Fair Value of Assets & Liabilities (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020: 

	June 30, 2020
(Dollars in thousands)	Level 1		Level 2			Level 3		Total
Trading securities—fixed income:
U.S. treasuries	$	—	$	119,121		$	—	$	119,121
Government agency issued MBS	—		431,765			—		431,765
Government agency issued CMO	—		226,732			—		226,732
Other U.S. government agencies	—		91,203			—		91,203
States and municipalities	—		17,467			—		17,467
Corporate and other debt	—		229,556			—		229,556
Equity, mutual funds, and other	—		(22		)	—		(22		)
Total trading securities—fixed income	—		1,115,822			—		1,115,822
Trading securities—mortgage banking	—		—			628		628
Loans held-for-sale (elected fair value)	—		—			13,263		13,263
Securities available-for-sale:
U.S. treasuries	—		999,975			—		999,975
Government agency issued MBS	—		2,487,382			—		2,487,382
Government agency issued CMO	—		1,415,265			—		1,415,265
Other U.S. government agencies	—		417,292			—		417,292
States and municipalities	—		90,383			—		90,383
Corporate and other debt	—		40,413			—		40,413
Interest-Only Strip (elected fair value)	—		—			25,446		25,446
Total securities available-for-sale	—		5,450,710			25,446		5,476,156
Other assets:
Deferred compensation mutual funds	48,572		—			—		48,572
Equity, mutual funds, and other	22,692		—			—		22,692
Derivatives, forwards and futures	35,408		—			—		35,408
Derivatives, interest rate contracts	—		563,866			—		563,866
Derivatives, other	—		260			170		430
Total other assets	106,672		564,126			170		670,968
Total assets	$	106,672	$	7,130,658		$	39,507	$	7,276,837
Trading liabilities—fixed income:
U.S. treasuries	$	—	$	195,753		$	—	$	195,753
Other U.S.government agencies	—		578			—		578
States and municipalities	—		756			—		756
Corporate and other debt	—		35,655			—		35,655
Total trading liabilities—fixed income	—		232,742			—		232,742
Other liabilities:
Derivatives, forwards and futures	30,483		—			—		30,483
Derivatives, interest rate contracts	—		44,722			—		44,722
Derivatives, other	—		369			18,815		19,184
Total other liabilities	30,483		45,091			18,815		94,389
Total liabilities	$	30,483	$	277,833		$	18,815	$	327,131

The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of December 31, 2019: 

	December 31, 2019
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Trading securities—fixed income:
U.S. treasuries	$	—	$	134,844	$	—	$	134,844
Government agency issued MBS	—		268,024		—		268,024
Government agency issued CMO	—		250,652		—		250,652
Other U.S. government agencies	—		124,972		—		124,972
States and municipalities	—		120,744		—		120,744
Corporate and other debt	—		445,253		—		445,253
Equity, mutual funds, and other	—		777		—		777
Total trading securities—fixed income	—		1,345,266		—		1,345,266
Trading securities—mortgage banking	—		—		941		941
Loans held-for-sale (elected fair value)	—		—		14,033		14,033
Securities available-for-sale:
U.S. treasuries	—		100		—		100
Government agency issued MBS	—		2,348,517		—		2,348,517
Government agency issued CMO	—		1,670,492		—		1,670,492
Other U.S. government agencies	—		306,092		—		306,092
States and municipalities	—		60,526		—		60,526
Corporate and other debt	—		40,540		—		40,540
Interest-Only Strip (elected fair value)	—		—		19,136		19,136
Total securities available-for-sale	—		4,426,267		19,136		4,445,403
Other assets:
Deferred compensation mutual funds	46,815		—		—		46,815
Equity, mutual funds, and other	22,643		—		—		22,643
Derivatives, forwards and futures	20,640		—		—		20,640
Derivatives, interest rate contracts	—		162,413		—		162,413
Derivatives, other	—		62		—		62
Total other assets	90,098		162,475		—		252,573
Total assets	$	90,098	$	5,934,008	$	34,110	$	6,058,216
Trading liabilities—fixed income:
U.S. treasuries	$	—	$	406,380	$	—	$	406,380
Other U.S. government agencies	—		88		—		88
Government agency issued MBS	—		33		—		33
Corporate and other debt	—		99,080		—		99,080
Total trading liabilities—fixed income	—		505,581		—		505,581
Other liabilities:
Derivatives, forwards and futures	19,807		—		—		19,807
Derivatives, interest rate contracts	—		24,412		—		24,412
Derivatives, other	—		466		22,795		23,261
Total other liabilities	19,807		24,878		22,795		67,480
Total liabilities	$	19,807	$	530,459	$	22,795	$	573,061

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, 2020 and 2019, on a recurring basis are summarized as follows: 

	Three Months Ended June 30, 2020
(Dollars in thousands)	Trading securities				Interest- only strips- AFS				Loans held- for-sale				Net  derivative liabilities
Balance on April 1, 2020	$	785			$	23,104			$	13,584			$	(20,890	)
Total net gains/(losses) included in:
Net income	(157		)		(1,233		)		422				(201		)
Purchases	—				—				—				—
Sales	—				—				—				—
Settlements	—				—				(743		)		2,446
Net transfers into/(out of) Level 3	—				3,575			(b)	—				—
Balance on June 30, 2020	$	628			$	25,446			$	13,263			$	(18,645	)
Net unrealized gains/(losses) included in net income	$	—		(a)	$	(959	)	(c)	$	422		(a)	$	(201	)	(d)

	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)

(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.

The changes in Level 3 assets and liabilities measured at fair value for the six months ended June 30, 2020 and 2019, on a recurring basis are summarized as follows: 

	Six Months Ended June 30, 2020
(Dollars in thousands)	Trading securities				Interest- only strips- AFS				Loans held- for-sale				Net  derivative liabilities
Balance on January 1, 2020	$	941			$	19,136			$	14,033			$	(22,795	)
Total net gains/(losses) included in:
Net income	(313		)		(2,528		)		751				(712		)
Purchases	—				5,481				—				—
Sales	—				(8,703		)		—				—
Settlements	—				—				(1,521		)		4,862
Net transfers into/(out of) Level 3	—				12,060			(b)	—				—
Balance on June 30, 2020	$	628			$	25,446			$	13,263			$	(18,645	)
Net unrealized gains/(losses) included in net income	$	—		(a)	$	(1,813	)	(c)	$	751		(a)	$	(712	)	(d)

	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		(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.

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, 2020, and December 31, 2019, 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, 2020
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Loans held-for-sale—SBAs and USDA	$	—	$	643,445	$	774	$	644,219
Loans held-for-sale—first mortgages	—		—		504		504
Loans, net of unearned income (a)	—		—		66,062		66,062
OREO (b)	—		—		13,177		13,177
Other assets (c)	—		—		9,835		9,835

	Carrying value at December 31, 2019
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Loans held-for-sale—SBAs and USDA	$	—	$	492,595	$	929	$	493,524
Loans held-for-sale—first mortgages	—		—		516		516
Loans, net of unearned income (a)	—		—		42,208		42,208
OREO (b)	—		—		15,660		15,660
Other assets (c)	—		—		10,608		10,608

 

(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 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

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, 2020 and 2019:

	Net gains/(losses) Three Months Ended June 30						Net gains/(losses) Six Months Ended June 30
(Dollars in thousands)	2020			2019			2020			2019
Loans held-for-sale—SBAs and USDA	$	(1,247	)	$	(1,074	)	$	(2,208	)	$	(1,293	)
Loans held-for-sale—first mortgages	(4		)	10			1			25
Loans, net of unearned income (a)	(1,274		)	(4,639		)	(6,113		)	(4,436		)
OREO (b)	(142		)	(9		)	(169		)	26
Other assets (c)	(426		)	(267		)	(772		)	(942		)
	$	(3,093	)	$	(5,979	)	$	(9,261	)	$	(6,620	)

(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, 2020 and December 31, 2019: 

(Dollars in thousands)
					Values Utilized
Level 3 Class	Fair Value at June 30, 2020		Valuation Techniques	Unobservable Input	Range	Weighted Average (d)
Available-for-sale- securities SBA-interest only strips	$	25,446	Discounted cash flow	Constant prepayment rate	12%	12%
				Bond equivalent yield	14% - 15%	15%
Loans held-for-sale - residential real estate	13,767		Discounted cash flow	Prepayment speeds - First mortgage	5% - 15%	5.8%
				Foreclosure losses	50% - 65%	63%
				Loss severity trends - First mortgage	4% - 21% of UPB	13.6%
Loans held-for-sale- unguaranteed interest in SBA loans	774		Discounted cash flow	Constant prepayment rate	8% - 12%	10%
				Bond equivalent yield	8%	8%
Derivative liabilities, other	18,645		Discounted cash flow	Visa covered litigation resolution amount	$5.4 billion - $6.0 billion	$5.8 billion
				Probability of resolution scenarios	10% - 50%	16%
				Time until resolution	9 - 33 months	24 months
Loans, net of unearned income (a)	66,062		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)	13,177		Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal	NM
Other assets (c)	9,835		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, 2019		Valuation Techniques	Unobservable Input	Range	Weighted Average (d)
Available-for-sale- securities SBA-interest only strips	$	19,136	Discounted cash flow	Constant prepayment rate	12%	12%
				Bond equivalent yield	16% - 17%	16%
Loans held-for-sale - residential real estate	14,549		Discounted cash flow	Prepayment speeds - First mortgage	3% - 14%	4.1%
				Prepayment speeds - HELOC	0% - 12%	7.6%
				Foreclosure losses	50% - 66%	64%
				Loss severity trends - First mortgage	3% - 24% of UPB	14.3%
				Loss severity trends - HELOC	0% - 72% of UPB	50%
Loans held-for-sale- unguaranteed interest in SBA loans	929		Discounted cash flow	Constant prepayment rate	8% - 12%	10%
				Bond equivalent yield	9%	9%
Derivative liabilities, other	22,795		Discounted cash flow	Visa covered litigation resolution amount	$5.4 billion - $6.0 billion	$5.8 billion
				Probability of resolution scenarios	10% - 50%	16%
				Time until resolution	15 - 39 months	29 months
Loans, net of unearned income (a)	42,208		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)	15,660		Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal	NM
Other assets (c)	10,608		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, 2020
(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	$	13,263	$	17,857	$	(4,594	)
Nonaccrual loans	2,740		5,774		(3,034		)
Loans 90 days or more past due and still accruing	186		322		(136		)
	December 31, 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	$	14,033	$	19,278	$	(5,245	)
Nonaccrual loans	3,532		6,646		(3,114		)
Loans 90 days or more past due and still accruing	163		268		(105		)

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)	2020		2019		2020		2019
Changes in fair value included in net income:
Mortgage banking noninterest income
Loans held-for-sale	$	422	$	321	$	751	$	816

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, 2020:

	June 30, 2020
	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	$	21,075,171	$	—	$	—	$	21,216,054	$	21,216,054
Commercial real estate	4,756,056		—		—		4,768,706		4,768,706
Consumer:
Consumer real estate (a)	5,908,636		—		—		6,085,159		6,085,159
Credit card & other	431,193		—		—		438,644		438,644
Total loans, net of unearned income and allowance for loan losses	32,171,056		—		—		32,508,563		32,508,563
Short-term financial assets:
Interest-bearing cash	3,135,844		3,135,844		—		—		3,135,844
Federal funds sold	113,000		—		113,000		—		113,000
Securities purchased under agreements to resell	302,267		—		302,267		—		302,267
Total short-term financial assets	3,551,111		3,135,844		415,267		—		3,551,111
Trading securities (b)	1,116,450		—		1,115,822		628		1,116,450
Loans held-for-sale
Mortgage loans (elected fair value) (b)	13,263		—		—		13,263		13,263
USDA & SBA loans- LOCOM	644,219		—		648,383		792		649,175
Other consumer loans- LOCOM	4,758		—		4,758		—		4,758
Mortgage loans- LOCOM	83,415		—		—		83,415		83,415
Total loans held-for-sale	745,655		—		653,141		97,470		750,611
Securities available-for-sale (b)	5,476,156		—		5,450,710		25,446		5,476,156
Securities held-to-maturity	10,000		—		—		9,881		9,881
Derivative assets (b)	599,704		35,408		564,126		170		599,704
Other assets:
Tax credit investments	257,547		—		—		257,705		257,705
Deferred compensation mutual funds	48,572		48,572		—		—		48,572
Equity, mutual funds, and other (c)	343,825		22,692		—		321,133		343,825
Total other assets	649,944		71,264		—		578,838		650,102
Total assets	$	44,320,076	$	3,242,516	$	8,199,066	$	33,220,996	$	44,662,578
Liabilities:
Defined maturity deposits	$	2,655,702	$	—	$	2,695,759	$	—	$	2,695,759
Trading liabilities (b)	232,742		—		232,742		—		232,742
Short-term financial liabilities:
Federal funds purchased	778,529		—		778,529		—		778,529
Securities sold under agreements to repurchase	1,482,585		—		1,482,585		—		1,482,585
Other short-term borrowings	130,583		—		130,583		—		130,583
Total short-term financial liabilities	2,391,697		—		2,391,697		—		2,391,697
Term borrowings:
Real estate investment trust-preferred	46,270		—		—		47,000		47,000
Secured borrowings	15,370		—		—		15,370		15,370
Junior subordinated debentures	145,262		—		—		138,950		138,950
Other long term borrowings	1,825,574		—		1,877,080		—		1,877,080
Total term borrowings	2,032,476		—		1,877,080		201,320		2,078,400
Derivative liabilities (b)	94,389		30,483		45,091		18,815		94,389
Total liabilities	$	7,407,006	$	30,483	$	7,242,369	$	220,135	$	7,492,987

 

(a) In first quarter 2020, the Permanent Mortgage portfolio was combined into Consumer Real Estate portfolio, all prior periods were revised for comparability.

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

(c) Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $190.4 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, 2019: 

	December 31, 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	$	19,928,605	$	—	$	—	$	20,096,397	$	20,096,397
Commercial real estate	4,300,905		—		—		4,300,489		4,300,489
Consumer:
Consumer real estate	6,148,696		—		—		6,334,187		6,334,187
Credit card & other	482,598		—		—		487,079		487,079
Total loans, net of unearned income and allowance for loan losses	30,860,804		—		—		31,218,152		31,218,152
Short-term financial assets:
Interest-bearing cash	482,405		482,405		—		—		482,405
Federal funds sold	46,536		—		46,536		—		46,536
Securities purchased under agreements to resell	586,629		—		586,629		—		586,629
Total short-term financial assets	1,115,570		482,405		633,165		—		1,115,570
Trading securities (a)	1,346,207		—		1,345,266		941		1,346,207
Loans held-for-sale
Mortgage loans (elected fair value) (a)	14,033		—		—		14,033		14,033
USDA & SBA loans- LOCOM	493,525		—		495,323		947		496,270
Other consumer loans- LOCOM	5,197		—		5,197		—		5,197
Mortgage loans- LOCOM	81,035		—		—		81,035		81,035
Total loans held-for-sale	593,790		—		500,520		96,015		596,535
Securities available-for-sale (a)	4,445,403		—		4,426,267		19,136		4,445,403
Securities held-to-maturity	10,000		—		—		10,001		10,001
Derivative assets (a)	183,115		20,640		162,475		—		183,115
Other assets:
Tax credit investments	247,075		—		—		244,755		244,755
Deferred compensation assets	46,815		46,815		—		—		46,815
Equity, mutual funds, and other (b)	229,352		22,643		—		206,709		229,352
Total other assets	523,242		69,458		—		451,464		520,922
Total assets	$	39,078,131	$	572,503	$	7,067,693	$	31,795,709	$	39,435,905
Liabilities:
Deposits:
Defined maturity	$	3,618,337	$	—	$	3,631,090	$	—	$	3,631,090
Trading liabilities (a)	505,581		—		505,581		—		505,581
Short-term financial liabilities:
Federal funds purchased	548,344		—		548,344		—		548,344
Securities sold under agreements to repurchase	716,925		—		716,925		—		716,925
Other short-term borrowings	2,253,045		—		2,253,045		—		2,253,045
Total short-term financial liabilities	3,518,314		—		3,518,314		—		3,518,314
Term borrowings:
Real estate investment trust-preferred	46,236		—		—		47,000		47,000
Secured Borrowings	21,975		—		—		21,975		21,975
Junior subordinated debentures	144,593		—		—		142,375		142,375
Other long term borrowings	578,564		—		574,287		—		574,287
Total term borrowings	791,368		—		574,287		211,350		785,637
Derivative liabilities (a)	67,480		19,807		24,878		22,795		67,480
Total liabilities	$	8,501,080	$	19,807	$	8,254,150	$	234,145	$	8,508,102

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

(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 $76.0 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, 2020 and December 31, 2019:

	Contractual Amount				Fair Value
(Dollars in thousands)	June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019
Unfunded Commitments:
Loan commitments	$	12,945,839	$	12,355,220	$	2,492	$	3,656
Standby and other commitments	469,567		459,268		6,112		5,513