Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

The following tables summarize FHN’s investment securities as of March 31, 2022 and December 31, 2021:


INVESTMENT SECURITIES AT MARCH 31, 2022
	March 31, 2022
(Dollars in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:

Government agency issued MBS	$	5,364	$	3	$	(321)	$	5,046
Government agency issued CMO	2,881		1		(167)		2,715
Other U.S. government agencies	997		—		(61)		936

States and municipalities	581		2		(38)		545
Total securities available for sale (a)	$	9,823	$	6	$	(587)	$	9,242

Securities held to maturity:
Government agency issued MBS	$	499	$	—	$	(37)	$	462
Government agency issued CMO	202		—		(14)		188
Total securities held to maturity	$	701	$	—	$	(51)	$	650

(a)Includes $6.5 billion of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.


INVESTMENT SECURITIES AT YE 2021
	December 31, 2021
(Dollars in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:

Government agency issued MBS	$	5,062	$	42	$	(49)	$	5,055
Government agency issued CMO	2,296		8		(47)		2,257
Other U.S. government agencies	861		4		(15)		850

States and municipalities	535		11		(1)		545
Total securities available for sale (a)	$	8,754	$	65	$	(112)	$	8,707

Securities held to maturity:
Government agency issued MBS	$	509	$	—	$	(5)	$	504
Government agency issued CMO	203		—		(2)		201
Total securities held to maturity	$	712	$	—	$	(7)	$	705

(a)Includes $6.5 billion of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.

Schedule of Amortized Cost And Fair Value By Contractual Maturity

The amortized cost and fair value by contractual maturity for the debt securities portfolio as of March 31, 2022 is provided below:


DEBT SECURITIES PORTFOLIO MATURITIES
	Held to Maturity				Available for Sale
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within 1 year	$	—	$	—	$	52	$	52
After 1 year through 5 years	—		—		118		115
After 5 years through 10 years	—		—		349		328
After 10 years	—		—		1,059		986
Subtotal	—		—		1,578		1,481
Government agency issued MBS and CMO (a)	701		650		8,245		7,761
Total	$	701	$	650	$	9,823	$	9,242

(a)Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Schedule of Investments Within The Available For Sale Portfolio That Had Unrealized Losses

The following tables provide information on investments within the available-for-sale portfolio that had unrealized losses as of March 31, 2022 and December 31, 2021:

AFS INVESTMENT SECURITIES WITH UNREALIZED LOSSES


	As of March 31, 2022
	Less than 12 months				12 months or longer				Total
(Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Government agency issued MBS	$	4,014	$	(228)	$	848	$	(93)	$	4,862	$	(321)
Government agency issued CMO	1,679		(78)		837		(89)		2,516		(167)
Other U.S. government agencies	668		(37)		214		(24)		882		(61)

States and municipalities	474		(37)		8		(1)		482		(38)
Total	$	6,835	$	(380)	$	1,907	$	(207)	$	8,742	$	(587)


	As of December 31, 2021
	Less than 12 months				12 months or longer				Total
(Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Government agency issued MBS	$	2,973	$	(41)	$	184	$	(8)	$	3,157	$	(49)
Government agency issued CMO	1,436		(37)		248		(10)		1,684		(47)
Other U.S. government agencies	459		(11)		90		(4)		549		(15)

States and municipalities	68		(1)		—		—		68		(1)
Total	$	4,936	$	(90)	$	522	$	(22)	$	5,458	$	(112)