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Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured on Recurring Basis
Recurring Fair Value Measurements
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022:

Table 8.23.1
BALANCES OF ASSETS & LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
 December 31, 2023
(Dollars in millions)Level 1Level 2Level 3Total
Trading securities:
U.S. treasuries$— $3 $— $3 
Government agency issued MBS— 114 — 114 
Government agency issued CMO— 336 — 336 
Other U.S. government agencies— 152 — 152 
States and municipalities— 17 — 17 
Corporate and other debt— 777 — 777 
Interest-only strips (elected fair value)— — 13 13 
Total trading securities— 1,399 13 1,412 
Loans held for sale (elected fair value)— 42 26 68 
Securities available for sale:
Government agency issued MBS— 4,484 — 4,484 
Government agency issued CMO— 2,146 — 2,146 
Other U.S. government agencies— 1,172 — 1,172 
States and municipalities— 589 — 589 
Total securities available for sale— 8,391 — 8,391 
Other assets:
Deferred compensation mutual funds102 — — 102 
Equity, mutual funds, and other34 — — 34 
Derivatives, forwards and futures9 — — 9 
Derivatives, interest rate contracts— 568 — 568 
Total other assets145 568 — 713 
Total assets$145 $10,400 $39 $10,584 
Trading liabilities:
U.S. treasuries$— $426 $— $426 
Government agency issued MBS— 1 — 1 
Corporate and other debt— 82 — 82 
Total trading liabilities— 509 — 509 
Other liabilities:
Derivatives, forwards and futures10 — — 10 
Derivatives, interest rate contracts— 666 — 666 
Derivatives, other— — 23 23 
Total other liabilities10 666 23 699 
Total liabilities$10 $1,175 $23 $1,208 
December 31, 2022
(Dollars in millions)Level 1Level 2Level 3Total
Trading securities:
U.S. treasuries$— $101 $— $101 
Government agency issued MBS— 144 — 144 
Government agency issued CMO— 61 — 61 
Other U.S. government agencies— 115 — 115 
States and municipalities— 54 — 54 
Corporate and other debt— 875 — 875 
Interest-only strips (elected fair value)— — 25 25 
Total trading securities— 1,350 25 1,375 
Loans held for sale (elected fair value)— 29 22 51 
Securities available for sale:
Government agency issued MBS— 4,763 — 4,763 
Government agency issued CMO— 2,313 — 2,313 
Other U.S. government agencies— 1,163 — 1,163 
States and municipalities— 597 — 597 
Total securities available for sale— 8,836 — 8,836 
Other assets:
Deferred compensation mutual funds112 — — 112 
Equity, mutual funds, and other22 — — 22 
Derivatives, forwards and futures9 — — 9 
Derivatives, interest rate contracts— 449 — 449 
Derivatives, other— 2 — 2 
Total other assets143 451 — 594 
Total assets$143 $10,666 $47 $10,856 
Trading liabilities:
U.S. treasuries$— $275 $— $275 
Government agency issued MBS— 2 — 2 
Corporate and other debt— 58 — 58 
Total trading liabilities— 335 — 335 
Other liabilities:
Derivatives, forwards and futures8 — — 8 
Derivatives, interest rate contracts— 922 — 922 
Derivatives, other— 1 27 28 
Total other liabilities8 923 27 958 
Total liabilities$8 $1,258 $27 $1,293 
Schedule 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 years ended December 31, 2023, 2022 and 2021 on a recurring basis are summarized as follows:
Table 8.23.2
CHANGES IN LEVEL 3 ASSETS & LIABILITIES MEASURED AT FAIR VALUE
 Year Ended December 31, 2023 
(Dollars in millions)Interest-only stripsLoans held for saleNet  derivative
liabilities		 
Balance on January 1, 2023$25 $22 $(27)
Total net gains (losses) included in net income(12)4 (15)
Purchases— 3 — 
Sales(54)(3)— 
Settlements— (2)19 
Net transfers into (out of) Level 354 (b)2 — 
Balance on December 31, 2023$13 $26 $(23)
Net unrealized gains (losses) included in net income$(1)(c)$4 (a)$(15)(d)
 Year Ended December 31, 2022 
(Dollars in millions)Interest-only stripsLoans held for sale Net  derivative
liabilities		 
Balance on January 1, 2022$38 $28 $(23)
Total net gains (losses) included in net income(7)— (23)
Purchases— 2 — 
Sales(76)(12)— 
Settlements— (2)19 
Repayments— (1)— 
Net transfers into (out of) Level 370 (b)7 — 
Balance on December 31, 2022$25 $22  $(27)
Net unrealized gains (losses) included in net income$(2)(c)$— (a)$(23)(d)
 Year Ended December 31, 2021
(Dollars in millions)Interest-only stripsLoans held for sale Loans held for investmentNet  derivative
liabilities
Balance on January 1, 2021$32 $12 $16 $(14)
Total net gains (losses) included in net income3 1 — (19)
Purchases— 10 — — 
Sales(68)(18)— — 
Settlements— (3)(2)10 
Net transfers into (out of) Level 371 (b)26 (e)(14)(e)— 
Balance on December 31, 2021$38 $28 $— $(23)
Net unrealized gains (losses) included in net income$(2)(c)$1 (a)$— $(19)(d)
(a)Primarily included in mortgage banking and title income on the Consolidated Statements of Income.
(b)Transfers into interest-only strips level 3 measured on a recurring basis reflect movements from loans held for sale (Level 2 nonrecurring).
(c)Primarily included in fixed income on the Consolidated Statements of Income.
(d)Included in other expense on the Consolidated Statements of Income.
(e)The loans held for investment at fair value option portfolio was transferred to the loans held for sale portfolio on April 1, 2021.
Schedule of Nonrecurring Fair Value Measurements For assets
measured at fair value on a nonrecurring basis which were still held on the Consolidated Balance Sheets at December 31, 2023, 2022 and 2021, respectively, the following table provides the level of valuation assumptions used to determine each adjustment and the related carrying value.
Table 8.23.3
LEVEL OF VALUATION ASSUMPTIONS FOR ASSETS
MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS
 Carrying value at December 31, 2023Year Ended December 31, 2023
(Dollars in millions)Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $406 $— $406 $(3)
Loans and leases (a)— — 245 245 (42)
OREO (b)— — 4 4 — 
Other assets (c)— — 90 90 (7)
$(52)
 Carrying value at December 31, 2022Year Ended December 31, 2022
(Dollars in millions)Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $506 $— $506 $(3)
Loans and leases (a)— — 135 135 (19)
OREO (b)— — 3 3 — 
Other assets (c)— — 91 91 (10)
$(32)
 Carrying value at December 31, 2021Year Ended December 31, 2021
(Dollars in millions) Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $852 $1 $853 $(2)
Loans held for sale—first mortgages— — 1 1 — 
Loans and leases (a)— — 84 84 (13)
OREO (b)— — 3 3 (1)
Other assets (c)— — 80 80 (7)
$(23)
(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.
Schedule of Unobservable Inputs Utilized In Determining The Fair Value of Level 3 Recurring And Non-Recurring Measurements
Level 3 Measurements
The following table provides information regarding the unobservable inputs utilized in determining the fair value of Level 3 recurring and non-recurring measurements as of December 31, 2023 and 2022:

Table 8.23.4
UNOBSERVABLE INPUTS USED IN LEVEL 3 FAIR VALUE MEASUREMENTS
(Dollars in millions)Values Utilized
Level 3 ClassFair Value at December 31, 2023Valuation TechniquesUnobservable InputRangeWeighted Average (d)
Trading securities - SBA interest-only strips$13 Discounted cash flowConstant prepayment rate
14% - 15%
14%
Bond equivalent yield
18% - 21%
18%
Loans held for sale - residential real estate$26 Discounted cash flowPrepayment speeds - First mortgage
2% - 7%
3%
Foreclosure losses
64% - 68%
65%
Loss severity trends - First mortgage
0% - 3% of UPB
2%
Derivative liabilities, other$23 Discounted cash flowVisa covered litigation resolution amount
$5.7 billion - $6.7 billion
$6.3 billion
Probability of resolution scenarios
10% - 25%
18%
 Time until resolution
6 - 36 months
24 months
Loans and leases (a)$245 Appraisals from comparable propertiesMarketability adjustments for specific properties
0% - 25% of appraisal
NM
Other collateral valuationsBorrowing base certificates liquidation adjustment
25% - 50% of gross value
NM
 Financial Statements liquidation adjustment
50% - 100% of reported value
NM
Auction appraisals marketability adjustment
0% - 10% of reported value
NM
OREO (b)$4 Appraisals from comparable propertiesAdjustment for value changes since appraisal
0% - 10% of appraisal
NM
Other assets (c)$90 Discounted cash flowAdjustments to current sales yields for specific properties
0% - 15% adjustment to yield
NM
  Appraisals from comparable propertiesMarketability 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 millions)Values Utilized
Level 3 ClassFair Value at December 31, 2022Valuation TechniquesUnobservable InputRangeWeighted Average (d)
Trading securities - SBA interest-only strips$25 Discounted cash flowConstant prepayment rate
12% - 13%
12%
Bond equivalent yield
17%
17%
Loans held for sale - residential real estate$22 Discounted cash flowPrepayment speeds - First mortgage
2% - 8%
3%
Foreclosure losses
63% - 75%
65%
Loss severity trends - First mortgage
0% - 11% of UPB
5%
Derivative liabilities, other$27 Discounted cash flowVisa covered litigation resolution amount
$5.6 billion - $6.0 billion
$5.9 billion
Probability of resolution scenarios
5% - 25%
20%
Time until resolution
12 - 42 months
28 months
Loans and leases (a)$135 Appraisals from comparable propertiesMarketability adjustments for specific properties
0% - 10% of appraisal
NM
Other collateral valuationsBorrowing base certificates adjustment
20% - 50% of gross value
NM
Financial Statements/Auction values adjustment
0% - 25% of reported value
NM
OREO (b)$3 Appraisals from comparable propertiesAdjustment for value changes since appraisal
0% - 10% of appraisal
NM
Other assets (c)$91 Discounted cash flowAdjustments to current sales yields for specific properties
0% - 15% adjustment to yield
NM
Appraisals from comparable propertiesMarketability 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.
Schedule of Differences Between The Fair Value Carrying Amount of Mortgages Held-For-Sale and Aggregate Unpaid Principal Amount
The following table reflects 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.
Table 8.23.5

DIFFERENCES BETWEEN FAIR VALUE CARRYING AMOUNTS AND CONTRACTUAL AMOUNTS OF RESIDENTIAL REAL ESTATE LOANS REPORTED AT FAIR VALUE
 December 31, 2023
(Dollars in millions)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$68 $73 $(5)
Nonaccrual loans2 5 (3)
Loans 90 days or more past due and still accruing1 1 — 
 December 31, 2022
(Dollars in millions)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$51 $58 $(7)
Nonaccrual loans5 8 (3)
Loans 90 days or more past due and still accruing1 1 — 
Schedule of 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:
Table 8.23.6
CHANGES IN FAIR VALUE RECOGNIZED IN NET INCOME
 Year Ended December 31,
(Dollars in millions)202320222021
Changes in fair value included in net income:
Mortgage banking and title noninterest income
Loans held for sale$1 $(9)$(10)
Schedule 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 December 31, 2023 and December 31, 2022:
BOOK VALUE AND ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS
December 31, 2023
 Book
Value		Fair Value
(Dollars in millions) Level 1Level 2Level 3Total
Assets:
Loans and leases, net of allowance for loan and lease losses
Commercial:
Commercial, financial and industrial$32,294 $— $— $31,678 $31,678 
Commercial real estate14,044 — — 13,832 13,832 
Consumer:
Consumer real estate 13,417 — — 12,616 12,616 
Credit card and other764 — — 742 742 
Total loans and leases, net of allowance for loan and lease losses60,519 — — 58,868 58,868 
Short-term financial assets:
Interest-bearing deposits with banks1,328 1,328 — — 1,328 
Federal funds sold200 — 200 — 200 
Securities purchased under agreements to resell519 — 519 — 519 
Total short-term financial assets2,047 1,328 719 — 2,047 
Trading securities (a)1,412 — 1,399 13 1,412 
Loans held for sale:
Mortgage loans (elected fair value) (a)68 — 42 26 68 
USDA & SBA loans - LOCOM406 — 407 — 407 
Mortgage loans - LOCOM28 — — 28 28 
Total loans held for sale502 — 449 54 503 
Securities available for sale (a) 8,391 — 8,391 — 8,391 
Securities held to maturity1,323 — 1,161 — 1,161 
Derivative assets (a)577 9 568 — 577 
Other assets:
Tax credit investments665 — — 653 653 
Deferred compensation mutual funds102 102 — — 102 
Equity, mutual funds, and other (b)261 34 — 227 261 
Total other assets1,028 136 — 880 1,016 
Total assets$75,799 $1,473 $12,687 $59,815 $73,975 
Liabilities:
Defined maturity deposits$6,804 $— $6,851 $— $6,851 
Trading liabilities (a)509 — 509 — 509 
Short-term financial liabilities:
Federal funds purchased302 — 302 — 302 
Securities sold under agreements to repurchase1,921 — 1,921 — 1,921 
Other short-term borrowings326 — 326 — 326 
Total short-term financial liabilities2,549 — 2,549 — 2,549 
Term borrowings:
Real estate investment trust-preferred47 — — 47 47 
Term borrowings—new market tax credit investment65 — — 60 60 
Secured borrowings3 — — 3 3 
Junior subordinated debentures150 — — 150 150 
Other long-term borrowings885 — 824 — 824 
Total term borrowings1,150 — 824 260 1,084 
Derivative liabilities (a)699 10 666 23 699 
Total liabilities$11,711 $10 $11,399 $283 $11,692 
(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 $24 million and FRB stock of $203 million.
 December 31, 2022
 Book
Value		Fair Value
(Dollars in millions)Level 1Level 2Level 3Total
Assets:
Loans and leases, net of allowance for loan and lease losses
Commercial:
Commercial, financial and industrial$31,473 $— $— $31,329 $31,329 
Commercial real estate13,082 — — 12,909 12,909 
Consumer:
Consumer real estate12,053 — — 11,934 11,934 
Credit card and other809 — — 810 810 
Total loans and leases, net of allowance for loan and lease losses57,417 — — 56,982 56,982 
Short-term financial assets:
Interest-bearing deposits with banks1,384 1,384 — — 1,384 
Federal funds sold129 — 129 — 129 
Securities purchased under agreements to resell353 — 353 — 353 
Total short-term financial assets1,866 1,384 482 — 1,866 
Trading securities (a)1,375 — 1,350 25 1,375 
Loans held for sale:
Mortgage loans (elected fair value) (a)51 — 29 22 51 
USDA & SBA loans - LOCOM506 — 512 — 512 
Mortgage loans - LOCOM33 — — 33 33 
Total loans held for sale590 — 541 55 596 
Securities available for sale (a)8,836 — 8,836 — 8,836 
Securities held to maturity1,371 — 1,209 — 1,209 
Derivative assets (a)460 9 451 — 460 
Other assets:
Tax credit investments547 — — 542 542 
Deferred compensation mutual funds112 112 — — 112 
Equity, mutual funds, and other (b)275 22 — 253 275 
Total other assets934 134 — 795 929 
Total assets$72,849 $1,527 $12,869 $57,857 $72,253 
Liabilities:
Defined maturity deposits$2,887 $— $2,890 $— $2,890 
Trading liabilities (a)335 — 335 — 335 
Short-term financial liabilities:
Federal funds purchased400 — 400 — 400 
Securities sold under agreements to repurchase1,013 — 1,013 — 1,013 
Other short-term borrowings1,093 — 1,093 — 1,093 
Total short-term financial liabilities2,506 — 2,506 — 2,506 
Term borrowings:
Real estate investment trust-preferred46 — — 47 47 
Term borrowings—new market tax credit investment66 — — 59 59 
Secured borrowings3 — — 3 3 
Junior subordinated debentures148 — — 150 150 
Other long-term borrowings1,334 — 1,301 — 1,301 
Total term borrowings1,597 — 1,301 259 1,560 
Derivative liabilities (a)958 8 923 27 958 
Total liabilities$8,283 $8 $7,955 $286 $8,249 
(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 $50 million and FRB stock of $203 million.
The following table presents the contractual amount and fair value of unfunded loan commitments and standby and other commitments as of December 31, 2023 and December 31, 2022:
Table 8.23.8
UNFUNDED COMMITMENTS
 Contractual AmountFair Value
(Dollars in millions)December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Unfunded Commitments:
Loan commitments$24,579 $25,953 $1 $1 
Standby and other commitments746 754 8 7