Fair Value Of Assets And Liabilities (Tables)

6 Months Ended

Jun. 30, 2018

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of June 30, 2018:



	June 30, 2018
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Trading securities—fixed income:
U.S. treasuries	$	—	$	53,315	$	—	$	53,315
Government agency issued MBS	—		185,118		—		185,118
Government agency issued CMO	—		305,125		—		305,125
Other U.S. government agencies	—		111,516		—		111,516
States and municipalities	—		89,629		—		89,629
Corporates and other debt	—		902,580		—		902,580
Equity, mutual funds, and other	—		463		—		463
Total trading securities—fixed income	—		1,647,746		—		1,647,746
Trading securities—mortgage banking	—		—		1,724		1,724
Loans held-for-sale (elected fair value)	—		2,222		16,718		18,940
Securities available-for-sale:
U.S. treasuries	—		98		—		98
Government agency issued MBS	—		2,494,300		—		2,494,300
Government agency issued CMO	—		2,107,580		—		2,107,580
Other U.S. government agencies	—		54,402		—		54,402
States and municipalities	—		6,406		—		6,406
Corporates and other debt	—		55,838		—		55,838
Interest-only strips (elected fair value)	—		—		5,787		5,787
Total securities available-for-sale	—		4,718,624		5,787		4,724,411
Other assets:
Deferred compensation mutual funds	40,068		—		—		40,068
Equity, mutual funds, and other	27,135		—		—		27,135
Derivatives, forwards and futures	19,127		—		—		19,127
Derivatives, interest rate contracts	—		102,766		—		102,766
Derivatives, other	—		163		—		163
Total other assets	86,330		102,929		—		189,259
Total assets	$	86,330	$	6,471,521	$	24,229	$	6,582,080
Trading liabilities—fixed income:
U.S. treasuries	$	—	$	520,463	$	—	$	520,463
Other U.S. government agencies	—		329		—		329
States and municipalities	—		2,572		—		2,572
Corporates and other debt	—		220,357		—		220,357
Total trading liabilities—fixed income	—		743,721		—		743,721
Other liabilities:
Derivatives, forwards and futures	18,738		—		—		18,738
Derivatives, interest rate contracts	—		107,179		—		107,179
Derivatives, other	—		7		9,425		9,432
Total other liabilities	18,738		107,186		9,425		135,349
Total liabilities	$	18,738	$	850,907	$	9,425	$	879,070

The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of December 31, 2017:



	December 31, 2017
(Dollars in thousands)	Level 1		Level 2			Level 3		Total
Trading securities—fixed income:
U.S. treasuries	$	—	$	128,995		$	—	$	128,995
Government agency issued MBS	—		227,038			—		227,038
Government agency issued CMO	—		275,014			—		275,014
Other U.S. government agencies	—		54,699			—		54,699
States and municipalities	—		34,573			—		34,573
Corporates and other debt	—		693,877			—		693,877
Equity, mutual funds, and other	—		(2		)	—		(2		)
Total trading securities—fixed income	—		1,414,194			—		1,414,194
Trading securities—mortgage banking	—		—			2,151		2,151
Loans held-for-sale	—		1,955			18,926		20,881
Securities available-for-sale:
U.S. treasuries	—		99			—		99
Government agency issued MBS	—		2,577,376			—		2,577,376
Government agency issued CMO	—		2,269,858			—		2,269,858
Corporates and other debt	—		55,782			—		55,782
Interest-only strips	—		—			1,270		1,270
Equity, mutual funds, and other	27,017		—			—		27,017
Total securities available-for-sale	27,017		4,903,115			1,270		4,931,402
Other assets:
Deferred compensation assets	39,822		—			—		39,822
Derivatives, forwards and futures	10,161		—			—		10,161
Derivatives, interest rate contracts	—		71,473			—		71,473
Total other assets	49,983		71,473			—		121,456
Total assets	$	77,000	$	6,390,737		$	22,347	$	6,490,084
Trading liabilities—fixed income:
U.S. treasuries	$	—	$	506,679		$	—	$	506,679
Corporates and other debt	—		131,836			—		131,836
Total trading liabilities—fixed income	—		638,515			—		638,515
Other liabilities:
Derivatives, forwards and futures	9,535		—			—		9,535
Derivatives, interest rate contracts	—		69,842			—		69,842
Derivatives, other	—		39			5,645		5,684
Total other liabilities	9,535		69,881			5,645		85,061
Total liabilities	$	9,535	$	708,396		$	5,645	$	723,576

Summary 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 three months ended June 30, 2018 and 2017, on a recurring basis are summarized as follows:



	Three Months Ended June 30, 2018
(Dollars in thousands)	Trading securities				Interest- only strips- AFS				Loans held- for-sale				Net derivative liabilities
Balance on April 1, 2018	$	1,926			$	2,733			$	18,334			$	(5,645	)
Total net gains/(losses) included in:
Net income	124				(296		)		540				(4,079		)
Purchases	—				—				34				—
Sales	—				—				—				—
Settlements	(326		)		—				(2,134		)		299
Net transfers into/(out of) Level 3	—				3,350			(b)	(56		)	(d)	—
Balance on June 30, 2018	$	1,724			$	5,787			$	16,718			$	(9,425	)
Net unrealized gains/(losses) included in net income	$	87		(a)	$	(128	)	(c)	$	542		(a)	$	(4,079	)	(e)



	Three Months Ended June 30, 2017
(Dollars in thousands)	Trading securities				Interest-only strips-AFS				Loans held-for-sale				Net derivative liabilities
Balance on April 1, 2017	$	2,335			$	—			$	21,221			$	(5,950	)
Total net gains/(losses) included in:
Net income	271				267				410				(49		)
Purchases	—				1,413				43				—
Settlements	(142		)		(3,291		)		(827		)		299
Net transfers into/(out of) Level 3	—				2,774			(b)	(260		)	(d)	—
Balance on June 30, 2017	$	2,464			$	1,163			$	20,587			$	(5,700	)
Net unrealized gains/(losses) included in net income	$	229		(a)	$	(53	)	(c)	$	410		(a)	$	(49	)	(e)

Certain previously reported amounts have been reclassified to agree with current presentation.


(a)	Primarily included in mortgage banking income on the Consolidated Condensed Statements of Income.


(b)	Transfers into interest-only strips - AFS level 3 measured on a recurring basis reflect movements from loans held-for-sale (Level 2 nonrecurring).


(c)	Primarily included in fixed income on the Consolidated Condensed Statements of Income.


(d)	Transfers out of loans held-for-sale level 3 measured on a recurring basis generally reflect movements into OREO (level 3 nonrecurring).


(e)	Included in Other expense.

Changes in Recurring Level 3 Fair Value Measurements

The changes in Level 3 assets and liabilities measured at fair value for the six months ended June 30, 2018 and 2017, on a recurring basis are summarized as follows:



	Six Months Ended June 30, 2018
(Dollars in thousands)	Trading securities				Interest- only strips- AFS				Loans held- for-sale				Net derivative liabilities
Balance on January 1, 2018	$	2,151			$	1,270			$	18,926			$	(5,645	)
Total net gains/(losses) included in:
Net income	140				1,296				709				(4,375		)
Purchases	—				—				62				—
Sales	—				—				—				—
Settlements	(567		)		(9,193		)		(2,923		)		595
Net transfers into/(out of) Level 3	—				12,414			(b)	(56		)	(d)	—
Balance on June 30, 2018	$	1,724			$	5,787			$	16,718			$	(9,425	)
Net unrealized gains/(losses) included in net income	$	63		(a)	$	(109	)	(c)	$	709		(a)	$	(4,375	)	(e)



	Six Months Ended June 30, 2017
(Dollars in thousands)	Trading securities				Interest-only-strips- AFS				Loans held- for-sale				Net derivative liabilities
Balance on January 1, 2017	$	2,573			$	—			$	21,924			$	(6,245	)
Total net gains/(losses) included in:
Net income	288				267				1,332				(50		)
Purchases	—				1,413				75				—
Settlements	(397		)		(3,291		)		(2,401		)		595
Net transfers into/(out of) Level 3	—				2,774			(b)	(343		)	(d)	—
Balance on June 30, 2017	$	2,464			$	1,163			$	20,587			$	(5,700	)
Net unrealized gains/(losses) included in net income	$	202		(a)	$	(53	)	(c)	$	1,332		(a)	$	(50	)	(e)

Certain previously reported amounts have been reclassified to agree with current presentation.


(a)	Primarily included in mortgage banking income on the Consolidated Condensed Statements of Income.


(b)	Transfers into interest-only strips - AFS level 3 measured on a recurring basis reflect movements from loans held-for-sale (Level 2 nonrecurring).


(c)	Primarily included in fixed income on the Consolidated Condensed Statements of Income.


(d)	Transfers out of loans held-for-sale level 3 measured on a recurring basis generally reflect movements into OREO (level 3 nonrecurring).


(e)	Included in Other expense.

Nonrecurring Fair Value Measurements

For assets measured at fair value on a nonrecurring basis which were still held on the balance sheet at June 30, 2018, and December 31, 2017, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value.



	Carrying value at June 30, 2018
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Loans held-for-sale—SBAs and USDA	$	—	$	578,498	$	1,025	$	579,523
Loans held-for-sale—first mortgages	—		—		607		607
Loans, net of unearned income (a)	—		—		29,061		29,061
OREO (b)	—		—		26,457		26,457
Other assets (c)	—		—		24,699		24,699



	Carrying value at December 31, 2017
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Loans held-for-sale—SBAs and USDA	$	—	$	465,504	$	1,473	$	466,977
Loans held-for-sale—first mortgages	—		—		618		618
Loans, net of unearned income (a)	—		—		26,666		26,666
OREO (b)	—		—		39,566		39,566
Other assets (c)	—		—		26,521		26,521


(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.


(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)	Represents tax credit investments accounted for under the equity method

Gains/(losses) on Nonrecurring Fair Value Measurements

For assets measured on a nonrecurring basis which were still held on the consolidated balance sheet at period end, the following table provides information about the fair value adjustments recorded during the three and six months ended June 30, 2018 and 2017:



	Net gains/(losses) Three Months Ended June 30						Net gains/(losses) Six Months Ended June 30
(Dollars in thousands)	2018			2017			2018			2017
Loans held-for-sale—SBAs and USDA	$	(1,425	)	$	(1,140	)	$	(1,987	)	$	(1,173	)
Loans held-for-sale—first mortgages	(1		)	13			4			16
Loans, net of unearned income (a)	665			(452		)	1,167			32
OREO (b)	(262		)	(176		)	(1,422		)	(621		)
Other assets (c)	(1,079		)	(942		)	(2,216		)	(1,884		)
	$	(2,102	)	$	(2,697	)	$	(4,454	)	$	(3,630	)


(a)	Write-downs on these loans are recognized as part of provision for loan losses.


(b)	Represents 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

The following tables provide information regarding the unobservable inputs utilized in determining the fair value of level 3 recurring and non-recurring measurements as of June 30, 2018 and December 31, 2017:



(Dollars in thousands)
Level 3 Class	Fair Value at June 30, 2018		Valuation Techniques	Unobservable Input	Values Utilized
Available-for-sale- securities SBA-interest only strips	$	5,787	Discounted cash flow	Constant prepayment rate	11%
				Bond equivalent yield	12%- 14%
Loans held-for-sale - residential real estate	17,325		Discounted cash flow	Prepayment speeds - First mortgage	2% - 11%
				Prepayment speeds - HELOC	5% - 12%
				Foreclosure losses	50% - 70%
				Loss severity trends - First mortgage	5% - 25% of UPB
				Loss severity trends - HELOC	50% - 100% of UPB
Loans held-for-sale- unguaranteed interest in SBA loans	1,025		Discounted cash flow	Constant prepayment rate	8% - 12%
				Bond equivalent yield	13% - 14%
Derivative liabilities, other	9,425		Discounted cash flow	Visa covered litigation resolution amount	$5.0 billion - $5.6 billion
				Probability of resolution scenarios	20% - 30%
				Time until resolution	24- 48 months
Loans, net of unearned income (a)	29,061		Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 10% of appraisal
			Other collateral valuations	Borrowing base certificates adjustment	20% - 50% of gross value
				Financial Statements/Auction values adjustment	0% - 25% of reported value
OREO (b)	26,457		Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal
Other assets (c)	24,699		Discounted cash flow	Adjustments to current sales yields for specific properties	0% - 15% adjustment to yield
			Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 25% of appraisal


(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 loan 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)	Represents tax credit investments accounted for under the equity method.



(Dollars in thousands)
Level 3 Class	Fair Value at December 31, 2017		Valuation Techniques	Unobservable Input	Values Utilized
Available-for-sale- securities SBA-interest only strips	$	1,270	Discounted cash flow	Constant prepayment rate	10% - 11%
				Bond equivalent yield	17%
Loans held-for-sale - residential real estate	19,544		Discounted cash flow	Prepayment speeds - First mortgage	2% - 12%
				Prepayment speeds - HELOC	5% - 12%
				Foreclosure losses	50% - 70%
				Loss severity trends - First mortgage	5% - 30% of UPB
				Loss severity trends - HELOC	15% - 100% of UPB
Loans held-for-sale- unguaranteed interest in SBA loans	1,473		Discounted cash flow	Constant prepayment rate	8% - 12%
				Bond equivalent yield	9% - 10%
Derivative liabilities, other	5,645		Discounted cash flow	Visa covered litigation resolution amount	$4.4 billion - $5.2 billion
				Probability of resolution scenarios	10% - 30%
				Time until resolution	18 - 48 months
Loans, net of unearned income (a)	26,666		Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 10% of appraisal
			Other collateral valuations	Borrowing base certificates adjustment	20% - 50% of gross value
				Financial Statements/Auction values adjustment	0% - 25% of reported value
OREO (b)	39,566		Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal
Other assets (c)	26,521		Discounted cash flow	Adjustments to current sales yields for specific properties	0% - 15% adjustment to yield
			Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 25% of appraisal


(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 loan 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)	Represents tax credit investments accounted for under the equity method.

Summary Of Differences Between The Fair Value Carrying Amount Of Mortgages Held-For-Sale And Aggregate Unpaid Principal Amount

The following tables reflect 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.



	June 30, 2018
(Dollars in thousands)	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	$	18,940	$	26,644	$	(7,704	)
Nonaccrual loans	4,674		8,830		(4,156		)
Loans 90 days or more past due and still accruing	34		51		(17		)
	December 31, 2017
(Dollars in thousands)	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	$	20,881	$	29,755	$	(8,874	)
Nonaccrual loans	5,783		10,881		(5,098		)
Loans 90 days or more past due and still accruing	—		—		—

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:



	Three Months Ended June 30				Six Months Ended June 30
(Dollars in thousands)	2018		2017		2018		2017
Changes in fair value included in net income:
Mortgage banking noninterest income
Loans held-for-sale	$	540	$	410	$	709	$	1,332

Summary 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 Condensed Statements of Condition as of June 30, 2018:



	June 30, 2018
	Book Value		Fair Value
(Dollars in thousands)	Book Value		Level 1		Level 2		Level 3		Total
Assets:
Loans, net of unearned income and allowance for loan losses
Commercial:
Commercial, financial and industrial	$	16,341,911	$	—	$	—	$	16,289,383	$	16,289,383
Commercial real estate	4,102,524		—		—		4,106,951		4,106,951
Consumer:
Consumer real estate	6,190,842		—		—		6,139,842		6,139,842
Permanent mortgage	340,838		—		—		347,349		347,349
Credit card & other	540,163		—		—		539,609		539,609
Total loans, net of unearned income and allowance for loan losses	27,516,278		—		—		27,423,134		27,423,134
Short-term financial assets:
Interest-bearing cash	750,634		750,634		—		—		750,634
Federal funds sold	91,303		—		91,303		—		91,303
Securities purchased under agreements to resell	782,765		—		782,765		—		782,765
Total short-term financial assets	1,624,702		750,634		874,068		—		1,624,702
Trading securities (a)	1,649,470		—		1,647,746		1,724		1,649,470
Loans held-for-sale
Mortgage loans (elected fair value) (a)	18,940		—		2,222		16,718		18,940
USDA & SBA loans- LOCOM	579,523		—		581,051		1,038		582,089
Other consumer loans- LOCOM	30,175		—		6,959		23,216		30,175
Mortgage loans- LOCOM	64,021		—		—		64,021		64,021
Total loans held-for-sale	692,659		—		590,232		104,993		695,225
Securities available-for-sale (a)	4,724,411		—		4,718,624		5,787		4,724,411
Securities held-to-maturity	10,000		—		—		9,786		9,786
Derivative assets (a)	122,056		19,127		102,929		—		122,056
Other assets:
Tax credit investments	119,186		—		—		114,392		114,392
Deferred compensation mutual funds	40,068		40,068		—		—		40,068
Equity, mutual funds, and other (b)	245,617		27,135		—		218,482		245,617
Total other assets	404,871		67,203		—		332,874		400,077
Total assets	$	36,744,447	$	836,964	$	7,933,599	$	27,878,298	$	36,648,861
Liabilities:
Defined maturity deposits	$	3,543,987	$	—	$	3,518,069	$	—	$	3,518,069
Trading liabilities (a)	743,721		—		743,721		—		743,721
Short-term financial liabilities:
Federal funds purchased	351,655		—		351,655		—		351,655
Securities sold under agreements to repurchase	713,152		—		713,152		—		713,152
Other short-term borrowings	1,836,852		—		1,836,852		—		1,836,852
Total short-term financial liabilities	2,901,659		—		2,901,659		—		2,901,659
Term borrowings:
Real estate investment trust-preferred	46,134		—		—		47,940		47,940
Term borrowings—new market tax credit investment	18,000		—		—		17,898		17,898
Secured borrowings	34,046		—		—		33,866		33,866
Junior subordinated debentures	187,950		—		—		187,950		187,950
Other long term borrowings	941,151		—		953,035		—		953,035
Total term borrowings	1,227,281		—		953,035		287,654		1,240,689
Derivative liabilities (a)	135,349		18,738		107,186		9,425		135,349
Total liabilities	$	8,551,997	$	18,738	$	8,223,670	$	297,079	$	8,539,487


(a)	Classes are detailed in the recurring and nonrecurring measurement tables.


(b)	Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $87.9 million and FRB stock of $130.6 million.

The following table summarizes the book value and estimated fair value of financial instruments recorded in the Consolidated Statements of Condition as of December 31, 2017:



	December 31, 2017
	Book Value		Fair Value
(Dollars in thousands)			Level 1		Level 2		Level 3		Total
Assets:
Loans, net of unearned income and allowance for loan losses
Commercial:
Commercial, financial and industrial	$	15,959,062	$	—	$	—	$	15,990,991	$	15,990,991
Commercial real estate	4,186,268		—		—		4,215,367		4,215,367
Consumer:
Consumer real estate	6,330,384		—		—		6,320,308		6,320,308
Permanent mortgage	383,742		—		—		388,396		388,396
Credit card & other	609,918		—		—		607,955		607,955
Total loans, net of unearned income and allowance for loan losses	27,469,374		—		—		27,523,017		27,523,017
Short-term financial assets:
Interest-bearing cash	1,185,600		1,185,600		—		—		1,185,600
Federal funds sold	87,364		—		87,364		—		87,364
Securities purchased under agreements to resell	725,609		—		725,609		—		725,609
Total short-term financial assets	1,998,573		1,185,600		812,973		—		1,998,573
Trading securities (a)	1,416,345		—		1,414,194		2,151		1,416,345
Loans held-for-sale
Mortgage loans	88,173		—		6,902		81,271		88,173
USDA & SBA loans	466,977		—		467,227		1,510		468,737
Other consumer loans	144,227		—		9,965		134,262		144,227
Securities available-for-sale (a) (b)	5,170,255		27,017		4,903,115		240,123		5,170,255
Securities held-to-maturity	10,000		—		—		9,901		9,901
Derivative assets (a)	81,634		10,161		71,473		—		81,634
Other assets:
Tax credit investments	119,317		—		—		112,292		112,292
Deferred compensation assets	39,822		39,822		—		—		39,822
Total other assets	159,139		39,822		—		112,292		152,114
Nonearning assets:
Cash & due from banks	639,073		639,073		—		—		639,073
Fixed income receivables	68,693		—		68,693		—		68,693
Accrued interest receivable	97,239		—		97,239		—		97,239
Total nonearning assets	805,005		639,073		165,932		—		805,005
Total assets	$	37,809,702	$	1,901,673	$	7,851,781	$	28,104,527	$	37,857,981
Liabilities:
Deposits:
Defined maturity	$	3,322,921	$	—	$	3,293,650	$	—	$	3,293,650
Undefined maturity	27,297,441		—		27,297,431		—		27,297,431
Total deposits	30,620,362		—		30,591,081		—		30,591,081
Trading liabilities (a)	638,515		—		638,515		—		638,515
Short-term financial liabilities:
Federal funds purchased	399,820		—		399,820		—		399,820
Securities sold under agreements to repurchase	656,602		—		656,602		—		656,602
Other short-term borrowings	2,626,213		—		2,626,213		—		2,626,213
Total short-term financial liabilities	3,682,635		—		3,682,635		—		3,682,635
Term borrowings:
Real estate investment trust-preferred	46,100		—		—		48,880		48,880
Term borrowings—new market tax credit investment	18,000		—		—		17,930		17,930
Secured borrowings	18,642		—		—		18,305		18,305
Junior subordinated debentures	187,281		—		—		187,281		187,281
Other long term borrowings	948,074		—		966,292		—		966,292
Total term borrowings	1,218,097		—		966,292		272,396		1,238,688
Derivative liabilities (a)	85,061		9,535		69,881		5,645		85,061
Other noninterest-bearing liabilities:
Fixed income payables	48,996		—		48,996		—		48,996
Accrued interest payable	16,270		—		16,270		—		16,270
Total other noninterest-bearing liabilities	65,266		—		65,266		—		65,266
Total liabilities	$	36,309,936	$	9,535	$	36,013,670	$	278,041	$	36,301,246


(a)	Classes are detailed in the recurring and nonrecurring measurement tables.


(b)	Level 3 includes restricted investments in FHLB-Cincinnati stock of $87.9 million and FRB stock of $134.6 million.

The following table presents the contractual amount and fair value of unfunded loan commitments and standby and other commitments as of June 30, 2018 and December 31, 2017:



	Contractual Amount				Fair Value
(Dollars in thousands)	June 30, 2018		December 31, 2017		June 30, 2018		December 31, 2017
Unfunded Commitments:
Loan commitments	$	10,228,615	$	10,678,485	$	2,186	$	2,617
Standby and other commitments	464,600		420,728		5,028		5,274

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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