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Preferred Stock | 9 Months Ended
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Sep. 30, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | September 30, 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 |  | — |  |  | — |  |  | — |  |  | 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 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 16,750 |  |  | $ | 438 |  |  | $ | 426 |  |  | $ | 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 May 1, 2024, FHN redeemed all outstanding shares of its Series D Preferred Stock. 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. FHN redeemed all outstanding shares of Series D Preferred Stock effective May 1, 2024. The difference between the $100 million outstanding liquidation preference amount and the $94 million carrying value of the Series D Preferred Stock along with the related share repurchase tax resulted in $7 million in deemed dividends that were included in net income available to common shareholders and EPS for the nine months ended September 30, 2024. 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 September 30, 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 September 30, 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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