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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2021
Marketable Securities [Abstract] |
Schedule of FHN's Investment Securities | The following tables summarize FHN’s investment securities on March 31, 2021 and December 31, 2020:
|  | March 31, 2021
(Dollars in millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available for sale: |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 610 |  |  | $ | — |  |  | $ | — |  |  | $ | 610 |
Government agency issued MBS |  | 4,009 |  |  | 68 |  |  | (39) |  |  | 4,038 |
Government agency issued CMO |  | 2,463 |  |  | 19 |  |  | (41) |  |  | 2,441 |
Other U.S. government agencies |  | 733 |  |  | 5 |  |  | (13) |  |  | 725 |
Corporate and other debt |  | 40 |  |  | — |  |  | — |  |  | 40 |
States and municipalities |  | 467 |  |  | 9 |  |  | (1) |  |  | 475 |
|  | $ | 8,322 |  |  | $ | 101 |  |  | $ | (94) |  |  | 8,329 |
AFS securities recorded at fair value through earnings: |  |  |  |  |  |  |  |
SBA-interest only strips (a) |  |  |  |  |  |  |  | 22 |
Total securities available for sale (b) |  |  |  |  |  |  |  | $ | 8,351 |
(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 $7.0 billion of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.
|  | December 31, 2020
(Dollars in millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available for sale: |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 613 |  |  | $ | — |  |  | $ | — |  |  | $ | 613 |
Government agency issued MBS |  | 3,722 |  |  | 92 |  |  | (2) |  |  | 3,812 |
Government agency issued CMO |  | 2,380 |  |  | 29 |  |  | (3) |  |  | 2,406 |
Other U.S. government agencies |  | 672 |  |  | 12 |  |  | — |  |  | 684 |
Corporate and other debt |  | 40 |  |  | 1 |  |  | (1) |  |  | 40 |
States and municipalities |  | 445 |  |  | 15 |  |  | — |  |  | 460 |
|  | $ | 7,872 |  |  | $ | 149 |  |  | $ | (6) |  |  | 8,015 |
AFS securities recorded at fair value through earnings: |  |  |  |  |  |  |  |
SBA-interest only strips (a) |  |  |  |  |  |  |  | 32 |
Total securities available for sale (b) |  |  |  |  |  |  |  | $ | 8,047 |
(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 $6.4 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 debt securities portfolio on March 31, 2021 is provided below:
|  |  | Available for Sale
(Dollars in millions) |  |  | Amortized Cost |  | Fair Value
Within 1 year |  |  | $ | 758 |  |  | $ | 759 |
After 1 year through 5 years |  |  | 146 |  |  | 148 |
After 5 years through 10 years |  |  | 345 |  |  | 348 |
After 10 years |  |  | 601 |  |  | 617 |
Subtotal |  |  | 1,850 |  |  | 1,872 |
Government agency issued MBS and CMO (a) |  |  | 6,472 |  |  | 6,479 |
Total |  |  | $ | 8,322 |  |  | $ | 8,351 |
(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 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 March 31, 2021 and December 31, 2020:
|  | As of March 31, 2021
|  | Less than 12 months |  | 12 months or longer |  | Total
(Dollars in millions) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Government agency issued MBS |  | $ | 1,772 |  |  | $ | (39) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,772 |  |  | $ | (39) |
Government agency issued CMO |  | 1,508 |  |  | (41) |  |  | — |  |  | — |  |  | 1,508 |  |  | (41) |
Other U.S. government agencies |  | 405 |  |  | (13) |  |  | — |  |  | — |  |  | 405 |  |  | (13) |
States and municipalities |  | 82 |  |  | (1) |  |  | — |  |  | — |  |  | 82 |  |  | (1) |
Total |  | $ | 3,767 |  |  | $ | (94) |  |  | $ | — |  |  | $ | — |  |  | $ | 3,767 |  |  | $ | (94) |
|  | As of December 31, 2020
|  | Less than 12 months |  | 12 months or longer |  | Total
(Dollars in millions) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. treasuries |  | $ | 307 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 307 |  |  | $ | — |
Government agency issued MBS |  | 426 |  |  | (2) |  |  | — |  |  | — |  |  | 426 |  |  | (2) |
Government agency issued CMO |  | 586 |  |  | (3) |  |  | — |  |  | — |  |  | 586 |  |  | (3) |
Other U.S. government agencies |  | 80 |  |  | (1) |  |  | — |  |  | — |  |  | 80 |  |  | (1) |
States and municipalities |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total |  | $ | 1,400 |  |  | $ | (6) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400 |  |  | $ | (6) |

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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=121645371&loc=d3e27290-111563 + Details
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