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Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:
BALANCES OF ASSETS & LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
 March 31, 2024
(Dollars in millions)Level 1Level 2Level 3Total
Trading securities:
U.S. treasuries$— $6 $— $6 
Government agency issued MBS— 78 — 78 
Government agency issued CMO— 178 — 178 
Other U.S. government agencies— 233 — 233 
States and municipalities— 21 — 21 
Corporate and other debt— 626 — 626 
Interest-only strips (elected fair value)— — 19 19 
Total trading securities— 1,142 19 1,161 
Loans held for sale (elected fair value)— 70 14 84 
Securities available for sale:
Government agency issued MBS— 4,351 — 4,351 
Government agency issued CMO— 2,085 — 2,085 
Other U.S. government agencies— 1,133 — 1,133 
States and municipalities— 579 — 579 
Total securities available for sale— 8,148 — 8,148 
Other assets:
Deferred compensation mutual funds107 — — 107 
Equity, mutual funds, and other34 — — 34 
Derivatives, forwards and futures5 — — 5 
Derivatives, interest rate contracts— 645 — 645 
Total other assets146 645 — 791 
Total assets$146 $10,005 $33 $10,184 
Trading liabilities:
U.S. treasuries$— $379 $— $379 
Corporate and other debt— 88 — 88 
Total trading liabilities— 467 — 467 
Other liabilities:
Derivatives, forwards and futures4 — — 4 
Derivatives, interest rate contracts— 791 — 791 
Derivatives, other— 1 20 21 
Total other liabilities4 792 20 816 
Total liabilities$4 $1,259 $20 $1,283 
 December 31, 2023
(Dollars in millions)Level 1Level 2Level 3Total
Trading securities:
U.S. treasuries$— $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 
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 March 31, 2024 and 2023 on a recurring basis are summarized as follows:
CHANGES IN LEVEL 3 ASSETS & LIABILITIES MEASURED AT FAIR VALUE
 Three Months Ended March 31, 2024 
(Dollars in millions)Interest-only stripsLoans held
for sale		Net 
derivative
liabilities
Balance on January 1, 2024$13 $26 $(23)
Total net gains (losses) included in net income(1)— — 
Purchases— 1 — 
Sales(2)(13)— 
Settlements— — 3 
Net transfers into (out of) Level 39 (b)— — 
Balance on March 31, 2024$19 $14 $(20)
Net unrealized gains (losses) included in net income$(1)(c)$— (a)$— (d)
 Three Months Ended March 31, 2023 
(Dollars in millions)Interest-only stripsLoans held
for sale		Net 
derivative
liabilities
Balance on January 1, 2023$25  $22 $(27)
Total net gains (losses) included in net income(3) — — 
Purchases— 1 — 
Sales(3)(2)— 
Settlements— — 6 
Net transfers into (out of) Level 39 (b)— — 
Balance on March 31, 2023$28  $21 $(21)
Net unrealized gains (losses) included in net income$(1)(c)$— (a)$— (d)
(a)Primarily included in mortgage banking 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.
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 March 31, 2024, and December 31, 2023, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value.
LEVEL OF VALUATION ASSUMPTIONS FOR ASSETS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS
 Carrying value at March 31, 2024
(Dollars in millions)Level 1Level 2Level 3Total
Loans held for sale—SBAs and USDA$— $284 $— $284 
Loans and leases (a)— — 244 244 
OREO (b)— — 4 4 
 
 Carrying value at December 31, 2023
(Dollars in millions)Level 1Level 2Level 3Total
Loans held for sale—SBAs and USDA$— $406 $— $406 
Loans and leases (a)— — 245 245 
OREO (b)— — 4 4 
Other assets (c)— — 90 90 
(a)Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for credit losses.
(b)Represents the fair value and related losses of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government-insured mortgages.
(c)Represents tax credit investments accounted for under the equity method.
Schedule of Gains/(losses) on Nonrecurring Fair Value Measurements
For assets measured on a nonrecurring basis which were still held on the Consolidated Balance Sheets at period end, the following table provides information about the fair value adjustments recorded during the three months ended March 31, 2024 and 2023:
FAIR VALUE ADJUSTMENTS ON ASSETS MEASURED ON A NONRECURRING BASIS
Net gains (losses)
Three Months Ended March 31,
(Dollars in millions)20242023
Loans held for sale—SBAs and USDA$— $(2)
Loans and leases (a)(31)(12)
Other assets (b)— (1)
$(31)$(15)
(a)Write-downs on these loans are recognized as part of provision for credit losses.
(b)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 table provides information regarding the unobservable inputs utilized in determining the fair value of Level 3 recurring and non-recurring measurements as of March 31, 2024 and December 31, 2023:
UNOBSERVABLE INPUTS USED IN LEVEL 3 FAIR VALUE MEASUREMENTS
(Dollars in millions)Values Utilized
Level 3 ClassFair Value at March 31, 2024Valuation TechniquesUnobservable InputRangeWeighted Average (c)
Trading securities - SBA interest-only strips$19 Discounted cash flowConstant prepayment rate
14% - 20%
14%
Bond equivalent yield
16% - 20%
19%
Loans held for sale - residential real estate$14 Discounted cash flowPrepayment speeds - First mortgage
2% - 6%
3%
Foreclosure losses
63% - 67%
65%
Loss severity trends - First mortgage
0% - 2%
of UPB
1%
Derivative liabilities, other$20 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
3 - 33 months
22 months
Loans and leases (a)$244 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
 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)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, 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.
Summary 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 measured at fair value in accordance with management’s election and the aggregate unpaid principal amount FHN is contractually entitled to receive at maturity.
DIFFERENCES BETWEEN FAIR VALUE CARRYING AMOUNTS AND CONTRACTUAL AMOUNTS OF RESIDENTIAL REAL ESTATE LOANS REPORTED AT FAIR VALUE
 March 31, 2024
(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$84 $89 $(5)
Nonaccrual loans2 5 (3)
 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 — 
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:
CHANGES IN FAIR VALUE RECOGNIZED IN NET INCOME
 Three Months Ended
March 31,
(Dollars in millions)20242023
Changes in fair value included in net income:
Mortgage banking noninterest income
Loans held for sale$1 $1 
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 March 31, 2024 and December 31, 2023:
BOOK VALUE AND ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS
March 31, 2024
 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$32,563 $— $— $31,961 $31,961 
Commercial real estate14,245 — — 13,968 13,968 
Consumer:
Consumer real estate 13,414 — — 12,536 12,536 
Credit card and other744 — — 708 708 
Total loans and leases, net of allowance for loan and lease losses60,966 — — 59,173 59,173 
Short-term financial assets:
Interest-bearing deposits with banks1,885 1,885 — — 1,885 
Federal funds sold364 — 364 — 364 
Securities purchased under agreements to resell453 — 453 — 453 
Total short-term financial assets2,702 1,885 817 — 2,702 
Trading securities (a)1,161 — 1,142 19 1,161 
Loans held for sale:
Mortgage loans (elected fair value) (a)84 — 70 14 84 
USDA & SBA loans - LOCOM284 — 284 — 284 
Mortgage loans - LOCOM27 — — 27 27 
Total loans held for sale395 — 354 41 395 
Securities available for sale (a)8,148 — 8,148 — 8,148 
Securities held to maturity1,311 — 1,131 — 1,131 
Derivative assets (a)650 5 645 — 650 
Other assets:
Tax credit investments662 — — 652 652 
Deferred compensation mutual funds107 107 — — 107 
Equity, mutual funds, and other (b)268 34 — 234 268 
Total other assets1,037 141 — 886 1,027 
Total assets$76,370 $2,031 $12,237 $60,119 $74,387 
Liabilities:
Defined maturity deposits$6,297 $— $6,333 $— $6,333 
Trading liabilities (a)467 — 467 — 467 
Short-term financial liabilities:
Federal funds purchased309 — 309 — 309 
Securities sold under agreements to repurchase1,828 — 1,828 — 1,828 
Other short-term borrowings566 — 566 — 566 
Total short-term financial liabilities2,703 — 2,703 — 2,703 
Term borrowings:
Real estate investment trust-preferred47 — — 47 47 
Term borrowings—new market tax credit investment76 — — 71 71 
Secured borrowings6 — — 6 6 
Junior subordinated debentures150 — — 150 150 
Other long-term borrowings886 — 843 — 843 
Total term borrowings1,165 — 843 274 1,117 
Derivative liabilities (a)816 4 792 20 816 
Total liabilities$11,448 $4 $11,138 $294 $11,436 
(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 $31 million and FRB stock of $203 million.
 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 $— $— $31,673 $31,673 
Commercial real estate14,044 — — 13,831 13,831 
Consumer:
Consumer real estate 13,417 — — 12,605 12,605 
Credit card and other764 — — 742 742 
Total loans and leases, net of allowance for loan and lease losses60,519 — — 58,851 58,851 
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 $59,798 $73,958 
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.
The following table presents the contractual amount and fair value of unfunded loan commitments and standby and other commitments as of March 31, 2024 and December 31, 2023:
UNFUNDED COMMITMENTS
 Contractual AmountFair Value
(Dollars in millions)March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Unfunded Commitments:
Loan commitments$23,227 $24,579 $1 $1 
Standby and other commitments780 746 7 8