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Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting, Measurement Disclosures [Abstract]  
Schedule of Segment Financial Information
The following table presents financial information for each reportable business segment for the years ended December 31.
Table 8.19.1
SEGMENT FINANCIAL INFORMATION
2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$3,538 $530 $284 $4,352 
Interest expense1,413 125 303 1,841 
Funds transfer pricing418 (211)(207)— 
Net interest income (expense)2,543 194 (226)2,511 
Noninterest income (a)461 230 (12)679 
Total revenues3,004 424 (238)3,190 
Noninterest expense (c)(d)1,417 299 319 2,035 
Pre-provision net revenue (f)1,587 125 (557)1,155 
Provision for credit losses158 3 (11)150 
Income (loss) before income taxes1,429 122 (546)1,005 
Income tax expense (benefit)337 29 (155)211 
Net income (loss)$1,092 $93 $(391)$794 
Average assets$59,402 $8,209 $14,211 $81,822 
Depreciation and amortization37 7 57 101 
Expenditures for long-lived assets26 1 18 45 
2023
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$3,286 $478 $336 $4,100 
Interest expense1,115 100 345 1,560 
Funds transfer pricing523 (195)(328)— 
Net interest income (expense)2,694 183 (337)2,540 
Noninterest income (a)448 174 305 927 
Total revenues3,142 357 (32)3,467 
Noninterest expense (b)(c)(d)1,370 276 433 2,079 
Pre-provision net revenue (f)1,772 81 (465)1,388 
Provision for credit losses260 15 (15)260 
Income (loss) before income taxes1,512 66 (450)1,128 
Income tax expense (benefit) (e)357 16 (161)212 
Net income (loss)$1,155 $50 $(289)$916 
Average assets$58,126 $7,583 $15,974 $81,683 
Depreciation and amortization34 7 61 102 
Expenditures for long-lived assets16 1 17 34 
2022
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$2,053 $339 $291 $2,683 
Interest expense156 47 88 291 
Funds transfer pricing368 (39)(329)— 
Net interest income (expense)2,265 253 (126)2,392 
Noninterest income (a)477 259 79 815 
Total revenues2,742 512 (47)3,207 
Noninterest expense (b)(d)1,309 344 300 1,953 
Pre-provision net revenue (f)1,433 168 (347)1,254 
Provision for credit losses85 11 (1)95 
Income (loss) before income taxes1,348 157 (346)1,159 
Income tax expense (benefit)319 38 (110)247 
Net income (loss)$1,029 $119 $(236)$912 
Average assets$52,771 $9,172 $22,274 $84,217 
Depreciation and amortization(1)6 80 85 
Expenditures for long-lived assets15 10 (1)24 
(a)2024 includes a $91 million loss on securities following the restructuring of a portion of the AFS securities portfolio. 2023 includes a $225 million gain on merger termination and a $6 million loss on equities valuation adjustments in the Corporate segment and a $9 million gain on an FHN Financial asset disposition in the Wholesale segment. 2022 includes a $12 million gain on sale of mortgage servicing rights in the Wholesale segment and a $22 million gain related to the sale of the title insurance business, a $10 million gain on equity securities and a $6 million gain related to a fintech investment in the Corporate segment.
(b)2023 includes $51 million in merger and integration expenses related to the TD Transaction in the Corporate Segment. 2022 includes $136 million in merger and integration expenses related to the IBKC merger and TD Transaction in the Corporate segment.
(c)2024 includes $14 million of restructuring costs and an FDIC special assessment of $9 million in the Corporate segment. 2023 includes $10 million of restructuring costs, an FDIC special assessment of $68 million, and a $50 million contribution to the First Horizon Foundation in the Corporate segment.
(d)2024, 2023, and 2022 include $15 million, $15 million and $22 million, respectively, in derivative valuation adjustments related to prior Visa Class B share sales in the Corporate segment.
(e)2023 includes $24 million in expense related to the surrender of bank-owned life insurance policies and a $59 million benefit from merger-related tax items in the Corporate segment.
(f)Pre-provision net revenue is a non-GAAP measure and is reconciled to income (loss) before income taxes (GAAP) in this table.
The following table presents a disaggregation of FHN’s noninterest income by major product line and reportable segment for the years ended December 31, 2024, 2023, and 2022.
Table 8.19.2
NONINTEREST INCOME DETAIL BY SEGMENT
December 31, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $187 $— $187 
Deposit transactions and cash management163 4 9 176 
Brokerage, management fees and commissions101 — — 101 
Card and digital banking fees67 — 10 77 
Other service charges and fees48 2 1 51 
Trust services and investment management48 — — 48 
Mortgage banking income
1 33 1 35 
Securities gains (losses), net (b)— — (89)(89)
Other income (c)33 4 56 93 
     Total noninterest income$461 $230 $(12)$679 
December 31, 2023
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $134 $(1)$133 
Deposit transactions and cash management165 4 10 179 
Brokerage, management fees and commissions90 — — 90 
Card and digital banking fees67 — 10 77 
Other service charges and fees51 3 — 54 
Trust services and investment management47 — — 47 
Mortgage banking income
1 21 1 23 
Gain on merger termination— — 225 225 
Securities gains (losses), net (b)— — (4)(4)
Other income (c)27 12 64 103 
     Total noninterest income$448 $174 $305 $927 
December 31, 2022
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $205 $— $205 
Deposit transactions and cash management161 3 7 171 
Brokerage, management fees and commissions92 — — 92 
Card and digital banking fees72 — 12 84 
Other service charges and fees49 3 2 54 
Trust services and investment management48 — — 48 
Mortgage banking income
22 46 — 68 
Securities gains (losses), net (b)— — 18 18 
Other income (c)33 2 40 75 
     Total noninterest income$477 $259 $79 $815 
(a)2024, 2023, and 2022 include $42 million, $42 million, and $43 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.
The following table presents a disaggregation of FHN’s noninterest expense by major product line and reportable segment for the years ended December 31, 2024, 2023, and 2022.
Table 8.19.3
NONINTEREST EXPENSE DETAIL BY SEGMENT
December 31, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$540 $196 $401 $1,137 
Net occupancy expense76 9 45 130 
Computer software25 6 90 121 
Operations services18 22 54 94 
Deposit insurance expense— — 64 64 
Legal and professional fees11 3 50 64 
Contract employment and outsourcing5 3 43 51 
Advertising and public relations7 1 40 48 
Amortization of intangible assets39 2 3 44 
Equipment expense11 2 29 42 
Communications and delivery10 3 19 32 
Contributions2 — 16 18 
Other expense75 22 93 190 
Cost allocations598 30 (628)— 
Total noninterest expense$1,417 $299 $319 $2,035 
December 31, 2023
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$526 $179 $395 $1,100 
Net occupancy expense72 9 42 123 
Computer software21 5 85 111 
Operations services20 25 42 87 
Deposit insurance expense— — 122 122 
Legal and professional fees10 3 36 49 
Contract employment and outsourcing6 4 39 49 
Advertising and public relations7 1 63 71 
Amortization of intangible assets43 1 3 47 
Equipment expense13 1 28 42 
Communications and delivery10 5 20 35 
Contributions2 — 59 61 
Other expense71 20 91 182 
Cost allocations569 23 (592)— 
Total noninterest expense$1,370 $276 $433 $2,079 
December 31, 2022
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$516 $240 $345 $1,101 
Net occupancy expense72 11 45 128 
Computer software27 4 82 113 
Operations services21 22 44 87 
Deposit insurance expense— — 32 32 
Legal and professional fees11 3 48 62 
Contract employment and outsourcing6 5 43 54 
Advertising and public relations6 1 43 50 
Amortization of intangible assets46 2 3 51 
Equipment expense14 1 30 45 
Communications and delivery9 6 22 37 
Contributions2 — 5 7 
Other expense68 29 89 186 
Cost allocations511 20 (531)— 
Total noninterest expense$1,309 $344 $300 $1,953