Fair Value of Assets & Liabilities (Tables)

9 Months Ended

Sep. 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 September 30, 2020: 

	September 30, 2020
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Trading securities—fixed income:
U.S. treasuries	$	—	$	98,743	$	—	$	98,743
Government agency issued MBS	—		352,564		—		352,564
Government agency issued CMO	—		501,091		—		501,091
Other U.S. government agencies	—		261,569		—		261,569
States and municipalities	—		13,087		—		13,087
Corporate and other debt	—		158,544		—		158,544
Total trading securities—fixed income	—		1,385,598		—		1,385,598
Trading securities—mortgage banking	—		—		471		471
Loans held for sale (elected fair value)	—		359,396		12,435		371,831
Loans held for investment (elected fair value)	—		—		12,372		12,372
Securities available for sale:
U.S. treasuries	—		300,034		—		300,034
Government agency issued MBS	—		3,827,066		—		3,827,066
Government agency issued CMO	—		2,705,447		—		2,705,447
Other U.S. government agencies	—		658,266		—		658,266
States and municipalities	—		432,090		—		432,090
Corporate and other debt	—		40,010		—		40,010
Interest-Only Strip (elected fair value)	—		—		32,959		32,959
Total securities available for sale	—		7,962,913		32,959		7,995,872
Other assets:
Deferred compensation mutual funds	109,907		—		—		109,907
Equity, mutual funds, and other	24,712		—		—		24,712
Derivatives, forwards and futures	48,200		—		—		48,200
Derivatives, interest rate contracts	—		787,139		—		787,139
Derivatives, other	—		1,436		342		1,778
Total other assets	182,819		788,575		342		971,736
Total assets	$	182,819	$	10,496,482	$	58,579	$	10,737,880
Trading liabilities—fixed income:
U.S. treasuries	$	—	$	431,565	$	—	$	431,565
States and municipalities	—		203		—		203
Corporate and other debt	—		45,298		—		45,298
Equity, mutual funds, and other	—		7		—		7
Total trading liabilities—fixed income	—		477,073		—		477,073
Other liabilities:
Derivatives, forwards and futures	45,051		—		—		45,051
Derivatives, interest rate contracts	—		45,795		—		45,795
Derivatives, other	—		1,462		17,140		18,602
Total other liabilities	45,051		47,257		17,140		109,448
Total liabilities	$	45,051	$	524,330	$	17,140	$	586,521

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 September 30, 2020 and 2019, on a recurring basis are summarized as follows: 

	Three Months Ended September 30, 2020
(Dollars in thousands)	Trading securities			Interest- only strips- AFS			Loans held for sale			Loans held for investment		Net  derivative liabilities
Balance on July 1, 2020	$	628		$	25,446		$	13,263		$	—	$	(18,645)
Acquired	—			—			—			13,746		—
Total net gains (losses) included in:
Net income	(157)			(1,282)			(80)			(418)		(599)
Purchases	—			—			—			—		—
Sales	—			(56)			—			(2,927)		—
Settlements	—			—			(748)			(2,312)		2,446
Net transfers into (out of) Level 3	—			8,851		(b)	—			4,283		—
Balance on September 30, 2020	$	471		$	32,959		$	12,435		$	12,372	$	(16,798)
Net unrealized gains (losses) included in net income	$	—	(a)	$	1,192	(c)	$	(80)	(a)	$	367	$	(76)	(d)

	Three Months Ended September 30, 2019
(Dollars in thousands)	Trading securities			Interest-only-strips-AFS			Loans held for sale			Net  derivative liabilities
Balance on July 1, 2019	$	1,255		$	17,792		$	15,092		$	(26,545)
Total net gains (losses) included in:
Net income	(157)			(1,421)			443			(4,008)
Purchases	—			—			—			—
Sales	—			(11,401)			—			—
Settlements	—			—			(1,126)			2,468
Net transfers into (out of) Level 3	—			10,279		(b)	—			—
Balance on September 30, 2019	$	1,098		$	15,249		$	14,409		$	(28,085)
Net unrealized gains (losses) included in net income	$	—	(a)	$	(1,977)	(c)	$	443	(a)	$	(4,008)	(d)

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

(d)Included in Other expense.

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

	Nine Months Ended September 30, 2020
(Dollars in thousands)	Trading securities			Interest- only strips- AFS			Loans held for sale			Loans held for investment		Net  derivative liabilities
Balance on January 1, 2020	$	941		$	19,136		$	14,033		$	—	$	(22,795)
Acquired	—			—			—			13,746		—
Total net gains (losses) included in:
Net income	(470)			(3,810)			671			(418)		(1,311)
Purchases	—			5,481			—			—		—
Sales	—			(8,759)			—			(2,927)		—
Settlements	—			—			(2,269)			(2,312)		7,308
Net transfers into (out of) Level 3	—			20,911		(b)	—			4,283		—
Balance on September 30, 2020	$	471		$	32,959		$	12,435		$	12,372	$	(16,798)
Net unrealized gains (losses) included in net income	$	—	(a)	$	2,994	(c)	$	671	(a)	$	367	$	(788)	(d)

	Nine Months Ended September 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	(128)			(2,820)			1,259			(3,892)
Purchases	—			86			10			—
Sales	—			(38,612)			—			—
Settlements	(298)			—			(3,133)			7,347
Net transfers into (out of) Level 3	—			46,693		(b)	—			—
Balance on September 30, 2019	$	1,098		$	15,249		$	14,409		$	(28,085)
Net unrealized gains (losses) included in net income	$	(66)	(a)	$	(1,250)	(c)	$	1,259	(a)	$	(3,892)	(d)

(a)Primarily included in mortgage banking and title income on the Consolidated 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 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 Balance Sheets at September 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 September 30, 2020
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Loans held for sale—SBAs and USDA	$	—	$	594,485	$	743	$	595,228
Loans held for sale—first mortgages	—		—		529		529
Loans and leases (a)	—		—		114,583		114,583
OREO (b)	—		—		17,767		17,767
Other assets (c)	—		—		9,490		9,490

	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 and leases (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 credit 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 Balance Sheets at period end, the following table provides information about the fair value adjustments recorded during the three and nine months ended September 30, 2020 and 2019: 

	Net gains (losses) Three Months Ended September 30,				Net gains (losses) Nine months ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Loans held for sale—SBAs and USDA	$	(1,560)	$	(977)	$	(2,304)	$	(1,208)
Loans held for sale—first mortgages	31		2		32		27
Loans and leases (a)	(17,444)		(15,559)		(31,040)		(16,036)
OREO (b)	(34)		(282)		(203)		(256)
Other assets (c)	(346)		(407)		(1,118)		(1,349)
	$	(19,353)	$	(17,223)	$	(34,633)	$	(18,822)

(a)Write-downs on these loans are recognized as part of provision for credit 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 September 30, 2020 and December 31, 2019: 

(Dollars in thousands)
					Values Utilized
Level 3 Class	Fair Value at September 30, 2020		Valuation Techniques	Unobservable Input	Range	Weighted Average (d)
Available for sale securities SBA-interest only strips	$	32,959	Discounted cash flow	Constant prepayment rate	12%	12%
				Bond equivalent yield	14% - 16%	15%
Loans held for sale - residential real estate	12,964		Discounted cash flow	Prepayment speeds - First mortgage	5% - 15%	5.4%
				Foreclosure losses	50% - 65%	63%
				Loss severity trends - First mortgage	3% - 19% of UPB	13.3%
Loans held for sale - unguaranteed interest in SBA loans	743		Discounted cash flow	Constant prepayment rate	8% - 12%	10%
				Bond equivalent yield	7%	7%
Loans held for investment	12,372		Discounted cash flow	Constant prepayment rate	0% - 24%	11%
				Constant default rate	0% - 15%	1%
				Loss severity trends	0% - 100%	1%
Derivative liabilities, other	16,798		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	6 - 30	21 months
Loans and leases (a)	114,583		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)	17,767		Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal	NM
Other assets (c)	9,490		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 credit 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 and leases (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 credit 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 and held for investment measured at fair value in accordance with management’s election and the aggregate unpaid principal amount FHN is contractually entitled to receive at maturity.

	September 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	$	371,831	$	361,865	$	9,966
Nonaccrual loans	2,972		6,073		(3,101)
Loans 90 days or more past due and still accruing	287		419		(132)
Loans held for investment reported at fair value:
Total loans	$	12,372	$	13,062	$	(690)
Nonaccrual loans	643		890		(247)
	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 September 30,				Nine Months Ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Changes in fair value included in net income:
Mortgage banking noninterest income
Loans held for sale	$	1,867	$	443	$	2,618	$	1,259
Loans held for investment	(418)		—		(418)		—

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 Balance Sheets as of September 30, 2020:

	September 30, 2020
	Book Value		Fair Value
(Dollars in thousands)			Level 1		Level 2		Level 3		Total
Assets:
Loans and leases, net of allowance for loan and lease losses
Commercial:
Commercial, financial and industrial	$	33,166,623	$	—	$	—	$	33,295,053	$	33,295,053
Commercial real estate	12,302,929		—		—		12,304,261		12,304,261
Consumer:
Consumer real estate (a)	12,062,439		—		—		12,327,350		12,327,350
Credit card & other	1,186,438		—		—		1,210,286		1,210,286
Total loans and leases, net of allowance for loan and lease losses	58,718,429		—		—		59,136,950		59,136,950
Short-term financial assets:
Interest-bearing cash	5,443,292		5,443,292		—		—		5,443,292
Federal funds sold	1,480		—		1,480		—		1,480
Securities purchased under agreements to resell	591,987		—		591,987		—		591,987
Total short-term financial assets	6,036,759		5,443,292		593,467		—		6,036,759
Trading securities (b)	1,386,069		—		1,385,598		471		1,386,069
Loans held for sale
Mortgage loans (elected fair value) (b)	371,831		—		359,396		12,435		371,831
USDA & SBA loans- LOCOM	595,228		—		599,501		776		600,277
Other consumer loans- LOCOM	4,569		—		4,569		—		4,569
Mortgage loans- LOCOM	78,876		—		—		78,876		78,876
Total loans held for sale	1,050,504		—		963,466		92,087		1,055,553
Securities available for sale (b)	7,995,872		—		7,962,913		32,959		7,995,872
Derivative assets (b)	837,117		48,200		788,575		342		837,117
Other assets:
Tax credit investments	407,480		—		—		386,901		386,901
Deferred compensation mutual funds	109,907		109,907		—		—		109,907
Equity, mutual funds, and other (c)	315,828		24,712		—		291,116		315,828
Total other assets	833,215		134,619		—		678,017		812,636
Total assets	$	76,867,965	$	5,626,111	$	11,694,019	$	59,950,803	$	77,270,933
Liabilities:
Defined maturity deposits	$	5,525,913	$	—	$	5,602,997	$	—	$	5,602,997
Trading liabilities (b)	477,073		—		477,073		—		477,073
Short-term financial liabilities:
Federal funds purchased	840,847		—		840,847		—		840,847
Securities sold under agreements to repurchase	1,158,994		—		1,158,994		—		1,158,994
Other short-term borrowings	141,878		—		141,878		—		141,878
Total short-term financial liabilities	2,141,719		—		2,141,719		—		2,141,719
Term borrowings:
Real estate investment trust-preferred	46,287		—		—		47,000		47,000
Term borrowings—new market tax credit investment	37,881		—		—		37,993		37,993
Secured borrowings	15,314		—		—		15,314		15,314
Junior subordinated debentures	237,475		—		—		229,699		229,699
Other long term borrowings	1,824,913		—		1,929,827		—		1,929,827
Total term borrowings	2,161,870		—		1,929,827		330,006		2,259,833
Derivative liabilities (b)	109,448		45,051		47,257		17,140		109,448
Total liabilities	$	10,416,023	$	45,051	$	10,198,873	$	347,146	$	10,591,070

(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 $85.6 million and FRB stock of $205.6 million.

The following table summarizes the book value and estimated fair value of financial instruments recorded in the Consolidated Balance Sheets as of December 31, 2019: 

	December 31, 2019
	Book Value		Fair Value
(Dollars in thousands)			Level 1		Level 2		Level 3		Total
Assets:
Loans and leases and allowance for loan and lease 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 and leases and allowance for loan and lease 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 September 30, 2020 and December 31, 2019:

	Contractual Amount				Fair Value
(Dollars in thousands)	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Unfunded Commitments:
Loan commitments	$	20,627,190	$	12,355,220	$	1,823	$	3,656
Standby and other commitments	742,278		459,268		6,119		5,513