Fair Value of Assets & Liabilities (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

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, 2019: 

	June 30, 2019
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Trading securities—fixed income:
U.S. treasuries	$	—	$	173,230	$	—	$	173,230
Government agency issued MBS	—		176,155		—		176,155
Government agency issued CMO	—		689,104		—		689,104
Other U.S. government agencies	—		80,343		—		80,343
States and municipalities	—		81,936		—		81,936
Corporate and other debt	—		462,714		—		462,714
Equity, mutual funds, and other	—		4,205		—		4,205
Total trading securities—fixed income	—		1,667,687		—		1,667,687
Trading securities—mortgage banking	—		—		1,255		1,255
Loans held-for-sale (elected fair value)	—		—		15,092		15,092
Securities available-for-sale:
U.S. treasuries	—		100		—		100
Government agency issued MBS	—		2,228,002		—		2,228,002
Government agency issued CMO	—		1,873,865		—		1,873,865
Other U.S. government agencies	—		207,689		—		207,689
States and municipalities	—		47,735		—		47,735
Corporate and other debt	—		40,426		—		40,426
Interest-Only Strip (elected fair value)	—		—		17,792		17,792
Total securities available-for-sale	—		4,397,817		17,792		4,415,609
Other assets:
Deferred compensation mutual funds	43,577		—		—		43,577
Equity, mutual funds, and other	22,419		—		—		22,419
Derivatives, forwards and futures	38,134		—		—		38,134
Derivatives, interest rate contracts	—		146,886		—		146,886
Derivatives, other	—		501		—		501
Total other assets	104,130		147,387		—		251,517
Total assets	$	104,130	$	6,212,891	$	34,139	$	6,351,160
Trading liabilities—fixed income:
U.S. treasuries	$	—	$	377,838	$	—	$	377,838
Other U.S.government agencies	—		7,662		—		7,662
States and municipalities	—		3,748		—		3,748
Corporate and other debt	—		169,099		—		169,099
Total trading liabilities—fixed income	—		558,347		—		558,347
Other liabilities:
Derivatives, forwards and futures	37,991		—		—		37,991
Derivatives, interest rate contracts	—		23,628		—		23,628
Derivatives, other	—		321		26,545		26,866
Total other liabilities	37,991		23,949		26,545		88,485
Total liabilities	$	37,991	$	582,296	$	26,545	$	646,832

The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of December 31, 2018: 

	December 31, 2018
(Dollars in thousands)	Level 1		Level 2			Level 3		Total
Trading securities—fixed income:
U.S. treasuries	$	—	$	169,799		$	—	$	169,799
Government agency issued MBS	—		133,373			—		133,373
Government agency issued CMO	—		330,456			—		330,456
Other U.S. government agencies	—		76,733			—		76,733
States and municipalities	—		54,234			—		54,234
Corporate and other debt	—		682,068			—		682,068
Equity, mutual funds, and other	—		(19		)	—		(19		)
Total trading securities—fixed income	—		1,446,644			—		1,446,644
Trading securities—mortgage banking	—		—			1,524		1,524
Loans held-for-sale (elected fair value)	—		—			16,273		16,273
Securities available-for-sale:
U.S. treasuries	—		98			—		98
Government agency issued MBS	—		2,420,106			—		2,420,106
Government agency issued CMO	—		1,958,695			—		1,958,695
Other U.S. government agencies	—		149,786			—		149,786
States and municipalities	—		32,573			—		32,573
Corporate and other debt	—		55,310			—		55,310
Interest-Only Strip (elected fair value)	—		—			9,902		9,902
Total securities available-for-sale	—		4,616,568			9,902		4,626,470
Other assets:
Deferred compensation mutual funds	37,771		—			—		37,771
Equity, mutual funds, and other	22,248		—			—		22,248
Derivatives, forwards and futures	28,826		—			—		28,826
Derivatives, interest rate contracts	—		52,214			—		52,214
Derivatives, other	—		435			—		435
Total other assets	88,845		52,649			—		141,494
Total assets	$	88,845	$	6,115,861		$	27,699	$	6,232,405
Trading liabilities—fixed income:
U.S. treasuries	$	—	$	207,739		$	—	$	207,739
Other U.S.government agencies	—		98			—		98
Corporate and other debt	—		127,543			—		127,543
Total trading liabilities—fixed income	—		335,380			—		335,380
Other liabilities:
Derivatives, forwards and futures	30,236		—			—		30,236
Derivatives, interest rate contracts	—		71,853			—		71,853
Derivatives, other	—		84			31,540		31,624
Total other liabilities	30,236		71,937			31,540		133,713
Total liabilities	$	30,236	$	407,317		$	31,540	$	469,093

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, 2019 and 2018, on a recurring basis are summarized as follows: 

	Three Months Ended June 30, 2019
(Dollars in thousands)	Trading securities				Interest- only strips- AFS				Loans held- for-sale				Net  derivative liabilities
Balance on April 1, 2019	$	1,397			$	13,195			$	15,751			$	(28,970	)
Total net gains/(losses) included in:
Net income	8				(141		)		321				(19		)
Purchases	—				—				10				—
Sales	—				(14,199		)		—				—
Settlements	(150		)		—				(990		)		2,444
Net transfers into/(out of) Level 3	—				18,937			(b)	—				—
Balance on June 30, 2019	$	1,255			$	17,792			$	15,092			$	(26,545	)
Net unrealized gains/(losses) included in net income	$	(36	)	(a)	$	(543	)	(c)	$	321		(a)	$	(19	)	(d)

	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		)	(e)	—
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	)	(d)

(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) Included in Other expense.

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

There were no net unrealized gains/(losses) for Level 3 assets and liabilities included in other comprehensive income as of June 30, 2019 and 2018.

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, 2019 and 2018, on a recurring basis are summarized as follows: 

	Six Months Ended June 30, 2019
(Dollars in thousands)	Trading securities				Interest- only strips- AFS				Loans held- for-sale				Net  derivative liabilities
Balance on January 1, 2019	$	1,524			$	9,902			$	16,273			$	(31,540	)
Total net gains/(losses) included in:
Net income	29				(1,399		)		816				116
Purchases	—				86				10				—
Sales	—				(27,211		)		—				—
Settlements	(298		)		—				(2,007		)		4,879
Net transfers into/(out of) Level 3	—				36,414			(b)	—				—
Balance on June 30, 2019	$	1,255			$	17,792			$	15,092			$	(26,545	)
Net unrealized gains/(losses) included in net income	$	(66	)	(a)	$	(1,435	)	(c)	$	816		(a)	$	116		(e)

	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)

 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 Consolidated Condensed Statements of Condition at June 30, 2019, and December 31, 2018, 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, 2019
(Dollars in thousands)	Level 1	Level 2	Level 3	Total
Loans held-for-sale—SBAs and USDA	—	368,082	999	369,081
Loans held-for-sale—first mortgages	—	—	523	523
Loans, net of unearned income (a)	—	—	91,779	91,779
OREO (b)	—	—	16,593	16,593
Other assets (c)	—	—	13,940	13,940

	Carrying value at December 31, 2018
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Loans held-for-sale—other consumer	$	—	$	18,712	$	—	$	18,712
Loans held-for-sale—SBAs and USDA	—		577,280		1,011		578,291
Loans held-for-sale—first mortgages	—		—		541		541
Loans, net of unearned income (a)	—		—		48,259		48,259
OREO (b)	—		—		22,387		22,387
Other assets (c)	—		—		8,845		8,845

(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 Condensed Statements of Condition at period end, the following table provides information about the fair value adjustments recorded during the three and six months ended June 30, 2019 and 2018:

	Net gains/(losses) Three Months Ended June 30						Net gains/(losses) Six Months Ended June 30
(Dollars in thousands)	2019			2018			2019			2018
Loans held-for-sale—SBAs and USDA	$	(1,074	)	$	(1,425	)	$	(1,293	)	$	(1,987	)
Loans held-for-sale—first mortgages	10			(1		)	25			4
Loans, net of unearned income (a)	(4,639		)	665			(4,436		)	1,167
OREO (b)	(9		)	(262		)	26			(1,422		)
Other assets (c)	(267		)	(1,079		)	(942		)	(2,216		)
	$	(5,979	)	$	(2,102	)	$	(6,620	)	$	(4,454	)

(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, 2019 and December 31, 2018: 

(Dollars in thousands)
					Values Utilized
Level 3 Class	Fair Value at June 30, 2019		Valuation Techniques	Unobservable Input	Range	Weighted Average (d)
Available-for-sale- securities SBA-interest only strips	$	17,792	Discounted cash flow	Constant prepayment rate	12%	12%
				Bond equivalent yield	17%	17%
Loans held-for-sale - residential real estate	15,615		Discounted cash flow	Prepayment speeds - First mortgage	2% - 12%	3.5%
				Prepayment speeds - HELOC	0% - 12%	7.6%
				Foreclosure losses	50% - 66%	64%
				Loss severity trends - First mortgage	5% - 25% of UPB	16.4%
				Loss severity trends - HELOC	0% - 72% of UPB	50%
Loans held-for-sale- unguaranteed interest in SBA loans	999		Discounted cash flow	Constant prepayment rate	8% - 12%	10%
				Bond equivalent yield	8%	8%
Derivative liabilities, other	26,545		Discounted cash flow	Visa covered litigation resolution amount	$5.0 billion - $5.8 billion	$5.6 billion
				Probability of resolution scenarios	15% - 25%	22%
				Time until resolution	15 - 45 months	30 months
Loans, net of unearned income (a)	91,779		Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 10% of appraisal	NM
			Other collateral valuations	Borrowing base certificates adjustment	20% - 50% of gross value	NM
				Financial Statements/Auction values adjustment	0% - 25% of reported value	NM
OREO (b)	16,593		Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal	NM
Other assets (c)	13,940		Discounted cash flow	Adjustments to current sales yields for specific properties	0% - 15% adjustment to yield	NM
			Appraisals from comparable properties	Marketability 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 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.

(d) Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value.

(Dollars in thousands)
					Values Utilized
Level 3 Class	Fair Value at December 31, 2018		Valuation Techniques	Unobservable Input	Range	Weighted Average (d)
Available-for-sale- securities SBA-interest only strips	$	9,902	Discounted cash flow	Constant prepayment rate	11% - 12%	11%
				Bond equivalent yield	14% - 15%	14%
Loans held-for-sale - residential real estate	16,815		Discounted cash flow	Prepayment speeds - First mortgage	2% - 10%	3%
				Prepayment speeds - HELOC	5% - 12%	7.5%
				Foreclosure losses	50% - 66%	63%
				Loss severity trends - First mortgage	2% - 25% of UPB	17%
				Loss severity trends - HELOC	50% - 100% of UPB	50%
Loans held-for-sale- unguaranteed interest in SBA loans	1,011		Discounted cash flow	Constant prepayment rate	8% - 12%	10%
				Bond equivalent yield	9%	9%
Derivative liabilities, other	31,540		Discounted cash flow	Visa covered litigation resolution amount	$5.0 billion - $5.8 billion	$5.6 billion
				Probability of resolution scenarios	10% - 25%	23%
				Time until resolution	18 - 48 months	36 months
Loans, net of unearned income (a)	48,259		Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 10% of appraisal	NM
			Other collateral valuations	Borrowing base certificates adjustment	20% - 50% of gross value	NM
				Financial Statements/Auction values adjustment	0% - 25% of reported value	NM
OREO (b)	22,387		Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal	NM
Other assets (c)	8,845		Discounted cash flow	Adjustments to current sales yields for specific properties	0% - 15% adjustment to yield	NM
			Appraisals from comparable properties	Marketability 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 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.

(d) Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value.

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, 2019
(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	$	15,092	$	21,414	$	(6,322	)
Nonaccrual loans	3,967		7,260		(3,293		)
Loans 90 days or more past due and still accruing	—		—		—
	December 31, 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	$	16,273	$	23,567	$	(7,294	)
Nonaccrual loans	4,536		8,128		(3,592		)
Loans 90 days or more past due and still accruing	171		281		(110		)

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)	2019		2018		2019		2018
Changes in fair value included in net income:
Mortgage banking noninterest income
Loans held-for-sale	$	321	$	540	$	816	$	709

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, 2019:

	June 30, 2019
	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	$	18,938,173	$	—	$	—	$	19,041,553	$	19,041,553
Commercial real estate	3,828,078		—		—		3,842,446		3,842,446
Consumer:
Consumer real estate	6,087,225		—		—		6,070,685		6,070,685
Permanent mortgage	184,377		—		—		195,113		195,113
Credit card & other	482,208		—		—		478,364		478,364
Total loans, net of unearned income and allowance for loan losses	29,520,061		—		—		29,628,161		29,628,161
Short-term financial assets:
Interest-bearing cash	593,180		593,180		—		—		593,180
Federal funds sold	50,705		—		50,705		—		50,705
Securities purchased under agreements to resell	602,919		—		602,919		—		602,919
Total short-term financial assets	1,246,804		593,180		653,624		—		1,246,804
Trading securities (a)	1,668,942		—		1,667,687		1,255		1,668,942
Loans held-for-sale
Mortgage loans (elected fair value) (a)	15,092		—		—		15,092		15,092
USDA & SBA loans- LOCOM	369,081		—		370,730		1,020		371,750
Other consumer loans- LOCOM	5,809		—		5,809		—		5,809
Mortgage loans- LOCOM	57,124		—		—		57,124		57,124
Total loans held-for-sale	447,106		—		376,539		73,236		449,775
Securities available-for-sale (a)	4,415,609		—		4,397,817		17,792		4,415,609
Securities held-to-maturity	10,000		—		—		9,923		9,923
Derivative assets (a)	185,521		38,134		147,387		—		185,521
Other assets:
Tax credit investments	165,288		—		—		162,859		162,859
Deferred compensation mutual funds	43,577		43,577		—		—		43,577
Equity, mutual funds, and other (b)	224,075		22,419		—		201,656		224,075
Total other assets	432,940		65,996		—		364,515		430,511
Total assets	$	37,926,983	$	697,310	$	7,243,054	$	30,094,882	$	38,035,246
Liabilities:
Defined maturity deposits	$	4,398,526	$	—	$	4,401,460	$	—	$	4,401,460
Trading liabilities (a)	558,347		—		558,347		—		558,347
Short-term financial liabilities:
Federal funds purchased	666,007		—		666,007		—		666,007
Securities sold under agreements to repurchase	764,308		—		764,308		—		764,308
Other short-term borrowings	865,347		—		865,347		—		865,347
Total short-term financial liabilities	2,295,662		—		2,295,662		—		2,295,662
Term borrowings:
Real estate investment trust-preferred	46,202		—		—		47,000		47,000
Term borrowings—new market tax credit investment	2,699		—		—		2,690		2,690
Secured borrowings	22,343		—		—		22,343		22,343
Junior subordinated debentures	143,924		—		—		138,947		138,947
Other long term borrowings	971,478		—		971,293		—		971,293
Total term borrowings	1,186,646		—		971,293		210,980		1,182,273
Derivative liabilities (a)	88,485		37,991		23,949		26,545		88,485
Total liabilities	$	8,527,666	$	37,991	$	8,250,711	$	237,525	$	8,526,227

 

(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 $71.0 million and FRB stock of $130.7 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, 2018: 

	December 31, 2018
	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	$	16,415,381	$	—	$	—	$	16,438,272	$	16,438,272
Commercial real estate	3,999,559		—		—		3,997,736		3,997,736
Consumer:
Consumer real estate	6,223,077		—		—		6,194,066		6,194,066
Permanent mortgage	211,448		—		—		227,254		227,254
Credit card & other	505,643		—		—		507,001		507,001
Total loans, net of unearned income and allowance for loan losses	27,355,108		—		—		27,364,329		27,364,329
Short-term financial assets:
Interest-bearing cash	1,277,611		1,277,611		—		—		1,277,611
Federal funds sold	237,591		—		237,591		—		237,591
Securities purchased under agreements to resell	386,443		—		386,443		—		386,443
Total short-term financial assets	1,901,645		1,277,611		624,034		—		1,901,645
Trading securities (a)	1,448,168		—		1,446,644		1,524		1,448,168
Loans held-for-sale
Mortgage loans (elected fair value) (a)	16,273		—		—		16,273		16,273
USDA & SBA loans- LOCOM	578,291		—		582,476		1,015		583,491
Other consumer loans- LOCOM	25,134		—		6,422		18,712		25,134
Mortgage loans- LOCOM	59,451		—		—		59,451		59,451
Total loans held-for-sale	679,149		—		588,898		95,451		684,349
Securities available-for-sale (a)	4,626,470		—		4,616,568		9,902		4,626,470
Securities held-to-maturity	10,000		—		—		9,843		9,843
Derivative assets (a)	81,475		28,826		52,649		—		81,475
Other assets:
Tax credit investments	163,300		—		—		159,452		159,452
Deferred compensation assets	37,771		37,771		—		—		37,771
Equity, mutual funds, and other (b)	240,780		22,248		—		218,532		240,780
Total other assets	441,851		60,019		—		377,984		438,003
Total assets	$	36,543,866	$	1,366,456	$	7,328,793	$	27,859,033	$	36,554,282
Liabilities:
Deposits:
Defined maturity	$	4,105,777	$	—	$	4,082,822	$	—	$	4,082,822
Trading liabilities (a)	335,380		—		335,380		—		335,380
Short-term financial liabilities:
Federal funds purchased	256,567		—		256,567		—		256,567
Securities sold under agreements to repurchase	762,592		—		762,592		—		762,592
Other short-term borrowings	114,764		—		114,764		—		114,764
Total short-term financial liabilities	1,133,923		—		1,133,923		—		1,133,923
Term borrowings:
Real estate investment trust-preferred	46,168		—		—		47,000		47,000
Term borrowings—new market tax credit investment	2,699		—		—		2,664		2,664
Secured Borrowings	19,588		—		—		19,588		19,588
Junior subordinated debentures	143,255		—		—		134,266		134,266
Other long term borrowings	959,253		—		960,483		—		960,483
Total term borrowings	1,170,963		—		960,483		203,518		1,164,001
Derivative liabilities (a)	133,713		30,236		71,937		31,540		133,713
Total liabilities	$	6,879,756	$	30,236	$	6,584,545	$	235,058	$	6,849,839

(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 $130.7 million.

The following table presents the contractual amount and fair value of unfunded loan commitments and standby and other commitments as of June 30, 2019 and December 31, 2018:

	Contractual Amount				Fair Value
(Dollars in thousands)	June 30, 2019		December 31, 2018		June 30, 2019		December 31, 2018
Unfunded Commitments:
Loan commitments	$	11,215,601	$	10,884,975	$	2,646	$	2,551
Standby and other commitments	397,249		446,958		5,333		5,043