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Preferred Stock | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Preferred Stock | Preferred Stock The following table presents a summary of FHN's non-cumulative perpetual preferred stock:
PREFERRED STOCK
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | March 31, 2024 |  | December 31, 2023
|  | Issuance Date |  | Earliest Redemption Date (a) |  |  |  |  |  | Annual Dividend Rate |  | Dividend Payments |  | Shares Outstanding |  | Liquidation Amount |  | Carrying Amount |  | Carrying Amount
Series B |  | 7/2/2020 |  | 8/1/2025 |  |  |  |  |  | 6.625% | (b) | Semi-annually |  | 8,000 |  |  | $ | 80 |  |  | $ | 77 |  |  | $ | 77 |
Series C |  | 7/2/2020 |  | 5/1/2026 |  |  |  |  |  | 6.600% | (c) | Quarterly |  | 5,750 |  |  | 58 |  |  | 59 |  |  | 59 |
Series D |  | 7/2/2020 |  | 5/1/2024 |  |  |  |  |  | 6.100% | (d) | Semi-annually |  | 10,000 |  |  | 100 |  |  | 94 |  |  | 94 |
Series E |  | 5/28/2020 |  | 10/10/2025 |  |  |  |  |  | 6.500% |  | Quarterly |  | 1,500 |  |  | 150 |  |  | 145 |  |  | 145 |
Series F |  | 5/3/2021 |  | 7/10/2026 |  |  |  |  |  | 4.700% |  | Quarterly |  | 1,500 |  |  | 150 |  |  | 145 |  |  | 145 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 26,750 |  |  | $ | 538 |  |  | $ | 520 |  |  | $ | 520 |
(a) Denotes earliest optional redemption date. Earlier redemption is possible, at FHN's election, if certain regulatory capital events occur. (b) As a result of LIBOR transition, the fixed dividend rate will reset on August 1, 2025 to three-month CME Term SOFR plus 4.52361% (0.26161% plus 4.262%). (c) As a result of LIBOR transition, the fixed dividend rate will reset on May 1, 2026 to three-month CME Term SOFR plus 5.18161% (0.26161% plus 4.920%). (d) On April 1, 2024, FHN provided notice of its intent to redeem all outstanding shares of its Series D Preferred Stock on May 1, 2024. The fixed dividend rate was set to convert to three-month CME Term SOFR plus 4.12061% (0.26161% plus 3.859%) on May 1, 2024. See Note 17 — Subsequent Events for more information. Subsidiary Preferred Stock First Horizon Bank has issued 300,000 shares of Class A Non-Cumulative Perpetual Preferred Stock (Class A Preferred Stock) with a liquidation preference of $1,000 per share. Dividends on the Class A Preferred Stock, if declared, accrue and are payable each quarter, in arrears, at a floating rate equal to the greater of three-month CME Term SOFR plus 1.11161% (0.26161% plus 0.85%) or 3.75% per annum. These securities qualify fully as Tier 1 capital for both First Horizon Bank and FHN. On March 31, 2024 and December 31, 2023, $295 million of Class A Preferred Stock was recognized as noncontrolling interest on the Consolidated Balance Sheets. FT Real Estate Securities Company, Inc. (FTRESC), an indirect subsidiary of FHN, has issued 50 shares of 9.50% Cumulative Preferred Stock, Class B (Class B Preferred Shares), with a liquidation preference of $1 million per share; of those shares, 47 were issued to nonaffiliates. FTRESC is a real estate investment trust established for the purpose of acquiring, holding, and managing real estate mortgage assets. Dividends on the Class B Preferred Shares are cumulative and are payable semi-annually. At March 31, 2024 and December 31, 2023, the Class B Preferred Shares qualified as Tier 2 regulatory capital. For all periods presented, these securities are presented in the Consolidated Balance Sheets as term borrowings. The Class B Preferred Shares are mandatorily redeemable on March 31, 2031, and redeemable at the discretion of FTRESC in the event that the Class B Preferred Shares cannot be accounted for as Tier 2 regulatory capital or there is more than an insubstantial risk that dividends paid with respect to the Class B Preferred Shares will not be fully deductible for tax purposes.

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