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Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023.
Table 8.23.1
BALANCES OF ASSETS & LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
 December 31, 2024
(Dollars in millions)Level 1Level 2Level 3Total
Trading securities:
U.S. treasuries$— $3 $— $3 
Government agency issued MBS— 98 — 98 
Government agency issued CMO— 180 — 180 
Other U.S. government agencies— 252 — 252 
States and municipalities— 64 — 64 
Corporate and other debt— 767 — 767 
SBA interest-only strips— — 23 23 
Total trading securities— 1,364 23 1,387 
Loans held for sale (elected fair value)— 69 16 85 
Securities available for sale:
Government agency issued MBS— 3,702 — 3,702 
Government agency issued CMO— 2,767 — 2,767 
Other U.S. government agencies— 1,073 — 1,073 
States and municipalities— 354 — 354 
Total securities available for sale— 7,896 — 7,896 
Other assets:
Deferred compensation mutual funds111 — — 111 
Equity, mutual funds, and other35 — — 35 
Derivatives, forwards and futures8 — — 8 
Derivatives, interest rate contracts— 522 — 522 
Derivatives, other— 1 — 1 
Total other assets154 523 — 677 
Total assets$154 $9,852 $39 $10,045 
Trading liabilities:
U.S. treasuries$— $440 $— $440 
Other U.S. government agencies— 7 — 7 
Corporate and other debt— 103 — 103 
Total trading liabilities— 550 — 550 
Other liabilities:
Derivatives, forwards and futures6 — — 6 
Derivatives, interest rate contracts— 649 — 649 
Derivatives, other— 1 15 16 
Total other liabilities6 650 15 671 
Total liabilities$6 $1,200 $15 $1,221 
December 31, 2023
(Dollars in millions)Level 1Level 2Level 3Total
Trading securities:
U.S. treasuries$— $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 
SBA interest-only strips— — 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 
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, 2024, 2023 and 2022 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, 2024 
(Dollars in millions)
SBA interest-only strips
Loans held for saleNet  derivative
liabilities		 
Balance on January 1, 2024$13 $26 $(23)
Total net gains (losses) included in net income(5)1 (15)
Purchases— 2 — 
Sales(17)(13)— 
Settlements— (2)23 
Net transfers into (out of) Level 332 (b)2 — 
Balance on December 31, 2024$23 $16 $(15)
Net unrealized gains (losses) included in net income$(2)(c)$1 (a)$(15)(d)
 Year Ended December 31, 2023 
(Dollars in millions)
SBA interest-only strips
Loans held for sale Net  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)
SBA interest-only strips
Loans 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)
(a)Primarily included in mortgage banking income on the Consolidated Statements of Income.
(b)Transfers into Level 3 SBA interest-only strips reflect transfers out of SBA loans held for sale, which are Level 2 assets measured on a nonrecurring basis. Refer to Table 8.23.3.
(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 December 31, 2024, 2023 and 2022, 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 NONRECURRING BASIS
 Carrying value at December 31, 2024Year Ended December 31, 2024
(Dollars in millions)Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $438 $— $438 $(1)
Loans and leases (a)— — 344 344 (73)
OREO (b)— — 3 3 — 
$(74)
 Carrying value at December 31, 2023Year Ended December 31, 2023
(Dollars in millions)Level 1Level 2Level 3TotalNet gains (losses)
Loans held for sale—SBAs and USDA$— $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)
(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 nonrecurring measurements as of December 31, 2024 and 2023.

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, 2024Valuation TechniquesUnobservable InputRangeWeighted Average (c)
Trading securities - SBA interest-only strips$23 Discounted cash flowConstant prepayment rate
16% - 30%
17%
Bond equivalent yield
3% - 18%
17%
Loans held for sale - residential real estate$16 Discounted cash flowPrepayment speeds - First mortgage
2% - 6%
3%
Foreclosure losses
63% - 71%
64%
Loss severity trends - First mortgage
0.0% - 0.2% of UPB
0.1%
Derivative liabilities, other$15 Discounted cash flowVisa covered litigation resolution amount
$3.1 billion - $4.1 billion
$3.8 billion
Probability of resolution scenarios
10% - 25%
18%
 Time until resolution
6 - 36 months
23 months
Loans and leases (a)$344 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)$3 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 (c)
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
0.0% - 2.8% of UPB
1.6%
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 (d)$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)Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value.
(d)Represents tax credit investments accounted for under the equity method.
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 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, 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$85 $89 $(4)
Nonaccrual loans3 5 (2)
 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.
Table 8.23.6
CHANGES IN FAIR VALUE RECOGNIZED IN NET INCOME
 Year Ended December 31,
(Dollars in millions)202420232022
Changes in fair value included in net income:
Mortgage banking noninterest income
Loans held for sale$1 $1 $(9)
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, 2024 and 2023
BOOK VALUE AND ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS
December 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$33,083 $— $— $32,511 $32,511 
Commercial real estate14,194 — — 13,894 13,894 
Consumer:
Consumer real estate 13,826 — — 13,262 13,262 
Credit card and other647 — — 657 657 
Total loans and leases, net of allowance for loan and lease losses61,750 — — 60,324 60,324 
Short-term financial assets:
Interest-bearing deposits with banks1,538 1,538 — — 1,538 
Federal funds sold59 — 59 — 59 
Securities purchased under agreements to resell572 — 572 — 572 
Total short-term financial assets2,169 1,538 631 — 2,169 
Trading securities (a)1,387 — 1,364 23 1,387 
Loans held for sale:
Mortgage loans (elected fair value) (a)85 — 69 16 85 
USDA & SBA loans - LOCOM439 — 439 — 439 
Mortgage loans - LOCOM27 — — 27 27 
Total loans held for sale551 — 508 43 551 
Securities available for sale (a) 7,896 — 7,896 — 7,896 
Securities held to maturity1,270 — 1,083 — 1,083 
Derivative assets (a)531 8 523 — 531 
Other assets:
Tax credit investments706 — — 692 692 
Deferred compensation mutual funds111 111 — — 111 
Equity, mutual funds, and other (b)289 35 — 254 289 
Total other assets1,106 146 — 946 1,092 
Total assets$76,660 $1,692 $12,005 $61,336 $75,033 
Liabilities:
Defined maturity deposits$6,613 $— $6,591 $— $6,591 
Trading liabilities (a)550 — 550 — 550 
Short-term financial liabilities:
Federal funds purchased259 — 259 — 259 
Securities sold under agreements to repurchase2,096 — 2,096 — 2,096 
Other short-term borrowings1,045 — 1,045 — 1,045 
Total short-term financial liabilities3,400 — 3,400 — 3,400 
Term borrowings:
Real estate investment trust-preferred47 — — 47 47 
Term borrowings—new market tax credit investments74 — — 70 70 
Secured borrowings37 — — 37 37 
Junior subordinated debentures151 — — 142 142 
Other long-term borrowings886 — 866 — 866 
Total term borrowings1,195 — 866 296 1,162 
Derivative liabilities (a)671 6 650 15 671 
Total liabilities$12,429 $6 $12,057 $311 $12,374 
(a)Classes are detailed in the recurring measurement table.
(b)Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $51 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 estate13,417 — — 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 investments65 — — 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 measurement table.
(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 December 31, 2024 and 2023.
Table 8.23.8
UNFUNDED COMMITMENTS
 Contractual AmountFair Value
(Dollars in millions)December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Unfunded Commitments:
Loan commitments$20,992 $24,579 $1 $1 
Standby and other commitments753 746 9 8