Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Marketable Securities [Abstract]

Schedule of FHN's 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 CMO	2,487		—		(341)		2,146
Other U.S. government agencies	1,321		2		(151)		1,172
States and municipalities	627		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 CMO	471		—		(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 CMO	2,682		—		(369)		2,313
Other U.S. government agencies	1,325		—		(162)		1,163
States and municipalities	658		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 CMO	474		—		(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.

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 December 31, 2023 is provided below:

Table 8.2.2

DEBT SECURITIES PORTFOLIO MATURITIES 

	Held to Maturity				Available 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.

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 December 31, 2023 and 2022:

Table 8.2.3

AFS INVESTMENT SECURITIES WITH UNREALIZED LOSSES  

	As of December 31, 2023
	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	$	140	$	(2)	$	4,231	$	(577)	$	4,371	$	(579)
Government agency issued CMO	32		—		2,098		(341)		2,130		(341)
Other U.S. government agencies	114		(2)		905		(149)		1,019		(151)
States and municipalities	14		—		465		(41)		479		(41)
Total	$	300	$	(4)	$	7,699	$	(1,108)	$	7,999	$	(1,112)

	As of December 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	$	2,314	$	(249)	$	2,350	$	(446)	$	4,664	$	(695)
Government agency issued CMO	1,104		(123)		1,209		(246)		2,313		(369)
Other U.S. government agencies	643		(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)