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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
Marketable Securities [Abstract] |
Schedule of FHN's Investment Securities | The following tables summarize FHN’s investment securities as of September 30, 2024 and December 31, 2023:
INVESTMENT SECURITIES AT SEPTEMBER 30, 2024
|  | September 30, 2024
(Dollars in millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available for sale: |  |  |  |  |  |  |  |
Government agency issued MBS |  | $ | 4,754 |  |  | $ | 5 |  |  | $ | (460) |  |  | $ | 4,299 |
Government agency issued CMO |  | 2,530 |  |  | 1 |  |  | (276) |  |  | 2,255 |
Other U.S. government agencies |  | 1,251 |  |  | 5 |  |  | (122) |  |  | 1,134 |
States and municipalities |  | 598 |  |  | 1 |  |  | (39) |  |  | 560 |
Total securities available for sale (a) |  | $ | 9,133 |  |  | $ | 12 |  |  | $ | (897) |  |  | $ | 8,248 |
Securities held to maturity: |  |  |  |  |  |  |  |
Government agency issued MBS |  | $ | 814 |  |  | $ | — |  |  | $ | (77) |  |  | $ | 737 |
Government agency issued CMO |  | 468 |  |  | — |  |  | (61) |  |  | 407 |
Total securities held to maturity (a) |  | $ | 1,282 |  |  | $ | — |  |  | $ | (138) |  |  | $ | 1,144 |
(a)Includes $7.2 billion of securities available for sale and $1.3 billion of securities held to maturity pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.
INVESTMENT SECURITIES AT DECEMBER 31, 2023
|  | December 31, 2023
(Dollars in millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available for sale: |  |  |  |  |  |  |  |
Government agency issued MBS |  | $ | 5,061 |  |  | $ | 2 |  |  | $ | (579) |  |  | $ | 4,484 |
Government agency issued CMO |  | 2,487 |  |  | — |  |  | (341) |  |  | 2,146 |
Other U.S. government agencies |  | 1,321 |  |  | 2 |  |  | (151) |  |  | 1,172 |
States and municipalities |  | 627 |  |  | 3 |  |  | (41) |  |  | 589 |
Total securities available for sale (a) |  | $ | 9,496 |  |  | $ | 7 |  |  | $ | (1,112) |  |  | $ | 8,391 |
Securities held to maturity: |  |  |  |  |  |  |  |
Government agency issued MBS |  | $ | 852 |  |  | $ | — |  |  | $ | (96) |  |  | $ | 756 |
Government agency issued CMO |  | 471 |  |  | — |  |  | (66) |  |  | 405 |
Total securities held to maturity (a) |  | $ | 1,323 |  |  | $ | — |  |  | $ | (162) |  |  | $ | 1,161 |
(a)Includes $7.6 billion of securities available for sale and $1.3 billion of securities held to maturity 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 debt securities portfolio as of September 30, 2024 is provided below:
DEBT SECURITIES PORTFOLIO MATURITIES |
| Held to Maturity |  | Available for Sale |
(Dollars in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
Within 1 year | $ | — |  |  | $ | — |  |  | $ | 41 |  |  | $ | 41 |  |
After 1 year through 5 years | — |  |  | — |  |  | 123 |  |  | 117 |  |
After 5 years through 10 years | — |  |  | — |  |  | 378 |  |  | 352 |  |
After 10 years | — |  |  | — |  |  | 1,307 |  |  | 1,184 |  |
Subtotal | — |  |  | — |  |  | 1,849 |  |  | 1,694 |  |
Government agency issued MBS and CMO (a) | 1,282 |  |  | 1,144 |  |  | 7,284 |  |  | 6,554 |  |
Total | $ | 1,282 |  |  | $ | 1,144 |  |  | $ | 9,133 |  |  | $ | 8,248 |  |
(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 September 30, 2024 and December 31, 2023: AFS INVESTMENT SECURITIES WITH UNREALIZED LOSSES
|  | As of September 30, 2024
|  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 4,057 |  |  | $ | (460) |  |  | $ | 4,057 |  |  | $ | (460) |
Government agency issued CMO |  | 150 |  |  | — |  |  | 2,002 |  |  | (276) |  |  | 2,152 |  |  | (276) |
Other U.S. government agencies |  | — |  |  | — |  |  | 909 |  |  | (122) |  |  | 909 |  |  | (122) |
States and municipalities |  | 4 |  |  | — |  |  | 452 |  |  | (39) |  |  | 456 |  |  | (39) |
Total |  | $ | 154 |  |  | $ | — |  |  | $ | 7,420 |  |  | $ | (897) |  |  | $ | 7,574 |  |  | $ | (897) |
|  | As of December 31, 2023
|  | 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 |  | $ | 140 |  |  | $ | (2) |  |  | $ | 4,231 |  |  | $ | (577) |  |  | $ | 4,371 |  |  | $ | (579) |
Government agency issued CMO |  | 32 |  |  | — |  |  | 2,098 |  |  | (341) |  |  | 2,130 |  |  | (341) |
Other U.S. government agencies |  | 114 |  |  | (2) |  |  | 905 |  |  | (149) |  |  | 1,019 |  |  | (151) |
States and municipalities |  | 14 |  |  | — |  |  | 465 |  |  | (41) |  |  | 479 |  |  | (41) |
Total |  | $ | 300 |  |  | $ | (4) |  |  | $ | 7,699 |  |  | $ | (1,108) |  |  | $ | 7,999 |  |  | $ | (1,112) |

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