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Business Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
During fourth quarter 2024, FHN reorganized its internal management structure and, accordingly, reclassified its reportable business segments. Prior to the 2024 reclassification, FHN's reportable segments were: (1) Regional Banking, (2) Specialty Banking, and (3) Corporate. As a result of the 2024 reclassification, FHN revised its reportable segments as described below. Segment information for periods prior to fourth quarter 2024 has been reclassified to conform to the current period presentation.
FHN's operating segments are composed of the following:
•Commercial, Consumer & Wealth segment offers financial products and services, including traditional lending and deposit taking, to commercial and consumer clients primarily in the southern U.S. and other selected markets. Commercial, Consumer & Wealth also consists of lines of business that deliver product offerings and services with niche industry knowledge including asset-based lending, commercial real estate, equipment finance/leasing, energy, international banking, healthcare, and transportation and logistics. Additionally, Commercial, Consumer & Wealth provides investment, wealth management, financial planning, trust and asset management services for consumer clients as well as delivering treasury management solutions, loan syndications, and corporate banking services.
•Wholesale segment consists of lines of business that deliver product offerings and services with differentiated industry knowledge. Wholesale’s lines of business include mortgage warehouse lending, franchise finance, correspondent banking, and mortgage. Additionally, Wholesale has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.
•Corporate segment consists primarily of corporate support functions including risk management, audit, accounting, finance, executive office, and corporate communications. Shared support services such as human resources, marketing, properties, technology, credit risk and bank operations are allocated to the activities of Commercial, Consumer & Wealth, Wholesale, and Corporate. Additionally, the Corporate segment includes centralized management of capital and funding to support the business activities of the company including management of balance sheet funding, liquidity, and capital management and allocation. The Corporate segment also includes the revenue and expense associated with run-off businesses such as pre-2009 mortgage banking
elements, run-off consumer and trust preferred loan portfolios, and other exited businesses.
Basis of Presentation
Results of individual segments are presented based on FHN's internal management reporting practices. There is no comprehensive, authoritative body of guidance for management accounting equivalent to GAAP; therefore, the financial results of FHN's individual segments are not necessarily comparable with similar information for any other company.
Periodically, FHN adapts its segments to reflect managerial or strategic changes. FHN may also modify its methodology of allocating expenses and equity among segments, which could change historical segment results. Business segment revenue, expense, asset, and equity levels reflect those which are specifically identifiable, or which are allocated based on an internal allocation method. Because the allocations are based on internally developed assignments and allocations, to an extent they are subjective. Generally, all assignments and allocations have been consistently applied for all periods presented.
Funds Transfer Pricing
Net interest income in segment results reflects FHN's internal funds transfer pricing methodology which is designed to consider interest rate and liquidity risks. Under this methodology, assets receive a funding charge while liabilities and capital receive a funding credit based on market interest rates, product characteristics, and other factors.
The transfer pricing framework considers the application of funding curves and methodologies consistently across the balance sheet. A residual gain or loss from funds transfer pricing operations is retained within Corporate.
Segment Allocations
Financial results are presented, to the extent practicable, as if each segment operated on a stand-alone basis and include expense allocations for corporate overhead services used by the segments.
FHN has allocated the ALLL and the reserve for unfunded lending commitments based on the loan exposures within each segment’s portfolio.
The Company's Chief Operating Decision Maker ("CODM") is comprised of the chief executive officer and segment leadership.
For both the Commercial, Consumer & Wealth and Wholesale segments, the CODM uses both Pre-Provision Net Revenue ("PPNR") and Pre-Tax Net Income ("PTNI") to evaluate performance and allocate resources. The measure of PPNR focuses on the Company's primary businesses principally by excluding the volatility
associated with credit risk estimates due to the CECL life-of-loan estimation requirement, which is highly sensitive to changes in economic forecasts. PPNR also represents a metric utilized by regulatory agencies in stress testing assessments. PTNI is used to incorporate credit risk estimates for a holistic view of pre-tax results in the evaluation of segment performance.
For the Corporate segment, the CODM uses after-tax income to evaluate performance and allocate resources.
After-tax income is most relevant for the Corporate segment because of minimal credit risk and inclusion of the impacts from all consolidated tax matters, which are not allocated, in addition to all other methodologies affecting pre-tax income among reported segments (e.g., FTP and cost allocations).
The following tables present financial information for each reportable business segment for the three and six months ended June 30, 2025 and 2024.
SEGMENT FINANCIAL INFORMATION
Three Months Ended June 30, 2025
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$826 $140 $78 $1,044 
Interest expense295 26 82 403 
Funds transfer pricing102 (56)(46)— 
Net interest income (expense)633 58 (50)641 
Noninterest income113 53 23 189 
Total revenues746 111 (27)830 
Noninterest expense (a)354 76 61 491 
Pre-provision net revenue (b)392 35 (88)339 
Provision for credit losses13 6 11 30 
Income (loss) before income taxes379 29 (99)309 
Income tax expense (benefit)90 7 (33)64 
Net income (loss)$289 $22 $(66)$245 
Average assets$58,737 $9,308 $13,913 $81,958 
Depreciation and amortization7 2 11 20 
Expenditures for long-lived assets5 — 2 7 
Three Months Ended June 30, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$894 $131 $68 $1,093 
Interest expense352 34 78 464 
Funds transfer pricing95 (50)(45)— 
Net interest income (expense)637 47 (55)629 
Noninterest income115 53 18 186 
Total revenues752 100 (37)815 
Noninterest expense (a)357 73 70 500 
Pre-provision net revenue (b)395 27 (107)315 
Provision for credit losses56 1 (2)55 
Income (loss) before income taxes339 26 (105)260 
Income tax expense (benefit)80 6 (30)56 
Net income (loss)$259 $20 $(75)$204 
Average assets$59,684 $8,021 $14,016 $81,721 
Depreciation and amortization3 2 15 20 
Expenditures for long-lived assets8 — 4 12 
(a)2025 includes an FDIC special assessment expense credit of $1 million and a $4 million expense credit related to an accrual release in deferred compensation in the Corporate segment. 2024 includes $3 million of restructuring costs and an FDIC special assessment of $2 million in the Corporate segment.
(b)Pre-provision net revenue is a non-GAAP measure and is reconciled to income (loss) before income taxes (GAAP) in this table.
Six Months Ended June 30, 2025
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$1,639 $264 $155 $2,058 
Interest expense585 55 146 786 
Funds transfer pricing204 (103)(101)— 
Net interest income (expense)1,258 106 (92)1,272 
Noninterest income223 113 34 370 
Total revenues1,481 219 (58)1,642 
Noninterest expense (a)698 151 129 978 
Pre-provision net revenue (b)783 68 (187)664 
Provision for credit losses51 9 10 70 
Income (loss) before income taxes732 59 (197)594 
Income tax expense (benefit)174 14 (61)127 
Net income (loss)$558 $45 $(136)$467 
Average assets$58,727 $8,903 $13,834 $81,464 
Depreciation and amortization17 4 20 41 
Expenditures for long-lived assets10 1 5 16 
Six Months Ended June 30, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Interest income$1,776 $246 $143 $2,165 
Interest expense703 65 144 912 
Funds transfer pricing190 (93)(97)— 
Net interest income (expense)1,263 88 (98)1,253 
Noninterest income225 115 41 381 
Total revenues1,488 203 (57)1,634 
Noninterest expense (a)704 148 163 1,015 
Pre-provision net revenue (b)784 55 (220)619 
Provision for credit losses100 8 (3)105 
Income (loss) before income taxes684 47 (217)514 
Income tax expense (benefit)161 11 (59)113 
Net income (loss)$523 $36 $(158)$401 
Average assets$59,516 $7,584 $14,382 $81,482 
Depreciation and amortization18 4 29 51 
Expenditures for long-lived assets11 — 10 21 
(a)2025 includes a $4 million expense credit related to an accrual release in deferred compensation, and $5 million in derivative valuation adjustments related to prior Visa Class B share sales in the Corporate segment. 2024 includes $9 million in restructuring costs and an FDIC special assessment of $12 million in the Corporate segment.
(b)Pre-provision net revenue is a non-GAAP measure and is reconciled to income (loss) before income taxes (GAAP) in this table.
The following tables reflect a disaggregation of FHN’s noninterest income by major product line and reportable segment for the three and six months ended June 30, 2025 and 2024.

NONINTEREST INCOME DETAIL BY SEGMENT
Three Months Ended June 30, 2025
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $42 $— $42 
Deposit transactions and cash management39 — 2 41 
Brokerage, management fees and commissions26 — — 26 
Card and digital banking fees16 — 3 19 
Other service charges and fees13 1 — 14 
Trust services and investment management12 — 1 13 
Mortgage banking income— 10 — 10 
Other income (c)7 — 17 24 
Total noninterest income$113 $53 $23 $189 
Three Months Ended June 30, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $40 $— $40 
Deposit transactions and cash management41 1 2 44 
Brokerage, management fees and commissions25 — — 25 
Card and digital banking fees17 — 3 20 
Other service charges and fees12 2 — 14 
Trust services and investment management12 — — 12 
Mortgage banking income— 10 — 10 
Securities gains (losses), net (b)— — 1 1 
Other income (c)8 — 12 20 
Total noninterest income$115 $53 $18 $186 
(a)2025 and 2024 each include $9 million of underwriting, portfolio advisory, and other noninterest income in scope of ASC 606, "Revenue from Contracts with Customers."
(b)Represents noninterest income excluded from the scope of ASC 606. Amount is presented for informational purposes to reconcile total noninterest income.
(c)Includes letter of credit fees and insurance commissions in scope of ASC 606.
Six Months Ended June 30, 2025
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $91 $— $91 
Deposit transactions and cash management76 1 4 81 
Brokerage, management fees and commissions52 — — 52 
Card and digital banking fees32 — 5 37 
Other service charges and fees25 1 — 26 
Trust services and investment management24 — 1 25 
Mortgage banking income— 18 — 18 
Other income (c)14 2 24 40 
Total noninterest income$223 $113 $34 $370 
Six Months Ended June 30, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest income:
Fixed income (a)$— $92 $— $92 
Deposit transactions and cash management82 2 4 88 
Brokerage, management fees and commissions49 — — 49 
Card and digital banking fees33 — 5 38 
Other service charges and fees24 2 1 27 
Trust services and investment management23 — 1 24 
Mortgage banking income— 18 1 19 
Securities gains (losses), net (b)— — 1 1 
Other income (c)14 1 28 43 
Total noninterest income$225 $115 $41 $381 
(a)2025 and 2024 include $18 million and $20 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 tables present a disaggregation of FHN's noninterest expense by major product line and reportable segment for the three and six months ended June 30, 2025 and 2024.

NONINTEREST EXPENSE DETAIL BY SEGMENT
Three Months Ended June 30, 2025
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$133 $52 $97 $282 
Net occupancy expense20 2 12 34 
Computer software8 2 24 34 
Operations services4 6 13 23 
Legal and professional fees3 1 13 17 
Deposit insurance expense— — 12 12 
Advertising and public relations2 — 12 14 
Equipment expense3 — 8 11 
Amortization of intangible assets9 — 1 10 
Contract employment and outsourcing1 1 6 8 
Communications and delivery2 1 5 8 
Other expense15 5 18 38 
Cost allocations154 6 (160)— 
Total noninterest expense$354 $76 $61 $491 
Three Months Ended June 30, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$133 $48 $98 $279 
Net occupancy expense19 2 10 31 
Computer software8 1 20 29 
Operations services4 6 13 23 
Legal and professional fees2 1 15 18 
Deposit insurance expense— — 16 16 
Advertising and public relations2 — 12 14 
Equipment expense3 — 8 11 
Amortization of intangible assets10 — 1 11 
Contract employment and outsourcing1 1 12 14 
Communications and delivery3 1 4 8 
Other expense22 6 18 46 
Cost allocations150 7 (157)— 
Total noninterest expense$357 $73 $70 $500 
Six Months Ended June 30, 2025
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$268 $103 $190 $561 
Net occupancy expense41 4 24 69 
Computer software15 3 48 66 
Operations services8 11 27 46 
Legal and professional fees6 2 23 31 
Deposit insurance expense— — 25 25 
Advertising and public relations3 — 21 24 
Equipment expense5 1 16 22 
Amortization of intangible assets17 1 2 20 
Contract employment and outsourcing2 2 12 16 
Communications and delivery5 2 9 16 
Other expense32 9 41 82 
Cost allocations296 13 (309)— 
Total noninterest expense$698 $151 $129 $978 

Six Months Ended June 30, 2024
(Dollars in millions)Commercial, Consumer & WealthWholesaleCorporateConsolidated
Noninterest expense:
Personnel expense$272 $98 $210 $580 
Net occupancy expense37 4 21 62 
Computer software16 3 40 59 
Operations services9 11 25 45 
Legal and professional fees5 1 27 33 
Deposit insurance expense— — 40 40 
Advertising and public relations4 — 18 22 
Equipment expense6 1 15 22 
Amortization of intangible assets19 1 2 22 
Contract employment and outsourcing2 2 24 28 
Communications and delivery5 2 9 16 
Other expense43 10 33 86 
Cost allocations286 15 (301)— 
Total noninterest expense$704 $148 $163 $1,015