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Business Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Segment Financial Information | The following tables present financial information for each reportable business segment for the three and nine months ended September 30, 2022 and 2021:
SEGMENT FINANCIAL INFORMATION
| Three Months Ended September 30, 2022
(Dollars in millions) | Regional Banking |  | Specialty Banking |  | Corporate |  | Consolidated
Net interest income (expense) | $ | 517 |  |  | $ | 138 |  |  | $ | 7 |  |  | $ | 662 |
Provision for credit losses | 43 |  |  | 17 |  |  | — |  |  | 60 |
Noninterest income (a) | 110 |  |  | 64 |  |  | 39 |  |  | 213 |
Noninterest expense (b) | 304 |  |  | 104 |  |  | 61 |  |  | 469 |
Income (loss) before income taxes | 280 |  |  | 81 |  |  | (15) |  |  | 346 |
Income tax expense (benefit) | 65 |  |  | 20 |  |  | (7) |  |  | 78 |
Net income (loss) | $ | 215 |  |  | $ | 61 |  |  | $ | (8) |  |  | $ | 268 |
Average assets | $ | 42,815 |  |  | $ | 19,749 |  |  | $ | 19,986 |  |  | $ | 82,550 |
| Three Months Ended September 30, 2021
(Dollars in millions) | Regional Banking |  | Specialty Banking |  | Corporate |  | Consolidated
Net interest income (expense) | $ | 444 |  |  | $ | 154 |  |  | $ | (106) |  |  | $ | 492 |
Provision for credit losses | (52) |  |  | (33) |  |  | — |  |  | (85) |
Noninterest income | 113 |  |  | 142 |  |  | (8) |  |  | 247 |
Noninterest expense (b) | 292 |  |  | 139 |  |  | 95 |  |  | 526 |
Income (loss) before income taxes | 317 |  |  | 190 |  |  | (209) |  |  | 298 |
Income tax expense (benefit) | 74 |  |  | 46 |  |  | (57) |  |  | 63 |
Net income (loss) | $ | 243 |  |  | $ | 144 |  |  | $ | (152) |  |  | $ | 235 |
Average assets | $ | 40,908 |  |  | $ | 20,505 |  |  | $ | 26,988 |  |  | $ | 88,401 |
(a) 2022 includes a $21 million gain related to the sale of the title insurance business in the Corporate segment. (b) 2022 and 2021 includes $24 million and $46 million, respectively, in merger and integration expenses related to the IBKC merger and Pending TD Merger in the Corporate segment.
| Nine Months Ended September 30, 2022
(Dollars in millions) | Regional Banking |  | Specialty Banking |  | Corporate |  | Consolidated
Net interest income (expense) | $ | 1,410 |  |  | $ | 424 |  |  | $ | (151) |  |  | $ | 1,683 |
Provision for credit losses | 64 |  |  | (4) |  |  | (10) |  |  | 50 |
Noninterest income (a) | 337 |  |  | 265 |  |  | 40 |  |  | 642 |
Noninterest expense (b) | 911 |  |  | 349 |  |  | 190 |  |  | 1,450 |
Income (loss) before income taxes | 772 |  |  | 344 |  |  | (291) |  |  | 825 |
Income tax expense (benefit) | 181 |  |  | 84 |  |  | (82) |  |  | 183 |
Net income (loss) | $ | 591 |  |  | $ | 260 |  |  | $ | (209) |  |  | $ | 642 |
Average assets | $ | 41,779 |  |  | $ | 20,071 |  |  | $ | 23,949 |  |  | $ | 85,799 |
| Nine Months Ended September 30, 2021
(Dollars in millions) | Regional Banking |  | Specialty Banking |  | Corporate |  | Consolidated
Net interest income (expense) | $ | 1,319 |  |  | $ | 466 |  |  | $ | (289) |  |  | $ | 1,496 |
Provision for credit losses | (169) |  |  | (60) |  |  | (16) |  |  | (245) |
Noninterest income | 323 |  |  | 477 |  |  | 29 |  |  | 829 |
Noninterest expense (b) | 837 |  |  | 441 |  |  | 289 |  |  | 1,567 |
Income (loss) before income taxes | 974 |  |  | 562 |  |  | (533) |  |  | 1,003 |
Income tax expense (benefit) | 228 |  |  | 136 |  |  | (142) |  |  | 222 |
Net income (loss) | $ | 746 |  |  | $ | 426 |  |  | $ | (391) |  |  | $ | 781 |
Average assets | $ | 41,931 |  |  | $ | 20,717 |  |  | $ | 24,483 |  |  | $ | 87,131 |
(a) 2022 includes a $21 million gain related to the sale of the title insurance business in the Corporate segment. (b) 2022 and 2021 includes $99 million and $148 million, respectively, in merger and integration expenses related to the IBKC merger and Pending TD Merger in the Corporate segment. The following tables reflect a disaggregation of FHN’s noninterest income by major product line and reportable segment for the three and nine months ended September 30, 2022 and 2021:
NONINTEREST INCOME DETAIL BY SEGMENT
| Three months ended September 30, 2022
(Dollars in millions) | Regional Banking |  | Specialty Banking |  | Corporate |  | Consolidated
Noninterest income: |  |  |  |  |  |  |
Fixed income (a) | $ | — |  |  | $ | 46 |  |  | $ | — |  |  | $ | 46 |
Deposit transactions and cash management | 39 |  |  | 2 |  |  | 2 |  |  | 43 |
Brokerage, management fees and commissions | 23 |  |  | — |  |  | — |  |  | 23 |
Mortgage banking and title income | — |  |  | 9 |  |  | — |  |  | 9 |
Card and digital banking fees | 19 |  |  | — |  |  | 2 |  |  | 21 |
Other service charges and fees | 8 |  |  | 5 |  |  | — |  |  | 13 |
Trust services and investment management | 11 |  |  | — |  |  | — |  |  | 11 |
Securities gains (losses), net (b) | — |  |  | — |  |  | 12 |  |  | 12 |
Deferred compensation income | — |  |  | — |  |  | (3) |  |  | (3) |
Other income (c) | 10 |  |  | 2 |  |  | 26 |  |  | 38 |
Total noninterest income | $ | 110 |  |  | $ | 64 |  |  | $ | 39 |  |  | $ | 213 |
| Three months ended September 30, 2021
(Dollars in millions) | Regional Banking |  | Specialty Banking |  | Corporate |  | Consolidated
Noninterest income: |  |  |  |  |  |  |
Fixed income (a) | $ | — |  |  | $ | 96 |  |  | $ | — |  |  | $ | 96 |
Deposit transactions and cash management | 40 |  |  | 3 |  |  | 1 |  |  | 44 |
Brokerage, management fees and commissions | 24 |  |  | — |  |  | — |  |  | 24 |
Mortgage banking and title income | — |  |  | 34 |  |  | — |  |  | 34 |
Card and digital banking fees | 18 |  |  | 1 |  |  | 2 |  |  | 21 |
Other service charges and fees | 6 |  |  | 5 |  |  | 1 |  |  | 12 |
Trust services and investment management | 13 |  |  | — |  |  | — |  |  | 13 |
Securities gains (losses), net (b) | — |  |  | — |  |  | 1 |  |  | 1 |
Deferred compensation income | — |  |  | — |  |  | 3 |  |  | 3 |
Loss on debt extinguishment | — |  |  | — |  |  | (23) |  |  | (23) |
Other income (c) | 12 |  |  | 3 |  |  | 7 |  |  | 22 |
Total noninterest income | $ | 113 |  |  | $ | 142 |  |  | $ | (8) |  |  | $ | 247 |
(a)2022 and 2021 includes $13 million and $12 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.
| Nine Months Ended September 30, 2022
(Dollars in millions) | Regional Banking |  | Specialty Banking |  | Corporate |  | Consolidated
Noninterest income: |  |  |  |  |  |  |
Fixed income (a) | $ | — |  |  | $ | 170 |  |  | $ | — |  |  | $ | 170 |
Deposit transactions and cash management | 115 |  |  | 7 |  |  | 7 |  |  | 129 |
Brokerage, management fees and commissions | 71 |  |  | — |  |  | — |  |  | 71 |
Mortgage banking and title income | — |  |  | 65 |  |  | — |  |  | 65 |
Card and digital banking fees | 57 |  |  | 2 |  |  | 5 |  |  | 64 |
Other service charges and fees | 24 |  |  | 17 |  |  | — |  |  | 41 |
Trust services and investment management | 36 |  |  | — |  |  | — |  |  | 36 |
Securities gains (losses), net (b) | — |  |  | — |  |  | 18 |  |  | 18 |
Deferred compensation income | — |  |  | — |  |  | (24) |  |  | (24) |
Other income (c) | 34 |  |  | 4 |  |  | 34 |  |  | 72 |
Total noninterest income | $ | 337 |  |  | $ | 265 |  |  | $ | 40 |  |  | $ | 642 |
| Nine Months Ended September 30, 2021
(Dollars in millions) | Regional Banking |  | Specialty Banking |  | Corporate |  | Consolidated
Noninterest income: |  |  |  |  |  |  |
Fixed income (a) | $ | 1 |  |  | $ | 323 |  |  | $ | — |  |  | $ | 324 |
Deposit transactions and cash management | 117 |  |  | 8 |  |  | 5 |  |  | 130 |
Brokerage, management fees and commissions | 65 |  |  | — |  |  | — |  |  | 65 |
Mortgage banking and title income | — |  |  | 124 |  |  | 2 |  |  | 126 |
Card and digital banking fees | 51 |  |  | 2 |  |  | 6 |  |  | 59 |
Other service charges and fees | 18 |  |  | 12 |  |  | 2 |  |  | 32 |
Trust services and investment management | 39 |  |  | — |  |  | — |  |  | 39 |
Securities gains (losses), net (b) | — |  |  | — |  |  | 12 |  |  | 12 |
Deferred compensation income | — |  |  | — |  |  | 12 |  |  | 12 |
Loss on debt extinguishment | — |  |  | — |  |  | (23) |  |  | (23) |
Other income (c) | 32 |  |  | 8 |  |  | 13 |  |  | 53 |
Total noninterest income | $ | 323 |  |  | $ | 477 |  |  | $ | 29 |  |  | $ | 829 |
(a)2022 and 2021 includes $33 million and $35 million for 2022 and 2021, 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

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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