Derivatives (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivatives Associated with Fixed Income Trading Activities |
The following table summarizes derivatives associated with FHNF's trading activities as of March 31, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | DERIVATIVES ASSOCIATED WITH TRADING | | | | March 31, 2026 | | (Dollars in millions) | | Notional | | Assets | | Liabilities | | Customer interest rate contracts | | $ | 4,201 | | | $ | 13 | | | $ | 108 | | | Offsetting upstream interest rate contracts | | 4,335 | | | 74 | | | 13 | | | | | | | | | | Forwards and futures purchased | | 3,552 | | | 5 | | | 16 | | | Forwards and futures sold | | 3,849 | | | 19 | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (Dollars in millions) | | Notional | | Assets | | Liabilities | | Customer interest rate contracts | | $ | 4,301 | | | $ | 22 | | | $ | 104 | | | Offsetting upstream interest rate contracts | | 4,446 | | | 70 | | | 22 | | | | | | | | | | Forwards and futures purchased | | 1,937 | | | 7 | | | — | | | Forwards and futures sold | | 2,210 | | | — | | | 8 | | | | | | | | |
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| Schedule of Derivatives Associated with Interest Rate Risk Management Activities |
The following table summarizes FHN’s derivatives associated with interest rate risk management activities as of March 31, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | DERIVATIVES ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT | | | | March 31, 2026 | | (Dollars in millions) | | Notional | | Assets | | Liabilities | Customer Interest Rate Contracts Hedging | | | | | | | Hedging Instruments and Hedged Items: | | | | | | | | Customer interest rate contracts | | $ | 8,096 | | | $ | 28 | | | $ | 190 | | | Offsetting upstream interest rate contracts | | 8,396 | | | 189 | | | 28 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (Dollars in millions) | | Notional | | Assets | | Liabilities | | Customer Interest Rate Contracts Hedging | | | | | | | Hedging Instruments and Hedged Items: | | | | | | | | Customer interest rate contracts | | $ | 7,851 | | | $ | 43 | | | $ | 185 | | | Offsetting upstream interest rate contracts | | 8,151 | | | 184 | | | 43 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Gains/(Losses) on Derivatives Associated with Interest Rate Risk Management Activities |
The following table summarizes gains (losses) on FHN’s derivatives associated with interest rate risk management activities for the three months ended March 31, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT | | | Three Months Ended
March 31, | | | | | 2026 | | 2025 | | | | | | (Dollars in millions) | | Gains (Losses) | | Gains (Losses) | | | | | | Customer Interest Rate Contracts Hedging | | | | | | | | Hedging Instruments and Hedged Items: | | | | | | | | | | Customer interest rate contracts (a) | | $ | (21) | | | $ | 111 | | | | | | | Offsetting upstream interest rate contracts (a) | | 21 | | | (111) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a)Gains (losses) included in other expense within the Consolidated Statements of Income.
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| Schedule of Derivative Associated with Cash Flow Hedges |
The following tables summarize FHN’s derivative activities associated with cash flow hedges as of March 31, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | DERIVATIVES ASSOCIATED WITH CASH FLOW HEDGES | | | | March 31, 2026 | | (Dollars in millions) | | Notional | | Assets | | Liabilities | Cash Flow Hedges | | | | | | | Hedging Instruments: | | | | | | | | Interest rate contracts | | $ | 5,000 | | | $ | 5 | | | $ | 38 | | | Hedged Items: | | | | | | | | Variability in cash flows related to debt instruments (primarily loans) | | N/A | | $ | 5,000 | | | N/A | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (Dollars in millions) | | Notional | | Assets | | Liabilities | | Cash Flow Hedges | | | | | | | Hedging Instruments: | | | | | | | | Interest rate contracts | | $ | 5,000 | | | $ | — | | | $ | 14 | | | Hedged Items: | | | | | | | | Variability in cash flows related to debt instruments (primarily loans) | | N/A | | $ | 5,000 | | | N/A | | | | | | | |
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| Schedule of Gains/(Losses) on Derivatives Associated with Cash Flow Hedges |
The following table summarizes gains (losses) on FHN’s derivatives associated with cash flow hedges for the three months ended March 31, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH CASH FLOW HEDGES | | | Three Months Ended
March 31, | | | | | 2026 | | 2025 | | | | | | (Dollars in millions) | | Gains (Losses) | | Gains (Losses) | | | | | | Cash Flow Hedges | | | | | | | | Hedging Instruments: | | | | | | | | | | Interest rate contracts (a) | | $ | (14) | | | $ | 36 | | | | | | | Gain (loss) recognized in other comprehensive income (loss) | | (16) | | | 18 | | | | | | | Gain (loss) reclassified from AOCI into interest income | | 6 | | | 9 | | | | | | | | | | | | | | |
(a)Approximately $17 million of pre-tax losses are expected to be reclassified into earnings in the next twelve months.
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| Schedule of Derivatives Gains/Losses Associated with Mortgage Banking Hedges |
The notional and fair values of these contracts are presented in the table below. | | | | | | | | | | | | | | | | | | | | | | DERIVATIVES ASSOCIATED WITH MORTGAGE BANKING HEDGES | | | March 31, 2026 | | (Dollars in millions) | | Notional | | Assets | | Liabilities | | Mortgage Banking Hedges | | | | | | | | | | | | | | | Option contracts written | | $ | 128 | | | $ | 1 | | | $ | — | | | Forward contracts written | | 262 | | | 3 | | | — | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (Dollars in millions) | | Notional | | Assets | | Liabilities | | Mortgage Banking Hedges | | | | | | | | | | | | | | | Option contracts written | | $ | 82 | | | $ | 1 | | | $ | — | | | | | | | | | | Forward contracts written | | 135 | | | — | | | — | | | | | | | | |
The following table summarizes gains (losses) on FHN's derivatives associated with mortgage banking activities for the three months ended March 31, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH MORTGAGE BANKING HEDGES | | | Three Months Ended
March 31, | | | | | 2026 | | 2025 | | | | | | (Dollars in millions) | | Gains (Losses) | | Gains (Losses) | | | | | | Mortgage Banking Hedges | | | | | | | | | | | | | | | | | | | Option contracts written | | $ | 1 | | | $ | (1) | | | | | | | Forward contracts written | | (2) | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Derivative Assets and Collateral Received |
The following table provides details of derivative assets and collateral received as presented on the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | DERIVATIVE ASSETS & COLLATERAL RECEIVED | | | | | | | | | | Gross amounts not offset in the Balance Sheets | | | | (Dollars in millions) | | Gross amounts
of recognized
assets | | Gross amounts
offset in the
Balance Sheets | | Net amounts of
assets presented
in the Balance Sheets (a) | | Derivative
liabilities
available for
offset | | Collateral
received | | Net amount | | Derivative assets: | | | | | | | | | | | | | | March 31, 2026 | | | | | | | | | | | | | | Interest rate derivative contracts | | $ | 310 | | | $ | — | | | $ | 310 | | | $ | (77) | | | $ | (226) | | | $ | 7 | | | Forward contracts | | 23 | | | — | | | 23 | | | (8) | | | — | | | 15 | | | | $ | 333 | | | $ | — | | | $ | 333 | | | $ | (85) | | | $ | (226) | | | $ | 22 | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | | Interest rate derivative contracts | | $ | 320 | | | $ | — | | | $ | 320 | | | $ | (79) | | | $ | (209) | | | $ | 32 | | | Forward contracts | | 7 | | | — | | | 7 | | | (4) | | | (1) | | | 2 | | | | $ | 327 | | | $ | — | | | $ | 327 | | | $ | (83) | | | $ | (210) | | | $ | 34 | | | | | | | | | | | | | | |
(a)Included in other assets on the Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, $3 million and less than $1 million, respectively, of derivative assets have been excluded from these tables because they are generally not subject to master netting or similar agreements.
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| Schedule of Derivative Liabilities and Collateral Pledged |
The following table provides details of derivative liabilities and collateral pledged as presented on the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | DERIVATIVE LIABILITIES & COLLATERAL PLEDGED | | | | | | | | | | Gross amounts not offset
in the Balance Sheets | | | | (Dollars in millions) | | Gross amounts
of recognized
liabilities | | Gross amounts
offset in the
Balance Sheets | | Net amounts of
liabilities presented
in the Balance Sheets (a) | | Derivative
assets
available for
offset | | Collateral
pledged | | Net amount | | Derivative liabilities: | | | | | | | | | | | | | | March 31, 2026 | | | | | | | | | | | | | | Interest rate derivative contracts | | $ | 377 | | | $ | — | | | $ | 377 | | | $ | (77) | | | $ | (103) | | | $ | 197 | | | Forward contracts | | 18 | | | — | | | 18 | | | (8) | | | — | | | 10 | | | | $ | 395 | | | $ | — | | | $ | 395 | | | $ | (85) | | | $ | (103) | | | $ | 207 | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | | Interest rate derivative contracts | | $ | 368 | | | $ | — | | | $ | 368 | | | $ | (79) | | | $ | (94) | | | $ | 195 | | | Forward contracts | | 8 | | | — | | | 8 | | | (4) | | | (4) | | | — | | | | $ | 376 | | | $ | — | | | $ | 376 | | | $ | (83) | | | $ | (98) | | | $ | 195 | | | | | | | | | | | | | | |
(a)Included in other liabilities on the Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, $18 million and $26 million, respectively, of derivative liabilities (primarily Visa-related derivatives) have been excluded from these tables because they are generally not subject to master netting or similar agreements.
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