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Acquisitions and Divestitures (Tables)
 6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following schedule details acquired assets and liabilities and consideration paid, as well as adjustments to record the assets and liabilities at their estimated fair values as of November 30, 2017. These fair value measurements are based on third party and internal valuations.
 
 
Capital Bank Financial Corporation
 
 
As
 
Purchase Accounting/Fair
 
 
 
 
Acquired
 
Value Adjustments (unaudited)
 
As recorded
(Dollars in thousands)
 
(unaudited)
 
2017
 
2018 (a)
 
by FHN
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
205,999

 
$
—

 
$
—

 
$
205,999

Trading securities
 
4,758

 
(4,758
)
(b)
—

 
—

Loans held-for-sale
 
—

 
134,003

 
(9,085
)
 
124,918

Securities available-for-sale
 
1,017,867

 
175,526

 
—

 
1,193,393

Securities held-to-maturity
 
177,549

 
(177,549
)
 
—

 
—

Loans
 
7,596,049

 
(320,372
)
 
867

 
7,276,544

Allowance for loan losses
 
(45,711
)
 
45,711

 
—

 
—

CBF Goodwill
 
231,292

 
(231,292
)
 
—

 
—

Other intangible assets
 
24,498

 
119,302

 
(2,593
)
 
141,207

Premises and equipment
 
196,298

 
37,054

 
(1,905
)
 
231,447

OREO
 
43,077

 
(9,149
)
 
(315
)
 
33,613

Other assets
 
617,232

 
41,320

(c)
(7,528
)
(c)
651,024

Total assets acquired
 
$
10,068,908

 
$
(190,204
)
 
$
(20,559
)
 
$
9,858,145

 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
Deposits
 
$
8,141,593

 
$
(849
)
 
$
(642
)
 
$
8,140,102

Securities sold under agreements to repurchase
 
26,664

 
—

 
—

 
26,664

Other short-term borrowings
 
390,391

 
—

 
—

 
390,391

Term borrowings
 
119,486

 
67,683

 
—

 
187,169

Other liabilities
 
59,995

 
4,291

 
2,524

 
66,810

Total liabilities assumed
 
8,738,129

 
71,125

 
1,882

 
8,811,136

Net assets acquired
 
$
1,330,779

 
$
(261,329
)
 
$
(22,441
)
 
1,047,009

Consideration paid:
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
(1,746,724
)
Cash
 
 
 
 
 
 
 
(469,609
)
Total consideration paid
 
 
 
 
 
 
 
(2,216,333
)
Goodwill
 
 
 
 
 
 
 
$
1,169,324

(a)
Amounts reflect adjustments made to provisional fair value estimates during the measurement period ending November 30, 2018. These adjustments were recorded in FHN's Consolidated Condensed Statement of Condition as of June 30, 2018 with a corresponding adjustment to goodwill.
(b)
Amount represents a conformity adjustment to align with FHN presentation.
(c)
Amount primarily relates to a net deferred tax asset recorded for the effects of the purchase accounting adjustments.
Merger And Integration Expense
Total CBF merger and integration expense recognized for the three and six months ended June 30, 2018 are presented in the table below:
 
June 30, 2018
(Dollars in thousands)
Three Months Ended
 
Six Months Ended
Professional fees (a)
$
8,989

 
$
14,621

Employee compensation, incentives and benefits (b)
2,548

 
6,494

Contract employment and outsourcing (c)
1,704

 
3,103

Occupancy (d)
2,214

 
2,221

Miscellaneous expense (e)
3,103

 
5,138

All other expense (f)
23,244

 
40,285

Total
$
41,802

 
$
71,862

(a) Primarily comprised of fees for legal, accounting, and merger consultants.
(b) Primarily comprised of fees for severance and retention.
(c) Primarily relates to fees for temporary assistance for merger and integration activities.
(d) Primarily relates to fees associated with lease exit accruals.
(e) Consists of fees for Operations services, communications and courier, equipment rentals, depreciation, and maintenance,
supplies, travel and entertainment, computer software, and advertising and public relations.
(f) Primarily relates to contract termination charges, costs of shareholder matters and asset impairments related
to the integration, as well as other miscellaneous expenses.