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Business Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Financial Information
The following tables present financial information for each reportable business segment for the three and nine months ended September 30, 2024 and 2023:
SEGMENT FINANCIAL INFORMATION
Three Months Ended September 30, 2024
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Net interest income (expense)$517 $166 $(56)$627 
Provision for credit losses33 3 (1)35 
Noninterest income114 67 19 200 
Noninterest expense (a)329 104 78 511 
Income (loss) before income taxes269 126 (114)281 
Income tax expense (benefit)63 31 (36)58 
Net income (loss)$206 $95 $(78)$223 
Average assets$43,425 $24,945 $13,996 $82,366 

Three Months Ended September 30, 2023
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Net interest income (expense)$558 $160 $(113)$605 
Provision for credit losses113 2 (5)110 
Noninterest income106 49 18 173 
Noninterest expense (a)310 96 68 474 
Income (loss) before income taxes241 111 (158)194 
Income tax expense (benefit) (b)56 27 (31)52 
Net income (loss)$185 $84 $(127)$142 
Average assets$43,249 $24,084 $15,887 $83,220 
(a)2024 includes $15 million in derivative valuation adjustments related to prior Visa Class B share sales, $2 million of restructuring costs, and a $2 million FDIC special assessment expense credit in the Corporate segment. 2023 includes $10 million of restructuring costs in the Corporate segment.
(b)2023 includes $24 million in expense related to the surrender of bank-owned life insurance policies and an $11 million benefit from merger-related tax items in the Corporate segment.
Nine Months Ended September 30, 2024
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Net interest income (expense)$1,572 $476 $(167)$1,881 
Provision for credit losses119 26 (5)140 
Noninterest income328 203 50 581 
Noninterest expense (a)986 311 230 1,527 
Income (loss) before income taxes795 342 (342)795 
Income tax expense (benefit)185 83 (97)171 
Net income (loss)$610 $259 $(245)$624 
Average assets$43,344 $24,432 $14,003 $81,779 
Nine Months Ended September 30, 2023
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Net interest income (expense)$1,705 $467 $(249)$1,923 
Provision for credit losses184 35 (9)210 
Noninterest income (b)316 156 273 745 
Noninterest expense (a)937 292 279 1,508 
Income (loss) before income taxes900 296 (246)950 
Income tax expense (benefit) (c)210 72 (59)223 
Net income (loss)$690 $224 $(187)$727 
Average assets$42,285 $23,353 $15,833 $81,471 
(a)2024 includes $15 million in derivative valuation adjustments related to prior Visa Class B share sales, $10 million in restructuring costs and a net FDIC special assessment of $10 million in the Corporate segment. 2023 includes $10 million of restructuring costs, a $50 million contribution to the First Horizon Foundation, $15 million in derivative valuation adjustments related to prior Visa Class B share sales and $51 million in merger and integration expenses related to the TD Transaction in the Corporate segment.
(b)2023 includes a $225 million gain on merger termination in the Corporate segment.
(c)2023 includes $24 million in expense related to the surrender of bank-owned life insurance policies and an $11 million benefit from merger-related tax items in the Corporate segment.
The following tables reflect a disaggregation of FHN’s noninterest income by major product line and reportable segment for the three and nine months ended September 30, 2024 and 2023:

NONINTEREST INCOME DETAIL BY SEGMENT
Three Months Ended September 30, 2024
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Noninterest income:
Fixed income (a)$— $47 $— $47 
Deposit transactions and cash management40 3 2 45 
Brokerage, management fees and commissions27 — — 27 
Card and digital banking fees17 — 2 19 
Other service charges and fees6 7 — 13 
Trust services and investment management12 — — 12 
Mortgage banking income— 8 1 9 
Securities gains (losses), net (b)— — 1 1 
Other income (c)12 2 13 27 
Total noninterest income$114 $67 $19 $200 
Three Months Ended September 30, 2023
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Noninterest income:
Fixed income (a)$— $28 $— $28 
Deposit transactions and cash management41 3 2 46 
Brokerage, management fees and commissions21 — — 21 
Card and digital banking fees18 1 1 20 
Other service charges and fees6 8 — 14 
Trust services and investment management12 — — 12 
Mortgage banking income— 7 — 7 
Other income (c)8 2 15 25 
Total noninterest income$106 $49 $18 $173 
(a)2024 and 2023 include $11 million and $13 million, respectively, of underwriting, portfolio advisory, and other noninterest income in scope of ASC 606, "Revenue from Contracts with Customers."
(b)Represents noninterest income excluded from the scope of ASC 606. Amount is presented for informational purposes to reconcile total noninterest income.
(c)Includes letter of credit fees and insurance commissions in scope of ASC 606.
Nine Months Ended September 30, 2024
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Noninterest income:
Fixed income (a)$— $138 $— $138 
Deposit transactions and cash management119 9 6 134 
Brokerage, management fees and commissions76 — — 76 
Card and digital banking fees51 2 5 58 
Other service charges and fees18 22 — 40 
Trust services and investment management36 — — 36 
Mortgage banking income— 27 1 28 
Securities gains (losses), net (b)— — 2 2 
Other income (c)28 5 36 69 
Total noninterest income$328 $203 $50 $581 
Nine Months Ended September 30, 2023
(Dollars in millions)Regional BankingSpecialty BankingCorporateConsolidated
Noninterest income:
Fixed income (a)$— $98 $(1)$97 
Deposit transactions and cash management118 9 6 133 
Brokerage, management fees and commissions66 — — 66 
Card and digital banking fees54 2 5 61 
Other service charges and fees18 23 — 41 
Trust services and investment management35 — — 35 
Mortgage banking income— 18 — 18 
Gain on merger termination— — 225 225 
Securities gains (losses), net (b)— — 1 1 
Other income (c)25 6 37 68 
Total noninterest income$316 $156 $273 $745 
(a)2024 and 2023 include $31 million and $32 million, respectively, 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 letter of credit fees and insurance commissions in scope of ASC 606.