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Allowance for Credit Losses (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
Rollforward of the Allowance for Loan Losses by Portfolio Segment | The following table provides a rollforward of the allowance for loan and lease losses and the reserve for unfunded lending commitments by portfolio type for December 31, 2021, 2020 and 2019: Table 8.5.1 ROLLFORWARD OF ALLL & RESERVE FOR UNFUNDED LENDING COMMITMENTS
(Dollars in millions) |  | Commercial, Financial, and Industrial (a) |  | Commercial Real Estate |  | Consumer Real Estate |  | Credit Card and Other |  | Total
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2021 |  | $ | 453 |  |  | $ | 242 |  |  | $ | 242 |  |  | $ | 26 |  |  | $ | 963 |
Charge-offs |  | (34) |  |  | (5) |  |  | (5) |  |  | (15) |  |  | (59) |
Recoveries |  | 21 |  |  | 5 |  |  | 27 |  |  | 4 |  |  | 57 |
Provision for loan and lease losses |  | (106) |  |  | (88) |  |  | (101) |  |  | 4 |  |  | (291) |
Balance as of December 31, 2021 |  | 334 |  |  | 154 |  |  | 163 |  |  | 19 |  |  | 670 |
Reserve for remaining unfunded commitments: |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2021 |  | 65 |  |  | 10 |  |  | 10 |  |  | — |  |  | 85 |
Provision for unfunded lending commitments |  | (19) |  |  | 2 |  |  | (2) |  |  | — |  |  | (19) |
Balance as of December 31, 2021 |  | 46 |  |  | 12 |  |  | 8 |  |  | — |  |  | 66 |
Allowance for credit losses as of December 31, 2021 |  | $ | 380 |  |  | $ | 166 |  |  | $ | 171 |  |  | $ | 19 |  |  | $ | 736 |
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2020 |  | $ | 123 |  |  | $ | 36 |  |  | $ | 28 |  |  | $ | 13 |  |  | $ | 200 |
Adoption of ASU 2016-13 |  | 19 |  |  | (7) |  |  | 93 |  |  | 2 |  |  | 107 |
Balance as of January 1, 2020, as adjusted |  | 142 |  |  | 29 |  |  | 121 |  |  | 15 |  |  | 307 |
Charge-offs (b) |  | (129) |  |  | (5) |  |  | (8) |  |  | (14) |  |  | (156) |
Recoveries |  | 9 |  |  | 4 |  |  | 18 |  |  | 5 |  |  | 36 |
Initial allowance on loans purchased with credit deterioration (b) |  | 138 |  |  | 100 |  |  | 44 |  |  | 5 |  |  | 287 |
Provision for loan and lease losses (c) |  | 293 |  |  | 114 |  |  | 67 |  |  | 15 |  |  | 489 |
Balance as of December 31, 2020 |  | 453 |  |  | 242 |  |  | 242 |  |  | 26 |  |  | 963 |
Reserve for remaining unfunded commitments: |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2020 |  | 4 |  |  | 2 |  |  | — |  |  | — |  |  | 6 |
Adoption of ASU 2016-13 |  | 17 |  |  | 1 |  |  | 6 |  |  | — |  |  | 24 |
Balance as of January 1, 2020, as adjusted |  | 21 |  |  | 3 |  |  | 6 |  |  | — |  |  | 30 |
Initial reserve on loans acquired |  | 12 |  |  | 26 |  |  | 3 |  |  | — |  |  | 41 |
Provision for unfunded lending commitments |  | 32 |  |  | (19) |  |  | 1 |  |  | — |  |  | 14 |
Balance as of December 31, 2020 |  | 65 |  |  | 10 |  |  | 10 |  |  | — |  |  | 85 |
Allowance for credit losses as of December 31, 2020 |  | $ | 518 |  |  | $ | 252 |  |  | $ | 252 |  |  | $ | 26 |  |  | $ | 1,048 |
Allowance for loan losses |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2019 |  | $ | 99 |  |  | $ | 31 |  |  | $ | 37 |  |  | $ | 13 |  |  | $ | 180 |
Charge-offs |  | (34) |  |  | (1) |  |  | (8) |  |  | (16) |  |  | (59) |
Recoveries |  | 7 |  |  | 1 |  |  | 20 |  |  | 4 |  |  | 32 |
Provision for loan losses |  | 51 |  |  | 5 |  |  | (21) |  |  | 12 |  |  | 47 |
Balance as of December 31, 2019 |  | 123 |  |  | 36 |  |  | 28 |  |  | 13 |  |  | 200 |
Reserve for remaining unfunded commitments: |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2019 |  | 4 |  |  | 3 |  |  | — |  |  | — |  |  | 7 |
Provision for unfunded lending commitments |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Balance as of December 31, 2019 |  | 4 |  |  | 2 |  |  | — |  |  | — |  |  | 6 |
Allowance for credit losses as of December 31, 2019 |  | $ | 127 |  |  | $ | 38 |  |  | $ | 28 |  |  | $ | 13 |  |  | $ | 206 |
(a) C&I loans as of December 31, 2021 and 2020 include $1.0 billion and $4.1 billion in PPP loans which due to the government guarantee and forgiveness provisions are considered to have no credit risk and therefore have no allowance for loan and lease losses. (b) The year ended December 31, 2020 excludes day 1 charge-offs and the related initial allowance on PCD loans is net of these amounts. Under ASC 326, the initial ALLL recognized on PCD assets included an additional $237 million for charged-off loans that had been written off prior to acquisition (whether full or partial) or which met FHN's charge-off policy at the time of acquisition. After charging these amounts off immediately upon acquisition, the net impact was $287 million of additional ALLL for PCD loans. (c) Provision for loan and lease losses for the year ended December 31, 2020 includes $147 million recognized on non-PCD loans from the IBKC merger and Truist branch acquisition.

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