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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivatives Associated with Fixed Income Trading Activities | The following table summarizes derivatives associated with FHNF's trading activities as of September 30, 2024 and December 31, 2023:
DERIVATIVES ASSOCIATED WITH TRADING
|  | September 30, 2024
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer interest rate contracts |  | $ | 4,158 |  |  | $ | 37 |  |  | $ | 132 |
Offsetting upstream interest rate contracts |  | 4,329 |  |  | 89 |  |  | 38 |
Forwards and futures purchased |  | 2,307 |  |  | 4 |  |  | 1 |
Forwards and futures sold |  | 2,278 |  |  | 2 |  |  | 3 |
|  | December 31, 2023
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer interest rate contracts |  | $ | 4,067 |  |  | $ | 22 |  |  | $ | 197 |
Offsetting upstream interest rate contracts |  | 4,273 |  |  | 135 |  |  | 23 |
Forwards and futures purchased |  | 777 |  |  | 9 |  |  | — |
Forwards and futures sold |  | 912 |  |  | — |  |  | 9 |
Schedule of Derivatives Associated with Interest Rate Risk Management Activities | The following table summarizes FHN’s derivatives associated with interest rate risk management activities as of September 30, 2024 and December 31, 2023:
DERIVATIVES ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
|  | September 30, 2024
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |
Customer interest rate contracts |  | $ | 8,385 |  |  | $ | 48 |  |  | $ | 257 |
Offsetting upstream interest rate contracts |  | 8,385 |  |  | 255 |  |  | 48 |
|  | December 31, 2023
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |
Customer interest rate contracts |  | $ | 8,375 |  |  | $ | 21 |  |  | $ | 392 |
Offsetting upstream interest rate contracts |  | 8,375 |  |  | 389 |  |  | 22 |
Schedule of Gains/(Losses) on Derivatives Associated with Interest Rate Risk Management Activities | The following table summarizes gains (losses) on FHN’s derivatives associated with interest rate risk management activities for the three and nine months ended September 30, 2024 and 2023:
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |  |  |
Customer interest rate contracts (a) |  | $ | 240 |  |  | $ | (95) |  |  | $ | 163 |  |  | $ | (63) |
Offsetting upstream interest rate contracts (a) |  | (240) |  |  | 95 |  |  | (163) |  |  | 63 |
(a)Gains (losses) included in other expense within the Consolidated Statements of Income.
Schedule of Derivative Associated with Cash Flow Hedges | The following tables summarize FHN’s derivative activities associated with cash flow hedges as of September 30, 2024 and December 31, 2023:
DERIVATIVES ASSOCIATED WITH CASH FLOW HEDGES
|  | September 30, 2024
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate contracts |  | $ | 5,000 |  |  | $ | — |  |  | $ | 9 |
Hedged Items: |  |  |  |  |  |
Variability in cash flows related to debt instruments (primarily loans) |  | N/A |  | $ | 5,000 |  |  | N/A
|  | December 31, 2023
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate contracts |  | $ | 5,200 |  |  | $ | — |  |  | $ | 32 |
Hedged Items: |  |  |  |  |  |
Variability in cash flows related to debt instruments (primarily loans) |  | N/A |  | $ | 5,200 |  |  | N/A
Schedule of Gains/(Losses) on Derivatives Associated with Cash Flow Hedges | The following table summarizes gains (losses) on FHN’s derivatives associated with cash flow hedges for the three and nine months ended September 30, 2024 and 2023:
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH CASH FLOW HEDGES
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |  |  |
Interest rate contracts (a) |  | $ | 77 |  |  | $ | (30) |  |  | $ | 35 |  |  | $ | (44) |
Gain (loss) recognized in other comprehensive income (loss) |  | 45 |  |  | (34) |  |  | (13) |  |  | (60) |
Gain (loss) reclassified from AOCI into interest income |  | 13 |  |  | 14 |  |  | 39 |  |  | 38 |
(a)Approximately $4 million of pre-tax losses are expected to be reclassified into earnings in the next twelve months.
Schedule of Derivatives Gains/Losses Associated with Mortgage Banking Hedges | The notional and fair values of these contracts are presented in the table below.
DERIVATIVES ASSOCIATED WITH MORTGAGE BANKING HEDGES
|  | September 30, 2024
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Mortgage Banking Hedges |  |  |  |  |  |
Option contracts written |  | $ | 77 |  |  | $ | 1 |  |  | $ | — |
Forward contracts written |  | 123 |  |  | — |  |  | — |
|  | December 31, 2023
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Mortgage Banking Hedges |  |  |  |  |  |
Option contracts written |  | $ | 55 |  |  | $ | 1 |  |  | $ | — |
Forward contracts written |  | 93 |  |  | — |  |  | 1 |
The following table summarizes gains (losses) on FHN's derivatives associated with mortgage banking activities for the three and nine months ended September 30, 2024 and 2023:
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH MORTGAGE BANKING HEDGES
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Mortgage Banking Hedges |  |  |  |  |  |  |  |
Option contracts written |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
Forward contracts written |  | 3 |  |  | (2) |  |  | (5) |  |  | 2 |
Schedule of Derivative Assets and Collateral Received | The following table provides details of derivative assets and collateral received as presented on the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023:
DERIVATIVE ASSETS & COLLATERAL RECEIVED
|  |  |  |  |  |  |  | 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 (a) |  | Derivative liabilities available for offset |  | Collateral received |  | Net amount
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 431 |  |  | $ | — |  |  | $ | 431 |  |  | $ | (102) |  |  | $ | (295) |  |  | $ | 34 |
Forward contracts |  | 6 |  |  | — |  |  | 6 |  |  | (2) |  |  | (1) |  |  | 3 |
|  | $ | 437 |  |  | $ | — |  |  | $ | 437 |  |  | $ | (104) |  |  | $ | (296) |  |  | $ | 37 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 567 |  |  | $ | — |  |  | $ | 567 |  |  | $ | (75) |  |  | $ | (486) |  |  | $ | 6 |
Forward contracts |  | 9 |  |  | — |  |  | 9 |  |  | (4) |  |  | (3) |  |  | 2 |
|  | $ | 576 |  |  | $ | — |  |  | $ | 576 |  |  | $ | (79) |  |  | $ | (489) |  |  | $ | 8 |
(a)Included in other assets on the Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, $1 million and $1 million, respectively, of derivative assets have been excluded from these tables because they are generally not subject to master netting or similar agreements.
Schedule of Derivative Liabilities and Collateral Pledged | The following table provides details of derivative liabilities and collateral pledged as presented on the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023:
DERIVATIVE LIABILITIES & COLLATERAL PLEDGED
|  |  |  |  |  |  |  | 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 (a) |  | Derivative assets available for offset |  | Collateral pledged |  | Net amount
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 484 |  |  | $ | — |  |  | $ | 484 |  |  | $ | (102) |  |  | $ | (103) |  |  | $ | 279 |
Forward contracts |  | 4 |  |  | — |  |  | 4 |  |  | (2) |  |  | (2) |  |  | — |
|  | $ | 488 |  |  | $ | — |  |  | $ | 488 |  |  | $ | (104) |  |  | $ | (105) |  |  | $ | 279 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 666 |  |  | $ | — |  |  | $ | 666 |  |  | $ | (75) |  |  | $ | (164) |  |  | $ | 427 |
Forward contracts |  | 9 |  |  | — |  |  | 9 |  |  | (4) |  |  | (5) |  |  | — |
|  | $ | 675 |  |  | $ | — |  |  | $ | 675 |  |  | $ | (79) |  |  | $ | (169) |  |  | $ | 427 |
(a)Included in other liabilities on the Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, $32 million and $24 million, respectively, of derivative liabilities (primarily Visa-related derivatives) have been excluded from these tables because they are generally not subject to master netting or similar agreements.

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