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Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions | 9 Months Ended
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Sep. 30, 2024
Offsetting [Abstract] |
Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions | Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions For repurchase, reverse repurchase and securities borrowing transactions, FHN and each counterparty have the ability to offset all open positions and related collateral in the event of default. Due to the nature of these transactions, the value of the collateral for each transaction approximates the value of the corresponding receivable or payable. For repurchase agreements through FHN’s fixed income business (securities purchased under agreements to resell and securities sold under agreements to repurchase), transactions are collateralized by securities and/or government guaranteed loans which are delivered on the settlement date and are maintained throughout the term of the transaction. For FHN’s repurchase agreements through banking activities (securities sold under agreements to repurchase), securities are typically pledged at settlement and not released until maturity. For asset positions, the collateral is not included on FHN’s Consolidated Balance Sheets. For liability positions, securities collateral pledged by FHN is generally represented within FHN’s trading or available-for-sale securities portfolios. For this disclosure, FHN considers the impact of master netting and other similar agreements that allow FHN to settle all contracts with a single counterparty on a net basis and to offset the net asset or liability position with the related securities collateral. The application of the collateral cannot reduce the net asset or liability position below zero, and therefore any excess collateral is not reflected in the tables below. Securities purchased under agreements to resell is included in federal funds sold and securities purchased under agreements to resell in the Consolidated Balance Sheets. Securities sold under agreements to repurchase is included in short-term borrowings. The following table provides details of securities purchased under agreements to resell and collateral pledged by counterparties as of September 30, 2024 and December 31, 2023:
SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
|  |  |  |  |  |  |  | Gross amounts not offset in the Balance Sheets |  |
(Dollars in millions) |  | Gross amounts of recognized assets |  | Gross amounts offset in the Balance Sheets |  | Net amounts of assets presented in the Balance Sheets |  | Offsetting securities sold under agreements to repurchase |  | Securities collateral (not recognized on FHN’s Balance Sheets) |  | Net amount
Securities purchased under agreements to resell: |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2024 |  | $ | 796 |  |  | $ | — |  |  | $ | 796 |  |  | $ | — |  |  | $ | (791) |  |  | $ | 5 |
December 31, 2023 |  | 519 |  |  | — |  |  | 519 |  |  | — |  |  | (516) |  |  | 3 |
The following table provides details of securities sold under agreements to repurchase and collateral pledged by FHN as of September 30, 2024 and December 31, 2023:
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
|  |  |  |  |  |  |  | Gross amounts not offset in the Balance Sheets |  |
(Dollars in millions) |  | Gross amounts of recognized liabilities |  | Gross amounts offset in the Balance Sheets |  | Net amounts of liabilities presented in the Balance Sheets |  | Offsetting securities purchased under agreements to resell |  | Securities/ government guaranteed loans collateral |  | Net amount
Securities sold under agreements to repurchase: |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2024 |  | $ | 1,611 |  |  | $ | — |  |  | $ | 1,611 |  |  | $ | — |  |  | $ | (1,611) |  |  | $ | — |
December 31, 2023 |  | 1,921 |  |  | — |  |  | 1,921 |  |  | — |  |  | (1,921) |  |  | — |
Due to the short duration of securities sold under agreements to repurchase and the nature of collateral involved, the risks associated with these transactions are considered minimal. The following table provides details, by collateral type, of the remaining contractual maturity of securities sold under agreements to repurchase as of September 30, 2024 and December 31, 2023:
MATURITIES OF SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
|  | September 30, 2024
(Dollars in millions) |  | Overnight and Continuous |  | Up to 30 Days |  | Total
Securities sold under agreements to repurchase: |  |  |  |  |  |
Government agency issued MBS |  | $ | 1,376 |  |  | $ | — |  |  | $ | 1,376 |
Government agency issued CMO |  | 235 |  |  | — |  |  | 235 |
Total securities sold under agreements to repurchase |  | $ | 1,611 |  |  | $ | — |  |  | $ | 1,611 |
|  | December 31, 2023
(Dollars in millions) |  | Overnight and Continuous |  | Up to 30 Days |  | Total
Securities sold under agreements to repurchase: |  |  |  |  |  |
Government agency issued MBS |  | $ | 1,717 |  |  | $ | — |  |  | $ | 1,717 |
Government agency issued CMO |  | 161 |  |  | — |  |  | 161 |
Other U.S. government agencies |  | 43 |  |  | — |  |  | 43 |
Total securities sold under agreements to repurchase |  | $ | 1,921 |  |  | $ | — |  |  | $ | 1,921 |

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