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Business Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting, Measurement Disclosures [Abstract]  
Business Segment Information Business Segment Information
During 2020, FHN reorganized its internal management structure and, accordingly, its segment reporting structure. Historically, FHN's reportable business segments were Regional Banking, Fixed Income, Corporate, and Non-strategic. The closing of the FHN and IBKC merger of equals transaction prompted organizational changes to better integrate and execute the combined Company's strategic priorities across all lines of businesses. As a result, FHN revised its reportable segments as described below. Prior period segment information has been reclassified to conform to the current period presentation.

FHN is composed of the following operating segments:

•Regional Banking segment offers financial products and services, including traditional lending and deposit taking, to consumer and commercial clients primarily in the southern U.S. and other selected markets. Regional Banking also provides investment, wealth management, financial planning, trust and asset management services for consumer clients.

•Specialty Banking segment consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance. In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of
business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.

•Corporate segment consists primarily of corporate support functions including risk management, audit, accounting, finance, executive office, and corporate communications. Shared support services such as human resources, properties, technology, credit risk and bank operations are allocated to the activities of Regional Banking, Specialty Banking and Corporate. Additionally, the Corporate segment includes centralized management of capital and funding to support the business activities of the company including management of wholesale funding, liquidity, and capital management and allocation. The Corporate segment also includes the revenue and expense associated with run-off businesses such as pre-2009 mortgage banking elements, run-off consumer and trust preferred loan portfolios, and other exited businesses.
Periodically, FHN adapts its segments to reflect managerial or strategic changes. FHN may also modify its methodology of allocating expenses and equity among segments which could change historical segment results. Business segment revenue, expense, asset, and equity levels reflect those which are specifically identifiable or which are allocated based on an internal allocation method. Because the allocations are based on internally developed assignments and allocations, to an extent they are subjective. Generally, all assignments and allocations have been consistently applied for all periods presented.
The following tables reflect financial information for each reportable business segment for the three and six months ended June 30 2021 and 2020:
Three Months Ended June 30, 2021
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Net interest income (expense)$443 $153 $(99)$497 
Provision for credit losses(88)(21)(6)(115)
Noninterest income108 150 27 285 
Noninterest expense278 147 73 498 
Income (loss) before income taxes361 177 (139)399 
Income tax expense (benefit)85 43 (40)88 
Net income (loss)$276 $134 $(99)$311 
Average assets$42,199 $20,055 $25,305 $87,559 

Three Months Ended June 30, 2020
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Net interest income (expense)$211 $130 $(36)$305 
Provision for credit losses103 18 — 121 
Noninterest income69 124 13 206 
Noninterest expense164 111 45 320 
Income (loss) before income taxes13 125 (68)70 
Income tax expense (benefit)1 31 (19)13 
Net income (loss)$12 $94 $(49)$57 
Average assets$20,965 $18,041 $8,928 $47,934 
Certain previously reported amounts have been reclassified to agree with current presentation.

Six Months Ended June 30, 2021
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Net interest income (expense)$869 $311 $(176)$1,004 
Provision for credit losses(120)(28)(12)(160)
Noninterest income208 335 40 583 
Noninterest expense (a)551 300 191 1,042 
Income (loss) before income taxes646 374 (315)705 
Income tax expense (benefit)151 90 (82)159 
Net income (loss)$495 $284 $(233)$546 
Average assets$42,284 $20,775 $23,427 $86,486 
(a) Includes $33 million in asset impairments related to IBKC merger integration efforts in the Corporate segment.
Six Months Ended June 30, 2020
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Net interest income (expense)$405 $239 $(36)$608 
Provision for credit losses200 72 3 275 
Noninterest income142 228 11 381 
Noninterest expense338 221 64 623 
Income (loss) before income taxes9 174 (92)91 
Income tax expense (benefit)(2)43 (23)18 
Net income (loss)$11 $131 $(69)$73 
Average assets$20,004 $17,466 $8,273 $45,743 
Certain previously reported amounts have been reclassified to agree with current presentation.

The following tables reflect a disaggregation of FHN’s noninterest income by major product line and reportable segment for the three and six months ended June 30, 2021 and 2020:
Three months ended June 30, 2021
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Noninterest income:
Fixed income (a)$— $102 $— $102 
Mortgage banking and title income— 38 — 38 
Deposit transactions and cash management39 3 2 44 
Brokerage, management fees and commissions21 — — 21 
Trust services and investment management14 — — 14 
Bankcard income14 1 — 15 
Securities gains (losses), net (b)— — 11 11 
Other income (c)20 6 14 40 
Total noninterest income$108 $150 $27 $285 

(a)Includes $14 million of underwriting, portfolio advisory, and other noninterest income in scope of ASC 606, "Revenue From Contracts With Customers."
(b)Represents noninterest income excluded from the scope of ASC 606. Amount is presented for informational purposes to reconcile total noninterest income.
(c)Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commissions in scope of ASC 606.
Three months ended June 30, 2020
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Noninterest income:
Fixed income (a)$— $112 $— $112 
Mortgage banking and title income— 4 — 4 
Deposit transactions and cash management27 3 1 31 
Brokerage, management fees and commissions14 — — 14 
Trust services and investment management8 — — 8 
Bankcard income7 — — 7 
Securities gains (losses), net (b)— — (1)(1)
Other income (c)13 5 13 31 
Total noninterest income$69 $124 $13 $206 
Certain previously reported amounts have been reclassified to agree with current presentation.

(a)Includes $9 million of underwriting, portfolio advisory, and other noninterest income in scope of ASC 606, "Revenue From Contracts With Customers."
(b)Represents noninterest income excluded from the scope of ASC 606. Amount is presented for informational purposes to reconcile total noninterest income.
(c)Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commissions in scope of ASC 606.

Six Months Ended June 30, 2021
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Fixed income (a)$1 $227 $— $228 
Mortgage banking and title income— 90 1 91 
Deposit transactions and cash management77 6 3 86 
Brokerage, management fees and commissions41 — — 41 
Trust services and investment management26 — — 26 
Bankcard income24 1 — 25 
Securities gains (losses), net (b)— — 11 11 
Other income (c)39 11 25 75 
Total noninterest income$208 $335 $40 $583 

(a)Includes $24 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("ASC") 606, "Revenue From Contracts With Customers."
(b)Represents noninterest income excluded from the scope of ASC 606. Amount is presented for informational purposes to reconcile total noninterest income.
(c)Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commissions in scope of ASC 606.
Six Months Ended June 30, 2020
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Fixed income (a)$— $208 $— $208 
Mortgage banking and title income— 6 1 7 
Deposit transactions and cash management52 6 3 61 
Brokerage, management fees and commissions29 — — 29 
Trust services and investment management15 — — 15 
Bankcard income13 1 — 14 
Securities gains (losses), net (b)— — (1)(1)
Other income (c)33 7 8 48 
Total noninterest income$142 $228 $11 $381 
Certain previously reported amounts have been reclassified to agree with current presentation.

(a)Includes $18 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards
Codification ("ASC") 606, "Revenue From Contracts With Customers."
(b)Represents noninterest income excluded from the scope of ASC 606. Amount is presented for informational purposes to reconcile total noninterest income.
(c)Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commissions in scope of ASC 606.