Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured on Recurring Basis

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020: 

Tables 8.24.1a-b

BALANCES OF ASSETS & LIABILITIES

MEASURED AT FAIR VALUE ON A RECURRING BASIS

	December 31, 2021
(Dollars in millions)	Level 1		Level 2		Level 3		Total
Trading securities:
U.S. treasuries	$	—	$	85	$	—	$	85
Government agency issued MBS	—		464		—		464
Government agency issued CMO	—		62		—		62
Other U.S. government agencies	—		276		—		276
States and municipalities	—		34		—		34
Corporate and other debt	—		642		—		642
Interest-only strips (elected fair value)	—		—		38		38
Total trading securities	—		1,563		38		1,601
Loans held for sale (elected fair value)	—		230		28		258
Securities available for sale:
Government agency issued MBS	—		5,055		—		5,055
Government agency issued CMO	—		2,257		—		2,257
Other U.S. government agencies	—		850		—		850
States and municipalities	—		545		—		545
Total securities available for sale	—		8,707		—		8,707
Other assets:
Deferred compensation mutual funds	125		—		—		125
Equity, mutual funds, and other	25		—		—		25
Derivatives, forwards and futures	12		—		—		12
Derivatives, interest rate contracts	—		311		—		311
Derivatives, other	—		1		—		1
Total other assets	162		312		—		474
Total assets	$	162	$	10,812	$	66	$	11,040
Trading liabilities:
U.S. treasuries	$	—	$	334	$	—	$	334
Government issued agency MBS	—		1		—		1
Corporate and other debt	—		91		—		91
Total trading liabilities	—		426		—		426
Other liabilities:
Derivatives, forwards and futures	11		—		—		11
Derivatives, interest rate contracts	—		93		—		93
Derivatives, other	—		1		23		24
Total other liabilities	11		94		23		128
Total liabilities	$	11	$	520	$	23	$	554

	December 31, 2020
(Dollars in millions)	Level 1		Level 2		Level 3		Total
Trading securities:
U.S. treasuries	$	—	$	81	$	—	$	81
Government agency issued MBS	—		633		—		633
Government agency issued CMO	—		212		—		212
Other U.S. government agencies	—		62		—		62
States and municipalities	—		7		—		7
Corporate and other debt	—		181		—		181
Total trading securities	—		1,176		—		1,176
Loans held for sale (elected fair value)	—		393		12		405
Loans held for investment (elected fair value)	—		—		16		16
Securities available for sale:
U.S. treasuries	—		613		—		613
Government agency issued MBS	—		3,812		—		3,812
Government agency issued CMO	—		2,406		—		2,406
Other U.S. government agencies	—		684		—		684
States and municipalities	—		460		—		460
Corporate and other debt	—		40		—		40
Interest-only strips (elected fair value)	—		—		32		32
Total securities available for sale	—		8,015		32		8,047
Other assets:
Deferred compensation mutual funds	118		—		—		118
Equity, mutual funds, and other	25		—		—		25
Derivatives, forwards and futures	63		—		—		63
Derivatives, interest rate contracts	—		702		—		702
Derivatives, other	—		4		—		4
Total other assets	206		706		—		912
Total assets	$	206	$	10,290	$	60	$	10,556
Trading liabilities:
U.S. treasuries	$	—	$	307	$	—	$	307
Government agency issued MBS	—		3		—		3
Corporate and other debt	—		43		—		43
Total trading liabilities	—		353		—		353
Other liabilities:
Derivatives, forwards and futures	71		—		—		71
Derivatives, interest rate contracts	—		60		—		60
Derivatives, other	—		4		14		18
Total other liabilities	71		64		14		149
Total liabilities	$	71	$	417	$	14	$	502

Summary of Changes in Level 3 Assets and Liabilities Measured At Fair Value

Changes in Recurring Level 3 Fair Value Measurements

The changes in Level 3 assets and liabilities measured at fair value for the years ended December 31, 2021, 2020 and 2019 on a recurring basis are summarized as follows: 

Tables 8.24.2a-b-c

CHANGES IN LEVEL 3 ASSETS & LIABILITIES MEASURED AT FAIR VALUE

	Year Ended December 31, 2021
(Dollars in millions)	Interest-only strips			Loans held for sale			Loans held for investment			Net  derivative liabilities
Balance on January 1, 2021	$	32		$	12		$	16		$	(14)
Total net gains (losses) included in net income	3			1			—			(19)
Purchases	—			10			—			—
Sales	(68)			(18)			—			—
Settlements	—			(3)			(2)			10
Net transfers into (out of) Level 3	71		(b)	26		(e)	(14)		(e)	—
Balance on December 31, 2021	$	38		$	28		$	—		$	(23)
Net unrealized gains (losses) included in net income	$	(2)	(c)	$	1	(a)	$	—		$	(19)	(d)

	Year Ended December 31, 2020
(Dollars in millions)	Trading securities			Interest-only strips- AFS			Loans held for sale			Loans held for investment		Net  derivative liabilities
Balance on January 1, 2020	$	1		$	19		$	14		$	—	$	(23)
Acquired	—			—			—			14		—
Total net gains (losses) included in net income	(1)			(6)			1			—		(1)
Purchases	—			6			—			—		—
Sales	—			(11)			—			(4)		—
Settlements	—			—			(3)			(3)		10
Net transfers into (out of) Level 3	—			24		(b)	—			9		—
Balance on December 31, 2020	$	—		$	32		$	12		$	16	$	(14)
Net unrealized gains (losses) included in net income	$	—	(a)	$	(4)	(c)	$	1	(a)	$	—	$	(1)	(d)

	Year Ended December 31, 2019
(Dollars in millions)	Trading securities			Interest-only strips- AFS			Loans held for sale			Net  derivative liabilities
Balance on January 1, 2019	$	2		$	10		$	16		$	(32)
Total net gains (losses) included in net income	—			(5)			2			(4)
Purchases	—			—			—			—
Sales	—			(47)			—			—
Settlements	(1)			—			(4)			13
Net transfers into (out of) Level 3	—			61		(b)	—			—
Balance on December 31, 2019	$	1		$	19		$	14		$	(23)
Net unrealized gains (losses) included in net income	$	—	(a)	$	(2)	(c)	$	2	(a)	$	(4)	(d)

(a)Primarily included in mortgage banking and title income on the Consolidated Statements of Income.

(b)Transfers into interest-only strips level 3 measured on a recurring basis reflect movements from loans held for sale (Level 2 nonrecurring).

(c)Primarily included in fixed income on the Consolidated Statements of Income.

(d)Included in other expense.

(e)The loans held for investment at fair value option portfolio was transferred to the loans held for sale portfolio on April 1, 2021.

Summary of Changes in Level 3 Net Derivative Asset (Liability) Measured at Fair Value

Changes in Recurring Level 3 Fair Value Measurements

The changes in Level 3 assets and liabilities measured at fair value for the years ended December 31, 2021, 2020 and 2019 on a recurring basis are summarized as follows: 

Tables 8.24.2a-b-c

CHANGES IN LEVEL 3 ASSETS & LIABILITIES MEASURED AT FAIR VALUE

	Year Ended December 31, 2021
(Dollars in millions)	Interest-only strips			Loans held for sale			Loans held for investment			Net  derivative liabilities
Balance on January 1, 2021	$	32		$	12		$	16		$	(14)
Total net gains (losses) included in net income	3			1			—			(19)
Purchases	—			10			—			—
Sales	(68)			(18)			—			—
Settlements	—			(3)			(2)			10
Net transfers into (out of) Level 3	71		(b)	26		(e)	(14)		(e)	—
Balance on December 31, 2021	$	38		$	28		$	—		$	(23)
Net unrealized gains (losses) included in net income	$	(2)	(c)	$	1	(a)	$	—		$	(19)	(d)

	Year Ended December 31, 2020
(Dollars in millions)	Trading securities			Interest-only strips- AFS			Loans held for sale			Loans held for investment		Net  derivative liabilities
Balance on January 1, 2020	$	1		$	19		$	14		$	—	$	(23)
Acquired	—			—			—			14		—
Total net gains (losses) included in net income	(1)			(6)			1			—		(1)
Purchases	—			6			—			—		—
Sales	—			(11)			—			(4)		—
Settlements	—			—			(3)			(3)		10
Net transfers into (out of) Level 3	—			24		(b)	—			9		—
Balance on December 31, 2020	$	—		$	32		$	12		$	16	$	(14)
Net unrealized gains (losses) included in net income	$	—	(a)	$	(4)	(c)	$	1	(a)	$	—	$	(1)	(d)

	Year Ended December 31, 2019
(Dollars in millions)	Trading securities			Interest-only strips- AFS			Loans held for sale			Net  derivative liabilities
Balance on January 1, 2019	$	2		$	10		$	16		$	(32)
Total net gains (losses) included in net income	—			(5)			2			(4)
Purchases	—			—			—			—
Sales	—			(47)			—			—
Settlements	(1)			—			(4)			13
Net transfers into (out of) Level 3	—			61		(b)	—			—
Balance on December 31, 2019	$	1		$	19		$	14		$	(23)
Net unrealized gains (losses) included in net income	$	—	(a)	$	(2)	(c)	$	2	(a)	$	(4)	(d)

(a)Primarily included in mortgage banking and title income on the Consolidated Statements of Income.

(b)Transfers into interest-only strips level 3 measured on a recurring basis reflect movements from loans held for sale (Level 2 nonrecurring).

(c)Primarily included in fixed income on the Consolidated Statements of Income.

(d)Included in other expense.

(e)The loans held for investment at fair value option portfolio was transferred to the loans held for sale portfolio on April 1, 2021.

Nonrecurring Fair Value Measurements

For assets measured at fair value on a nonrecurring basis which were still held on the Consolidated Balance Sheets at December 31, 2021, 2020 and 2019, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value. 

Tables 8.24.3a-b-c

LEVEL OF VALUATION ASSUMPTIONS FOR ASSETS

MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS

	Carrying value at December 31, 2021								Year Ended December 31, 2021
(Dollars in millions)	Level 1		Level 2		Level 3		Total		Net gains (losses)
Loans held for sale—SBAs and USDA	$	—	$	852	$	1	$	853	$	(2)
Loans held for sale—first mortgages	—		—		1		1		—
Loans and leases (a)	—		—		84		84		(13)
OREO (b)	—		—		3		3		(1)
Other assets (c)	—		—		30		30		(2)
									$	(18)

	Carrying value at December 31, 2020								Year Ended December 31, 2020
(Dollars in millions)	Level 1		Level 2		Level 3		Total		Net gains (losses)
Loans held for sale—SBAs and USDA	$	—	$	508	$	1	$	509	$	(3)
Loans held for sale—first mortgages	—		—		1		1		—
Loans and leases (a)	—		—		77		77		(12)
OREO (b)	—		—		15		15		(1)
Other assets (c)	—		—		9		9		(2)
									$	(18)

	Carrying value at December 31, 2019								Year Ended December 31, 2019
(Dollars in millions)	Level 1		Level 2		Level 3		Total		Net gains (losses)
Loans held for sale—SBAs and USDA	$	—	$	493	$	1	$	494	$	(2)
Loans held for sale—first mortgages	—		—		1		1		—
Loans and leases (a)	—		—		42		42		(7)
OREO (b)	—		—		16		16		(1)
Other assets (c)	—		—		11		11		(2)
									$	(12)

(a)Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for credit losses.

(b)Represents the fair value and related losses of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages.

(c)Represents tax credit investments accounted for under the equity method.

Schedule of Unobservable Inputs Utilized In Determining The Fair Value of Level 3 Recurring And Non-Recurring Measurements

The following tables provide information regarding the unobservable inputs utilized in determining the fair value of Level 3 recurring and non-recurring measurements as of December 31, 2021 and 2020:  

Tables 8.24.4a-b

UNOBSERVABLE INPUTS USED

IN LEVEL 3 FAIR VALUE MEASUREMENTS

(Dollars in millions)					Values Utilized
Level 3 Class	Fair Value at December 31, 2021		Valuation Techniques	Unobservable Input	Range	Weighted Average (d)
Trading securities - SBA interest-only strips	$	38	Discounted cash flow	Constant prepayment rate	11%-12%	11%
				Bond equivalent yield	11% - 14%	11%
Loans held for sale - residential real estate	$	29	Discounted cash flow	Prepayment speeds - First mortgage	4% - 12%	5%
				Foreclosure losses	54% - 66%	65%
				Loss severity trends - First mortgage	1% - 14% of UPB	8%
Loans held for sale - unguaranteed interest in SBA loans	$	1	Discounted cash flow	Constant prepayment rate	8% - 12%	10%
				Bond equivalent yield	11%	11%
Derivative liabilities, other	$	23	Discounted cash flow	Visa covered litigation resolution amount	$5.8 billion - $6.2 billion	$6.0 billion
				Probability of resolution scenarios	15% - 35%	24%
				Time until resolution	12 - 36 months	25 months
Loans and leases (a)	$	84	Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 10% of appraisal	NM
			Other collateral valuations	Borrowing base certificates adjustment	20% - 50% of gross value	NM
				Financial Statements/Auction values adjustment	0% - 25% of reported value	NM
OREO (b)	$	3	Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal	NM
Other assets (c)	$	30	Discounted cash flow	Adjustments to current sales yields for specific properties	0% - 15% adjustment to yield	NM
			Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 25% of appraisal	NM

NM - Not meaningful

(a)Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for credit losses.

(b)Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages.

(c)Represents tax credit investments accounted for under the equity method.

(d)Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value.

(Dollars in millions)					Values Utilized
Level 3 Class	Fair Value at December 31, 2020		Valuation Techniques	Unobservable Input	Range	Weighted Average (d)
Securities - SBA interest-only strips	$	32	Discounted cash flow	Constant prepayment rate	12%	12%
				Bond equivalent yield	15% - 17%	15%
Loans held for sale - residential real estate	$	13	Discounted cash flow	Prepayment speeds - First mortgage	5% - 15%	5%
				Foreclosure losses	59% - 70%	63%
				Loss severity trends - First mortgage	3% - 19% of UPB	12%
Loans held for sale - unguaranteed interest in SBA loans	$	1	Discounted cash flow	Constant prepayment rate	8% - 12%	10%
				Bond equivalent yield	7%-8%	7%
Loans held for investment	$	16	Discounted cash flow	Constant prepayment rate	0% - 26%	11%
				Constant default rate	0%-14%	1%
				Loss severity trends	0% - 100%	11%
Derivative liabilities, other	$	14	Discounted cash flow	Visa covered litigation resolution amount	$5.4 billion - $6.0 billion	$5.8 billion
				Probability of resolution scenarios	10% - 50%	16%
				Time until resolution	3 - 27 months	19 months
Loans and leases (a)	$	77	Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 10% of appraisal	NM
			Other collateral valuations	Borrowing base certificates adjustment	20% - 50% of gross value	NM
				Financial Statements/Auction values adjustment	0% - 25% of reported value	NM
OREO (b)	$	15	Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal	NM
Other assets (c)	$	9	Discounted cash flow	Adjustments to current sales yields for specific properties	0% - 15% adjustment to yield	NM
			Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 25% of appraisal	NM

NM - Not meaningful

(a)Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for credit losses.

(b)Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages.

(c)Represents tax credit investments accounted for under the equity method.

(d)Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value.

Summary of Differences Between The Fair Value Carrying Amount of Mortgages Held-For-Sale and Aggregate Unpaid Principal Amount

The following tables reflect the differences between the fair value carrying amount of residential real estate loans held for sale and held for investment measured at fair value in accordance with management’s election and the aggregate unpaid principal amount FHN is contractually entitled to receive at maturity.

Tables 8.24.5a-b

DIFFERENCES BETWEEN FAIR VALUE CARRYING AMOUNTS

AND CONTRACTUAL AMOUNTS OF RESIDENTIAL REAL ESTATE LOANS

	December 31, 2021
(Dollars in millions)	Fair value carrying amount		Aggregate unpaid principal		Fair value carrying amount less aggregate unpaid principal
Residential real estate loans held for sale reported at fair value:
Total loans	$	258	$	264	$	(6)
Nonaccrual loans	4		7		(3)
	December 31, 2020
(Dollars in millions)	Fair value carrying amount		Aggregate unpaid principal		Fair value carrying amount less aggregate unpaid principal
Residential real estate loans held for sale reported at fair value:
Total loans	$	405	$	442	$	(37)
Nonaccrual loans	2		5		(3)
Loans held for investment reported at fair value:
Total loans	16		17		(1)
Nonaccrual loans	1		1		—

Changes In Fair Value of Assets and Liabilities Which Fair Value Option Included In Current Period Earnings

Assets and liabilities accounted for under the fair value election are initially measured at fair value with subsequent changes in fair value recognized in earnings. Such changes in the fair value of assets and liabilities for

which FHN elected the fair value option are included in current period earnings with classification in the income statement line item reflected in the following table: 

Table 8.24.6

CHANGES IN FAIR VALUE RECOGNIZED IN NET INCOME

	Year Ended December 31,
(Dollars in millions)	2021		2020		2019
Changes in fair value included in net income:
Mortgage banking and title noninterest income
Loans held for sale	$	(10)	$	4	$	2

Summary of Book Value And Estimated Fair Value of Financial Instruments

The following tables summarize the book value and estimated fair value of financial instruments recorded in the Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020:

Tables 8.24.7a-b

BOOK VALUE AND ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

	December 31, 2021
	Book Value		Fair Value
(Dollars in millions)			Level 1		Level 2		Level 3		Total
Assets:
Loans and leases, net of allowance for loan and lease losses
Commercial:
Commercial, financial and industrial	$	30,734	$	—	$	—	$	31,020	$	31,020
Commercial real estate	11,955		—		—		11,986		11,986
Consumer:
Consumer real estate	10,609		—		—		11,111		11,111
Credit card and other	891		—		—		906		906
Total loans and leases, net of allowance for loan and lease losses	54,189		—		—		55,023		55,023
Short-term financial assets:
Interest-bearing deposits with banks	14,907		14,907		—		—		14,907
Federal funds sold	153		—		153		—		153
Securities purchased under agreements to resell	488		—		488		—		488
Total short-term financial assets	15,548		14,907		641		—		15,548
Trading securities (a)	1,601		—		1,563		38		1,601
Loans held for sale:
Mortgage loans (elected fair value) (a)	258		—		230		28		258
USDA & SBA loans - LOCOM	853		—		855		1		856
Other loans - LOCOM	24		—		24		—		24
Mortgage loans - LOCOM	37		—		—		37		37
Total loans held for sale	1,172		—		1,109		66		1,175
Securities available for sale (a)	8,707		—		8,707		—		8,707
Securities held to maturity	712		—		705		—		705
Derivative assets (a)	324		12		312		—		324
Other assets:
Tax credit investments	456		—		—		450		450
Deferred compensation mutual funds	125		125		—		—		125
Equity, mutual funds, and other (b)	257		25		—		232		257
Total other assets	838		150		—		682		832
Total assets	$	83,091	$	15,069	$	13,037	$	55,809	$	83,915
Liabilities:
Defined maturity deposits	$	3,500	$	—	$	3,524	$	—	$	3,524
Trading liabilities (a)	426		—		426		—		426
Short-term financial liabilities:
Federal funds purchased	775		—		775		—		775
Securities sold under agreements to repurchase	1,247		—		1,247		—		1,247
Other short-term borrowings	102		—		102		—		102
Total short-term financial liabilities	2,124		—		2,124		—		2,124
Term borrowings:
Real estate investment trust-preferred	46		—		—		47		47
Term borrowings—new market tax credit investment	59		—		—		58		58
Secured borrowings	6		—		—		6		6
Junior subordinated debentures	148		—		—		150		150
Other long term borrowings	1,331		—		1,452		—		1,452
Total term borrowings	1,590		—		1,452		261		1,713
Derivative liabilities (a)	128		11		94		23		128
Total liabilities	$	7,768	$	11	$	7,620	$	284	$	7,915

(a)Classes are detailed in the recurring and nonrecurring measurement tables.

(b)Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $29 million and FRB stock of $203 million.

	December 31, 2020
	Book Value		Fair Value
(Dollars in millions)			Level 1		Level 2		Level 3		Total
Assets:
Loans and leases, net of allowance for loan and lease losses
Commercial:
Commercial, financial and industrial	$	32,651	$	—	$	—	$	32,582	$	32,582
Commercial real estate	12,033		—		—		12,079		12,079
Consumer:
Consumer real estate	11,483		—		—		11,903		11,903
Credit card and other	1,102		—		—		1,131		1,131
Total loans and leases, net of allowance for loan and lease losses	57,269		—		—		57,695		57,695
Short-term financial assets:
Interest-bearing deposits with banks	8,351		8,351		—		—		8,351
Federal funds sold	65		—		65		—		65
Securities purchased under agreements to resell	380		—		380		—		380
Total short-term financial assets	8,796		8,351		445		—		8,796
Trading securities (a)	1,176		—		1,176		—		1,176
Loans held for sale:
Mortgage loans (elected fair value) (a)	405		—		393		12		405
USDA & SBA loans - LOCOM	509		—		511		1		512
Other loans - LOCOM	31		—		31		—		31
Mortgage loans - LOCOM	77		—		—		77		77
Total loans held for sale	1,022		—		935		90		1,025
Securities available for sale (a)	8,047		—		8,015		32		8,047
Securities held to maturity	10		—		—		10		10
Derivative assets (a)	769		63		706		—		769
Other assets:
Tax credit investments	400		—		—		371		371
Deferred compensation mutual funds	118		118		—		—		118
Equity, mutual funds, and other (b)	288		25		—		263		288
Total other assets	806		143		—		634		777
Total assets	$	77,895	$	8,557	$	11,277	$	58,461	$	78,295
Liabilities:
Defined maturity deposits	$	5,070	$	—	$	5,083	$	—	$	5,083
Trading liabilities (a)	353		—		353		—		353
Short-term financial liabilities:
Federal funds purchased	845		—		845		—		845
Securities sold under agreements to repurchase	1,187		—		1,187		—		1,187
Other short-term borrowings	166		—		166		—		166
Total short-term financial liabilities	2,198		—		2,198		—		2,198
Term borrowings:
Real estate investment trust-preferred	46		—		—		47		47
Term borrowings—new market tax credit investment	45		—		—		45		45
Secured borrowings	15		—		—		15		15
Junior subordinated debentures	238		—		—		223		223
Other long term borrowings	1,326		—		1,455		—		1,455
Total term borrowings	1,670		—		1,455		330		1,785
Derivative liabilities (a)	149		71		64		14		149
Total liabilities	$	9,440	$	71	$	9,153	$	344	$	9,568

(a)Classes are detailed in the recurring and nonrecurring measurement tables.

(b)Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $61 million and FRB stock of $202 million.

The following table presents the contractual amount and fair value of unfunded loan commitments and standby and other commitments as of December 31, 2021 and December 31, 2020:

Table 8.24.8

UNFUNDED COMMITMENTS

	Contractual Amount				Fair Value
(Dollars in millions)	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Unfunded Commitments:
Loan commitments	$	24,229	$	20,796	$	1	$	2
Standby and other commitments	810		751		6		6