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v3.19.2

Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2019
Marketable Securities [Abstract] |
Schedule of FHN's Investment Securities | The following tables summarize FHN’s investment securities on June 30, 2019 and December 31, 2018:
|  | June 30, 2019
(Dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available-for-sale: |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 100 |  |  | $ | — |  |  | $ | — |  |  | $ | 100 |
Government agency issued mortgage-backed securities (“MBS”) |  | 2,210,044 |  |  | 23,007 |  |  | (5,049 | ) |  | 2,228,002 |
Government agency issued collateralized mortgage obligations (“CMO”) |  | 1,870,508 |  |  | 11,745 |  |  | (8,388 | ) |  | 1,873,865 |
Other U.S. government agencies |  | 203,856 |  |  | 3,833 |  |  | — |  |  | 207,689 |
Corporates and other debt |  | 40,158 |  |  | 404 |  |  | (136 | ) |  | 40,426 |
States and municipalities |  | 45,181 |  |  | 2,556 |  |  | (2 | ) |  | 47,735 |
|  | $ | 4,369,847 |  |  | $ | 41,545 |  |  | $ | (13,575 | ) |  | 4,397,817 |
AFS debt securities recorded at fair value through earnings: |  |  |  |  |  |  |  |
SBA-interest only strips (a) |  |  |  |  |  |  |  | 17,792 |
Total securities available-for-sale (b) |  |  |  |  |  |  |  | $ | 4,415,609 |
Securities held-to-maturity: |  |  |  |  |  |  |  |
Corporates and other debt |  | $ | 10,000 |  |  | $ | — |  |  | $ | (77 | ) |  | $ | 9,923 |
Total securities held-to-maturity |  | $ | 10,000 |  |  | $ | — |  |  | $ | (77 | ) |  | $ | 9,923 |
(a) | SBA-interest only strips are recorded at elected fair value. See Note 17 - Fair Value for additional information.
(b) | Includes $3.9 billion of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.
|  | December 31, 2018
(Dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available-for-sale: |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 100 |  |  | $ | — |  |  | $ | (2 | ) |  | $ | 98 |
Government agency issued MBS |  | 2,473,687 |  |  | 4,819 |  |  | (58,400 | ) |  | 2,420,106 |
Government agency issued CMO |  | 2,006,488 |  |  | 888 |  |  | (48,681 | ) |  | 1,958,695 |
Other U.S. government agencies |  | 149,050 |  |  | 809 |  |  | (73 | ) |  | $ | 149,786 |
Corporates and other debt |  | 55,383 |  |  | 388 |  |  | (461 | ) |  | 55,310 |
State and municipalities |  | 32,473 |  |  | 314 |  |  | (214 | ) |  | 32,573 |
|  | $ | 4,717,181 |  |  | $ | 7,218 |  |  | $ | (107,831 | ) |  | 4,616,568 |
AFS securities recorded at fair value through earnings: |  |  |  |  |  |  |  |
SBA-interest only strips (a) |  |  |  |  |  |  |  | 9,902 |
Total securities available-for-sale (b) |  |  |  |  |  |  |  | $ | 4,626,470 |
Securities held-to-maturity: |  |  |  |  |  |  |  |
Corporates and other debt |  | $ | 10,000 |  |  | $ | — |  |  | $ | (157 | ) |  | $ | 9,843 |
Total securities held-to-maturity |  | $ | 10,000 |  |  | $ | — |  |  | $ | (157 | ) |  | $ | 9,843 |
(a) | SBA-interest only strips are recorded at elected fair value. See Note 17 - Fair Value of Assets and Liabilities for additional information.
(b) Includes $3.8 billion of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.
Schedule of Amortized Cost And Fair Value By Contractual Maturity | The amortized cost and fair value by contractual maturity for the available-for-sale and held-to-maturity debt securities portfolios on June 30, 2019 are provided below:
|  | Held-to-Maturity |  | Available-for-Sale
(Dollars in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within 1 year |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
After 1 year; within 5 years |  | — |  |  | — |  |  | 244,114 |  |  | 248,270 |
After 5 years; within 10 years |  | 10,000 |  |  | 9,923 |  |  | 755 |  |  | 4,036 |
After 10 years |  | — |  |  | — |  |  | 44,426 |  |  | 61,436 |
Subtotal |  | 10,000 |  |  | 9,923 |  |  | 289,295 |  |  | 313,742 |
Government agency issued MBS and CMO (a) |  | — |  |  | — |  |  | 4,080,552 |  |  | 4,101,867 |
Total |  | $ | 10,000 |  |  | $ | 9,923 |  |  | $ | 4,369,847 |  |  | $ | 4,415,609 |
(a) Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Schedule of Gross Gains And Losses On Sale From Available For Sale Portfolio | The table below provides information on gross gains and gross losses from debt investment securities for the three and six months ended June 30, 2019 and 2018.
| Three Months Ended June 30 | Six Months Ended June 30
(Dollars in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Gross gains on sales of securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 52 |
Gross (losses) on sales of securities | (267 | ) |  | — |  |  | (267 | ) |  | — |
Net gain/(loss) on sales of securities (a) | $ | (267 | ) |  | $ | — |  |  | $ | (267 | ) |  | $ | 52 |
(a) | Cash proceeds for the three and six months ended June 30, 2019 were $171.4 million. Cash proceeds for the three and six months ended June 30, 2018 were not material.
Schedule of Investments Within The Available For Sale Portfolio That Had Unrealized Losses | The following tables provide information on investments within the available-for-sale portfolio that had unrealized losses as of June 30, 2019 and December 31, 2018:
|  | As of June 30, 2019
|  | Less than 12 months |  | 12 months or longer |  | Total
(Dollars in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. treasuries |  | $ | — |  |  | $ | — |  |  | $ | 100 |  |  | $ | — |  |  | $ | 100 |  |  | $ | — |
Government agency issued MBS |  | 2,284 |  |  | (24 | ) |  | 515,618 |  |  | (5,025 | ) |  | 517,902 |  |  | (5,049 | )
Government agency issued CMO |  | — |  |  | — |  |  | 703,604 |  |  | (8,388 | ) |  | 703,604 |  |  | (8,388 | )
Corporates and other debt |  | — |  |  | — |  |  | 25,184 |  |  | (136 | ) |  | 25,184 |  |  | (136 | )
States and municipalities |  | 1,937 |  |  | (2 | ) |  | — |  |  | — |  |  | 1,937 |  |  | (2 | )
Total temporarily impaired securities |  | $ | 4,221 |  |  | $ | (26 | ) |  | $ | 1,244,506 |  |  | $ | (13,549 | ) |  | $ | 1,248,727 |  |  | $ | (13,575 | )
|  | As of December 31, 2018
|  | Less than 12 months |  | 12 months or longer |  | Total
(Dollars in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. treasuries |  | $ | — |  |  | $ | — |  |  | $ | 98 |  |  | $ | (2 | ) |  | $ | 98 |  |  | $ | (2 | )
Government agency issued MBS |  | 597,008 |  |  | (12,335 | ) |  | 1,537,106 |  |  | (46,065 | ) |  | 2,134,114 |  |  | (58,400 | )
Government agency issued CMO |  | 290,863 |  |  | (2,860 | ) |  | 1,560,420 |  |  | (45,821 | ) |  | 1,851,283 |  |  | (48,681 | )
Other U.S. government agencies |  | 29,776 |  |  | (73 | ) |  | — |  |  | — |  |  | 29,776 |  |  | (73 | )
Corporates and other debt |  | 25,114 |  |  | (344 | ) |  | 15,008 |  |  | (117 | ) |  | 40,122 |  |  | (461 | )
States and municipalities |  | 17,292 |  |  | (214 | ) |  | — |  |  | — |  |  | 17,292 |  |  | (214 | )
Total temporarily impaired securities |  | $ | 960,053 |  |  | $ | (15,826 | ) |  | $ | 3,112,632 |  |  | $ | (92,005 | ) |  | $ | 4,072,685 |  |  | $ | (107,831 | )

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563 + Details
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