master Netting and Similar Agreements.” Market risk represents the potential loss due to the decrease in the value of a financial instrument caused primarily by changes in interest rates or the prices of debt instruments. FHN manages market risk by establishing and monitoring limits on the types and degree of risk that may be undertaken.
FHN continually measures this risk through the use of models that measure value-at-risk and earnings-at-risk.
Derivative Instruments
FHN enters into various derivative contracts both to facilitate client transactions and as a risk management tool. Where contracts have been created for clients, FHN enters into upstream transactions with dealers to offset its risk exposure. Contracts with dealers that require central clearing are novated to a clearing agent who becomes FHN’s counterparty. Derivatives are also used as a risk management tool to hedge FHN’s exposure to changes in interest rates or other defined market risks.
Forward contracts are over-the-counter contracts where two parties agree to purchase and sell a specific quantity of a financial instrument at a specified price, with delivery or settlement at a specified date. Futures contracts are exchange-traded contracts where two parties agree to purchase and sell a specific quantity of a financial instrument at a specified price, with delivery or settlement at a specified date. Interest rate option contracts give the purchaser the right, but not the obligation, to buy or sell a specified quantity of a financial instrument, at a specified price, during a specified period of time. Caps and floors are options that are linked to a notional principal amount and an underlying indexed interest rate. Interest rate swaps involve the exchange of interest payments at specified intervals between two parties without the exchange of any underlying principal. Swaptions are options on interest rate swaps that give the purchaser the right, but not the obligation, to enter into an interest rate swap agreement during a specified period of time.
Trading Activities
FHNF trades U.S. Treasury, U.S. Agency, government-guaranteed loan, mortgage-backed, corporate and municipal fixed income securities, and other securities for distribution to clients. When these securities settle on a delayed basis, they are considered forward contracts. FHNF also enters into interest rate contracts, including caps, swaps, and floors, for its clients. In addition, FHNF enters into futures and option contracts to economically hedge interest rate risk associated with a portion of its securities inventory. These transactions are measured at fair value, with changes in fair value recognized in noninterest income. Related assets and liabilities are recorded on the Consolidated Balance Sheets as derivative assets and derivative liabilities within other assets and other liabilities. The FHNF Risk Committee and the Credit Risk Management Committee collaborate to mitigate credit risk related to these transactions. Credit risk is controlled through credit approvals, risk control limits, and ongoing monitoring procedures. Total trading revenues were $154 million, $97 million and $157 million for the years ended December 31, 2024, 2023 and 2022, respectively. Trading revenues are inclusive of both
derivative and non-derivative financial instruments and are included in fixed income on the Consolidated Statements of Income.
The following table summarizes derivatives associated with FHNF's trading activities as of December 31, 2024 and 2023.
Table 8.21.1
DERIVATIVES ASSOCIATED WITH TRADING
 December 31, 2024
(Dollars in millions)NotionalAssetsLiabilities
Customer interest rate contracts$4,096 $8 $190 
Offsetting upstream interest rate contracts4,265 134 9 
Forwards and futures purchased1,421 1 6 
Forwards and futures sold1,426 7 — 
 December 31, 2023
(Dollars in millions)NotionalAssetsLiabilities
Customer interest rate contracts$4,067 $22 $197 
Offsetting upstream interest rate contracts4,273 135 23 
Forwards and futures purchased777 9 — 
Forwards and futures sold912 — 9 
Interest Rate Risk Management
FHN’s ALCO focuses on managing market risk by controlling and limiting earnings volatility attributable to changes in interest rates. Interest rate risk exists to the extent that interest-earning assets and interest-bearing liabilities have different maturity or repricing characteristics. FHN uses derivatives, primarily swaps, that are designed to moderate the impact on earnings as interest rates change. Interest paid or received for swaps utilized by FHN to hedge the fair value of long-term debt is recognized as an adjustment of the interest expense of the liabilities whose risk is being managed. FHN’s interest rate risk management policy is to use derivatives to hedge interest rate risk or market value of assets or liabilities,
not to speculate. In addition, FHN has entered into certain interest rate swaps and caps as a part of a product offering to commercial clients that includes customer derivatives paired with upstream offsetting market instruments that, when completed, are designed to mitigate interest rate risk. These contracts do not qualify for hedge accounting and are measured at fair value with gains or losses included in current earnings in noninterest expense on the Consolidated Statements of Income.
The following table summarizes FHN’s derivatives associated with interest rate risk management activities as of December 31, 2024 and 2023.
Table 8.21.2
DERIVATIVES ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
 December 31, 2024
(Dollars in millions)NotionalAssetsLiabilities
Customer Interest Rate Contracts Hedging 
Hedging Instruments and Hedged Items: 
Customer interest rate contracts$8,301 $10 $372 
Offsetting upstream interest rate contracts8,301 369 11 
 December 31, 2023
(Dollars in millions)NotionalAssetsLiabilities
Customer Interest Rate Contracts Hedging
Hedging Instruments and Hedged Items: 
Customer interest rate contracts$8,375 $21 $392 
Offsetting upstream interest rate contracts8,375 389 22 
The following table summarizes gains (losses) on FHN’s derivatives associated with interest rate risk management activities for the years ended December 31, 2024, 2023, and 2022.
Table 8.21.3
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
Year Ended December 31,
202420232022
(Dollars in millions)Gains (Losses)Gains (Losses)Gains (Losses)
Customer Interest Rate Contracts Hedging
Hedging Instruments and Hedged Items:
Customer interest rate contracts (a)$10 $195 $(744)
Offsetting upstream interest rate contracts (a)(10)(195)744 
(a)Gains (losses) included in other expense within the Consolidated Statements of Income.

Cash Flow Hedges
Prior to 2021, FHN entered into pay floating, receive fixed interest rate swaps designed to manage its exposure to the variability in cash flows related to interest payments on debt instruments. The debt instruments primarily consist of held-to-maturity commercial loans that have variable interest payments that historically were based on 1-month LIBOR. In second quarter 2023, the remaining hedge was revised to reference 1-month Term SOFR after the cessation of LIBOR-based cash flows. This hedge matured in first quarter 2024. In conjunction with the IBKC merger, FHN acquired interest rate contracts (floors and collars) which were re-designated as cash flow hedges. The debt instruments associated with these hedges also primarily consisted of held-to-maturity commercial loans that had variable interest payments that were based on 1-month LIBOR. The last hedge acquired in conjunction with the IBKC merger matured in second quarter 2023.
In 2022, FHN entered into interest rate contracts (floors and swaps) which have been designated as cash flow hedges. These hedges reference 1-month Term SOFR and FHN made certain elections under ASU 2020-04 to facilitate qualification for hedge accounting during the time that hedged items transitioned away from 1-month LIBOR.
In a cash flow hedge, the entire change in the fair value of the interest rate derivatives included in the assessment of hedge effectiveness is initially recorded in OCI and is subsequently reclassified from OCI to current period earnings (interest income or interest expense) in the same period that the hedged item affects earnings.
The following tables summarize FHN’s derivative activities associated with cash flow hedges as of December 31, 2024 and 2023.
Table 8.21.4
DERIVATIVES ASSOCIATED WITH CASH FLOW HEDGES
 December 31, 2024
(Dollars in millions)NotionalAssetsLiabilities
Cash Flow Hedges 
Hedging Instruments: 
Interest rate contracts$5,000 $— $67 
Hedged Items:
Variability in cash flows related to debt instruments (primarily loans)N/A$5,000 N/A
 December 31, 2023
(Dollars in millions)NotionalAssetsLiabilities
Cash Flow Hedges
Hedging Instruments: 
Interest rate contracts$5,200 $— $32 
Hedged Items:
Variability in cash flows related to debt instruments (primarily loans)N/A$5,200 N/A
The following table summarizes gains (losses) on FHN’s derivatives associated with cash flow hedges for the years ended December 31, 2024, 2023, and 2022.
Table 8.21.5
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH CASH FLOW HEDGES
Year Ended December 31,
202420232022
(Dollars in millions)Gains (Losses)Gains (Losses)Gains (Losses)
Cash Flow Hedges
Hedging Instruments:
Interest rate contracts (a) $(19)$45 $195 
Gain (loss) recognized in other comprehensive income (loss)49 52 15 
Gain (loss) reclassified from AOCI into interest income(14)47 (129)
(a)Approximately $21 million of pre-tax losses are expected to be reclassified into earnings in the next twelve months.

Other Derivatives
FHN has mortgage banking operations that include the origination and sale of loans into the secondary market. As part of the origination of loans, FHN enters into interest rate lock commitments with borrowers. Additionally, FHN enters into forward sales contracts with buyers for
delivery of loans at a future date. Both of these contracts qualify as freestanding derivatives and are recognized at fair value through earnings. The notional and fair values of these contracts are presented in the table below.
Table 8.21.6
DERIVATIVES ASSOCIATED WITH MORTGAGE BANKING HEDGES
December 31, 2024
(Dollars in millions)NotionalAssetsLiabilities
Mortgage Banking Hedges
Option contracts written$51 $— $— 
Forward contracts written100 1 — 
December 31, 2023
(Dollars in millions)NotionalAssetsLiabilities
Mortgage Banking Hedges
Option contracts written$55 $1 $— 
Forward contracts written93 — 1 
The following table summarizes gains (losses) on FHN's derivatives associated with mortgage banking activities for the years ended December 31, 2024 and 2023.
Table 8.21.7
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH MORTGAGE BANKING HEDGES
Year Ended December 31,
202420232022
(Dollars in millions)Gains (Losses)Gains (Losses)Gains (Losses)
Mortgage Banking Hedges
Option contracts written$1 $— $3 
Forward contracts written(2)1 32 
In conjunction with pre-2020 sales of Visa Class B shares, FHN entered into derivative transactions whereby FHN will make or receive cash payments whenever the conversion ratio of the Visa Class B shares into Visa Class A shares is adjusted. As of December 31, 2024 and 2023, the derivative liabilities associated with the sales of Visa Class
B shares were $15 million and $23 million, respectively. For each of the years ended December 31, 2024 and 2023, FHN recognized $15 million in derivative valuation adjustments related to prior sales of Visa Class B shares. See Note 23 - Fair Value of Assets and Liabilities for
discussion of the valuation inputs and processes for these Visa-related derivatives.
FHN utilizes cross-currency swaps and cross-currency interest rate swaps to economically hedge its exposure to foreign currency risk and interest rate risk associated with non-U.S. dollar denominated loans. As of December 31, 2024 and 2023, these loans were valued at $16 million and $17 million, respectively. The balance sheet amount and the gains/losses associated with these derivatives were not significant.
Related to its loan participation/syndication activities, FHN enters into risk participation agreements, under which it assumes exposure for, or receives indemnification for, borrowers’ performance on underlying interest rate derivative contracts. FHN’s counterparties in these contracts are other lending institutions involved in the loan participation/syndication arrangements for which the underlying interest rate derivative contract is intended to hedge interest rate risk for the borrower. FHN will make (other institution is the lead bank) or receive (FHN is the lead bank) payments for risk participations if the borrower defaults on its obligation to perform under the terms of its interest rate derivative agreement with the lead bank in the participation.
As of December 31, 2024 and 2023, the notional values of FHN’s risk participations were $268 million and $351 million of derivative assets and $916 million and $874 million of derivative liabilities, respectively. The notional value for risk participation/syndication agreements is consistent with the percentage of participation in the lending arrangement. FHN’s maximum exposure or benefit in the risk participation agreements is contingent on the fair value of the underlying interest rate derivative contracts for which the borrower is in a liability position at the time of default. FHN monitors the credit risk associated with the borrowers to which the risk participations relate through the same credit risk assessment process utilized for establishing credit loss estimates for its loan portfolio. These credit risk estimates are included in the determination of fair value for the risk participations. Assuming all underlying third-party customers referenced in the swap contracts defaulted at December 31, 2024 and 2023, the exposure from these agreements would not be material based on the fair value of the underlying swaps.
Master Netting and Similar Agreements
FHN uses master netting agreements, mutual margining agreements and collateral posting requirements to minimize credit risk on derivative contracts. Master netting and similar agreements are used when counterparties have multiple derivatives contracts that allow for a “right of setoff,” meaning that a counterparty may net offsetting positions and collateral with the same counterparty under the contract to determine a net receivable or payable. The following discussion provides
an overview of these arrangements which may vary due to the derivative type and market in which a derivative transaction is executed.
Interest rate derivatives are subject to agreements consistent with standard agreement forms of the ISDA. Currently, all interest rate derivative contracts are entered into as over-the-counter transactions and collateral posting requirements are based on the net asset or liability position with each respective counterparty. For contracts that require central clearing, novation to a counterparty with access to a clearinghouse occurs and initial margin is posted.
Cash margin received (posted) that is considered settlements for the derivative contracts is included in the respective derivative asset (liability) value. Cash margin that is considered collateral received (posted) for interest rate derivatives is recognized as a liability (asset) on FHN’s Consolidated Balance Sheets.
Interest rate derivatives with clients that are smaller financial institutions typically require posting of collateral by the counterparty to FHN. This collateral is subject to a threshold with daily adjustments based upon changes in the level or fair value of the derivative position. Positions and related collateral can be netted in the event of default. Collateral pledged by a counterparty is typically cash or securities. The securities pledged as collateral are not recognized within FHN’s Consolidated Balance Sheets. Interest rate derivatives associated with lending arrangements share the collateral with the related loan(s). The derivative and loan positions may be netted in the event of default. For disclosure purposes, the entire collateral amount is allocated to the loan.
Interest rate derivatives with larger financial institutions typically contain provisions whereby the collateral posting thresholds under the agreements adjust based on the credit ratings of both counterparties. If the credit rating of FHN and/or First Horizon Bank is lowered, FHN could be required to post additional collateral with the counterparties. Conversely, if the credit rating of FHN and/or First Horizon Bank is increased, FHN could have collateral released and be required to post less collateral in the future. Also, if a counterparty’s credit ratings were to decrease, FHN and/or First Horizon Bank could require the posting of additional collateral; whereas if a counterparty’s credit ratings were to increase, the counterparty could require the release of excess collateral. Collateral for these arrangements is adjusted daily based on changes in the net fair value position with each counterparty.
The net fair value, determined by individual counterparty, of all derivative instruments with adjustable collateral posting thresholds was $5 million of assets and $187 million of liabilities on December 31, 2024, and $12 million of assets and $188 million of liabilities on December 31, 2023. As of December 31, 2024 and 2023, FHN had
received collateral of $82 million and $95 million and posted collateral of $96 million and $83 million, respectively, in the normal course of business related to these agreements.
Certain agreements also contain accelerated termination provisions, inclusive of the right of offset, if a counterparty’s credit rating falls below a specified level. If a counterparty’s debt rating (including FHN’s and First Horizon Bank's) were to fall below these minimums, these provisions would be triggered, and the counterparties could terminate the agreements and require immediate settlement of all derivative contracts under the agreements. The net fair value, determined by individual counterparty, of all interest rate derivative instruments with credit-risk-related contingent accelerated termination provisions was $6 million of assets and $187 million of liabilities on December 31, 2024, and $12 million of assets and $188 million of liabilities on December 31, 2023. As of December 31, 2024 and 2023, FHN had received collateral of $82 million and $95 million and posted collateral of $96 million and $83 million, respectively, in the normal course of business related to these contracts.
FHNF buys and sells various types of securities for its clients. When these securities settle on a delayed basis, they are considered forward contracts. For futures and options, FHN transacts through a third party, and the transactions are subject to margin and collateral maintenance requirements. In the event of default, open positions can be offset along with the associated collateral.
For this disclosure, FHN considers the impact of master netting and other similar agreements which allow FHN to settle all contracts with a single counterparty on a net basis and to offset the net derivative asset or liability position with the related securities and cash collateral. The application of the collateral cannot reduce the net derivative asset or liability position below zero, and therefore any excess collateral is not reflected in the following tables.
The following table provides details of derivative assets and collateral received as presented on the Consolidated Balance Sheets as of December 31, 2024 and 2023.
Table 8.21.8
DERIVATIVE ASSETS & COLLATERAL RECEIVED
    Gross amounts not offset in the Balance Sheets 
(Dollars in millions)Gross amounts
of recognized
assets		Gross amounts
offset in the
Balance Sheets		Net amounts of
assets presented
in the Balance Sheets (a)		Derivative liabilities
available for
offset		Collateral
received		Net amount
Derivative assets:
December 31, 2024
Interest rate derivative contracts$522 $— $522 $(73)$(436)$13 
Forward contracts8 — 8 (3)(4)1 
$530 $— $530 $(76)$(440)$14 
December 31, 2023
Interest rate derivative contracts$567 $— $567 $(75)$(486)$6 
Forward contracts9 — 9 (4)(3)2 
$576 $— $576 $(79)$(489)$8 
(a)Included in other assets on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, $2 million and $1 million, respectively, of derivative assets have been excluded from these tables because they are generally not subject to master netting or similar agreements.
The following table provides details of derivative liabilities and collateral pledged as presented on the Consolidated Balance Sheets as of December 31, 2024 and 2023.
Table 8.21.9
DERIVATIVE LIABILITIES & COLLATERAL PLEDGED
Gross amounts not offset  in the Balance Sheets
(Dollars in millions)Gross amounts
of recognized
liabilities		Gross
 amounts
offset in the
Balance Sheets		Net amounts of
liabilities presented
in the Balance Sheets (a)		Derivative assets
available for
offset		Collateral
pledged		Net amount
Derivative liabilities:
December 31, 2024
Interest rate derivative contracts$649 $— $649 $(73)$(168)$408 
Forward contracts6 — 6 (3)(1)2 
$655 $— $655 $(76)$(169)$410 
December 31, 2023
Interest rate derivative contracts$666 $— $666 $(75)$(164)$427 
Forward contracts9 — 9 (4)(5)— 
$675 $— $675 $(79)$(169)$427 
(a)Included in other liabilities on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, $16 million and $24 million, respectively, of derivative liabilities (primarily Visa-related derivatives) have been excluded from these tables because they are generally not subject to master netting or similar agreements.
v3.25.0.1
Master Netting and Similar Agreements - Repurchase, Reverse Repurchase, and Securities Borrowing Transactions
 12 Months Ended
Dec. 31, 2024
Offsetting [Abstract]  
Master Netting and Similar Agreements - Repurchase, Reverse Repurchase, and Securities Borrowing Transactions Master Netting and Similar Agreements – Repurchase, Reverse Repurchase, and Securities Borrowing Transactions
For repurchase, reverse repurchase and securities borrowing transactions, FHN and each counterparty have the ability to offset all open positions and related collateral in the event of default. Due to the nature of these transactions, the value of the collateral for each transaction approximates the value of the corresponding receivable or payable. For repurchase agreements through FHN’s fixed income business (securities purchased under agreements to resell and securities sold under agreements to repurchase), transactions are collateralized by securities and/or government guaranteed loans which are delivered on the settlement date and are maintained throughout the term of the transaction. For FHN’s repurchase agreements through banking activities (securities sold under agreements to repurchase), securities are typically pledged at settlement and not released until maturity. For asset positions, the collateral is not included on FHN’s Consolidated Balance Sheets. For liability positions, securities collateral pledged by FHN is generally represented within FHN’s trading or available-for-sale securities portfolios.
For this disclosure, FHN considers the impact of master netting and other similar agreements that allow FHN to settle all contracts with a single counterparty on a net basis and to offset the net asset or liability position with the related securities collateral. The application of the collateral cannot reduce the net asset or liability position below zero, and therefore any excess collateral is not reflected in the tables below.
Securities purchased under agreements to resell is included in federal funds sold and securities purchased under agreements to resell in the Consolidated Balance Sheets. Securities sold under agreements to repurchase is included in short-term borrowings.
The following table provides details of securities purchased under agreements to resell and collateral pledged by counterparties as of December 31, 2024 and 2023.
Table 8.22.1
SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
    Gross amounts not offset in the
Balance Sheets		 
(Dollars in millions)Gross amounts
of recognized
assets		Gross amounts
offset in the
Balance Sheets		Net amounts of
assets presented
in the Balance Sheets		Offsetting
securities sold
under agreements
to repurchase		Securities collateral
(not recognized on
FHN’s Balance Sheets)		Net amount
Securities purchased under agreements to resell:
2024$572 $— $572 $— $(567)$5 
2023519 — 519 — (516)3 
The following table provides details of securities sold under agreements to repurchase and collateral pledged by FHN as of December 31, 2024 and 2023.
Table 8.22.2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
    Gross amounts not offset in the
Balance Sheets		 
(Dollars in millions)Gross amounts
of recognized
liabilities		Gross amounts
offset in the
Balance Sheets		Net amounts of
liabilities presented
in the Balance Sheets		Offsetting securities
purchased under
agreements to resell		Securities/
government
guaranteed loans
collateral		Net amount
Securities sold under agreements to repurchase:
2024$2,096 $— $2,096 $— $(2,096)$— 
20231,921 — 1,921 — (1,921)— 
Due to the short duration of securities sold under agreements to repurchase and the nature of collateral involved, the risks associated with these transactions are considered minimal.
The following table provides details, by collateral type, of the remaining contractual maturity of securities sold under agreements to repurchase as of December 31, 2024 and 2023.
Table 8.22.3
MATURITIES OF SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 December 31, 2024
(Dollars in millions)Overnight and
Continuous		Up to 30 DaysTotal
Securities sold under agreements to repurchase:
Government agency issued MBS$1,535 $— $1,535 
Government agency issued CMO561 — 561 
Total securities sold under agreements to repurchase$2,096 $— $2,096 
 December 31, 2023
(Dollars in millions)Overnight and
Continuous		Up to 30 DaysTotal
Securities sold under agreements to repurchase:
Government agency issued MBS$1,717 $— $1,717 
Government agency issued CMO161 — 161 
Other U.S. government agencies43 — 43 
Total securities sold under agreements to repurchase$1,921 $— $1,921 
v3.25.0.1
Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities
FHN groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. This hierarchy requires FHN to maximize the use of observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Each fair value measurement is placed into the proper level based on the lowest level of significant input. These levels are:
•Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets.
•Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices
for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
•Level 3—Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, and similar techniques.
Recurring Fair Value Measurements
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023.
Table 8.23.1
BALANCES OF ASSETS & LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
 December 31, 2024
(Dollars in millions)Level 1Level 2Level 3Total
Trading securities:
U.S. treasuries$— $3 $— $3 
Government agency issued MBS— 98 — 98 
Government agency issued CMO— 180 — 180 
Other U.S. government agencies— 252 — 252 
States and municipalities— 64 — 64 
Corporate and other debt— 767 — 767 
SBA interest-only strips— — 23 23 
Total trading securities— 1,364 23 1,387 
Loans held for sale (elected fair value)— 69 16 85 
Securities available for sale:
Government agency issued MBS— 3,702 — 3,702 
Government agency issued CMO— 2,767 — 2,767 
Other U.S. government agencies— 1,073 — 1,073 
States and municipalities— 354 — 354 
Total securities available for sale— 7,896 — 7,896 
Other assets:
Deferred compensation mutual funds111 — — 111 
Equity, mutual funds, and other35 — — 35 
Derivatives, forwards and futures8 — — 8 
Derivatives, interest rate contracts— 522 — 522 
Derivatives, other— 1 — 1 
Total other assets154 523 — 677 
Total assets$154 $9,852 $39 $10,045 
Trading liabilities:
U.S. treasuries$— $440 $— $440 
Other U.S. government agencies— 7 — 7 
Corporate and other debt— 103 — 103 
Total trading liabilities— 550 — 550 
Other liabilities:
Derivatives, forwards and futures6 — — 6 
Derivatives, interest rate contracts— 649 — 649 
Derivatives, other— 1 15 16 
Total other liabilities6 650 15 671 
Total liabilities$6 $1,200 $15 $1,221 
December 31, 2023
(Dollars in millions)Level 1Level 2Level 3Total
Trading securities:
U.S. treasuries$— $3 $— $3 
Government agency issued MBS— 114 — 114 
Government agency issued CMO— 336 — 336 
Other U.S. government agencies— 152 — 152 
States and municipalities— 17 — 17 
Corporate and other debt— 777 — 777 
SBA interest-only strips— — 13 13 
Total trading securities— 1,399 13 1,412 
Loans held for sale (elected fair value)— 42 26 68 
Securities available for sale:
Government agency issued MBS— 4,484 — 4,484 
Government agency issued CMO— 2,146 — 2,146 
Other U.S. government agencies— 1,172 — 1,172 
States and municipalities— 589 — 589 
Total securities available for sale— 8,391 — 8,391 
Other assets:
Deferred compensation mutual funds102 — — 102 
Equity, mutual funds, and other34 — — 34 
Derivatives, forwards and futures9 — — 9 
Derivatives, interest rate contracts— 568 — 568 
Total other assets145 568 — 713 
Total assets$145 $10,400 $39 $10,584 
Trading liabilities:
U.S. treasuries$— $426 $— $426 
Government agency issued MBS— 1 — 1 
Corporate and other debt— 82 — 82 
Total trading liabilities— 509 — 509 
Other liabilities:
Derivatives, forwards and futures10 — — 10 
Derivatives, interest rate contracts— 666 — 666 
Derivatives, other— — 23 23 
Total other liabilities10 666 23 699 
Total liabilities$10 $1,175 $23 $1,208 
The changes in Level 3 assets and liabilities measured at fair value for the years ended December 31, 2024, 2023 and 2022 on a recurring basis are summarized as follows.
Table 8.23.2
CHANGES IN LEVEL 3 ASSETS & LIABILITIES MEASURED AT FAIR VALUE
 Year Ended December 31, 2024 
(Dollars in millions)
SBA interest-only strips
Loans held for saleNet  derivative
liabilities		 
Balance on January 1, 2024$13 $26 $(23)
Total net gains (losses) included in net income(5)1 (15)
Purchases— 2 — 
Sales(17)(13)— 
Settlements— (2)23 
Net transfers into (out of) Level 332 (b)2 — 
Balance on December 31, 2024$23 $16 $(15)
Net unrealized gains (losses) included in net income$(2)(c)$1 (a)$(15)(d)
 Year Ended December 31, 2023 
(Dollars in millions)
SBA interest-only strips
Loans held for sale Net  derivative
liabilities		 
Balance on January 1, 2023$25 $22 $(27)
Total net gains (losses) included in net income(12)4 (15)
Purchases— 3 — 
Sales(54)(3)— 
Settlements— (2)19 
Net transfers into (out of) Level 354 (b)2 — 
Balance on December 31, 2023$13 $26  $(23)
Net unrealized gains (losses) included in net income$(1)(c)$4 (a)$(15)(d)
 Year Ended December 31, 2022
(Dollars in millions)
SBA interest-only strips
Loans held for sale Net  derivative
liabilities
Balance on January 1, 2022$38 $28 $(23)
Total net gains (losses) included in net income(7)— (23)
Purchases— 2 — 
Sales(76)(12)— 
Settlements— (2)19 
Repayments— (1)— 
Net transfers into (out of) Level 370 (b)7 

— 
Balance on December 31, 2022$25 $22 $(27)
Net unrealized gains (losses) included in net income$(2)(c)$— (a)$(23)(d)
(a)Primarily included in mortgage banking income on the Consolidated Statements of Income.
(b)Transfers into Level 3 SBA interest-only strips reflect transfers out of SBA loans held for sale, which are Level 2 assets measured on a nonrecurring basis. Refer to Table 8.23.3.
(c)Primarily included in fixed income on the Consolidated Statements of Income.
(d)Included in other expense on the Consolidated Statements of Income.
There were no net unrealized gains (losses) for Level 3 assets and liabilities included in other comprehensive income as of December 31, 2024, 2023 and 2022.
Nonrecurring Fair Value Measurements
From time to time, FHN may be required to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market ("LOCOM") accounting or write-downs of individual assets. For assets
measured at fair value on a nonrecurring basis which were still held on the Consolidated Balance Sheets at December 31, 2024, 2023 and 2022, respectively, the following table provides the level of valuation assumptions used to determine each adjustment and the related carrying value.
Table 8.23.3
LEVEL OF VALUATION ASSUMPTIONS FOR ASSETS
MEASURED AT FAIR VALUE ON A NONRECURRING BASIS
 Carrying value at December 31, 2024Year Ended December 31, 2024
(Dollars in millions)Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $438 $— $438 $(1)
Loans and leases (a)— — 344 344 (73)
OREO (b)— — 3 3 — 
$(74)
 Carrying value at December 31, 2023Year Ended December 31, 2023
(Dollars in millions)Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $406 $— $406 $(3)
Loans and leases (a)— — 245 245 (42)
OREO (b)— — 4 4 — 
Other assets (c)— — 90 90 (7)
$(52)
 Carrying value at December 31, 2022Year Ended December 31, 2022
(Dollars in millions) Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $506 $— $506 $(3)
Loans and leases (a)— — 135 135 (19)
OREO (b)— — 3 3 — 
Other assets (c)— — 91 91 (10)
$(32)
(a)Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for credit losses.
(b)Represents the fair value and related losses of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government-insured mortgages.
(c)Represents tax credit investments accounted for under the equity method.

Lease asset impairments recognized represent the reduction in value of the right-of-use assets associated with leases that are being exited in advance of the contractual lease expiration.
Impairments are measured using a discounted cash flow methodology, which is considered a Level 3 valuation.
Impairments of long-lived tangible assets reflect locations where the associated land and building are either owned or leased. The fair values of owned sites were determined using estimated sales prices from appraisals and broker
opinions less estimated costs to sell with adjustments upon final disposition. The fair values of owned assets in leased sites (e.g., leasehold improvements) were determined using a discounted cash flow approach, based on the revised estimated useful lives of the related assets. Both measurement methodologies are considered Level 3 valuations. Impairment adjustments recognized upon disposition of a location are considered Level 2 valuations.
Fixed asset and leased asset impairments were immaterial for the years ended December 31, 2024, 2023, and 2022.
Level 3 Measurements
The following table provides information regarding the unobservable inputs utilized in determining the fair value of Level 3 recurring and nonrecurring measurements as of December 31, 2024 and 2023.

Table 8.23.4
UNOBSERVABLE INPUTS USED IN LEVEL 3 FAIR VALUE MEASUREMENTS
(Dollars in millions)Values Utilized
Level 3 ClassFair Value at December 31, 2024Valuation TechniquesUnobservable InputRangeWeighted Average (c)
Trading securities - SBA interest-only strips$23 Discounted cash flowConstant prepayment rate
16% - 30%
17%
Bond equivalent yield
3% - 18%
17%
Loans held for sale - residential real estate$16 Discounted cash flowPrepayment speeds - First mortgage
2% - 6%
3%
Foreclosure losses
63% - 71%
64%
Loss severity trends - First mortgage
0.0% - 0.2% of UPB
0.1%
Derivative liabilities, other$15 Discounted cash flowVisa covered litigation resolution amount
$3.1 billion - $4.1 billion
$3.8 billion
Probability of resolution scenarios
10% - 25%
18%
 Time until resolution
6 - 36 months
23 months
Loans and leases (a)$344 Appraisals from comparable propertiesMarketability adjustments for specific properties
0% - 25% of appraisal
NM
Other collateral valuationsBorrowing base certificates liquidation adjustment
25% - 50% of gross value
NM
 Financial Statements liquidation adjustment
50% - 100% of reported value
NM
Auction appraisals marketability adjustment
0% - 10% of reported value
NM
OREO (b)$3 Appraisals from comparable propertiesAdjustment for value changes since appraisal
0% - 10% of appraisal
NM
NM - Not meaningful
(a)Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for credit losses.
(b)Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government-insured mortgages.
(c)Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value.
(Dollars in millions)Values Utilized
Level 3 ClassFair Value at December 31, 2023Valuation TechniquesUnobservable InputRangeWeighted Average (c)
Trading securities - SBA interest-only strips$13 Discounted cash flowConstant prepayment rate
14% - 15%
14%
Bond equivalent yield
18% - 21%
18%
Loans held for sale - residential real estate$26 Discounted cash flowPrepayment speeds - First mortgage
2% - 7%
3%
Foreclosure losses
64% - 68%
65%
Loss severity trends - First mortgage
0.0% - 2.8% of UPB
1.6%
Derivative liabilities, other$23 Discounted cash flowVisa covered litigation resolution amount
$5.7 billion - $6.7 billion
$6.3 billion
Probability of resolution scenarios
10% - 25%
18%
Time until resolution
6 - 36 months
24 months
Loans and leases (a)$245 Appraisals from comparable propertiesMarketability adjustments for specific properties
0% - 25% of appraisal
NM
Other collateral valuationsBorrowing base certificates liquidation adjustment
25% - 50% of gross value
NM
Financial Statements liquidation adjustment
50% - 100% of reported value
NM
Auction appraisals marketability adjustment
0% - 10% of reported value
NM
OREO (b)$4 Appraisals from comparable propertiesAdjustment for value changes since appraisal
0% - 10% of appraisal
NM
Other assets (d)$90 Discounted cash flowAdjustments to current sales yields for specific properties
0% - 15% adjustment to yield
NM
Appraisals from comparable propertiesMarketability adjustments for specific properties
0% - 25% of appraisal
NM
NM - Not meaningful
(a)Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for credit losses.
(b)Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government-insured mortgages.
(c)Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value.
(d)Represents tax credit investments accounted for under the equity method.
Trading Securities - SBA interest-only strips
Increases (decreases) in estimated prepayment rates and bond equivalent yields negatively (positively) affect the value of SBA interest-only strips. Management additionally considers whether the loans underlying related SBA interest-only strips are delinquent, in default or prepaying, and adjusts the fair value down 20 - 100% depending on the length of time in default.
Loans held for sale
Foreclosure losses and prepayment rates are significant unobservable inputs used in the fair value measurement of FHN’s residential real estate loans held for sale. Loss severity trends are also assessed to evaluate the reasonableness of fair value estimates resulting from discounted cash flows methodologies as well as to estimate fair value for newly repurchased loans and loans that are near foreclosure. Significant increases (decreases) in any of these inputs in isolation would result in significantly lower (higher) fair value measurements. All observable and unobservable inputs are re-assessed quarterly.
Increases (decreases) in estimated prepayment rates and bond equivalent yields negatively (positively) affect the value of unguaranteed interests in SBA loans. Unguaranteed interest in SBA loans held for sale are carried at less than the outstanding balance due to credit risk estimates. Credit risk adjustments may be reduced if prepayment is likely, or as consistent payment history is realized. Management also considers other factors such as delinquency or default and adjusts the fair value accordingly.
Derivative liabilities
In conjunction with pre-2020 sales of Visa Class B shares, FHN and the purchasers entered into derivative transactions whereby FHN will make, or receive, cash payments whenever the conversion ratio of the Visa Class B shares into Visa Class A shares is adjusted. FHN uses a discounted cash flow methodology in order to estimate the fair value of FHN’s derivative liabilities associated with its prior sales of Visa Class B shares. The methodology includes estimation of both the resolution amount for Visa’s Covered Litigation matters as well as the length of time until the resolution occurs. Significant increases (decreases) in either of these inputs in isolation would result in significantly higher (lower) fair value measurements for the derivative liabilities. Additionally, FHN performs a probability weighted multiple resolution scenario to calculate the estimated fair value of these derivative liabilities. Assignment of higher (lower) probabilities to the larger potential resolution scenarios would result in an increase (decrease) in the estimated fair value of the derivative liabilities. Since this estimation process requires application of judgment in developing significant unobservable inputs used to determine the possible outcomes and the probability weighting assigned
to each scenario, these derivatives have been classified within Level 3 in fair value measurements disclosures.
Loans and leases and Other Real Estate Owned
Collateral-dependent loans and OREO are primarily valued using appraisals based on sales of comparable properties in the same or similar markets. Other collateral (receivables, inventory, equipment, etc.) is valued through borrowing base certificates, financial statements and/or auction valuations. These valuations are discounted based on the quality of reporting, knowledge of the marketability/collectability of the collateral and historical disposition rates.
Other assets – tax credit investments
Prior to 2024, the estimated fair value of tax credit investments accounted for under the equity method was generally determined in relation to the yield (i.e., future tax credits to be received) an acquirer of these investments expected in relation to the yields experienced on current new issue and/or secondary market transactions. Thus, as tax credits were recognized, the future yield to a market participant was reduced, resulting in consistent impairment of the individual investments. Individual investments were reviewed for impairment quarterly, which included the consideration of additional marketability discounts related to specific investments which typically included consideration of the underlying property’s appraised value.
Fair Value Option
FHN previously elected the fair value option on a prospective basis for substantially all types of mortgage loans originated for sale purposes. FHN determined that the election reduces certain timing differences and better matches changes in the value of such loans with changes in the value of derivatives and forward delivery commitments used as economic hedges for these assets at the time of election.
Repurchased loans relating to mortgage banking operations conducted prior to the IBKC merger are recognized within loans held for sale at fair value at the time of repurchase, which includes consideration of the credit status of the loans and the estimated liquidation value. FHN has elected to continue recognition of these loans at fair value in periods subsequent to reacquisition. Due to the credit-distressed nature of the vast majority of repurchased loans and the related loss severities experienced upon repurchase, FHN believes that the fair value election provides a more timely recognition of changes in value for these loans that occur subsequent to repurchase. Absent the fair value election, these loans would be subject to valuation at the LOCOM value, which would prevent subsequent values from exceeding the initial fair value, determined at the time of repurchase, but would require recognition of subsequent declines in value. Thus, the fair value election provides for a more
timely recognition of any potential future recoveries in asset values while not affecting the requirement to recognize subsequent declines in value.
The following table reflects the differences between the fair value carrying amount of residential real estate loans held for sale measured at fair value in accordance with management’s election and the aggregate unpaid principal amount FHN is contractually entitled to receive at maturity.
Table 8.23.5

DIFFERENCES BETWEEN FAIR VALUE CARRYING AMOUNTS AND CONTRACTUAL AMOUNTS OF RESIDENTIAL REAL ESTATE LOANS REPORTED AT FAIR VALUE
 December 31, 2024
(Dollars in millions)Fair value
carrying
amount		Aggregate
unpaid
principal		Fair value carrying amount
less aggregate unpaid
principal
Residential real estate loans held for sale reported at fair value:
Total loans$85 $89 $(4)
Nonaccrual loans3 5 (2)
 December 31, 2023
(Dollars in millions)Fair value
carrying
amount		Aggregate
unpaid
principal		Fair value carrying amount
less aggregate unpaid
principal
Residential real estate loans held for sale reported at fair value:
Total loans$68 $73 $(5)
Nonaccrual loans2 5 (3)
Loans 90 days or more past due and still accruing1 1 — 
Assets and liabilities accounted for under the fair value election are initially measured at fair value with subsequent changes in fair value recognized in earnings. Such changes in the fair value of assets and liabilities for which FHN elected the fair value option are included in current period earnings with classification in the income statement line item reflected in the following table.
Table 8.23.6
CHANGES IN FAIR VALUE RECOGNIZED IN NET INCOME
 Year Ended December 31,
(Dollars in millions)202420232022
Changes in fair value included in net income:
Mortgage banking noninterest income
Loans held for sale$1 $1 $(9)
For the years ended December 31, 2024, 2023 and 2022, the amount for residential real estate loans held for sale included an insignificant amount of gains in pre-tax earnings that are attributable to changes in instrument-specific credit risk. The portion of the fair value adjustments related to credit risk was determined based on estimated default rates and estimated loss severities. Interest income on residential real estate loans held for sale measured at fair value is calculated based on the note rate of the loan and is recorded in the interest income section of the Consolidated Statements of Income as interest on loans held for sale.
Determination of Fair Value
Fair values are based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following describes the assumptions and methodologies used to estimate the fair value of financial instruments recorded at fair value in the Consolidated Balance Sheets and for estimating the fair value of financial instruments for which fair value is disclosed.
Short-term financial assets
Federal funds sold, securities purchased under agreements to resell, and interest-bearing deposits with
other financial institutions and the Federal Reserve are carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization.
Trading securities and trading liabilities
Trading securities and trading liabilities are recognized at fair value through current earnings. Trading inventory held for broker-dealer operations is included in trading securities and trading liabilities. Broker-dealer long positions are valued at bid price in the bid-ask spread. Short positions are valued at the ask price. Inventory positions are valued using observable inputs including current market transactions, benchmark yields, credit spreads, and consensus prepayment speeds. Trading loans are valued using observable inputs including current market transactions, swap rates, mortgage rates, and consensus prepayment speeds.
Trading securities - SBA interest-only strips
Interest-only strips are valued at fair value based on an income approach using an internal valuation model. The internal valuation model includes assumptions regarding projections of future cash flows, prepayment rates, default rates and interest-only strip terms. These securities bear the risk of loan prepayment or default that may result in FHN not recovering all or a portion of its recorded investment. When appropriate, valuations are adjusted for various factors including default or prepayment status of the underlying SBA loans. Because of the inherent uncertainty of valuation, those estimated values may be higher or lower than the values that would have been used had a ready market for the securities existed and may change in the near term.
Securities available for sale and held to maturity
Valuations of debt securities are performed using observable inputs obtained from market transactions in similar securities. Typical inputs include benchmark yields, consensus prepayment speeds, and credit spreads. Trades from similar securities and broker quotes are used to support these valuations.
Loans held for sale
FHN determines the fair value of loans held for sale using either current transaction prices or discounted cash flow models. Fair values are determined using current transaction prices and/or values on similar assets when available, including committed bids for specific loans or loan portfolios. Uncommitted bids may be adjusted based on other available market information.
The fair value of residential real estate loans held for sale is determined using a discounted cash flow model that incorporates both observable and unobservable inputs. Inputs in the discounted cash flow model include current mortgage rates for similar products, estimated
prepayment rates, foreclosure losses, and various loan performance measures (delinquency, LTV, credit score). Adjustments for delinquency and other differences in loan characteristics are typically reflected in the model’s discount rates. Loss severity trends and the value of underlying collateral are also considered in assessing the appropriate fair value for severely delinquent loans and loans in foreclosure. The valuation of HELOCs also incorporates estimated cancellation rates for loans expected to become delinquent.
Non-mortgage consumer loans held for sale are valued using committed bids for specific loans or loan portfolios or current market pricing for similar assets with adjustments for differences in credit standing (delinquency, historical default rates for similar loans), yield, collateral values and prepayment rates. If pricing for similar assets is not available, a discounted cash flow methodology is utilized, which incorporates all of these factors into an estimate of investor required yield for the discount rate.
FHN utilizes quoted market prices of similar instruments or broker and dealer quotations to value the SBA and USDA guaranteed loans. FHN values SBA-unguaranteed interests in loans held for sale based on individual loan characteristics, such as industry type and pay history which generally follows an income approach. Furthermore, these valuations are adjusted for changes in prepayment estimates and are reduced due to restrictions on trading. The fair value of other non-residential real estate loans held for sale is approximated by their carrying values based on current transaction values.
Mortgage loans held for investment at fair value option
The fair value of mortgage loans held for investment at fair value option is determined by a third party using a discounted cash flow model using various assumptions about future loan performance (constant prepayment rate, constant default rate and loss severity trends) and market discount rates.
Loans held for investment
The fair values of mortgage loans are estimated using an exit price methodology that is based on present values using the interest rate that would be charged for a similar loan to a borrower with similar risk, weighted for varying maturity dates and adjusted for a liquidity discount based on the estimated time period to complete a sale transaction with a market participant.
Other loans and leases are valued based on present values using the interest rate that would be charged for a similar instrument to a borrower with similar risk, applicable to each category of instruments, and adjusted for a liquidity discount based on the estimated time period to complete a sale transaction with a market participant.
For loans measured using the estimated fair value of collateral less costs to sell, fair value is estimated using appraisals of the collateral. Collateral values are monitored and additional write-downs are recognized if it is determined that the estimated collateral values have declined further. Estimated costs to sell are based on current amounts of disposal costs for similar assets. Carrying value is considered to reflect fair value for these loans.
Derivative assets and liabilities
The fair value for forwards and futures contracts is based on current transactions involving identical securities. Futures contracts are exchange-traded and thus have no credit risk factor assigned as the risk of non-performance is limited to the clearinghouse used.
Valuations of other derivatives (primarily interest rate contracts) are based on inputs observed in active markets for similar instruments. Typical inputs include benchmark yields, option volatility and option skew. Centrally cleared derivatives are discounted using SOFR as required by clearinghouses. In measuring the fair value of these derivative assets and liabilities, FHN has elected to consider credit risk based on the net exposure to individual counterparties. Credit risk is mitigated for these instruments through the use of mutual margining and master netting agreements as well as collateral posting requirements. For derivative contracts with daily cash margin requirements that are considered settlements, the daily margin amount is netted within derivative assets or liabilities. Any remaining credit risk related to interest rate derivatives is considered in determining fair value through evaluation of additional factors such as client loan grades and debt ratings. Foreign currency related derivatives also utilize observable exchange rates in the determination of fair value. The determination of fair value for FHN’s derivative liabilities associated with its prior sales of Visa Class B shares are classified within Level 3 in the fair value measurements disclosure as previously discussed in the unobservable inputs discussion.
The fair value of risk participations is determined in reference to the fair value of the related derivative contract between the borrower and the lead bank in the participation structure, which is determined consistent with the valuation process discussed above. This value is adjusted for the pro rata portion of the reference derivative’s notional value and an assessment of credit risk for the referenced borrower.
OREO
OREO primarily consists of properties that have been acquired in satisfaction of debt. These properties are carried at the lower of the outstanding loan amount or estimated fair value less estimated costs to sell the real estate. Estimated fair value is determined using appraised
values with subsequent adjustments for deterioration in values that are not reflected in the most recent appraisal.
Other assets
For disclosure purposes, other assets consist of tax credit investments, FRB and FHLB Stock, deferred compensation mutual funds and equity investments (including other mutual funds) with readily determinable fair values. For periods prior to 2024, tax credit investments accounted for under the equity method were written down to estimated fair value quarterly based on the estimated value of the associated tax credits which incorporated estimates of required yield for hypothetical investors. Subsequent to 2023, the fair value of tax credit investments is estimated using recent transaction information with adjustments for differences in individual investments. Deferred compensation mutual funds are recognized at fair value, which is based on quoted prices in active markets. Investments in the stock of the Federal Reserve Bank and Federal Home Loan Banks are recognized at historical cost in the Consolidated Balance Sheets which is considered to approximate fair value. Investments in mutual funds are measured at the funds’ reported closing net asset values. Investments in equity securities are valued using quoted market prices when available.
Defined maturity deposits
The fair value of these deposits is estimated by discounting future cash flows to their present value. Future cash flows are discounted by using the current market rates of similar instruments applicable to the remaining maturity. For disclosure purposes, defined maturity deposits include all time deposits.
Short-term financial liabilities
The fair value of federal funds purchased, securities sold under agreements to repurchase, and other short-term borrowings are approximated by the book value. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization.
Loan commitments
Fair values of these commitments are based on fees charged to enter into similar agreements taking into account the remaining terms of the agreements and the counterparties’ credit standing.
Other commitments
Fair values of these commitments are based on fees charged to enter into similar agreements.
The following fair value estimates are determined as of a specific point in time utilizing various assumptions and estimates. The use of assumptions and various valuation techniques, as well as the absence of secondary markets for certain financial instruments, reduces the
comparability of fair value disclosures between financial institutions. Due to market illiquidity, the fair values for loans and leases, loans held for sale, and term borrowings as of December 31, 2024 and 2023 involve the use of significant internally developed pricing assumptions for certain components of these line items. The assumptions and valuations utilized for this disclosure are considered to reflect inputs that market participants would use in transactions involving these instruments as of the measurement date. The valuations of legacy assets,
particularly consumer loans and TRUPs loans within the Corporate segment, are influenced by changes in economic conditions since origination and risk perceptions of the financial sector. These considerations affect the estimate of a potential acquirer’s cost of capital and cash flow volatility assumptions from these assets and the resulting fair value measurements may depart significantly from FHN’s internal estimates of the intrinsic value of these assets.
Assets and liabilities that are not financial instruments — such as premises and equipment, goodwill, other intangible assets such as the value of long-term relationships with deposit and trust clients, deferred taxes, and certain other assets and other liabilities — have not been included in the following table. Additionally, the fair value measurements presented in the following table are solely for financial instruments as of the measurement date and do not consider the earnings potential of our various business lines. Accordingly, the total of the fair value amounts does not represent, and should not be construed to represent, the underlying value of FHN.
The following table summarizes the book value and estimated fair value of financial instruments recorded in the Consolidated Balance Sheets as of December 31, 2024 and 2023.
BOOK VALUE AND ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS
December 31, 2024
 Book
Value		Fair Value
(Dollars in millions) Level 1Level 2Level 3Total
Assets:
Loans and leases, net of allowance for loan and lease losses
Commercial:
Commercial, financial and industrial$33,083 $— $— $32,511 $32,511 
Commercial real estate14,194 — — 13,894 13,894 
Consumer:
Consumer real estate 13,826 — — 13,262 13,262 
Credit card and other647 — — 657 657 
Total loans and leases, net of allowance for loan and lease losses61,750 — — 60,324 60,324 
Short-term financial assets:
Interest-bearing deposits with banks1,538 1,538 — — 1,538 
Federal funds sold59 — 59 — 59 
Securities purchased under agreements to resell572 — 572 — 572 
Total short-term financial assets2,169 1,538 631 — 2,169 
Trading securities (a)1,387 — 1,364 23 1,387 
Loans held for sale:
Mortgage loans (elected fair value) (a)85 — 69 16 85 
USDA & SBA loans - LOCOM439 — 439 — 439 
Mortgage loans - LOCOM27 — — 27 27 
Total loans held for sale551 — 508 43 551 
Securities available for sale (a) 7,896 — 7,896 — 7,896 
Securities held to maturity1,270 — 1,083 — 1,083 
Derivative assets (a)531 8 523 — 531 
Other assets:
Tax credit investments706 — — 692 692 
Deferred compensation mutual funds111 111 — — 111 
Equity, mutual funds, and other (b)289 35 — 254 289 
Total other assets1,106 146 — 946 1,092 
Total assets$76,660 $1,692 $12,005 $61,336 $75,033 
Liabilities:
Defined maturity deposits$6,613 $— $6,591 $— $6,591 
Trading liabilities (a)550 — 550 — 550 
Short-term financial liabilities:
Federal funds purchased259 — 259 — 259 
Securities sold under agreements to repurchase2,096 — 2,096 — 2,096 
Other short-term borrowings1,045 — 1,045 — 1,045 
Total short-term financial liabilities3,400 — 3,400 — 3,400 
Term borrowings:
Real estate investment trust-preferred47 — — 47 47 
Term borrowings—new market tax credit investments74 — — 70 70 
Secured borrowings37 — — 37 37 
Junior subordinated debentures151 — — 142 142 
Other long-term borrowings886 — 866 — 866 
Total term borrowings1,195 — 866 296 1,162 
Derivative liabilities (a)671 6 650 15 671 
Total liabilities$12,429 $6 $12,057 $311 $12,374 
(a)Classes are detailed in the recurring measurement table.
(b)Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $51 million and FRB stock of $203 million.
 December 31, 2023
 Book
Value		Fair Value
(Dollars in millions)Level 1Level 2Level 3Total
Assets:
Loans and leases, net of allowance for loan and lease losses
Commercial:
Commercial, financial and industrial$32,294 $— $— $31,673 $31,673 
Commercial real estate14,044 — — 13,831 13,831 
Consumer:
Consumer real estate13,417 — — 12,605 12,605 
Credit card and other764 — — 742 742 
Total loans and leases, net of allowance for loan and lease losses60,519 — — 58,851 58,851 
Short-term financial assets:
Interest-bearing deposits with banks1,328 1,328 — — 1,328 
Federal funds sold200 — 200 — 200 
Securities purchased under agreements to resell519 — 519 — 519 
Total short-term financial assets2,047 1,328 719 — 2,047 
Trading securities (a)1,412 — 1,399 13 1,412 
Loans held for sale:
Mortgage loans (elected fair value) (a)68 — 42 26 68 
USDA & SBA loans - LOCOM406 — 407 — 407 
Mortgage loans - LOCOM28 — — 28 28 
Total loans held for sale502 — 449 54 503 
Securities available for sale (a)8,391 — 8,391 — 8,391 
Securities held to maturity1,323 — 1,161 — 1,161 
Derivative assets (a)577 9 568 — 577 
Other assets:
Tax credit investments665 — — 653 653 
Deferred compensation mutual funds102 102 — — 102 
Equity, mutual funds, and other (b)261 34 — 227 261 
Total other assets1,028 136 — 880 1,016 
Total assets$75,799 $1,473 $12,687 $59,798 $73,958 
Liabilities:
Defined maturity deposits$6,804 $— $6,851 $— $6,851 
Trading liabilities (a)509 — 509 — 509 
Short-term financial liabilities:
Federal funds purchased302 — 302 — 302 
Securities sold under agreements to repurchase1,921 — 1,921 — 1,921 
Other short-term borrowings326 — 326 — 326 
Total short-term financial liabilities2,549 — 2,549 — 2,549 
Term borrowings:
Real estate investment trust-preferred47 — — 47 47 
Term borrowings—new market tax credit investments65 — — 60 60 
Secured borrowings3 — — 3 3 
Junior subordinated debentures150 — — 150 150 
Other long-term borrowings885 — 824 — 824 
Total term borrowings1,150 — 824 260 1,084 
Derivative liabilities (a)699 10 666 23 699 
Total liabilities$11,711 $10 $11,399 $283 $11,692 
(a)Classes are detailed in the recurring measurement table.
(b)Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $24 million and FRB stock of $203 million.
The following table presents the contractual amount and fair value of unfunded loan commitments and standby and other commitments as of December 31, 2024 and 2023.
Table 8.23.8
UNFUNDED COMMITMENTS
 Contractual AmountFair Value
(Dollars in millions)December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Unfunded Commitments:
Loan commitments$20,992 $24,579 $1 $1 
Standby and other commitments753 746 9 8 
v3.25.0.1
Parent Company Financial Information
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Information Parent Company Financial Information
Following are statements of the parent company.
Parent Company Balance Sheets
Balance SheetsDecember 31,
(Dollars in millions)20242023
Assets:  
Cash$837 $854 
Notes receivable3 3 
Investments in subsidiaries:
Bank8,487 8,658 
Non-bank61 49 
Other assets251 256 
Total assets$9,639 $9,820 
Liabilities and equity:  
Accrued employee benefits and other liabilities$473 $324 
Term borrowings350 500 
Total liabilities823 824 
Total equity8,816 8,996 
Total liabilities and equity$9,639 $9,820 
Parent Company Statements of Income
Year Ended December 31,
(Dollars in millions)202420232022
Dividend income:   
Bank$1,110 $220 $435 
Non-bank— — 16 
Total dividend income1,110 220 451 
Other income 1 226 22 
Total income1,111 446 473 
Interest expense - term borrowings15 21 31 
Personnel and other expense111 114 128 
Total expense126 135 159 
Income before income taxes985 311 314 
Income tax expense (benefit)(27)24 (31)
Income before equity in undistributed net income (loss) of subsidiaries1,012 287 345 
Equity in undistributed net income (loss) of subsidiaries:   
Bank(238)613 561 
Non-bank1 (3)(6)
Net income attributable to the controlling interest$775 $897 $900 
Parent Company Statements of Cash Flows
Year Ended December 31,
(Dollars in millions)202420232022
Operating activities:
Net income$775 $897 $900 
Less undistributed net income (loss) of subsidiaries(237)610 555 
Income before undistributed net income (loss) of subsidiaries1,012 287 345 
Adjustments to reconcile income to net cash provided by operating activities:
    Deferred income tax expense15 8 7 
    Stock-based compensation expense59 36 76 
    Gain on sale of title services business— — (22)
    Other operating activities, net(18)— 2 
Total adjustments56 44 63 
Net cash provided by operating activities1,068 331 408 
Investing activities:
Proceeds from sales and prepayments of securities 3 21 8 
Purchases of securities(1)(1)(1)
(Investment in) return on subsidiary(9)(10)13 
Proceeds from business divestitures, net— — 22 
Net cash (used in) provided by investing activities(7)10 42 
Financing activities:
Proceeds from issuance of preferred stock— — 494 
Call of preferred stock(100)— — 
Cash dividends paid - preferred stock(29)(32)(32)
Common stock:
    Stock options exercised 9 5 36 
    Cash dividends paid(332)(335)(324)
    Repurchase of shares(626)(10)(13)
Repayment of term borrowings— (450)— 
Net cash (used in) provided by financing activities(1,078)(822)161 
Net (decrease) increase in cash and cash equivalents(17)(481)611 
Cash and cash equivalents at beginning of year854 1,335 724 
Cash and cash equivalents at end of year$837 $854 $1,335 
Total interest paid$26 $33 $35 
Income taxes received from (paid to) subsidiaries60 (46)42 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 775 $ 897 $ 900
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Overview
As mentioned immediately above, FHN's operational risk function is divided into several risk areas. Each area has been established at the corporate level to address risks in that area across the entire organization. One of those areas—information technology ("IT") risk—includes cybersecurity risk management.
As FHN manages it, IT risk includes cybersecurity risk, which in turn includes the risks from cyber fraud, cyber theft, cyber vandalism, cyber ransom, data and system security, and other unauthorized incursions into FHN's IT systems. IT risk management also includes IT system reliability, data integrity, IT aspects of regulatory compliance, and risks associated with the use of artificial intelligence tools and systems. The discussion in this section focuses on cybersecurity. Additional information on this topic is presented in Cybersecurity Risks within Item 1A beginning on page 35.
Key Cybersecurity Risk Management Goals
Cybersecurity risk management has two primary goals: defend FHN and its clients from fraudulent and other unauthorized incursions; and, when an incursion happens, detect and respond as soon as practical. The optimal cybersecurity program will defend as much as is practical while also detecting rapidly those incursions that get through.
Management Structure & Key Processes
Operational risk is managed by FHN's Operational Risk ("Op Risk") Committee. Members of the Op Risk Committee include senior-level representatives from these teams or departments: Enterprise Risk Management, Operations, Model Risk, Enterprise Data, Enterprise Technology, Enterprise Technology Risk Management, Credit and Credit Risk Management, Legal, Security, Internal Audit, Deposit & Loan Operations, Retail and Digital Banking, Regional Bank Products, Mortgage Banking, Accounting, and Fixed Income/Bond Trading. The Op Risk Committee reports to FHN's Management Risk Committee, which is headed by FHN's Chief Risk Officer, who reports to FHN's Chief Executive Officer.
IT risk is managed by the IT Risk Working Group, overseen by the Op Risk Committee. The IT Risk Working Group meets quarterly to discuss emerging cyber risks, regulatory changes, vendor risk, audits, and outstanding-issue resolution. The Group also provides updates to the Op Risk Committee on IT aspects of compliance, policies, and security standards. Members of the IT Risk Working Group include the head of Enterprise Technology along with personnel from nearly all of the teams and departments represented in Op Risk.
FHN also has a Cybersecurity Working Group. The Cybersecurity Working Group, which is outside of the risk
management hierarchy, meets quarterly. Its primary functions are to provide cybersecurity awareness to the executive leadership team and to provide high-level support if a significant cybersecurity event occurs. In connection with awareness, (a) external vendors, consultants, law enforcement, and other persons are invited to speak on industry-wide cybersecurity topics to provide an independent view of external threats facing the industry; and (b) members of the Enterprise Technology team provide updates regarding how FHN is addressing current risks and threats. The Cybersecurity Working Group includes: FHN's CEO; the heads of FHN's banking segments; the heads of Risk Management, Enterprise Technology, Security, Operations, and Legal; and senior personnel in the other teams and departments represented in the IT Risk Working Group.
Key leaders within these committees and groups and for these processes are FHN's Chief Information Officer and Chief Information Security Officer. The Chief Information Officer has substantial banking, IT, and related experience: had roles at FHN since 2009 related to IT and data systems culminating in CIO since 2020; prior to joining FHN, had roles at a large regional bank, including technology leader of the bank's electronic payments platform related to treasury management and enterprise IT architect; and, earned an MS in computer science as well as an MBA. The Chief Information Security Officer has over twenty years of banking, IT, and related experience: oversees information security and many related systems and processes; has established risk-based security programs to meet regulatory requirements and align with business needs; and has implemented numerous data protection, data access, and identity management systems.
FHN has a written Computer Security Incident Response Plan ("CSIRP") outlining FHN's incident response and communication processes. FHN's Chief Information Security Officer or certain other managers have the authority to initiate the execution of the CSIRP if an incident occurs. A working group called the Computer Security Incident Response Team has primary responsibility to implement or coordinate many of the CSIRP actions, along with FHN's IT Risk Working Group. Key goals of the CSIRP are to: contain, remediate, and recover; mitigate impact on FHN and clients; report findings to Op Risk and other senior management; and manage external communications. The Cybersecurity Working Group is informed of incidents that appear to have a significant risk of becoming material.
FHN engages third-party vendors to conduct several periodic cybersecurity reviews: Network Penetration testing; Cyber Security Maturity Assessment; Red Team (simulated cyber-attack) testing; SOX (financial reporting controls and data integrity) testing; and, PCI-DSS (proprietary data security standard for payment systems)
attestation of compliance and SOC 1 Type II reports (attesting to the design and operation of cybersecurity systems) for lockbox and electronic bill pay. The frequency of these reviews ranges from several times per year to every three years. FHN also has a cybersecurity incident specialty firm on retainer for incident response, as needed.
FHN has a dedicated Third-Party Risk Management ("TPRM") department reporting to the Chief Risk Officer. TPRM engages the IT Risk and Control Team to perform cybersecurity assessments for new vendors during onboarding, re-assessments of existing vendors on a risk-based cadence, and continuous monitoring of critical third parties.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] As FHN manages it, IT risk includes cybersecurity risk, which in turn includes the risks from cyber fraud, cyber theft, cyber vandalism, cyber ransom, data and system security, and other unauthorized incursions into FHN's IT systems. IT risk management also includes IT system reliability, data integrity, IT aspects of regulatory compliance, and risks associated with the use of artificial intelligence tools and systems. The discussion in this section focuses on cybersecurity.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Board Oversight
The Board's Risk Committee oversees all risk management functions for the enterprise, including operational risk, IT risk, and cybersecurity risk. The Risk Committee, as well as the full Board, each quarter receives a risk management update from FHN's Chief Risk Officer. Each update includes a written presentation covering all major risk areas, including operational risk, and each is supported by a detailed Enterprise Risk Report which is available to all directors. Major topics in the operational risk portion of the Enterprise Risk Report each quarter include fraud and related incidents; process management, which includes
many processes related to cybersecurity defenses; and information security, which addresses core cybersecurity processes and incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Risk Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Board's Risk Committee oversees all risk management functions for the enterprise, including operational risk, IT risk, and cybersecurity risk. The Risk Committee, as well as the full Board, each quarter receives a risk management update from FHN's Chief Risk Officer. Each update includes a written presentation covering all major risk areas, including operational risk, and each is supported by a detailed Enterprise Risk Report which is available to all directors. Major topics in the operational risk portion of the Enterprise Risk Report each quarter include fraud and related incidents; process management, which includes
many processes related to cybersecurity defenses; and information security, which addresses core cybersecurity processes and incidents.
Cybersecurity Risk Role of Management [Text Block]
FHN also has a Cybersecurity Working Group. The Cybersecurity Working Group, which is outside of the risk
management hierarchy, meets quarterly. Its primary functions are to provide cybersecurity awareness to the executive leadership team and to provide high-level support if a significant cybersecurity event occurs. In connection with awareness, (a) external vendors, consultants, law enforcement, and other persons are invited to speak on industry-wide cybersecurity topics to provide an independent view of external threats facing the industry; and (b) members of the Enterprise Technology team provide updates regarding how FHN is addressing current risks and threats. The Cybersecurity Working Group includes: FHN's CEO; the heads of FHN's banking segments; the heads of Risk Management, Enterprise Technology, Security, Operations, and Legal; and senior personnel in the other teams and departments represented in the IT Risk Working Group.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
FHN also has a Cybersecurity Working Group. The Cybersecurity Working Group, which is outside of the risk
management hierarchy, meets quarterly. Its primary functions are to provide cybersecurity awareness to the executive leadership team and to provide high-level support if a significant cybersecurity event occurs. In connection with awareness, (a) external vendors, consultants, law enforcement, and other persons are invited to speak on industry-wide cybersecurity topics to provide an independent view of external threats facing the industry; and (b) members of the Enterprise Technology team provide updates regarding how FHN is addressing current risks and threats. The Cybersecurity Working Group includes: FHN's CEO; the heads of FHN's banking segments; the heads of Risk Management, Enterprise Technology, Security, Operations, and Legal; and senior personnel in the other teams and departments represented in the IT Risk Working Group.
Key leaders within these committees and groups and for these processes are FHN's Chief Information Officer and Chief Information Security Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Chief Information Officer has substantial banking, IT, and related experience: had roles at FHN since 2009 related to IT and data systems culminating in CIO since 2020; prior to joining FHN, had roles at a large regional bank, including technology leader of the bank's electronic payments platform related to treasury management and enterprise IT architect; and, earned an MS in computer science as well as an MBA. The Chief Information Security Officer has over twenty years of banking, IT, and related experience: oversees information security and many related systems and processes; has established risk-based security programs to meet regulatory requirements and align with business needs; and has implemented numerous data protection, data access, and identity management systems.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
FHN has a written Computer Security Incident Response Plan ("CSIRP") outlining FHN's incident response and communication processes. FHN's Chief Information Security Officer or certain other managers have the authority to initiate the execution of the CSIRP if an incident occurs. A working group called the Computer Security Incident Response Team has primary responsibility to implement or coordinate many of the CSIRP actions, along with FHN's IT Risk Working Group. Key goals of the CSIRP are to: contain, remediate, and recover; mitigate impact on FHN and clients; report findings to Op Risk and other senior management; and manage external communications. The Cybersecurity Working Group is informed of incidents that appear to have a significant risk of becoming material.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting
Basis of Accounting
The consolidated financial statements of FHN, including its subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America and follow general practices within the industries in which it operates. This preparation requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions are based on information available as of the date of the financial statements and could differ from actual results.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of FHN and other entities in which it has a controlling financial interest. Variable interest entities for which FHN or a subsidiary has been determined to be the primary beneficiary are also consolidated. Affiliates for which FHN is not considered the primary beneficiary and in which FHN does not have a controlling financial interest are accounted for under the equity method. These investments are included in other assets, and FHN’s proportionate share of income or loss is included in noninterest income. All significant intercompany transactions and balances have been eliminated.
Revenues
Revenues
Revenue is recognized when the performance obligations under the terms of a contract with a client are satisfied in an amount that reflects the consideration FHN expects to be entitled. FHN derives a significant portion of its revenues from fee-based services. Noninterest income from transaction-based fees is generally recognized immediately upon completion of the transaction. Noninterest income from service-based fees is generally recognized over the period in which FHN provides the service. Any services performed over time generally require that FHN render services each period and, therefore, FHN measures progress in completing these services based upon the passage of time and recognizes revenue as invoiced.
Following is a discussion of FHN's key revenues within the scope of ASC 606, "Revenue from Contracts with Customers," except as noted.
Fixed Income
Fixed income includes fixed income securities sales, trading, and strategies, as well as loan sales and derivative sales, which are not within the scope of revenue from contracts with customers. Fixed income also includes investment banking fees earned for services related to
underwriting debt securities and performing portfolio advisory services. FHN's performance obligation for underwriting services is satisfied on the trade date, while the performance obligation for advisory services is satisfied over time.
Mortgage Banking Income
Mortgage banking income includes mortgage servicing income, mortgage loan originations and sales, derivative settlements, as well as any changes in fair value recorded on mortgage loans and derivatives. Mortgage banking income from 1) the sale of loans, 2) the settlement of derivatives, 3) changes in the fair value of loans, derivatives, and servicing rights, and 4) the servicing of loans is not within the scope of revenue from contracts with customers. Prior to the sale of the title insurance business during 2022, mortgage banking income also included title income, which was earned when FHN fulfilled its performance obligation at the point in time when the services were completed.
Deposit Transactions and Cash Management
Deposit transactions and cash management activities include fees for services related to consumer and commercial deposit products (such as service charges on checking accounts), cash management products and services such as electronic transaction processing (Automated Clearing House and Electronic Data Interchange), account reconciliation services, cash vault services, lockbox processing, and information reporting to large corporate clients. FHN's obligation for transaction-based services is satisfied at the time of the transaction when the service is delivered, while FHN's obligation for service-based fees is satisfied over the course of each month.
Brokerage, Management Fees and Commissions
Brokerage, management fees and commissions include fees for portfolio management, trade commissions, and annuity and mutual fund sales. Asset-based management fees are charged based on the market value of the client’s assets. The services associated with these revenues, which include investment advice and active management of client assets, are generally performed and recognized over a month or quarter. Transactional revenues are based on the size and number of transactions executed at the client’s direction and are generally recognized on the trade date.
Trust Services and Investment Management
Trust services and investment management fees include investment management, personal trust, employee benefits, and custodial trust services. Obligations for trust services are generally satisfied over time but may be
satisfied at points in time for certain activities that are transactional in nature.
Card and Digital Banking Fees
Card and digital banking fees include credit interchange and network revenues and various card-related fees. Interchange income is recognized concurrently with the delivery of services on a daily basis. Card-related fees such as late fees, currency conversion, and cash advance fees are loan-related and excluded from the scope of ASC 606.
Contract Balances
As of December 31, 2024 and 2023, accounts receivable related to products and services on noninterest income were $14 million and $13 million, respectively. For the year ended December 31, 2024, FHN had no material impairment losses on noninterest accounts receivable, and there were no material contract assets, contract liabilities, or deferred contract costs recorded on the Consolidated Balance Sheets as of December 31, 2024. Credit risk is assessed on these accounts receivable each reporting period, and the amount of estimated uncollectible receivables is not material.
Transaction Price Allocated to Remaining Performance Obligations
For the year ended December 31, 2024, revenue recognized from performance obligations related to prior periods was not material. Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less and contracts where revenue is recognized as invoiced, is not material.
Statement of Cash Flows
Statements of Cash Flows
For purposes of these statements, cash and due from banks, federal funds sold, and securities purchased under agreements to resell are considered cash and cash equivalents. Federal funds are usually sold for one-day periods, and securities purchased under agreements to resell are short-term, highly liquid investments.
Interest-Bearing Deposits with Banks
Interest-Bearing Deposits With Banks
Interest-bearing deposits with banks primarily consist of funds on deposit with the Federal Reserve and collateral posted with derivative counterparties. Interest is earned at overnight rates.
Debt and Equity Investment Securities
Debt Investment Securities
Debt securities that may be sold prior to maturity are classified as AFS and are carried at fair value. The unrealized gains and losses on debt securities AFS, including securities for which no credit impairment exists, are excluded from earnings and are reported, net of tax,
as a component of other comprehensive income within shareholders’ equity and the Consolidated Statements of Comprehensive Income. Debt securities which management has the intent and ability to hold to maturity are reported at amortized cost. See Note 23 - Fair Value of Assets and Liabilities for additional information. Realized gains and losses (i.e., from sales) for debt investment securities are determined by the specific identification method and reported in noninterest income.
The evaluation of credit risk for HTM debt securities mirrors the process described below for loans held for investment. AFS debt securities are reviewed for potential credit impairment at the individual security level. The evaluation of credit risk includes consideration of third-party and government guarantees (both explicit and implicit), senior or subordinated status, credit ratings of the issuer, the effects of interest rate changes since purchase, and observable market information such as issuer-specific credit spreads. Credit losses for AFS debt securities are generally recognized through establishment of an allowance for credit losses that cannot exceed the amount by which amortized cost exceeds fair value. Charge-offs are recorded as reductions of the security’s amortized cost and the credit allowance. Subsequent improvements in estimated credit losses result in reduction of the credit allowance, but not beyond zero. However, if FHN has the intent to sell or if it is more-likely-than-not that it will be compelled to sell a security with an unrecognized loss, the difference between the security's carrying value and fair value is recognized through earnings and a new amortized cost basis is established for the security (i.e., no allowance for credit losses is recognized).
FHN has elected to exclude accrued interest receivable from the fair value and amortized cost basis on debt securities when assessing whether these securities have experienced credit impairment. Additionally, FHN has elected to not measure an allowance for credit losses on AIR for debt securities based on its policy to write off uncollectible interest in a timely manner, which generally occurs when delinquency reaches no more than 90 days for all security types. Any such write-offs are recognized as a reduction of interest income. AIR for debt securities is included within other assets in the Consolidated Balance Sheets.
Equity Investments
Equity investments are classified in other assets. Banks organized under state law may apply to be members of the Federal Reserve System. Each member bank is required to own stock in its regional Federal Reserve Bank. Given this requirement, FRB stock may not be sold, traded, or pledged as collateral for loans. Membership in the Federal Home Loan Bank network requires ownership of capital stock. Member banks are entitled to borrow funds from the FHLB and are required to pledge mortgage loans as collateral. Investments in the FHLB are non-
transferable and, generally, membership is maintained primarily to provide a source of liquidity as needed. FRB and FHLB stock are recorded at cost and are subject to impairment reviews. FHN's subsidiary, First Horizon Bank, was a state member bank throughout 2024.
Other equity investments primarily consist of mutual funds, which are marked to fair value through earnings, and equity investments without a readily determinable fair value, which are recorded at cost minus impairment, with adjustments through earnings for observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
Federal Funds Sold and Purchased
Federal Funds Sold and Purchased
Federal funds sold and purchased represent unsecured overnight funding arrangements between participants in the Federal Reserve system primarily to assist banks in meeting their regulatory cash reserve requirements. Federal funds sold are evaluated for credit risk each reporting period. Due to the short duration of each transaction and the history of no credit losses, no credit loss has been recognized.
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
FHN purchases short-term securities under agreements to resell, which are accounted for as collateralized financings except where FHN does not have an agreement to sell the same or substantially the same securities before maturity at a fixed or determinable price. All of FHN’s securities purchased under agreements to resell are recognized as collateralized financings. Securities delivered under these transactions are delivered to either the dealer custody account at the FRB or to the applicable counterparty. Securities sold under agreements to repurchase are offered to cash management clients as an automated, collateralized investment account. Securities sold under agreements to repurchase are also used by the consumer or commercial bank to obtain favorable borrowing rates on its purchased funds. All of FHN's securities sold under agreements to repurchase are secured borrowings.
Collateral is valued daily and FHN may require counterparties to deposit additional securities or cash as collateral, or FHN may return cash or securities previously pledged by counterparties, or FHN may be required to post additional securities or cash as collateral, based on the contractual requirements for these transactions.
FHN’s fixed income business utilizes securities borrowing arrangements as part of its trading operations. Securities borrowing transactions generally require FHN to deposit cash with the securities lender. The amount of cash advanced is recorded within securities purchased under agreements to resell in the Consolidated Balance Sheets. These transactions are not considered purchases and the securities borrowed are not recognized by FHN. FHN does not conduct securities lending transactions.
Securities purchased under agreements to resell and securities borrowing arrangements are evaluated for credit risk each reporting period. As presented in Note 22 - Master Netting and Similar Agreements - Repurchase, Reverse Repurchase, and Securities Borrowing Transactions, these agreements are collateralized by the related securities and collateral maintenance provisions with counterparties, including replenishment and adjustment on a transaction-specific basis. This collateral includes both the securities collateral for each transaction as well as offsetting securities sold under agreements to repurchase with the same counterparty. Given the history of no credit losses and collateralized nature of these transactions, no credit loss has been recognized.
Loans Held-for-Sale
Loans Held for Sale
Loans originated or purchased for which management lacks the intent to hold are included in loans held for sale in the Consolidated Balance Sheets. FHN generally accounts for loans held for sale at the lower of amortized cost or market value, with an exception for certain mortgage loans held for sale and repurchased loans that are not government insured which are accounted for under the fair value option of reporting.
•Fair Value Option Election. These loans consist of originated fixed-rate single-family residential mortgage loans that are committed to be sold in the secondary market. Gains and losses on these mortgage loans are included in mortgage banking income.
•Other loans held for sale. For these loans, gains on sale are recognized through noninterest income. Net unrealized losses, if any, are recognized through a valuation allowance that is also recorded as a charge to noninterest income.
Loans and Leases, Purchased Credit-Deteriorated Loans
Loans and Leases
Generally, loans are stated at principal amounts outstanding, net of unearned income. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs as well as premiums and discounts are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs, premiums and discounts are recognized in interest income upon early repayment of the loans. Loan commitment fees are generally deferred and amortized on a straight-line basis over the commitment period.
Equipment financing leases to commercial clients are primarily classified as direct financing and sales-type leases. Equipment financing leases are reported at the net lease investment, which represents the sum of minimum lease payments over the lease term and the estimated residual value, less unearned interest income. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to
originate the lease are deferred and recognized as an adjustment of the yield on the lease.
FHN has elected to exclude accrued interest receivable from the amortized cost basis on its held-for-investment loan portfolio. FHN has also elected to not measure an allowance for credit losses on AIR for loans held for investment based on its policy to write off uncollectible interest in a timely manner, which occurs when a loan is placed on nonaccrual status. Such write-offs are recognized as a reduction of interest income. AIR for held-for-investment loans is included within other assets in the Consolidated Balance Sheets.
Purchased Credit-Deteriorated Loans
At the time of acquisition, FHN evaluates all acquired loans to determine if they have experienced a more-than-insignificant deterioration in credit quality since origination. PCD loans can be identified on either an 1) individual or a 2) pooled basis when the loans share similar risk characteristics. FHN evaluates various absolute factors to assist in the identification of PCD loans, including criteria such as existing PCD status, risk rating of special mention or lower, nonaccrual or impaired status, identification of prior loan modifications, and delinquency status. FHN also utilizes relative factors to identify PCD loans, such as commercial loan grade migration, expansion of borrower credit spreads, declines in external
risk ratings and changes in consumer loan characteristics (e.g., FICO decline or LTV increase). In addition, factors reflective of broad economic considerations are also considered in identifying PCD loans. These include industry, collateral type, and the geographic location of the borrower’s operations. Internal factors for the origination of new loans that are similar to the acquired loans are also evaluated to assess loans for PCD status, including increases in required yields, the necessity of borrowers providing additional collateral and/or guarantees, and changes in acceptable loan duration. Other indicators may also be used to evaluate loans for PCD status depending on borrower-specific communications and actions, such as public statements, initiation of loan modification discussions, and obtaining emergency funding from alternate sources.
Upon acquisition, the expected credit losses are allocated to the purchase price of individual PCD loans to determine each individual asset's amortized cost basis, typically resulting in a reduction of the discount that is accreted prospectively to interest income. At the acquisition date and prospectively, only the unpaid principal balance is incorporated within the estimation of expected credit losses for PCD loans. Otherwise, the process for estimation of expected credit losses is consistent with that discussed below. As discussed below, FHN applies undiscounted cash flow methodologies for the estimation of expected credit losses, which results in the calculated amount of credit losses at acquisition that is added to the amortized cost basis of the related PCD loans to exceed the discounted value of estimated credit losses included in the loan valuation.
For PCD loans where all or a portion of the loan balance has been previously written off, or would be subject to write-off under FHN’s charge-off policy, the initial ALLL included as part of the grossed-up loan balance at acquisition was immediately written off, resulting in a zero period-end allowance balance and no impact on the ALLL rollforward.
Nonaccrual and Past Due Loans
Nonaccrual and Past Due Loans
Generally, loans are placed on nonaccrual status if it becomes evident that full collection of principal and interest is at risk, impairment has been recognized as a partial charge-off of principal balance due to insufficient collateral value and past due status, or on a case-by-case basis if FHN continues to receive payments, but there are other borrower-specific issues. Consumer loans are generally placed into nonaccrual status no later than 90 days past due.
•Residential real estate loans discharged through Chapter 7 bankruptcy and not reaffirmed by the borrower (“discharged bankruptcies”) are placed on nonaccrual. They are not returned to accrual status even if current and performing in the future.
•Current second-lien residential real estate loans that are junior to first liens are placed on nonaccrual status if in bankruptcy.
When commercial and consumer loans within each portfolio segment and class are placed on nonaccrual status, accrued but uncollected interest is reversed and charged against interest income. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral is sufficient to recover the principal balance and accrued interest. Interest payments received on nonaccrual loans are normally applied to outstanding principal first. Once all principal has been received, additional interest payments are recognized on a cash basis as interest income.
Generally, commercial and consumer loans within each portfolio segment and class that have been placed on nonaccrual status can be returned to accrual status if all principal and interest is current and FHN expects full repayment of the remaining contractual principal and interest. This typically requires that a borrower make payments in accordance with the contractual terms for a sustained period of time (generally for a minimum of six months) before being returned to accrual status.
Residential real estate loans discharged through Chapter 7 bankruptcy and not reaffirmed by the borrower are not returned to accrual status. For current second liens that have been placed on nonaccrual because the first lien is
90 or more days past due, the second lien may be returned to accrual upon pay-off or cure of the first lien.
Charge-offs
Charge-offs
For all commercial and consumer loan portfolio segments, all losses of principal are charged to the ALLL in the period in which the loan is deemed to be uncollectible.
For consumer loans, the timing of a full or partial charge-off generally depends on the loan type and delinquency status. Generally, for the consumer real estate segment, a loan will be either partially or fully charged off when it becomes 180 days past due. At this time, if the collateral value does not support foreclosure, balances are fully charged off and other avenues of recovery are pursued. If the collateral value supports foreclosure, the loan is charged down to net realizable value (collateral value less estimated costs to sell) and is placed on nonaccrual status. For residential real estate loans discharged in Chapter 7 bankruptcy and not reaffirmed by the borrower, the fair value of the collateral position is assessed at the time FHN is made aware of the discharge and the loan is charged down to the net realizable value (collateral value less estimated costs to sell). Within the credit card and other portfolio segment, credit cards are normally charged off upon reaching 120 days past due. Other non-real estate consumer loans are charged off or partially charged off upon reaching 120 days past due.
For acquired PCD loans where all or a portion of the loan balance had been charged off prior to acquisition, and for which active collection efforts are still underway, the ALLL recorded at acquisition is immediately charged off if required by FHN’s existing charge off policy. Additionally, FHN is required to consider its existing policies in determining whether to charge off any financial assets, regardless of whether a charge-off was recorded by the predecessor company. The initial ALLL recognized on PCD assets includes the gross-up of the loan balance reduced by immediate charge-offs for loans previously charged off by the predecessor company or which meet FHN’s charge-off policy on the date of acquisition. Charge-offs against the allowance related to such acquired PCD loans do not result in an income statement impact.
Allowance for Credit Losses
Allowance for Credit Losses
The nature of the process by which FHN determines the appropriate ACL requires the exercise of considerable judgment. The ACL is determined in accordance with ASC 326-20, "Financial Instruments—Credit Losses," which was adopted on January 1, 2020. See Note 4 - Allowance for Credit Losses for a discussion of FHN’s ACL methodology and a description of the models utilized in the estimation process for the commercial and consumer loan portfolios.
Future adjustments to the ACL may be necessary if economic or other conditions differ substantially from the assumptions used in making the estimates or, if required by regulators, based upon information at the time of their examinations or upon future regulatory guidance. Such adjustments to original estimates, as necessary, are made in the period in which these factors and other relevant
considerations indicate that loss levels vary from previous estimates.
Management's estimate of expected credit losses in the loan and lease portfolio is recorded in the ALLL and the reserve for unfunded lending commitments, together referred to as the ACL. The ACL is maintained at a level that management determines is appropriate to absorb current expected credit losses in the loan and lease portfolio and unfunded lending commitments.
Management uses analytical models to estimate expected credit losses in the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. The models are carefully reviewed to identify trends that may not be captured in the modeled loss estimates. Management uses qualitative adjustments for those items not reflected in the modeled loss information such as recent changes from the macroeconomic forecasts utilized in model calculations, results of additional stressed modeling scenarios, observed and/or expected changes affecting borrowers in specific industries or geographic areas, exposure to large lending relationships, and expected recoveries of prior charge-offs. Qualitative adjustments are also used to accommodate for the imprecision of certain assumptions and uncertainties inherent in the model calculations as well as to align certain differences in models used by acquired loan portfolios to the methodologies described herein. Loans accounted for at elected fair value are excluded from CECL measurements.
The ALLL is increased by the provision for loan and lease losses and is decreased by loan charge-offs. Credit loss estimation is based on the amortized cost of loans, which includes the following:
1.Unpaid principal balance for originated assets or acquisition price for purchased assets
2.Accrued interest (see elections discussed previously)
3.Accretion or amortization of premium, discount, and net deferred fees or costs
4.Collection of cash
5.Charge-offs
Premiums, discounts, and net deferred origination costs/fees affect the calculated amount of expected credit losses, but they are not considered when determining the amount of expected credit losses that are recorded.
Under CECL, a loan must be pooled when it shares similar risk characteristics with other loans. Loans that do not share similar risk characteristics are evaluated individually. Expected credit loss is estimated for the remaining life of loan(s), which is limited to the remaining contractual term(s), adjusted for prepayment estimates, which are included as separate inputs into modeled loss estimates. Renewals and extensions are not anticipated unless they
are included in existing loan documentation and are not unconditionally cancellable by the lender. However, prior to January 1, 2023, losses were estimated over the estimated remaining life of reasonably expected TDRs which could extend beyond the current remaining contractual term.
Management has developed multiple current expected credit losses models which segment the loan and lease portfolio by borrower type and loan or lease type to estimate expected lifetime expected credit losses for loans and leases that share similar risk characteristics. Estimates of expected credit losses incorporate consideration of available information that is relevant to assessing the collectability of future cash flows. This includes internal and external information relating to past events, current conditions, and reasonable and supportable forecasts of future conditions. FHN utilizes internal and external historical loss information, as applicable, for all available historical periods as the initial point for estimating expected credit losses. Given the duration of historical information available, FHN considers its internal loss history to fully incorporate the effects of prior credit cycles dating back to the Great Recession. The historical loss information may be adjusted in situations where current loan characteristics (e.g., underwriting criteria) differ from those in existence at the time the historical losses occurred. Historical loss information is also adjusted for differences in economic conditions, macroeconomic forecasts and other factors management considers relevant over a period extending beyond the measurement date which is considered reasonable and supportable.
FHN generally measures expected credit losses using undiscounted cash flow methodologies. Credit enhancements (e.g., guarantors) that are not freestanding are considered in the estimation of uncollectible cash flows. Estimation of expected credit losses for loan agreements involving collateral maintenance provisions includes consideration of the value of the collateral and replenishment requirements, with the maximum loss limited to the difference between the amortized cost of the loan and the fair value of the collateral. Expected credit losses for loans for which foreclosure is probable are measured at the fair value of collateral, less estimated costs to sell when disposition through sale is anticipated. Additionally, for borrowers experiencing financial difficulty, certain loans are valued at the fair value of collateral when repayment is expected to be provided substantially through the operation of the collateral. The fair value of the collateral is reduced for estimated costs to sell when repayment is expected through sale of the collateral. Prior to January 1, 2023, expected credit losses for TDRs were measured in accordance with ASC 310-40, which generally required a discounted cash flow methodology, whereby the loans were measured based on the present value of expected future payments
discounted at the loan’s original effective interest rate. Subsequent to December 31, 2022, in accordance with the provisions of ASU 2022-02, FHN has ceased recognition of TDRs and no longer performs discounted cash flow calculations for these loans to estimate expected credit losses. FHN now monitors and discloses information associated with modifications to borrowers experiencing financial difficulty. For both commercial and consumer portfolio segments, an adjustment to the ACL is generally not recorded at the time of modification because FHN includes these modified loans in its quantitative loss estimation processes. In the event of principal forgiveness, which primarily occurs for commercial loan workouts and consumer loans experiencing bankruptcy, FHN records the reduction in expected collectible principal balance as a charge-off against the ALLL.
Expected recoveries of previously charged-off amounts are also included as a qualitative adjustment in the estimation of expected credit losses, which reduces the amount of the allowance recognized. Estimates of recoveries on previously charged-off assets included in the allowance for loan losses do not exceed the aggregate of amounts previously written off and expected to be written off for an individual loan or pool.
Since CECL requires the estimation of credit losses for the entire expected life of loans, loss estimates are highly sensitive to changes in macroeconomic forecasts, especially when those forecasts change dramatically in short time periods. Additionally, under CECL credit loss estimates are more likely to increase rapidly in periods of loan growth.
Expected credit losses for unfunded commitments are estimated for periods where the commitment is not unconditionally cancellable by FHN. The measurement of expected credit losses for unfunded commitments mirrors that of loans with the additional estimate of future draw rates (timing and amount). The liability for credit losses inherent in lending-related commitments, such as letters of credit and unfunded loan commitments, is included in other liabilities on the Consolidated Balance Sheets and established through a charge to the provision for credit losses.
Premises and Equipment
Premises and Equipment
Premises and equipment are carried at cost less accumulated depreciation and amortization and include additions that materially extend the useful lives of existing premises and equipment. All other maintenance and repair expenditures are expensed as incurred. Premises and equipment held for sale are generally valued at appraised values which reference recent disposition values for similar property types but also consider marketability discounts for vacant properties. The valuations of premises and equipment held for sale are reduced by estimated costs to sell. Impairments, and any subsequent recoveries, are recorded in noninterest
expense. Gains and losses on dispositions are reflected in noninterest income and expense, respectively.
Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the assets and are recorded as noninterest expense. Leasehold improvements are amortized over the lesser of the lease periods or the estimated useful lives using the straight-line method. Useful lives utilized in determining depreciation for furniture, fixtures, and equipment and for buildings are three years to fifteen years and seven years to forty-five years, respectively.
Other Real Estate Owned
Other Real Estate Owned
Real estate acquired by foreclosure or other real estate-owned consists of properties that have been acquired in satisfaction of debt. These properties are carried at the lower of the outstanding loan amount or estimated fair value less estimated costs to sell the real estate. At the time acquired, and in conjunction with the transfer from loans to OREO, there is a charge-off against the ALLL if the estimated fair value less costs to sell is less than the loan’s cost basis. Subsequent declines in fair value and gains or losses on dispositions, if any, are charged to other expense on the Consolidated Statements of Income.
Required developmental costs associated with acquired property under construction are capitalized and included in determining the estimated net realizable value of the property, which is reviewed periodically, and any write-downs are charged against current earnings.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill represents the excess of cost over net assets of acquired businesses less identifiable intangible assets. On an annual basis, or more frequently if necessary, FHN assesses goodwill for impairment. Other intangible assets primarily represent client lists and relationships, acquired contracts, covenants not to compete and premiums on purchased deposits, which are amortized over their estimated useful lives. Intangible assets related to acquired deposit bases are primarily amortized over 10 years using an accelerated method. Management evaluates whether events or circumstances have occurred that indicate the remaining useful life or carrying value of amortizing intangibles should be revised. Other intangibles also include smaller amounts of non-amortizing intangibles for state banking licenses.
Servicing Rights and Transfers of Financial Assets
Servicing Rights
FHN recognizes the rights to service mortgage and other loans as separate assets, which are recorded in other assets in the Consolidated Balance Sheets, when purchased or when servicing is contractually separated from the underlying loans by sale with servicing rights retained. For loan sales with servicing retained, a servicing right, generally an asset, is recorded at fair value at the time of sale for the right to service the loans sold. All servicing rights are identified by class and amortized over
the remaining life of the loan with periodic reviews for impairment.
Transfers of Financial Assets
Transfers of financial assets, or portions thereof which meet the definition of a participating interest, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when 1) the assets have been legally isolated from FHN, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to FHN, and 3) FHN does not maintain effective control over the transferred assets. If the transfer does not satisfy all three criteria, the transaction is recorded as a secured borrowing. If the transfer is accounted for as a sale, the transferred assets are derecognized from FHN’s balance sheet and a gain or loss on sale is recognized. If the transfer is accounted for as a secured borrowing, the transferred assets remain on FHN’s balance sheet and the proceeds from the transaction are recognized as a liability.
Derivative Financial Instruments
Derivative Financial Instruments
FHN accounts for derivative financial instruments in accordance with ASC 815, which requires recognition of all derivative instruments on the balance sheet as either an asset or liability measured at fair value through adjustments to either accumulated other comprehensive income within shareholders’ equity or current earnings. Fair value is defined as the price that would be received to sell a derivative asset or paid to transfer a derivative liability in an orderly transaction between market participants on the transaction date. Fair value is determined using available market information and appropriate valuation methodologies. FHN has elected to present its derivative assets and liabilities gross on the Consolidated Balance Sheets. Amounts of collateral posted or received have not been netted with the related derivatives unless the collateral amounts are considered legal settlements of the related derivative positions. See Note 21 - Derivatives for discussion on netting of derivatives.
FHN prepares written hedge documentation identifying the risk management objective and designating the derivative instrument as a fair value hedge or cash flow hedge, as applicable, or as a free-standing derivative instrument entered into as an economic hedge or to meet clients’ needs. All transactions designated as ASC 815 hedges must be assessed at inception and on an ongoing basis as to the effectiveness of the derivative instrument in offsetting changes in fair value or cash flows of the hedged item. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recognized currently in earnings. For a cash flow hedge, changes in the fair value of the derivative instrument are recorded in accumulated other
comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. For fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of effectiveness is recorded to the same financial statement line item (e.g., interest expense) used to present the earnings effect of the hedged item. For cash flow hedges, the entire fair value change of the hedging instrument that is included in the assessment of hedge effectiveness is initially recorded in other comprehensive income and later recycled into earnings as the hedged transaction(s) affect net income with the income statement effects recorded in the same financial statement line item used to present the earnings effect of the hedged item (e.g., interest income). For free-standing derivative instruments, changes in fair values are recognized currently in earnings. See Note 21 - Derivatives for additional information.
Cash flows from derivative contracts are reported as operating activities on the Consolidated Statements of Cash Flows.
Leases, Lessee
Leases
At inception, all arrangements are evaluated to determine if they contain a lease, which is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Control is deemed to exist when a lessor has granted and a lessee has received both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset throughout the period of use.
Lessee
As a lessee, FHN recognizes lease (right-of-use) assets and lease liabilities for all leasing arrangements with lease terms that are greater than one year. The lease asset and lease liability are recognized at the present value of estimated future lease payments, including estimated renewal periods, with the discount rate reflecting a fully-collateralized rate matching the estimated lease term. Renewal options are included in the estimated lease term if they are considered reasonably certain of exercise. Periods covered by termination options are included in the lease term if it is reasonably certain they will not be exercised. Additionally, prepaid or accrued lease payments, lease incentives and initial direct costs related to lease arrangements are recognized within the right-of-use asset. Each lease is classified as a financing or operating lease which depends on the relationship of the lessee’s rights to the economic value of the leased asset. For finance leases, interest on the lease liability is recognized separately from amortization of the right-of-use asset in earnings, resulting in higher expense in the earlier portion of the lease term. For operating leases, a single lease cost is calculated so that the cost of the lease is allocated over the lease term on a generally straight-line
basis. Substantially all of FHN’s lessee arrangements are classified as operating leases. For leases with a term of 12 months or less, FHN does not recognize lease assets and lease liabilities and expense is generally recognized on a straight-line basis over the lease term.
Lease assumptions and classification are reassessed upon the occurrence of events that result in changes to the estimated lease term or consideration. Modifications to lease contracts are evaluated to determine 1) if a right to use an additional asset has been obtained, 2) if only the lease term and/or consideration have been revised, or 3) if a full or partial termination has occurred. If an additional right-of-use asset has been obtained, the modification is treated as a separate contract and its classification is evaluated as a new lease arrangement. If only the lease term or consideration are changed, the lease liability is revalued with an offset to the lease asset and the lease classification is re-assessed. If a modification results in a full or partial termination of the lease, the lease liability is revalued through earnings along with a proportionate reduction in the value of the related lease asset and subsequent expense recognition is similar to a new lease arrangement.
Lease assets are evaluated for impairment when triggering events occur, such as a change in management intent regarding the continued occupation of the leased space. If a lease asset is impaired, it is written down to the present value of estimated future cash flows and the prospective expense recognition for that lease follows the accelerated expense recognition methodology applicable to finance leases, even if it remains classified as an operating lease.
Sublease arrangements are accounted for consistent with the lessor accounting described below. Sublease arrangements are evaluated to determine if changes to estimates for the primary lease are warranted or if the sublease terms reflect impairment of the related lease asset.
Lease assets are recognized in other assets and lease liabilities are recognized in other liabilities in the Consolidated Balance Sheets. Since substantially all of its leasing arrangements relate to real estate, FHN records lease expense, and any related sublease income, within net occupancy expense in the Consolidated Statements of Income.
Leases, Lessor
Leases
At inception, all arrangements are evaluated to determine if they contain a lease, which is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Control is deemed to exist when a lessor has granted and a lessee has received both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset throughout the period of use.
Lessor
As a lessor, FHN also evaluates its lease arrangements to determine whether a finance lease or an operating lease exists and utilizes the rate implicit in the lease arrangement as the discount rate to calculate the present value of future cash flows. Depending upon the terms of the individual agreements, finance leases represent either sales-type or direct financing leases, both of which require de-recognition of the asset being leased with offsetting recognition of a lease receivable that is evaluated for
impairment similar to loans. Other than equipment leases entered into as part of commercial lease financing arrangements, all of FHN's lessor arrangements are considered operating leases.
Lease income for operating leases is recognized over the life of the lease, generally on a straight-line basis. Lease incentives and initial direct costs are capitalized and amortized over the estimated life of the lease. Lease income is not significant for any reporting periods and is classified as a reduction of net occupancy expense in the Consolidated Statements of Income.
Tax Credit Investments
Tax Credit Investments
Commencing in 2024 with the adoption of ASU 2023-02 (see discussion below), FHN has elected to apply the proportional amortization method ("PAM") to all qualifying equity investments generating low income housing tax credits, new markets tax credits and historic tax credits. Under the PAM, the initial cost of a qualifying equity investment is amortized in proportion to the tax credits and other tax benefits received and recognizes the net investment performance as a component of income tax expense. Prior to 2024, FHN’s election to apply the PAM was limited by then-existing GAAP to qualifying equity investments generating low income housing tax credits. Prior to 2024, low income housing tax credit equity investments that did not qualify for the PAM, along with new markets tax credit equity investments and historic tax credit equity investments, were accounted for using the equity method.
FHN has elected to utilize the deferral method for investments that generate investment tax credits. This includes both renewable energy tax credit investments and historic tax credit equity investments that do not qualify for the proportional amortization method. Under this approach, the investment tax credits are recorded as an offset to the related investment on the balance sheet. Credit amounts are recognized in earnings over the life of the investment within the same income or expense accounts as used for the investment.
Advertising and Public Relations
Advertising and Public Relations
Advertising and public relations costs are generally expensed as incurred.
Income Taxes
Income Taxes
FHN accounts for income taxes using the asset and liability method pursuant to ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, FHN’s deferred tax assets and liabilities are determined based on differences between financial statement carrying amounts and the corresponding tax basis of certain assets and liabilities using enacted tax rates in effect for the year in which the
differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in income in the period that includes the enactment date.
Additionally, DTAs are subject to a “more likely than not” test to determine whether the full amount of the DTAs should be recognized in the financial statements. FHN evaluates the likelihood of realization of the DTA based on both positive and negative evidence available at the time, including (as appropriate) scheduled reversals of DTLs, projected future taxable income, tax planning strategies, and recent financial performance. If the “more likely than not” test is not met, a valuation allowance must be established against the DTA. In the event FHN determines that DTAs are realizable in the future in excess of their net recorded amount, FHN would make an adjustment to the valuation allowance, which would reduce income tax expense.
FHN records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which 1) it is determined whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and 2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority is recognized. FHN's ASC 740 policy is to recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. Accrued interest and penalties are included within the related tax asset or liability line in the Consolidated Balance Sheets.
FHN and its eligible subsidiaries are included in a consolidated federal income tax return. FHN files separate returns for subsidiaries that are not eligible to be included in a consolidated federal income tax return. Based on the laws of the applicable state where it conducts business operations, FHN either files consolidated, combined, or separate returns.
Earnings per Share
Earnings per Share
Earnings per share is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding for each period. Diluted earnings per share in net income periods is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding adjusted to include the number of additional common shares that would have been outstanding if the potential dilutive common shares resulting from performance shares and units, restricted shares and units, and options granted under FHN’s equity compensation plans and deferred compensation arrangements had been issued. FHN utilizes the treasury stock method in this calculation. Diluted earnings per share does not reflect an adjustment for potentially
dilutive shares in periods in which a net loss available to common shareholders exists.
Equity Compensation
Equity Compensation
FHN accounts for its employee stock-based compensation plans using the grant date fair value of an award to determine the expense to be recognized over the life of the award. Stock options are valued using an option-pricing model, such as Black-Scholes. Restricted and performance shares and share units are valued at the stock price on the grant date. For awards with service vesting criteria, expense is recognized using the straight-line method over the requisite service period (generally the vesting period). Forfeitures are recognized when they occur. For awards vesting based on a performance measure, anticipated performance is projected to determine the number of awards expected to vest, and the corresponding aggregate expense is adjusted to reflect the elapsed portion of the performance period. If a performance period extends beyond the required service term, total expense is adjusted for changes in estimated achievement through the end of the performance period. Some performance awards include a total shareholder return modifier (“TSR Modifier”) that operates after determination of the performance criteria, affecting only the quantity of awards issued if the minimum performance threshold is attained. The effect of the TSR Modifier is considered in the grant date fair value of the related performance awards. The fair value of equity awards with cash payout requirements, as well as awards for which fair value cannot be estimated at grant date, is remeasured each reporting period through vesting date. Performance awards with pre-grant date achievement criteria are expensed over the period from the start of the performance period through the end of the service vesting term. Awards are amortized using the nonsubstantive vesting methodology, which requires that expense associated with awards having only service vesting criteria that continue vesting after retirement be recognized over a period ending no later than an associate’s retirement eligibility date.
Cash settled awards with payouts partially or fully based on changes in share price are accounted for as liability awards and are remeasured based on changes in their fair value until the end of the performance period. Compensation cost for each reporting period is based on the change in the fair value of the award within each reporting period adjusted for the portion of required service that occurred during the reporting period.
Repurchase and Foreclosure Provision
Repurchase and Foreclosure Provision
The repurchase and foreclosure provision is the charge to earnings necessary to maintain the liability at a level that reflects management’s best estimate of losses associated with the repurchase of loans previously transferred in whole loans sales or securitizations or make-whole requests as of the balance sheet date. See Note 16 -
Contingencies and Other Disclosures for discussion related to FHN’s obligations to repurchase such loans.
Legal Costs
Legal Costs
Generally, legal costs are expensed as incurred. Costs related to equity issuances are netted against capital surplus. Costs related to debt issuances are included in debt issuance costs that are recorded within term borrowings. Costs related to equity issuances are recorded as a reduction of the proceeds from the related issuance.
Contingency Accruals
Contingency Accruals
Contingent liabilities arise in the ordinary course of business, including those related to lawsuits, arbitration, mediation, and other forms of litigation. FHN establishes loss contingency liabilities for matters when loss is both probable and reasonably estimable in accordance with ASC 450-20-50, “Contingencies – Accruals for Loss Contingencies.” If loss for a matter is probable and a range of possible loss outcomes is the best estimate available, accounting guidance generally requires a liability to be established at the low end of the range. Expected recoveries from insurance and indemnification arrangements are recognized if they are considered equally as probable and reasonably estimable as the related loss contingency up to the recognized amount of the estimated loss. Gain contingencies and expected recoveries from insurance and indemnification arrangements in excess of the associated recorded estimated losses are generally recognized when received. Recognized recoveries are recorded as offsets to the related expense in the Consolidated Statements of Income. The favorable resolution of a gain contingency generally results in the recognition of other income in the Consolidated Statements of Income. Contingencies assumed in business combinations are evaluated through the end of the one-year post-closing measurement period. If the acquisition-date fair value of the contingency can be determined during the measurement period, recognition occurs as part of the acquisition-date fair value of the acquired business. If the acquisition-date fair value of the contingency cannot be determined, but loss is considered probable as of the acquisition date and can be reasonably estimated within the measurement period, then the estimated amount is recorded within acquisition accounting. If the requirements for inclusion of the contingency as part of the acquisition are not met, subsequent recognition of the contingency is included in earnings.
Business Combinations
Business Combinations
Assets and liabilities acquired in business combinations are generally recognized at their fair values as of the acquisition date, with the related transaction costs expensed in the period incurred. Specified items such as net investment in leases as lessor, acquired operating lease assets and liabilities as lessee, employee benefit plans and income-tax related balances are recognized in
accordance with accounting guidance that results in measurements that may differ from fair value. FHN may record provisional amounts at the time of acquisition based on available information. The provisional valuation estimates may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Business combinations are included in the financial statements from the respective dates of acquisition. Adjustments recorded during the measurement period are recognized in the current reporting period.
The excess of purchase price over the valuation of specifically identified assets and liabilities is recorded as goodwill. In certain circumstances the net values of assets and liabilities acquired may exceed the purchase price, which is recognized within noninterest income as a purchase accounting gain.
Summary of Accounting Changes, Accounting Changes Issued But Not Currently Effective and SEC Final Rule
Summary of Accounting Changes
ASU 2020-04, 2021-01, and 2022-06
In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” which provides several optional expedients and exceptions to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The provisions of ASU 2020-04 primarily affect 1) contract modifications (e.g., loans, leases, debt, and derivatives) made in anticipation that a reference rate (e.g., LIBOR) will be discontinued and 2) the application of hedge accounting for existing relationships affected by those modifications. The provisions of ASU 2020-04 were effective upon release and apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Including the adoption of ASU 2022-06 (discussed below), the expedients and exceptions provided by ASU 2020-04 do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.
FHN identified contracts affected by reference rate reform, developed modification plans for those contracts and implemented those modifications before the last quotation of LIBOR on June 30, 2023. FHN elected to utilize the optional expedients and exceptions provided by ASU 2020-04 for contract modifications that immediately converted the reference rate within each contract. FHN also elected that revisions to contractual fallback provisions, including modifications in accordance with the provisions of Regulation ZZ, did not require evaluation for
modification accounting. Additionally, FHN elected that the revisions to derivative contracts implemented by central clearinghouses to convert centrally cleared derivative contracts from LIBOR to SOFR plus an appropriate spread adjustment were not considered changes requiring assessment for modification accounting.
During the transition period, for cash flow hedges that reference 1-Month USD LIBOR, FHN applied expedients related to 1) the assumption of probability of cash flows when reference rates are changed on hedged items 2) avoiding dedesignation when critical terms (i.e., reference rates) change and 3) the allowed assumption of shared risk exposure for hedged items. Additionally, for its cash flow hedges that reference 1-Month Term SOFR, FHN applied expedients related to 1) the allowed assumption of shared risk exposure for hedged items and 2) multiple allowed assumptions of conformity between hedged items and the hedging instrument when assessing effectiveness. FHN continued to utilize these expedients and exceptions through the final cash flows affected by the quotation of LIBOR.
In accordance with the provisions of ASU 2020-04, effective immediately after the end of the transition period for its cash flow hedges (i.e., no more cash flows were affected by LIBOR), FHN elected that the cessation of effectiveness assessments under the transition guidance and subsequent initiation of hedge effectiveness assessments under ASC 815 did not require dedesignation of the hedge relationships.
In December 2022, the FASB issued ASU 2022-06, "Deferral of the Sunset Date of Topic 848" which extends the transition window for ASU 2020-04 from December 31, 2022 to December 31, 2024, consistent with key USD LIBOR tenors continuing to be published through June 30, 2023.
In January 2021, the FASB issued ASU 2021-01, "Scope" to expand the scope of ASU 2020-04 to apply to certain contract modifications that were implemented in October 2020 by derivative clearinghouses for the use of the Secured Overnight Funding Rate ("SOFR") in discounting, margining and price alignment for centrally cleared derivatives, including derivatives utilized in hedging relationships. ASU 2021-01 also applies to derivative contracts affected by the change in discounting convention regardless of whether they are centrally cleared (i.e., bilateral contracts can also be modified) and regardless of whether they reference LIBOR. ASU 2021-01 was effective immediately upon issuance with retroactive application permitted. FHN elected to retroactively apply the provisions of ASU 2021-01 because FHN's centrally cleared derivatives were affected by the change in discounting convention and because FHN has other bilateral derivative contracts that may be modified to conform to the use of SOFR for discounting. Adoption did
not have a significant effect on FHN's reported financial condition or results of operations.
All applicable asset, liability and equity instruments had transitioned from LIBOR by the end of 2024.
ASU 2023-02
In March 2023, the FASB issued ASU 2023-02, “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” which permits investors to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax provision (benefit). Prior to ASU 2023-02, the proportional amortization method was only available to qualifying low income housing equity investments. An investor is required to make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis. An investor that applies the proportional amortization method to qualifying tax equity investments must account for the receipt of the investment tax credits using the flow-through method, even if the entity applies the deferral method for other investment tax credits received. ASU 2023-02 also requires specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method.
ASU 2023-02 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Adoption of ASU 2023-02 is applied on either a modified retrospective (cumulative catch up) or a retrospective (restatement of prior years) basis. FHN has assessed the applicability of ASU 2023-02 to its tax credit program equity investments, determined that its New Markets Tax Credit and Historic Tax Credit programs qualified, and made the proportional method election for them. The use of the proportional amortization method continued for FHN's Low Income Housing Tax Credits program. Upon adoption of ASU 2023-02, FHN recognized a cumulative effect adjustment that increased retained earnings by $8 million, net of tax, on January 1, 2024.
The adoption of ASU 2023-02 resulted in a revision to FHN’s accounting policy for equity investments in tax credit programs. After adoption, FHN’s election to utilize the deferral method for investments that generate Investment Tax Credits is made subsequent to the determination of whether a tax credit program will apply the proportional amortization method.
ASU 2023-07
In November 2023, the FASB issued ASU 2023-07, "Improvements to Reportable Segment Disclosures" that requires public entities to provide disclosures of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The ASU requires a public entity to disclose, for each reportable segment, the significant expense categories and amounts that are regularly provided to the chief operating decision-maker ("CODM") and included in each reported measure of a segment's profit or loss. ASU 2023-07 also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.
ASU 2023-07 was effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. FHN adopted ASU 2023-07 as of December 31, 2024 and its requirements have been applied retrospectively to all periods presented in Note 19 — Business Segment Information.
Accounting Changes Issued But Not Currently Effective
ASU 2023-09
In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures" to enhance transparency and decision usefulness of income tax disclosures. The provisions of this ASU require disaggregated information about a reporting entity's effective tax rate reconciliation in both percentages and reporting currency amounts. Certain categories of reconciling items are required by the ASU with additional categories required if a specified quantitative threshold is met. Reporting entities are also required to provide a qualitative discussion of the primary state and local jurisdictions for income taxes and the type of reconciling categories. ASU 2023-09 also requires disaggregation of income taxes paid by jurisdiction.
For public business entities, ASU 2023-09 is effective for annual periods beginning after December 31, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. FHN is currently assessing the impact of adopting ASU 2023-09 on its income tax disclosures.
ASU 2024-03
In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses" that requires tabular disclosure, on an annual and interim basis, of additional disaggregated information about prescribed expense categories if they are present in any expense caption on the face of the income statement within continuing operations. The prescribed categories
applicable to FHN are employee compensation, depreciation, and intangible asset amortization. Other required expense disclosures must be included in the tabular disclosure when they are included in the same income statement caption as a prescribed expense category. ASU 2024-03 also requires disclosure of the total amount of selling expenses and, annually, an entity’s definition of selling expenses.
ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. The guidance is required to be applied prospectively. Early adoption and retrospective application are permitted. FHN is currently assessing the effects of adopting ASU 2024-03 on its financial statement disclosures.
SEC Final Rule
In March 2024, the SEC adopted final rules, “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Climate Disclosures Rules”) to require registrants to disclose certain climate-
related information in registration statements and annual reports. Information required for inclusion within the footnotes to the financial statements for severe weather events and other natural conditions includes 1) income statement effects before insurance recoveries above 1% of pre-tax income/loss, 2) balance sheet effects above 1% of shareholders’ equity, and 3) certain carbon offsets and renewable energy credits. Qualitative discussion is also required for material impacts on financial estimates and assumptions that are due to severe weather events and other natural conditions or disclosed climate-related targets or transition plans.
In April 2024, the SEC issued a stay of the Climate Disclosures Rules pending the completion of judicial review of various legal challenges. Therefore, the actual timing of the implementation of the Climate Disclosure Rules, if sustained through the judicial process and not withdrawn by the SEC, is uncertain. FHN is assessing the potential effects of the Climate Disclosure Rules on its financial statements.
Determination of Fair Value Fair Value of Assets and Liabilities
FHN groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. This hierarchy requires FHN to maximize the use of observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Each fair value measurement is placed into the proper level based on the lowest level of significant input. These levels are:
•Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets.
•Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices
for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
•Level 3—Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, and similar techniques.
Nonrecurring Fair Value Measurements
From time to time, FHN may be required to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market ("LOCOM") accounting or write-downs of individual assets.
Trading Securities - SBA interest-only strips
Increases (decreases) in estimated prepayment rates and bond equivalent yields negatively (positively) affect the value of SBA interest-only strips. Management additionally considers whether the loans underlying related SBA interest-only strips are delinquent, in default or prepaying, and adjusts the fair value down 20 - 100% depending on the length of time in default.
Loans held for sale
Foreclosure losses and prepayment rates are significant unobservable inputs used in the fair value measurement of FHN’s residential real estate loans held for sale. Loss severity trends are also assessed to evaluate the reasonableness of fair value estimates resulting from discounted cash flows methodologies as well as to estimate fair value for newly repurchased loans and loans that are near foreclosure. Significant increases (decreases) in any of these inputs in isolation would result in significantly lower (higher) fair value measurements. All observable and unobservable inputs are re-assessed quarterly.
Increases (decreases) in estimated prepayment rates and bond equivalent yields negatively (positively) affect the value of unguaranteed interests in SBA loans. Unguaranteed interest in SBA loans held for sale are carried at less than the outstanding balance due to credit risk estimates. Credit risk adjustments may be reduced if prepayment is likely, or as consistent payment history is realized. Management also considers other factors such as delinquency or default and adjusts the fair value accordingly.
Derivative liabilities
In conjunction with pre-2020 sales of Visa Class B shares, FHN and the purchasers entered into derivative transactions whereby FHN will make, or receive, cash payments whenever the conversion ratio of the Visa Class B shares into Visa Class A shares is adjusted. FHN uses a discounted cash flow methodology in order to estimate the fair value of FHN’s derivative liabilities associated with its prior sales of Visa Class B shares. The methodology includes estimation of both the resolution amount for Visa’s Covered Litigation matters as well as the length of time until the resolution occurs. Significant increases (decreases) in either of these inputs in isolation would result in significantly higher (lower) fair value measurements for the derivative liabilities. Additionally, FHN performs a probability weighted multiple resolution scenario to calculate the estimated fair value of these derivative liabilities. Assignment of higher (lower) probabilities to the larger potential resolution scenarios would result in an increase (decrease) in the estimated fair value of the derivative liabilities. Since this estimation process requires application of judgment in developing significant unobservable inputs used to determine the possible outcomes and the probability weighting assigned
to each scenario, these derivatives have been classified within Level 3 in fair value measurements disclosures.
Loans and leases and Other Real Estate Owned
Collateral-dependent loans and OREO are primarily valued using appraisals based on sales of comparable properties in the same or similar markets. Other collateral (receivables, inventory, equipment, etc.) is valued through borrowing base certificates, financial statements and/or auction valuations. These valuations are discounted based on the quality of reporting, knowledge of the marketability/collectability of the collateral and historical disposition rates.
Other assets – tax credit investments
Prior to 2024, the estimated fair value of tax credit investments accounted for under the equity method was generally determined in relation to the yield (i.e., future tax credits to be received) an acquirer of these investments expected in relation to the yields experienced on current new issue and/or secondary market transactions. Thus, as tax credits were recognized, the future yield to a market participant was reduced, resulting in consistent impairment of the individual investments. Individual investments were reviewed for impairment quarterly, which included the consideration of additional marketability discounts related to specific investments which typically included consideration of the underlying property’s appraised value.
Fair Value Option
FHN previously elected the fair value option on a prospective basis for substantially all types of mortgage loans originated for sale purposes. FHN determined that the election reduces certain timing differences and better matches changes in the value of such loans with changes in the value of derivatives and forward delivery commitments used as economic hedges for these assets at the time of election.
Repurchased loans relating to mortgage banking operations conducted prior to the IBKC merger are recognized within loans held for sale at fair value at the time of repurchase, which includes consideration of the credit status of the loans and the estimated liquidation value. FHN has elected to continue recognition of these loans at fair value in periods subsequent to reacquisition. Due to the credit-distressed nature of the vast majority of repurchased loans and the related loss severities experienced upon repurchase, FHN believes that the fair value election provides a more timely recognition of changes in value for these loans that occur subsequent to repurchase. Absent the fair value election, these loans would be subject to valuation at the LOCOM value, which would prevent subsequent values from exceeding the initial fair value, determined at the time of repurchase, but would require recognition of subsequent declines in value. Thus, the fair value election provides for a more
timely recognition of any potential future recoveries in asset values while not affecting the requirement to recognize subsequent declines in value.
Determination of Fair Value
Fair values are based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following describes the assumptions and methodologies used to estimate the fair value of financial instruments recorded at fair value in the Consolidated Balance Sheets and for estimating the fair value of financial instruments for which fair value is disclosed.
Short-term financial assets
Federal funds sold, securities purchased under agreements to resell, and interest-bearing deposits with
other financial institutions and the Federal Reserve are carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization.
Trading securities and trading liabilities
Trading securities and trading liabilities are recognized at fair value through current earnings. Trading inventory held for broker-dealer operations is included in trading securities and trading liabilities. Broker-dealer long positions are valued at bid price in the bid-ask spread. Short positions are valued at the ask price. Inventory positions are valued using observable inputs including current market transactions, benchmark yields, credit spreads, and consensus prepayment speeds. Trading loans are valued using observable inputs including current market transactions, swap rates, mortgage rates, and consensus prepayment speeds.
Trading securities - SBA interest-only strips
Interest-only strips are valued at fair value based on an income approach using an internal valuation model. The internal valuation model includes assumptions regarding projections of future cash flows, prepayment rates, default rates and interest-only strip terms. These securities bear the risk of loan prepayment or default that may result in FHN not recovering all or a portion of its recorded investment. When appropriate, valuations are adjusted for various factors including default or prepayment status of the underlying SBA loans. Because of the inherent uncertainty of valuation, those estimated values may be higher or lower than the values that would have been used had a ready market for the securities existed and may change in the near term.
Securities available for sale and held to maturity
Valuations of debt securities are performed using observable inputs obtained from market transactions in similar securities. Typical inputs include benchmark yields, consensus prepayment speeds, and credit spreads. Trades from similar securities and broker quotes are used to support these valuations.
Loans held for sale
FHN determines the fair value of loans held for sale using either current transaction prices or discounted cash flow models. Fair values are determined using current transaction prices and/or values on similar assets when available, including committed bids for specific loans or loan portfolios. Uncommitted bids may be adjusted based on other available market information.
The fair value of residential real estate loans held for sale is determined using a discounted cash flow model that incorporates both observable and unobservable inputs. Inputs in the discounted cash flow model include current mortgage rates for similar products, estimated
prepayment rates, foreclosure losses, and various loan performance measures (delinquency, LTV, credit score). Adjustments for delinquency and other differences in loan characteristics are typically reflected in the model’s discount rates. Loss severity trends and the value of underlying collateral are also considered in assessing the appropriate fair value for severely delinquent loans and loans in foreclosure. The valuation of HELOCs also incorporates estimated cancellation rates for loans expected to become delinquent.
Non-mortgage consumer loans held for sale are valued using committed bids for specific loans or loan portfolios or current market pricing for similar assets with adjustments for differences in credit standing (delinquency, historical default rates for similar loans), yield, collateral values and prepayment rates. If pricing for similar assets is not available, a discounted cash flow methodology is utilized, which incorporates all of these factors into an estimate of investor required yield for the discount rate.
FHN utilizes quoted market prices of similar instruments or broker and dealer quotations to value the SBA and USDA guaranteed loans. FHN values SBA-unguaranteed interests in loans held for sale based on individual loan characteristics, such as industry type and pay history which generally follows an income approach. Furthermore, these valuations are adjusted for changes in prepayment estimates and are reduced due to restrictions on trading. The fair value of other non-residential real estate loans held for sale is approximated by their carrying values based on current transaction values.
Mortgage loans held for investment at fair value option
The fair value of mortgage loans held for investment at fair value option is determined by a third party using a discounted cash flow model using various assumptions about future loan performance (constant prepayment rate, constant default rate and loss severity trends) and market discount rates.
Loans held for investment
The fair values of mortgage loans are estimated using an exit price methodology that is based on present values using the interest rate that would be charged for a similar loan to a borrower with similar risk, weighted for varying maturity dates and adjusted for a liquidity discount based on the estimated time period to complete a sale transaction with a market participant.
Other loans and leases are valued based on present values using the interest rate that would be charged for a similar instrument to a borrower with similar risk, applicable to each category of instruments, and adjusted for a liquidity discount based on the estimated time period to complete a sale transaction with a market participant.
For loans measured using the estimated fair value of collateral less costs to sell, fair value is estimated using appraisals of the collateral. Collateral values are monitored and additional write-downs are recognized if it is determined that the estimated collateral values have declined further. Estimated costs to sell are based on current amounts of disposal costs for similar assets. Carrying value is considered to reflect fair value for these loans.
Derivative assets and liabilities
The fair value for forwards and futures contracts is based on current transactions involving identical securities. Futures contracts are exchange-traded and thus have no credit risk factor assigned as the risk of non-performance is limited to the clearinghouse used.
Valuations of other derivatives (primarily interest rate contracts) are based on inputs observed in active markets for similar instruments. Typical inputs include benchmark yields, option volatility and option skew. Centrally cleared derivatives are discounted using SOFR as required by clearinghouses. In measuring the fair value of these derivative assets and liabilities, FHN has elected to consider credit risk based on the net exposure to individual counterparties. Credit risk is mitigated for these instruments through the use of mutual margining and master netting agreements as well as collateral posting requirements. For derivative contracts with daily cash margin requirements that are considered settlements, the daily margin amount is netted within derivative assets or liabilities. Any remaining credit risk related to interest rate derivatives is considered in determining fair value through evaluation of additional factors such as client loan grades and debt ratings. Foreign currency related derivatives also utilize observable exchange rates in the determination of fair value. The determination of fair value for FHN’s derivative liabilities associated with its prior sales of Visa Class B shares are classified within Level 3 in the fair value measurements disclosure as previously discussed in the unobservable inputs discussion.
The fair value of risk participations is determined in reference to the fair value of the related derivative contract between the borrower and the lead bank in the participation structure, which is determined consistent with the valuation process discussed above. This value is adjusted for the pro rata portion of the reference derivative’s notional value and an assessment of credit risk for the referenced borrower.
OREO
OREO primarily consists of properties that have been acquired in satisfaction of debt. These properties are carried at the lower of the outstanding loan amount or estimated fair value less estimated costs to sell the real estate. Estimated fair value is determined using appraised
values with subsequent adjustments for deterioration in values that are not reflected in the most recent appraisal.
Other assets
For disclosure purposes, other assets consist of tax credit investments, FRB and FHLB Stock, deferred compensation mutual funds and equity investments (including other mutual funds) with readily determinable fair values. For periods prior to 2024, tax credit investments accounted for under the equity method were written down to estimated fair value quarterly based on the estimated value of the associated tax credits which incorporated estimates of required yield for hypothetical investors. Subsequent to 2023, the fair value of tax credit investments is estimated using recent transaction information with adjustments for differences in individual investments. Deferred compensation mutual funds are recognized at fair value, which is based on quoted prices in active markets. Investments in the stock of the Federal Reserve Bank and Federal Home Loan Banks are recognized at historical cost in the Consolidated Balance Sheets which is considered to approximate fair value. Investments in mutual funds are measured at the funds’ reported closing net asset values. Investments in equity securities are valued using quoted market prices when available.
Defined maturity deposits
The fair value of these deposits is estimated by discounting future cash flows to their present value. Future cash flows are discounted by using the current market rates of similar instruments applicable to the remaining maturity. For disclosure purposes, defined maturity deposits include all time deposits.
Short-term financial liabilities
The fair value of federal funds purchased, securities sold under agreements to repurchase, and other short-term borrowings are approximated by the book value. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization.
Loan commitments
Fair values of these commitments are based on fees charged to enter into similar agreements taking into account the remaining terms of the agreements and the counterparties’ credit standing.
Other commitments
Fair values of these commitments are based on fees charged to enter into similar agreements.
The following fair value estimates are determined as of a specific point in time utilizing various assumptions and estimates. The use of assumptions and various valuation techniques, as well as the absence of secondary markets for certain financial instruments, reduces the
comparability of fair value disclosures between financial institutions. Due to market illiquidity, the fair values for loans and leases, loans held for sale, and term borrowings as of December 31, 2024 and 2023 involve the use of significant internally developed pricing assumptions for certain components of these line items. The assumptions and valuations utilized for this disclosure are considered to reflect inputs that market participants would use in transactions involving these instruments as of the measurement date. The valuations of legacy assets,
particularly consumer loans and TRUPs loans within the Corporate segment, are influenced by changes in economic conditions since origination and risk perceptions of the financial sector. These considerations affect the estimate of a potential acquirer’s cost of capital and cash flow volatility assumptions from these assets and the resulting fair value measurements may depart significantly from FHN’s internal estimates of the intrinsic value of these assets.
Assets and liabilities that are not financial instruments — such as premises and equipment, goodwill, other intangible assets such as the value of long-term relationships with deposit and trust clients, deferred taxes, and certain other assets and other liabilities — have not been included in the following table. Additionally, the fair value measurements presented in the following table are solely for financial instruments as of the measurement date and do not consider the earnings potential of our various business lines. Accordingly, the total of the fair value amounts does not represent, and should not be construed to represent, the underlying value of FHN.
v3.25.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Marketable Securities [Abstract]  
Schedule of FHN's Investment Securities
The following table summarizes FHN’s investment securities as of December 31, 2024 and 2023.
Table 8.2.1
INVESTMENT SECURITIES AT DECEMBER 31, 2024
 December 31, 2024
(Dollars in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities available for sale:
Government agency issued MBS$4,223 $1 $(522)$3,702 
Government agency issued CMO3,079 — (312)2,767 
Other U.S. government agencies1,234 — (161)1,073 
States and municipalities394 — (40)354 
Total securities available for sale (a)$8,930 $1 $(1,035)$7,896 
Securities held to maturity:
Government agency issued MBS$804 $— $(109)$695 
Government agency issued CMO466 — (78)388 
Total securities held to maturity$1,270 $— $(187)$1,083 
(a)Includes $6.9 billion of securities available for sale and $1.3 billion of securities held to maturity pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.

INVESTMENT SECURITIES AT DECEMBER 31, 2023
 December 31, 2023
(Dollars in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities available for sale:
Government agency issued MBS$5,061 $2 $(579)$4,484 
Government agency issued CMO2,487 — (341)2,146 
Other U.S. government agencies1,321 2 (151)1,172 
States and municipalities627 3 (41)589 
Total securities available for sale (a)$9,496 $7 $(1,112)$8,391 
Securities held to maturity:
Government agency issued MBS$852 $— $(96)$756 
Government agency issued CMO471 — (66)405 
Total securities held to maturity$1,323 $— $(162)$1,161 
(a)Includes $7.6 billion of securities available for sale and $1.3 billion of securities held to maturity pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.
Schedule of Amortized Cost and Fair Value by Contractual Maturity
The amortized cost and fair value by contractual maturity for the debt securities portfolio as of December 31, 2024 is provided below.
Table 8.2.2
DEBT SECURITIES PORTFOLIO MATURITIES 
 Held to MaturityAvailable for Sale
(Dollars in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Within 1 year$— $— $24 $24 
After 1 year through 5 years— — 76 71 
After 5 years through 10 years— — 270 241 
After 10 years— — 1,258 1,091 
Subtotal— — 1,628 1,427 
Government agency issued MBS and CMO (a)1,270 1,083 7,302 6,469 
Total$1,270 $1,083 $8,930 $7,896 
(a)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.
Schedule of Investments within the Available for Sale Portfolio that had Unrealized Losses
The following tables provide information on investments within the available-for-sale portfolio that had unrealized losses as of December 31, 2024 and 2023.
Table 8.2.3
AFS INVESTMENT SECURITIES WITH UNREALIZED LOSSES  
 As of December 31, 2024
 Less than 12 months12 months or longerTotal
(Dollars in millions)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Government agency issued MBS$663 $(9)$2,992 $(513)$3,655 $(522)
Government agency issued CMO675 (2)1,744 (310)2,419 (312)
Other U.S. government agencies210 (6)863 (155)1,073 (161)
States and municipalities66 (1)256 (39)322 (40)
Total$1,614 $(18)$5,855 $(1,017)$7,469 $(1,035)
 As of December 31, 2023
 Less than 12 months12 months or longerTotal
(Dollars in millions)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Government agency issued MBS$140 $(2)$4,231 $(577)$4,371 $(579)
Government agency issued CMO32 — 2,098 (341)2,130 (341)
Other U.S. government agencies114 (2)905 (149)1,019 (151)
States and municipalities 14 — 465 (41)479 (41)
Total$300 $(4)$7,699 $(1,108)$7,999 $(1,112)
v3.25.0.1
Loans and Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Loans and Leases by Portfolio Segment
The following table provides the amortized cost basis of loans and leases by portfolio segment and class as of December 31, 2024 and 2023, excluding accrued interest of $271 million and $287 million, respectively, which is included in other assets in the Consolidated Balance Sheets.
Table 8.3.1
LOANS AND LEASES BY PORTFOLIO SEGMENT
December 31,
(Dollars in millions)20242023
Commercial:
Commercial and industrial (a) (b)$29,957 $30,609 
Loans to mortgage companies3,471 2,024 
   Total commercial, financial, and industrial33,428 32,633 
Commercial real estate14,421 14,216 
Consumer:
HELOC2,092 2,219 
Real estate installment loans11,955 11,431 
   Total consumer real estate14,047 13,650 
Credit card and other (c)669 793 
Loans and leases$62,565 $61,292 
Allowance for loan and lease losses(815)(773)
Net loans and leases$61,750 $60,519 
(a)Includes equipment financing leases of $1.4 billion and $1.2 billion as of December 31, 2024 and 2023, respectively.
(b)Includes PPP loans fully guaranteed by the SBA of $12 million and $29 million as of December 31, 2024 and 2023, respectively.
(c)Includes $174 million and $180 million of commercial credit card balances as of December 31, 2024 and 2023, respectively.
Schedule of Financing Receivable Credit Quality Indicators
The following table provides the amortized cost basis of the commercial loan portfolio by year of origination and credit quality indicator as of December 31, 2024 and 2023.
Table 8.3.2
C&I PORTFOLIO
December 31, 2024
(Dollars in millions)20242023202220212020Prior to 2020LMC (a)Revolving
 Loans		Revolving
Loans Converted
to Term Loans		Total
Credit Quality Indicator:
Pass (PD grades 1 through 12) (b)$5,590 $2,607 $3,649 $2,336 $1,055 $3,853 $3,471 $8,784 $248 $31,593 
Special Mention (PD grade 13)106 27 78 47 33 57 — 279 2 629 
Substandard, Doubtful, or Loss (PD grades 14,15, and 16)84 184 113 179 33 169 — 383 61 1,206 
Total C&I loans$5,780 $2,818 $3,840 $2,562 $1,121 $4,079 $3,471 $9,446 $311 $33,428 

December 31, 2023
(Dollars in millions)20232022202120202019Prior to 2019LMC (a)Revolving LoansRevolving Loans Converted to Term LoansTotal
Credit Quality Indicator:
Pass (PD grades 1 through 12) (b)$4,008 $5,637 $3,506 $1,636 $1,665 $3,448 $2,019 $9,087 $327 $31,333 
Special Mention (PD grade 13)75 60 64 56 101 57 — 186 — 599 
Substandard, Doubtful, or Loss (PD grades 14,15, and 16)41 135 94 51 39 100 5 187 49 701 
Total C&I loans$4,124 $5,832 $3,664 $1,743 $1,805 $3,605 $2,024 $9,460 $376 $32,633 
(a)LMC includes non-revolving commercial lines of credit to qualified mortgage companies primarily for the temporary warehousing of eligible mortgage loans prior to the borrower's sale of those mortgage loans to third party investors. The loans are of short duration with maturities of less than one year.
(b)    Balance includes PPP loans.
Table 8.3.3
CRE PORTFOLIO
December 31, 2024
(Dollars in millions)20242023202220212020Prior to 2020Revolving
 Loans		Revolving
Loans Converted
to Term Loans		Total
Credit Quality Indicator:
Pass (PD grades 1 through 12)$694 $1,296 $3,282 $2,778 $894 $3,281 $340 $47 $12,612 
Special Mention (PD grade 13)— 42 280 198 37 130 — 1 688 
Substandard, Doubtful, or Loss (PD grades 14,15, and 16)3 31 251 278 116 436 6 — 1,121 
Total CRE loans$697 $1,369 $3,813 $3,254 $1,047 $3,847 $346 $48 $14,421 
December 31, 2023
(Dollars in millions)20232022202120202019Prior to 2019Revolving
 Loans		Revolving
Loans Converted
to Term Loans		Total
Credit Quality Indicator:
Pass (PD grades 1 through 12)$853 $3,473 $3,518 $1,162 $1,216 $2,853 $393 $18 $13,486 
Special Mention (PD grade 13)5 1 129 86 175 82 — — 478 
Substandard, Doubtful, or Loss (PD grades 14,15, and 16)— 2 5 11 175 59 — — 252 
Total CRE loans$858 $3,476 $3,652 $1,259 $1,566 $2,994 $393 $18 $14,216 
The following table reflects the amortized cost basis by year of origination and refreshed FICO scores for
consumer real estate loans as of December 31, 2024 and 2023. Within consumer real estate, classes include HELOC and real estate installment loans. HELOCs are loans which during their draw period are classified as revolving loans. Once the draw period ends and the loan enters its repayment period, the loan converts to a term loan and is classified as a revolving loan converted to a term loan. All loans classified in the following table as revolving loans or revolving loans converted to term loans are HELOCs. Real estate installment loans are originated as fixed term loans and are classified below in their vintage year. All loans in the following tables classified in a vintage year are real estate installment loans.
Table 8.3.4
CONSUMER REAL ESTATE PORTFOLIO
December 31, 2024
(Dollars in millions)20242023202220212020Prior to 2020Revolving LoansRevolving Loans Converted to Term Loans Total
FICO score 740 or greater$1,045 $1,493 $2,009 $1,592 $675 $1,554 $1,430 $56 $9,854 
FICO score 720-739149 197 270 213 99 271 175 17 1,391 
FICO score 700-71998 140 217 175 72 242 150 18 1,112 
FICO score 660-699133 160 183 100 75 294 146 25 1,116 
FICO score 620-65911 10 17 21 20 122 30 9 240 
FICO score less than 62018 22 19 18 18 203 25 11 334 
Total consumer real estate loans$1,454 $2,022 $2,715 $2,119 $959 $2,686 $1,956 $136 $14,047 
December 31, 2023
(Dollars in millions)20232022202120202019Prior to 2019Revolving LoansRevolving Loans Converted to Term LoansTotal
FICO score 740 or greater$1,572 $2,099 $1,720 $730 $465 $1,332 $1,522 $50 $9,490 
FICO score 720-739205 286 227 107 88 230 192 15 1,350 
FICO score 700-719154 232 193 81 52 224 159 17 1,112 
FICO score 660-699170 198 113 83 53 290 168 18 1,093 
FICO score 620-65911 20 23 22 36 106 36 7 261 
FICO score less than 62018 19 15 20 12 225 24 11 344 
Total consumer real estate loans$2,130 $2,854 $2,291 $1,043 $706 $2,407 $2,101 $118 $13,650 
The following table reflects the amortized cost basis by year of origination and refreshed FICO scores for credit card and other loans as of December 31, 2024 and 2023.
Table 8.3.5
CREDIT CARD & OTHER PORTFOLIO
December 31, 2024
(Dollars in millions)20242023202220212020Prior to 2020Revolving LoansRevolving Loans Converted to Term LoansTotal
FICO score 740 or greater$21 $22 $10 $4 $2 $19 $197 $8 $283 
FICO score 720-7397 3 1 1 — 3 20 2 37 
FICO score 700-7191 2 2 — — 2 14 — 21 
FICO score 660-6991 2 1 — — 3 15 4 26 
FICO score 620-6592 1 — — — 1 9 — 13 
FICO score less than 6208 8 5 4 4 78 181 1 289 
Total credit card and other loans$40 $38 $19 $9 $6 $106 $436 $15 $669 
December 31, 2023
(Dollars in millions)20232022202120202019Prior to 2019Revolving LoansRevolving Loans Converted to Term LoansTotal
FICO score 740 or greater$52 $26 $10 $5 $3 $27 $207 $5 $335 
FICO score 720-7395 3 1 1 1 5 24 1 41 
FICO score 700-7195 4 1 1 1 4 25 1 42 
FICO score 660-6994 3 1 1 1 8 23 — 41 
FICO score 620-6592 1 1 — — 3 7 — 14 
FICO score less than 62012 9 6 8 13 103 168 1 320 
Total credit card and other loans$80 $46 $20 $16 $19 $150 $454 $8 $793 
Schedule of Accruing and Non-Accruing Loans by Class
The following table reflects accruing and non-accruing loans and leases by class on December 31, 2024 and 2023.
Table 8.3.6
ACCRUING & NON-ACCRUING LOANS & LEASES
December 31, 2024
 AccruingNon-Accruing 
(Dollars in millions)Current30-89
Days
Past Due		90+
Days
Past Due		Total
Accruing		Current30-89
Days
Past Due		90+
Days
Past Due		Total
Non-
Accruing		Total
Loans and Leases
Commercial, financial, and industrial:
C&I (a) $29,751 $32 $1 $29,784 $101 $26 $46 $173 $29,957 
Loans to mortgage companies3,471 — — 3,471 — — — — 3,471 
Total commercial, financial, and industrial33,222 32 1 33,255 101 26 46 173 33,428 
Commercial real estate:
CRE (b)14,124 3 — 14,127 221 10 63 294 14,421 
Consumer real estate:
HELOC (c)2,045 11 2 2,058 19 4 11 34 2,092 
Real estate installment loans (d)11,800 39 17 11,856 31 10 58 99 11,955 
Total consumer real estate13,845 50 19 13,914 50 14 69 133 14,047 
Credit card and other:
Credit card262 2 1 265 — — — — 265 
Other400 2 — 402 — 1 1 2 404 
Total credit card and other662 4 1 667 — 1 1 2 669 
Total loans and leases$61,853 $89 $21 $61,963 $372 $51 $179 $602 $62,565 
December 31, 2023
 AccruingNon-Accruing 
(Dollars in millions)Current30-89
Days
Past Due		90+
Days
Past Due		Total
Accruing		Current30-89
Days
Past Due		90+
Days
Past Due		Total
Non-
Accruing		Total
Loans and Leases
Commercial, financial, and industrial:
C&I (a)$30,398 $31 $1 $30,430 $108 $18 $53 $179 $30,609 
Loans to mortgage companies2,018 1 — 2,019 5 — — 5 2,024 
Total commercial, financial, and industrial32,416 32 1 32,449 113 18 53 184 32,633 
Commercial real estate:
CRE (b)14,072 8 — 14,080 41 — 95 136 14,216 
Consumer real estate:
HELOC (c)2,158 11 4 2,173 30 6 10 46 2,219 
Real estate installment loans (d)11,295 29 13 11,337 43 6 45 94 11,431 
Total consumer real estate13,453 40 17 13,510 73 12 55 140 13,650 
Credit card and other:
Credit card271 3 3 277 — — — — 277 
Other512 2 — 514 1 — 1 2 516 
Total credit card and other783 5 3 791 1 — 1 2 793 
Total loans and leases$60,724 $85 $21 $60,830 $228 $30 $204 $462 $61,292 
(a)    $172 million and $178 million of C&I loans are nonaccrual loans that have been specifically reviewed for impairment with no related allowance in 2024 and 2023, respectively.
(b)    $287 million and $129 million of CRE loans are nonaccrual loans that have been specifically reviewed for impairment with no related allowance for 2024 and 2023, respectively.
(c)    $3 million and $4 million of HELOC loans are nonaccrual loans that have been specifically reviewed for impairment with no related allowance for 2024 and 2023, respectively.
(d)    $9 million and $10 million of real estate installment loans are nonaccrual loans that have been specifically reviewed for impairment with no related allowance for 2024 and 2023, respectively.
Schedule of Financing Receivable, Modified
The following tables present the amortized cost basis at the end of the reporting period of loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification made, as well as the financial effect of the modifications made as of December 31, 2024.
Table 8.3.7
LOAN MODIFICATIONS TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
Interest Rate Reduction
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
Consumer real estate (a)$— — %
Reduced weighted-average contractual interest rate from 10.70% to 6.75%
$2 — %
Reduced weighted-average contractual interest rate from 8.60% to 5.00%
Credit card and other (a)— — 
Reduced weighted-average contractual interest rate from 4.63% to 3.98%
— — 
Reduced weighted-average contractual interest rate from 11.20% to 0.00%
Total$— — %$2 — %
Term Extension
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
C&I$132 0.4 %
Added a weighted-average 1.3 years to the life of loans, which reduced monthly payment amounts for the borrowers
$90 0.3 %
Added a weighted-average 1 year to the life of loans, which reduced monthly payment amounts for the borrowers
CRE180 1.2 
Added a weighted-average 1.3 years to the life of loans, which reduced monthly payment amounts for the borrowers
40 0.3 
Added a weighted-average 0.8 year to the life of loans, which reduced monthly payment amounts for the borrowers
Consumer real estate (a)— — 
Added a weighted-average 24.4 years to the life of loans, which reduced monthly payment amounts for the borrowers
2 — 
Added a weighted-average 12 years to the life of loans, which reduced monthly payment amounts for the borrowers
Total$312 0.5 %$132 0.2 %
Principal Forgiveness
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
Consumer real estate (a)$— — %
Less than $1 million of the principal of consumer loans was legally discharged in bankruptcy during the period and the borrowers have not re-affirmed the debt as of period end
$2 — %
$1.3 million of the principal of consumer loans was legally discharged in bankruptcy during the period and the borrowers have not re-affirmed the debt as of period end
Total$— — %$2 — %
Payment Deferrals
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
Consumer real estate $— — %N/A$3 — %
Payment deferral for 11 months, with a balloon payment at the end of the term
Total$— — %$3 — %
(a) Balance less than $1 million
Combination - Term Extension and Interest Rate Reduction
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
C&I (a)$8 — %
Added a weighted-average 1 year to the life of loans and reduced weighted-average contractual interest rate from 8.00% to 7.50%
$— — %
Added a weighted-average 1.2 years to the life of loans and reduced weighted-average contractual interest rate from 13.00% to 11.50%
CRE61 0.4 
Added a weighted-average 2 years to the life of loans and reduced weighted-average contractual interest rate from 7.01% to 6.66%
— — N/A
Consumer real estate 3 — 
Added a weighted-average 11 years to the life of loans and reduced weighted-average contractual interest rate from 8.72% to 4.09%
6 — 
Added a weighted-average 14.3 years to the life of loans and reduced weighted-average contractual interest rate from 5.00% to 4.70%
Total$72 0.1 %$6 — %
Combination - Term Extension, Interest Rate Reduction, and Interest Forgiveness
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
C&I$— — %N/A$2 — %
Added a weighted-average 3.7 years to the life of loans, reduced weighted-average contractual interest rate from 11.25% to 7.50% and provided less than $1 million in interest forgiveness
Total$— — %$2 — %
Combination - Term Extension, Interest Rate Reduction, and Interest Deferrals
December 31, 2024December 31, 2023
(Dollars in millions)Balance% of Total ClassFinancial EffectBalance% of Total ClassFinancial Effect
CRE$— — %N/A$15 0.1 %
Added a weighted-average 1 year to the life of loans, reduced weighted-average contractual interest rate from 8.65% to 8.00% and provided less than $1 million in deferred interest
Total$— — %$15 — %
(a) Balance less than $1 million
Schedule of Financing Receivable, Performance of Modified Loan
The following table depicts the performance of loans that have been modified in the last 12 months.
Table 8.3.8
PERFORMANCE OF LOANS THAT HAVE BEEN MODIFIED IN THE LAST 12 MONTHS
December 31, 2024
(Dollars in millions)Current30-89 Days Past Due90+ Days Past DueNon-Accruing
C&I$116 $— $— $24 
CRE195 — — 45 
Consumer real estate2 — — 2 
Credit card and other— — — — 
Total$313 $— $— $71 
v3.25.0.1
Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule of the Allowance for Loan Losses by Portfolio Segment
The following table provides a rollforward of the ALLL and the reserve for unfunded lending commitments by portfolio type for December 31, 2024, 2023 and 2022.
Table 8.4.1
ROLLFORWARD OF ALLL & RESERVE FOR UNFUNDED LENDING COMMITMENTS
(Dollars in millions)Commercial, Financial, and Industrial (a)Commercial
Real Estate		Consumer
Real Estate		Credit Card
and Other		Total
Allowance for loan and lease losses:
Balance as of January 1, 2024$339 $172 $233 $29 $773 
Charge-offs (77)(56)(3)(21)(157)
Recoveries30 1 9 5 45 
Provision for loan and lease losses 53 110 (18)9 154 
Balance as of December 31, 2024345 227 221 22 815 
Reserve for remaining unfunded commitments:
Balance as of January 1, 202449 22 12 — 83 
Provision for unfunded lending commitments8 (11)(1)— (4)
Balance as of December 31, 202457 11 11 — 79 
Allowance for credit losses as of December 31, 2024$402 $238 $232 $22 $894 
Allowance for loan and lease losses:
Balance as of January 1, 2023$308 $146 $200 $31 $685 
Adoption of ASU 2022-02 (b)1 — (7)— (6)
Charge-offs (c)(156)(17)(4)(22)(199)
Recoveries 14 2 9 4 29 
Provision for loan and lease losses 172 41 35 16 264 
Balance as of December 31, 2023339 172 233 29 773 
Reserve for remaining unfunded commitments:
Balance as of January 1, 202355 22 10 — 87 
Provision for unfunded lending commitments(6)— 2 — (4)
Balance as of December 31, 202349 22 12 — 83 
Allowance for credit losses as of December 31, 2023$388 $194 $245 $29 $856 
Allowance for loan and lease losses
Balance as of January 1, 2022$334 $154 $163 $19 $670 
Charge-offs(62)(1)(5)(25)(93)
Recoveries 9 1 19 5 34 
Provision for loan and lease losses 27 (8)23 32 74 
Balance as of December 31, 2022308 146 200 31 685 
Reserve for remaining unfunded commitments:
Balance as of January 1, 202246 12 8 — 66 
Provision for unfunded lending commitments9 10 2 — 21 
Balance as of December 31, 202255 22 10 — 87 
Allowance for credit losses as of December 31, 2022$363 $168 $210 $31 $772 
(a)    C&I loans as of December 31, 2024, 2023, and 2022 include $12 million, $29 million, and $76 million in PPP loans, respectively, which due to the government guarantee and forgiveness provisions are considered to have no credit risk and therefore have no allowance for loan and lease losses.
(b)    See Note 1 for additional information.
(c)    Charge-offs in the C&I portfolio in 2023 include $72 million from a single credit from a company in bankruptcy.
Schedule of Gross Charge offs by Year of Origination
The following table represents gross charge-offs by year of origination for the years ended December 31, 2024 and 2023.
Table 8.4.2
GROSS CHARGE-OFFS
(Dollars in millions)20242023202220212020Prior to 2020Revolving LoansTotal
C&I$1 $16 $15 $23 $3 $15 $4 $77 
CRE— — 5 — 17 34 — 56 
Consumer real estate— 1 — — — 2 — 3 
Credit card and other8 1 1 — — 2 9 21 
Total$9 $18 $21 $23 $20 $53 $13 $157 
(Dollars in millions)20232022202120202019Prior to 2019Revolving LoansTotal
C&I$1 $17 $82 $5 $10 $34 $7 $156 
CRE— — — — 2 15 — 17 
Consumer real estate— 1 — — — 3 — 4 
Credit card and other12 1 — — — 2 7 22 
Total$13 $19 $82 $5 $12 $54 $14 $199 
v3.25.0.1
Premises, Equipment, and Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Premises and Equipment
Premises and equipment was comprised of the following at December 31, 2024 and 2023.
Table 8.5.1
PREMISES & EQUIPMENT
(Dollars in millions)December 31, 2024December 31, 2023
Land$163 $163 
Buildings570 554 
Leasehold improvements88 84 
Furniture, fixtures, and equipment304 295 
Fixed assets held for sale (a)1 — 
Total premises and equipment1,126 1,096 
Less accumulated depreciation and amortization(552)(506)
Premises and equipment, net$574 $590 
(a) Primarily comprised of land and buildings.
Schedule of Lease Liabilities Included in the Consolidated Balance Sheet
The following table provides details of the classification of FHN's right-of-use assets and lease liabilities included in the Consolidated Balance Sheets.
Table 8.5.2
RIGHT-OF-USE ASSETS & LEASE LIABILITIES
(Dollars in millions)December 31, 2024December 31, 2023
Lease right-of-use assets:Classification
Operating lease right-of-use assetsOther assets$296 $306 
Finance lease right-of-use assetsOther assets2 3 
Total lease right-of-use assets$298 $309 
Lease liabilities:
Operating lease liabilitiesOther liabilities$330 $342 
Finance lease liabilitiesOther liabilities3 3 
Total lease liabilities$333 $345 
Schedule of Components of Lease Expense, Other Information, and Supplemental Cash Flow The following table details the weighted average remaining lease term and discount rate for FHN's operating and finance leases as of December 31, 2024 and 2023.
Table 8.5.3
REMAINING LEASE TERMS
& DISCOUNT RATES
December 31, 2024December 31, 2023
Weighted Average Remaining Lease Terms
Operating leases11.68 years11.79 years
Finance leases8.60 years9.15 years
Weighted Average Discount Rate
Operating leases3.19 %2.84 %
Finance leases2.16 %2.39 %
The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2024, 2023, and 2022.
Table 8.5.4
LEASE EXPENSE &
OTHER INFORMATION
(Dollars in millions)202420232022
Lease cost
Operating lease cost$44 $45 $47 
Sublease income(1)(2)(2)
Total lease cost$43 $43 $45 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$— $1 $1 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases43 46 50 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases22 11 31 
Schedule of Maturity of Lease Liabilities, Operating
The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of December 31, 2024.
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2024
2025$45 
202644 
202743 
202837 
202934 
2030 and thereafter199 
Total lease payments402 
Less lease liability interest(69)
Total lease liability$333 
Schedule of Maturity of Lease Liabilities, Finance
The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of December 31, 2024.
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2024
2025$45 
202644 
202743 
202837 
202934 
2030 and thereafter199 
Total lease payments402 
Less lease liability interest(69)
Total lease liability$333 
Schedule of Lease Net Investments
The components of the Company’s net investment in leases as of December 31, 2024 and 2023 were as follows.
Table 8.5.6
LEASE NET INVESTMENTS
(Dollars in millions)December 31, 2024December 31, 2023
Lease receivable$1,300 $1,143 
Unearned income(279)(244)
Guaranteed residual166 147 
Unguaranteed residual228 189 
Total net investment$1,415 $1,235 
Schedule of Maturity of Lease Receivables as Lessor
Maturities of the Company's lease receivables as of December 31, 2024 were as follows.
Table 8.5.7
LEASE RECEIVABLE MATURITIES
(Dollars in millions)December 31, 2024
2025$292 
2026266 
2027226 
2028164 
2029128 
2030 and thereafter224 
Total future minimum lease payments$1,300 
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Gross Goodwill and Accumulated Impairment Losses and Write-offs Detailed by Reportable Segments
The following is a summary of goodwill by reportable segment included in the Consolidated Balance Sheets as of December 31, 2024.
Table 8.6.1
GOODWILL
(Dollars in millions)Commercial, Consumer & WealthWholesaleTotal
December 31, 2021$1,217 $294 $1,511 
Additions— — — 
December 31, 2022$1,217 $294 $1,511 
Additions— — — 
Divestitures (a)— (1)(1)
December 31, 2023$1,217 $293 $1,510 
Additions— — — 
December 31, 2024$1,217 $293 $1,510 
(a)Reduction in goodwill is related to the divestiture of FHN Financial Main Street Advisors assets in December 2023.
Schedule of Intangible Assets and Accumulated Amortization Included in the Consolidated Statements of Condition
The following table, which excludes fully amortized intangibles, presents other intangible assets included in the Consolidated Balance Sheets.
Table 8.6.2
OTHER INTANGIBLE ASSETS
 December 31, 2024December 31, 2023
(Dollars in millions)Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Value		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Value
Core deposit intangibles$356 $(233)$123 $368 $(208)$160 
Client relationships32 (18)14 32 (16)16 
Other (a)27 (21)6 27 (17)10 
Total$415 $(272)$143 $427 $(241)$186 
(a)Includes non-compete covenants and purchased credit card intangible assets. Also includes state banking licenses which are not subject to amortization.
Schedule of Estimated Aggregate Amortization Expense for Intangible Assets The following table shows the aggregated amortization expense estimated, as of December 31, 2024, for the next five years.
Table 8.6.3
ESTIMATED AMORTIZATION EXPENSE
(Dollars in millions) 
2025$38 
202633 
202729 
202817 
202915 
v3.25.0.1
Mortgage Banking Activity (Tables)
 12 Months Ended
Dec. 31, 2024
Mortgage Banking [Abstract]  
Schedule of Residential Mortgage Loans Held for Sale
The following table summarizes activity relating to residential mortgage loans held for sale for the years ended December 31, 2024, 2023, and 2022.
Table 8.7.1
MORTGAGE LOAN ACTIVITY
(Dollars in millions)202420232022
Balance at beginning of period$62 $44 $250 
Originations and purchases951 692 1,275 
Sales, net of gains(932)(674)(1,481)
Balance at end of period$81 $62 $44 
Schedule of Mortgage Servicing Rights The following table presents the carrying values of mortgage servicing rights as of December 31, 2024 and 2023.
Table 8.7.2
MORTGAGE SERVICING RIGHTS
 December 31, 2024
(Dollars in millions)Gross
 Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Mortgage servicing rights$30 $(9)$21 
December 31, 2023
(Dollars in millions)Gross
 Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Mortgage servicing rights$25 $(7)$18 
v3.25.0.1
Deposits (Tables)
 12 Months Ended
Dec. 31, 2024
Maturities of Time Deposits [Abstract]  
Schedule of Composition of Deposits
The composition of deposits is presented in the following table.
Table 8.8.1
DEPOSITS
(Dollars in millions)20242023
Savings$26,695 $25,082 
Time deposits6,613 6,804 
Other interest-bearing deposits16,252 16,690 
Total interest-bearing deposits49,560 48,576 
Noninterest-bearing deposits16,021 17,204 
Total deposits$65,581 $65,780 
Schedule of Time Deposits Included in Interest-bearing Deposits
Scheduled maturities of time deposits as of December 31, 2024 were as follows.
Table 8.8.2
TIME DEPOSIT MATURITIES
(Dollars in millions) 
2025$6,398 
2026109 
202748 
202832 
202920 
2030 and after6 
Total$6,613 
v3.25.0.1
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
A summary of short-term borrowings for the years 2024, 2023 and 2022 is presented in the following table.
Table 8.9.1
SHORT-TERM BORROWINGS
(Dollars in millions)Trading LiabilitiesFederal Funds PurchasedSecurities Sold Under Agreements to RepurchaseOther Short-term Borrowings
2024
Average balance$555 $420 $1,720 $781 
Year-end balance550 259 2,096 1,045 
Maximum month-end outstanding767 626 2,096 2,067 
Average rate for the year4.22 %5.34 %3.83 %5.38 %
Average rate at year-end4.20 %4.40 %3.23 %4.48 %
2023
Average balance$301 $349 $1,426 $2,688 
Year-end balance509 302 1,921 326 
Maximum month-end outstanding509 622 1,957 7,476 
Average rate for the year4.16 %5.12 %3.66 %5.19 %
Average rate at year-end4.48 %5.40 %3.98 %5.36 %
2022
Average balance$480 $699 $881 $229 
Year-end balance335 400 1,013 1,093 
Maximum month-end outstanding700 1,023 1,211 1,093 
Average rate for the year2.56 %1.56 %0.77 %2.26 %
Average rate at year-end3.67 %4.40 %2.19 %4.30 %
v3.25.0.1
Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Information Pertaining to Term Borrowings The following table presents information pertaining to term borrowings as of December 31, 2024 and 2023.
Table 8.10.1
TERM BORROWINGS
(Dollars in millions)20242023
First Horizon Bank:
Subordinated notes (a)
Maturity date – May 1, 2030 - 5.75%
$448 $448 
Other collateralized borrowings - Maturity date – December 22, 2037
4.92% on December 31, 2024 and 5.95% on December 31, 2023 (b)
88 88 
Other collateralized borrowings - SBA loans (c)37 3 
First Horizon Corporation:
Senior notes
Maturity date – May 26, 2025 - 4.00%
350 349 
Junior subordinated debentures (d)
Maturity date - June 28, 2035 - 6.30% on December 31, 2024 and 7.33% on December 31, 2023
3 3 
Maturity date - December 15, 2035 - 5.99% on December 31, 2024 and 7.02% on December 31, 2023
18 18 
Maturity date - March 15, 2036 - 6.02% on December 31, 2024 and 7.05% on December 31, 2023
9 9 
Maturity date - March 15, 2036 - 6.16% on December 31, 2024 and 7.19% on December 31, 2023
12 12 
Maturity date - June 30, 2036 - 5.91% on December 31, 2024 and 6.91% on December 31, 2023
28 28 
Maturity date - July 7, 2036 - 6.47% on December 31, 2024 and 7.21% on December 31, 2023
19 19 
Maturity date - June 15, 2037 - 6.27% on December 31, 2024 and 7.30% on December 31, 2023
53 52 
Maturity date - September 6, 2037 - 6.14% on December 31, 2024 and 7.05% on December 31, 2023
9 9 
Tax Credit Investment Subsidiaries:
Notes payable - New market tax credit investments; 16 to 35 year term, 0.93% to 4.75% on December 31, 2024; 7 to 35 year term, 0.93% to 4.95% on December 31, 2023
74 65 
FT Real Estate Securities Company, Inc.:
Cumulative preferred stock (e)
Maturity date – March 31, 2031 – 9.50%
47 47 
Total$1,195 $1,150 
(a)Qualifies for Tier 2 capital under the risk-based capital guidelines for First Horizon Bank as well as First Horizon Corporation up to certain limits for minority interest capital instruments.
(b)Secured by trust preferred loans.
(c)Collateralized borrowings associated with SBA loan sales that did not meet sales criteria. The loans have remaining terms of 1 to 25 years. These borrowings had a weighted average interest rate of 7.08% and 4.81% on December 31, 2024 and 2023, respectively.
(d)Acquired in conjunction with the acquisition of CBF. A portion qualifies for Tier 2 capital under the risk-based capital guidelines. All are floating rate debentures tied to 3-month CME Term SOFR plus a term spread adjustment of 0.26161%.
(e)Qualifies for Tier 2 capital under the risk-based capital guidelines for both First Horizon Bank and First Horizon Corporation up to certain limits for minority interest capital instruments.
Schedule of Annual Principal Repayment Requirements
Annual principal repayment requirements as of December 31, 2024 are as follows.
Table 8.10.2

ANNUAL PRINCIPAL REPAYMENT SCHEDULE
(Dollars in millions) 
2025$350 
2026— 
2027— 
2028— 
2029 and after862 
v3.25.0.1
Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Stock by Class
The following table presents a summary of FHN's non-cumulative perpetual preferred stock.
Table 8.11.1
PREFERRED STOCK
December 31,
(Dollars in millions)20242023
Issuance DateEarliest Redemption Date (a) Annual Dividend RateDividend PaymentsShares OutstandingLiquidation AmountCarrying AmountCarrying Amount
Series B 7/2/20208/1/20256.625 %(b)Semi-annually8,000 $80 $77 $77 
Series C 7/2/20205/1/20266.600 %(c)Quarterly5,750 58 59 59 
Series D 7/2/20205/1/20246.100 %(d)Semi-annually— — — 94 
Series E 5/28/202010/10/20256.500 %Quarterly1,500 150 145 145 
Series F5/3/20217/10/20264.700 %Quarterly1,500 150 145 145 
16,750 $438 $426 $520 
(a)    Denotes earliest optional redemption date. Earlier redemption is possible, at FHN's election, if certain regulatory capital events occur.
(b)    As a result of LIBOR transition, the fixed dividend rate will reset on August 1, 2025 to three-month CME Term SOFR plus 4.52361% (0.26161% plus 4.262%).
(c)    As a result of LIBOR transition, the fixed dividend rate will reset on May 1, 2026 to three-month CME Term SOFR plus 5.18161% (0.26161% plus 4.920%).
(d)    On May 1, 2024, FHN redeemed all outstanding shares of its Series D Preferred Stock. The fixed dividend rate was set to convert to three-month CME Term SOFR plus 4.12061% (0.26161% plus 3.859%) on May 1, 2024.
v3.25.0.1
Regulatory Capital and Restrictions (Tables)
 12 Months Ended
Dec. 31, 2024
Broker-Dealer [Abstract]  
Schedule of Actual Capital Amounts and Ratios
The actual capital amounts and ratios of FHN and First Horizon Bank are presented in the following table.
Table 8.12.1
CAPITAL AMOUNTS & RATIOS
(Dollars in millions)First Horizon CorporationFirst Horizon Bank
AmountRatioAmountRatio
December 31, 2024
Actual:
Total Capital$9,862 13.87 %$9,156 13.00 %
Tier 1 Capital8,688 12.22 8,129 11.54 
Common Equity Tier 17,967 11.20 7,834 11.12 
Leverage8,688 10.64 8,129 10.06 
Minimum Requirement for Capital Adequacy Purposes:
Total Capital5,689 8.00 5,633 8.00 
Tier 1 Capital4,266 6.00 4,225 6.00 
Common Equity Tier 13,200 4.50 3,169 4.50 
Leverage3,266 4.00 3,232 4.00 
Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions:
Total Capital7,042 10.00 
Tier 1 Capital5,633 8.00 
Common Equity Tier 14,577 6.50 
Leverage4,040 5.00 
December 31, 2023    
Actual:    
Total Capital$9,922 13.96 %$9,303 13.17 %
Tier 1 Capital8,825 12.42 8,350 11.82 
Common Equity Tier 18,104 11.40 8,055 11.40 
Leverage8,825 10.69 8,350 10.20 
Minimum Requirement for Capital Adequacy Purposes:
Total Capital5,686 8.00 5,651 8.00 
Tier 1 Capital4,264 6.00 4,238 6.00 
Common Equity Tier 13,198 4.50 3,179 4.50 
Leverage3,302 4.00 3,276 4.00 
Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions:
Total Capital7,064 10.00 
Tier 1 Capital5,651 8.00 
Common Equity Tier 14,591 6.50 
      Leverage4,095 5.00 
v3.25.0.1
Components of Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table provides the changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ended December 31, 2024, 2023, and 2022.
Table 8.13.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)Securities AFSCash Flow
Hedges		Pension and
Post-retirement
Plans		Total
Balance as of December 31, 2021$(36)$2 $(254)$(288)
Net unrealized gains (losses)(937)(144)(22)(1,103)
Amounts reclassified from AOCI— 15 8 23 
Other comprehensive income (loss)(937)(129)(14)(1,080)
Balance as of December 31, 2022$(973)$(127)$(268)$(1,368)
Net unrealized gains (losses)137 (5)(11)121 
Amounts reclassified from AOCI— 52 7 59 
Other comprehensive income (loss)137 47 (4)180 
Balance as of December 31, 2023$(836)$(80)$(272)$(1,188)
Net unrealized gains (losses)(15)(63)12 (66)
Amounts reclassified from AOCI69 49 8 126 
Other comprehensive income (loss)54 (14)20 60 
Balance as of December 31, 2024$(782)$(94)$(252)$(1,128)
Schedule of Reclassification Out of Accumulated Other Comprehensive Income
Reclassifications from AOCI, and related tax effects, were as follows.
Table 8.13.2
RECLASSIFICATIONS FROM AOCI
(Dollars in millions) 
Details about AOCI202420232022Affected line item in the statement where net income is presented
Securities AFS:
Realized (gains) losses on securities AFS$91 $— $— Securities gains (losses), net
Tax expense (benefit)(22)— — Income tax expense
69 — — 
Cash flow hedges:
Realized (gains) losses on cash flow hedges$65 $69 $20 Interest and fees on loans and leases
Tax expense (benefit)(16)(17)(5)Income tax expense
$49 $52 $15 
Pension and Postretirement Plans:
Amortization of prior service cost and net actuarial (gain) loss$11 $9 $10 Other expense
Tax expense (benefit)(3)(2)(2)Income tax expense
8 7 8 
Total reclassification from AOCI$126 $59 $23 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Consolidated Statements of Income and Equity
The aggregate amount of income taxes included in the Consolidated Statements of Income and the Consolidated Statements of Changes in Equity for the years ended December 31 were as follows.
Table 8.14.1
INCOME TAX EXPENSE
(Dollars in millions)202420232022
Consolidated Statements of Income:   
Income tax expense$211 $212 $247 
Consolidated Statements of Changes in Equity:   
Income tax expense (benefit) related to:   
Net unrealized gains (losses) on pension and other postretirement plans7 (1)(5)
Net unrealized gains (losses) on securities available for sale17 44 (302)
Net unrealized gains (losses) on cash flow hedges(5)15 (42)
Total$230 $270 $(102)
Schedule of Components of Income Tax Expense/(Benefit)
The components of income tax expense (benefit) for the years ended December 31, were as follows.
Table 8.14.2
INCOME TAX EXPENSE COMPONENTS
(Dollars in millions)202420232022
Current:   
Federal$204 $140 $123 
State24 28 33 
Deferred:  
Federal(14)37 87 
State(3)7 4 
Total$211 $212 $247 
Schedule of Computation of Income Tax Expense Differed from the Amounts Computed by Applying Statutory Federal Income Tax Rate to Income/(Loss) from Continuing Operations Before Income Taxes
A reconciliation of expected income tax expense (benefit) at the federal statutory rate of 21% for 2024, 2023, and 2022, respectively, to total income tax expense follows.
Table 8.14.3
RECONCILIATION FROM STATUTORY RATES
(Dollars in millions)202420232022
Federal income tax rate21 %21 %21 %
Tax computed at statutory rate$211 $237 $243 
Increase (decrease) resulting from:   
State income taxes, net of federal income tax benefit20 34 31 
BOLI
(5)(6)(4)
Tax-exempt interest(12)(12)(10)
FDIC premium12 11 7 
Non-deductible expenses8 9 4 
LIHTC credits and benefits, net of amortization (13)(15)(16)
Other tax credits(1)(5)(4)
Other changes in unrecognized tax benefits(2)(50)(2)
Termination of BOLI policies— 21 — 
Other(7)(12)(2)
Total$211 $212 $247 
Schedule of Net DTA Balances Related to Income Tax Carryforwards
As of December 31, 2024, FHN had net deferred tax asset balances related to federal and state income tax carryforwards of $29 million and $3 million, respectively, which will expire at various dates as follows.
Table 8.14.4
TAX CARRYFORWARD DTA EXPIRATION DATES
(Dollars in millions)Expiration DatesNet Deferred Tax
Asset Balance
Losses - federal2028 - 2035$29 
Net operating losses - states2025 - 20342 
Net operating losses - states2035 - 20411 
Schedule of Deferred Tax Assets and Liabilities
Temporary differences which gave rise to deferred tax assets and deferred tax liabilities on December 31, 2024 and 2023 were as follows.
Table 8.14.5
COMPONENTS OF DTAs & DTLs
(Dollars in millions)20242023
Deferred tax assets:  
Securities available for sale and financial instruments (a)$284 $296 
Loan valuations and loss reserves152 107 
Employee benefits119 128 
Lease liability82 85 
Depreciation and amortization54 37 
Accrued expenses20 21 
Federal loss carryforwards29 32 
State loss carryforwards3 3 
Other25 28 
Gross deferred tax assets768 737 
Deferred tax liabilities:  
Leasing$363 $316 
ROU lease asset73 76 
Other intangible assets71 75 
Prepaid expenses23 20 
Equity investments2 31 
Other9 4 
Gross deferred tax liabilities541 522 
Net deferred tax assets$227 $215 
(a)    Tax effects of unrealized gains and losses are tracked on a security-by-security basis.
Schedule of Rollforward of Unrecognized Tax Benefits
The rollforward of unrecognized tax benefits is shown in the following table.
Table 8.14.6
ROLLFORWARD OF UNRECOGNIZED TAX BENEFITS
(Dollars in millions) 
Balance at December 31, 2022$89 
Increases related to prior year tax positions1 
Increases related to current year tax positions2 
Settlements(76)
Lapse of statutes(1)
Balance at December 31, 2023$15 
Increases related to prior year tax positions2 
Increases related to current year tax positions3 
Lapse of statutes(7)
Balance at December 31, 2024$13 
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Earnings Per Common and Diluted Share
The computations of basic and diluted earnings per common share were as follows.
Table 8.15.1
EARNINGS PER SHARE COMPUTATIONS
(Dollars in millions, except per share data; shares in thousands)202420232022
Net income$794 $916 $912 
Net income attributable to noncontrolling interest19 19 12 
Net income attributable to controlling interest775 897 900 
Preferred stock dividends37 32 32 
Net income available to common shareholders$738 $865 $868 
Weighted average common shares outstanding—basic540,317 548,410 535,033 
Effect of dilutive restricted stock, performance equity awards and options3,968 3,802 7,830 
Effect of dilutive convertible preferred stock (a)— 9,520 23,141 
Weighted average common shares outstanding—diluted544,285 561,732 566,004 
Basic earnings per common share $1.37 $1.58 $1.62 
Diluted earnings per common share $1.36 $1.54 $1.53 
(a) On February 28, 2022, FHN issued $494 million of Series G Convertible Preferred Stock, which was converted into common stock on June 26, 2023, following the termination of the TD Merger Agreement. Conversion occurred at the rate of 4,000 common shares per Series G preferred share resulting in 19,742,776 additional common shares outstanding. 2023 includes the impact of the Series G based on the final conversion rate and 2022 includes the impact based on the original maximum conversion rate.
Schedule of Anti-Dilutive Options and Awards
The following table presents outstanding options and other equity awards that were excluded from the calculation of diluted earnings per share because they were either anti-dilutive (the exercise price was higher
than the weighted-average market price for the period) or the performance conditions have not been met.
Table 8.15.2
ANTI-DILUTIVE EQUITY AWARDS
(Shares in thousands)202420232022
Stock options excluded from the calculation of diluted EPS26 — 29 
Weighted average exercise price of stock options excluded from the calculation of diluted EPS$19.73 $24.36 $25.64 
Other equity awards excluded from the calculation of diluted EPS2,439 2,242 144 
v3.25.0.1
Retirement Plans and Other Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Assumptions Used in the Defined Benefit Plans
The actuarial assumptions used in the defined benefit pension plans and other employee benefit plans were as follows.
Table 8.17.1
ACTUARIAL ASSUMPTIONS FOR DEFINED BENEFIT PLANS
 Benefit ObligationsNet Periodic Benefit Cost
202420232022202420232022
Discount rate      
Qualified pension5.66%5.00%5.20%5.00%5.20%2.96%
Nonqualified pension5.50%4.90%5.10%4.90%5.10%2.65%
Other nonqualified pension5.20%4.75%4.94%4.75%4.94%1.99%
Postretirement benefits
5.40% - 5.74%
4.84% - 5.06%
5.04% - 5.25%
4.84% - 5.49%
4.88% - 5.25%
2.42% - 5.08%
Expected long-term rate of return      
Qualified pension/
postretirement benefits		N/AN/AN/A5.00%5.15%2.85%
Postretirement benefit (retirees post January 1, 1993)N/AN/AN/A5.25%5.50%5.95%
Postretirement benefit (retirees prior to January 1, 1993)N/AN/AN/AN/AN/A1.05%
Schedule of Projected Benefit Obligation and Interest Credit Ratings
FHN has one pension plan where participants' benefits are affected by interest crediting rates. The plan's projected benefit obligation as of December 31, 2024, 2023 and 2022 and interest crediting rates for the respective years were as follows.
Table 8.17.2
PROJECTED BENEFIT OBLIGATION
& CREDITING RATE
(Dollars in millions)202420232022
Projected benefit obligation$7 $8 $10 
Interest crediting rate12.25 %12.04 %10.77 %
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic benefit cost for the plan years 2024, 2023 and 2022 were as follows.
Table 8.17.3
COMPONENTS OF NET PERIODIC BENEFIT COST
(Dollars in millions)Pension BenefitsOther Benefits
202420232022202420232022
Components of net periodic benefit cost      
Interest cost$32 $33 $20 $2 $2 $1 
Expected return on plan assets(32)(32)(24)(1)(1)(2)
Amortization of unrecognized:      
Actuarial (gain) loss13 13 12 (1)(1)— 
Net periodic benefit cost$13 $14 $8 $— $— $(1)
Schedule of Plan's Benefit Obligations and Plan Assets
The following table presents the plans’ benefit obligations and plan assets for 2024 and 2023.
Table 8.17.4
BENEFIT OBLIGATIONS & PLAN ASSETS
(Dollars in millions)Pension BenefitsOther Benefits
2024202320242023
Change in benefit obligation    
Benefit obligation, beginning of year$675 $663 $31 $32 
Interest cost32 33 2 2 
Actuarial (gain) loss (a)(38)20 (1)— 
Actual benefits paid(42)(41)(2)(3)
Premium paid for annuity purchase (b)(28)— — — 
Benefit obligation, end of year$599 $675 $30 $31 
Change in plan assets    
Fair value of plan assets, beginning of year$638 $641 $23 $21 
Actual return on plan assets7 35 2 2 
Employer contributions3 3 1 3 
Actual benefits paid – settlement payments(41)(40)(2)(3)
Actual benefits paid – other payments(1)(1)— — 
Premium paid for annuity purchase (b)(28)— — — 
Fair value of plan assets, end of year$578 $638 $24 $23 
Funded (unfunded) status of the plans$(21)$(37)$(6)$(8)
Amounts recognized in the Balance Sheets    
Other assets$1 $— $22 $21 
Other liabilities(22)(37)(28)(29)
Net asset (liability) at end of year$(21)$(37)$(6)$(8)
(a)Variances in the actuarial (gain) loss are due to normal activity such as changes in discount rates, updates to participant demographic information and revisions to life expectancy assumptions.
(b)Amounts represent settlements of certain retired participants in the qualified pension plan that occurred during the year.
Schedule of Funded (Unfunded) Status of Plan
The projected benefit obligation for unfunded plans was as follows.
Table 8.17.5
BENEFIT OBLIGATION - UNFUNDED PLANS
Pension BenefitsOther Benefits
(Dollars in millions)2024202320242023
Projected benefit obligation$22 $24 $28 $29 
Schedule of Balances Reflected in AOCI on Pre-tax Basis Balances reflected in accumulated other comprehensive income on a pre-tax basis for the years ended December 31, 2024 and 2023 consist of the following.
Table 8.17.6
PRE-TAX ACTUARIAL (GAINS) LOSSES REFLECTED IN AOCI
(Dollars in millions)Pension BenefitsOther Benefits
2024202320242023
Amounts recognized in accumulated other comprehensive income    
Net actuarial (gain) loss$341 $367 $(9)$(8)
Schedule of Amounts Recognized in Other Comprehensive Income
The pre-tax amounts recognized in other comprehensive income during 2024, 2023, and 2022 were as follows.
Table 8.17.7
PRE-TAX AMOUNTS RECOGNIZED IN OCI
(Dollars in millions)Pension BenefitsOther Benefits
202420232022202420232022
Changes in plan assets and benefit obligation recognized in other comprehensive income    
Net actuarial (gain) loss arising during measurement period$(13)$17 $32 $(2)$— $(3)
Items amortized during the measurement period:    
Net actuarial gain (loss)(13)(13)(11)1 1 — 
Total recognized in other comprehensive income$(26)$4 $21 $(1)$1 $(3)
Schedule of Expected Benefit Payments
The following table provides detail on expected benefit payments, which reflect expected future service, as appropriate.
Table 8.17.8
EXPECTED BENEFIT PAYMENTS
(Dollars in millions)Pension
Benefits		Other
Benefits
2025$44 $2 
202645 2 
202746 2 
202846 2 
202946 2 
2030-2034229 12 
Schedule of Fair Value of Pension Plan Assets
The fair value of FHN’s pension plan assets at December 31, 2024 and 2023, by asset category classified using the fair value measurement hierarchy, is shown in the table below. See Note 23 – Fair Value of Assets and Liabilities for more details about fair value measurements.
Table 8.17.9
FAIR VALUE OF PENSION ASSETS
(Dollars in millions)December 31, 2024
Level 1Level 2Level 3Total
Cash equivalents and money market funds$11 $— $— $11 
Fixed income securities:    
U.S. treasuries— 8 — 8 
Corporate, municipal and foreign bonds— 295 — 295 
Common and collective funds:    
Fixed income— 264 — 264 
Total$11 $567 $— $578 
(Dollars in millions)December 31, 2023
Level 1Level 2Level 3Total
Cash equivalents and money market funds$6 $— $— $6 
Fixed income securities:    
U.S. treasuries— 9 — 9 
Corporate, municipal and foreign bonds— 317 — 317 
Common and collective funds:
Fixed income— 306 — 306 
Total$6 $632 $— $638 
Schedule of Fair Value of Retiree Medical Plan Assets by Asset Category
The fair value of FHN’s retiree medical plan assets at December 31, 2024 and 2023 by asset category is as follows.
Table 8.17.10
FAIR VALUE OF RETIREE MEDICAL PLAN ASSETS
(Dollars in millions)December 31, 2024
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$8 $— $— $8 
Fixed income mutual funds16 — — 16 
Total$24 $— $— $24 
(Dollars in millions)December 31, 2023
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$7 $— $— $7 
Fixed income mutual funds16 — — 16 
Total$23 $— $— $23 
v3.25.0.1
Stock Options and Restricted Stock (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted and Performance Stock Activity summary of restricted and performance stock and unit activity during the year ended December 31, 2024, is presented below.
Table 8.18.1
RESTRICTED AND PERFORMANCE EQUITY AWARD ACTIVITY
Shares/
Units (a)		Weighted average
grant date fair value
(per share) (b)
January 1, 202411,317,704 $15.89 
Shares/units granted5,088,696 15.24 
Shares/units vested/distributed(4,110,142)15.81 
Shares/units canceled(456,173)13.90 
December 31, 202411,840,085 $15.71 
(a)Includes only units that settle in shares; nonvested performance units are included at 100% payout level.
(b)The weighted average grant date fair value for shares/units granted in 2023 and 2022 was $16.08 and $20.64, respectively.
Schedule of Stock Options
The summary of stock option activity for the year ended December 31, 2024, is shown below.
Table 8.18.2
STOCK OPTION ACTIVITY
Options
Outstanding		Weighted
Average
Exercise Price
(per share)		Weighted Average
Remaining
Contractual Term
(years)		Aggregate
Intrinsic Value
(millions)
January 1, 20241,898,968 $16.31   
Options granted— —   
Options exercised(604,467)15.52   
Options expired/canceled(335,879)18.15   
December 31, 2024958,622 $16.16 2.38$4 
Options exercisable883,705 16.24 2.233 
Options expected to vest74,917 15.20 4.07— 
v3.25.0.1
Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting, Measurement Disclosures [Abstract]  
Schedule of Segment Financial Information
The following table presents financial information for each reportable business segment for the years ended December 31.
Table 8.19.1
SEGMENT FINANCIAL INFORMATION
2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$3,538 $530 $284 $4,352 
Interest expense1,413 125 303 1,841 
Funds transfer pricing418 (211)(207)— 
Net interest income (expense)2,543 194 (226)2,511 
Noninterest income (a)461 230 (12)679 
Total revenues3,004 424 (238)3,190 
Noninterest expense (c)(d)1,417 299 319 2,035 
Pre-provision net revenue (f)1,587 125 (557)1,155 
Provision for credit losses158 3 (11)150 
Income (loss) before income taxes1,429 122 (546)1,005 
Income tax expense (benefit)337 29 (155)211 
Net income (loss)$1,092 $93 $(391)$794 
Average assets$59,402 $8,209 $14,211 $81,822 
Depreciation and amortization37 7 57 101 
Expenditures for long-lived assets26 1 18 45 
2023
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$3,286 $478 $336 $4,100 
Interest expense1,115 100 345 1,560 
Funds transfer pricing523 (195)(328)— 
Net interest income (expense)2,694 183 (337)2,540 
Noninterest income (a)448 174 305 927 
Total revenues3,142 357 (32)3,467 
Noninterest expense (b)(c)(d)1,370 276 433 2,079 
Pre-provision net revenue (f)1,772 81 (465)1,388 
Provision for credit losses260 15 (15)260 
Income (loss) before income taxes1,512 66 (450)1,128 
Income tax expense (benefit) (e)357 16 (161)212 
Net income (loss)$1,155 $50 $(289)$916 
Average assets$58,126 $7,583 $15,974 $81,683 
Depreciation and amortization34 7 61 102 
Expenditures for long-lived assets16 1 17 34 
2022
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$2,053 $339 $291 $2,683 
Interest expense156 47 88 291 
Funds transfer pricing368 (39)(329)— 
Net interest income (expense)2,265 253 (126)2,392 
Noninterest income (a)477 259 79 815 
Total revenues2,742 512 (47)3,207 
Noninterest expense (b)(d)1,309 344 300 1,953 
Pre-provision net revenue (f)1,433 168 (347)1,254 
Provision for credit losses85 11 (1)95 
Income (loss) before income taxes1,348 157 (346)1,159 
Income tax expense (benefit)319 38 (110)247 
Net income (loss)$1,029 $119 $(236)$912 
Average assets$52,771 $9,172 $22,274 $84,217 
Depreciation and amortization(1)6 80 85 
Expenditures for long-lived assets15 10 (1)24 
(a)2024 includes a $91 million loss on securities following the restructuring of a portion of the AFS securities portfolio. 2023 includes a $225 million gain on merger termination and a $6 million loss on equities valuation adjustments in the Corporate segment and a $9 million gain on an FHN Financial asset disposition in the Wholesale segment. 2022 includes a $12 million gain on sale of mortgage servicing rights in the Wholesale segment and a $22 million gain related to the sale of the title insurance business, a $10 million gain on equity securities and a $6 million gain related to a fintech investment in the Corporate segment.
(b)2023 includes $51 million in merger and integration expenses related to the TD Transaction in the Corporate Segment. 2022 includes $136 million in merger and integration expenses related to the IBKC merger and TD Transaction in the Corporate segment.
(c)2024 includes $14 million of restructuring costs and an FDIC special assessment of $9 million in the Corporate segment. 2023 includes $10 million of restructuring costs, an FDIC special assessment of $68 million, and a $50 million contribution to the First Horizon Foundation in the Corporate segment.
(d)2024, 2023, and 2022 include $15 million, $15 million and $22 million, respectively, in derivative valuation adjustments related to prior Visa Class B share sales in the Corporate segment.
(e)2023 includes $24 million in expense related to the surrender of bank-owned life insurance policies and a $59 million benefit from merger-related tax items in the Corporate segment.
(f)Pre-provision net revenue is a non-GAAP measure and is reconciled to income (loss) before income taxes (GAAP) in this table.
The following table presents a disaggregation of FHN’s noninterest income by major product line and reportable segment for the years ended December 31, 2024, 2023, and 2022.
Table 8.19.2
NONINTEREST INCOME DETAIL BY SEGMENT
December 31, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $187 $— $187 
Deposit transactions and cash management163 4 9 176 
Brokerage, management fees and commissions101 — — 101 
Card and digital banking fees67 — 10 77 
Other service charges and fees48 2 1 51 
Trust services and investment management48 — — 48 
Mortgage banking income
1 33 1 35 
Securities gains (losses), net (b)— — (89)(89)
Other income (c)33 4 56 93 
     Total noninterest income$461 $230 $(12)$679 
December 31, 2023
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $134 $(1)$133 
Deposit transactions and cash management165 4 10 179 
Brokerage, management fees and commissions90 — — 90 
Card and digital banking fees67 — 10 77 
Other service charges and fees51 3 — 54 
Trust services and investment management47 — — 47 
Mortgage banking income
1 21 1 23 
Gain on merger termination— — 225 225 
Securities gains (losses), net (b)— — (4)(4)
Other income (c)27 12 64 103 
     Total noninterest income$448 $174 $305 $927 
December 31, 2022
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $205 $— $205 
Deposit transactions and cash management161 3 7 171 
Brokerage, management fees and commissions92 — — 92 
Card and digital banking fees72 — 12 84 
Other service charges and fees49 3 2 54 
Trust services and investment management48 — — 48 
Mortgage banking income
22 46 — 68 
Securities gains (losses), net (b)— — 18 18 
Other income (c)33 2 40 75 
     Total noninterest income$477 $259 $79 $815 
(a)2024, 2023, and 2022 include $42 million, $42 million, and $43 million, respectively, of underwriting, portfolio advisory, and other noninterest income in scope of ASC 606, "Revenue from Contracts with Customers."
(b)Represents noninterest income excluded from the scope of ASC 606. Amount is presented for informational purposes to reconcile total noninterest income.
(c)Includes letter of credit fees and insurance commissions in scope of ASC 606.
The following table presents a disaggregation of FHN’s noninterest expense by major product line and reportable segment for the years ended December 31, 2024, 2023, and 2022.
Table 8.19.3
NONINTEREST EXPENSE DETAIL BY SEGMENT
December 31, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$540 $196 $401 $1,137 
Net occupancy expense76 9 45 130 
Computer software25 6 90 121 
Operations services18 22 54 94 
Deposit insurance expense— — 64 64 
Legal and professional fees11 3 50 64 
Contract employment and outsourcing5 3 43 51 
Advertising and public relations7 1 40 48 
Amortization of intangible assets39 2 3 44 
Equipment expense11 2 29 42 
Communications and delivery10 3 19 32 
Contributions2 — 16 18 
Other expense75 22 93 190 
Cost allocations598 30 (628)— 
Total noninterest expense$1,417 $299 $319 $2,035 
December 31, 2023
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$526 $179 $395 $1,100 
Net occupancy expense72 9 42 123 
Computer software21 5 85 111 
Operations services20 25 42 87 
Deposit insurance expense— — 122 122 
Legal and professional fees10 3 36 49 
Contract employment and outsourcing6 4 39 49 
Advertising and public relations7 1 63 71 
Amortization of intangible assets43 1 3 47 
Equipment expense13 1 28 42 
Communications and delivery10 5 20 35 
Contributions2 — 59 61 
Other expense71 20 91 182 
Cost allocations569 23 (592)— 
Total noninterest expense$1,370 $276 $433 $2,079 
December 31, 2022
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$516 $240 $345 $1,101 
Net occupancy expense72 11 45 128 
Computer software27 4 82 113 
Operations services21 22 44 87 
Deposit insurance expense— — 32 32 
Legal and professional fees11 3 48 62 
Contract employment and outsourcing6 5 43 54 
Advertising and public relations6 1 43 50 
Amortization of intangible assets46 2 3 51 
Equipment expense14 1 30 45 
Communications and delivery9 6 22 37 
Contributions2 — 5 7 
Other expense68 29 89 186 
Cost allocations511 20 (531)— 
Total noninterest expense$1,309 $344 $300 $1,953 
v3.25.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Variable Interest Entities [Abstract]  
Schedule of VIEs Consolidated by FHN
The following table summarizes the carrying value of assets and liabilities associated with rabbi trusts used for deferred compensation plans which are consolidated by FHN as of December 31, 2024 and 2023.
Table 8.20.1
CONSOLIDATED VIEs
(Dollars in millions)December 31, 2024December 31, 2023
Assets:
Other assets$195 $177 
Liabilities:
Other liabilities$165 $150 
Schedule of the Impact of Qualifying LIHTC Investments
The following table summarizes the impact to income tax expense on the Consolidated Statements of Income for the years ended December 31, 2024, 2023, and 2022 for investments accounted for under the PAM. The impact of these investments is included in other operating activities, net in the Consolidated Statements of Cash Flows.
Table 8.20.2
TAX CREDIT IMPACTS ON TAX EXPENSE
(Dollars in millions)202420232022
Income tax expense (benefit):
Amortization of qualifying investments$65 $54 $44 
Tax credits(70)(55)(48)
Other tax benefits related to qualifying investments(9)(13)(12)
Schedule of VIEs not Consolidated by FHN
The following tables summarize FHN’s nonconsolidated VIEs as of December 31, 2024 and 2023.
Table 8.20.3
NONCONSOLIDATED VIEs AT DECEMBER 31, 2024
(Dollars in millions)Maximum
Loss Exposure		Liability
Recognized		Classification
Type:
Low income housing partnerships$617 $222 (a)
Other tax credit investments (b)90 73 Other assets
Small issuer trust preferred holdings (c)171 — Loans and leases
On-balance sheet trust preferred securitization26 88 (d)
Holdings of agency mortgage-backed securities (c)8,017 — (e)
Commercial loan modifications to borrowers experiencing financial difficulty (f)381 — Loans and leases
Proprietary trust preferred issuances (g)— 167 Term borrowings
(a)    Maximum loss exposure represents $395 million of current investments and $222 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events and are recognized in other liabilities. FHN currently expects to be required to fund substantially all of these accrued commitments by the end of 2026.
(b)    Maximum loss exposure represents the value of current investments.
(c)    Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities.
(d)    Includes $113 million classified as loans and leases and $2 million classified as trading securities, which are offset by $88 million classified as term borrowings.
(e)    Includes $278 million classified as trading securities, $1.3 billion classified as securities held to maturity, and $6.5 billion classified as securities available for sale.
(f)    Maximum loss exposure represents $381 million of current receivables with no additional contractual funding commitments on loans related to commercial loan modifications to borrowers experiencing financial difficulty.
(g)    No exposure to loss due to nature of FHN's involvement.

Table 8.20.4
NONCONSOLIDATED VIEs AT DECEMBER 31, 2023
(Dollars in millions)Maximum
Loss Exposure		Liability
Recognized		Classification
Type:
Low income housing partnerships$587 $223 (a)
Other tax credit investments (b) 79 64 Other assets
Small issuer trust preferred holdings (c)173 — Loans and leases
On-balance sheet trust preferred securitization26 88 (d)
Holdings of agency mortgage-backed securities (c)8,402 — (e)
Commercial loan modifications to borrowers experiencing financial difficulty (f)129 — Loans and leases
Proprietary trust preferred issuances (g)— 167 Term borrowings
(a)Maximum loss exposure represents $364 million of current investments and $223 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events and are recognized in other liabilities. FHN currently expects to be required to fund substantially all of these accrued commitments by the end of 2026.
(b)Maximum loss exposure represents the value of current investments.
(c)Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities.
(d)Includes $113 million classified as loans and leases and $2 million classified as trading securities, which are offset by $88 million classified as term borrowings.
(e)Includes $450 million classified as trading securities, $1.3 billion classified as securities held to maturity, and $6.6 billion classified as securities available for sale.
(f)Maximum loss exposure represents $129 million of current receivables with no additional contractual funding commitments on loans related to commercial loan modifications to borrowers experiencing financial difficulty.
(g)No exposure to loss due to nature of FHN's involvement.
v3.25.0.1
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Associated With Fixed Income Trading Activities
The following table summarizes derivatives associated with FHNF's trading activities as of December 31, 2024 and 2023.
Table 8.21.1
DERIVATIVES ASSOCIATED WITH TRADING
 December 31, 2024
(Dollars in millions)NotionalAssetsLiabilities
Customer interest rate contracts$4,096 $8 $190 
Offsetting upstream interest rate contracts4,265 134 9 
Forwards and futures purchased1,421 1 6 
Forwards and futures sold1,426 7 — 
 December 31, 2023
(Dollars in millions)NotionalAssetsLiabilities
Customer interest rate contracts$4,067 $22 $197 
Offsetting upstream interest rate contracts4,273 135 23 
Forwards and futures purchased777 9 — 
Forwards and futures sold912 — 9 
Schedule of Derivatives Associated with Interest Rate Risk Management Activities
The following table summarizes FHN’s derivatives associated with interest rate risk management activities as of December 31, 2024 and 2023.
Table 8.21.2
DERIVATIVES ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
 December 31, 2024
(Dollars in millions)NotionalAssetsLiabilities
Customer Interest Rate Contracts Hedging 
Hedging Instruments and Hedged Items: 
Customer interest rate contracts$8,301 $10 $372 
Offsetting upstream interest rate contracts8,301 369 11 
 December 31, 2023
(Dollars in millions)NotionalAssetsLiabilities
Customer Interest Rate Contracts Hedging
Hedging Instruments and Hedged Items: 
Customer interest rate contracts$8,375 $21 $392 
Offsetting upstream interest rate contracts8,375 389 22 
Schedule of Gains/(Losses) on Derivatives Associated with Interest Rate Risk Management Activities
The following table summarizes gains (losses) on FHN’s derivatives associated with interest rate risk management activities for the years ended December 31, 2024, 2023, and 2022.
Table 8.21.3
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
Year Ended December 31,
202420232022
(Dollars in millions)Gains (Losses)Gains (Losses)Gains (Losses)
Customer Interest Rate Contracts Hedging
Hedging Instruments and Hedged Items:
Customer interest rate contracts (a)$10 $195 $(744)
Offsetting upstream interest rate contracts (a)(10)(195)744 
(a)Gains (losses) included in other expense within the Consolidated Statements of Income.
Schedule of Derivative Associated with Cash Flow Hedges
The following tables summarize FHN’s derivative activities associated with cash flow hedges as of December 31, 2024 and 2023.
Table 8.21.4
DERIVATIVES ASSOCIATED WITH CASH FLOW HEDGES
 December 31, 2024
(Dollars in millions)NotionalAssetsLiabilities
Cash Flow Hedges 
Hedging Instruments: 
Interest rate contracts$5,000 $— $67 
Hedged Items:
Variability in cash flows related to debt instruments (primarily loans)N/A$5,000 N/A
 December 31, 2023
(Dollars in millions)NotionalAssetsLiabilities
Cash Flow Hedges
Hedging Instruments: 
Interest rate contracts$5,200 $— $32 
Hedged Items:
Variability in cash flows related to debt instruments (primarily loans)N/A$5,200 N/A
Schedule of Gains/(Losses) on Derivatives Associated with Cash Flow Hedges
The following table summarizes gains (losses) on FHN’s derivatives associated with cash flow hedges for the years ended December 31, 2024, 2023, and 2022.
Table 8.21.5
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH CASH FLOW HEDGES
Year Ended December 31,
202420232022
(Dollars in millions)Gains (Losses)Gains (Losses)Gains (Losses)
Cash Flow Hedges
Hedging Instruments:
Interest rate contracts (a) $(19)$45 $195 
Gain (loss) recognized in other comprehensive income (loss)49 52 15 
Gain (loss) reclassified from AOCI into interest income(14)47 (129)
(a)Approximately $21 million of pre-tax losses are expected to be reclassified into earnings in the next twelve months.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location The notional and fair values of these contracts are presented in the table below.
Table 8.21.6
DERIVATIVES ASSOCIATED WITH MORTGAGE BANKING HEDGES
December 31, 2024
(Dollars in millions)NotionalAssetsLiabilities
Mortgage Banking Hedges
Option contracts written$51 $— $— 
Forward contracts written100 1 — 
December 31, 2023
(Dollars in millions)NotionalAssetsLiabilities
Mortgage Banking Hedges
Option contracts written$55 $1 $— 
Forward contracts written93 — 1 
The following table summarizes gains (losses) on FHN's derivatives associated with mortgage banking activities for the years ended December 31, 2024 and 2023.
Table 8.21.7
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH MORTGAGE BANKING HEDGES
Year Ended December 31,
202420232022
(Dollars in millions)Gains (Losses)Gains (Losses)Gains (Losses)
Mortgage Banking Hedges
Option contracts written$1 $— $3 
Forward contracts written(2)1 32 
Schedule of Derivative Assets and Collateral Received
The following table provides details of derivative assets and collateral received as presented on the Consolidated Balance Sheets as of December 31, 2024 and 2023.
Table 8.21.8
DERIVATIVE ASSETS & COLLATERAL RECEIVED
    Gross amounts not offset in the Balance Sheets 
(Dollars in millions)Gross amounts
of recognized
assets		Gross amounts
offset in the
Balance Sheets		Net amounts of
assets presented
in the Balance Sheets (a)		Derivative liabilities
available for
offset		Collateral
received		Net amount
Derivative assets:
December 31, 2024
Interest rate derivative contracts$522 $— $522 $(73)$(436)$13 
Forward contracts8 — 8 (3)(4)1 
$530 $— $530 $(76)$(440)$14 
December 31, 2023
Interest rate derivative contracts$567 $— $567 $(75)$(486)$6 
Forward contracts9 — 9 (4)(3)2 
$576 $— $576 $(79)$(489)$8 
(a)Included in other assets on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, $2 million and $1 million, respectively, of derivative assets have been excluded from these tables because they are generally not subject to master netting or similar agreements.
Schedule of Derivative Liabilities and Collateral Pledged
The following table provides details of derivative liabilities and collateral pledged as presented on the Consolidated Balance Sheets as of December 31, 2024 and 2023.
Table 8.21.9
DERIVATIVE LIABILITIES & COLLATERAL PLEDGED
Gross amounts not offset  in the Balance Sheets
(Dollars in millions)Gross amounts
of recognized
liabilities		Gross
 amounts
offset in the
Balance Sheets		Net amounts of
liabilities presented
in the Balance Sheets (a)		Derivative assets
available for
offset		Collateral
pledged		Net amount
Derivative liabilities:
December 31, 2024
Interest rate derivative contracts$649 $— $649 $(73)$(168)$408 
Forward contracts6 — 6 (3)(1)2 
$655 $— $655 $(76)$(169)$410 
December 31, 2023
Interest rate derivative contracts$666 $— $666 $(75)$(164)$427 
Forward contracts9 — 9 (4)(5)— 
$675 $— $675 $(79)$(169)$427 
(a)Included in other liabilities on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, $16 million and $24 million, respectively, of derivative liabilities (primarily Visa-related derivatives) have been excluded from these tables because they are generally not subject to master netting or similar agreements.
v3.25.0.1
Master Netting and Similar Agreements - Repurchase, Reverse Repurchase, and Securities Borrowing Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Offsetting [Abstract]  
Schedule of Securities Purchased under Agreements to Resell and Collateral Pledged by Counterparties
The following table provides details of securities purchased under agreements to resell and collateral pledged by counterparties as of December 31, 2024 and 2023.
Table 8.22.1
SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
    Gross amounts not offset in the
Balance Sheets		 
(Dollars in millions)Gross amounts
of recognized
assets		Gross amounts
offset in the
Balance Sheets		Net amounts of
assets presented
in the Balance Sheets		Offsetting
securities sold
under agreements
to repurchase		Securities collateral
(not recognized on
FHN’s Balance Sheets)		Net amount
Securities purchased under agreements to resell:
2024$572 $— $572 $— $(567)$5 
2023519 — 519 — (516)3 
Schedule of Securities Sold under Agreements to Repurchase and Collateral Pledged by Company
The following table provides details of securities sold under agreements to repurchase and collateral pledged by FHN as of December 31, 2024 and 2023.
Table 8.22.2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
    Gross amounts not offset in the
Balance Sheets		 
(Dollars in millions)Gross amounts
of recognized
liabilities		Gross amounts
offset in the
Balance Sheets		Net amounts of
liabilities presented
in the Balance Sheets		Offsetting securities
purchased under
agreements to resell		Securities/
government
guaranteed loans
collateral		Net amount
Securities sold under agreements to repurchase:
2024$2,096 $— $2,096 $— $(2,096)$— 
20231,921 — 1,921 — (1,921)— 
Schedule of the Remaining Contractual Maturity by Collateral Type of Securities Sold under Agreements to Repurchase
The following table provides details, by collateral type, of the remaining contractual maturity of securities sold under agreements to repurchase as of December 31, 2024 and 2023.
Table 8.22.3
MATURITIES OF SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 December 31, 2024
(Dollars in millions)Overnight and
Continuous		Up to 30 DaysTotal
Securities sold under agreements to repurchase:
Government agency issued MBS$1,535 $— $1,535 
Government agency issued CMO561 — 561 
Total securities sold under agreements to repurchase$2,096 $— $2,096 
 December 31, 2023
(Dollars in millions)Overnight and
Continuous		Up to 30 DaysTotal
Securities sold under agreements to repurchase:
Government agency issued MBS$1,717 $— $1,717 
Government agency issued CMO161 — 161 
Other U.S. government agencies43 — 43 
Total securities sold under agreements to repurchase$1,921 $— $1,921 
v3.25.0.1
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured on Recurring Basis
Recurring Fair Value Measurements
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023.
Table 8.23.1
BALANCES OF ASSETS & LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
 December 31, 2024
(Dollars in millions)Level 1Level 2Level 3Total
Trading securities:
U.S. treasuries$— $3 $— $3 
Government agency issued MBS— 98 — 98 
Government agency issued CMO— 180 — 180 
Other U.S. government agencies— 252 — 252 
States and municipalities— 64 — 64 
Corporate and other debt— 767 — 767 
SBA interest-only strips— — 23 23 
Total trading securities— 1,364 23 1,387 
Loans held for sale (elected fair value)— 69 16 85 
Securities available for sale:
Government agency issued MBS— 3,702 — 3,702 
Government agency issued CMO— 2,767 — 2,767 
Other U.S. government agencies— 1,073 — 1,073 
States and municipalities— 354 — 354 
Total securities available for sale— 7,896 — 7,896 
Other assets:
Deferred compensation mutual funds111 — — 111 
Equity, mutual funds, and other35 — — 35 
Derivatives, forwards and futures8 — — 8 
Derivatives, interest rate contracts— 522 — 522 
Derivatives, other— 1 — 1 
Total other assets154 523 — 677 
Total assets$154 $9,852 $39 $10,045 
Trading liabilities:
U.S. treasuries$— $440 $— $440 
Other U.S. government agencies— 7 — 7 
Corporate and other debt— 103 — 103 
Total trading liabilities— 550 — 550 
Other liabilities:
Derivatives, forwards and futures6 — — 6 
Derivatives, interest rate contracts— 649 — 649 
Derivatives, other— 1 15 16 
Total other liabilities6 650 15 671 
Total liabilities$6 $1,200 $15 $1,221 
December 31, 2023
(Dollars in millions)Level 1Level 2Level 3Total
Trading securities:
U.S. treasuries$— $3 $— $3 
Government agency issued MBS— 114 — 114 
Government agency issued CMO— 336 — 336 
Other U.S. government agencies— 152 — 152 
States and municipalities— 17 — 17 
Corporate and other debt— 777 — 777 
SBA interest-only strips— — 13 13 
Total trading securities— 1,399 13 1,412 
Loans held for sale (elected fair value)— 42 26 68 
Securities available for sale:
Government agency issued MBS— 4,484 — 4,484 
Government agency issued CMO— 2,146 — 2,146 
Other U.S. government agencies— 1,172 — 1,172 
States and municipalities— 589 — 589 
Total securities available for sale— 8,391 — 8,391 
Other assets:
Deferred compensation mutual funds102 — — 102 
Equity, mutual funds, and other34 — — 34 
Derivatives, forwards and futures9 — — 9 
Derivatives, interest rate contracts— 568 — 568 
Total other assets145 568 — 713 
Total assets$145 $10,400 $39 $10,584 
Trading liabilities:
U.S. treasuries$— $426 $— $426 
Government agency issued MBS— 1 — 1 
Corporate and other debt— 82 — 82 
Total trading liabilities— 509 — 509 
Other liabilities:
Derivatives, forwards and futures10 — — 10 
Derivatives, interest rate contracts— 666 — 666 
Derivatives, other— — 23 23 
Total other liabilities10 666 23 699 
Total liabilities$10 $1,175 $23 $1,208 
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value
The changes in Level 3 assets and liabilities measured at fair value for the years ended December 31, 2024, 2023 and 2022 on a recurring basis are summarized as follows.
Table 8.23.2
CHANGES IN LEVEL 3 ASSETS & LIABILITIES MEASURED AT FAIR VALUE
 Year Ended December 31, 2024 
(Dollars in millions)
SBA interest-only strips
Loans held for saleNet  derivative
liabilities		 
Balance on January 1, 2024$13 $26 $(23)
Total net gains (losses) included in net income(5)1 (15)
Purchases— 2 — 
Sales(17)(13)— 
Settlements— (2)23 
Net transfers into (out of) Level 332 (b)2 — 
Balance on December 31, 2024$23 $16 $(15)
Net unrealized gains (losses) included in net income$(2)(c)$1 (a)$(15)(d)
 Year Ended December 31, 2023 
(Dollars in millions)
SBA interest-only strips
Loans held for sale Net  derivative
liabilities		 
Balance on January 1, 2023$25 $22 $(27)
Total net gains (losses) included in net income(12)4 (15)
Purchases— 3 — 
Sales(54)(3)— 
Settlements— (2)19 
Net transfers into (out of) Level 354 (b)2 — 
Balance on December 31, 2023$13 $26  $(23)
Net unrealized gains (losses) included in net income$(1)(c)$4 (a)$(15)(d)
 Year Ended December 31, 2022
(Dollars in millions)
SBA interest-only strips
Loans held for sale Net  derivative
liabilities
Balance on January 1, 2022$38 $28 $(23)
Total net gains (losses) included in net income(7)— (23)
Purchases— 2 — 
Sales(76)(12)— 
Settlements— (2)19 
Repayments— (1)— 
Net transfers into (out of) Level 370 (b)7 

— 
Balance on December 31, 2022$25 $22 $(27)
Net unrealized gains (losses) included in net income$(2)(c)$— (a)$(23)(d)
(a)Primarily included in mortgage banking income on the Consolidated Statements of Income.
(b)Transfers into Level 3 SBA interest-only strips reflect transfers out of SBA loans held for sale, which are Level 2 assets measured on a nonrecurring basis. Refer to Table 8.23.3.
(c)Primarily included in fixed income on the Consolidated Statements of Income.
(d)Included in other expense on the Consolidated Statements of Income.
Schedule of Nonrecurring Fair Value Measurements For assets
measured at fair value on a nonrecurring basis which were still held on the Consolidated Balance Sheets at December 31, 2024, 2023 and 2022, respectively, the following table provides the level of valuation assumptions used to determine each adjustment and the related carrying value.
Table 8.23.3
LEVEL OF VALUATION ASSUMPTIONS FOR ASSETS
MEASURED AT FAIR VALUE ON A NONRECURRING BASIS
 Carrying value at December 31, 2024Year Ended December 31, 2024
(Dollars in millions)Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $438 $— $438 $(1)
Loans and leases (a)— — 344 344 (73)
OREO (b)— — 3 3 — 
$(74)
 Carrying value at December 31, 2023Year Ended December 31, 2023
(Dollars in millions)Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $406 $— $406 $(3)
Loans and leases (a)— — 245 245 (42)
OREO (b)— — 4 4 — 
Other assets (c)— — 90 90 (7)
$(52)
 Carrying value at December 31, 2022Year Ended December 31, 2022
(Dollars in millions) Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $506 $— $506 $(3)
Loans and leases (a)— — 135 135 (19)
OREO (b)— — 3 3 — 
Other assets (c)— — 91 91 (10)
$(32)
(a)Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for credit losses.
(b)Represents the fair value and related losses of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government-insured mortgages.
(c)Represents tax credit investments accounted for under the equity method.
Schedule of Unobservable Inputs Utilized in Determining the Fair Value of Level 3 Recurring and Non-Recurring Measurements
Level 3 Measurements
The following table provides information regarding the unobservable inputs utilized in determining the fair value of Level 3 recurring and nonrecurring measurements as of December 31, 2024 and 2023.

Table 8.23.4
UNOBSERVABLE INPUTS USED IN LEVEL 3 FAIR VALUE MEASUREMENTS
(Dollars in millions)Values Utilized
Level 3 ClassFair Value at December 31, 2024Valuation TechniquesUnobservable InputRangeWeighted Average (c)
Trading securities - SBA interest-only strips$23 Discounted cash flowConstant prepayment rate
16% - 30%
17%
Bond equivalent yield
3% - 18%
17%
Loans held for sale - residential real estate$16 Discounted cash flowPrepayment speeds - First mortgage
2% - 6%
3%
Foreclosure losses
63% - 71%
64%
Loss severity trends - First mortgage
0.0% - 0.2% of UPB
0.1%
Derivative liabilities, other$15 Discounted cash flowVisa covered litigation resolution amount
$3.1 billion - $4.1 billion
$3.8 billion
Probability of resolution scenarios
10% - 25%
18%
 Time until resolution
6 - 36 months
23 months
Loans and leases (a)$344 Appraisals from comparable propertiesMarketability adjustments for specific properties
0% - 25% of appraisal
NM
Other collateral valuationsBorrowing base certificates liquidation adjustment
25% - 50% of gross value
NM
 Financial Statements liquidation adjustment
50% - 100% of reported value
NM
Auction appraisals marketability adjustment
0% - 10% of reported value
NM
OREO (b)$3 Appraisals from comparable propertiesAdjustment for value changes since appraisal
0% - 10% of appraisal
NM
NM - Not meaningful
(a)Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for credit losses.
(b)Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government-insured mortgages.
(c)Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value.
(Dollars in millions)Values Utilized
Level 3 ClassFair Value at December 31, 2023Valuation TechniquesUnobservable InputRangeWeighted Average (c)
Trading securities - SBA interest-only strips$13 Discounted cash flowConstant prepayment rate
14% - 15%
14%
Bond equivalent yield
18% - 21%
18%
Loans held for sale - residential real estate$26 Discounted cash flowPrepayment speeds - First mortgage
2% - 7%
3%
Foreclosure losses
64% - 68%
65%
Loss severity trends - First mortgage
0.0% - 2.8% of UPB
1.6%
Derivative liabilities, other$23 Discounted cash flowVisa covered litigation resolution amount
$5.7 billion - $6.7 billion
$6.3 billion
Probability of resolution scenarios
10% - 25%
18%
Time until resolution
6 - 36 months
24 months
Loans and leases (a)$245 Appraisals from comparable propertiesMarketability adjustments for specific properties
0% - 25% of appraisal
NM
Other collateral valuationsBorrowing base certificates liquidation adjustment
25% - 50% of gross value
NM
Financial Statements liquidation adjustment
50% - 100% of reported value
NM
Auction appraisals marketability adjustment
0% - 10% of reported value
NM
OREO (b)$4 Appraisals from comparable propertiesAdjustment for value changes since appraisal
0% - 10% of appraisal
NM
Other assets (d)$90 Discounted cash flowAdjustments to current sales yields for specific properties
0% - 15% adjustment to yield
NM
Appraisals from comparable propertiesMarketability adjustments for specific properties
0% - 25% of appraisal
NM
NM - Not meaningful
(a)Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for credit losses.
(b)Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government-insured mortgages.
(c)Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value.
(d)Represents tax credit investments accounted for under the equity method.
Schedule of Differences between the Fair Value Carrying Amount of Mortgages Held-for-sale and Aggregate Unpaid Principal Amount
The following table reflects the differences between the fair value carrying amount of residential real estate loans held for sale measured at fair value in accordance with management’s election and the aggregate unpaid principal amount FHN is contractually entitled to receive at maturity.
Table 8.23.5

DIFFERENCES BETWEEN FAIR VALUE CARRYING AMOUNTS AND CONTRACTUAL AMOUNTS OF RESIDENTIAL REAL ESTATE LOANS REPORTED AT FAIR VALUE
 December 31, 2024
(Dollars in millions)Fair value
carrying
amount		Aggregate
unpaid
principal		Fair value carrying amount
less aggregate unpaid
principal
Residential real estate loans held for sale reported at fair value:
Total loans$85 $89 $(4)
Nonaccrual loans3 5 (2)
 December 31, 2023
(Dollars in millions)Fair value
carrying
amount		Aggregate
unpaid
principal		Fair value carrying amount
less aggregate unpaid
principal
Residential real estate loans held for sale reported at fair value:
Total loans$68 $73 $(5)
Nonaccrual loans2 5 (3)
Loans 90 days or more past due and still accruing1 1 — 
Schedule of Changes In Fair Value of Assets and Liabilities which Fair Value Option Included in Current Period Earnings
Assets and liabilities accounted for under the fair value election are initially measured at fair value with subsequent changes in fair value recognized in earnings. Such changes in the fair value of assets and liabilities for which FHN elected the fair value option are included in current period earnings with classification in the income statement line item reflected in the following table.
Table 8.23.6
CHANGES IN FAIR VALUE RECOGNIZED IN NET INCOME
 Year Ended December 31,
(Dollars in millions)202420232022
Changes in fair value included in net income:
Mortgage banking noninterest income
Loans held for sale$1 $1 $(9)
Schedule of Book Value and Estimated Fair Value of Financial Instruments The following table summarizes the book value and estimated fair value of financial instruments recorded in the Consolidated Balance Sheets as of December 31, 2024 and 2023
BOOK VALUE AND ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS
December 31, 2024
 Book
Value		Fair Value
(Dollars in millions) Level 1Level 2Level 3Total
Assets:
Loans and leases, net of allowance for loan and lease losses
Commercial:
Commercial, financial and industrial$33,083 $— $— $32,511 $32,511 
Commercial real estate14,194 — — 13,894 13,894 
Consumer:
Consumer real estate 13,826 — — 13,262 13,262 
Credit card and other647 — — 657 657 
Total loans and leases, net of allowance for loan and lease losses61,750 — — 60,324 60,324 
Short-term financial assets:
Interest-bearing deposits with banks1,538 1,538 — — 1,538 
Federal funds sold59 — 59 — 59 
Securities purchased under agreements to resell572 — 572 — 572 
Total short-term financial assets2,169 1,538 631 — 2,169 
Trading securities (a)1,387 — 1,364 23 1,387 
Loans held for sale:
Mortgage loans (elected fair value) (a)85 — 69 16 85 
USDA & SBA loans - LOCOM439 — 439 — 439 
Mortgage loans - LOCOM27 — — 27 27 
Total loans held for sale551 — 508 43 551 
Securities available for sale (a) 7,896 — 7,896 — 7,896 
Securities held to maturity1,270 — 1,083 — 1,083 
Derivative assets (a)531 8 523 — 531 
Other assets:
Tax credit investments706 — — 692 692 
Deferred compensation mutual funds111 111 — — 111 
Equity, mutual funds, and other (b)289 35 — 254 289 
Total other assets1,106 146 — 946 1,092 
Total assets$76,660 $1,692 $12,005 $61,336 $75,033 
Liabilities:
Defined maturity deposits$6,613 $— $6,591 $— $6,591 
Trading liabilities (a)550 — 550 — 550 
Short-term financial liabilities:
Federal funds purchased259 — 259 — 259 
Securities sold under agreements to repurchase2,096 — 2,096 — 2,096 
Other short-term borrowings1,045 — 1,045 — 1,045 
Total short-term financial liabilities3,400 — 3,400 — 3,400 
Term borrowings:
Real estate investment trust-preferred47 — — 47 47 
Term borrowings—new market tax credit investments74 — — 70 70 
Secured borrowings37 — — 37 37 
Junior subordinated debentures151 — — 142 142 
Other long-term borrowings886 — 866 — 866 
Total term borrowings1,195 — 866 296 1,162 
Derivative liabilities (a)671 6 650 15 671 
Total liabilities$12,429 $6 $12,057 $311 $12,374 
(a)Classes are detailed in the recurring measurement table.
(b)Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $51 million and FRB stock of $203 million.
 December 31, 2023
 Book
Value		Fair Value
(Dollars in millions)Level 1Level 2Level 3Total
Assets:
Loans and leases, net of allowance for loan and lease losses
Commercial:
Commercial, financial and industrial$32,294 $— $— $31,673 $31,673 
Commercial real estate14,044 — — 13,831 13,831 
Consumer:
Consumer real estate13,417 — — 12,605 12,605 
Credit card and other764 — — 742 742 
Total loans and leases, net of allowance for loan and lease losses60,519 — — 58,851 58,851 
Short-term financial assets:
Interest-bearing deposits with banks1,328 1,328 — — 1,328 
Federal funds sold200 — 200 — 200 
Securities purchased under agreements to resell519 — 519 — 519 
Total short-term financial assets2,047 1,328 719 — 2,047 
Trading securities (a)1,412 — 1,399 13 1,412 
Loans held for sale:
Mortgage loans (elected fair value) (a)68 — 42 26 68 
USDA & SBA loans - LOCOM406 — 407 — 407 
Mortgage loans - LOCOM28 — — 28 28 
Total loans held for sale502 — 449 54 503 
Securities available for sale (a)8,391 — 8,391 — 8,391 
Securities held to maturity1,323 — 1,161 — 1,161 
Derivative assets (a)577 9 568 — 577 
Other assets:
Tax credit investments665 — — 653 653 
Deferred compensation mutual funds102 102 — — 102 
Equity, mutual funds, and other (b)261 34 — 227 261 
Total other assets1,028 136 — 880 1,016 
Total assets$75,799 $1,473 $12,687 $59,798 $73,958 
Liabilities:
Defined maturity deposits$6,804 $— $6,851 $— $6,851 
Trading liabilities (a)509 — 509 — 509 
Short-term financial liabilities:
Federal funds purchased302 — 302 — 302 
Securities sold under agreements to repurchase1,921 — 1,921 — 1,921 
Other short-term borrowings326 — 326 — 326 
Total short-term financial liabilities2,549 — 2,549 — 2,549 
Term borrowings:
Real estate investment trust-preferred47 — — 47 47 
Term borrowings—new market tax credit investments65 — — 60 60 
Secured borrowings3 — — 3 3 
Junior subordinated debentures150 — — 150 150 
Other long-term borrowings885 — 824 — 824 
Total term borrowings1,150 — 824 260 1,084 
Derivative liabilities (a)699 10 666 23 699 
Total liabilities$11,711 $10 $11,399 $283 $11,692 
(a)Classes are detailed in the recurring measurement table.
(b)Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $24 million and FRB stock of $203 million.
The following table presents the contractual amount and fair value of unfunded loan commitments and standby and other commitments as of December 31, 2024 and 2023.
Table 8.23.8
UNFUNDED COMMITMENTS
 Contractual AmountFair Value
(Dollars in millions)December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Unfunded Commitments:
Loan commitments$20,992 $24,579 $1 $1 
Standby and other commitments753 746 9 8 
v3.25.0.1
Parent Company Financial Information (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Parent Company Statements of Balance Sheets
Following are statements of the parent company.
Parent Company Balance Sheets
Balance SheetsDecember 31,
(Dollars in millions)20242023
Assets:  
Cash$837 $854 
Notes receivable3 3 
Investments in subsidiaries:
Bank8,487 8,658 
Non-bank61 49 
Other assets251 256 
Total assets$9,639 $9,820 
Liabilities and equity:  
Accrued employee benefits and other liabilities$473 $324 
Term borrowings350 500 
Total liabilities823 824 
Total equity8,816 8,996 
Total liabilities and equity$9,639 $9,820 
Parent Company Statements of Income
Year Ended December 31,
(Dollars in millions)202420232022
Dividend income:   
Bank$1,110 $220 $435 
Non-bank— — 16 
Total dividend income1,110 220 451 
Other income 1 226 22 
Total income1,111 446 473 
Interest expense - term borrowings15 21 31 
Personnel and other expense111 114 128 
Total expense126 135 159 
Income before income taxes985 311 314 
Income tax expense (benefit)(27)24 (31)
Income before equity in undistributed net income (loss) of subsidiaries1,012 287 345 
Equity in undistributed net income (loss) of subsidiaries:   
Bank(238)613 561 
Non-bank1 (3)(6)
Net income attributable to the controlling interest$775 $897 $900 
Parent Company Statements of Cash Flows
Year Ended December 31,
(Dollars in millions)202420232022
Operating activities:
Net income$775 $897 $900 
Less undistributed net income (loss) of subsidiaries(237)610 555 
Income before undistributed net income (loss) of subsidiaries1,012 287 345 
Adjustments to reconcile income to net cash provided by operating activities:
    Deferred income tax expense15 8 7 
    Stock-based compensation expense59 36 76 
    Gain on sale of title services business— — (22)
    Other operating activities, net(18)— 2 
Total adjustments56 44 63 
Net cash provided by operating activities1,068 331 408 
Investing activities:
Proceeds from sales and prepayments of securities 3 21 8 
Purchases of securities(1)(1)(1)
(Investment in) return on subsidiary(9)(10)13 
Proceeds from business divestitures, net— — 22 
Net cash (used in) provided by investing activities(7)10 42 
Financing activities:
Proceeds from issuance of preferred stock— — 494 
Call of preferred stock(100)— — 
Cash dividends paid - preferred stock(29)(32)(32)
Common stock:
    Stock options exercised 9 5 36 
    Cash dividends paid(332)(335)(324)
    Repurchase of shares(626)(10)(13)
Repayment of term borrowings— (450)— 
Net cash (used in) provided by financing activities(1,078)(822)161 
Net (decrease) increase in cash and cash equivalents(17)(481)611 
Cash and cash equivalents at beginning of year854 1,335 724 
Cash and cash equivalents at end of year$837 $854 $1,335 
Total interest paid$26 $33 $35 
Income taxes received from (paid to) subsidiaries60 (46)42 
v3.25.0.1
Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jan. 01, 2024
Dec. 31, 2023
Change in Accounting Estimate [Line Items]      
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Other assets   Other assets
Past due threshold period for nonaccrual status 90 days    
Retained earnings $ 4,382   $ 3,964
Commercial      
Change in Accounting Estimate [Line Items]      
Financing Receivable, Excluding Accrued Interest, Charge-Off Past Due Threshold 180 days    
Credit card and other      
Change in Accounting Estimate [Line Items]      
Financing Receivable, Excluding Accrued Interest, Charge-Off Past Due Threshold 120 days    
Consumer | Other Non-Real Estate Consumer Loans      
Change in Accounting Estimate [Line Items]      
Financing Receivable, Excluding Accrued Interest, Charge-Off Past Due Threshold 120 days    
Accounting Standards Update 2023-02      
Change in Accounting Estimate [Line Items]      
Retained earnings   $ 8  
Deposit Bases      
Change in Accounting Estimate [Line Items]      
Intangible assets, amortization period 10 years    
Minimum | Furniture and Fixtures      
Change in Accounting Estimate [Line Items]      
Useful life of premises and equipment 3 years    
Minimum | Building      
Change in Accounting Estimate [Line Items]      
Useful life of premises and equipment 7 years    
Maximum | Furniture and Fixtures      
Change in Accounting Estimate [Line Items]      
Useful life of premises and equipment 15 years    
Maximum | Building      
Change in Accounting Estimate [Line Items]      
Useful life of premises and equipment 45 years    
Non-Accruing      
Change in Accounting Estimate [Line Items]      
Accounts receivable, net $ 14   $ 13
v3.25.0.1
Investment Securities - Schedule of FHN's Investment Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 8,930  
Fair Value 7,896 $ 8,391
Amortized Cost 1,270 1,323
Gross Unrealized Gains 0 0
Gross Unrealized Losses (187) (162)
Fair Value 1,083 1,161
Asset Pledged as Collateral    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,300 1,300
Government agency issued MBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,223 5,061
Gross Unrealized Gains 1 2
Gross Unrealized Losses (522) (579)
Fair Value 3,702 4,484
Amortized Cost 466 852
Gross Unrealized Gains 0 0
Gross Unrealized Losses (78) (96)
Fair Value 388 756
Government agency issued CMO    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 3,079 2,487
Gross Unrealized Gains 0 0
Gross Unrealized Losses (312) (341)
Fair Value 2,767 2,146
Amortized Cost 804 471
Gross Unrealized Gains 0 0
Gross Unrealized Losses (109) (66)
Fair Value 695 405
Other U.S. government agencies    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,234 1,321
Gross Unrealized Gains 0 2
Gross Unrealized Losses (161) (151)
Fair Value 1,073 1,172
States and municipalities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 394 627
Gross Unrealized Gains 0 3
Gross Unrealized Losses (40) (41)
Fair Value 354 589
Securities available-for-sale, excluding interest only strip    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 8,930 9,496
Gross Unrealized Gains 1 7
Gross Unrealized Losses (1,035) (1,112)
Fair Value 7,896 8,391
Securities available-for-sale, excluding interest only strip | Asset Pledged as Collateral    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 6,900 $ 7,600
v3.25.0.1
Investment Securities - Schedule of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Amortized Cost    
Within 1 year $ 0  
After 1 year through 5 years 0  
After 5 years through 10 years 0  
After 10 years 0  
Subtotal 0  
Government agency issued MBS and CMO 1,270  
Total 1,270  
Fair Value    
Within 1 year 0  
After 1 year through 5 years 0  
After 5 years through 10 years 0  
After 10 years 0  
Subtotal 0  
Government agency issued MBS and CMO 1,083  
Fair Value 1,083 $ 1,161
Amortized Cost    
Within 1 year 24  
After 1 year through 5 years 76  
After 5 years through 10 years 270  
After 10 years 1,258  
Subtotal 1,628  
Government agency issued MBS and CMO 7,302  
Securities available for sale, amortized cost 8,930  
Fair Value    
Within 1 year 24  
After 1 year through 5 years 71  
After 5 years through 10 years 241  
After 10 years 1,091  
Subtotal 1,427  
Government agency issued MBS and CMO 6,469  
Securities available-for-sale $ 7,896 $ 8,391
v3.25.0.1
Investment Securities - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Marketable Securities [Abstract]        
Available-for-sale securities sold $ 1,200,000,000      
Losses on available-for-sale securities   $ 91,000,000 $ 0 $ 0
Available-for-sale, accrued interest, after allowance for credit loss 29,000,000 29,000,000 32,000,000  
Transfers between available for sale and held to maturity debt securities   0 0 0
Held-to-maturity, accrued interest, after allowance for credit loss 3,000,000 3,000,000 3,000,000  
Allowance for credit losses for HTM securities 0 0 0  
Carrying amount of equity method investments without readily determinable fair value $ 96,000,000 96,000,000 89,000,000  
Downward valuation adjustment   0 6,000,000  
Unrealized gains (losses) for equity investments with readily determinable fair value   11,000,000 $ 11,000,000 $ (11,000,000)
Upward valuation adjustment   $ 0    
v3.25.0.1
Investment Securities - Schedule of Investments within the Available for Sale Portfolio that had Unrealized Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Less than 12 months $ 1,614 $ 300
12 months or longer 5,855 7,699
Total fair value 7,469 7,999
Unrealized Losses    
Less than 12 months (18) (4)
12 months or longer (1,017) (1,108)
Total unrealized losses (1,035) (1,112)
Government agency issued MBS    
Schedule of Investments [Line Items]    
Less than 12 months 663 140
12 months or longer 2,992 4,231
Total fair value 3,655 4,371
Unrealized Losses    
Less than 12 months (9) (2)
12 months or longer (513) (577)
Total unrealized losses (522) (579)
Government agency issued CMO    
Schedule of Investments [Line Items]    
Less than 12 months 675 32
12 months or longer 1,744 2,098
Total fair value 2,419 2,130
Unrealized Losses    
Less than 12 months (2) 0
12 months or longer (310) (341)
Total unrealized losses (312) (341)
Other U.S. government agencies    
Schedule of Investments [Line Items]    
Less than 12 months 210 114
12 months or longer 863 905
Total fair value 1,073 1,019
Unrealized Losses    
Less than 12 months (6) (2)
12 months or longer (155) (149)
Total unrealized losses (161) (151)
States and municipalities    
Schedule of Investments [Line Items]    
Less than 12 months 66 14
12 months or longer 256 465
Total fair value 322 479
Unrealized Losses    
Less than 12 months (1) 0
12 months or longer (39) (41)
Total unrealized losses $ (40) $ (41)
v3.25.0.1
Loans and Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accrued interest $ 271 $ 287
Net loans and leases 61,750 60,519
Loans and leases 62,565 61,292
Financing receivable, allowance for credit loss, writeoff, collateral $ 2 1
Credit Card Workout Program rate reduction, interest rate floor 0.00%  
Credit Card Workout Program term extension, maximum period 5 years  
Loans modified with subsequent default, amount $ 19 28
Minimum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Credit Card Hardship Program, rate and payment reduction, period 6 months  
Maximum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Credit Card Hardship Program, rate and payment reduction, period 1 year  
Asset Pledged as Collateral    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Net loans and leases $ 45,800 46,100
Asset Pledged as Collateral | General C I    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, allowance for credit loss, writeoff, collateral 75 144
Asset Pledged as Collateral | Home Equity Line of Credit    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 6 6
Asset Pledged as Collateral | R E Installment Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases $ 36 27
Commercial | Minimum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Commercial loan grades 1  
Commercial | Maximum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Commercial loan grades 16  
Commercial | Collateral Pledged    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases $ 352 250
Commercial | Loans to mortgage companies    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 3,471 2,024
Commercial | Commercial and industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases $ 33,428 32,633
Commercial | Commercial and industrial | Financial Services Industry Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage contributed 21.00%  
Commercial | Commercial and industrial | Finance And Insurance Companies    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases $ 3,700  
Commercial | Commercial and industrial | Collateral Pledged | General C I    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 109  
Commercial | Commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 14,421 14,216
Commercial | Commercial real estate | Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 14,421 $ 14,216
Commercial | Commercial real estate | Collateral Pledged | Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases $ 243  
v3.25.0.1
Loans and Leases - Schedule of Loans by Portfolio Segment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases $ 62,565 $ 61,292    
Allowance for loan and lease losses (815) (773) $ (685) $ (670)
Net loans and leases 61,750 60,519    
Commercial | Commercial and Industrial, Excluding Loans to Mortgage Companies        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases 29,957 30,609    
Commercial | Commercial and Industrial, Excluding Loans to Mortgage Companies | Equipment        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Property, plant, and equipment and finance lease right-of-use asset 1,400 1,200    
Commercial | Loans to mortgage companies        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases 3,471 2,024    
Commercial | Commercial, financial and industrial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases 33,428 32,633    
Allowance for loan and lease losses (345) (339) (308) (334)
Commercial | Commercial, financial and industrial | Paycheck Protection Plan        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases 12 29 76  
Commercial | Commercial real estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases 14,421 14,216    
Allowance for loan and lease losses (227) (172) (146) (154)
Commercial | Credit card and other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases 174 180    
Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases 14,047 13,650    
Consumer | Home Equity Line of Credit        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases 2,092 2,219    
Consumer | Real estate installment loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases 11,955 11,431    
Consumer | Credit card and other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases 669 793    
Allowance for loan and lease losses $ (22) $ (29) $ (31) $ (19)
v3.25.0.1
Loans and Leases - Balances of Commercial Loan Portfolio Classes, Disaggregated by PD Grade (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases $ 62,565 $ 61,292
Commercial | Commercial and industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 5,780 4,124
Financing receivable, originated year two 2,818 5,832
Financing receivable, originated year three 3,840 3,664
Financing receivable, originated year four 2,562 1,743
Financing receivable, originated year five 1,121 1,805
Financing receivable, originated prior to year five 4,079 3,605
LMC, Non-Revolving Loans 3,471 2,024
Revolving Loans 9,446 9,460
Revolving Loans Converted to Term Loans 311 376
Loans and leases 33,428 32,633
Commercial | Commercial and industrial | PD Grade 1 -12    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 5,590 4,008
Financing receivable, originated year two 2,607 5,637
Financing receivable, originated year three 3,649 3,506
Financing receivable, originated year four 2,336 1,636
Financing receivable, originated year five 1,055 1,665
Financing receivable, originated prior to year five 3,853 3,448
LMC, Non-Revolving Loans 3,471 2,019
Revolving Loans 8,784 9,087
Revolving Loans Converted to Term Loans 248 327
Loans and leases 31,593 31,333
Commercial | Commercial and industrial | PD Grades 13    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 106 75
Financing receivable, originated year two 27 60
Financing receivable, originated year three 78 64
Financing receivable, originated year four 47 56
Financing receivable, originated year five 33 101
Financing receivable, originated prior to year five 57 57
LMC, Non-Revolving Loans 0 0
Revolving Loans 279 186
Revolving Loans Converted to Term Loans 2 0
Loans and leases 629 599
Commercial | Commercial and industrial | PD Grades 14 15 16    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 84 41
Financing receivable, originated year two 184 135
Financing receivable, originated year three 113 94
Financing receivable, originated year four 179 51
Financing receivable, originated year five 33 39
Financing receivable, originated prior to year five 169 100
LMC, Non-Revolving Loans 0 5
Revolving Loans 383 187
Revolving Loans Converted to Term Loans 61 49
Loans and leases 1,206 701
Commercial | Commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 14,421 14,216
Commercial | Commercial real estate | Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 697 858
Financing receivable, originated year two 1,369 3,476
Financing receivable, originated year three 3,813 3,652
Financing receivable, originated year four 3,254 1,259
Financing receivable, originated year five 1,047 1,566
Financing receivable, originated prior to year five 3,847 2,994
Revolving Loans 346 393
Revolving Loans Converted to Term Loans 48 18
Loans and leases 14,421 14,216
Commercial | Commercial real estate | PD Grade 1 -12 | Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 694 853
Financing receivable, originated year two 1,296 3,473
Financing receivable, originated year three 3,282 3,518
Financing receivable, originated year four 2,778 1,162
Financing receivable, originated year five 894 1,216
Financing receivable, originated prior to year five 3,281 2,853
Revolving Loans 340 393
Revolving Loans Converted to Term Loans 47 18
Loans and leases 12,612 13,486
Commercial | Commercial real estate | PD Grades 13 | Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 0 5
Financing receivable, originated year two 42 1
Financing receivable, originated year three 280 129
Financing receivable, originated year four 198 86
Financing receivable, originated year five 37 175
Financing receivable, originated prior to year five 130 82
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 1 0
Loans and leases 688 478
Commercial | Commercial real estate | PD Grades 14 15 16 | Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 3 0
Financing receivable, originated year two 31 2
Financing receivable, originated year three 251 5
Financing receivable, originated year four 278 11
Financing receivable, originated year five 116 175
Financing receivable, originated prior to year five 436 59
Revolving Loans 6 0
Revolving Loans Converted to Term Loans 0 0
Loans and leases $ 1,121 $ 252
v3.25.0.1
Loans and Leases - Loans by FICO Score, Consumer (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases $ 62,565 $ 61,292
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 14,047 13,650
Consumer | Consumer real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 1,454 2,130
Financing receivable, originated year two 2,022 2,854
Financing receivable, originated year three 2,715 2,291
Financing receivable, originated year four 2,119 1,043
Financing receivable, originated year five 959 706
Financing receivable, originated prior to year five 2,686 2,407
Revolving Loans 1,956 2,101
Revolving Loans Converted to Term Loans 136 118
Loans and leases 14,047 13,650
Consumer | Credit card and other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 40 80
Financing receivable, originated year two 38 46
Financing receivable, originated year three 19 20
Financing receivable, originated year four 9 16
Financing receivable, originated year five 6 19
Financing receivable, originated prior to year five 106 150
Revolving Loans 436 454
Revolving Loans Converted to Term Loans 15 8
Loans and leases 669 793
FICO score 740 or greater | Consumer | Consumer real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 1,045 1,572
Financing receivable, originated year two 1,493 2,099
Financing receivable, originated year three 2,009 1,720
Financing receivable, originated year four 1,592 730
Financing receivable, originated year five 675 465
Financing receivable, originated prior to year five 1,554 1,332
Revolving Loans 1,430 1,522
Revolving Loans Converted to Term Loans 56 50
Loans and leases 9,854 9,490
FICO score 740 or greater | Consumer | Credit card and other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 21 52
Financing receivable, originated year two 22 26
Financing receivable, originated year three 10 10
Financing receivable, originated year four 4 5
Financing receivable, originated year five 2 3
Financing receivable, originated prior to year five 19 27
Revolving Loans 197 207
Revolving Loans Converted to Term Loans 8 5
Loans and leases 283 335
FICO score 720-739 | Consumer | Consumer real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 149 205
Financing receivable, originated year two 197 286
Financing receivable, originated year three 270 227
Financing receivable, originated year four 213 107
Financing receivable, originated year five 99 88
Financing receivable, originated prior to year five 271 230
Revolving Loans 175 192
Revolving Loans Converted to Term Loans 17 15
Loans and leases 1,391 1,350
FICO score 720-739 | Consumer | Credit card and other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 7 5
Financing receivable, originated year two 3 3
Financing receivable, originated year three 1 1
Financing receivable, originated year four 1 1
Financing receivable, originated year five 0 1
Financing receivable, originated prior to year five 3 5
Revolving Loans 20 24
Revolving Loans Converted to Term Loans 2 1
Loans and leases 37 41
FICO score 700-719 | Consumer | Consumer real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 98 154
Financing receivable, originated year two 140 232
Financing receivable, originated year three 217 193
Financing receivable, originated year four 175 81
Financing receivable, originated year five 72 52
Financing receivable, originated prior to year five 242 224
Revolving Loans 150 159
Revolving Loans Converted to Term Loans 18 17
Loans and leases 1,112 1,112
FICO score 700-719 | Consumer | Credit card and other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 1 5
Financing receivable, originated year two 2 4
Financing receivable, originated year three 2 1
Financing receivable, originated year four 0 1
Financing receivable, originated year five 0 1
Financing receivable, originated prior to year five 2 4
Revolving Loans 14 25
Revolving Loans Converted to Term Loans 0 1
Loans and leases 21 42
FICO score 660-699 | Consumer | Consumer real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 133 170
Financing receivable, originated year two 160 198
Financing receivable, originated year three 183 113
Financing receivable, originated year four 100 83
Financing receivable, originated year five 75 53
Financing receivable, originated prior to year five 294 290
Revolving Loans 146 168
Revolving Loans Converted to Term Loans 25 18
Loans and leases 1,116 1,093
FICO score 660-699 | Consumer | Credit card and other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 1 4
Financing receivable, originated year two 2 3
Financing receivable, originated year three 1 1
Financing receivable, originated year four 0 1
Financing receivable, originated year five 0 1
Financing receivable, originated prior to year five 3 8
Revolving Loans 15 23
Revolving Loans Converted to Term Loans 4 0
Loans and leases 26 41
FICO score 620-659 | Consumer | Consumer real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 11 11
Financing receivable, originated year two 10 20
Financing receivable, originated year three 17 23
Financing receivable, originated year four 21 22
Financing receivable, originated year five 20 36
Financing receivable, originated prior to year five 122 106
Revolving Loans 30 36
Revolving Loans Converted to Term Loans 9 7
Loans and leases 240 261
FICO score 620-659 | Consumer | Credit card and other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 2 2
Financing receivable, originated year two 1 1
Financing receivable, originated year three 0 1
Financing receivable, originated year four 0 0
Financing receivable, originated year five 0 0
Financing receivable, originated prior to year five 1 3
Revolving Loans 9 7
Revolving Loans Converted to Term Loans 0 0
Loans and leases 13 14
FICO score less than 620 | Consumer | Consumer real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 18 18
Financing receivable, originated year two 22 19
Financing receivable, originated year three 19 15
Financing receivable, originated year four 18 20
Financing receivable, originated year five 18 12
Financing receivable, originated prior to year five 203 225
Revolving Loans 25 24
Revolving Loans Converted to Term Loans 11 11
Loans and leases 334 344
FICO score less than 620 | Consumer | Credit card and other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, originated year one 8 12
Financing receivable, originated year two 8 9
Financing receivable, originated year three 5 6
Financing receivable, originated year four 4 8
Financing receivable, originated year five 4 13
Financing receivable, originated prior to year five 78 103
Revolving Loans 181 168
Revolving Loans Converted to Term Loans 1 1
Loans and leases $ 289 $ 320
v3.25.0.1
Loans and Leases - Accruing and Non-Accruing Loans by Class (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing $ 61,853 $ 60,724
Total Accruing 61,963 60,830
Current, non-accruing 372 228
Total Non- Accruing 602 462
Loans and leases 62,565 61,292
30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 89 85
Past due, non-accruing 51 30
90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 21 21
Past due, non-accruing 179 204
Commercial | Commercial, financial and industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing 33,222 32,416
Total Accruing 33,255 32,449
Current, non-accruing 101 113
Total Non- Accruing 173 184
Loans and leases 33,428 32,633
Commercial | Commercial, financial and industrial | General C I    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Nonaccrual, no allowance 172 178
Commercial | Commercial, financial and industrial | Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Nonaccrual, no allowance 287 129
Commercial | Commercial, financial and industrial | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 32 32
Past due, non-accruing 26 18
Commercial | Commercial, financial and industrial | 90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 1 1
Past due, non-accruing 46 53
Commercial | Commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 14,421 14,216
Commercial | Commercial real estate | Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 14,421 14,216
Commercial | Credit Card and Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 174 180
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans and leases 14,047 13,650
Consumer | Consumer real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing 13,845 13,453
Total Accruing 13,914 13,510
Current, non-accruing 50 73
Total Non- Accruing 133 140
Loans and leases 14,047 13,650
Consumer | Consumer real estate | Home Equity Line of Credit    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Nonaccrual, no allowance 3 4
Consumer | Consumer real estate | R E Installment Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Nonaccrual, no allowance 9 10
Consumer | Consumer real estate | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 50 40
Past due, non-accruing 14 12
Consumer | Consumer real estate | 90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 19 17
Past due, non-accruing 69 55
Consumer | Credit Card and Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing 662 783
Total Accruing 667 791
Current, non-accruing 0 1
Total Non- Accruing 2 2
Loans and leases 669 793
Consumer | Credit Card and Other | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 4 5
Past due, non-accruing 1 0
Consumer | Credit Card and Other | 90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 1 3
Past due, non-accruing 1 1
General C I | Commercial | Commercial, financial and industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing 29,751 30,398
Total Accruing 29,784 30,430
Current, non-accruing 101 108
Total Non- Accruing 173 179
Loans and leases 29,957 30,609
General C I | Commercial | Commercial, financial and industrial | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 32 31
Past due, non-accruing 26 18
General C I | Commercial | Commercial, financial and industrial | 90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 1 1
Past due, non-accruing 46 53
Loans to mortgage companies | Commercial | Commercial, financial and industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing 3,471 2,018
Total Accruing 3,471 2,019
Current, non-accruing 0 5
Total Non- Accruing 0 5
Loans and leases 3,471 2,024
Loans to mortgage companies | Commercial | Commercial, financial and industrial | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 0 1
Past due, non-accruing 0 0
Loans to mortgage companies | Commercial | Commercial, financial and industrial | 90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 0 0
Past due, non-accruing 0 0
Commercial Real Estate | Commercial real estate | Commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing 14,124 14,072
Total Accruing 14,127 14,080
Current, non-accruing 221 41
Total Non- Accruing 294 136
Loans and leases 14,421 14,216
Commercial Real Estate | Commercial real estate | Commercial real estate | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 3 8
Past due, non-accruing 10 0
Commercial Real Estate | Commercial real estate | Commercial real estate | 90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 0 0
Past due, non-accruing 63 95
Home Equity Line of Credit | Consumer | Consumer real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing 2,045 2,158
Total Accruing 2,058 2,173
Current, non-accruing 19 30
Total Non- Accruing 34 46
Loans and leases 2,092 2,219
Home Equity Line of Credit | Consumer | Consumer real estate | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 11 11
Past due, non-accruing 4 6
Home Equity Line of Credit | Consumer | Consumer real estate | 90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 2 4
Past due, non-accruing 11 10
R E Installment Loans | Consumer | Consumer real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing 11,800 11,295
Total Accruing 11,856 11,337
Current, non-accruing 31 43
Total Non- Accruing 99 94
Loans and leases 11,955 11,431
R E Installment Loans | Consumer | Consumer real estate | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 39 29
Past due, non-accruing 10 6
R E Installment Loans | Consumer | Consumer real estate | 90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 17 13
Past due, non-accruing 58 45
Credit card | Consumer | Credit Card and Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing 262 271
Total Accruing 265 277
Current, non-accruing 0 0
Total Non- Accruing 0 0
Loans and leases 265 277
Credit card | Consumer | Credit Card and Other | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 2 3
Past due, non-accruing 0 0
Credit card | Consumer | Credit Card and Other | 90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 1 3
Past due, non-accruing 0 0
Other | Consumer | Credit Card and Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current, accruing 400 512
Total Accruing 402 514
Current, non-accruing 0 1
Total Non- Accruing 2 2
Loans and leases 404 516
Other | Consumer | Credit Card and Other | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 2 2
Past due, non-accruing 1 0
Other | Consumer | Credit Card and Other | 90+ Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past due, accruing 0 0
Past due, non-accruing $ 1 $ 1
v3.25.0.1
Loans and Leases - Modifications to Borrowers Experiencing Financial Difficulty (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 2.0
% of Total Class 0.00% 0.00%
Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 312.0 $ 132.0
% of Total Class 0.50% 0.20%
Principal Forgiveness    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 2.0
% of Total Class 0.00% 0.00%
Payment Deferrals    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 3.0
% of Total Class 0.00% 0.00%
Combination - Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 72.0 $ 6.0
% of Total Class 0.10% 0.00%
Combination - Term Extension, Interest Rate Reduction, and Interest Forgiveness    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 2.0
% of Total Class 0.00% 0.00%
Combination - Term Extension, Interest Rate Reduction, and Interest Deferrals    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 15.0
% of Total Class 0.00% 0.00%
Consumer | Consumer real estate | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 2.0
% of Total Class 0.00% 0.00%
Consumer | Consumer real estate | Interest Rate Reduction | Maximum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans 10.70% 8.60%
Consumer | Consumer real estate | Interest Rate Reduction | Minimum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans 6.75% 5.00%
Consumer | Consumer real estate | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 2.0
% of Total Class 0.00% 0.00%
Weighted average life of loans 24 years 4 months 24 days 12 years
Consumer | Consumer real estate | Principal Forgiveness    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 2.0
% of Total Class 0.00% 0.00%
Decrease from loan modification $ (1.0) $ (1.3)
Consumer | Consumer real estate | Payment Deferrals    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 3.0
% of Total Class 0.00% 0.00%
Weighted average life of loans   11 months
Consumer | Consumer real estate | Combination - Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 3.0 $ 6.0
% of Total Class 0.00% 0.00%
Weighted average life of loans 11 years 14 years 3 months 18 days
Consumer | Consumer real estate | Combination - Term Extension and Interest Rate Reduction | Maximum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans 8.72% 5.00%
Consumer | Consumer real estate | Combination - Term Extension and Interest Rate Reduction | Minimum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans 4.09% 4.70%
Consumer | Credit card and other | Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 0.0
% of Total Class 0.00% 0.00%
Consumer | Credit card and other | Interest Rate Reduction | Maximum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans 4.63% 11.20%
Consumer | Credit card and other | Interest Rate Reduction | Minimum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans 3.98% 0.00%
Commercial | Commercial and industrial | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 132.0 $ 90.0
% of Total Class 0.40% 0.30%
Weighted average life of loans 1 year 3 months 18 days 1 year
Commercial | Commercial and industrial | Combination - Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 8.0 $ 0.0
% of Total Class 0.00% 0.00%
Weighted average life of loans 1 year 1 year 2 months 12 days
Commercial | Commercial and industrial | Combination - Term Extension and Interest Rate Reduction | Maximum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans 8.00% 13.00%
Commercial | Commercial and industrial | Combination - Term Extension and Interest Rate Reduction | Minimum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans 7.50% 11.50%
Commercial | Commercial and industrial | Combination - Term Extension, Interest Rate Reduction, and Interest Forgiveness    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 2.0
% of Total Class 0.00% 0.00%
Weighted average life of loans   3 years 8 months 12 days
Decrease from loan modification   $ 1.0
Commercial | Commercial and industrial | Combination - Term Extension, Interest Rate Reduction, and Interest Forgiveness | Maximum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans   11.25%
Commercial | Commercial and industrial | Combination - Term Extension, Interest Rate Reduction, and Interest Forgiveness | Minimum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans   7.50%
Commercial | Commercial real estate | Term Extension    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 180.0 $ 40.0
% of Total Class 1.20% 0.30%
Weighted average life of loans 1 year 3 months 18 days 9 months 18 days
Commercial | Commercial real estate | Combination - Term Extension and Interest Rate Reduction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 61.0 $ 0.0
% of Total Class 0.40% 0.00%
Weighted average life of loans 2 years  
Commercial | Commercial real estate | Combination - Term Extension and Interest Rate Reduction | Maximum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans 7.01%  
Commercial | Commercial real estate | Combination - Term Extension and Interest Rate Reduction | Minimum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans 6.66%  
Commercial | Commercial real estate | Combination - Term Extension, Interest Rate Reduction, and Interest Deferrals    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance $ 0.0 $ 15.0
% of Total Class 0.00% 0.10%
Weighted average life of loans   1 year
Decrease from loan modification   $ 1.0
Commercial | Commercial real estate | Combination - Term Extension, Interest Rate Reduction, and Interest Deferrals | Maximum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans   8.65%
Commercial | Commercial real estate | Combination - Term Extension, Interest Rate Reduction, and Interest Deferrals | Minimum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Weighted average interest rate of loans   8.00%
v3.25.0.1
Loans and Leases - Performance of Loans that have been Modified in the Last 12 Months (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Non-Accruing $ 71
Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 313
30-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 0
90+ Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 0
Commercial | Commercial and industrial  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Non-Accruing 24
Commercial | Commercial and industrial | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 116
Commercial | Commercial and industrial | 30-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 0
Commercial | Commercial and industrial | 90+ Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 0
Commercial | Commercial real estate  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Non-Accruing 45
Commercial | Commercial real estate | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 195
Commercial | Commercial real estate | 30-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 0
Commercial | Commercial real estate | 90+ Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 0
Consumer | Consumer real estate  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Non-Accruing 2
Consumer | Consumer real estate | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 2
Consumer | Consumer real estate | 30-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 0
Consumer | Consumer real estate | 90+ Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 0
Consumer | Credit card and other  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Non-Accruing 0
Consumer | Credit card and other | Current  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 0
Consumer | Credit card and other | 30-89 Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans 0
Consumer | Credit card and other | 90+ Days Past Due  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loans $ 0
v3.25.0.1
Allowance for Credit Losses - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
forecastScenario
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Expected loss forecasts, supportable forecast period, minimum 4 years
Number of moody's forecast scenarios used for macroeconomic inputs 1
v3.25.0.1
Allowance for Credit Losses - Rollforward of Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance $ 773 $ 685 $ 670
Charge-offs (157) (199) (93)
Recoveries 45 29 34
Provision for loan and lease losses 154 264 74
Ending balance 815 773 685
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Beginning balance 83 87 66
Provision for unfunded lending commitments (4) (4) 21
Ending balance 79 83 87
Allowance for credit losses 894 856 $ 772
Loans and leases 62,565 $ 61,292  
Accounting Standards Update [Extensible List]   Accounting Standards Update 2023-02 Accounting Standards Update 2022-02
Accounting Standards Update 2022-02      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance   $ (6)  
Ending balance     $ (6)
Commercial | Commercial, financial and industrial      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance 339 308 334
Charge-offs (77) (156) (62)
Recoveries 30 14 9
Provision for loan and lease losses 53 172 27
Ending balance 345 339 308
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Beginning balance 49 55 46
Provision for unfunded lending commitments 8 (6) 9
Ending balance 57 49 55
Allowance for credit losses 402 388 363
Loans and leases 33,428 32,633  
Commercial | Commercial, financial and industrial | Single Company      
Allowance for Loan and Lease Losses [Roll Forward]      
Charge-offs   (72)  
Commercial | Commercial, financial and industrial | Paycheck Protection Plan      
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Loans and leases 12 29 76
Commercial | Commercial, financial and industrial | Accounting Standards Update 2022-02      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance   1  
Ending balance     1
Commercial | Commercial Real Estate      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance 172 146 154
Charge-offs (56) (17) (1)
Recoveries 1 2 1
Provision for loan and lease losses 110 41 (8)
Ending balance 227 172 146
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Beginning balance 22 22 12
Provision for unfunded lending commitments (11) 0 10
Ending balance 11 22 22
Allowance for credit losses 238 194 168
Loans and leases 14,421 14,216  
Commercial | Commercial Real Estate | Accounting Standards Update 2022-02      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance   0  
Ending balance     0
Commercial | Credit card and other      
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Loans and leases 174 180  
Consumer      
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Loans and leases 14,047 13,650  
Consumer | Consumer real estate      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance 233 200 163
Charge-offs (3) (4) (5)
Recoveries 9 9 19
Provision for loan and lease losses (18) 35 23
Ending balance 221 233 200
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Beginning balance 12 10 8
Provision for unfunded lending commitments (1) 2 2
Ending balance 11 12 10
Allowance for credit losses 232 245 210
Loans and leases 14,047 13,650  
Consumer | Consumer real estate | Accounting Standards Update 2022-02      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance   (7)  
Ending balance     (7)
Consumer | Credit card and other      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance 29 31 19
Charge-offs (21) (22) (25)
Recoveries 5 4 5
Provision for loan and lease losses 9 16 32
Ending balance 22 29 31
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Beginning balance 0 0 0
Provision for unfunded lending commitments 0 0 0
Ending balance 0 0 0
Allowance for credit losses 22 29 31
Loans and leases $ 669 793  
Consumer | Credit card and other | Accounting Standards Update 2022-02      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance   $ 0  
Ending balance     $ 0
v3.25.0.1
Allowance for Credit Losses - Gross Charge-Offs by Year of Origination (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]      
Year one, current fiscal year charge offs $ 9 $ 13  
Year two, current fiscal year charge offs 18 19  
Year three, current fiscal year charge offs 21 82  
Year four, current fiscal year charge offs 23 5  
Year five, current fiscal year charge offs 20 12  
Prior year charge offs 53 54  
Revolving loans charge offs 13 14  
Total charge offs 157 199 $ 93
Commercial | Commercial, financial and industrial      
Allowance for Loan and Lease Losses [Roll Forward]      
Year one, current fiscal year charge offs 1 1  
Year two, current fiscal year charge offs 16 17  
Year three, current fiscal year charge offs 15 82  
Year four, current fiscal year charge offs 23 5  
Year five, current fiscal year charge offs 3 10  
Prior year charge offs 15 34  
Revolving loans charge offs 4 7  
Total charge offs 77 156 62
Commercial | Commercial Real Estate      
Allowance for Loan and Lease Losses [Roll Forward]      
Year one, current fiscal year charge offs 0 0  
Year two, current fiscal year charge offs 0 0  
Year three, current fiscal year charge offs 5 0  
Year four, current fiscal year charge offs 0 0  
Year five, current fiscal year charge offs 17 2  
Prior year charge offs 34 15  
Revolving loans charge offs 0 0  
Total charge offs 56 17 1
Consumer | Consumer real estate      
Allowance for Loan and Lease Losses [Roll Forward]      
Year one, current fiscal year charge offs 0 0  
Year two, current fiscal year charge offs 1 1  
Year three, current fiscal year charge offs 0 0  
Year four, current fiscal year charge offs 0 0  
Year five, current fiscal year charge offs 0 0  
Prior year charge offs 2 3  
Revolving loans charge offs 0 0  
Total charge offs 3 4 5
Consumer | Credit card and other      
Allowance for Loan and Lease Losses [Roll Forward]      
Year one, current fiscal year charge offs 8 12  
Year two, current fiscal year charge offs 1 1  
Year three, current fiscal year charge offs 1 0  
Year four, current fiscal year charge offs 0 0  
Year five, current fiscal year charge offs 0 0  
Prior year charge offs 2 2  
Revolving loans charge offs 9 7  
Total charge offs $ 21 $ 22 $ 25
v3.25.0.1
Premises, Equipment, and Leases - Schedule of Premises and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Land $ 163 $ 163
Buildings 570 554
Leasehold improvements 88 84
Furniture, fixtures, and equipment 304 295
Fixed assets held-for-sale 1 0
Total premises and equipment 1,126 1,096
Less accumulated depreciation and amortization (552) (506)
Premises and equipment, net $ 574 $ 590
v3.25.0.1
Premises, Equipment, and Leases - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Fixed asset and lease asset impairments $ 0 $ 0 $ 0
Net gain on sale of properties, before applicable income taxes 3,000,000 0 1,000,000
Undiscounted contractual obligations for lease arrangements that have not commenced 4,000,000    
Direct financing and sale-type lease, interest income 64,000,000 50,000,000 34,000,000
Profit (loss) direct financing or sales-type leases $ 0 $ 0 $ 0
Minimum      
Property, Plant and Equipment [Line Items]      
Direct financing lease term 2 years    
Sales-type lease term 2 years    
Maximum      
Property, Plant and Equipment [Line Items]      
Direct financing lease term 23 years    
Sales-type lease term 23 years    
v3.25.0.1
Premises, Equipment, and Leases - Schedule of Lease Liabilities Included in the Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Operating lease right-of-use assets $ 296 $ 306
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Finance lease right-of-use assets $ 2 $ 3
Total lease right-of-use assets $ 298 $ 309
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Operating lease liabilities $ 330 $ 342
Finance Lease, Liability, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Finance lease liabilities $ 3 $ 3
Total lease liabilities $ 333 $ 345
v3.25.0.1
Premises, Equipment, and Leases - Schedule of Weighted Average Remaining Lease Terms and Discount Rate (Details)
Dec. 31, 2024
Dec. 31, 2023
Weighted Average Remaining Lease Terms    
Operating leases 11 years 8 months 4 days 11 years 9 months 14 days
Finance leases 8 years 7 months 6 days 9 years 1 month 24 days
Weighted Average Discount Rate    
Operating leases 3.19% 2.84%
Finance leases 2.16% 2.39%
v3.25.0.1
Premises, Equipment, and Leases - Schedule of Lease Expense and Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease cost      
Operating lease cost $ 44 $ 45 $ 47
Sublease income (1) (2) (2)
Total lease cost 43 43 45
Other information      
(Gain) loss on right-of-use asset impairment - operating leases 0 1 1
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases 43 46 50
Right-of-use assets obtained in exchange for new lease obligations:      
Operating leases $ 22 $ 11 $ 31
v3.25.0.1
Premises, Equipment, and Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
2025 $ 45  
2026 44  
2027 43  
2028 37  
2029 34  
2030 and thereafter 199  
Total lease payments 402  
Less lease liability interest (69)  
Total lease liability $ 333 $ 345
v3.25.0.1
Premises, Equipment, and Leases - Schedule of Net Investment in Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Lease receivable $ 1,300 $ 1,143
Unearned income (279) (244)
Guaranteed residual 166 147
Unguaranteed residual 228 189
Total net investment $ 1,415 $ 1,235
v3.25.0.1
Premises, Equipment, and Leases - Schedule of Maturities of Lease Receivables (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
2025 $ 292  
2026 266  
2027 226  
2028 164  
2029 128  
2030 and thereafter 224  
Total future minimum lease payments $ 1,300 $ 1,143
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Goodwill by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]      
Goodwill, beginning balance $ 1,510 $ 1,511 $ 1,511
Additions 0 0 0
Divestitures   (1)  
Goodwill, ending balance 1,510 1,510 1,511
Commercial, Consumer & Wealth      
Goodwill [Roll Forward]      
Goodwill, beginning balance 1,217 1,217 1,217
Additions 0 0 0
Divestitures   0  
Goodwill, ending balance 1,217 1,217 1,217
Wholesale      
Goodwill [Roll Forward]      
Goodwill, beginning balance 293 294 294
Additions 0 0 0
Divestitures   (1)  
Goodwill, ending balance $ 293 $ 293 $ 294
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Accumulated Amortization Included in the Consolidated Statements of Condition (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Intangible Assets [Line Items]    
Gross Carrying Amount $ 415 $ 427
Accumulated Amortization (272) (241)
Net Carrying Value 143 186
Core deposit intangibles    
Intangible Assets [Line Items]    
Gross Carrying Amount 356 368
Accumulated Amortization (233) (208)
Net Carrying Value 123 160
Client relationships    
Intangible Assets [Line Items]    
Gross Carrying Amount 32 32
Accumulated Amortization (18) (16)
Net Carrying Value 14 16
Other    
Intangible Assets [Line Items]    
Gross Carrying Amount 27 27
Accumulated Amortization (21) (17)
Net Carrying Value $ 6 $ 10
v3.25.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of intangible assets $ 44 $ 47 $ 51
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Estimated Aggregate Amortization Expense for Intangible Assets (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 38
2026 33
2027 29
2028 17
2029 $ 15
v3.25.0.1
Mortgage Banking Activity - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Net loans and leases $ 61,750 $ 60,519  
Mortgage banking income 35 23 $ 68
Mortgage banking and title income      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Mortgage banking income 4 $ 4 4
Sale of mortgage servicing rights     21
Gain on sale of mortgage servicing rights     $ 12
First Horizon Bank      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Net loans and leases $ 31    
v3.25.0.1
Mortgage Banking Activity - Schedule of Residential Mortgage Loans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward]      
Balance at beginning of period $ 502    
Balance at end of period 551 $ 502  
Mortgage loans      
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward]      
Balance at beginning of period 62 44 $ 250
Originations and purchases 951 692 1,275
Sales, net of gains (932) (674) (1,481)
Balance at end of period $ 81 $ 62 $ 44
v3.25.0.1
Mortgage Banking Activity - Schedule of Mortgage Servicing Rights (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Mortgage Banking [Abstract]    
Gross  Carrying Amount $ 30 $ 25
Accumulated Amortization 9 7
Net Carrying Amount $ 21 $ 18
v3.25.0.1
Deposits - Schedule of Composition of Deposits (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Maturities of Time Deposits [Abstract]    
Savings $ 26,695 $ 25,082
Time deposits 6,613 6,804
Other interest-bearing deposits 16,252 16,690
Interest-bearing deposits 49,560 48,576
Noninterest-bearing deposits 16,021 17,204
Total deposits $ 65,581 $ 65,780
v3.25.0.1
Deposits - Narrative (Details) - USD ($)
$ in Billions
Dec. 31, 2024
Dec. 31, 2023
Maturities of Time Deposits [Abstract]    
Time deposits, at or above FDIC insurance limit $ 1.9 $ 1.8
v3.25.0.1
Deposits - Schedule of Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Maturities of Time Deposits [Abstract]    
2025 $ 6,398  
2026 109  
2027 48  
2028 32  
2029 20  
2030 and after 6  
Total $ 6,613 $ 6,804
v3.25.0.1
Short-Term Borrowings - Schedule of Short-term Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Short-term Debt [Line Items]      
Year-end balance $ 3,400 $ 2,549  
Trading Liabilities      
Short-term Debt [Line Items]      
Average balance 555 301 $ 480
Year-end balance 550 509 335
Maximum month-end outstanding $ 767 $ 509 $ 700
Average rate for the year 4.22% 4.16% 2.56%
Average rate at year-end 4.20% 4.48% 3.67%
Federal Funds Purchased      
Short-term Debt [Line Items]      
Average balance $ 420 $ 349 $ 699
Year-end balance 259 302 400
Maximum month-end outstanding $ 626 $ 622 $ 1,023
Average rate for the year 5.34% 5.12% 1.56%
Average rate at year-end 4.40% 5.40% 4.40%
Securities Sold Under Agreements to Repurchase      
Short-term Debt [Line Items]      
Average balance $ 1,720 $ 1,426 $ 881
Year-end balance 2,096 1,921 1,013
Maximum month-end outstanding $ 2,096 $ 1,957 $ 1,211
Average rate for the year 3.83% 3.66% 0.77%
Average rate at year-end 3.23% 3.98% 2.19%
Other Short-term Borrowings      
Short-term Debt [Line Items]      
Average balance $ 781 $ 2,688 $ 229
Year-end balance 1,045 326 1,093
Maximum month-end outstanding $ 2,067 $ 7,476 $ 1,093
Average rate for the year 5.38% 5.19% 2.26%
Average rate at year-end 4.48% 5.36% 4.30%
v3.25.0.1
Short-Term Borrowings - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Short-term Debt [Line Items]  
Federal home loan bank, advances, maturity period 90 days
Trading liabilities maturity period (less than) 90 days
Other short-term borrowings maturity period (or less) 1 year
Fixed Income Securities  
Short-term Debt [Line Items]  
Securities pledged to secure other short term borrowings $ 0
v3.25.0.1
Term Borrowings - Schedule of Information Pertaining to Term Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Term borrowings $ 1,195 $ 1,150
Junior Subordinated Debt    
Debt Instrument [Line Items]    
Debt term 30 years  
Junior Subordinated Debt | First Horizon Corporation    
Debt Instrument [Line Items]    
Basis spread on variable rate 0.26161%  
Maturity date – May 1, 2030 - 5.75% | Senior Notes | First Horizon Bank    
Debt Instrument [Line Items]    
Term borrowings $ 448 $ 448
Stated interest rate 5.75% 5.75%
0.00% on December 31, 2024 and 5.95% on December 31, 2023 | Collateralized By Loans | First Horizon Bank    
Debt Instrument [Line Items]    
Term borrowings $ 88 $ 88
Effective interest rate 4.92% 5.95%
Other collateralized borrowings - SBA loans | Collateralized By Loans | First Horizon Bank    
Debt Instrument [Line Items]    
Term borrowings $ 37 $ 3
Debt, weighted average interest rate 7.08% 4.81%
Other collateralized borrowings - SBA loans | Collateralized By Loans | First Horizon Bank | Minimum    
Debt Instrument [Line Items]    
Debt term 1 year  
Other collateralized borrowings - SBA loans | Collateralized By Loans | First Horizon Bank | Maximum    
Debt Instrument [Line Items]    
Debt term 25 years  
Maturity date – May 26, 2025 - 4.00% | Senior Notes | First Horizon Corporation    
Debt Instrument [Line Items]    
Term borrowings $ 350 $ 349
Stated interest rate 4.00% 4.00%
Maturity date - June 28, 2035 - 6.30% on December 31, 2024 and 7.33% on December 31, 2023 | Junior Subordinated Debt | First Horizon Corporation    
Debt Instrument [Line Items]    
Term borrowings $ 3 $ 3
Stated interest rate 6.30% 7.33%
Maturity date - December 15, 2035 - 5.99% on December 31, 2024 and 7.02% on December 31, 2023 | Junior Subordinated Debt | First Horizon Corporation    
Debt Instrument [Line Items]    
Term borrowings $ 18 $ 18
Stated interest rate 5.99% 7.02%
Maturity date - March 15, 2036 - 6.02% on December 31, 2024 and 7.05% on December 31, 2023 | Junior Subordinated Debt | First Horizon Corporation    
Debt Instrument [Line Items]    
Term borrowings $ 9 $ 9
Stated interest rate 6.02% 7.05%
Maturity date - March 15, 2036 - 6.16% on December 31, 2024 and 7.19% on December 31, 2023 | Junior Subordinated Debt | First Horizon Corporation    
Debt Instrument [Line Items]    
Term borrowings $ 12 $ 12
Stated interest rate 6.16% 7.19%
Maturity date - June 30, 2036 - 5.91% on December 31, 2024 and 6.91% on December 31, 2023 | Junior Subordinated Debt | First Horizon Corporation    
Debt Instrument [Line Items]    
Term borrowings $ 28 $ 28
Stated interest rate 5.91% 6.91%
Maturity date - July 7, 2036 - 6.47% on December 31, 2024 and 7.21% on December 31, 2023 | Junior Subordinated Debt | First Horizon Corporation    
Debt Instrument [Line Items]    
Term borrowings $ 19 $ 19
Stated interest rate 6.47% 7.21%
Maturity date - June 15, 2037 - 6.27% on December 31, 2024 and 7.30% on December 31, 2023 | Junior Subordinated Debt | First Horizon Corporation    
Debt Instrument [Line Items]    
Term borrowings $ 53 $ 52
Stated interest rate 6.27% 7.30%
Maturity date - September 6, 2037 - 6.14% on December 31, 2024 and 7.05% on December 31, 2023 | Junior Subordinated Debt | First Horizon Corporation    
Debt Instrument [Line Items]    
Term borrowings $ 9 $ 9
Stated interest rate 6.14% 7.05%
Notes payable - New market tax credit investments; 16 to 35 year term, 0.93% to 4.75% on December 31, 2024; 7 to 35 year term, 0.93% to 4.95% on December 31, 2023 | Notes Payable, Other Payables | First Horizon Corporation    
Debt Instrument [Line Items]    
Term borrowings $ 74 $ 65
Notes payable - New market tax credit investments; 16 to 35 year term, 0.93% to 4.75% on December 31, 2024; 7 to 35 year term, 0.93% to 4.95% on December 31, 2023 | Notes Payable, Other Payables | First Horizon Corporation | Minimum    
Debt Instrument [Line Items]    
Debt term 16 years 7 years
Debt, weighted average interest rate 0.93% 0.93%
Notes payable - New market tax credit investments; 16 to 35 year term, 0.93% to 4.75% on December 31, 2024; 7 to 35 year term, 0.93% to 4.95% on December 31, 2023 | Notes Payable, Other Payables | First Horizon Corporation | Maximum    
Debt Instrument [Line Items]    
Debt term 35 years 35 years
Debt, weighted average interest rate 4.75% 4.95%
Maturity date – March 31, 2031 – 9.50% | Cumulative Preferred Stock | FT Real Estate Securities Company, Inc.:    
Debt Instrument [Line Items]    
Term borrowings $ 47 $ 47
Stated interest rate 9.50% 9.50%
v3.25.0.1
Term Borrowings - Schedule of Annual Principal Repayment Requirements (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2025 $ 350
2026 0
2027 0
2028 0
2029 and after $ 862
v3.25.0.1
Term Borrowings - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Junior Subordinated Debt  
Debt Instrument [Line Items]  
Debt term 30 years
v3.25.0.1
Preferred Stock - Schedule of Non-Cumulative Perpetual Preferred Stock (Details) - USD ($)
$ in Millions
 12 Months Ended
May 01, 2026
Aug. 01, 2025
May 01, 2024
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]          
Shares Outstanding (in shares)       16,750  
Liquidation Amount       $ 438  
Carrying Amount       $ 426 $ 520
Series B          
Class of Stock [Line Items]          
Annual Dividend Rate       6.625%  
Shares Outstanding (in shares)       8,000  
Liquidation Amount       $ 80  
Carrying Amount       $ 77 77
Series B | Forecast          
Class of Stock [Line Items]          
Basis spread on variable rate   4.52361%      
Series B | Forecast | Variable Rate Basis Spread, Percentage One          
Class of Stock [Line Items]          
Basis spread on variable rate   0.26161%      
Series B | Forecast | Variable Rate Basis Spread, Percentage Two          
Class of Stock [Line Items]          
Basis spread on variable rate   4.262%      
Series C          
Class of Stock [Line Items]          
Annual Dividend Rate       6.60%  
Shares Outstanding (in shares)       5,750  
Liquidation Amount       $ 58  
Carrying Amount       $ 59 59
Series C | Forecast          
Class of Stock [Line Items]          
Basis spread on variable rate 5.18161%        
Series C | Forecast | Variable Rate Basis Spread, Percentage One          
Class of Stock [Line Items]          
Basis spread on variable rate 0.26161%        
Series C | Forecast | Variable Rate Basis Spread, Percentage Two          
Class of Stock [Line Items]          
Basis spread on variable rate 4.92%        
Series D          
Class of Stock [Line Items]          
Annual Dividend Rate       6.10%  
Shares Outstanding (in shares)       0  
Liquidation Amount       $ 0  
Carrying Amount       $ 0 94
Basis spread on variable rate     4.12061%    
Series D | Variable Rate Basis Spread, Percentage One          
Class of Stock [Line Items]          
Basis spread on variable rate     0.26161%    
Series D | Variable Rate Basis Spread, Percentage Two          
Class of Stock [Line Items]          
Basis spread on variable rate     3.859%    
Series E          
Class of Stock [Line Items]          
Annual Dividend Rate       6.50%  
Shares Outstanding (in shares)       1,500  
Liquidation Amount       $ 150  
Carrying Amount       $ 145 145
Series F          
Class of Stock [Line Items]          
Annual Dividend Rate       4.70%  
Shares Outstanding (in shares)       1,500  
Liquidation Amount       $ 150  
Carrying Amount       $ 145 $ 145
v3.25.0.1
Preferred Stock - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
May 01, 2024
Class of Stock [Line Items]      
Liquidation amount $ 438    
Carrying amount $ 426 $ 520  
Call of preferred stock   $ 494  
Preferred stock, issued (in shares) 16,750 26,750  
Noncontrolling interest $ 295 $ 295  
Retained Earnings      
Class of Stock [Line Items]      
Call of preferred stock $ 7    
Series A      
Class of Stock [Line Items]      
Liquidation amount     $ 100
Carrying amount     $ 94
Preferred Class A      
Class of Stock [Line Items]      
Preferred stock, issued (in shares) 300,000    
Liquidation preference per share (in dollars per share) $ 1,000    
Basis spread on variable rate 1.11161%    
Noncontrolling interest $ 295 $ 295  
Annual dividend rate 3.75%    
Preferred Class A | Variable Rate Basis Spread, Percentage One      
Class of Stock [Line Items]      
Basis spread on variable rate 0.26161%    
Preferred Class A | Variable Rate Basis Spread, Percentage Two      
Class of Stock [Line Items]      
Basis spread on variable rate 0.85%    
Preferred Class B | FT Real Estate Securities Company, Inc.:      
Class of Stock [Line Items]      
Liquidation preference per share (in dollars per share) $ 1,000,000    
Annual dividend rate 9.50%    
Stock issued (in shares) 50    
Preferred Class B | FT Real Estate Securities Company, Inc.: | Non Affiliates      
Class of Stock [Line Items]      
Stock issued (in shares) 47    
v3.25.0.1
Regulatory Capital and Restrictions - Schedule of Actual Capital Amounts and Ratios (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
First Horizon Corporation    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total Capital, Actual Amount $ 9,862 $ 9,922
Total Capital, Actual Ratio 0.1387 0.1396
Tier 1 Capital, Actual Amount $ 8,688 $ 8,825
Tier 1 Capital, Actual Ratio 0.1222 0.1242
Common Equity Tier 1 Capital, Actual Amount $ 7,967 $ 8,104
Common Equity Tier 1 Capital, Actual Ratio 11.20% 11.40%
Leverage, Actual Amount $ 8,688 $ 8,825
Leverage, Actual Ratio 0.1064 0.1069
Total Capital, Capital Adequacy purposes, Amount $ 5,689 $ 5,686
Total Capital, Capital Adequacy Purposes, Ratio 0.0800 0.0800
Tier 1 Capital, Capital Adequacy Purposes, Amount $ 4,266 $ 4,264
Tier 1 Capital, Capital Adequacy Purposes, Ratio 0.0600 0.0600
Common Equity Tier 1 Capital, Capital Adequacy Purposes, Amount $ 3,200 $ 3,198
Common Equity Tier 1 Capital, Capital Adequacy Purposes, Ratio 4.50% 4.50%
Leverage, Capital Adequacy Purposes, Amount $ 3,266 $ 3,302
Leverage, Capital Adequacy Purposes, Ratio 0.0400 0.0400
First Horizon Bank    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total Capital, Actual Amount $ 9,156 $ 9,303
Total Capital, Actual Ratio 0.1300 0.1317
Tier 1 Capital, Actual Amount $ 8,129 $ 8,350
Tier 1 Capital, Actual Ratio 0.1154 0.1182
Common Equity Tier 1 Capital, Actual Amount $ 7,834 $ 8,055
Common Equity Tier 1 Capital, Actual Ratio 11.12% 11.40%
Leverage, Actual Amount $ 8,129 $ 8,350
Leverage, Actual Ratio 0.1006 0.1020
Total Capital, Capital Adequacy purposes, Amount $ 5,633 $ 5,651
Total Capital, Capital Adequacy Purposes, Ratio 0.0800 0.0800
Tier 1 Capital, Capital Adequacy Purposes, Amount $ 4,225 $ 4,238
Tier 1 Capital, Capital Adequacy Purposes, Ratio 0.0600 0.0600
Common Equity Tier 1 Capital, Capital Adequacy Purposes, Amount $ 3,169 $ 3,179
Common Equity Tier 1 Capital, Capital Adequacy Purposes, Ratio 4.50% 4.50%
Leverage, Capital Adequacy Purposes, Amount $ 3,232 $ 3,276
Leverage, Capital Adequacy Purposes, Ratio 0.0400 0.0400
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 7,042 $ 7,064
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 0.1000 0.1000
Tier 1 Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 5,633 $ 5,651
Tier 1 Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 0.0800 0.0800
Common Equity Tier 1 Capital. To Be Well Capitalized Under Prompt Corrective Action, Amount $ 4,577 $ 4,591
Common Equity Tier 1 Capital. To Be Well Capitalized Under Prompt Corrective Action, Ratio 6.50% 6.50%
Leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 4,040 $ 4,095
Leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 0.0500 0.0500
v3.25.0.1
Regulatory Capital and Restrictions - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
financialSubsidiary
Dec. 31, 2023
USD ($)
Jan. 01, 2025
USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]      
Retained earnings $ 4,382,000,000 $ 3,964,000,000  
Dividend paid to parent company $ 1,100,000,000 $ 220,000,000  
Number of financial subsidiaries with covered transactions | financialSubsidiary 2    
First Horizon Bank      
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]      
Retained earnings $ 3,100,000,000    
Percent of capital stock and surplus threshold for credit extension to parent and certain financial subsidiaries 10.00%    
Maximum amount of credit bank may extend to parent and certain financial institutions $ 937,000,000    
Percent of capital stock and surplus threshold for credit extension to affiliates 20.00%    
Maximum amount of credit bank may extend to all affiliates $ 1,900,000,000    
First Horizon Bank | Subsequent Event      
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]      
Amount available for dividend payments     $ 374,000,000
First Horizon Parent Company      
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]      
Covered transactions 0    
840 Denning LLC      
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]      
Covered transactions 2,000,000    
FHN Financial Securities Corp.      
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]      
Covered transactions 387,000,000    
First Horizon Advisors, Inc.      
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]      
Covered transactions 54,000,000    
All Affiliates      
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]      
Covered transactions $ 443,000,000    
v3.25.0.1
Components of Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance $ 9,291 $ 8,547 $ 8,494
Net unrealized gains (losses) (66) 121 (1,103)
Amounts reclassified from AOCI 126 59 23
Other comprehensive income (loss) 60 180 (1,080)
Ending balance 9,111 9,291 8,547
Total      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance [1] (1,188) (1,368) (288)
Other comprehensive income (loss) [1] 60 180 (1,080)
Ending balance [1] (1,128) (1,188) (1,368)
Securities AFS      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (836) (973) (36)
Net unrealized gains (losses) (15) 137 (937)
Amounts reclassified from AOCI 69 0 0
Other comprehensive income (loss) 54 137 (937)
Ending balance (782) (836) (973)
Cash Flow Hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (80) (127) 2
Net unrealized gains (losses) (63) (5) (144)
Amounts reclassified from AOCI 49 52 15
Other comprehensive income (loss) (14) 47 (129)
Ending balance (94) (80) (127)
Pension and Post-retirement Plans      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (272) (268) (254)
Net unrealized gains (losses) 12 (11) (22)
Amounts reclassified from AOCI 8 7 8
Other comprehensive income (loss) 20 (4) (14)
Ending balance $ (252) $ (272) $ (268)
[1] Due to the nature of the preferred stock issued by FHN and its subsidiaries, all components of other comprehensive income (loss) have been attributed solely to FHN as the controlling interest holder.
v3.25.0.1
Components of Other Comprehensive Income (Loss) - Schedule of Reclassification from AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Interest and fees on loans and leases $ 3,874 $ 3,575 $ 2,292
Income tax expense 211 212 247
Other expense 190 182 186
Amounts reclassified from AOCI (794) (916) (912)
Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Amounts reclassified from AOCI 126 59 23
Reclassification out of Accumulated Other Comprehensive Income | Securities AFS      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Securities gains (losses), net 91 0 0
Income tax expense (22) 0 0
Amounts reclassified from AOCI (69) 0 0
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Interest and fees on loans and leases 65 69 20
Income tax expense (16) (17) (5)
Amounts reclassified from AOCI 49 52 15
Reclassification out of Accumulated Other Comprehensive Income | Pension and Post-retirement Plans      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Income tax expense (3) (2) (2)
Other expense 11 9 10
Amounts reclassified from AOCI $ 8 $ 7 $ 8
v3.25.0.1
Income Taxes - Schedule of Components of Consolidated Statements of Income and Equity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Consolidated Statements of Income:      
Income tax expense $ 211 $ 212 $ 247
Income tax expense (benefit) related to:      
Net unrealized gains (losses) on pension and other postretirement plans 7 (1) (5)
Net unrealized gains (losses) on securities available for sale 17 44 (302)
Net unrealized gains (losses) on cash flow hedges (5) 15 (42)
Total $ 230 $ 270 $ (102)
v3.25.0.1
Income Taxes - Schedule of Components of Income Tax Expense/(Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 204 $ 140 $ 123
State 24 28 33
Deferred:      
Federal (14) 37 87
State (3) 7 4
Total $ 211 $ 212 $ 247
v3.25.0.1
Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Federal income tax rate 21.00% 21.00% 21.00%
Tax computed at statutory rate $ 211 $ 237 $ 243
Increase (decrease) resulting from:      
State income taxes, net of federal income tax benefit 20 34 31
BOLI (5) (6) (4)
Tax-exempt interest (12) (12) (10)
FDIC premium 12 11 7
Non-deductible expenses 8 9 4
LIHTC credits and benefits, net of amortization (13) (15) (16)
Other tax credits (1) (5) (4)
Other changes in unrecognized tax benefits (2) (50) (2)
Termination of BOLI policies 0 21 0
Other (7) (12) (2)
Total $ 211 $ 212 $ 247
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax [Line Items]      
Change in valuation allowance – DTA $ 0    
Deferred tax assets after valuation allowance 768    
Net deferred tax assets (prior year less than) 227 $ 215  
Gross deferred tax liabilities 541 522  
Unrecognized tax benefits 13 15 $ 89
Unrecognized tax benefits that would impact effective tax rate 13    
Reduction of unrecognized tax benefits 76    
Reduction of tax expense 32    
Reduction of tax expense due to reduction of accrued interest 14    
Interest and income taxes accrued 2 3  
Penalties and interest expense 1 14  
Maximum      
Income Tax [Line Items]      
Net deferred tax assets (prior year less than)   $ 215  
Domestic Tax Jurisdiction      
Income Tax [Line Items]      
Deferred tax assets after valuation allowance 29    
State and Local Jurisdiction      
Income Tax [Line Items]      
Deferred tax assets after valuation allowance 3    
Domestic Tax Authority and State and Local Jurisdiction      
Income Tax [Line Items]      
Decrease in unrecognized tax benefits is reasonably possible $ 3    
v3.25.0.1
Income Taxes - Schedule of Operating Loss and Tax Credit Carryforwards (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Tax Credit Carryforward [Line Items]    
Losses - federal $ 29 $ 32
Net operating losses - states 3 $ 3
Domestic Tax Jurisdiction | Expiring 2028-2035    
Tax Credit Carryforward [Line Items]    
Losses - federal 29  
State and Local Jurisdiction | Expiring 2024-2033    
Tax Credit Carryforward [Line Items]    
Net operating losses - states 2  
State and Local Jurisdiction | Expiring 2034-2041    
Tax Credit Carryforward [Line Items]    
Net operating losses - states $ 1  
v3.25.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Securities available-for-sale and financial instruments $ 284 $ 296
Loan valuations and loss reserves 152 107
Employee benefits 119 128
Lease liability 82 85
Depreciation and amortization 54 37
Accrued expenses 20 21
Federal loss carryforwards 29 32
State loss carryforwards 3 3
Other 25 28
Gross deferred tax assets 768 737
Deferred tax liabilities:    
Leasing 363 316
ROU lease asset 73 76
Other intangible assets 71 75
Prepaid expenses 23 20
Equity investments 2 31
Other 9 4
Gross deferred tax liabilities 541 522
Net deferred tax assets $ 227 $ 215
v3.25.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]    
Beginning balance $ 15 $ 89
Increases related to prior year tax positions 2 1
Increases related to current year tax positions 3 2
Settlements   (76)
Lapse of statutes (7) (1)
Ending balance $ 13 $ 15
v3.25.0.1
Earnings Per Share - Schedule of Reconciliation of Net Income to Net Income Available to Common Shareholders (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Jun. 26, 2023
shares
Feb. 28, 2022
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Earnings Per Share [Abstract]          
Net income     $ 794 $ 916 $ 912
Net income attributable to noncontrolling interest     19 19 12
Net income attributable to controlling interest     775 897 900
Preferred stock dividends     37 32 32
Net income available to common shareholders     738 865 868
Net income available to common shareholders     $ 738 $ 865 $ 868
Weighted average common shares outstanding - basic (in shares) | shares     540,317,000 548,410,000 535,033,000
Effect of dilutive restricted stock, performance equity awards and options (in shares) | shares     3,968,000 3,802,000 7,830,000
Effect of dilutive convertible preferred stock (in shares) | shares     0 9,520,000 23,141,000
Weighted average common shares outstanding - diluted (in shares) | shares     544,285,000 561,732,000 566,004,000
Basic earnings per common share (in dollars per share) | $ / shares     $ 1.37 $ 1.58 $ 1.62
Diluted earnings per common share (in dollars per share) | $ / shares     $ 1.36 $ 1.54 $ 1.53
TD Transaction | Series G Convertible Preferred Stock          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Sale of preferred stock, net (approximately)   $ 494      
Fixed rate of conversion (in shares) 4,000        
Series G preferred stock conversion (in shares) | shares 19,742,776        
v3.25.0.1
Earnings Per Share - Schedule of Anti-Dilutive Options and Awards (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted average exercise price of stock options excluded from the calculation of diluted EPS (in dollars per share) $ 19.73 $ 24.36 $ 25.64
Employee Stock Option      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Awards excluded from the calculation of diluted EPS (in shares) 26 0 29
Other Equity Awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Awards excluded from the calculation of diluted EPS (in shares) 2,439 2,242 144
v3.25.0.1
Contingencies and Other Disclosures (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Loss Contingencies [Line Items]    
Estimated litigation liability $ 1,000,000  
Accrued losses on loan repurchase exposure 15,000,000 $ 16,000,000
Minimum    
Loss Contingencies [Line Items]    
Estimated litigation liability 0  
Maximum    
Loss Contingencies [Line Items]    
Estimated litigation liability $ 1,000,000  
v3.25.0.1
Retirement Plans and Other Employee Benefits - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
pensionPlan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Minimum required outstanding par value to each issue of bonds $ 300,000,000    
Threshold amortization percentage of projected benefit obligation 10.00%    
Threshold amortization, percentage of market-related value of plan assets 10.00%    
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions $ 3,000,000 $ 3,000,000  
Number of plans affected by interest credit ratings | pensionPlan 1    
Funded status of the plans $ (21,000,000) (37,000,000)  
Savings Plan      
Defined Benefit Plan Disclosure [Line Items]      
Employer investment in qualified defined contribution plan 100.00%    
Maximum percent of employee pre-tax contributions that may be matched by the Company (percent) 6.00%    
Qualified pension | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Estimated social security benefits age 65 years    
Employer contributions $ 0 0 $ 0
Funded status of the plans 1,000,000 (13,000,000)  
Nonqualified pension | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions 4,000,000 6,000,000 5,000,000
Expected pension contribution 5,000,000    
Flexible Benefits Contribution      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions $ 49,000,000 $ 48,000,000 $ 47,000,000
Qualified pension/ postretirement benefits      
Defined Benefit Plan Disclosure [Line Items]      
Expected time horizon 30 years    
Qualified pension/ postretirement benefits | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Term used for assumption calculation 30 years    
v3.25.0.1
Retirement Plans and Other Employee Benefits - Schedule of Assumptions Used in the Defined Benefit Plans (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Benefits | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan assumptions used calculating benefit obligation, discount rate 5.40% 4.84% 5.04%
Defined benefit plan assumptions used calculating net periodic benefit cost, discount rate 4.84% 4.88% 2.42%
Other Benefits | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan assumptions used calculating benefit obligation, discount rate 5.74% 5.06% 5.25%
Defined benefit plan assumptions used calculating net periodic benefit cost, discount rate 5.49% 5.25% 5.08%
Qualified pension      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets 5.00% 5.15% 2.85%
Qualified pension | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan assumptions used calculating benefit obligation, discount rate 5.66% 5.00% 5.20%
Defined benefit plan assumptions used calculating net periodic benefit cost, discount rate 5.00% 5.20% 2.96%
Nonqualified pension | Postretirement benefit (retirees post January 1, 1993)      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets 5.25% 5.50% 5.95%
Nonqualified pension | Postretirement benefit (retirees prior to January 1, 1993)      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets     1.05%
Nonqualified pension | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan assumptions used calculating benefit obligation, discount rate 5.50% 4.90% 5.10%
Defined benefit plan assumptions used calculating net periodic benefit cost, discount rate 4.90% 5.10% 2.65%
Nonqualified pension | Other Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan assumptions used calculating benefit obligation, discount rate 5.20% 4.75% 4.94%
Defined benefit plan assumptions used calculating net periodic benefit cost, discount rate 4.75% 4.94% 1.99%
v3.25.0.1
Retirement Plans and Other Employee Benefits - Schedule of Projected Benefit Obligation Affected by Interest Crediting Ratings (Details) - Pension Benefits - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation $ 7 $ 8 $ 10
Interest crediting rate 12.25% 12.04% 10.77%
v3.25.0.1
Retirement Plans and Other Employee Benefits - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Interest cost $ 32 $ 33 $ 20
Expected return on plan assets (32) (32) (24)
Actuarial (gain) loss 13 13 12
Net periodic benefit cost 13 14 8
Other Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Interest cost 2 2 1
Expected return on plan assets (1) (1) (2)
Actuarial (gain) loss (1) (1) 0
Net periodic benefit cost $ 0 $ 0 $ (1)
v3.25.0.1
Retirement Plans and Other Employee Benefits - Schedule of Benefit Obligation and Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Change in benefit obligation      
Benefit obligation, beginning of year $ 675 $ 663  
Interest cost 32 33 $ 20
Actuarial (gain) loss (38) 20  
Actual benefits paid (42) (41)  
Premium paid for annuity purchase (28) 0  
Benefit obligation, end of year 599 675 663
Change in plan assets      
Fair value of plan assets, beginning of year 638 641  
Actual return on plan assets 7 35  
Employer contributions 3 3  
Actual benefits paid – settlement payments (41) (40)  
Actual benefits paid – other payments (1) (1)  
Premium paid for annuity purchase (28) 0  
Fair value of plan assets, end of year 578 638 641
Funded (unfunded) status of the plans (21) (37)  
Amounts recognized in the Balance Sheets      
Other assets 1 0  
Other liabilities (22) (37)  
Net asset (liability) at end of year (21) (37)  
Other Benefits      
Change in benefit obligation      
Benefit obligation, beginning of year 31 32  
Interest cost 2 2 1
Actuarial (gain) loss (1) 0  
Actual benefits paid (2) (3)  
Premium paid for annuity purchase 0 0  
Benefit obligation, end of year 30 31 32
Change in plan assets      
Fair value of plan assets, beginning of year 23 21  
Actual return on plan assets 2 2  
Employer contributions 1 3  
Actual benefits paid – settlement payments (2) (3)  
Actual benefits paid – other payments 0 0  
Premium paid for annuity purchase 0 0  
Fair value of plan assets, end of year 24 23 $ 21
Funded (unfunded) status of the plans (6) (8)  
Amounts recognized in the Balance Sheets      
Other assets 22 21  
Other liabilities (28) (29)  
Net asset (liability) at end of year $ (6) $ (8)  
v3.25.0.1
Retirement Plans and Other Employee Benefits - Schedule of Funded (Unfunded) Status of Plan (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 22 $ 24
Other Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 28 $ 29
v3.25.0.1
Retirement Plans and Other Employee Benefits - Schedule of Balances Reflected in AOCI on a Pre-Tax Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial (gain) loss $ 341 $ 367
Other Benefits    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial (gain) loss $ (9) $ (8)
v3.25.0.1
Retirement Plans and Other Employee Benefits - Schedule of Amounts Recognized in Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Changes in plan assets and benefit obligation recognized in other comprehensive income      
Net actuarial (gain) loss arising during measurement period $ (13) $ 17 $ 32
Items amortized during the measurement period:      
Net actuarial gain (loss) (13) (13) (11)
Total recognized in other comprehensive income (26) 4 21
Other Benefits      
Changes in plan assets and benefit obligation recognized in other comprehensive income      
Net actuarial (gain) loss arising during measurement period (2) 0 (3)
Items amortized during the measurement period:      
Net actuarial gain (loss) 1 1 0
Total recognized in other comprehensive income $ (1) $ 1 $ (3)
v3.25.0.1
Retirement Plans and Other Employee Benefits - Schedule of Expected Benefit Payment (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
2025 $ 44
2026 45
2027 46
2028 46
2029 46
2030-2034 229
Other Benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
2025 2
2026 2
2027 2
2028 2
2029 2
2030-2034 $ 12
v3.25.0.1
Retirement Plans and Other Employee Benefits - Schedule of Fair Value of Pension Plan Assets (Details) - Pension Benefits - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets $ 578 $ 638 $ 641
Level 1      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 11 6  
Level 2      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 567 632  
Level 3      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Cash equivalents and money market funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 11 6  
Cash equivalents and money market funds | Level 1      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 11 6  
Cash equivalents and money market funds | Level 2      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Cash equivalents and money market funds | Level 3      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. treasuries      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 8 9  
U.S. treasuries | Level 1      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. treasuries | Level 2      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 8 9  
U.S. treasuries | Level 3      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Corporate, municipal and foreign bonds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 295 317  
Corporate, municipal and foreign bonds | Level 1      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Corporate, municipal and foreign bonds | Level 2      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 295 317  
Corporate, municipal and foreign bonds | Level 3      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Fixed income      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 264 306  
Fixed income | Level 1      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Fixed income | Level 2      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 264 306  
Fixed income | Level 3      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets $ 0 $ 0  
v3.25.0.1
Retirement Plans and Other Employee Benefits - Schedule of Retiree Medical Plan Assets by Asset Category (Details) - Other Benefits - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets $ 24 $ 23 $ 21
Level 1      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 24 23  
Level 2      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Level 3      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Equity mutual funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 8 7  
Equity mutual funds | Level 1      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 8 7  
Equity mutual funds | Level 2      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Equity mutual funds | Level 3      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Fixed income mutual funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 16 16  
Fixed income mutual funds | Level 1      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 16 16  
Fixed income mutual funds | Level 2      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Fixed income mutual funds | Level 3      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets $ 0 $ 0  
v3.25.0.1
Stock Options and Restricted Stock - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options granted (in shares) 5,088,696      
Award vesting period 3 years      
Percent of performance condition achieved 100.00%      
Value of annual equity awards to non employee directors $ 140 $ 122    
Total intrinsic value of options exercised $ 2,000 $ 4,000 $ 17,000  
Stock options granted or converted (in shares) 0 0 0  
Stock-based compensation expense $ 59,000 $ 36,000 $ 75,000  
Total income tax benefits recognized $ 14,000 8,000 18,000  
Stock Appreciation Rights (SARs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options granted (in shares) 0      
Nonvested Restricted Stock Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized $ 90,000      
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition 3 years      
Total grant date fair value of shares vested $ 65,000 $ 32,000 $ 29,000  
Employee Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period       7 years
Employee Stock Option | Tranche 1        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expiration period 7 years      
Employee Stock Option | Tranche 2        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expiration period 10 years      
Employee Stock Option | Tranche 3        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expiration period 10 years      
Phantom Stock Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period 5 years      
Shares outstanding (in shares) 96,156      
Equity Compensation Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares available for new awards (in shares) 13,173,672      
Performance Condition Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Duration of performance evaluation 3 years 3 years 3 years  
Performance Condition Awards | PSUs Granted Between 2014 And 2020        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Post vest holding period 2 years 2 years    
Percent of performance condition achieved 162.50% 187.50% 187.50%  
v3.25.0.1
Stock Options and Restricted Stock - Schedule of Restricted and Performance Stock Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares/ Units      
Beginning balance (in shares) 11,317,704    
Shares/units granted (in shares) 5,088,696    
Shares/units vested/distributed (in shares) (4,110,142)    
Shares/units canceled (in shares) (456,173)    
Ending balance (in shares) 11,840,085 11,317,704  
Weighted average grant date fair value (per share)      
Nonvested beginning balance (in dollars per share) $ 15.89    
Shares/units granted (in dollars per share) 15.24 $ 16.08 $ 20.64
Shares/units vested/distributed (in dollars per share) 15.81    
Shares/units canceled (in dollars per share) 13.90    
Nonvested ending balance (in dollars per share) $ 15.71 $ 15.89  
Percent of performance achieved for nonvested performance units 100.00%    
v3.25.0.1
Stock Options and Restricted Stock - Schedule of Stock Option Activity (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Options Outstanding  
Beginning of period, outstanding (in shares) | shares 1,898,968
Options granted (in shares) | shares 0
Options exercised (in shares) | shares (604,467)
Options expired/canceled (in shares) | shares (335,879)
Ending of period, outstanding (in shares) | shares 958,622
Options exercisable (in shares) | shares 883,705
Options expected to vest (in shares) | shares 74,917
Weighted Average Exercise Price (per share)  
Beginning of period, weighted average exercise price (in dollars per share) | $ / shares $ 16.31
Options granted, weighted average exercise price (in dollars per share) | $ / shares 0
Options exercised, weighted average exercise price (in dollars per share) | $ / shares 15.52
Options expired/canceled, weighted average exercise price (in dollars per share) | $ / shares 18.15
Ending of period, weighted average exercise price (in dollars per share) | $ / shares 16.16
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares 16.24
Options expected to vest, weighted average exercise price (in dollars per share) | $ / shares $ 15.20
Outstanding, weighted average contractual term 2 years 4 months 17 days
Outstanding, aggregate intrinsic value | $ $ 4
Options exercisable, weighted average contractual term 2 years 2 months 23 days
Options exercisable, aggregate intrinsic value | $ $ 3
Options expected to vest, weighted average remaining contractual term 4 years 25 days
Options expected to vest, aggregate intrinsic value | $ $ 0
v3.25.0.1
Business Segment Information - Schedule of Amounts of Consolidated Revenue, Expense, Tax and Assets by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Interest income $ 4,352 $ 4,100 $ 2,683
Interest expense 1,841 1,560 291
Funds transfer pricing 0 0 0
Net interest income 2,511 2,540 2,392
Noninterest income 679 927 815
Total revenues 3,190 3,467 3,207
Noninterest expense 2,035 2,079 1,953
Pre-provision net revenue 1,155 1,388 1,254
Provision for credit losses 150 260 95
Income before income taxes 1,005 1,128 1,159
Income tax expense (benefit) 211 212 247
Net income (loss) 794 916 912
Average assets 81,822 81,683 84,217
Depreciation and amortization 101 102 85
Expenditures for long-lived assets 45 34 24
Gain on merger termination 0 225 0
Gain on divestiture 0 9 0
Visa Class B Shares      
Segment Reporting Information [Line Items]      
Derivative valuation adjustment 15 15  
Commercial, Consumer & Wealth      
Segment Reporting Information [Line Items]      
Interest income 3,538 3,286 2,053
Interest expense 1,413 1,115 156
Funds transfer pricing 418 523 368
Net interest income 2,543 2,694 2,265
Noninterest income 461 448 477
Total revenues 3,004 3,142 2,742
Noninterest expense 1,417 1,370 1,309
Pre-provision net revenue 1,587 1,772 1,433
Provision for credit losses 158 260 85
Income before income taxes 1,429 1,512 1,348
Income tax expense (benefit) 337 357 319
Net income (loss) 1,092 1,155 1,029
Average assets 59,402 58,126 52,771
Depreciation and amortization 37 34 (1)
Expenditures for long-lived assets 26 16 15
Gain on merger termination   0  
Wholesale      
Segment Reporting Information [Line Items]      
Interest income 530 478 339
Interest expense 125 100 47
Funds transfer pricing (211) (195) (39)
Net interest income 194 183 253
Noninterest income 230 174 259
Total revenues 424 357 512
Noninterest expense 299 276 344
Pre-provision net revenue 125 81 168
Provision for credit losses 3 15 11
Income before income taxes 122 66 157
Income tax expense (benefit) 29 16 38
Net income (loss) 93 50 119
Average assets 8,209 7,583 9,172
Depreciation and amortization 7 7 6
Expenditures for long-lived assets 1 1 10
Gain on merger termination   0  
Gain on sale of mortgage servicing rights     12
Wholesale | FHN Financial Securities Corp.      
Segment Reporting Information [Line Items]      
Gain on disposition of assets   9  
Corporate      
Segment Reporting Information [Line Items]      
Interest income 284 336 291
Interest expense 303 345 88
Funds transfer pricing (207) (328) (329)
Net interest income (226) (337) (126)
Noninterest income (12) 305 79
Total revenues (238) (32) (47)
Noninterest expense 319 433 300
Pre-provision net revenue (557) (465) (347)
Provision for credit losses (11) (15) (1)
Income before income taxes (546) (450) (346)
Income tax expense (benefit) (155) (161) (110)
Net income (loss) (391) (289) (236)
Average assets 14,211 15,974 22,274
Depreciation and amortization 57 61 80
Expenditures for long-lived assets 18 17 (1)
Gain on merger termination   225  
Equity securities losses   6 (10)
Restructuring costs 14 10  
FDIC special assessment 9 68  
Surrender of bank owned life insurance   24  
Benefit from merger-related tax items   59  
Corporate | Visa Class B Shares      
Segment Reporting Information [Line Items]      
Derivative valuation adjustment 15 15 22
Corporate | Fintech Investment      
Segment Reporting Information [Line Items]      
Gain on sale of investments     6
Corporate | First Horizon Foundation      
Segment Reporting Information [Line Items]      
Charitable foundation contributions   50  
Corporate | Title Insurance Business      
Segment Reporting Information [Line Items]      
Gain on divestiture     22
Corporate | TD Transaction      
Segment Reporting Information [Line Items]      
Gain on merger termination   225  
Merger and integration expense   $ 51  
Corporate | BKC Merger and TD Merger Agreement      
Segment Reporting Information [Line Items]      
Merger and integration expense     $ 136
Corporate | Other Restructuring      
Segment Reporting Information [Line Items]      
Loss on securities $ 91    
v3.25.0.1
Business Segment Information - Schedule of Disaggregation of Noninterest Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Fixed income $ 187 $ 133 $ 205
Deposit transactions and cash management 176 179 171
Brokerage, management fees and commissions 101 90 92
Card and digital banking fees 77 77 84
Other service charges and fees 51 54 54
Trust services and investment management 48 47 48
Mortgage banking income 35 23 68
Gain on merger termination 0 225 0
Securities gains (losses), net (89) (4) 18
Other income 93 103 75
Total noninterest income 679 927 815
Underwriting, Portfolio Advisory, and Other Noninterest Income      
Segment Reporting Information [Line Items]      
Revenue from contract with customer 42 42 43
Commercial, Consumer & Wealth      
Segment Reporting Information [Line Items]      
Fixed income 0 0 0
Deposit transactions and cash management 163 165 161
Brokerage, management fees and commissions 101 90 92
Card and digital banking fees 67 67 72
Other service charges and fees 48 51 49
Trust services and investment management 48 47 48
Mortgage banking income 1 1 22
Gain on merger termination   0  
Securities gains (losses), net 0 0 0
Other income 33 27 33
Total noninterest income 461 448 477
Wholesale      
Segment Reporting Information [Line Items]      
Fixed income 187 134 205
Deposit transactions and cash management 4 4 3
Brokerage, management fees and commissions 0 0 0
Card and digital banking fees 0 0 0
Other service charges and fees 2 3 3
Trust services and investment management 0 0 0
Mortgage banking income 33 21 46
Gain on merger termination   0  
Securities gains (losses), net 0 0 0
Other income 4 12 2
Total noninterest income 230 174 259
Corporate      
Segment Reporting Information [Line Items]      
Fixed income 0 (1) 0
Deposit transactions and cash management 9 10 7
Brokerage, management fees and commissions 0 0 0
Card and digital banking fees 10 10 12
Other service charges and fees 1 0 2
Trust services and investment management 0 0 0
Mortgage banking income 1 1 0
Gain on merger termination   225  
Securities gains (losses), net (89) (4) 18
Other income 56 64 40
Total noninterest income $ (12) $ 305 $ 79
v3.25.0.1
Business Segment Information - Schedule of Disaggregation of Noninterest Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Personnel expense $ 1,137 $ 1,100 $ 1,101
Net occupancy expense 130 123 128
Computer software 121 111 113
Operations services 94 87 87
Deposit insurance expense 64 122 32
Legal and professional fees 64 49 62
Contract employment and outsourcing 51 49 54
Advertising and public relations 48 71 50
Amortization of intangible assets 44 47 51
Equipment expense 42 42 45
Communications and delivery 32 35 37
Contributions 18 61 7
Other expense 190 182 186
Cost allocations 0 0 0
Total noninterest expense 2,035 2,079 1,953
Commercial, Consumer & Wealth      
Disaggregation of Revenue [Line Items]      
Personnel expense 540 526 516
Net occupancy expense 76 72 72
Computer software 25 21 27
Operations services 18 20 21
Deposit insurance expense 0 0 0
Legal and professional fees 11 10 11
Contract employment and outsourcing 5 6 6
Advertising and public relations 7 7 6
Amortization of intangible assets 39 43 46
Equipment expense 11 13 14
Communications and delivery 10 10 9
Contributions 2 2 2
Other expense 75 71 68
Cost allocations 598 569 511
Total noninterest expense 1,417 1,370 1,309
Wholesale      
Disaggregation of Revenue [Line Items]      
Personnel expense 196 179 240
Net occupancy expense 9 9 11
Computer software 6 5 4
Operations services 22 25 22
Deposit insurance expense 0 0 0
Legal and professional fees 3 3 3
Contract employment and outsourcing 3 4 5
Advertising and public relations 1 1 1
Amortization of intangible assets 2 1 2
Equipment expense 2 1 1
Communications and delivery 3 5 6
Contributions 0 0 0
Other expense 22 20 29
Cost allocations 30 23 20
Total noninterest expense 299 276 344
Corporate      
Disaggregation of Revenue [Line Items]      
Personnel expense 401 395 345
Net occupancy expense 45 42 45
Computer software 90 85 82
Operations services 54 42 44
Deposit insurance expense 64 122 32
Legal and professional fees 50 36 48
Contract employment and outsourcing 43 39 43
Advertising and public relations 40 63 43
Amortization of intangible assets 3 3 3
Equipment expense 29 28 30
Communications and delivery 19 20 22
Contributions 16 59 5
Other expense 93 91 89
Cost allocations (628) (592) (531)
Total noninterest expense $ 319 $ 433 $ 300
v3.25.0.1
Variable Interest Entities - Schedule of VIEs Consolidated by FHN (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Other assets $ 3,996 $ 4,169
Liabilities:    
Other liabilities 2,315 2,382
Rabbi Trusts Used For Deferred Compensation Plans    
Assets:    
Other assets 195 177
Liabilities:    
Other liabilities $ 165 $ 150
v3.25.0.1
Variable Interest Entities - Schedule of the Impact of Qualifying LIHTC Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]      
InvestmentProgramProportionalAmortizationMethodElectedIncomeTaxCreditAndOtherIncomeTaxBenefitBeforeAmortizationStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag Tax credits Tax credits Tax credits
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization, Statement of Cash Flows [Extensible Enumeration] Other operating activities, net Other operating activities, net Other operating activities, net
Low income housing tax credits      
Variable Interest Entity [Line Items]      
Amortization of qualifying investments $ 65 $ 54 $ 44
Tax credits and Other tax benefits related to qualifying investments $ (70) $ (55) $ (48)
Investment Program Proportional Amortization Method Applied Income Tax Credit And Other Tax Benefit Amortization Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Amortization of qualifying investments Amortization of qualifying investments Amortization of qualifying investments
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Cash Flows [Extensible Enumeration] Other operating activities, net Other operating activities, net Other operating activities, net
Other tax benefits related to qualifying investments      
Variable Interest Entity [Line Items]      
Tax credits and Other tax benefits related to qualifying investments $ (9) $ (13) $ (12)
v3.25.0.1
Variable Interest Entities - Schedule of VIEs not Consolidated by FHN (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Total liabilities $ 73,041,000,000 $ 72,370,000,000
Trading securities: 1,387,000,000 1,412,000,000
Term borrowings 1,195,000,000 1,150,000,000
Securities held to maturity 1,083,000,000 1,161,000,000
Securities available for sale at fair value 7,896,000,000 8,391,000,000
Low income housing partnerships    
Variable Interest Entity [Line Items]    
Maximum loss exposure, contractual funding commitments 222,000,000 223,000,000
On-balance sheet trust preferred securitization    
Variable Interest Entity [Line Items]    
Loans and leases 113,000,000 113,000,000
Trading securities: 2,000,000 2,000,000
Term borrowings 88,000,000 88,000,000
Holdings of agency mortgage-backed securities    
Variable Interest Entity [Line Items]    
Trading securities: 278,000,000 450,000,000
Securities held to maturity 1,300,000,000 1,300,000,000
Securities available for sale at fair value 6,500,000,000 6,600,000,000
Commercial loan modifications to borrowers experiencing financial difficulty    
Variable Interest Entity [Line Items]    
Maximum loss exposure, contractual funding commitments 0 0
Other Assets | Low income housing partnerships    
Variable Interest Entity [Line Items]    
Maximum loss exposure, current investments 395,000,000 364,000,000
Other Assets | Commercial loan troubled debt restructurings    
Variable Interest Entity [Line Items]    
Maximum loss exposure, current investments 381,000,000 129,000,000
Low income housing partnerships    
Variable Interest Entity [Line Items]    
Maximum Loss Exposure 617,000,000 587,000,000
Low income housing partnerships | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total liabilities 222,000,000 223,000,000
Other tax credit investments    
Variable Interest Entity [Line Items]    
Maximum Loss Exposure 90,000,000 79,000,000
Other tax credit investments | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total liabilities 73,000,000 64,000,000
Small issuer trust preferred holdings    
Variable Interest Entity [Line Items]    
Maximum Loss Exposure 171,000,000 173,000,000
Small issuer trust preferred holdings | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total liabilities 0 0
On-balance sheet trust preferred securitization    
Variable Interest Entity [Line Items]    
Maximum Loss Exposure 26,000,000 26,000,000
On-balance sheet trust preferred securitization | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total liabilities 88,000,000 88,000,000
Holdings of agency mortgage-backed securities    
Variable Interest Entity [Line Items]    
Maximum Loss Exposure 8,017,000,000 8,402,000,000
Holdings of agency mortgage-backed securities | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total liabilities 0 0
Commercial loan modifications to borrowers experiencing financial difficulty    
Variable Interest Entity [Line Items]    
Maximum Loss Exposure 381,000,000 129,000,000
Commercial loan modifications to borrowers experiencing financial difficulty | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total liabilities 0 0
Proprietary trust preferred issuances    
Variable Interest Entity [Line Items]    
Maximum Loss Exposure 0 0
Proprietary trust preferred issuances | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total liabilities $ 167,000,000 $ 167,000,000
v3.25.0.1
Derivatives - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Collateral cash $ 440 $ 489  
Total trading revenues 154 97 $ 157
Hedged amount of foreign currency denominated loans 16 17  
Derivative Instruments With Adjustable Collateral Posting Thresholds | Additional Derivative Agreements      
Derivative Instruments, Gain (Loss) [Line Items]      
Net fair value of derivative assets with adjustable posting thresholds 5 12  
Net fair value of derivative liabilities with adjustable posting thresholds 187 188  
Collateral received 82 95  
Securities posted collateral 96 83  
Derivative Instruments With Accelerated Termination Provisions | Additional Derivative Agreements      
Derivative Instruments, Gain (Loss) [Line Items]      
Net fair value of derivative assets with adjustable posting thresholds 6 12  
Net fair value of derivative liabilities with adjustable posting thresholds 187 188  
Collateral received 82 95  
Securities posted collateral 96 83  
Credit Risk Contract      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative asset, notional amount 268 351  
Derivative liability, notional amount 916 874  
Visa Class B Shares      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative liabilities related to sale 15 23  
Derivative valuation adjustment 15 15  
Counterparties      
Derivative Instruments, Gain (Loss) [Line Items]      
Collateral cash receivables 541 406  
Collateral cash $ 25 $ 33  
v3.25.0.1
Derivatives - Schedule of Derivatives Associated with Fixed Income Trading Activities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Customer interest rate contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional $ 4,096 $ 4,067
Assets 8 22
Liabilities 190 197
Offsetting upstream interest rate contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional 4,265 4,273
Assets 134 135
Liabilities 9 23
Forwards and futures purchased    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional 1,421 777
Assets 1 9
Liabilities 6 0
Forwards and futures sold    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional 1,426 912
Assets 7 0
Liabilities $ 0 $ 9
v3.25.0.1
Derivatives - Schedule of Derivatives Associated With Interest Rate Risk Management Activities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Customer interest rate contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional $ 4,096 $ 4,067
Assets 8 22
Liabilities 190 197
Customer interest rate contracts | Customer Interest Rate Contracts Hedging | Hedging Instruments And Hedged Items    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional 8,301 8,375
Assets 10 21
Liabilities 372 392
Offsetting upstream interest rate contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional 4,265 4,273
Assets 134 135
Liabilities 9 23
Offsetting upstream interest rate contracts | Customer Interest Rate Contracts Hedging | Hedging Instruments And Hedged Items    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional 8,301 8,375
Assets 369 389
Liabilities $ 11 $ 22
v3.25.0.1
Derivatives - Schedule of Gains/(Losses) on Derivatives Associated with Interest Rate Risk Management Activities (Details) - Customer Interest Rate Contracts Hedging - Hedging Instruments And Hedged Items - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Customer interest rate contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) related to interest rate derivatives $ 10 $ 195 $ (744)
Offsetting upstream interest rate contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) related to interest rate derivatives $ (10) $ (195) $ 744
v3.25.0.1
Derivatives - Schedule of Derivatives Associated With Cash Flow Hedges and Mortgage Banking Hedges (Details) - Hedging Instruments And Hedged Items - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Cash Flow Hedges | Interest Rate Contract    
Derivative Instruments, Gain (Loss) [Line Items]    
Variability in cash flows related to debt instruments (primarily loans) $ 5,000 $ 5,200
Cash Flow Hedges | Interest rate contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional 5,000 5,200
Assets 0 0
Liabilities 67 32
Mortgage Banking Hedges | Option contracts written    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional 51 55
Assets 0 1
Liabilities 0 0
Mortgage Banking Hedges | Forward contracts written    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional 100 93
Assets 1 0
Liabilities $ 0 $ 1
v3.25.0.1
Derivatives - Schedule of Gains/(Losses) on Derivatives Associated with Cash Flow Hedges and Mortgage Banking Hedges (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Gain/(loss) expected to be reclassified to earnings in the next twelve months $ 21    
Cash Flow Hedges | Hedging Instruments And Hedged Items      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss), cash flow hedges 49 $ 52 $ 15
Gain (loss) reclassified from AOCI into interest income (14) 47 (129)
Cash Flow Hedges | Hedging Instruments And Hedged Items | Interest rate contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss), cash flow hedges (19) 45 195
Mortgage Banking Hedges | Hedging Instruments And Hedged Items | Option contracts written      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivative instruments 1 0 3
Mortgage Banking Hedges | Hedging Instruments And Hedged Items | Forward contracts written      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivative instruments $ (2) $ 1 $ 32
v3.25.0.1
Derivatives - Schedule of Derivative Assets and Collateral Received (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Gross amounts of recognized assets $ 530 $ 576
Gross amounts offset in the Balance Sheets 0 0
Net amounts of assets presented in the Balance Sheets 530 576
Derivative liabilities available for offset (76) (79)
Collateral received (440) (489)
Net amount 14 8
Derivative assets not subject to master netting agreements $ 2 $ 1
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Derivatives, interest rate contracts    
Derivative [Line Items]    
Gross amounts of recognized assets $ 522 $ 567
Gross amounts offset in the Balance Sheets 0 0
Net amounts of assets presented in the Balance Sheets 522 567
Derivative liabilities available for offset (73) (75)
Collateral received (436) (486)
Net amount 13 6
Forward contracts    
Derivative [Line Items]    
Gross amounts of recognized assets 8 9
Gross amounts offset in the Balance Sheets 0 0
Net amounts of assets presented in the Balance Sheets 8 9
Derivative liabilities available for offset (3) (4)
Collateral received (4) (3)
Net amount $ 1 $ 2
v3.25.0.1
Derivatives - Schedule of Derivative Liabilities and Collateral Pledged (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Gross amounts of recognized liabilities $ 655 $ 675
Gross  amounts offset in the Balance Sheets 0 0
Net amounts of liabilities presented in the Balance Sheets 655 675
Derivative assets available for offset (76) (79)
Collateral pledged (169) (169)
Net amount 410 427
Derivative liabilities not subject to master netting agreements $ 16 $ 24
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities  
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Derivatives, interest rate contracts    
Derivative [Line Items]    
Gross amounts of recognized liabilities $ 649 $ 666
Gross  amounts offset in the Balance Sheets 0 0
Net amounts of liabilities presented in the Balance Sheets 649 666
Derivative assets available for offset (73) (75)
Collateral pledged (168) (164)
Net amount 408 427
Forward contracts    
Derivative [Line Items]    
Gross amounts of recognized liabilities 6 9
Gross  amounts offset in the Balance Sheets 0 0
Net amounts of liabilities presented in the Balance Sheets 6 9
Derivative assets available for offset (3) (4)
Collateral pledged (1) (5)
Net amount $ 2 $ 0
v3.25.0.1
Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions - Securities Purchased under Agreements to Resell and Collateral Pledged by Counterparties (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Securities Purchased under Agreements to Resell [Abstract]    
Gross amounts of recognized assets $ 572 $ 519
Gross amounts offset in the Balance Sheets 0 0
Net amounts of assets presented in the Balance Sheets 572 519
Offsetting securities sold under agreements to repurchase 0 0
Securities collateral (not recognized on FHN’s Balance Sheets) (567) (516)
Net amount $ 5 $ 3
v3.25.0.1
Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions - Securities Sold under Agreements to Repurchase and Collateral Pledged by Company (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Securities Sold under Agreements to Repurchase [Abstract]    
Gross amounts of recognized liabilities $ 2,096 $ 1,921
Gross amounts offset in the Balance Sheets 0 0
Net amounts of liabilities presented in the Balance Sheets 2,096 1,921
Offsetting securities purchased under agreements to resell 0 0
Securities/ government guaranteed loans collateral (2,096) (1,921)
Net amount $ 0 $ 0
v3.25.0.1
Master Netting and Similar Agreements - Repurchase, Reverse Repurchase, and Securities Borrowing Transactions - Schedule of the Remaining Contractual Maturity by Collateral Type of Securities Sold Under Agreements to Repurchase (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase $ 2,096 $ 1,921
Government agency issued MBS    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase 1,535 1,717
Government agency issued CMO    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase 561 161
Other U.S. government agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase   43
Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase 2,096 1,921
Overnight and Continuous | Government agency issued MBS    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase 1,535 1,717
Overnight and Continuous | Government agency issued CMO    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase 561 161
Overnight and Continuous | Other U.S. government agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase   43
Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase 0 0
Up to 30 Days | Government agency issued MBS    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase 0 0
Up to 30 Days | Government agency issued CMO    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase $ 0 0
Up to 30 Days | Other U.S. government agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities sold under agreements to repurchase   $ 0
v3.25.0.1
Fair Value of Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: $ 1,387 $ 1,412
Loans held-for-sale 85 68
Securities available for sale at fair value 7,896 8,391
Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 1,387 1,412
Loans held-for-sale 85 68
Securities available for sale at fair value 7,896 8,391
Total other assets 677 713
Total assets 10,045 10,584
Total trading liabilities 550 509
Total other liabilities 671 699
Total liabilities 1,221 1,208
Recurring | Deferred compensation mutual funds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 111 102
Recurring | Equity, mutual funds, and other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 35 34
Recurring | Derivatives, forwards and futures    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 8 9
Total other liabilities 6 10
Recurring | Derivatives, interest rate contracts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 522 568
Total other liabilities 649 666
Recurring | Derivatives, other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 1  
Total other liabilities 16 23
Level 1 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Loans held-for-sale 0 0
Securities available for sale at fair value 0 0
Total other assets 154 145
Total assets 154 145
Total trading liabilities 0 0
Total other liabilities 6 10
Total liabilities 6 10
Level 1 | Recurring | Deferred compensation mutual funds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 111 102
Level 1 | Recurring | Equity, mutual funds, and other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 35 34
Level 1 | Recurring | Derivatives, forwards and futures    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 8 9
Total other liabilities 6 10
Level 1 | Recurring | Derivatives, interest rate contracts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 0 0
Total other liabilities 0 0
Level 1 | Recurring | Derivatives, other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 0  
Total other liabilities 0 0
Level 2 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 1,364 1,399
Loans held-for-sale 69 42
Securities available for sale at fair value 7,896 8,391
Total other assets 523 568
Total assets 9,852 10,400
Total trading liabilities 550 509
Total other liabilities 650 666
Total liabilities 1,200 1,175
Level 2 | Recurring | Deferred compensation mutual funds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 0 0
Level 2 | Recurring | Equity, mutual funds, and other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 0 0
Level 2 | Recurring | Derivatives, forwards and futures    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 0 0
Total other liabilities 0 0
Level 2 | Recurring | Derivatives, interest rate contracts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 522 568
Total other liabilities 649 666
Level 2 | Recurring | Derivatives, other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 1  
Total other liabilities 1 0
Level 3 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 23 13
Loans held-for-sale 16 26
Securities available for sale at fair value 0 0
Total other assets 0 0
Total assets 39 39
Total trading liabilities 0 0
Total other liabilities 15 23
Total liabilities 15 23
Level 3 | Recurring | Deferred compensation mutual funds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 0 0
Level 3 | Recurring | Equity, mutual funds, and other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 0 0
Level 3 | Recurring | Derivatives, forwards and futures    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 0 0
Total other liabilities 0 0
Level 3 | Recurring | Derivatives, interest rate contracts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 0 0
Total other liabilities 0 0
Level 3 | Recurring | Derivatives, other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total other assets 0  
Total other liabilities 15 23
U.S. treasuries | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 3 3
Total trading liabilities 440 426
U.S. treasuries | Level 1 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Total trading liabilities 0 0
U.S. treasuries | Level 2 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 3 3
Total trading liabilities 440 426
U.S. treasuries | Level 3 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Total trading liabilities 0 0
Government agency issued MBS | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 98 114
Securities available for sale at fair value 3,702 4,484
Total trading liabilities   1
Government agency issued MBS | Level 1 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Securities available for sale at fair value 0 0
Total trading liabilities   0
Government agency issued MBS | Level 2 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 98 114
Securities available for sale at fair value 3,702 4,484
Total trading liabilities   1
Government agency issued MBS | Level 3 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Securities available for sale at fair value 0 0
Total trading liabilities   0
Government agency issued CMO | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 180 336
Securities available for sale at fair value 2,767 2,146
Government agency issued CMO | Level 1 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Securities available for sale at fair value 0 0
Government agency issued CMO | Level 2 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 180 336
Securities available for sale at fair value 2,767 2,146
Government agency issued CMO | Level 3 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Securities available for sale at fair value 0 0
Other U.S. government agencies | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 252 152
Securities available for sale at fair value 1,073 1,172
Total trading liabilities 7  
Other U.S. government agencies | Level 1 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Securities available for sale at fair value 0 0
Total trading liabilities 0  
Other U.S. government agencies | Level 2 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 252 152
Securities available for sale at fair value 1,073 1,172
Total trading liabilities 7  
Other U.S. government agencies | Level 3 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Securities available for sale at fair value 0 0
Total trading liabilities 0  
States and municipalities | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 64 17
Securities available for sale at fair value 354 589
States and municipalities | Level 1 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Securities available for sale at fair value 0 0
States and municipalities | Level 2 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 64 17
Securities available for sale at fair value 354 589
States and municipalities | Level 3 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Securities available for sale at fair value 0 0
Corporate and other debt | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 767 777
Total trading liabilities 103 82
Corporate and other debt | Level 1 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Total trading liabilities 0 0
Corporate and other debt | Level 2 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 767 777
Total trading liabilities 103 82
Corporate and other debt | Level 3 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
Total trading liabilities 0 0
SBA interest-only strips | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 23 13
SBA interest-only strips | Level 1 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
SBA interest-only strips | Level 2 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: 0 0
SBA interest-only strips | Level 3 | Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Trading securities: $ 23 $ 13
v3.25.0.1
Fair Value of Assets and Liabilities - Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other expense Other expense Other expense
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other expense Other expense  
Level 3      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning balance $ (23) $ (27) $ (23)
Total net gains (losses) included in net income (15) (15) (23)
Purchases 0 0 0
Sales 0 0 0
Settlements 23 19 19
Repayments     0
Net transfers into (out of) Level 3 0 0 0
Ending balance (15) (23) (27)
Net unrealized gains (losses) included in net income (15) (15) (23)
SBA interest-only strips | Level 3      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning balance 13 25 38
Total net gains (losses) included in net income (5) (12) (7)
Purchases 0 0 0
Sales (17) (54) (76)
Settlements 0 0 0
Repayments     0
Net transfers into (out of) Level 3 32 54 70
Ending balance 23 13 25
Net unrealized gains (losses) included in net income (2) (1) (2)
Loans held for sale | Level 3      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning balance 26 22 28
Total net gains (losses) included in net income 1 4 0
Purchases 2 3 2
Sales (13) (3) (12)
Settlements (2) (2) (2)
Repayments     (1)
Net transfers into (out of) Level 3 2 2 7
Ending balance 16 26 22
Net unrealized gains (losses) included in net income $ 1 $ 4 $ 0
v3.25.0.1
Fair Value of Assets and Liabilities - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Corporate      
Segment Reporting Information [Line Items]      
Leased asset impairments $ 0 $ 0 $ 0
Fixed asset impairments $ 0 0 0
Minimum | SBA interest-only strips      
Segment Reporting Information [Line Items]      
Write down percentage based on time in default 20.00%    
Maximum | SBA interest-only strips      
Segment Reporting Information [Line Items]      
Write down percentage based on time in default 100.00%    
Level 3      
Segment Reporting Information [Line Items]      
Fair value, asset (liability), unrealized gain (loss), OCI $ 0 $ 0 $ 0
v3.25.0.1
Fair Value of Assets and Liabilities - Schedule of Nonrecurring Fair Value Measurements (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Loans held for sale, fair value $ 85 $ 68  
Loans and leases 62,565 61,292  
Non Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Loans and leases 344 245 $ 135
OREO 3 4 3
Other assets   90 91
Net gains (losses), Loans and leases (73) (42) (19)
Net gains (losses), OREO 0 0 0
Net gains (losses), other assets   (7) (10)
Net gains (losses) financial assets (74) (52) (32)
Level 1 | Non Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Loans and leases 0 0 0
OREO 0 0 0
Other assets   0 0
Level 2 | Non Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Loans and leases 0 0 0
OREO 0 0 0
Other assets   0 0
Level 3 | Non Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Loans and leases 344 245 135
OREO 3 4 3
Other assets   90 91
SBAs and USDA | Non Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Loans held for sale, fair value 438 406 506
Net gains (losses), Loans held for sale (1) (3) (3)
SBAs and USDA | Level 1 | Non Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Loans held for sale, fair value 0 0 0
SBAs and USDA | Level 2 | Non Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Loans held for sale, fair value 438 406 506
SBAs and USDA | Level 3 | Non Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Loans held for sale, fair value $ 0 $ 0 $ 0
v3.25.0.1
Fair Value of Assets and Liabilities - Schedule of Unobservable Inputs Utilized in Determining the Fair Value of Level 3 Recurring and Non-Recurring Measurements (Details)
$ in Millions
Dec. 31, 2024
USD ($)
month
Dec. 31, 2023
USD ($)
month
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale at fair value $ 7,896 $ 8,391
Loans held-for-sale 85 68
Derivative liabilities, fair value 655 675
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 15 23
Loans and leases, fair value 344 245
OREO, fair value 3 4
Level 3 | Minimum | Visa covered litigation resolution amount | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input, value $ 3,100 $ 5,700
Level 3 | Minimum | Probability of resolution scenarios | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.10 0.10
Level 3 | Minimum | Time until resolution | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input | month 6 6
Level 3 | Minimum | Marketability adjustments for specific properties | Appraisals from comparable properties    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans and leases, measurement input 0 0
Level 3 | Minimum | Borrowing base certificates liquidation adjustment | Other collateral valuations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans and leases, measurement input 0.25 0.25
Level 3 | Minimum | Financial Statements liquidation adjustment | Other collateral valuations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans and leases, measurement input 0.50 0.50
Level 3 | Minimum | Auction appraisals marketability adjustment | Other collateral valuations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans and leases, measurement input 0 0
Level 3 | Minimum | Adjustment for value changes since appraisal | Appraisals from comparable properties    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
OREO measurement input 0 0
Level 3 | Maximum | Visa covered litigation resolution amount | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input, value $ 4,100 $ 6,700
Level 3 | Maximum | Probability of resolution scenarios | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.25 0.25
Level 3 | Maximum | Time until resolution | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input | month 36 36
Level 3 | Maximum | Marketability adjustments for specific properties | Appraisals from comparable properties    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans and leases, measurement input 0.25 0.25
Level 3 | Maximum | Borrowing base certificates liquidation adjustment | Other collateral valuations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans and leases, measurement input 0.50 0.50
Level 3 | Maximum | Financial Statements liquidation adjustment | Other collateral valuations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans and leases, measurement input 1 1
Level 3 | Maximum | Auction appraisals marketability adjustment | Other collateral valuations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans and leases, measurement input 0.10 0.10
Level 3 | Maximum | Adjustment for value changes since appraisal | Appraisals from comparable properties    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
OREO measurement input 0.10 0.10
Level 3 | Weighted Average | Visa covered litigation resolution amount | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input, value $ 3,800 $ 6,300
Level 3 | Weighted Average | Probability of resolution scenarios | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.18 0.18
Level 3 | Weighted Average | Time until resolution | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input | month 23 24
Level 3 | SBA interest-only strips    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale at fair value $ 23 $ 13
Level 3 | SBA interest-only strips | Minimum | Constant prepayment rate | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, measurement input 0.16 0.14
Level 3 | SBA interest-only strips | Minimum | Bond equivalent yield | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, measurement input 0.03 0.18
Level 3 | SBA interest-only strips | Maximum | Constant prepayment rate | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, measurement input 0.30 0.15
Level 3 | SBA interest-only strips | Maximum | Bond equivalent yield | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, measurement input 0.18 0.21
Level 3 | SBA interest-only strips | Weighted Average | Constant prepayment rate | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, measurement input 0.17 0.14
Level 3 | SBA interest-only strips | Weighted Average | Bond equivalent yield | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, measurement input 0.17 0.18
Level 3 | Loans Held For Sale, Residential Real Estate | Residential Real Estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale $ 16 $ 26
Level 3 | Loans Held For Sale, Residential Real Estate | Minimum | Prepayment speeds - First mortgage | Discounted cash flow | Loans held for sale—first mortgages    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, measurement input 0.02 0.02
Level 3 | Loans Held For Sale, Residential Real Estate | Minimum | Foreclosure losses | Discounted cash flow | Residential Real Estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, measurement input 0.63 0.64
Level 3 | Loans Held For Sale, Residential Real Estate | Minimum | Loss severity trends - First mortgage | Discounted cash flow | Loans held for sale—first mortgages    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, measurement input 0.000 0.000
Level 3 | Loans Held For Sale, Residential Real Estate | Maximum | Prepayment speeds - First mortgage | Discounted cash flow | Loans held for sale—first mortgages    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, measurement input 0.06 0.07
Level 3 | Loans Held For Sale, Residential Real Estate | Maximum | Foreclosure losses | Discounted cash flow | Residential Real Estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, measurement input 0.71 0.68
Level 3 | Loans Held For Sale, Residential Real Estate | Maximum | Loss severity trends - First mortgage | Discounted cash flow | Loans held for sale—first mortgages    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, measurement input 0.002 0.028
Level 3 | Loans Held For Sale, Residential Real Estate | Weighted Average | Prepayment speeds - First mortgage | Discounted cash flow | Loans held for sale—first mortgages    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, measurement input 0.03 0.03
Level 3 | Loans Held For Sale, Residential Real Estate | Weighted Average | Foreclosure losses | Discounted cash flow | Residential Real Estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, measurement input 0.64 0.65
Level 3 | Loans Held For Sale, Residential Real Estate | Weighted Average | Loss severity trends - First mortgage | Discounted cash flow | Loans held for sale—first mortgages    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held-for-sale, measurement input 0.001 0.016
Level 3 | Other Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets   $ 90
Level 3 | Other Assets | Minimum | Marketability adjustments for specific properties | Appraisals from comparable properties    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets, measurement input   0
Level 3 | Other Assets | Minimum | Adjustments to current sales yields for specific properties | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets, measurement input   0
Level 3 | Other Assets | Maximum | Marketability adjustments for specific properties | Appraisals from comparable properties    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets, measurement input   0.25
Level 3 | Other Assets | Maximum | Adjustments to current sales yields for specific properties | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other assets, measurement input   0.15
v3.25.0.1
Fair Value of Assets and Liabilities - Schedule of Differences between the Fair Value Carrying Amount of Mortgages Held-for-sale and Aggregate Unpaid Principal Amount (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total loans $ 85 $ 68
Loans 90 days or more past due and still accruing   1
Fair value carrying amount less aggregate unpaid principal - Loans 90 days or more past due and still accruing   0
Aggregate unpaid principal    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Loans 90 days or more past due and still accruing   1
Held for sale    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total loans 85 68
Fair value carrying amount less aggregate unpaid principal - Total loans (4) (5)
Nonaccrual loans 3 2
Fair value carrying amount less aggregate unpaid principal - Nonaccrual loans (2) (3)
Held for sale | Aggregate unpaid principal    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total loans 89 73
Nonaccrual loans $ 5 $ 5
v3.25.0.1
Fair Value of Assets and Liabilities - Changes in Fair Value of Assets and Liabilities which Fair Value Option Included in Current Period Earnings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mortgage banking noninterest income | Loans held for sale      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value included in net income $ 1 $ 1 $ (9)
v3.25.0.1
Fair Value of Assets and Liabilities - Schedule of Book Value and Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Total loans and leases, net of allowance for loan and lease losses $ 61,750 $ 60,519
Short-term financial assets:    
Interest-bearing deposits with banks 1,538 1,328
Securities purchased under agreements to resell 572 519
Trading securities: 1,387 1,412
Loans held for sale: 551 502
Securities held to maturity 1,270 1,323
Derivative assets 530 576
Other assets:    
Total assets 82,152 81,661
Liabilities:    
Trading liabilities 550 509
Short-term financial liabilities:    
Securities sold under agreements to repurchase 2,096 1,921
Term borrowings:    
Other long-term borrowings 1,195 1,150
Derivative liabilities 655 675
Total liabilities 73,041 72,370
Level 3 | FHLB-Cincinnati Stock    
Term borrowings:    
Restricted investments 51 24
Level 3 | FRB Stock    
Term borrowings:    
Restricted investments 203 203
Reported Value Measurement    
Assets    
Total loans and leases, net of allowance for loan and lease losses 61,750 60,519
Short-term financial assets:    
Interest-bearing deposits with banks 1,538 1,328
Federal funds sold 59 200
Securities purchased under agreements to resell 572 519
Total short-term financial assets 2,169 2,047
Trading securities: 1,387 1,412
Loans held for sale: 551 502
Securities available for sale at fair value 7,896 8,391
Securities held to maturity 1,270 1,323
Derivative assets 531 577
Other assets:    
Tax credit investments 706 665
Deferred compensation mutual funds 111 102
Equity, mutual funds, and other 289 261
Total other assets 1,106 1,028
Total assets 76,660 75,799
Liabilities:    
Defined maturity 6,613 6,804
Trading liabilities 550 509
Short-term financial liabilities:    
Federal funds purchased 259 302
Securities sold under agreements to repurchase 2,096 1,921
Other short-term borrowings 1,045 326
Total short-term financial liabilities 3,400 2,549
Term borrowings:    
Real estate investment trust-preferred 47 47
Term borrowings—new market tax credit investments 74 65
Secured borrowings 37 3
Junior subordinated debentures 151 150
Other long-term borrowings 886 885
Total term borrowings 1,195 1,150
Derivative liabilities 671 699
Total liabilities 12,429 11,711
Reported Value Measurement | Commercial, financial and industrial    
Assets    
Total loans and leases, net of allowance for loan and lease losses 33,083 32,294
Reported Value Measurement | Commercial real estate    
Assets    
Total loans and leases, net of allowance for loan and lease losses 14,194 14,044
Reported Value Measurement | Consumer real estate    
Assets    
Total loans and leases, net of allowance for loan and lease losses 13,826 13,417
Reported Value Measurement | Credit card and other    
Assets    
Total loans and leases, net of allowance for loan and lease losses 647 764
Reported Value Measurement | Mortgage loans (elected fair value)    
Short-term financial assets:    
Loans held for sale: 85 68
Reported Value Measurement | USDA & SBA loans - LOCOM    
Short-term financial assets:    
Loans held for sale: 439 406
Reported Value Measurement | Mortgage loans - LOCOM    
Short-term financial assets:    
Loans held for sale: 27 28
Estimate of Fair Value Measurement    
Assets    
Total loans and leases, net of allowance for loan and lease losses 60,324 58,851
Short-term financial assets:    
Interest-bearing deposits with banks 1,538 1,328
Federal funds sold 59 200
Securities purchased under agreements to resell 572 519
Total short-term financial assets 2,169 2,047
Trading securities: 1,387 1,412
Loans held for sale: 551 503
Securities available for sale at fair value 7,896 8,391
Securities held to maturity 1,083 1,161
Derivative assets 531 577
Other assets:    
Tax credit investments 692 653
Deferred compensation mutual funds 111 102
Equity, mutual funds, and other 289 261
Total other assets 1,092 1,016
Total assets 75,033 73,958
Liabilities:    
Defined maturity 6,591 6,851
Trading liabilities 550 509
Short-term financial liabilities:    
Federal funds purchased 259 302
Securities sold under agreements to repurchase 2,096 1,921
Other short-term borrowings 1,045 326
Total short-term financial liabilities 3,400 2,549
Term borrowings:    
Real estate investment trust-preferred 47 47
Term borrowings—new market tax credit investments 70 60
Secured borrowings 37 3
Junior subordinated debentures 142 150
Other long-term borrowings 866 824
Total term borrowings 1,162 1,084
Derivative liabilities 671 699
Total liabilities 12,374 11,692
Unfunded Commitments [Abstract]    
Loan commitments 1 1
Standby and other commitments 9 8
Estimate of Fair Value Measurement | Level 1    
Assets    
Total loans and leases, net of allowance for loan and lease losses 0 0
Short-term financial assets:    
Interest-bearing deposits with banks 1,538 1,328
Federal funds sold 0 0
Securities purchased under agreements to resell 0 0
Total short-term financial assets 1,538 1,328
Trading securities: 0 0
Loans held for sale: 0 0
Securities available for sale at fair value 0 0
Securities held to maturity 0 0
Derivative assets 8 9
Other assets:    
Tax credit investments 0 0
Deferred compensation mutual funds 111 102
Equity, mutual funds, and other 35 34
Total other assets 146 136
Total assets 1,692 1,473
Liabilities:    
Defined maturity 0 0
Trading liabilities 0 0
Short-term financial liabilities:    
Federal funds purchased 0 0
Securities sold under agreements to repurchase 0 0
Other short-term borrowings 0 0
Total short-term financial liabilities 0 0
Term borrowings:    
Real estate investment trust-preferred 0 0
Term borrowings—new market tax credit investments 0 0
Secured borrowings 0 0
Junior subordinated debentures 0 0
Other long-term borrowings 0 0
Total term borrowings 0 0
Derivative liabilities 6 10
Total liabilities 6 10
Estimate of Fair Value Measurement | Level 2    
Assets    
Total loans and leases, net of allowance for loan and lease losses 0 0
Short-term financial assets:    
Interest-bearing deposits with banks 0 0
Federal funds sold 59 200
Securities purchased under agreements to resell 572 519
Total short-term financial assets 631 719
Trading securities: 1,364 1,399
Loans held for sale: 508 449
Securities available for sale at fair value 7,896 8,391
Securities held to maturity 1,083 1,161
Derivative assets 523 568
Other assets:    
Tax credit investments 0 0
Deferred compensation mutual funds 0 0
Equity, mutual funds, and other 0 0
Total other assets 0 0
Total assets 12,005 12,687
Liabilities:    
Defined maturity 6,591 6,851
Trading liabilities 550 509
Short-term financial liabilities:    
Federal funds purchased 259 302
Securities sold under agreements to repurchase 2,096 1,921
Other short-term borrowings 1,045 326
Total short-term financial liabilities 3,400 2,549
Term borrowings:    
Real estate investment trust-preferred 0 0
Term borrowings—new market tax credit investments 0 0
Secured borrowings 0 0
Junior subordinated debentures 0 0
Other long-term borrowings 866 824
Total term borrowings 866 824
Derivative liabilities 650 666
Total liabilities 12,057 11,399
Estimate of Fair Value Measurement | Level 3    
Assets    
Total loans and leases, net of allowance for loan and lease losses 60,324 58,851
Short-term financial assets:    
Interest-bearing deposits with banks 0 0
Federal funds sold 0 0
Securities purchased under agreements to resell 0 0
Total short-term financial assets 0 0
Trading securities: 23 13
Loans held for sale: 43 54
Securities available for sale at fair value 0 0
Securities held to maturity 0 0
Derivative assets 0 0
Other assets:    
Tax credit investments 692 653
Deferred compensation mutual funds 0 0
Equity, mutual funds, and other 254 227
Total other assets 946 880
Total assets 61,336 59,798
Liabilities:    
Defined maturity 0 0
Trading liabilities 0 0
Short-term financial liabilities:    
Federal funds purchased 0 0
Securities sold under agreements to repurchase 0 0
Other short-term borrowings 0 0
Total short-term financial liabilities 0 0
Term borrowings:    
Real estate investment trust-preferred 47 47
Term borrowings—new market tax credit investments 70 60
Secured borrowings 37 3
Junior subordinated debentures 142 150
Other long-term borrowings 0 0
Total term borrowings 296 260
Derivative liabilities 15 23
Total liabilities 311 283
Estimate of Fair Value Measurement | Commercial, financial and industrial    
Assets    
Total loans and leases, net of allowance for loan and lease losses 32,511 31,673
Estimate of Fair Value Measurement | Commercial, financial and industrial | Level 1    
Assets    
Total loans and leases, net of allowance for loan and lease losses 0 0
Estimate of Fair Value Measurement | Commercial, financial and industrial | Level 2    
Assets    
Total loans and leases, net of allowance for loan and lease losses 0 0
Estimate of Fair Value Measurement | Commercial, financial and industrial | Level 3    
Assets    
Total loans and leases, net of allowance for loan and lease losses 32,511 31,673
Estimate of Fair Value Measurement | Commercial real estate    
Assets    
Total loans and leases, net of allowance for loan and lease losses 13,894 13,831
Estimate of Fair Value Measurement | Commercial real estate | Level 1    
Assets    
Total loans and leases, net of allowance for loan and lease losses 0 0
Estimate of Fair Value Measurement | Commercial real estate | Level 2    
Assets    
Total loans and leases, net of allowance for loan and lease losses 0 0
Estimate of Fair Value Measurement | Commercial real estate | Level 3    
Assets    
Total loans and leases, net of allowance for loan and lease losses 13,894 13,831
Estimate of Fair Value Measurement | Consumer real estate    
Assets    
Total loans and leases, net of allowance for loan and lease losses 13,262 12,605
Estimate of Fair Value Measurement | Consumer real estate | Level 1    
Assets    
Total loans and leases, net of allowance for loan and lease losses 0 0
Estimate of Fair Value Measurement | Consumer real estate | Level 2    
Assets    
Total loans and leases, net of allowance for loan and lease losses 0 0
Estimate of Fair Value Measurement | Consumer real estate | Level 3    
Assets    
Total loans and leases, net of allowance for loan and lease losses 13,262 12,605
Estimate of Fair Value Measurement | Credit card and other    
Assets    
Total loans and leases, net of allowance for loan and lease losses 657 742
Estimate of Fair Value Measurement | Credit card and other | Level 1    
Assets    
Total loans and leases, net of allowance for loan and lease losses 0 0
Estimate of Fair Value Measurement | Credit card and other | Level 2    
Assets    
Total loans and leases, net of allowance for loan and lease losses 0 0
Estimate of Fair Value Measurement | Credit card and other | Level 3    
Assets    
Total loans and leases, net of allowance for loan and lease losses 657 742
Estimate of Fair Value Measurement | Mortgage loans (elected fair value)    
Short-term financial assets:    
Loans held for sale: 85 68
Estimate of Fair Value Measurement | Mortgage loans (elected fair value) | Level 1    
Short-term financial assets:    
Loans held for sale: 0 0
Estimate of Fair Value Measurement | Mortgage loans (elected fair value) | Level 2    
Short-term financial assets:    
Loans held for sale: 69 42
Estimate of Fair Value Measurement | Mortgage loans (elected fair value) | Level 3    
Short-term financial assets:    
Loans held for sale: 16 26
Estimate of Fair Value Measurement | USDA & SBA loans - LOCOM    
Short-term financial assets:    
Loans held for sale: 439 407
Estimate of Fair Value Measurement | USDA & SBA loans - LOCOM | Level 1    
Short-term financial assets:    
Loans held for sale: 0 0
Estimate of Fair Value Measurement | USDA & SBA loans - LOCOM | Level 2    
Short-term financial assets:    
Loans held for sale: 439 407
Estimate of Fair Value Measurement | USDA & SBA loans - LOCOM | Level 3    
Short-term financial assets:    
Loans held for sale: 0 0
Estimate of Fair Value Measurement | Mortgage loans - LOCOM    
Short-term financial assets:    
Loans held for sale: 27 28
Estimate of Fair Value Measurement | Mortgage loans - LOCOM | Level 1    
Short-term financial assets:    
Loans held for sale: 0 0
Estimate of Fair Value Measurement | Mortgage loans - LOCOM | Level 2    
Short-term financial assets:    
Loans held for sale: 0 0
Estimate of Fair Value Measurement | Mortgage loans - LOCOM | Level 3    
Short-term financial assets:    
Loans held for sale: 27 28
Contractual Amount    
Unfunded Commitments [Abstract]    
Loan commitments 20,992 24,579
Standby and other commitments $ 753 $ 746
v3.25.0.1
Parent Company Financial Information - Statements of Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments in subsidiaries:        
Other assets $ 3,996 $ 4,169    
Total assets 82,152 81,661    
Liabilities and equity:        
Term borrowings 1,195 1,150    
Total liabilities 73,041 72,370    
Total equity 9,111 9,291 $ 8,547 $ 8,494
Total liabilities and equity 82,152 81,661    
Parent Company        
Assets:        
Cash 837 854    
Notes receivable 3 3    
Investments in subsidiaries:        
Bank 8,487 8,658    
Non-bank 61 49    
Other assets 251 256    
Total assets 9,639 9,820    
Liabilities and equity:        
Accrued employee benefits and other liabilities 473 324    
Term borrowings 350 500    
Total liabilities 823 824    
Total equity 8,816 8,996    
Total liabilities and equity $ 9,639 $ 9,820    
v3.25.0.1
Parent Company Financial Information - Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dividend income:      
Other income $ 93 $ 103 $ 75
Interest expense - term borrowings 67 72 72
Personnel and other expense 1,137 1,100 1,101
Income before income taxes 1,005 1,128 1,159
Income tax expense (benefit) 211 212 247
Equity in undistributed net income (loss) of subsidiaries:      
Net income attributable to controlling interest 775 897 900
Parent Company      
Dividend income:      
Bank 1,110 220 435
Non-bank 0 0 16
Total dividend income 1,110 220 451
Other income 1 226 22
Total income 1,111 446 473
Interest expense - term borrowings 15 21 31
Personnel and other expense 111 114 128
Total expense 126 135 159
Income before income taxes 985 311 314
Income tax expense (benefit) (27) 24 (31)
Income before equity in undistributed net income (loss) of subsidiaries 1,012 287 345
Equity in undistributed net income (loss) of subsidiaries:      
Bank (238) 613 561
Non-bank 1 (3) (6)
Net income attributable to controlling interest $ 775 $ 897 $ 900
v3.25.0.1
Parent Company Financial Information - Statements of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income attributable to controlling interest $ 775 $ 897 $ 900
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax expense (benefit) (17) 44 91
Stock-based compensation expense 59 36 75
Gain on sale of title services business 0 (9) 0
Total adjustments 474 383 1,379
Investing Activities      
Proceeds from sales and prepayments of securities 1,155 0 0
Proceeds from business divestitures, net 0 0 22
Net cash (used in) provided by investing activities (1,058) (2,605) 8,333
Preferred stock:      
Proceeds from issuance of preferred stock 0 0 494
Call of preferred stock (100) 0 0
Cash dividends paid - preferred stock (29) (32) (32)
Common stock:      
Stock options exercised 9 5 36
Cash dividends paid (332) (335) (324)
Repurchase of shares (626) (10) (12)
Net cash (used in) provided by financing activities (404) 1,494 (10,869)
Net (decrease) increase in cash and cash equivalents (194) 188 (245)
Cash and cash equivalents at beginning of period 1,731 1,543 1,788
Cash and cash equivalents at end of period 1,537 1,731 1,543
Total interest paid 1,869 1,428 280
Income taxes received from (paid to) subsidiaries 106 123 20
Parent Company      
Operating activities:      
Net income attributable to controlling interest 775 897 900
Less undistributed net income (loss) of subsidiaries (237) 610 555
Income before undistributed net income (loss) of subsidiaries 1,012 287 345
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax expense (benefit) 15 8 7
Stock-based compensation expense 59 36 76
Gain on sale of title services business 0 0 (22)
Other operating activities, net (18) 0 2
Total adjustments 56 44 63
Net cash provided by operating activities 1,068 331 408
Investing Activities      
Proceeds from sales and prepayments of securities 3 21 8
Purchases of securities (1) (1) (1)
(Investment in) return on subsidiary (9) (10) 13
Net cash (used in) provided by investing activities (7) 10 42
Preferred stock:      
Proceeds from issuance of preferred stock 0 0 494
Call of preferred stock (100) 0 0
Cash dividends paid - preferred stock (29) (32) (32)
Common stock:      
Stock options exercised 9 5 36
Cash dividends paid (332) (335) (324)
Repurchase of shares (626) (10) (13)
Repayment of term borrowings 0 (450) 0
Net cash (used in) provided by financing activities (1,078) (822) 161
Net (decrease) increase in cash and cash equivalents (17) (481) 611
Cash and cash equivalents at beginning of period 854 1,335 724
Cash and cash equivalents at end of period 837 854 1,335
Total interest paid 26 33 35
Income taxes received from (paid to) subsidiaries $ 60 $ (46) $ 42