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Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2020
Variable Interest Entities [Abstract]  
Summary 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 March 31, 2020 and December 31, 2019:
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
March 31, 2020
 
 
December 31, 2019
Assets:
 
 
 
 
 
 
Other assets
 
 
$
82,904

 
 
$
91,873

Total assets
 
 
$
82,904

 
 
$
91,873

Liabilities:
 
 
 
 
 
 
Other liabilities
 
 
$
61,517

 
 
$
70,830

Total liabilities
 
 
$
61,517

 
 
$
70,830
Summary of the Impact of Qualifying LIHTC Investments
The following table summarizes the impact to the Provision/(benefit) for income taxes on the Consolidated Condensed Statements of Income for the three months ended March 31, 2020, and 2019 for LIHTC investments accounted for under the proportional amortization method.
 
 
Three Months Ended
March 31
(Dollars in thousands)

 
2020
 
2019
Provision/(benefit) for income taxes:
 
 
 
 
Amortization of qualifying LIHTC investments
 
$
5,561

 
$
3,998

Low income housing tax credits
 
(4,598
)
 
(3,629
)
Other tax benefits related to qualifying LIHTC investments
 
(2,555
)
 
(1,610
)
Summary Of VIEs Not Consolidated By FHN

The following table summarizes FHN’s nonconsolidated VIEs as of March 31, 2020:
(Dollars in thousands) 
 
Maximum
Loss Exposure
 
Liability
Recognized
 
Classification
Type 
 
 
 
 
 
 
Low income housing partnerships
 
$
241,435

 
$
123,720

 
(a)
Other tax credit investments (b)
 
6,161

 
—

 
Other assets
Small issuer trust preferred holdings (c)
 
234,214

 
—

 
Loans, net of unearned income
On-balance sheet trust preferred securitization
 
32,261

 
81,912

 
(d)
Proprietary residential mortgage securitizations
 
785

 
—

 
Trading securities
Holdings of agency mortgage-backed securities (c)
 
5,126,372

 
—

 
(e)
Commercial loan troubled debt restructurings (f)
 
42,109

 
—

 
Loans, net of unearned income
Sale-leaseback transaction
 
18,052

 
—

 
(g)
Proprietary trust preferred issuances (h)

 
—

 
167,014

 
Term borrowings
(a)
Maximum loss exposure represents $117.7 million of current investments and $123.7 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events, and are also recognized in Other liabilities. FHN currently expects to be required to fund these accrued commitments by the end of 2023.
(b)
A liability is not recognized as investments are written down over the life of the related tax credit. 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 $112.5 million classified as Loans, net of unearned income, and $1.7 million classified as Trading securities which are offset by $81.9 million classified as Term borrowings.
(e)
Includes $1.1 billion classified as Trading securities and $4.0 billion classified as Securities available-for-sale.
(f)
Maximum loss exposure represents $41.6 million of current receivables and $.5 million of contractual funding commitments on loans related to commercial borrowers involved in a troubled debt restructuring.
(g)
Maximum loss exposure represents the current loan balance plus additional funding commitments.
(h)
No exposure to loss due to nature of FHN's involvement.
The following table summarizes FHN’s nonconsolidated VIEs as of December 31, 2019:
(Dollars in thousands)
 
Maximum
Loss Exposure
 
Liability
Recognized
 
Classification
Type 
 
 
 
 
 
 
Low income housing partnerships
 
$
237,668

 
$
136,404

 
(a)
Other tax credit investments (b) (c)
 
6,282

 
—

 
Other assets
Small issuer trust preferred holdings (d)
 
238,397

 
—

 
Loans, net of unearned income
On-balance sheet trust preferred securitization
 
33,265

 
80,908

 
(e)
Proprietary residential mortgage securitizations
 
941

 
—

 
Trading securities
Holdings of agency mortgage-backed securities (d)
 
4,537,685

 
—

 
(f)
Commercial loan troubled debt restructurings (g)
 
45,169

 
—

 
Loans, net of unearned income
Sale-leaseback transaction
 
18,111

 
—

 
(h)
Proprietary trust preferred issuances (i)
 
—

 
167,014

 
Term borrowings
 
(a)
Maximum loss exposure represents $101.3 million of current investments and $136.4 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events, and are also recognized in Other liabilities. FHN currently expects to be required to fund these accrued commitments by the end of 2023.
(b)
A liability is not recognized as investments are written down over the life of the related tax credit.
(c)
Maximum loss exposure represents current investment balance. As of December 31, 2019, there were no investments funded through loans from community development enterprises.
(d)
Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities.
(e)
Includes $112.5 million classified as Loans, net of unearned income, and $1.7 million classified as Trading securities which are offset by $80.9 million classified as Term borrowings.
(f)
Includes $.5 billion classified as Trading securities and $4.0 billion classified as Securities available-for-sale.
(g)
Maximum loss exposure represents $43.4 million of current receivables and $1.8 million of contractual funding commitments on loans related to commercial borrowers involved in a troubled debt restructuring.
(h)
Maximum loss exposure represents the current loan balance plus additional funding commitments less amounts received from the buyer-lessor.
(i)
No exposure to loss due to nature of FHN's involvement.