Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Information Pertaining to Term Borrowings

The following table presents information pertaining to term borrowings as of December 31, 2022 and 2021:

Table 8.10.1

TERM BORROWINGS

(Dollars in millions)	2022		2021
First Horizon Bank:
Subordinated notes (a)
Maturity date – May 1, 2030 - 5.75%	$	448	$	447
Other collateralized borrowings - Maturity date – December 22, 2037
5.07% on December 31, 2022 and 0.50% on December 31, 2021 (b)	87		87
Other collateralized borrowings - SBA loans (c)	3		6
First Horizon Corporation:
Senior notes
Maturity date – May 26, 2023 - 3.55%	450		448
Maturity date – May 26, 2025 - 4.00%	349		349
Junior subordinated debentures (d)
Maturity date - June 28, 2035 - 6.45% on December 31, 2022 and 1.88% on December 31, 2021	3		3
Maturity date - December 15, 2035 - 6.14% on December 31, 2022 and 1.57% on December 31, 2021	18		18
Maturity date - March 15, 2036 - 6.17% on December 31, 2022 and 1.60% on December 31, 2021	9		9
Maturity date - March 15, 2036 - 6.31% on December 31, 2022 and 1.74% on December 31, 2021	12		12
Maturity date - June 30, 2036 - 6.05% on December 31, 2022 and 1.54% on December 31, 2021	27		27
Maturity date - July 7, 2036 - 5.63% on December 31, 2022 and 1.67% on December 31, 2021	18		18
Maturity date - June 15, 2037 - 6.42% on December 31, 2022 and 1.85% on December 31, 2021	52		52
Maturity date - September 6, 2037 - 6.16% on December 31, 2022 and 1.61% on December 31, 2021	9		9
Notes payable - New market tax credit investments; 7 to 35 year term, 0.93% to 4.95%	66		59
FT Real Estate Securities Company, Inc.:
Cumulative preferred stock (e)
Maturity date – March 31, 2031 – 9.50%	46		46
Total	$	1,597	$	1,590

(a)Qualifies for Tier 2 capital under the risk-based capital guidelines for First Horizon Bank as well as First Horizon Corporation up to certain limits for minority interest capital instruments.

(b)Secured by trust preferred loans.

(c)Collateralized borrowings associated with SBA loan sales that did not meet sales criteria. The loans have remaining terms of 3 to 10 years. These borrowings had a weighted average interest rate of 5.13% and 4.10% on December 31, 2022 and 2021, respectively.

(d)Acquired in conjunction with the acquisitions of CBF and merger with IBKC. The legacy IBKC junior subordinated debentures were early redeemed in 2021. A portion qualifies for Tier 2 capital under the risk-based capital guidelines.

(e)Qualifies for Tier 2 capital under the risk-based capital guidelines for both First Horizon Bank and First Horizon Corporation up to certain limits for minority interest capital instruments.

Schedule of Annual Principal Repayment Requirements

Annual principal repayment requirements as of December 31, 2022 are as follows:

Table 8.10.2

ANNUAL PRINCIPAL REPAYMENT SCHEDULE

(Dollars in millions)
2023	$	450
2024	6
2025	350
2026	—
2027 and after	812