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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024.
DERIVATIVES ASSOCIATED WITH TRADING
|  | March 31, 2025
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer interest rate contracts |  | $ | 4,094 |  |  | $ | 18 |  |  | $ | 146 |
Offsetting upstream interest rate contracts |  | 4,275 |  |  | 100 |  |  | 18 |
Forwards and futures purchased |  | 1,929 |  |  | 4 |  |  | — |
Forwards and futures sold |  | 1,921 |  |  | — |  |  | 4 |
|  | December 31, 2024
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer interest rate contracts |  | $ | 4,096 |  |  | $ | 8 |  |  | $ | 190 |
Offsetting upstream interest rate contracts |  | 4,265 |  |  | 134 |  |  | 9 |
Forwards and futures purchased |  | 1,421 |  |  | 1 |  |  | 6 |
Forwards and futures sold |  | 1,426 |  |  | 7 |  |  | — |
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 March 31, 2025 and December 31, 2024.
DERIVATIVES ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
|  | March 31, 2025
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |
Customer interest rate contracts |  | $ | 8,230 |  |  | $ | 28 |  |  | $ | 278 |
Offsetting upstream interest rate contracts |  | 8,530 |  |  | 276 |  |  | 28 |
|  | December 31, 2024
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |
Customer interest rate contracts |  | $ | 8,301 |  |  | $ | 10 |  |  | $ | 372 |
Offsetting upstream interest rate contracts |  | 8,301 |  |  | 369 |  |  | 11 |
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 months ended March 31, 2025 and 2024.
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  |  |  |
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |  |  |
Customer interest rate contracts (a) |  | $ | 111 |  |  | $ | (86) |  |  |  |  |
Offsetting upstream interest rate contracts (a) |  | (111) |  |  | 86 |  |  |  |  |
(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 March 31, 2025 and December 31, 2024.
DERIVATIVES ASSOCIATED WITH CASH FLOW HEDGES
|  | March 31, 2025
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate contracts |  | $ | 5,000 |  |  | $ | — |  |  | $ | 35 |
Hedged Items: |  |  |  |  |  |
Variability in cash flows related to debt instruments (primarily loans) |  | N/A |  | $ | 5,000 |  |  | N/A
|  | December 31, 2024
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate contracts |  | $ | 5,000 |  |  | $ | — |  |  | $ | 67 |
Hedged Items: |  |  |  |  |  |
Variability in cash flows related to debt instruments (primarily loans) |  | N/A |  | $ | 5,000 |  |  | 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 months ended March 31, 2025 and 2024.
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH CASH FLOW HEDGES
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  |  |  |
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |  |  |
Interest rate contracts (a) |  | $ | 36 |  |  | $ | (39) |  |  |  |  |
Gain (loss) recognized in other comprehensive income (loss) |  | 18 |  |  | (43) |  |  |  |  |
Gain (loss) reclassified from AOCI into interest income |  | 9 |  |  | 13 |  |  |  |  |
(a)Approximately $13 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
|  | March 31, 2025
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Mortgage Banking Hedges |  |  |  |  |  |
Option contracts written |  | $ | 118 |  |  | $ | 1 |  |  | $ | — |
Forward contracts written |  | 149 |  |  | — |  |  | — |
|  | December 31, 2024
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Mortgage Banking Hedges |  |  |  |  |  |
Option contracts written |  | $ | 51 |  |  | $ | — |  |  | $ | — |
Forward contracts written |  | 100 |  |  | 1 |  |  | — |
The following table summarizes gains (losses) on FHN's derivatives associated with mortgage banking activities for the three months ended March 31, 2025 and 2024.
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH MORTGAGE BANKING HEDGES
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  |  |  |
Mortgage Banking Hedges |  |  |  |  |  |  |  |
Option contracts written |  | $ | (1) |  |  | $ | (1) |  |  |  |  |
Forward contracts written |  | 1 |  |  | — |  |  |  |  |
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 March 31, 2025 and December 31, 2024.
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: |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 423 |  |  | $ | — |  |  | $ | 423 |  |  | $ | (79) |  |  | $ | (334) |  |  | $ | 10 |
Forward contracts |  | 5 |  |  | — |  |  | 5 |  |  | (2) |  |  | — |  |  | 3 |
|  | $ | 428 |  |  | $ | — |  |  | $ | 428 |  |  | $ | (81) |  |  | $ | (334) |  |  | $ | 13 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 522 |  |  | $ | — |  |  | $ | 522 |  |  | $ | (73) |  |  | $ | (436) |  |  | $ | 13 |
Forward contracts |  | 8 |  |  | — |  |  | 8 |  |  | (3) |  |  | (4) |  |  | 1 |
|  | $ | 530 |  |  | $ | — |  |  | $ | 530 |  |  | $ | (76) |  |  | $ | (440) |  |  | $ | 14 |
(a)Included in other assets on the Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, $1 million and $2 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 March 31, 2025 and December 31, 2024.
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: |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 506 |  |  | $ | — |  |  | $ | 506 |  |  | $ | (79) |  |  | $ | (124) |  |  | $ | 303 |
Forward contracts |  | 4 |  |  | — |  |  | 4 |  |  | (2) |  |  | (1) |  |  | 1 |
|  | $ | 510 |  |  | $ | — |  |  | $ | 510 |  |  | $ | (81) |  |  | $ | (125) |  |  | $ | 304 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 649 |  |  | $ | — |  |  | $ | 649 |  |  | $ | (73) |  |  | $ | (168) |  |  | $ | 408 |
Forward contracts |  | 6 |  |  | — |  |  | 6 |  |  | (3) |  |  | (1) |  |  | 2 |
|  | $ | 655 |  |  | $ | — |  |  | $ | 655 |  |  | $ | (76) |  |  | $ | (169) |  |  | $ | 410 |
(a)Included in other liabilities on the Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, $20 million and $16 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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