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Investment Securities
 12 Months Ended
Dec. 31, 2023
Marketable Securities [Abstract]  
Investment Securities Investment Securities
The following table summarizes FHN’s investment securities as of December 31, 2023 and 2022:
Table 8.2.1
INVESTMENT SECURITIES
 December 31, 2023
(Dollars in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities available for sale:
Government agency issued MBS$5,061 $2 $(579)$4,484 
Government agency issued CMO2,487 — (341)2,146 
Other U.S. government agencies1,321 2 (151)1,172 
States and municipalities627 3 (41)589 
Total securities available for sale (a)$9,496 $7 $(1,112)$8,391 
Securities held to maturity:
Government agency issued MBS$852 $— $(96)$756 
Government agency issued CMO471 — (66)405 
Total securities held to maturity$1,323 $— $(162)$1,161 
(a)Includes $8.9 billion of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.

 December 31, 2022
(Dollars in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities available for sale:
Government agency issued MBS$5,457 $1 $(695)$4,763 
Government agency issued CMO2,682 — (369)2,313 
Other U.S. government agencies1,325 — (162)1,163 
States and municipalities658 1 (62)597 
Total securities available for sale (a)$10,122 $2 $(1,288)$8,836 
Securities held to maturity:
Government agency issued MBS$897 $— $(109)$788 
Government agency issued CMO474 — (53)421 
Total securities held to maturity$1,371 $— $(162)$1,209 
(a)Includes $6.5 billion of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes.
The amortized cost and fair value by contractual maturity for the debt securities portfolio as of December 31, 2023 is provided below:
Table 8.2.2
DEBT SECURITIES PORTFOLIO MATURITIES 
 Held to MaturityAvailable for Sale
(Dollars in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Within 1 year$— $— $36 $36 
After 1 year through 5 years— — 99 95 
After 5 years through 10 years— — 397 364 
After 10 years— — 1,416 1,266 
Subtotal— — 1,948 1,761 
Government agency issued MBS and CMO (a)1,323 1,161 7,548 6,630 
Total$1,323 $1,161 $9,496 $8,391 
(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.

There were no sales of AFS securities for the years ended December 31, 2023 and 2022. Cash proceeds from the sales of AFS securities were $68 million for 2021. Gross gains and losses on the sales of AFS securities were insignificant for the year ended December 31, 2021.
The following tables provide information on investments within the available-for-sale portfolio that had unrealized losses as of December 31, 2023 and 2022:
Table 8.2.3
AFS INVESTMENT SECURITIES WITH UNREALIZED LOSSES  
 As of December 31, 2023
 Less than 12 months12 months or longerTotal
(Dollars in millions)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Government agency issued MBS$140 $(2)$4,231 $(577)$4,371 $(579)
Government agency issued CMO32 — 2,098 (341)2,130 (341)
Other U.S. government agencies114 (2)905 (149)1,019 (151)
States and municipalities14 — 465 (41)479 (41)
Total$300 $(4)$7,699 $(1,108)$7,999 $(1,112)
 As of December 31, 2022
 Less than 12 months12 months or longerTotal
(Dollars in millions)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Government agency issued MBS$2,314 $(249)$2,350 $(446)$4,664 $(695)
Government agency issued CMO1,104 (123)1,209 (246)2,313 (369)
Other U.S. government agencies643 (67)424 (95)1,067 (162)
States and municipalities 493 (48)54 (14)547 (62)
Total$4,554 $(487)$4,037 $(801)$8,591 $(1,288)

FHN has evaluated all AFS debt securities that were in unrealized loss positions in accordance with its accounting policy for recognition of credit losses. No AFS debt securities were determined to have credit losses. Total AIR not included in the fair value or amortized cost basis of
AFS debt securities was $32 million as of both December 31, 2023 and 2022. Consistent with FHN's review of the related securities, there were no credit-related write downs of AIR for AFS debt securities during the reporting periods. Additionally, for AFS debt securities
with unrealized losses, FHN does not intend to sell them and it is more-likely-than-not that FHN will not be required to sell them prior to recovery. Therefore, no write downs of these investments to fair value occurred during the reporting periods. There were no transfers to or from AFS or HTM securities during the years ended December 31, 2023, 2022, or 2021.
For HTM securities, an allowance for credit losses is required to absorb estimated lifetime credit losses. Total AIR not included in the fair value or amortized cost basis of HTM debt securities was $3 million as of both December 31, 2023 and 2022. FHN has assessed the risk of credit loss and has determined that no allowance for credit losses for HTM securities was necessary as of December 31, 2023 and 2022. The evaluation of credit risk includes consideration of third-party and government
guarantees (both explicit and implicit), senior or subordinated status, credit ratings of the issuer, the effects of interest rate changes since purchase and observable market information such as issuer-specific credit spreads.
The carrying amount of equity investments without a readily determinable fair value was $89 million and $79 million at December 31, 2023 and 2022, respectively. The year-to-date gross amounts of upward and downward valuation adjustments included a $6 million loss for 2023 and were insignificant for 2022.
Unrealized gains of $11 million, unrealized losses of $11 million and unrealized gains of $3 million were recognized during 2023, 2022, and 2021, respectively, for equity investments with readily determinable fair values.