Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Schedule of Segment Financial Information

The following table presents financial information for each reportable business segment for the years ended December 31:

Table 8.19.1

SEGMENT FINANCIAL INFORMATION


	2023
(Dollars in millions)	Regional Banking		Specialty Banking		Corporate		Consolidated
Net interest income (expense)	$	2,354	$	518	$	(332)	$	2,540
Provision for credit losses	224		50		(14)		260
Noninterest income (a)	433		209		285		927
Noninterest expense (b)(c)(e)	1,301		364		414		2,079
Income (loss) before income taxes	1,262		313		(447)		1,128
Income tax expense (benefit) (f)	296		76		(160)		212
Net income (loss)	$	966	$	237	$	(287)	$	916
Average assets	$	45,858	$	20,161	$	15,664	$	81,683
Depreciation and amortization	60		—		42		102
Expenditures for long-lived assets	29		4		1		34


	2022
(Dollars in millions)	Regional Banking		Specialty Banking		Corporate		Consolidated
Net interest income (expense)	$	1,954	$	557	$	(119)	$	2,392
Provision for credit losses	94		14		(13)		95
Noninterest income (a)	443		312		60		815
Noninterest expense (b)(e)	1,226		446		281		1,953
Income (loss) before income taxes	1,077		409		(327)		1,159
Income tax expense (benefit)	253		99		(105)		247
Net income (loss)	$	824	$	310	$	(222)	$	912
Average assets	$	42,297	$	19,965	$	21,955	$	84,217
Depreciation and amortization	24		2		59		85
Expenditures for long-lived assets	18		12		(6)		24


	2021
(Dollars in millions)	Regional Banking		Specialty Banking		Corporate		Consolidated
Net interest income (expense)	$	1,764	$	620	$	(390)	$	1,994
Provision (benefit) for credit losses	(229)		(64)		(17)		(310)
Noninterest income (a)	438		597		41		1,076
Noninterest expense (b)(d)(e)	1,136		573		387		2,096
Income (loss) before income taxes	1,295		708		(719)		1,284
Income tax expense (benefit)	303		172		(201)		274
Net income (loss)	$	992	$	536	$	(518)	$	1,010
Average assets	$	41,527	$	20,789	$	25,293	$	87,609
Depreciation and amortization	(57)		4		98		45
Expenditures for long-lived assets	27		3		7		37

(a)2023 includes a $225 million gain on merger termination and a $6 million loss on equities valuation adjustments in the Corporate segment and a $7 million gain on a small FHN Financial asset disposition in the Specialty Banking segment. 2022 includes a $12 million gain on sale of mortgage servicing rights in the Specialty Banking segment and a $22 million gain related to the sale of the title insurance business, a $10 million gain on equity securities and a $6 million gain related to a fintech investment in the Corporate segment. 2021 includes a loss of $26 million related to TRUPS redemption in the Corporate segment.

(b)2023 includes $51 million in merger and integration planning expenses related to the TD Transaction in the Corporate Segment. 2022 and 2021 include $136 million and $187 million, respectively, in merger and integration expenses related to the IBKC merger and TD Transaction in the Corporate segment.

(d)2021 includes $37 million in asset impairments related to IBKC merger integration efforts in the Corporate segment.

(e)2023, 2022 and 2021 include $15 million, $22 million and $19 million, respectively, in derivative valuation adjustments related to prior Visa Class-B share sales in the Corporate segment.

(f)2023 includes $24 million in expense related to the surrender of bank owned life insurance policies and a $59 million benefit from merger-related tax items in the Corporate segment.

The following table presents a disaggregation of FHN’s noninterest income by major product line and reportable segment for the years ended December 31, 2023, 2022, and 2021:

Table 8.19.2

NONINTEREST INCOME DETAIL BY SEGMENT


	December 31, 2023
(Dollars in millions)	Regional Banking		Specialty Banking		Corporate		Consolidated
Noninterest income:
Deposit transactions and cash management	$	161	$	10	$	8	$	179
Fixed income (a)	—		133		—		133
Brokerage, management fees and commissions	90		—		—		90
Card and digital banking fees	68		2		7		77
Other service charges and fees	30		24		—		54
Trust services and investment management	47		—		—		47
Mortgage banking and title income	—		23		—		23
Gain on merger termination	—		—		225		225
Securities gains (losses), net (b)	—		—		(4)		(4)

Other income (c)	37		17		49		103
Total noninterest income	$	433	$	209	$	285	$	927


	December 31, 2022
(Dollars in millions)	Regional Banking		Specialty Banking		Corporate		Consolidated
Noninterest income:
Deposit transactions and cash management	$	153	$	9	$	9	$	171
Fixed income (a)	—		205		—		205
Brokerage, management fees and commissions	92		—		—		92
Card and digital banking fees	75		2		7		84
Other service charges and fees	32		22		—		54
Trust services and investment management	48		—		—		48
Mortgage banking and title income	—		68		—		68
Securities gains (losses), net (b)	—		—		18		18

Other income (c)	43		6		26		75
Total noninterest income	$	443	$	312	$	60	$	815


	December 31, 2021
(Dollars in millions)	Regional Banking		Specialty Banking		Corporate		Consolidated
Noninterest income:
Deposit transactions and cash management	$	157	$	12	$	6	$	175
Fixed income (a)	—		406		—		406
Brokerage, management fees and commissions	88		—		—		88
Card and digital banking fees	67		3		8		78
Other service charges and fees	23		17		4		44
Trust services and investment management	51		—		—		51
Mortgage banking and title income	—		152		2		154
Securities gains (losses), net (b)	—		—		13		13

Other income (c)	52		7		8		67
Total noninterest income	$	438	$	597	$	41	$	1,076

(a)2023, 2022 and 2021, include $42 million, $43 million, and $44 million, respectively, of underwriting, portfolio advisory, and other noninterest income in scope of ASC 606, "Revenue From Contracts With Customers.

(b)Represents noninterest income excluded from the scope of ASC 606. Amount is presented for informational purposes to reconcile total noninterest income.

(c)Includes letter of credit fees and insurance commissions in scope of ASC 606.