Cover
Cover | 6 Months Ended |
Jun. 30, 2019shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2019 |
Document Transition Report | false |
Entity File Number | 001-15185 |
Entity Registrant Name | First Horizon National Corporation |
Entity Incorporation, State or Country Code | TN |
Entity Tax Identification Number | 62-0803242 |
Entity Address, Address Line One | 165 Madison Avenue |
Entity Address, City or Town | Memphis, |
Entity Address, State or Province | TN |
Entity Address, Postal Zip Code | 38103 |
City Area Code | 901 |
Local Phone Number | 523-4444 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 312,478,071 |
Current Fiscal Year End Date | --12-31 |
Entity Central Index Key | 0000036966 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Common Capital Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | $0.625 Par Value Common Capital Stock |
Trading Symbol | FHN |
Security Exchange Name | NYSE |
Series A Preferred Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a 1/4,000th interest in |
Trading Symbol | FHN PR A |
Security Exchange Name | NYSE |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF CONDITION - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Assets: | |||
Cash and due from banks | $ 596,081 | $ 781,291 | |
Federal funds sold | 50,705 | 237,591 | |
Securities purchased under agreements to resell (Note 16) | 602,919 | 386,443 | |
Total cash and cash equivalents | 1,249,705 | 1,405,325 | |
Interest-bearing cash | 593,180 | 1,277,611 | |
Trading securities | 1,668,942 | 1,448,168 | |
Loans held-for-sale | [1] | 447,106 | 679,149 |
Securities available-for-sale (Note 3) | 4,415,609 | 4,626,470 | |
Securities held-to-maturity (Note 3) | 10,000 | 10,000 | |
Loans, net of unearned income | [2] | 29,712,810 | 27,535,532 |
Less: Allowance for loan losses | 192,749 | 180,424 | |
Total net loans | 29,520,061 | 27,355,108 | |
Goodwill (Note 6) | 1,432,787 | 1,432,787 | |
Other intangible assets, net (Note 6) | 142,612 | 155,034 | |
Fixed income receivables | 147,574 | 38,861 | |
Premises and equipment, net (June 30, 2019 and December 31, 2018 include $18.4 million and $19.6 million, respectively, classified as held-for-sale) | 454,271 | 494,041 | |
Other real estate owned (OREO) | [3] | 19,286 | 25,290 |
Derivative assets (Note 15) | 185,521 | 81,475 | |
Other assets | 1,885,116 | 1,802,939 | |
Total assets | 42,171,770 | 40,832,258 | |
Deposits: | |||
Savings | 11,555,377 | 12,064,072 | |
Time deposits, net | 4,398,526 | 4,105,777 | |
Other interest-bearing deposits | 8,267,667 | 8,371,826 | |
Interest-bearing | 24,221,570 | 24,541,675 | |
Noninterest-bearing | 8,086,748 | 8,141,317 | |
Total deposits | 32,308,318 | 32,682,992 | |
Federal funds purchased | 666,007 | 256,567 | |
Securities sold under agreements to repurchase (Note 16) | 764,308 | 762,592 | |
Trading liabilities | 558,347 | 335,380 | |
Other short-term borrowings | 865,347 | 114,764 | |
Term borrowings | 1,186,646 | 1,170,963 | |
Fixed income payables | 66,369 | 9,572 | |
Derivative liabilities (Note 15) | 88,485 | 133,713 | |
Other liabilities | 741,862 | 580,335 | |
Total liabilities | 37,245,689 | 36,046,878 | |
First Horizon National Corporation Shareholders’ Equity: | |||
Preferred stock - Series A, non-cumulative perpetual, no par value, liquidation preference of $100,000 per share - (shares authorized - 1,000; shares issued - 1,000 on June 30, 2019 and December 31, 2018) | 95,624 | 95,624 | |
Common stock - $.625 par value (shares authorized - 400,000,000; shares issued - 312,478,071 on June 30, 2019 and 318,573,400 on December 31, 2018) | 195,299 | 199,108 | |
Capital surplus | 2,941,696 | 3,029,425 | |
Undivided profits | 1,660,520 | 1,542,408 | |
Accumulated other comprehensive loss, net (Note 9) | (262,489) | (376,616) | |
Total First Horizon National Corporation Shareholders’ Equity | 4,630,650 | 4,489,949 | |
Noncontrolling interest | 295,431 | 295,431 | |
Total equity | 4,926,081 | 4,785,380 | |
Total liabilities and equity | $ 42,171,770 | $ 40,832,258 | |
[1] | June 30, 2019 and December 31, 2018 include $6.7 million and $8.4 million , respectively, of held-for-sale consumer mortgage loans secured by residential real estate in process of foreclosure. | ||
[2] | June 30, 2019 and December 31, 2018 include $17.3 million and $28.6 million , respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. | ||
[3] | June 30, 2019 and December 31, 2018 include $8.2 million and $9.7 million , respectively, of foreclosed residential real estate. |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Premises and equipment, net (June 30, 2019 and December 31, 2018 include $18.4 million and $19.6 million, respectively, classified as held-for-sale) | $ 18,400 | $ 19,600 | |
Common stock, par value (in dollars per share) | $ 0.625 | $ 0.625 | |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 | |
Common stock, shares issued (in shares) | 312,478,071 | 318,573,400 | |
Preferred stock liquidation preference value (in dollars per share) | $ 100,000 | $ 100,000 | |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 | |
Preferred stock, shares issued (in shares) | 1,000 | 1,000 | |
OREO | [1] | $ 19,286 | $ 25,290 |
Residential Real Estate | |||
Mortgage Loans in Process of Foreclosure, Amount | 17,300 | 28,600 | |
OREO | 8,200 | 9,700 | |
Residential Real Estate | Loans Held For Sale, Residential Real Estate | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 6,700 | $ 8,400 | |
[1] | June 30, 2019 and December 31, 2018 include $8.2 million and $9.7 million , respectively, of foreclosed residential real estate. |
CONSOLIDATED CONDENSED STATEM_3
CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income: | ||||
Interest and fees on loans | $ 352,112 | $ 323,974 | $ 684,050 | $ 623,467 |
Interest on investment securities available-for-sale | 31,247 | 32,634 | 63,090 | 65,481 |
Interest on investment securities held-to-maturity | 132 | 132 | 263 | 263 |
Interest on loans held-for-sale | 8,128 | 11,228 | 18,005 | 23,372 |
Interest on trading securities | 13,154 | 14,742 | 26,702 | 29,150 |
Interest on other earning assets | 7,316 | 5,101 | 20,594 | 9,433 |
Total interest income | 412,089 | 387,811 | 812,704 | 751,166 |
Interest on deposits: | ||||
Savings | 36,806 | 25,600 | 76,720 | 40,500 |
Time deposits | 22,439 | 11,236 | 42,693 | 20,761 |
Other interest-bearing deposits | 19,757 | 11,913 | 41,799 | 22,521 |
Interest on trading liabilities | 3,756 | 4,790 | 6,572 | 9,914 |
Interest on short-term borrowings | 11,038 | 10,110 | 17,782 | 20,152 |
Interest on term borrowings | 14,683 | 13,230 | 29,020 | 25,213 |
Total interest expense | 108,479 | 76,879 | 214,586 | 139,061 |
Net interest income | 303,610 | 310,932 | 598,118 | 612,105 |
Provision/(provision credit) for loan losses | 13,000 | 0 | 22,000 | (1,000) |
Net interest income after provision/(provision credit) for loan losses | 290,610 | 310,932 | 576,118 | 613,105 |
Noninterest income: | ||||
Fixed income | 66,414 | 37,697 | 120,163 | 83,203 |
Deposit transactions and cash management | 32,374 | 36,083 | 63,995 | 72,067 |
Brokerage, management fees and commissions | 14,120 | 13,740 | 26,753 | 27,223 |
Trust services and investment management | 7,888 | 8,132 | 14,914 | 15,409 |
Bankcard income | 6,355 | 7,195 | 13,307 | 13,990 |
Bank-owned life insurance (BOLI) | 5,126 | 5,773 | 9,528 | 9,766 |
Debt securities gains/(losses), net | (267) | 0 | (267) | 52 |
Equity securities gains/(losses), net (Note 3) | 316 | 31 | 347 | 65 |
All other income and commissions (Note 8) | 25,667 | 18,874 | 50,298 | 41,767 |
Total noninterest income | 157,993 | 127,525 | 299,038 | 263,542 |
Adjusted gross income after provision/(provision credit) for loan losses | 448,603 | 438,457 | 875,156 | 876,647 |
Noninterest expense: | ||||
Employee compensation, incentives, and benefits | 171,643 | 165,890 | 349,568 | 337,144 |
Occupancy | 20,719 | 22,503 | 41,412 | 42,954 |
Computer software | 15,001 | 15,123 | 30,140 | 30,255 |
Operations services | 11,713 | 14,653 | 23,201 | 30,214 |
Professional fees | 11,291 | 15,415 | 23,590 | 27,687 |
Equipment rentals, depreciation, and maintenance | 8,375 | 10,708 | 17,204 | 20,726 |
Communications and courier | 7,380 | 7,530 | 13,833 | 15,762 |
Legal fees | 6,486 | 2,784 | 9,317 | 5,129 |
Amortization of intangible assets | 6,206 | 6,460 | 12,422 | 12,934 |
Advertising and public relations | 5,574 | 5,070 | 12,816 | 8,669 |
FDIC premium expense | 4,247 | 9,978 | 8,520 | 18,592 |
Contract employment and outsourcing | 3,078 | 5,907 | 6,449 | 9,960 |
Repurchase and foreclosure provision/(provision credit) | (530) | (252) | (985) | (324) |
All other expense (Note 8) | 29,211 | 50,999 | 48,997 | 86,331 |
Total noninterest expense | 300,394 | 332,768 | 596,484 | 646,033 |
Income/(loss) before income taxes | 148,209 | 105,689 | 278,672 | 230,614 |
Provision/(benefit) for income taxes | 34,467 | 19,697 | 61,525 | 49,628 |
Net income/(loss) | 113,742 | 85,992 | 217,147 | 180,986 |
Net income attributable to noncontrolling interest | 2,852 | 2,852 | 5,672 | 5,672 |
Net income/(loss) attributable to controlling interest | 110,890 | 83,140 | 211,475 | 175,314 |
Preferred stock dividends | 1,550 | 1,550 | 3,100 | 3,100 |
Net income/(loss) available to common shareholders | $ 109,340 | $ 81,590 | $ 208,375 | $ 172,214 |
Basic earnings/(loss) per share (in dollars per share) | $ 0.35 | $ 0.25 | $ 0.66 | $ 0.53 |
Diluted earnings/(loss) per share (in dollars per share) | $ 0.35 | $ 0.25 | $ 0.66 | $ 0.52 |
Weighted average common shares (in shares) | 314,063 | 325,153 | 315,740 | 325,817 |
Diluted average common shares (in shares) | 315,786 | 328,426 | 317,720 | 329,353 |
Cash dividends declared per common share (in dollars per share) | $ 0.14 | $ 0.12 | $ 0.28 | $ 0.24 |
CONSOLIDATED CONDENSED STATEM_4
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statements of Comprehensive Income/(loss) | ||||
Net income/(loss) | $ 113,742 | $ 85,992 | $ 217,147 | $ 180,986 |
Other comprehensive income/(loss), net of tax: | ||||
Net unrealized gains/(losses) on securities available-for-sale | 48,192 | (21,094) | 96,807 | (80,637) |
Net unrealized gains/(losses) on cash flow hedges | 8,909 | (2,994) | 14,296 | (11,787) |
Net unrealized gains/(losses) on pension and other postretirement plans | 1,561 | 2,059 | 3,024 | 3,346 |
Other comprehensive income/(loss) | 58,662 | (22,029) | 114,127 | (89,078) |
Comprehensive income/(loss) | 172,404 | 63,963 | 331,274 | 91,908 |
Comprehensive income attributable to noncontrolling interest | 2,852 | 2,852 | 5,672 | 5,672 |
Comprehensive income attributable to controlling interest | 169,552 | 61,111 | 325,602 | 86,236 |
Income tax expense/(benefit) of items included in Other comprehensive income: | ||||
Net unrealized gains/(losses) on securities available-for-sale | 15,819 | (6,924) | 31,777 | (26,471) |
Net unrealized gains/(losses) on cash flow hedges | 2,924 | (983) | 4,692 | (3,870) |
Net unrealized gains/(losses) on pension and other postretirement plans | $ 513 | $ 676 | $ 993 | $ 1,098 |
CONSOLIDATED CONDENSED STATEM_5
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Capital Surplus | Undivided Profits | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Adjustment to reflect adoption of ASU | $ (211) | ||||||||
Adjustment to reflect adoption of ASU | Accounting Standards Update 2018-02 | $ 57,546 | (57,546) | [1] | ||||||
Balance, adjusted | $ 4,580,488 | $ 204,211 | $ 95,624 | $ 3,147,613 | 1,160,434 | (322,825) | [1] | $ 295,431 | |
Balance, beginning of period (in shares) at Dec. 31, 2017 | 326,736,000 | ||||||||
Balance, beginning of period at Dec. 31, 2017 | 4,580,488 | $ 204,211 | 95,624 | 3,147,613 | 1,102,888 | (265,279) | [1] | 295,431 | |
Beginning balance, as adjusted at Dec. 31, 2017 | (323,036) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) | 94,994 | 92,174 | 2,820 | ||||||
Other comprehensive income/(loss) | (67,049) | (67,049) | [1] | ||||||
Comprehensive income/(loss) | 27,945 | 92,174 | (67,049) | [1] | 2,820 | ||||
Cash dividends declared: | |||||||||
Preferred stock | (1,550) | (1,550) | |||||||
Common stock | (39,681) | (39,681) | |||||||
Common stock repurchased (in shares) | (110,000) | ||||||||
Common stock repurchased | (2,185) | $ (70) | (2,115) | ||||||
Common stock issued for: | |||||||||
Stock options and restricted stock - equity awards (in shares) | 569,000 | ||||||||
Stock options and restricted stock - equity awards | 4,376 | $ 356 | 4,020 | ||||||
Acquisition equity adjustment (in shares) | (1,000) | ||||||||
Acquisition equity adjustment | (18) | $ (1) | (17) | ||||||
Stock-based compensation expense | 5,906 | 5,906 | |||||||
Dividends declared - noncontrolling interest of subsidiary preferred stock | (2,820) | (2,820) | |||||||
Balance, end of period (in shares) at Mar. 31, 2018 | 327,194,000 | ||||||||
Balance, end of period at Mar. 31, 2018 | 4,572,528 | $ 204,496 | 95,624 | 3,155,407 | 1,211,655 | (390,085) | [2] | 295,431 | |
Balance, beginning of period (in shares) at Dec. 31, 2017 | 326,736,000 | ||||||||
Balance, beginning of period at Dec. 31, 2017 | 4,580,488 | $ 204,211 | 95,624 | 3,147,613 | 1,102,888 | (265,279) | [1] | 295,431 | |
Beginning balance, as adjusted at Dec. 31, 2017 | (323,036) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) | 180,986 | ||||||||
Other comprehensive income/(loss) | (89,078) | ||||||||
Comprehensive income/(loss) | 91,908 | ||||||||
Cash dividends declared: | |||||||||
Preferred stock | (3,100) | ||||||||
Balance, end of period (in shares) at Jun. 30, 2018 | 325,003,000 | ||||||||
Balance, end of period at Jun. 30, 2018 | 4,549,749 | $ 203,127 | 95,624 | 3,113,612 | 1,254,069 | (412,114) | [2] | 295,431 | |
Balance, beginning of period (in shares) at Mar. 31, 2018 | 327,194,000 | ||||||||
Balance, beginning of period at Mar. 31, 2018 | 4,572,528 | $ 204,496 | 95,624 | 3,155,407 | 1,211,655 | (390,085) | [2] | 295,431 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) | 85,992 | 83,140 | 2,852 | ||||||
Other comprehensive income/(loss) | (22,029) | (22,029) | [2] | ||||||
Comprehensive income/(loss) | 63,963 | 83,140 | (22,029) | [2] | 2,852 | ||||
Cash dividends declared: | |||||||||
Preferred stock | (1,550) | (1,550) | |||||||
Common stock | (39,176) | (39,176) | |||||||
Common stock repurchased (in shares) | (138,000) | ||||||||
Common stock repurchased | (2,606) | $ (86) | (2,520) | ||||||
Common stock issued for: | |||||||||
Stock options and restricted stock - equity awards (in shares) | 328,000 | ||||||||
Stock options and restricted stock - equity awards | 45 | $ 205 | (160) | ||||||
Acquisition equity adjustment (in shares) | (2,374,000) | ||||||||
Acquisition equity adjustment | (46,017) | $ (1,483) | (44,534) | ||||||
Stock-based compensation expense | 5,547 | 5,547 | |||||||
Dividends declared - noncontrolling interest of subsidiary preferred stock | (2,852) | (2,852) | |||||||
Other (in shares) | (7,000) | ||||||||
Other | (133) | $ (5) | (128) | ||||||
Balance, end of period (in shares) at Jun. 30, 2018 | 325,003,000 | ||||||||
Balance, end of period at Jun. 30, 2018 | 4,549,749 | $ 203,127 | 95,624 | 3,113,612 | 1,254,069 | (412,114) | [2] | 295,431 | |
Balance, beginning of period (in shares) at Dec. 31, 2018 | 318,573,000 | ||||||||
Balance, beginning of period at Dec. 31, 2018 | 4,785,380 | $ 199,108 | 95,624 | 3,029,425 | 1,542,408 | (376,616) | [2] | 295,431 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) | 103,405 | 100,585 | 2,820 | ||||||
Other comprehensive income/(loss) | 55,465 | 55,465 | [2] | ||||||
Comprehensive income/(loss) | 158,870 | 100,585 | 55,465 | [2] | 2,820 | ||||
Cash dividends declared: | |||||||||
Preferred stock | (1,550) | (1,550) | |||||||
Common stock | (44,864) | (44,864) | |||||||
Common stock repurchased (in shares) | [3] | (3,594,000) | |||||||
Common stock repurchased | [3] | (53,436) | $ (2,246) | (51,190) | |||||
Common stock issued for: | |||||||||
Stock options and restricted stock - equity awards (in shares) | 382,000 | ||||||||
Stock options and restricted stock - equity awards | 520 | $ 239 | 281 | ||||||
Stock-based compensation expense | 5,432 | 5,432 | |||||||
Dividends declared - noncontrolling interest of subsidiary preferred stock | (2,820) | (2,820) | |||||||
Balance, end of period (in shares) at Mar. 31, 2019 | 315,361,000 | ||||||||
Balance, end of period at Mar. 31, 2019 | 4,846,521 | $ 197,101 | 95,624 | 2,983,948 | 1,595,568 | (321,151) | [2] | 295,431 | |
Balance, beginning of period (in shares) at Dec. 31, 2018 | 318,573,000 | ||||||||
Balance, beginning of period at Dec. 31, 2018 | 4,785,380 | $ 199,108 | 95,624 | 3,029,425 | 1,542,408 | (376,616) | [2] | 295,431 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) | 217,147 | ||||||||
Other comprehensive income/(loss) | 114,127 | ||||||||
Comprehensive income/(loss) | 331,274 | ||||||||
Cash dividends declared: | |||||||||
Preferred stock | (3,100) | ||||||||
Balance, end of period (in shares) at Jun. 30, 2019 | 312,478,000 | ||||||||
Balance, end of period at Jun. 30, 2019 | 4,926,081 | $ 195,299 | 95,624 | 2,941,696 | 1,660,520 | (262,489) | [2] | 295,431 | |
Balance, beginning of period (in shares) at Mar. 31, 2019 | 315,361,000 | ||||||||
Balance, beginning of period at Mar. 31, 2019 | 4,846,521 | $ 197,101 | 95,624 | 2,983,948 | 1,595,568 | (321,151) | [2] | 295,431 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income/(loss) | 113,742 | 110,890 | 2,852 | ||||||
Other comprehensive income/(loss) | 58,662 | 58,662 | [2] | ||||||
Comprehensive income/(loss) | 172,404 | 110,890 | 58,662 | [2] | 2,852 | ||||
Cash dividends declared: | |||||||||
Preferred stock | (1,550) | (1,550) | |||||||
Common stock | (44,388) | (44,388) | |||||||
Common stock repurchased (in shares) | [3] | (3,654,000) | |||||||
Common stock repurchased | [3] | (52,222) | $ (2,284) | (49,938) | |||||
Common stock issued for: | |||||||||
Stock options and restricted stock - equity awards (in shares) | 771,000 | ||||||||
Stock options and restricted stock - equity awards | 2,944 | $ 482 | 2,462 | ||||||
Stock-based compensation expense | 5,224 | 5,224 | |||||||
Dividends declared - noncontrolling interest of subsidiary preferred stock | (2,852) | (2,852) | |||||||
Balance, end of period (in shares) at Jun. 30, 2019 | 312,478,000 | ||||||||
Balance, end of period at Jun. 30, 2019 | $ 4,926,081 | $ 195,299 | $ 95,624 | $ 2,941,696 | $ 1,660,520 | $ (262,489) | [2] | $ 295,431 | |
[1] | Due to the nature of the preferred stock issued by FHN and its subsidiaries, all components of Other comprehensive income/(loss) have been attributed solely to FHN as the controlling interest holder. | ||||||||
[2] | Due to the nature of the preferred stock issued by FHN and its subsidiaries, all components of Other comprehensive income/(loss) have been attributed solely to FHN as the controlling interest holder. | ||||||||
[3] | Includes $51.5 million and $50.2 million repurchased under share repurchase programs in first and second quarter 2019, respectively. |
CONSOLIDATED CONDENSED STATEM_6
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Preferred stock - cash dividends declared per share (in dollars per share) | $ 1,550 | $ 1,550 | $ 1,550 | $ 1,550 |
Common stock - cash dividends declared per share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.12 | $ 0.12 |
First Horizon Share Repurchase Program | ||||
Common stock repurchased under share repurchase program | $ 50.2 | $ 51.5 |
CONSOLIDATED CONDENSED STATEM_7
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Operating Activities | |||
Net income/(loss) | $ 217,147 | $ 180,986 | |
Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities: | |||
Provision/(provision credit) for loan losses | 22,000 | (1,000) | |
Provision/(benefit) for deferred income taxes | 60,943 | 38,030 | |
Depreciation and amortization of premises and equipment | 22,564 | 23,761 | |
Amortization of intangible assets | 12,422 | 12,934 | |
Net other amortization and accretion | (2,542) | (8,945) | |
Net (increase)/decrease in derivatives | (119,415) | (13,735) | |
Fair value adjustment on interest-only strips | 1,399 | (1,296) | |
(Gains)/losses and write-downs on OREO, net | (304) | 167 | |
Litigation and regulatory matters | (8,330) | 688 | |
Stock-based compensation expense | 10,656 | 11,453 | |
Gain on sale and pay down of held-to-maturity loans | (1,105) | 0 | |
Equity securities (gains)/losses, net | (347) | (65) | |
Debt securities (gains)/losses, net | 267 | (52) | |
Net (gains)/losses on sale/disposal of fixed assets | 19,182 | (1,614) | |
(Gain)/loss on BOLI | (2,578) | (2,250) | |
Loans held-for-sale: | |||
Purchases and originations | (1,003,375) | (1,132,675) | |
Gross proceeds from settlements and sales | [1] | 361,895 | 524,195 |
(Gain)/loss due to fair value adjustments and other | 36,138 | (8,119) | |
Net (increase)/decrease in: | |||
Trading securities | 581,187 | 366,476 | |
Fixed income receivables | (108,713) | 545 | |
Interest receivable | (6,120) | (9,721) | |
Other assets | 7,394 | 33,626 | |
Net increase/(decrease) in: | |||
Trading liabilities | 222,967 | 105,206 | |
Fixed income payables | 56,797 | (34,257) | |
Interest payable | 12,435 | 3,773 | |
Other liabilities | (45,278) | (44,228) | |
Total adjustments | 130,139 | (137,103) | |
Net cash provided/(used) by operating activities | 347,286 | 43,883 | |
Available-for-sale securities: | |||
Sales | 171,423 | 13,104 | |
Maturities | 339,315 | 320,631 | |
Purchases | (144,534) | (254,992) | |
Premises and equipment: | |||
Sales | 8,157 | 6,566 | |
Purchases | (12,487) | (25,050) | |
Proceeds from sales of OREO | 9,651 | 17,513 | |
Proceeds from sale and pay down of loans classified as held-to-maturity | 20,100 | 0 | |
Proceeds from BOLI | 8,945 | 7,630 | |
Net (increase)/decrease in: | |||
Loans | (2,183,862) | (18,465) | |
Interests retained from securitizations classified as trading securities | 298 | 567 | |
Interest-bearing cash | 684,431 | 434,966 | |
Cash paid related to divestitures | 0 | (27,599) | |
Cash paid/(received) for acquisitions, net | 0 | (46,017) | |
Net cash provided/(used) by investing activities | (1,098,563) | 428,854 | |
Common stock: | |||
Stock options exercised | 3,464 | 4,420 | |
Cash dividends paid | (83,711) | (60,752) | |
Repurchase of shares | [2] | (105,658) | (4,790) |
Cash dividends paid - preferred stock - noncontrolling interest | (5,703) | (5,703) | |
Cash dividends paid - Series A preferred stock | (3,100) | (3,100) | |
Term borrowings: | |||
Payments/maturities | (1,180) | (5,221) | |
Increases in restricted and secured term borrowings | 4,481 | 20,965 | |
Net increase/(decrease) in: | |||
Deposits | (374,675) | 387,394 | |
Short-term borrowings | 1,161,739 | ||
Short-term borrowings | (780,976) | ||
Net cash provided/(used) by financing activities | 595,657 | (447,763) | |
Net increase/(decrease) in cash and cash equivalents | (155,620) | 24,974 | |
Cash and cash equivalents at beginning of period | 1,405,325 | 1,452,046 | |
Cash and cash equivalents at end of period | 1,249,705 | 1,477,020 | |
Supplemental Disclosures | |||
Total interest paid | 200,625 | 133,791 | |
Total taxes paid | 14,842 | 12,497 | |
Total taxes refunded | 27,742 | 830 | |
Transfer from loans to OREO | 3,343 | 4,010 | |
Transfer from loans HFS to trading securities | $ 802,259 | $ 600,168 | |
[1] | 2018 includes $107.4 million related to the sale of approximately $120 million UPB of subprime auto loans. See Note 2- Acquisitions and Divestitures for additional information. | ||
[2] | 2019 includes $101.7 million repurchased under share repurchase programs. |
CONSOLIDATED CONDENSED STATEM_8
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Gross proceeds from settlements and sales | [1] | $ 361,895 | $ 524,195 |
Repurchase of shares | [2] | 105,658 | 4,790 |
First Horizon Share Repurchase Program | |||
Repurchase of shares | $ 101,700 | ||
Portion of Sub-prime Auto Loan Portfolios | |||
Gross proceeds from settlements and sales | 107,400 | ||
Loans disposed of | $ 120,000 | ||
[1] | 2018 includes $107.4 million related to the sale of approximately $120 million UPB of subprime auto loans. See Note 2- Acquisitions and Divestitures for additional information. | ||
[2] | 2019 includes $101.7 million repurchased under share repurchase programs. |
Financial Information
Financial Information | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Information | Financial Information Basis of Accounting. The unaudited interim consolidated condensed financial statements of First Horizon National Corporation (“FHN”), including its subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America and follow general practices within the industries in which it operates. This preparation requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions are based on information available as of the date of the financial statements and could differ from actual results. In the opinion of management, all necessary adjustments have been made for a fair presentation of financial position and results of operations for the periods presented. These adjustments are of a normal recurring nature unless otherwise disclosed in this Quarterly Report on Form 10-Q. The operating results for the interim 2019 period are not necessarily indicative of the results that may be expected going forward. For further information, refer to the audited consolidated financial statements in Exhibit 13 to FHN’s Annual Report on Form 10-K for the year ended December 31, 2018. Revenues. Revenue is recognized when the performance obligations under the terms of a contract with a customer are satisfied in an amount that reflects the consideration FHN expects to be entitled. FHN derives a significant portion of its revenues from fee-based services. Noninterest income from transaction-based fees is generally recognized immediately upon completion of the transaction. Noninterest income from service-based fees is generally recognized over the period in which FHN provides the service. Any services performed over time generally require that FHN render services each period and therefore FHN measures progress in completing these services based upon the passage of time and recognizes revenue as invoiced. See Note 1– Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements on Form 10-K for the year ended December 31, 2018, for a discussion of FHN's key revenues. Contract Balances. As of June 30, 2019, accounts receivable related to products and services on non-interest income were $9.1 million . For the three and six months ended June 30, 2019, FHN had no material impairment losses on non-interest accounts receivable and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Consolidated Condensed Statements of Condition as of June 30, 2019. Transaction Price Allocated to Remaining Performance Obligations. For the three and six months ended June 30, 2019, revenue recognized from performance obligations related to prior periods was not material. Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less and contracts where revenue is recognized as invoiced, is not material. Refer to Note 13– Business Segment Information for a reconciliation of disaggregated revenue by major product line and reportable segment. Leases. At inception, all arrangements are evaluated to determine if they contain a lease, which is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Control is deemed to exist when a lessor has granted and a lessee has received both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset throughout the period of use. Lessee. As a lessee, FHN recognizes lease (right-of-use) assets and lease liabilities for all leasing arrangements with lease terms that are greater than one year. The lease asset and lease liability are recognized at the present value of estimated future lease payments, including estimated renewal periods, with the discount rate reflecting a fully-collateralized rate matching the estimated lease term. Renewal options are included in the estimated lease term if they are considered reasonably certain of exercise. Periods covered by termination options are included in the lease term if it is reasonably certain they will not be exercised. Additionally, prepaid or accrued lease payments, lease incentives and initial direct costs related to lease arrangements are recognized within the right-of-use asset. Each lease is classified as a financing or operating lease which depends on the relationship of the lessee’s rights to the economic value of the leased asset. For finance leases, interest on the lease liability is recognized separately from amortization of the right-of-use asset in earnings, resulting in higher expense in the earlier portion of the lease term. For operating leases, a single lease cost is calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. Substantially all of FHN’s lessee arrangements are classified as operating leases. For leases with a term of 12 months or less, FHN does not to recognize lease assets and lease liabilities and expense is generally recognized on a straight-line basis over the lease term. Lease assumptions and classification are reassessed upon the occurrence of events that result in changes to the estimated lease term or consideration. Modifications to lease contracts are evaluated to determine 1) if a right to use an additional asset has been obtained, 2) if only the lease term and/or consideration have been revised or 3) if a full or partial termination has occurred. If an additional right-of use-asset has been obtained, the modification is treated as a separate contract and its classification is evaluated as a new lease arrangement. If only the lease term or consideration are changed, the lease liability is revalued with an offset to the lease asset and the lease classification is re-assessed. If a modification results in a full or partial termination of the lease, the lease liability is revalued through earnings along with a proportionate reduction in the value of the related lease asset and subsequent expense recognition is similar to a new lease arrangement. Lease assets are evaluated for impairment when triggering events occur, such as a change in management intent regarding the continued occupation of the leased space. If a lease asset is impaired, it is written down to the present value of estimated future cash flows and the prospective expense recognition for that lease follows the accelerated expense recognition methodology applicable to finance leases, even if it remains classified as an operating lease. Sublease arrangements are accounted for consistent with the lessor accounting described below. Sublease arrangements are evaluated to determine if changes to estimates for the primary lease are warranted or if the sublease terms reflect impairment of the related lease asset. Lease assets are recognized in Other assets and lease liabilities are recognized in Other liabilities in the Consolidated Condensed Statements of Condition. Since substantially all of its leasing arrangements relate to real estate, FHN records lease expense, and any related sublease income, within Occupancy expense in the Consolidated Condensed Statements of Income. Lessor. As a lessor, FHN also evaluates its lease arrangements to determine whether a finance lease or an operating lease exists and utilizes the rate implicit in the lease arrangement as the discount rate to calculate the present value of future cash flows. Depending upon the terms of the individual agreements, finance leases represent either sales-type or direct financing leases, both of which require de-recognition of the asset being leased with offsetting recognition of a lease receivable that is evaluated for impairment similar to loans. Currently, all of FHN’s lessor arrangements are considered operating leases. Lease income for operating leases is recognized over the life of the lease, generally on a straight line basis. Lease incentives and initial direct costs are capitalized and amortized over the estimated life of the lease. Lease income is not significant for any reporting periods and is classified as a reduction of Occupancy expense in the Consolidated Condensed Statements of Income. Summary of Accounting Changes. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires a lessee to recognize in its statement of condition a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 leaves lessor accounting largely unchanged from prior standards. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. All other leases must be classified as financing or operating leases which depends on the relationship of the lessee’s rights to the economic value of the leased asset. For finance leases, interest on the lease liability is recognized separately from amortization of the right-of-use asset in earnings, resulting in higher expense in the earlier portion of the lease term. For operating leases, a single lease cost is calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. In July 2018, the FASB issued ASU 2018-11, “Leases - Targeted Improvements,” which provides an election for a cumulative effect adjustment to retained earnings upon initial adoption of ASU 2016-02. Alternatively, under the initial guidance of ASU 2016-02, lessees and lessors are required to recognize and measure leases at the beginning of the earliest comparative period presented using a modified retrospective approach. Both adoption alternatives include a number of optional practical expedients that entities may elect to apply, which would result in continuing to account for leases that commence before the effective date in accordance with previous requirements (unless the lease is modified) except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous requirements. ASU 2016-02 also requires expanded qualitative and quantitative disclosures to assess the amount, timing, and uncertainty of cash flows arising from lease arrangements. ASU 2016-02 and ASU 2018-11 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Upon adoption, FHN utilized the cumulative effect transition alternative provided by ASU 2018-11. FHN utilized the lease classification practical expedients and the short-term lease exemption upon adoption. FHN also has elected to determine the discount rate on leases as of the effective date and elected to use hindsight in determining lease terms as well as impairments of lease assets resulting from lease abandonments upon adoption. The table below summarizes the impact of adopting ASU 2016-02 as of January 1, 2019, for line items in the Consolidated Condensed Statements of Condition. Lease assets of approximately $185 million are included in Other Assets. Lease liabilities of approximately $204 million are included in Other Liabilities. The after-tax decrease in Undivided Profits reflects the recognition of deferred gains associated with prior sale-leaseback transactions, revisions to the estimated useful lives of leasehold improvements and adjustments of lease expense to reflect revised lease duration estimates. (Dollars in thousands) January 1, 2019 Loans, net of unearned income $ 3,450 Premises and equipment, net 2,718 Other assets 183,884 Other liabilities (191,010 ) Undivided profits 1,011 In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). Capitalized implemented costs are required to be expensed over the term of the hosting arrangement which includes the non-cancellable period of the arrangement plus periods covered by (1) an option to extend the arrangement if the customer is reasonably certain to exercise that option, (2) an option to terminate the arrangement if the customer is reasonably certain not to exercise the termination option, and (3) an option to extend (or not to terminate) the arrangement in which exercise of the option is in the control of the vendor. ASU 2018-15 also requires application of the impairment guidance applicable to long-lived assets to the capitalized implementation costs. Amortization expense related to capitalized implementation costs must be presented in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement and payments for capitalized implementation costs will be classified in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. Capitalized implementation costs will be presented in the statement of financial position in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. Adoption may be either fully retrospective or prospective only. FHN elected early adoption of ASU 2018-15 effective January 1, 2019 using the prospective transition method and the effects of adoption were not significant. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” which makes several revisions and clarifications to the accounting for these items. The revisions related to ASU 2016-03 (Topic 326) are discussed below. ASU 2019-04 clarifies several aspects of fair hedge accounting, including the application to partial term fair value hedges. ASU 2019-04 provides an election regarding the timing for amortization of basis adjustments to hedged items in fair value hedges, indicating that amortization may, but is not required to, commence prior to the end of the hedge relationship. ASU 2019-04 also provides additional guidance related to the application of the hypothetical derivative method and first-payments-received method in cash flow hedges. Further, ASU 2019-04 indicates that remeasurement of an equity security without a readily determinable fair value when an orderly transaction is identified for an identical or similar investment of the same issuer represents a non-recurring fair value measurement and the related disclosure requirements apply to the remeasurement event. The hedging updates are effective at the beginning of the first annual reporting period after issuance with early adoption permitted. The financial instruments measurement and disclosure changes are effective for fiscal years and interim periods beginning after December 15, 2019 with early adoption permitted. FHN early adopted these portions of ASU 2019-04 in second quarter 2019 and the effects were not significant based on its existing accounting practices. Accounting Changes Issued but Not Currently Effective In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which revises the measurement and recognition of credit losses for assets measured at amortized cost (e.g., held-to-maturity (“HTM”) loans and debt securities) and available-for-sale (“AFS”) debt securities. Under ASU 2016-13, for assets measured at amortized cost, the current expected credit loss (“CECL”) is measured as the difference between amortized cost and the net amount expected to be collected. This represents a departure from existing GAAP as the “incurred loss” methodology for recognizing credit losses delays recognition until it is probable a loss has been incurred. Under CECL the full amount of expected credit losses will be recognized at the time of loan origination. The measurement of current expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Additionally, current disclosures of credit quality indicators in relation to the amortized cost of financing receivables will be further disaggregated by year of origination. ASU 2016-13 leaves the methodology for measuring credit losses on AFS debt securities largely unchanged, with the maximum credit loss representing the difference between amortized cost and fair value. However, such credit losses will be recognized through an allowance for credit losses, which permits recovery of previously recognized credit losses if circumstances change. ASU 2016-13 also revises the recognition of credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”). For PCD assets, the initial allowance for credit losses is added to the purchase price. Only subsequent changes in the allowance for credit losses are recorded as a credit loss expense for PCD assets. Interest income for PCD assets will be recognized based on the effective interest rate, excluding the discount embedded in the purchase price that is attributable to the acquirer’s assessment of credit losses at acquisition. Currently, credit losses for purchased credit-impaired assets are included in the initial basis of the assets with subsequent declines in credit resulting in expense while subsequent improvements in credit are reflected as an increase in the future yield from the assets. For non-PCD assets, expected credit losses will be recognized through earnings upon acquisition and the entire premium or discount will be accreted to interest income over the remaining life of the loan. The provisions of ASU 2016-13 will be generally adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in the year of adoption. Prospective implementation is required for debt securities for which an other-than-temporary-impairment (“OTTI”) had been previously recognized. Amounts previously recognized in accumulated other comprehensive income (“AOCI”) as of the date of adoption that relate to improvements in cash flows expected to be collected will continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption will be recorded in earnings when received. A prospective transition approach will be used for existing PCD assets where, upon adoption, the amortized cost basis will be adjusted to reflect the addition of the allowance for credit losses. Thus, an entity will not be required to reassess its purchased financial assets that exist as of the date of adoption to determine whether they would have met at acquisition the new criteria of more-than-insignificant credit deterioration since origination. An entity will accrete the remaining noncredit discount (based on the revised amortized cost basis) into interest income at the effective interest rate at the adoption date. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. FHN continues to evaluate the impact of ASU 2016-13, and is not currently able to reasonably estimate the impact the adoption will have on its consolidated financial position, results of operations, or cash flows. Adoption of ASU 2016-13 is likely to lead to significant changes in accounting policies and procedures related to FHN’s ALLL, and it is possible that the impact of the adoption could be material to FHN’s consolidated financial position and results of operations. To date, the Company has, selected a software solution to serve as its CECL platform, completed model development activities, is finalizing model and accounting policy documentation including portfolio segmentation and measurement methodologies, is in the process of implementing the model platform, and assessing impacts to operational processes and internal controls. FHN intends to perform parallel calculations and analysis in the latter half of 2019. FHN has assessed several asset classes that are within the scope of CECL and determined that the adoption effects for the change in measurement of credit risk will be minimal for these classes. This includes Fed funds sold which have no history of credit losses due to their short (typically overnight) duration and counterparty risk assessment processes. This also includes securities borrowed and securities purchased under agreements to resell which have collateral maintenance agreements that incorporate master netting provisions resulting in minimal uncollateralized positions as of any date as evidenced by the disclosures provided in Note 16 - Master Netting and Similar Agreements-Repurchase, Reverse Repurchase, and Securities Borrowing Transactions. Additionally, FHN has also evaluated the composition of its AFS securities and determined that the changes in ASU 2016-13 will not have a significant effect on the current portfolio. ASU 2019-04 provides an election to either not measure or measure separately an allowance for credit losses for accrued interest receivable (“AIR"). Entities electing to not measure an allowance for AIR must write off uncollectible interest in a timely manner. Additionally, an election is provided for the write off of uncollectible interest to be recorded either as a reversal of interest income or a charge against the allowance for credit losses or a combination of both. Disclosures are required depending upon which elections are made. ASU 2019-04 also clarifies that when loans and securities are transferred between balance sheet categories (e.g., loans from held-for-investment to held-for-sale or securities from held-to-maturity to available-for-sale) the associated allowance for credit losses should be reversed to income and prospective accounting follows the requirements for the new classification. Further, ASU 2019-04 clarifies that recoveries should be incorporated within the estimation of the allowance for credit losses. Expected recoveries should not exceed the aggregate amount of prior write offs and expected future write offs. Additionally, for collateral dependent financial assets, the allowance for credit losses that is added to the amortized cost basis should not exceed amounts previously written off. ASU 2019-04 also makes several changes when a discounted cash flow approach is used to measure expected credit losses. ASU 2019-04 removes ASU 2016-03’s prohibition of using projections of future interest rate environments when using a discounted cash flow method to measure expected credit losses on variable-rate financial instruments. If an entity uses projections or expectations of future interest rate environments in estimating expected cash flows, the same assumptions should be used in determining the effective interest rate used to discount those expected cash flows. The effective interest rate should also be adjusted to consider the effects of expected prepayments on the timing of expected future cash flows. ASU 2019-04 provides an election to adjust the effective interest rate used in discounting expected cash flows to isolate credit risk in measuring the allowance for credit losses. Further, the discount rate should not be adjusted for subsequent changes in expected prepayments if a financial asset is restructured in a troubled debt restructuring. Related to collateral-dependent financial assets, ASU 2019-04 requires inclusion of estimated costs to sell in the measurement of expected credit losses in situations where the entity intends to sell rather than operate the collateral. Additionally, the estimated costs to sell should be undiscounted when the entity intends to sell rather than operate the collateral. Finally, ASU 2019-04 specifies that contractual renewal or extension options, except those treated as derivatives, should be included in the determination of the contractual term for a financial asset when included in the original or modified contract as of the reporting date if they are not unconditionally cancellable by the entity. The effective date and transition requirements for these components of ASU 2019-04 are consistent with the requirements for ASU 2016-13 and FHN is incorporating these changes and revisions within its implementation efforts. Based on its current practices for the timely write off uncollectible AIR, FHN intends to not measure an allowance for credit losses for AIR and to continue recognition of related write offs as a reversal of interest income. In May 2019, the FASB issued ASU 2019-05, “Financial Instruments - Credit Losses, Targeted Transition Relief,” which provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis that are in the scope of ASU 2016-13, applied on an instrument-by-instrument basis. The fair value option election does not apply to held-to-maturity debt securities. The effective date and transition requirements for ASU 2019-05 are consistent with the requirements for ASU 2016-13. FHN is evaluating the accounting and disclosure requirements for applying the fair value option in comparison to the requirements for applying CECL for certain in-scope asset classes other than loans. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures On November 30, 2017, FHN completed its acquisition of Capital Bank Financial Corporation ("CBF") and its subsidiaries, including Capital Bank Corporation for an aggregate of 92,042,232 shares of FHN common stock and $423.6 million in cash in a transaction valued at $2.2 billion . In second quarter 2018, FHN canceled 2,373,220 common shares which had been issued but set aside for certain shareholders of CBF who have commenced a dissenters' appraisal process resulting in a reduction in equity consideration and an increase in cash consideration of $46.0 million . The final appraisal or resolution amount, as applicable, may differ from current estimates. CBF operated 178 branches in North and South Carolina, Tennessee, Florida and Virginia at the time of closing. In relation to the acquisition, FHN acquired approximately $9.9 billion in assets, including approximately $7.3 billion in loans and $1.2 billion in AFS securities, and assumed approximately $8.1 billion of CBF deposits. FHN recorded goodwill of approximately $1.2 billion , representing the excess of acquisition consideration over the estimated fair value of net assets acquired. On March 23, 2018, FHN divested two branches, including approximately $30 million of deposits and $2 million of loans. The branches, both in Greeneville, Tennessee, were divested in connection with First Horizon's agreement with the U.S. Department of Justice and commitments to the Board of Governors of the Federal Reserve System, which were entered into in connection with a customary review of FHN's merger with CBF. In second quarter 2018, FHN sold approximately $120 million UPB of its subprime auto loans. These loans, originally acquired as part of the CBF acquisition, did not fit within FHN's risk profile. Based on the sales price, a measurement period adjustment to the acquisition-date fair value of the subprime auto loans was recorded in second quarter 2018. A measurement period adjustment was made in fourth quarter 2018 for other consumer loans acquired from CBF based on pricing information received from potential buyers. See Note 2- Acquisitions and Divestitures in the Notes to Consolidated Financial Statements on Form 10-K for the year ended December 31, 2018, for additional information about the CBF acquisition and other acquisitions. Expenses related to FHN's merger and integration activities are recorded in FHN's Corporate segment. Total merger and integration expense recognized for the three and six months ended June 30, 2019 and 2018 are presented in the table below: Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Professional fees (a) $ 4,478 $ 8,991 $ 6,345 $ 14,624 Employee compensation, incentives and benefits (b) 1,472 3,849 2,989 9,086 Contract employment and outsourcing (c) 17 1,703 17 3,102 Occupancy (d) 1,505 2,229 1,623 2,259 Miscellaneous expense (e) 79 3,099 1,148 5,133 All other expense (f) 1,096 23,245 2,185 40,286 Total $ 8,647 $ 43,116 $ 14,307 $ 74,490 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Primarily comprised of fees for legal, accounting, and merger consultants. (b) Primarily comprised of fees for severance and retention. (c) Primarily relates to fees for temporary assistance for merger and integration activities. (d) Primarily relates to expenses associated with lease exits. (e) Consists of fees for operations services, communications and courier, equipment rentals, depreciation, and maintenance, supplies, travel and entertainment, computer software, and advertising and public relations. (f) Primarily relates to contract termination charges, lease buyouts, costs of shareholder matters and asset impairments related to the integration, as well as other miscellaneous expenses. In addition to the transactions mentioned above, FHN acquires or divests assets from time to time in transactions that are considered business combinations or divestitures but are not material to FHN individually or in the aggregate. In April 2019, FHN sold a subsidiary acquired as part of the CBF acquisition, that did not fit within FHN's risk profile. The sale resulted in the removal of approximately $25 million |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Marketable Securities [Abstract] | |
Investment Securities | Investment Securities The following tables summarize FHN’s investment securities on June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale: U.S. treasuries $ 100 $ — $ — $ 100 Government agency issued mortgage-backed securities (“MBS”) 2,210,044 23,007 (5,049 ) 2,228,002 Government agency issued collateralized mortgage obligations (“CMO”) 1,870,508 11,745 (8,388 ) 1,873,865 Other U.S. government agencies 203,856 3,833 — 207,689 Corporates and other debt 40,158 404 (136 ) 40,426 States and municipalities 45,181 2,556 (2 ) 47,735 $ 4,369,847 $ 41,545 $ (13,575 ) 4,397,817 AFS debt securities recorded at fair value through earnings: SBA-interest only strips (a) 17,792 Total securities available-for-sale (b) $ 4,415,609 Securities held-to-maturity: Corporates and other debt $ 10,000 $ — $ (77 ) $ 9,923 Total securities held-to-maturity $ 10,000 $ — $ (77 ) $ 9,923 (a) SBA-interest only strips are recorded at elected fair value. See Note 17 - Fair Value for additional information. (b) Includes $3.9 billion of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes. December 31, 2018 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale: U.S. treasuries $ 100 $ — $ (2 ) $ 98 Government agency issued MBS 2,473,687 4,819 (58,400 ) 2,420,106 Government agency issued CMO 2,006,488 888 (48,681 ) 1,958,695 Other U.S. government agencies 149,050 809 (73 ) $ 149,786 Corporates and other debt 55,383 388 (461 ) 55,310 State and municipalities 32,473 314 (214 ) 32,573 $ 4,717,181 $ 7,218 $ (107,831 ) 4,616,568 AFS securities recorded at fair value through earnings: SBA-interest only strips (a) 9,902 Total securities available-for-sale (b) $ 4,626,470 Securities held-to-maturity: Corporates and other debt $ 10,000 $ — $ (157 ) $ 9,843 Total securities held-to-maturity $ 10,000 $ — $ (157 ) $ 9,843 (a) SBA-interest only strips are recorded at elected fair value. See Note 17 - Fair Value of Assets and Liabilities for additional information. (b) Includes $3.8 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 available-for-sale and held-to-maturity debt securities portfolios on June 30, 2019 are provided below: Held-to-Maturity Available-for-Sale (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year $ — $ — $ — $ — After 1 year; within 5 years — — 244,114 248,270 After 5 years; within 10 years 10,000 9,923 755 4,036 After 10 years — — 44,426 61,436 Subtotal 10,000 9,923 289,295 313,742 Government agency issued MBS and CMO (a) — — 4,080,552 4,101,867 Total $ 10,000 $ 9,923 $ 4,369,847 $ 4,415,609 (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. The table below provides information on gross gains and gross losses from debt investment securities for the three and six months ended June 30 , 2019 and 2018. Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Gross gains on sales of securities $ — $ — $ — $ 52 Gross (losses) on sales of securities (267 ) — (267 ) — Net gain/(loss) on sales of securities (a) $ (267 ) $ — $ (267 ) $ 52 (a) Cash proceeds for the three and six months ended June 30, 2019 were $171.4 million . Cash proceeds for the three and six months ended June 30, 2018 were not material. The following tables provide information on investments within the available-for-sale portfolio that had unrealized losses as of June 30, 2019 and December 31, 2018 : As of June 30, 2019 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. treasuries $ — $ — $ 100 $ — $ 100 $ — Government agency issued MBS 2,284 (24 ) 515,618 (5,025 ) 517,902 (5,049 ) Government agency issued CMO — — 703,604 (8,388 ) 703,604 (8,388 ) Corporates and other debt — — 25,184 (136 ) 25,184 (136 ) States and municipalities 1,937 (2 ) — — 1,937 (2 ) Total temporarily impaired securities $ 4,221 $ (26 ) $ 1,244,506 $ (13,549 ) $ 1,248,727 $ (13,575 ) As of December 31, 2018 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. treasuries $ — $ — $ 98 $ (2 ) $ 98 $ (2 ) Government agency issued MBS 597,008 (12,335 ) 1,537,106 (46,065 ) 2,134,114 (58,400 ) Government agency issued CMO 290,863 (2,860 ) 1,560,420 (45,821 ) 1,851,283 (48,681 ) Other U.S. government agencies 29,776 (73 ) — — 29,776 (73 ) Corporates and other debt 25,114 (344 ) 15,008 (117 ) 40,122 (461 ) States and municipalities 17,292 (214 ) — — 17,292 (214 ) Total temporarily impaired securities $ 960,053 $ (15,826 ) $ 3,112,632 $ (92,005 ) $ 4,072,685 $ (107,831 ) FHN has reviewed debt investment securities that were in unrealized loss positions in accordance with its accounting policy for OTTI and does not consider them other-than-temporarily impaired. For 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. The decline in value is primarily attributable to changes in interest rates and not credit losses. The carrying amount of equity investments without a readily determinable fair value was $26.3 million and $21.3 million at June 30, 2019 and December 31, 2018, respectively. The year-to-date 2019 and 2018 gross amounts of upward and downward valuation adjustments were not significant. Unrealized gains of $1.2 million and $.7 million were recognized in the three months ended June 30, 2019 and 2018, respectively and $4.6 million and $1.1 million were recognized in the six months ended June 30, 2019 and 2018, respectively, for equity investments with readily determinable fair values. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | Loans The following table provides the balance of loans, net of unearned income, by portfolio segment as of June 30, 2019 and December 31, 2018 : June 30 December 31 (Dollars in thousands) 2019 2018 Commercial: Commercial, financial, and industrial $ 19,054,269 $ 16,514,328 Commercial real estate 3,861,031 4,030,870 Consumer: Consumer real estate (a) 6,110,082 6,249,516 Permanent mortgage 193,052 222,448 Credit card & other 494,376 518,370 Loans, net of unearned income $ 29,712,810 $ 27,535,532 Allowance for loan losses 192,749 180,424 Total net loans $ 29,520,061 $ 27,355,108 (a) Balances as of June 30, 2019 and December 31, 2018 , include $13.5 million and $16.2 million of restricted real estate loans, respectively. See Note 14—Variable Interest Entities for additional information. COMPONENTS OF THE LOAN PORTFOLIO The loan portfolio is disaggregated into segments and then further disaggregated into classes for certain disclosures. GAAP defines a portfolio segment as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. A class is generally determined based on the initial measurement attribute (i.e., amortized cost or purchased credit-impaired), risk characteristics of the loan, and FHN’s method for monitoring and assessing credit risk. Commercial loan portfolio segments include commercial, financial and industrial (“C&I”) and commercial real estate ("CRE"). Commercial classes within C&I include general C&I, loans to mortgage companies, the trust preferred loans (“TRUPS”) (i.e. long-term unsecured loans to bank and insurance-related businesses) portfolio and purchased credit-impaired (“PCI”) loans. Loans to mortgage companies include commercial lines of credit to qualified mortgage companies primarily for the temporary warehousing of eligible mortgage loans prior to the borrower’s sale of those mortgage loans to third party investors. Commercial classes within CRE include income CRE, residential CRE and PCI loans. Consumer loan portfolio segments include consumer real estate, permanent mortgage, and the credit card and other portfolio. Consumer classes include home equity lines of credit (“HELOCs”), real estate (“R/E”) installment and PCI loans within the consumer real estate segment, permanent mortgage (which is both a segment and a class), and credit card and other. Concentrations FHN has a concentration of residential real estate loans ( 21 percent of total loans), the majority of which is in the consumer real estate segment ( 20 percent of total loans). Loans to finance and insurance companies total $2.7 billion ( 14 percent of the C&I portfolio, or 9 percent of the total loans). FHN had loans to mortgage companies totaling $3.8 billion ( 20 percent of the C&I segment, or 13 percent of total loans) as of June 30, 2019 . As a result, 34 percent of the C&I segment is sensitive to impacts on the financial services industry. Purchased Credit-Impaired Loans The following table presents a rollforward of the accretable yield for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Balance, beginning of period $ 13,782 $ 15,323 $ 13,375 $ 15,623 Accretion (1,473 ) (2,607 ) (3,146 ) (4,744 ) Adjustment for payoffs (253 ) (1,107 ) (715 ) (1,719 ) Adjustment for charge-offs (79 ) (373 ) (255 ) (924 ) Increase/(decrease) in accretable yield (a) (54 ) 3,481 2,664 6,659 Disposal — (214 ) — (240 ) Other (323 ) (29 ) (323 ) (181 ) Balance, end of period $ 11,600 $ 14,474 $ 11,600 $ 14,474 (a) Includes changes in the accretable yield due to both transfers from the nonaccretable difference and the impact of changes in the expected timing and amounts of the cash flows. At June 30, 2019 , the ALLL related to PCI loans was $2.0 million compared to $4.0 million at December 31, 2018 . A loan loss provision credit related to PCI loans of $1.4 million was recognized during the three months ended June 30, 2019 , as compared to a loan loss provision expense of $1.8 million recognized during the three months ended June 30, 2018 . A loan loss provision credit related to PCI loans of $1.8 million was recognized during the six months ended June 30, 2019 , as compared to a loan loss provision expense of $2.6 million recognized during the six months ended June 30, 2018 . The following table reflects the outstanding principal balance and carrying amounts of the acquired PCI loans as of June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 (Dollars in thousands) Carrying value Unpaid balance Carrying value Unpaid balance Commercial, financial and industrial $ 32,865 $ 34,869 $ 38,873 $ 44,259 Commercial real estate 7,347 8,122 15,197 17,232 Consumer real estate 25,752 28,847 30,723 34,820 Credit card and other 846 1,021 1,627 1,879 Total $ 66,810 $ 72,859 $ 86,420 $ 98,190 Impaired Loans The following tables provide information at June 30, 2019 and December 31, 2018 , by class related to individually impaired loans and consumer TDRs, regardless of accrual status. Recorded investment is defined as the amount of the investment in a loan, excluding any valuation allowance but including any direct write-down of the investment. For purposes of this disclosure, PCI loans and the TRUPS valuation allowance have been excluded. June 30, 2019 December 31, 2018 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related allowance recorded: Commercial: General C&I $ 66,045 $ 69,519 $ — $ 42,902 $ 45,387 $ — Loans to mortgage companies 37,256 41,216 — — — — Income CRE 1,440 1,440 — 1,589 1,589 — Total $ 104,741 $ 112,175 $ — $ 44,491 $ 46,976 $ — Consumer: HELOC (a) $ 6,377 $ 13,178 $ — $ 8,645 $ 16,648 $ — R/E installment loans (a) 5,565 6,489 — 4,314 4,796 — Permanent mortgage (a) 2,894 4,930 — 3,601 6,003 — Total $ 14,836 $ 24,597 $ — $ 16,560 $ 27,447 $ — Impaired loans with related allowance recorded: Commercial: General C&I $ 9,733 $ 9,732 $ 7,559 $ 2,802 $ 2,802 $ 149 TRUPS 2,774 3,700 925 2,888 3,700 925 Income CRE 337 337 — 377 377 — Total $ 12,844 $ 13,769 $ 8,484 $ 6,067 $ 6,879 $ 1,074 Consumer: HELOC $ 61,702 $ 64,924 $ 8,247 $ 66,482 $ 69,610 $ 11,241 R/E installment loans 42,112 43,142 5,832 38,993 39,851 6,743 Permanent mortgage 63,792 74,005 8,176 67,245 78,010 9,419 Credit card & other 699 699 442 695 695 337 Total $ 168,305 $ 182,770 $ 22,697 $ 173,415 $ 188,166 $ 27,740 Total commercial $ 117,585 $ 125,944 $ 8,484 $ 50,558 $ 53,855 $ 1,074 Total consumer $ 183,141 $ 207,367 $ 22,697 $ 189,975 $ 215,613 $ 27,740 Total impaired loans $ 300,726 $ 333,311 $ 31,181 $ 240,533 $ 269,468 $ 28,814 (a) All discharged bankruptcy loans are charged down to an estimate of net realizable value and do not carry any allowance. Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 (Dollars in thousands) Average Interest Average Interest Average Interest Average Interest Impaired loans with no related allowance recorded: Commercial: General C&I $ 67,337 $ 178 $ 24,825 $ 183 $ 61,552 $ 357 $ 20,389 $ 358 Loans to mortgage companies 18,628 — — — 9,314 — — — Income CRE 1,481 13 1,665 13 1,518 27 1,228 25 Residential CRE — — 500 — — — 374 — Total $ 87,446 $ 191 $ 26,990 $ 196 $ 72,384 $ 384 $ 21,991 $ 383 Consumer: HELOC (a) $ 6,462 $ — $ 9,034 $ — $ 7,030 $ — $ 9,145 $ — R/E installment loans (a) 5,738 — 3,553 — 5,425 — 3,733 — Permanent mortgage (a) 3,172 — 4,749 — 3,348 — 4,983 — Total $ 15,372 $ — $ 17,336 $ — $ 15,803 $ — $ 17,861 $ — Impaired loans with related allowance recorded: Commercial: General C&I $ 10,760 $ — $ 8,850 $ — $ 9,026 $ — $ 15,870 $ — TRUPS 2,806 — 3,005 — 2,835 — 3,026 — Income CRE 347 — — — 357 9 403 — Residential CRE — — — — — — 199 — Total $ 13,913 $ — $ 11,855 $ — $ 12,218 $ 9 $ 19,498 $ — Consumer: HELOC $ 62,623 $ 504 $ 70,789 $ 578 $ 63,819 $ 1,026 $ 71,222 $ 1,155 R/E installment loans 43,031 272 40,280 251 42,251 542 41,195 518 Permanent mortgage 64,861 543 74,227 574 65,724 1,095 75,976 1,152 Credit card & other 692 4 653 3 691 9 650 6 Total $ 171,207 $ 1,323 $ 185,949 $ 1,406 $ 172,485 $ 2,672 $ 189,043 $ 2,831 Total commercial $ 101,359 $ 191 $ 38,845 $ 196 $ 84,602 $ 393 $ 41,489 $ 383 Total consumer $ 186,579 $ 1,323 $ 203,285 $ 1,406 $ 188,288 $ 2,672 $ 206,904 $ 2,831 Total impaired loans $ 287,938 $ 1,514 $ 242,130 $ 1,602 $ 272,890 $ 3,065 $ 248,393 $ 3,214 (a) All discharged bankruptcy loans are charged down to an estimate of net realizable value and do not carry any allowance. Asset Quality Indicators FHN employs a dual grade commercial risk grading methodology to assign an estimate for the probability of default (“PD”) and the loss given default (“LGD”) for each commercial loan using factors specific to various industry, portfolio, or product segments that result in a rank ordering of risk and the assignment of grades PD 1 to PD 16 . This credit grading system is intended to identify and measure the credit quality of the loan portfolio by analyzing the migration of loans between grading categories. It is also integral to the estimation methodology utilized in determining the allowance for loan losses since an allowance is established for pools of commercial loans based on the credit grade assigned. Each PD grade corresponds to an estimated one-year default probability percentage; a PD 1 has the lowest expected default probability, and probabilities increase as grades progress down the scale. PD 1 through PD 12 are “pass” grades. PD grades 13 - 16 correspond to the regulatory-defined categories of special mention ( 13 ), substandard ( 14 ), doubtful ( 15 ), and loss ( 16 ). Pass loan grades are required to be reassessed annually or earlier whenever there has been a material change in the financial condition of the borrower or risk characteristics of the relationship. All commercial loans over $1 million and certain commercial loans over $500,000 that are graded 13 or worse are reassessed on a quarterly basis. Loan grading discipline is regularly reviewed internally by Credit Assurance Services to determine if the process continues to result in accurate loan grading across the portfolio. FHN may utilize availability of guarantors/sponsors to support lending decisions during the credit underwriting process and when determining the assignment of internal loan grades. LGD grades are assigned based on a scale of 1 - 12 and represent FHN’s expected recovery based on collateral type in the event a loan defaults. See Note 5 – Allowance for Loan Losses for further discussion on the credit grading system. The following tables provide the balances of commercial loan portfolio classes with associated allowance, disaggregated by PD grade as of June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) General C&I Loans to Mortgage Companies TRUPS (a) Income CRE Residential CRE Total Percentage of Total Allowance for Loan Losses PD Grade: 1 $ 644,320 $ — $ — $ 12,771 $ — $ 657,091 3 % $ 77 2 784,770 — — 7,498 22 792,290 3 214 3 714,521 1,005,546 3,314 381,343 715 2,105,439 9 313 4 1,323,078 783,813 35,786 392,617 425 2,535,719 11 891 5 2,039,017 625,650 80,765 946,927 20,306 3,712,665 16 10,548 6 2,372,435 762,708 33,815 661,250 12,940 3,843,148 17 11,608 7 2,788,867 215,894 11,446 588,840 37,809 3,642,856 16 20,083 8 1,435,796 234,238 — 258,834 22,247 1,951,115 9 20,579 9 1,235,046 111,728 26,123 229,873 14,096 1,616,866 7 18,284 10 555,544 7,218 18,536 85,578 3,861 670,737 3 9,312 11 414,018 — 12,000 55,898 3,523 485,439 2 10,585 12 196,321 4,861 — 22,436 1,170 224,788 1 5,945 13 213,551 — 5,786 50,113 2,129 271,579 1 8,726 14,15,16 208,110 — — 37,829 977 246,916 1 22,546 Collectively evaluated for impairment 14,925,394 3,751,656 227,571 3,731,807 120,220 22,756,648 99 139,711 Individually evaluated for impairment 75,778 37,256 2,774 1,777 — 117,585 1 8,484 Purchased credit-impaired loans 33,840 — — 5,722 1,505 41,067 — 854 Total commercial loans $ 15,035,012 $ 3,788,912 $ 230,345 $ 3,739,306 $ 121,725 $ 22,915,300 100 % $ 149,049 December 31, 2018 (Dollars in thousands) General C&I Loans to Mortgage Companies TRUPS (a) Income CRE Residential CRE Total Percentage of Total Allowance for Loan Losses PD Grade: 1 $ 610,177 $ — $ — $ 12,586 $ — $ 622,763 3 % $ 100 2 835,776 — — 1,688 29 837,493 4 274 3 782,362 716,971 — 289,594 147 1,789,074 9 315 4 1,223,092 394,862 43,220 563,243 — 2,224,417 11 686 5 1,920,034 277,814 77,751 798,509 14,150 3,088,258 15 8,919 6 1,722,136 365,341 45,609 657,628 33,759 2,824,473 14 8,141 7 2,690,784 96,603 11,446 538,909 26,135 3,363,877 16 16,906 8 1,337,113 53,224 — 265,901 20,320 1,676,558 8 18,545 9 1,472,852 96,292 45,117 455,184 29,849 2,099,294 10 15,454 10 490,795 13,260 18,536 60,803 3,911 587,305 3 8,675 11 311,967 — — 66,986 788 379,741 2 7,973 12 244,867 9,379 — 82,574 5,717 342,537 2 6,972 13 285,987 — 5,786 55,408 251 347,432 2 10,094 14,15,16 224,853 — — 28,835 837 254,525 1 23,307 Collectively evaluated for impairment 14,152,795 2,023,746 247,465 3,877,848 135,893 20,437,747 100 126,361 Individually evaluated for impairment 45,704 — 2,888 1,966 — 50,558 — 1,074 Purchased credit-impaired loans 41,730 — — 12,730 2,433 56,893 — 2,823 Total commercial loans $ 14,240,229 $ 2,023,746 $ 250,353 $ 3,892,544 $ 138,326 $ 20,545,198 100 % $ 130,258 (a) Balances presented net of a $19.1 million valuation allowance as of June 30, 2019 , and a $20.2 million valuation allowance as of December 31, 2018 . The consumer portfolio is comprised primarily of smaller-balance loans which are very similar in nature in that most are standard products and are backed by residential real estate. Because of the similarities of consumer loan-types, FHN is able to utilize the Fair Isaac Corporation (“FICO”) score, among other attributes, to assess the credit quality of consumer borrowers. FICO scores are refreshed on a quarterly basis in an attempt to reflect the recent risk profile of the borrowers. Accruing delinquency amounts are indicators of asset quality within the credit card and other consumer portfolio. The following table reflects the percentage of balances outstanding by average, refreshed FICO scores for the HELOC, real estate installment, and permanent mortgage classes of loans as of June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 HELOC R/E Installment Loans Permanent Mortgage HELOC R/E Installment Loans Permanent Mortgage FICO score 740 or greater 62.4 % 72.7 % 49.3 % 61.4 % 71.3 % 51.8 % FICO score 720-739 8.1 8.1 7.3 8.5 8.8 7.6 FICO score 700-719 7.6 6.1 10.7 7.6 7.0 10.6 FICO score 660-699 10.6 7.8 17.0 10.9 7.6 14.7 FICO score 620-659 5.0 2.8 7.0 5.1 2.8 6.5 FICO score less than 620 (a) 6.3 2.5 8.7 6.5 2.5 8.8 Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (a) For this group, a majority of the loan balances had FICO scores at the time of the origination that exceeded 620 but have since deteriorated as the loans have seasoned. Nonaccrual and Past Due Loans The following table reflects accruing and non-accruing loans by class on June 30, 2019 : Accruing Non-Accruing (Dollars in thousands) Current 30-89 Days Past Due 90+ Days Past Due Total Accruing Current 30-89 Days Past Due 90+ Days Past Due Total Non- Accruing Total Loans Commercial (C&I): General C&I $ 14,928,462 $ 5,269 $ 270 $ 14,934,001 $ 50,152 $ 999 $ 16,020 $ 67,171 $ 15,001,172 Loans to mortgage companies 3,751,656 — — 3,751,656 37,256 — — 37,256 3,788,912 TRUPS (a) 227,571 — — 227,571 — — 2,774 2,774 230,345 Purchased credit-impaired loans 30,331 1,701 1,808 33,840 — — — — 33,840 Total commercial (C&I) 18,938,020 6,970 2,078 18,947,068 87,408 999 18,794 107,201 19,054,269 Commercial real estate: Income CRE 3,728,428 2,556 — 3,730,984 — — 2,600 2,600 3,733,584 Residential CRE 120,220 — — 120,220 — — — — 120,220 Purchased credit-impaired loans 7,113 49 65 7,227 — — — — 7,227 Total commercial real estate 3,855,761 2,605 65 3,858,431 — — 2,600 2,600 3,861,031 Consumer real estate: HELOC 1,322,636 9,644 7,356 1,339,636 45,734 4,266 6,729 56,729 1,396,365 R/E installment loans 4,652,939 7,554 6,702 4,667,195 13,349 2,596 3,748 19,693 4,686,888 Purchased credit-impaired loans 20,493 2,362 3,974 26,829 — — — — 26,829 Total consumer real estate 5,996,068 19,560 18,032 6,033,660 59,083 6,862 10,477 76,422 6,110,082 Permanent mortgage 170,849 2,691 1,604 175,144 10,199 82 7,627 17,908 193,052 Credit card & other: Credit card 198,767 1,509 868 201,144 — — — — 201,144 Other 289,376 2,233 266 291,875 101 112 241 454 292,329 Purchased credit-impaired loans 523 309 71 903 — — — — 903 Total credit card & other 488,666 4,051 1,205 493,922 101 112 241 454 494,376 Total loans, net of unearned income $ 29,449,364 $ 35,877 $ 22,984 $ 29,508,225 $ 156,791 $ 8,055 $ 39,739 $ 204,585 $ 29,712,810 (a) TRUPS is presented net of the valuation allowance of $19.1 million . The following table reflects accruing and non-accruing loans by class on December 31, 2018 : Accruing Non-Accruing (Dollars in thousands) Current 30-89 Days Past Due 90+ Days Past Due Total Accruing Current 30-89 Days Past Due 90+ Days Past Due Total Non- Accruing Total Loans Commercial (C&I): General C&I $ 14,153,275 $ 8,234 $ 102 $ 14,161,611 $ 26,325 $ 5,537 $ 5,026 $ 36,888 $ 14,198,499 Loans to mortgage companies 2,023,746 — — 2,023,746 — — — — 2,023,746 TRUPS (a) 247,465 — — 247,465 — — 2,888 2,888 250,353 Purchased credit-impaired loans 39,433 624 1,673 41,730 — — — — 41,730 Total commercial (C&I) 16,463,919 8,858 1,775 16,474,552 26,325 5,537 7,914 39,776 16,514,328 Commercial real estate: Income CRE 3,876,229 626 — 3,876,855 30 — 2,929 2,959 3,879,814 Residential CRE 135,861 — — 135,861 32 — — 32 135,893 Purchased credit-impaired loans 13,308 103 1,752 15,163 — — — — 15,163 Total commercial real estate 4,025,398 729 1,752 4,027,879 62 — 2,929 2,991 4,030,870 Consumer real estate: HELOC 1,443,651 11,653 10,129 1,465,433 49,009 3,314 8,781 61,104 1,526,537 R/E installment loans 4,652,658 10,470 6,497 4,669,625 15,146 1,924 4,474 21,544 4,691,169 Purchased credit-impaired loans 24,096 2,094 5,620 31,810 — — — — 31,810 Total consumer real estate 6,120,405 24,217 22,246 6,166,868 64,155 5,238 13,255 82,648 6,249,516 Permanent mortgage 193,591 2,585 4,562 200,738 11,227 996 9,487 21,710 222,448 Credit card & other: Credit card 188,009 2,133 1,203 191,345 — — — — 191,345 Other 320,551 3,570 526 324,647 110 60 454 624 325,271 Purchased credit-impaired loans 746 611 397 1,754 — — — — 1,754 Total credit card & other 509,306 6,314 2,126 517,746 110 60 454 624 518,370 Total loans, net of unearned income $ 27,312,619 $ 42,703 $ 32,461 $ 27,387,783 $ 101,879 $ 11,831 $ 34,039 $ 147,749 $ 27,535,532 Certain previously reported amounts have been reclassified to agree with current presentation. (a) TRUPS is presented net of the valuation allowance of $20.2 million . Troubled Debt Restructurings As part of FHN’s ongoing risk management practices, FHN attempts to work with borrowers when necessary to extend or modify loan terms to better align with their current ability to repay. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. Each occurrence is unique to the borrower and is evaluated separately. A modification is classified as a TDR if the borrower is experiencing financial difficulty and it is determined that FHN has granted a concession to the borrower. FHN may determine that a borrower is experiencing financial difficulty if the borrower is currently in default on any of its debt, or if it is probable that a borrower may default in the foreseeable future. Many aspects of a borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty. Concessions could include extension of the maturity date, reductions of the interest rate (which may make the rate lower than current market for a new loan with similar risk), reduction or forgiveness of accrued interest, or principal forgiveness. The assessments of whether a borrower is experiencing (or is likely to experience) financial difficulty, and whether a concession has been granted, are subjective in nature and management’s judgment is required when determining whether a modification is classified as a TDR. For all classes within the commercial portfolio segment, TDRs are typically modified through forbearance agreements (generally 6 to 12 months ). Forbearance agreements could include reduced interest rates, reduced payments, release of guarantor, or entering into short sale agreements. FHN’s proprietary modification programs for consumer loans are generally structured using parameters of U.S. government-sponsored programs such as the former Home Affordable Modification Program (“HAMP”). Within the HELOC and R/E installment loans classes of the consumer portfolio segment, TDRs are typically modified by reducing the interest rate (in increments of 25 basis points to a minimum of 1 percent for up to 5 years ) and a possible maturity date extension to reach an affordable housing debt-to-income ratio. After 5 years , the interest rate generally returns to the original interest rate prior to modification; for certain modifications, the modified interest rate increases 2 percent per year until the original interest rate prior to modification is achieved. Permanent mortgage TDRs are typically modified by reducing the interest rate (in increments of 25 basis points to a minimum of 2 percent for up to 5 years ) and a possible maturity date extension to reach an affordable housing debt-to-income ratio. After 5 years , the interest rate steps up 1 percent every year until it reaches the Federal Home Loan Mortgage Corporation Weekly Survey Rate cap. Contractual maturities may be extended to 40 years on permanent mortgages and to 30 years for consumer real estate loans. Within the credit card class of the consumer portfolio segment, TDRs are typically modified through either a short-term credit card hardship program or a longer-term credit card workout program. In the credit card hardship program, borrowers may be granted rate and payment reductions for 6 months to 1 year . In the credit card workout program, customers are granted a rate reduction to 0 percent and term extensions for up to 5 years to pay off the remaining balance. Despite the absence of a loan modification, the discharge of personal liability through bankruptcy proceedings is considered a concession. As a result, FHN classifies all non-reaffirmed residential real estate loans discharged in Chapter 7 bankruptcy as nonaccruing TDRs. On June 30, 2019 and December 31, 2018 , FHN had $232.6 million and $228.2 million of portfolio loans classified as TDRs, respectively. For TDRs in the loan portfolio, FHN had loan loss reserves of $22.7 million , or 10 percent as of June 30, 2019 , and $27.7 million , or 12 percent as of December 31, 2018 . Additionally, $53.6 million and $57.8 million of loans held-for-sale as of June 30, 2019 and December 31, 2018 , respectively, were classified as TDRs. The following tables reflect portfolio loans that were classified as TDRs during the three and six months ended June 30, 2019 and 2018 : Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (Dollars in thousands) Number Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial (C&I): General C&I 1 $ 222 $ 222 3 $ 14,117 $ 14,042 Total commercial (C&I) 1 222 222 3 14,117 14,042 Commercial real estate: Income CRE — — — — — — Total commercial real estate — — — — — — Consumer real estate: HELOC 25 3,271 3,235 44 5,375 5,319 R/E installment loans 17 1,513 1,504 61 7,490 7,438 Total consumer real estate 42 4,784 4,739 105 12,865 12,757 Permanent mortgage 2 21 19 5 1,469 1,498 Credit card & other 18 109 103 33 183 174 Total troubled debt restructurings 63 $ 5,136 $ 5,083 146 $ 28,634 $ 28,471 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (Dollars in thousands) Number Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial (C&I): General C&I 3 $ 544 $ 537 8 $ 2,048 $ 1,751 Total commercial (C&I) 3 544 537 8 2,048 1,751 Commercial real estate: Income CRE 3 201 195 3 201 195 Total commercial real estate 3 201 195 3 201 195 Consumer real estate: HELOC 34 3,824 3,806 64 6,584 6,539 R/E installment loans 10 772 770 15 1,383 1,382 Total consumer real estate 44 4,596 4,576 79 7,967 7,921 Permanent mortgage 4 434 440 5 709 713 Credit card & other 27 95 94 68 305 291 Total troubled debt restructurings 81 $ 5,870 $ 5,842 163 $ 11,230 $ 10,871 The following tables present TDRs which re-defaulted during the three and six months ended June 30, 2019 and 2018 , and as to which the modification occurred 12 months or less prior to the re-default. For purposes of this disclosure, FHN generally defines payment default as 30 or more days past due. Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (Dollars in thousands) Number Recorded Investment Number Recorded Investment Commercial (C&I): General C&I — $ — — $ — Total commercial (C&I) — — — — Consumer real estate: HELOC 1 66 2 99 R/E installment loans 1 38 1 38 Total consumer real estate 2 104 3 137 Permanent mortgage — — — — Credit card & other 7 14 15 32 Total troubled debt restructurings 9 $ 118 18 $ 169 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (Dollars in thousands) Number Recorded Investment Number Recorded Investment Commercial (C&I): General C&I 1 $ 258 1 $ 258 Total commercial (C&I) 1 258 1 258 Consumer real estate: HELOC 2 95 4 164 R/E installment loans 1 25 1 25 Total consumer real estate 3 120 5 189 Permanent mortgage 1 293 2 405 Credit card & other 12 75 26 156 Total troubled debt restructurings 17 $ 746 34 $ 1,008 |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The ALLL includes the following components: reserves for commercial loans evaluated based on pools of credit graded loans and reserves for pools of smaller-balance homogeneous consumer loans, both determined in accordance with ASC 450-20-50. The reserve factors applied to these pools are an estimate of probable incurred losses based on management’s evaluation of historical net losses from loans with similar characteristics and are subject to qualitative adjustments by management to reflect current events, trends, and conditions (including economic considerations and trends). The current economic conditions and trends, performance of the housing market, unemployment levels, labor participation rate, regulatory guidance, and both positive and negative portfolio segment-specific trends, are examples of additional factors considered by management in determining the ALLL. Additionally, management considers the inherent uncertainty of quantitative models that are driven by historical loss data. Management evaluates the periods of historical losses that are the basis for the loss rates used in the quantitative models and selects historical loss periods that are believed to be the most reflective of losses inherent in the loan portfolio as of the balance sheet date. Management also periodically reviews analysis of the loss emergence period which is the amount of time it takes for a loss to be confirmed (initial charge-off) after a loss event has occurred. FHN performs extensive studies as it relates to the historical loss periods used in the model and the loss emergence period and model assumptions are adjusted accordingly. The ALLL also includes reserves determined in accordance with ASC 310-10-35 for loans determined by management to be individually impaired and an allowance associated with PCI loans. See Note 1 – Summary of Significant Accounting Policies and Note 5 - Allowance for Loan Losses in the Notes to Consolidated Financial Statements on FHN’s Form 10-K for the year ended December 31, 2018 , for additional information about the policies and methodologies used in the aforementioned components of the ALLL. The following table provides a rollforward of the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2019 and 2018 : (Dollars in thousands) C&I Commercial Real Estate Consumer Real Estate Permanent Mortgage Credit Card and Other Total Balance as of April 1, 2019 $ 103,713 $ 34,382 $ 24,073 $ 10,081 $ 12,662 $ 184,911 Charge-offs (6,590 ) (121 ) (1,538 ) (176 ) (3,798 ) (12,223 ) Recoveries 519 (88 ) 4,514 1,011 1,105 7,061 Provision/(provision credit) for loan losses 18,454 (1,220 ) (4,192 ) (2,241 ) 2,199 13,000 Balance as of June 30, 2019 116,096 32,953 22,857 8,675 12,168 192,749 Balance as of January 1, 2019 98,947 31,311 26,439 11,000 12,727 180,424 Charge-offs (9,691 ) (555 ) (4,338 ) (180 ) (7,986 ) (22,750 ) Recoveries 1,348 (31 ) 7,967 1,599 2,192 13,075 Provision/(provision credit) for loan losses 25,492 2,228 (7,211 ) (3,744 ) 5,235 22,000 Balance as of June 30, 2019 116,096 32,953 22,857 8,675 12,168 192,749 Allowance - individually evaluated for impairment 8,484 — 14,079 8,176 442 31,181 Allowance - collectively evaluated for impairment 106,758 32,953 7,700 499 11,669 159,579 Allowance - purchased credit-impaired loans 854 — 1,078 — 57 1,989 Loans, net of unearned as of June 30, 2019: Individually evaluated for impairment 115,808 1,777 115,756 66,686 699 300,726 Collectively evaluated for impairment 18,904,621 3,852,027 5,967,497 126,366 492,774 29,343,285 Purchased credit-impaired loans 33,840 7,227 26,829 — 903 68,799 Total loans, net of unearned income $ 19,054,269 $ 3,861,031 $ 6,110,082 $ 193,052 $ 494,376 $ 29,712,810 Balance as of April 1, 2018 $ 100,238 $ 29,057 $ 35,201 $ 12,984 $ 9,714 $ 187,194 Charge-offs (3,287 ) (228 ) (1,481 ) (300 ) (4,712 ) (10,008 ) Recoveries 1,036 75 5,444 631 1,090 8,276 Provision/(provision credit) for loan losses (1,153 ) 4,928 (5,009 ) (1,623 ) 2,857 — Balance as of June 30, 2018 96,834 33,832 34,155 11,692 8,949 185,462 Balance as of January 1, 2018 98,211 28,427 39,823 13,113 9,981 189,555 Charge-offs (5,362 ) (272 ) (3,392 ) (460 ) (9,005 ) (18,491 ) Recoveries 2,555 81 9,827 696 2,239 15,398 Provision/(provision credit) for loan losses 1,430 5,596 (12,103 ) (1,657 ) 5,734 (1,000 ) Balance as of June 30, 2018 96,834 33,832 34,155 11,692 8,949 185,462 Allowance - individually evaluated for impairment 1,213 — 20,399 10,787 305 32,704 Allowance - collectively evaluated for impairment 93,429 33,744 13,116 905 8,557 149,751 Allowance - purchased credit-impaired loans 2,192 88 640 — 87 3,007 Loans, net of unearned as of June 30, 2018: Individually evaluated for impairment 32,599 2,252 122,335 76,861 604 234,651 Collectively evaluated for impairment 16,349,811 4,106,974 6,169,058 172,958 545,453 27,344,254 Purchased credit-impaired loans 56,335 27,130 36,315 — 3,055 122,835 Total loans, net of unearned income $ 16,438,745 $ 4,136,356 $ 6,327,708 $ 249,819 $ 549,112 $ 27,701,740 Certain previously reported amounts have been reclassified to agree with current presentation. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The following is a summary of other intangible assets included in the Consolidated Condensed Statements of Condition: June 30, 2019 December 31, 2018 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Core deposit intangibles $ 157,150 $ (37,761 ) $ 119,389 $ 157,150 $ (28,150 ) $ 129,000 Customer relationships 77,865 (57,879 ) 19,986 77,865 (55,597 ) 22,268 Other (a) 5,622 (2,385 ) 3,237 5,622 (1,856 ) 3,766 Total $ 240,637 $ (98,025 ) $ 142,612 $ 240,637 $ (85,603 ) $ 155,034 (a) Balance primarily includes noncompete covenants, as well as $ .3 million related to state banking licenses not subject to amortization. Amortization expense was $6.2 million and $6.5 million for the three months ended June 30, 2019 and 2018 , respectively and $12.4 million and $12.9 million for six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 the estimated aggregated amortization expense is expected to be: (Dollars in thousands) Year Amortization Remainder of 2019 $ 12,419 2020 21,159 2021 19,547 2022 17,412 2023 16,117 2024 14,679 Gross goodwill, accumulated impairments, and accumulated divestiture related write-offs were determined beginning January 1, 2002, when a change in accounting requirements resulted in goodwill being assessed for impairment rather than being amortized. Gross goodwill of $200.0 million with accumulated impairments and accumulated divestiture-related write-offs of $114.1 million and $85.9 million , respectively, were previously allocated to the non-strategic segment, resulting in $0 net goodwill allocated to the non-strategic segment as of June 30, 2019 and December 31, 2018 . The regional banking and fixed income segments do not have any accumulated impairments or divestiture related write-offs. The following is a summary of goodwill by reportable segment included in the Consolidated Condensed Statements of Condition as of June 30, 2019 and December 31, 2018 . (Dollars in thousands) Regional Banking Fixed Income Total December 31, 2017 $ 1,243,885 $ 142,968 $ 1,386,853 Additions (a) 22,423 — 22,423 June 30, 2018 $ 1,266,308 $ 142,968 $ 1,409,276 December 31, 2018 $ 1,289,819 $ 142,968 $ 1,432,787 Additions — — — June 30, 2019 $ 1,289,819 $ 142,968 $ 1,432,787 (a) See Note 2 - Acquisitions and Divestitures for further details regarding goodwill related to acquisitions. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases FHN has operating, financing, and short-term leases for branch locations, corporate offices and certain equipment. Substantially all of these leases are classified as operating leases. The following table provides a detail of the classification of FHN's right-of-use ("ROU") assets and lease liabilities included in the Consolidated Condensed Statement of Conditions. (Dollars in thousands) June 30, 2019 Lease Right-of-Use Assets: Classification Operating lease right-of use assets Other assets $ 178,098 Finance lease right-of use assets Other assets 657 Total Lease Right-of Use Assets $ 178,755 Lease Liabilities: Operating lease liabilities Other liabilities $ 199,063 Finance lease liabilities Other liabilities 1,312 Total Lease Liabilities $ 200,375 The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The following table details the weighted average remaining lease term and discount rate for FHN's operating and finance leases as of June 30, 2019 . Weighted Average Remaining Lease Terms Operating leases 12.18 years Finance leases 6.92 years Weighted Average Discount Rate Operating leases 3.48 % Finance leases 9.96 % The following table provides a detail of the components of lease expense and other lease information for the three months ended June 30, 2019 : (Dollars in thousands) Three Months Ended Six Months Ended Lease cost Operating lease cost $ 6,401 $ 12,584 Finance lease cost: Amortization of right-of-use assets 24 48 Interest on lease liabilities 32 65 Short-term lease cost 35 80 Sublease income (97 ) (192 ) Total lease cost $ 6,395 $ 12,585 Other information (Gain)/loss on right-of-use asset impairment-Operating leases $ 1,734 $ 2,551 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 6,045 11,347 Operating cash flows from finance leases 33 66 Financing cash flows from finance leases 31 62 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 2,342 4,784 Finance leases — — The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of June 30, 2019 : (Dollars in thousands) June 30, 2019 Remainder of 2019 $ 12,374 2020 24,642 2021 22,237 2022 21,124 2023 20,156 2024 and after 146,999 Total future minimum lease payments 247,532 Less lease liability interest (47,157 ) Present value of net future minimum lease payments $ 200,375 FHN had aggregate undiscounted contractual obligations totaling $21.1 million for lease arrangements that have not commenced. Payments under these arrangements are expected to occur from 2019 through 2032. Minimum future lease payments for noncancelable operating leases, primarily on premises, on December 31, 2018 are shown below. (Dollars in thousands) December 31, 2018 2019 $ 27,524 2020 24,722 2021 20,954 2022 16,518 2023 13,174 2024 and after 42,370 Total minimum lease payments $ 145,262 |
Leases | Leases FHN has operating, financing, and short-term leases for branch locations, corporate offices and certain equipment. Substantially all of these leases are classified as operating leases. The following table provides a detail of the classification of FHN's right-of-use ("ROU") assets and lease liabilities included in the Consolidated Condensed Statement of Conditions. (Dollars in thousands) June 30, 2019 Lease Right-of-Use Assets: Classification Operating lease right-of use assets Other assets $ 178,098 Finance lease right-of use assets Other assets 657 Total Lease Right-of Use Assets $ 178,755 Lease Liabilities: Operating lease liabilities Other liabilities $ 199,063 Finance lease liabilities Other liabilities 1,312 Total Lease Liabilities $ 200,375 The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The following table details the weighted average remaining lease term and discount rate for FHN's operating and finance leases as of June 30, 2019 . Weighted Average Remaining Lease Terms Operating leases 12.18 years Finance leases 6.92 years Weighted Average Discount Rate Operating leases 3.48 % Finance leases 9.96 % The following table provides a detail of the components of lease expense and other lease information for the three months ended June 30, 2019 : (Dollars in thousands) Three Months Ended Six Months Ended Lease cost Operating lease cost $ 6,401 $ 12,584 Finance lease cost: Amortization of right-of-use assets 24 48 Interest on lease liabilities 32 65 Short-term lease cost 35 80 Sublease income (97 ) (192 ) Total lease cost $ 6,395 $ 12,585 Other information (Gain)/loss on right-of-use asset impairment-Operating leases $ 1,734 $ 2,551 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 6,045 11,347 Operating cash flows from finance leases 33 66 Financing cash flows from finance leases 31 62 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 2,342 4,784 Finance leases — — The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of June 30, 2019 : (Dollars in thousands) June 30, 2019 Remainder of 2019 $ 12,374 2020 24,642 2021 22,237 2022 21,124 2023 20,156 2024 and after 146,999 Total future minimum lease payments 247,532 Less lease liability interest (47,157 ) Present value of net future minimum lease payments $ 200,375 FHN had aggregate undiscounted contractual obligations totaling $21.1 million for lease arrangements that have not commenced. Payments under these arrangements are expected to occur from 2019 through 2032. Minimum future lease payments for noncancelable operating leases, primarily on premises, on December 31, 2018 are shown below. (Dollars in thousands) December 31, 2018 2019 $ 27,524 2020 24,722 2021 20,954 2022 16,518 2023 13,174 2024 and after 42,370 Total minimum lease payments $ 145,262 |
Other Income And Other Expense
Other Income And Other Expense | 6 Months Ended |
Jun. 30, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income And Other Expense | Other Income and Other Expense Following is detail of All other income and commissions and All other expense as presented in the Consolidated Condensed Statements of Income: Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 All other income and commissions: Other service charges $ 5,624 $ 3,728 $ 9,493 $ 7,851 ATM and interchange fees 4,262 3,413 7,503 6,680 Mortgage banking 2,572 2,431 4,458 4,977 Deferred compensation (a) 1,938 991 7,412 1,442 Dividend income 1,809 3,124 4,122 5,373 Electronic banking fees 1,267 1,228 2,538 2,432 Letter of credit fees 1,253 1,295 2,621 2,544 Insurance commissions 566 476 1,190 1,233 Gain/(loss) on extinguishment of debt — — (1 ) — Other 6,376 2,188 10,962 9,235 Total $ 25,667 $ 18,874 $ 50,298 $ 41,767 All other expense: Travel and entertainment $ 2,906 $ 5,131 $ 5,618 $ 8,114 Other insurance and taxes 2,495 2,752 5,189 5,417 Customer relations 1,540 1,358 3,139 2,421 Supplies 1,342 1,987 3,146 3,823 Employee training and dues 1,251 1,849 2,708 3,628 Miscellaneous loan costs 857 1,035 1,884 2,177 Non-service components of net periodic pension and post-retirement cost 559 1,530 991 2,034 Tax credit investments 267 1,079 942 2,216 OREO 25 810 (341 ) 918 Litigation and regulatory matters (b) (8,230 ) 16 (8,217 ) 2,150 Other 26,199 33,452 33,938 53,433 Total $ 29,211 $ 50,999 $ 48,997 $ 86,331 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Amounts are driven by market conditions and are mirrored by changes in deferred compensation expense which is included in employee compensation expense. (b) Litigation and regulatory matters for the three and six months ended June 30, 2019 includes an $8.3 million expense reversal related to the settlement of litigation matters within the Non-Strategic segment. |
Components of Other Comprehensi
Components of Other Comprehensive Income/(Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Other Comprehensive Income/(Loss) | Components of Other Comprehensive Income/(loss) The following table provides the changes in accumulated other comprehensive income/(loss) by component, net of tax, for the three and six months ended June 30, 2019 and 2018 : (Dollars in thousands) Securities AFS Cash Flow Pension and Total Balance as of April 1, 2019 $ (27,121 ) $ (6,725 ) $ (287,305 ) $ (321,151 ) Net unrealized gains/(losses) 47,991 7,575 — 55,566 Amounts reclassified from AOCI 201 1,334 1,561 3,096 Other comprehensive income/(loss) 48,192 8,909 1,561 58,662 Balance as of June 30, 2019 $ 21,071 $ 2,184 $ (285,744 ) $ (262,489 ) Balance as of January 1, 2019 $ (75,736 ) $ (12,112 ) $ (288,768 ) $ (376,616 ) Net unrealized gains/(losses) 96,606 11,511 — 108,117 Amounts reclassified from AOCI 201 2,785 3,024 6,010 Other comprehensive income/(loss) 96,807 14,296 3,024 114,127 Balance as of June 30, 2019 $ 21,071 $ 2,184 $ (285,744 ) $ (262,489 ) (Dollars in thousands) Securities AFS Cash Flow Pension and Total Balance as of April 1, 2018 $ (86,382 ) $ (16,763 ) $ (286,940 ) $ (390,085 ) Net unrealized gains/(losses) (21,094 ) (3,457 ) — (24,551 ) Amounts reclassified from AOCI — 463 2,059 2,522 Other comprehensive income/(loss) (21,094 ) (2,994 ) 2,059 (22,029 ) Balance as of June 30, 2018 $ (107,476 ) $ (19,757 ) $ (284,881 ) $ (412,114 ) Balance as of January 1, 2018 $ (26,834 ) $ (7,764 ) $ (288,227 ) $ (322,825 ) Adjustment to reflect adoption of ASU 2016-01 (5 ) (206 ) — (211 ) Beginning balance, as adjusted (26,839 ) (7,970 ) (288,227 ) (323,036 ) Net unrealized gains/(losses) (80,598 ) (12,095 ) — (92,693 ) Amounts reclassified from AOCI (39 ) 308 3,346 3,615 Other comprehensive income/(loss) (80,637 ) (11,787 ) 3,346 (89,078 ) Balance as of June 30, 2018 $ (107,476 ) $ (19,757 ) $ (284,881 ) $ (412,114 ) Reclassifications from AOCI, and related tax effects, were as follows: (Dollars in thousands) Three Months Ended Six Months Ended Details about AOCI 2019 2018 2019 2018 Affected line item in the statement where net income is presented Securities AFS: Realized (gains)/losses on securities AFS $ 267 $ — $ 267 $ (52 ) Debt securities gains/(losses), net Tax expense/(benefit) (66 ) — (66 ) 13 Provision/(benefit) for income taxes 201 — 201 (39 ) Cash flow hedges: Realized (gains)/losses on cash flow hedges 1,772 615 3,699 409 Interest and fees on loans Tax expense/(benefit) (438 ) (152 ) (914 ) (101 ) Provision/(benefit) for income taxes 1,334 463 2,785 308 Pension and Postretirement Plans: Amortization of prior service cost and net actuarial gain/(loss) 2,074 2,735 4,017 4,444 All other expense Tax expense/(benefit) (513 ) (676 ) (993 ) (1,098 ) Provision/(benefit) for income taxes 1,561 2,059 3,024 3,346 Total reclassification from AOCI $ 3,096 $ 2,522 $ 6,010 $ 3,615 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table provides reconciliations of net income to net income available to common shareholders and the difference between average basic common shares outstanding and average diluted common shares outstanding: Three Months Ended Six Months Ended (Dollars and shares in thousands, except per share data) 2019 2018 2019 2018 Net income/(loss) $ 113,742 $ 85,992 $ 217,147 $ 180,986 Net income attributable to noncontrolling interest 2,852 2,852 5,672 5,672 Net income/(loss) attributable to controlling interest 110,890 83,140 211,475 175,314 Preferred stock dividends 1,550 1,550 3,100 3,100 Net income/(loss) available to common shareholders $ 109,340 $ 81,590 $ 208,375 $ 172,214 Weighted average common shares outstanding—basic 314,063 325,153 315,740 325,817 Effect of dilutive securities 1,723 3,273 1,980 3,536 Weighted average common shares outstanding—diluted 315,786 328,426 317,720 329,353 Net income/(loss) per share available to common shareholders $ 0.35 $ 0.25 $ 0.66 $ 0.53 Diluted income/(loss) per share available to common shareholders $ 0.35 $ 0.25 $ 0.66 $ 0.52 The following table presents outstanding options and other equity awards that were excluded from the calculation of diluted earnings per share because they were either anti-dilutive (the exercise price was higher than the weighted-average market price for the period) or the performance conditions have not been met: Three Months Ended Six Months Ended (Shares in thousands) 2019 2018 2019 2018 Stock options excluded from the calculation of diluted EPS 2,773 2,446 2,692 2,428 Weighted average exercise price of stock options excluded from the calculation of diluted EPS $ 21.03 $ 24.38 $ 21.39 $ 24.60 Other equity awards excluded from the calculation of diluted EPS 2,403 565 1,985 404 |
Contingencies And Other Disclos
Contingencies And Other Disclosures | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Other Disclosures | Contingencies and Other Disclosures CONTINGENCIES Contingent Liabilities Overview Contingent liabilities arise in the ordinary course of business. Often they are related to lawsuits, arbitration, mediation, and other forms of litigation. Various litigation matters are threatened or pending against FHN and its subsidiaries. Also, FHN at times receives requests for information, subpoenas, or other inquiries from federal, state, and local regulators, from other government authorities, and from other parties concerning various matters relating to FHN’s current or former businesses. Certain matters of that sort are pending at this time, and FHN is cooperating in those matters. Pending and threatened litigation matters sometimes are settled by the parties, and sometimes pending matters are resolved in court or before an arbitrator. Regardless of the manner of resolution, frequently the most significant changes in status of a matter occur over a short time period, often following a lengthy period of little substantive activity. In view of the inherent difficulty of predicting the outcome of these matters, particularly where the claimants seek very large or indeterminate damages, or where the cases present novel legal theories or involve a large number of parties, or where claims or other actions may be possible but have not been brought, FHN cannot reasonably determine what the eventual outcome of the matters will be, what the timing of the ultimate resolution of these matters may be, or what the eventual loss or impact related to each matter may be. FHN establishes a loss contingency liability for a litigation matter when loss is both probable and reasonably estimable as prescribed by applicable financial accounting guidance. If loss for a matter is probable and a range of possible loss outcomes is the best estimate available, accounting guidance requires a liability to be established at the low end of the range. Based on current knowledge, and after consultation with counsel, management is of the opinion that loss contingencies related to threatened or pending litigation matters should not have a material adverse effect on the consolidated financial condition of FHN, but may be material to FHN’s operating results for any particular reporting period depending, in part, on the results from that period. Material Loss Contingency Matters Summary As used in this Note, except for matters that are reported as having been substantially settled or otherwise substantially resolved, FHN's “material loss contingency matters” generally fall into at least one of the following categories: (i) FHN has determined material loss to be probable and has established a material loss liability in accordance with applicable financial accounting guidance; (ii) FHN has determined material loss to be probable but is not reasonably able to estimate an amount or range of material loss liability; or (iii) FHN has determined that material loss is not probable but is reasonably possible, and that the amount or range of that reasonably possible material loss is estimable. As defined in applicable accounting guidance, loss is reasonably possible if there is more than a remote chance of a material loss outcome for FHN. Set forth below are disclosures for certain pending or threatened litigation matters, including all matters mentioned in (i) or (ii) and certain matters mentioned in (iii). In addition, certain other matters, or groups of matters, are discussed relating to FHN’s former mortgage origination and servicing businesses. In all litigation matters discussed, unless settled or otherwise resolved, FHN believes it has meritorious defenses and intends to pursue those defenses vigorously. FHN reassesses the liability for litigation matters each quarter as the matters progress. At June 30, 2019, the aggregate amount of liabilities established for all such loss contingency matters was $24.5 million . These liabilities are separate from those discussed under the heading “Loan Repurchase and Foreclosure Liability” below. In each material loss contingency matter, except as otherwise noted, there is more than a remote chance that any of the following outcomes will occur: the plaintiff will substantially prevail; the defense will substantially prevail; the plaintiff will prevail in part; or the matter will be settled by the parties. At June 30, 2019, FHN is unable to estimate any material reasonably possible losses for contingency matters in future periods in excess of currently established liabilities. As a result of the general uncertainties discussed above and the specific uncertainties discussed for each matter mentioned below, it is possible that the ultimate future loss experienced by FHN for any particular matter may materially exceed the amount, if any, of currently established liability for that matter. That possibility exists both for matters included in the estimated reasonably possible loss (“RPL”) range mentioned above and for matters not included in that range. Material Matters FHN is one of multiple defendants in a consolidated putative class action suit: In re GSE Bonds Antitrust Litigation, No. 1:19-cv-01704-JSR (U.S. District Court S.D.N.Y.). The plaintiffs claim that defendants conspired to fix secondary market prices of government-sponsored enterprise (“GSE”) bonds from 2009 through 2015. Plaintiffs seek unspecified antitrust damages, which (if proved as claimed) would be trebled and applied jointly and severally among those defendants found liable. In addition, FHN has received a civil investigative demand from the Florida attorney general's anti-trust office for information relating to GSE bonds from 2008 to the present. The attorney general's demand is not an assertion of liability or a demand for payment against FHN. FHN is unable to determine that material loss is probable, and unable to estimate an RPL range, for FHN's potential exposure related to its GSE bond activities. Those inabilities are due to significant uncertainties regarding: plaintiffs’ theory of the case; the evidence that will emerge in discovery; the absence of specific dollar amounts claimed in the pending suit; the potential damages that might be awarded; the absence of a governmental claim against FHN; and the availability of substantial defenses to plaintiffs’ claims. In the second quarter of 2019, FHN settled a suit claiming material deficiencies in the offering documents under which certificates relating to First Horizon branded proprietary securitizations were sold under FHN's former (pre-2009) mortgage business: Federal Deposit Insurance Corporation (“FDIC”) as receiver for Colonial Bank, in the U.S. District Court for the Southern District of New York (Case No. 12 Civ. 6166 (LLS)(MHD)). The plaintiff in that suit claimed to have purchased (and later sold) certificates totaling $83.4 million , relating to a number of separate securitizations. At June 30, 2019 the settlement for this matter had not been paid. A substantial majority of the aggregate liabilities for loss contingency matters mentioned above relates to this matter; payment in the third quarter will reduce those liabilities significantly. Other Former Mortgage Business Exposures FHN has received indemnity claims from underwriters and others related to lawsuits as to which investors or others claimed to have purchased certificates in FHN proprietary securitizations but as to which FHN was not named a defendant. For most pending indemnity claims involving proprietary securitizations, FHN is unable to estimate an RPL range due to significant uncertainties regarding: claims as to which the claimant specifies no dollar amount; the potential remedies that might be available or awarded; the availability of significantly dispositive defenses such as statutes of limitations or repose; the outcome of potentially dispositive early-stage motions such as motions to dismiss; the incomplete status of the discovery process; the lack of a precise statement of damages; inability to identify specific loans and/or breaches that are the source of the claim; lack of specific grounds to trigger FHN's indemnity obligation; and lack of precedent claims. The alleged purchase prices of the certificates subject to pending indemnification claims, excluding the FDIC-Colonial Bank matter mentioned above, total $231.2 million . FHN is contending with indemnification claims related to "other whole loans sold," which were mortgage loans originated by FHN before 2009 and sold outside of an FHN securitization. These claims generally assert that FHN-originated loans contributed to claimant’s losses in connection with settlements that claimant paid to various third parties in connection with mortgage loans securitized by claimant. The claims generally do not include specific deficiencies for specific loans sold by FHN. Instead, the claims generally assert that FHN is liable for a share of the claimant's loss estimated by assessing the totality of the other whole loans sold by FHN to claimant in relation to the totality of the larger number of loans securitized by claimant. FHN is unable to estimate an RPL range for these matters due to significant uncertainties regarding: the number of, and the facts underlying, the loan originations which claimants assert are indemnifiable; the applicability of FHN’s contractual indemnity covenants to those facts and originations; and, in those cases where an indemnity claim may be supported, whether any legal defenses, counterclaims, other counter-positions, or third-party claims might eliminate or reduce claims against FHN or their impact on FHN. FHN also has indemnification claims related to servicing obligations. The most significant is from Nationstar Mortgage LLC, currently doing business as “Mr. Cooper.” Nationstar was the purchaser of FHN’s mortgage servicing obligations and assets in 2013 and 2014 and, starting in 2011, was FHN’s subservicer. Nationstar asserts several categories of indemnity obligations in connection with mortgage loans under the subservicing arrangement and under the purchase transaction. This matter currently is not in litigation, but litigation in the future is possible. FHN is unable to estimate an RPL range for this matter due to significant uncertainties regarding: the exact nature of each of Nationstar’s claims and its position in respect of each; the number of, and the facts underlying, the claimed instances of indemnifiable events; the applicability of FHN’s contractual indemnity covenants to those facts and events; and, in those cases where the facts and events might support an indemnity claim, whether any legal defenses, counterclaims, other counter-positions, or third-party claims might eliminate or reduce claims against FHN or their impact on FHN. FHN has additional potential exposures related to its former mortgage businesses. A few of those matters have become litigation which FHN currently estimates are immaterial, some are non-litigation claims or threats, some are mere subpoenas or other requests for information, and in some areas FHN has no indication of any active or threatened dispute. Some of those matters might eventually result in settlements, and some might eventually result in adverse litigation outcomes, but none are included in the material loss contingency liabilities mentioned above or in the RPL range mentioned above. Mortgage Loan Repurchase and Foreclosure Liability The repurchase and foreclosure liability is comprised of accruals to cover estimated loss content in the active pipeline (consisting of mortgage loan repurchase, make-whole, foreclosure/servicing demands and certain related exposures), estimated future inflows, and estimated loss content related to certain known claims not currently included in the active pipeline. FHN compares the estimated probable incurred losses determined under the applicable loss estimation approaches for the respective periods with current reserve levels. Changes in the estimated required liability levels are recorded as necessary through the repurchase and foreclosure provision. Based on currently available information and experience to date, FHN has evaluated its loan repurchase, make-whole, foreclosure, and certain related exposures and has accrued for losses of $17.5 million and $32.3 million as of June 30, 2019 and December 31, 2018, respectively. Accrued liabilities for FHN’s estimate of these obligations are reflected in Other liabilities on the Consolidated Condensed Statements of Condition. Charges/expense reversals to increase/decrease the liability are included within Repurchase and foreclosure provision/(provision credit) on the Consolidated Condensed Statements of Income. The estimates are based upon currently available information and fact patterns that exist as of each balance sheet date and could be subject to future changes. Changes to any one of these factors could significantly impact the estimate of FHN’s liability. OTHER DISCLOSURES Indemnification Agreements and Guarantees In the ordinary course of business, FHN enters into indemnification agreements for legal proceedings against its directors and officers and standard representations and warranties for underwriting agreements, merger and acquisition agreements, loan sales, contractual commitments, and various other business transactions or arrangements. The extent of FHN’s obligations under these agreements depends upon the occurrence of future events; therefore, it is not possible to estimate a maximum potential amount of payouts that could be required by such agreements. |
Pension, Savings, And Other Emp
Pension, Savings, And Other Employee Benefits | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits, Description [Abstract] | |
Pension, Savings, and Other Employee Benefits | Pension, Savings, and Other Employee Benefits Pension plan. FHN sponsors a noncontributory, qualified defined benefit pension plan to employees hired or re-hired on or before September 1, 2007. Pension benefits are based on years of service, average compensation near retirement or other termination, and estimated social security benefits at age 65 . Benefits under the plan are “frozen” so that years of service and compensation changes after 2012 do not affect the benefit owed. Minimum contributions are based upon actuarially determined amounts necessary to fund the total benefit obligation. Decisions to contribute to the plan are based upon pension funding requirements under the Pension Protection Act, the maximum amount deductible under the Internal Revenue Code, the actual performance of plan assets, and trends in the regulatory environment. FHN made an insignificant contribution to the qualified pension plan in 2018. Management does not currently anticipate that FHN will make a contribution to the qualified pension plan for the remainder of 2019. FHN assumed two additional qualified plans in conjunction with the CBF acquisition. Both legacy CBF plans are frozen. As of December 31, 2018, the aggregate benefit obligation for the plans was $17.1 million and aggregate plan assets were $16.5 million . Benefit payments, expense and actuarial gains/losses related to these plans were insignificant for the first half of 2019 and 2018. Additional funding amounts to these plans are dependent upon the potential settlement of the plans. Due to the insignificant financial statement impact, these two plans are not included in the disclosures that follow. FHN also maintains non-qualified plans including a supplemental retirement plan that covers certain employees whose benefits under the qualified pension plan have been limited by tax rules. These other non-qualified plans are unfunded, and contributions to these plans cover all benefits paid under the non-qualified plans. Payments made under the non-qualified plans were $5.8 million for 2018 . FHN anticipates making benefit payments under the non-qualified plans of $5.2 million in 2019 . Savings plan. FHN provides all qualifying full-time employees with the opportunity to participate in FHN's tax qualifi ed 401(k) savings plan. The qualified plan allows employees to defer receipt of earned salary, up to tax law limits, on a tax- advantaged basis. Accounts, which are held in trust, may be invested in a wide range of mutual funds and in FHN common stock. Up to tax law limits, FHN provides a 100 percent match for the first 6 percent of salary deferred, with company matching contributions invested according to a participant’s current investment election. Through a non-qualified savings restoration plan, FHN provides a restorative benefit to certain highly-compensated employees who participate in the savings plan and whose contribution elections are capped by tax limitations. Other employee benefits. FHN provides postretirement life insurance benefits to certain employees and also provides postretirement medical insurance benefits to retirement-eligible employees. The postretirement medical plan is contributory with FHN contributing a fixed amount for certain participants. FHN’s postretirement benefits include certain prescription drug benefits. Service cost is included in Employee compensation, incentives, and benefits in the Consolidated Condensed Statements of Income. All other components of net periodic benefit cost are included in All other expense. The components of net periodic benefit cost for the three months ended June 30 are as follows: Pension Benefits Other Benefits (Dollars in thousands) 2019 2018 2019 2018 Components of net periodic benefit cost Service cost $ 8 $ 10 $ 24 $ 34 Interest cost 7,575 6,987 351 327 Expected return on plan assets (9,173 ) (8,226 ) (269 ) (269 ) Amortization of unrecognized: Actuarial (gain)/loss 2,435 2,956 (117 ) (91 ) Net periodic benefit cost/(credit) $ 845 $ 1,727 $ (11 ) $ 1 The components of net periodic benefit cost for the six months ended June 30 are as follows: Pension Benefits Other Benefits (Dollars in thousands) 2019 2018 2019 2018 Components of net periodic benefit cost Service cost $ 16 $ 20 $ 48 $ 67 Interest cost 15,150 13,973 702 654 Expected return on plan assets (18,346 ) (16,451 ) (538 ) (538 ) Amortization of unrecognized: Actuarial (gain)/loss 4,870 5,912 (234 ) (182 ) Net periodic benefit cost/(credit) $ 1,690 $ 3,454 $ (22 ) $ 1 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Business Segment Information | Business Segment Information FHN has four business segments: regional banking, fixed income, corporate, and non-strategic. The regional banking segment offers financial products and services, including traditional lending and deposit taking, to consumer and commercial customers in Tennessee, North Carolina, South Carolina, Florida and other selected markets. Regional banking also provides investments, wealth management, financial planning, trust services and asset management, mortgage banking, credit card, and cash management. Additionally, the regional banking segment includes correspondent banking which provides credit, depository, and other banking related services to other financial institutions nationally. The fixed income segment consists of fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales. The corporate segment consists of unallocated corporate expenses, expense on subordinated debt issuances, bank-owned life insurance, unallocated interest income associated with excess equity, net impact of raising incremental capital, revenue and expense associated with deferred compensation plans, funds management, tax credit investment activities, derivative valuation adjustments related to prior sales of Visa Class B shares, gain/(loss) on extinguishment of debt, acquisition- and integration-related costs, expenses associated with rebranding initiatives, and various charges related to restructuring, repositioning, and efficiency efforts. The non-strategic segment consists of run-off consumer lending activities, legacy (pre-2009) mortgage banking elements, and the associated ancillary revenues and expenses related to these businesses. Non-strategic also includes the wind-down trust preferred loan portfolio and exited businesses. Periodically, FHN adapts its segments to reflect managerial or strategic changes. FHN may also modify its methodology of allocating expenses and equity among segments which could change historical segment results. Business segment revenue, expense, asset, and equity levels reflect those which are specifically identifiable or which are allocated based on an internal allocation method. Because the allocations are based on internally developed assignments and allocations, to an extent they are subjective. Generally, all assignments and allocations have been consistently applied for all periods presented. The following table reflects the amounts of consolidated revenue, expense, tax, and average assets for each segment for the three and six months ended June 30 : Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Consolidated Net interest income $ 303,610 $ 310,932 $ 598,118 $ 612,105 Provision/(provision credit) for loan losses 13,000 — 22,000 (1,000 ) Noninterest income 157,993 127,525 299,038 263,542 Noninterest expense 300,394 332,768 596,484 646,033 Income/(loss) before income taxes 148,209 105,689 278,672 230,614 Provision/(benefit) for income taxes 34,467 19,697 61,525 49,628 Net income/(loss) $ 113,742 $ 85,992 $ 217,147 $ 180,986 Average assets $ 41,243,007 $ 40,173,712 $ 41,064,093 $ 40,261,729 Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Regional Banking Net interest income $ 297,328 $ 305,935 $ 583,241 $ 598,084 Provision/(provision credit) for loan losses 17,775 4,613 31,218 8,950 Noninterest income 81,475 80,767 154,505 161,055 Noninterest expense 193,268 210,038 392,736 412,712 Income/(loss) before income taxes 167,760 172,051 313,792 337,477 Provision/(benefit) for income taxes 39,504 40,424 73,364 79,387 Net income/(loss) $ 128,256 $ 131,627 $ 240,428 $ 258,090 Average assets $ 30,209,191 $ 28,401,733 $ 29,513,197 $ 28,231,978 Fixed Income Net interest income $ 6,171 $ 9,200 $ 13,502 $ 17,688 Noninterest income 65,622 38,363 119,429 83,967 Noninterest expense 55,770 46,933 106,544 96,296 Income/(loss) before income taxes 16,023 630 26,387 5,359 Provision/(benefit) for income taxes 3,781 (69 ) 6,178 970 Net income/(loss) $ 12,242 $ 699 $ 20,209 $ 4,389 Average assets $ 3,127,333 $ 3,247,620 $ 2,988,575 $ 3,361,438 Corporate Net interest income/(expense) $ (7,000 ) $ (17,177 ) $ (14,803 ) $ (33,373 ) Noninterest income 9,400 8,738 22,752 18,054 Noninterest expense (a) (b) 55,500 67,868 95,874 121,218 Income/(loss) before income taxes (53,100 ) (76,307 ) (87,925 ) (136,537 ) Provision/(benefit) for income taxes (13,150 ) (22,960 ) (24,546 ) (36,739 ) Net income/(loss) $ (39,950 ) $ (53,347 ) $ (63,379 ) $ (99,798 ) Average assets $ 6,814,261 $ 6,963,450 $ 7,428,906 $ 7,039,301 Non-Strategic Net interest income $ 7,111 $ 12,974 $ 16,178 $ 29,706 Provision/(provision credit) for loan losses (4,775 ) (4,613 ) (9,218 ) (9,950 ) Noninterest income 1,496 (343 ) 2,352 466 Noninterest expense (4,144 ) 7,929 1,330 15,807 Income/(loss) before income taxes 17,526 9,315 26,418 24,315 Provision/(benefit) for income taxes 4,332 2,302 6,529 6,010 Net income/(loss) $ 13,194 $ 7,013 $ 19,889 $ 18,305 Average assets $ 1,092,222 $ 1,560,909 $ 1,133,415 $ 1,629,012 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Three and six months ended June 30, 2019 include restructuring-related costs associated with efficiency initiatives; refer to Note 18 - Restructuring, Repositioning, and Efficiency for additional information. Three and six months ended June 30, 2019 and 2018 include acquisition-related expenses; refer to Note 2 - Acquisitions and Divestitures for additional information. (b) Three and six months ended June 30, 2019 include $9.1 million of asset impairments, professional fees, and other customer-contact and technology-related expenses associated with rebranding initiatives. The following tables reflect a disaggregation of FHN’s noninterest income by major product line and reportable segment for the three months ended June 30, 2019 and 2018 : Three months ended June 30, 2019 (Dollars in thousands) Regional Banking Fixed Income Corporate Non-Strategic Consolidated Noninterest income: Fixed income (a) $ 46 $ 65,262 $ — $ 1,106 $ 66,414 Deposit transactions and cash management 30,608 1 1,707 58 32,374 Brokerage, management fees and commissions 14,118 — — 2 14,120 Trust services and investment management 7,902 — (14 ) — 7,888 Bankcard income 6,594 — 60 (299 ) 6,355 BOLI (b) — — 5,126 — 5,126 Debt securities gains/(losses), net (b) — — (267 ) — (267 ) Equity securities gains/(losses), net (b) — — 316 — 316 All other income and commissions (c) 22,207 359 2,472 629 25,667 Total noninterest income $ 81,475 $ 65,622 $ 9,400 $ 1,496 $ 157,993 (a) Includes $7.1 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("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 non-interest income. (c) Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commission in scope of ASC 606. Three months ended June 30, 2018 (Dollars in thousands) Regional Banking Fixed Income Corporate Non- Strategic Consolidated Noninterest income: Fixed income (a) $ 131 $ 37,566 $ — $ — $ 37,697 Deposit transactions and cash management 34,511 3 1,514 55 36,083 Brokerage, management fees and commissions 13,740 — — — 13,740 Trust services and investment management 8,147 — (15 ) — 8,132 Bankcard income 7,202 — 55 (62 ) 7,195 BOLI (b) — — 5,773 — 5,773 Debt securities gains/(losses), net (b) — — — — — Equity securities gains/(losses), net (b) — — 31 — 31 All other income and commissions (c) 17,036 794 1,380 (336 ) 18,874 Total noninterest income $ 80,767 $ 38,363 $ 8,738 $ (343 ) $ 127,525 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Includes $7.4 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("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 non-interest income. (c) Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commission in scope of ASC 606. Six months ended June 30, 2019 (Dollars in thousands) Regional Banking Fixed Income Corporate Non-Strategic Consolidated Noninterest income: Fixed income (a) $ 63 $ 118,994 $ — $ 1,106 $ 120,163 Deposit transactions and cash management 60,611 4 3,270 110 63,995 Brokerage, management fees and commissions 26,748 — — 5 26,753 Trust services and investment management 14,958 — (44 ) — 14,914 Bankcard income 13,634 — 122 (449 ) 13,307 BOLI (b) — — 9,528 — 9,528 Debt securities gains/(losses), net (b) — — (267 ) — (267 ) Equity securities gains/(losses), net (b) — — 347 — 347 All other income and commissions (c) 38,491 431 9,796 1,580 50,298 Total noninterest income $ 154,505 $ 119,429 $ 22,752 $ 2,352 $ 299,038 (a) Includes $14.4 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("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 non-interest income. (c) Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commission in scope of ASC 606. Six months ended June 30, 2018 (Dollars in thousands) Regional Banking Fixed Income Corporate Non- Strategic Consolidated Noninterest income: Fixed income (a) $ 212 $ 82,991 $ — $ — $ 83,203 Deposit transactions and cash management 69,230 6 2,726 105 72,067 Brokerage, management fees and commissions 27,223 — — — 27,223 Trust services and investment management 15,438 — (29 ) — 15,409 Bankcard income 13,831 — 112 47 13,990 BOLI (b) — — 9,766 — 9,766 Debt securities gains/(losses), net (b) — — 52 — 52 Equity securities gains/(losses), net (b) — — 65 — 65 All other income and commissions (c) (d) 35,121 970 5,362 314 41,767 Total noninterest income $ 161,055 $ 83,967 $ 18,054 $ 466 $ 263,542 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Includes $15.6 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("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 non-interest income. (c) Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commission in scope of ASC 606. (d) Corporate includes a $3.3 million gain on the sale of a building. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities ASC 810 defines a VIE as a legal entity where (a) the equity investors, as a group, lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, (b) the equity investors, as a group, lack either, (1) the power through voting rights, or similar rights, to direct the activities of an entity that most significantly impact the entity’s economic performance, (2) the obligation to absorb the expected losses of the entity, or (3) the right to receive the expected residual returns of the entity, or (c) the entity is structured with non-substantive voting rights. A variable interest is a contractual ownership or other interest that fluctuates with changes in the fair value of the VIE’s net assets exclusive of variable interests. Under ASC 810, as amended, a primary beneficiary is required to consolidate a VIE when it has a variable interest in a VIE that provides it with a controlling financial interest. For such purposes, the determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant. Consolidated Variable Interest Entities FHN holds variable interests in a proprietary HELOC securitization trust it established as a source of liquidity for consumer lending operations. Based on its restrictive nature, the trust is considered a VIE as the holders of equity at risk do not have the power through voting rights or similar rights to direct the activities that most significantly impact the trust’s economic performance. The retention of mortgage service rights ("MSR") and a residual interest results in FHN potentially absorbing losses or receiving benefits that are significant to the trust. FHN is considered the primary beneficiary, as it is assumed to have the power, as Master Servicer, to most significantly impact the activities of the VIE. Consolidation of the trust results in the recognition of the trust proceeds as restricted borrowings since the cash flows on the securitized loans can only be used to settle the obligations due to the holders of trust securities. Through first quarter 2016 the trust experienced a rapid amortization period and FHN was obligated to provide subordinated funding. During the period, cash payments from borrowers were accumulated to repay outstanding debt securities while FHN continued to make advances to borrowers when they drew on their lines of credit. FHN then transferred the newly generated receivables into the securitization trust. FHN is reimbursed for these advances only after other parties in the securitization have received all of the cash flows to which they are entitled. If loan losses requiring draws on the related monoline insurers’ policies (which protect bondholders in the securitization) exceed a certain level, FHN may not receive reimbursement for all of the funds advanced to borrowers, as the senior bondholders and the monoline insurers typically have priority for repayment. Amounts funded from monoline insurance policies are considered restricted term borrowings in FHN’s Consolidated Condensed Statements of Condition. Except for recourse due to breaches of representations and warranties made by FHN in connection with the sale of the loans to the trust, the creditors of the trust hold no recourse to the assets of FHN. FHN has established certain rabbi trusts related to deferred compensation plans offered to its employees. FHN contributes employee cash compensation deferrals to the trusts and directs the underlying investments made by the trusts. The assets of these trusts are available to FHN’s creditors only in the event that FHN becomes insolvent. These trusts are considered VIEs as there is no equity at risk in the trusts since FHN provided the equity interest to its employees in exchange for services rendered. FHN is considered the primary beneficiary of the rabbi trusts as it has the power to direct the activities that most significantly impact the economic performance of the rabbi trusts through its ability to direct the underlying investments made by the trusts. Additionally, FHN could potentially receive benefits or absorb losses that are significant to the trusts due to its right to receive any asset values in excess of liability payoffs and its obligation to fund any liabilities to employees that are in excess of a rabbi trust’s assets. The following table summarizes VIEs consolidated by FHN as of June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 On-Balance Sheet Consumer Loan Securitization Rabbi Trusts Used for Deferred Compensation Plans On-Balance Sheet Consumer Loan Securitization Rabbi Trusts Used for Deferred Compensation Plans ( Dollars in thousands ) Carrying Value Carrying Value Carrying Value Carrying Value Assets: Cash and due from banks $ — N/A $ — N/A Loans, net of unearned income 13,483 N/A 16,213 N/A Less: Allowance for loan losses — N/A — N/A Total net loans 13,483 N/A 16,213 N/A Other assets 29 $ 87,222 35 $ 78,446 Total assets $ 13,512 $ 87,222 $ 16,248 $ 78,446 Liabilities: Term borrowings $ 1,801 N/A $ 2,981 N/A Other liabilities — $ 65,867 — $ 56,700 Total liabilities $ 1,801 $ 65,867 $ 2,981 $ 56,700 Nonconsolidated Variable Interest Entities Low Income Housing Partnerships. First Tennessee Housing Corporation (“FTHC”), a wholly-owned subsidiary of FTBNA, makes equity investments as a limited partner in various partnerships that sponsor affordable housing projects utilizing the Low Income Housing Tax Credit (“LIHTC”) pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital and to support FHN’s community reinvestment initiatives. The activities of the limited partnerships include the identification, development, and operation of multi-family housing units that are leased to qualifying residential tenants generally within FHN’s primary geographic region. LIHTC partnerships are considered VIEs as FTHC, the holder of the equity investment at risk, does not have the ability to direct the activities that most significantly affect the performance of the entity through voting rights or similar rights. FTHC could absorb losses that are significant to the LIHTC partnerships as it has a risk of loss for its capital contributions and funding commitments to each partnership. The general partners are considered the primary beneficiaries as managerial functions give them the power to direct the activities that most significantly impact the entities’ economic performance and the managing members are exposed to all losses beyond FTHC’s initial capital contributions and funding commitments. FHN accounts for all qualifying LIHTC investments under the proportional amortization method. Under this method an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense/(benefit). LIHTC investments that do not qualify for the proportional amortization method are accounted for using the equity method. Expenses associated with these investments were $.1 million and $.9 million for the three months ended June 30, 2019 and 2018 , respectively and $.7 million and $1.9 million for six months ended June 30, 2019 and 2018, respectively. The following table summarizes the impact to the Provision/(benefit) for income taxes on the Consolidated Condensed Statements of Income for the three and six months ended June 30, 2019 , and 2018 for LIHTC investments accounted for under the proportional amortization method. Three Months Ended Six Months Ended ( Dollars in thousands ) 2019 2018 2019 2018 Provision/(benefit) for income taxes: Amortization of qualifying LIHTC investments $ 4,287 $ 2,191 $ 8,285 $ 4,547 Low income housing tax credits (3,522 ) (2,560 ) (7,151 ) (5,097 ) Other tax benefits related to qualifying LIHTC investments (1,609 ) (894 ) (3,219 ) (1,584 ) Other Tax Credit Investments. First Tennessee New Markets Corporation (“FTNMC”), a wholly-owned subsidiary of FTBNA, makes equity investments through wholly-owned subsidiaries as a non-managing member in various limited liability companies (“LLCs”) that sponsor community development projects utilizing the New Market Tax Credit (“NMTC”) pursuant to Section 45 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital and to support FHN’s community reinvestment initiatives. The activities of the LLCs include providing investment capital for low-income communities within FHN’s primary geographic region. A portion of the funding of FTNMC’s investment in a NMTC LLC is obtained via a loan from an unrelated third-party that is typically a community development enterprise. The NMTC LLCs are considered VIEs as FTNMC, the holder of the equity investment at risk, does not have the ability to direct the activities that most significantly affect the performance of the entity through voting rights or similar rights. While FTNMC could absorb losses that are significant to the NMTC LLCs as it has a risk of loss for its initial capital contributions, the managing members are considered the primary beneficiaries as managerial functions give them the power to direct the activities that most significantly impact the NMTC LLCs’ economic performance and the managing members are exposed to all losses beyond FTNMC’s initial capital contributions. FTHC also makes equity investments as a limited partner or non-managing member in entities that receive Historic Tax Credits pursuant to Section 47 of the Internal Revenue Code. The purpose of these entities is the rehabilitation of historic buildings with the tax credits provided to incent private investment in the historic cores of cities and towns. These entities are considered VIEs as FTHC, the holder of the equity investment at risk, does not have the ability to direct the activities that most significantly affect the performance of the entity through voting rights or similar rights. FTHC could absorb losses that are significant to the entities as it has a risk of loss for its capital contributions and funding commitments to each partnership. The managing members are considered the primary beneficiaries as managerial functions give them the power to direct the activities that most significantly impact the entities’ economic performance and the managing members are exposed to all losses beyond FTHC’s initial capital contributions and funding commitments. Small Issuer Trust Preferred Holdings . FTBNA holds variable interests in trusts which have issued mandatorily redeemable preferred capital securities (“trust preferreds”) for smaller banking and insurance enterprises. FTBNA has no voting rights for the trusts’ activities. The trusts’ only assets are junior subordinated debentures of the issuing enterprises. The creditors of the trusts hold no recourse to the assets of FTBNA. These trusts meet the definition of a VIE as the holders of the equity investment at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the trusts’ economic performance. Based on the nature of the trusts’ activities and the size of FTBNA’s holdings, FTBNA could potentially receive benefits or absorb losses that are significant to the trusts regardless of whether a majority of a trust’s securities are held by FTBNA. However, since FTBNA is solely a holder of the trusts’ securities, it has no rights which would give it the power to direct the activities that most significantly impact the trusts’ economic performance and thus it is not considered the primary beneficiary of the trusts. FTBNA has no contractual requirements to provide financial support to the trusts. On-Balance Sheet Trust Preferred Securitization. In 2007, FTBNA executed a securitization of certain small issuer trust preferreds for which the underlying trust meets the definition of a VIE as the holders of the equity investment at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the entity’s economic performance. FTBNA could potentially receive benefits or absorb losses that are significant to the trust based on the size and priority of the interests it retained in the securities issued by the trust. However, since FTBNA did not retain servicing or other decision making rights, FTBNA is not the primary beneficiary as it does not have the power to direct the activities that most significantly impact the trust’s economic performance. Accordingly, FTBNA has accounted for the funds received through the securitization as a term borrowing in its Consolidated Condensed Statements of Condition. FTBNA has no contractual requirements to provide financial support to the trust. Proprietary Residential Mortgage Securitizations. FHN holds variable interests (primarily principal-only strips) in proprietary residential mortgage securitization trusts it established prior to 2008 as a source of liquidity for its mortgage banking operations. Except for recourse due to breaches of representations and warranties made by FHN in connection with the sale of the loans to the trusts, the creditors of the trusts hold no recourse to the assets of FHN. Additionally, FHN has no contractual requirements to provide financial support to the trusts. Based on their restrictive nature, the trusts are considered VIEs as the holders of equity at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the trusts’ economic performance. However, FHN did not have the ability to participate in significant portions of a securitization trust’s cash flows and FHN was not considered the primary beneficiary of the trust. Therefore, these trusts were not consolidated by FHN. Holdings in Agency Mortgage-Backed Securities. FHN holds securities issued by various Agency securitization trusts. Based on their restrictive nature, the trusts meet the definition of a VIE since the holders of the equity investments at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the entities’ economic performance. FHN could potentially receive benefits or absorb losses that are significant to the trusts based on the nature of the trusts’ activities and the size of FHN’s holdings. However, FHN is solely a holder of the trusts’ securities and does not have the power to direct the activities that most significantly impact the trusts’ economic performance, and is not considered the primary beneficiary of the trusts. FHN has no contractual requirements to provide financial support to the trusts. Commercial Loan Troubled Debt Restructurings. For certain troubled commercial loans, FTBNA restructures the terms of the borrower’s debt in an effort to increase the probability of receipt of amounts contractually due. Following a troubled debt restructuring, the borrower entity typically meets the definition of a VIE as the initial determination of whether an entity is a VIE must be reconsidered as events have proven that the entity’s equity is not sufficient to permit it to finance its activities without additional subordinated financial support or a restructuring of the terms of its financing. As FTBNA does not have the power to direct the activities that most significantly impact such troubled commercial borrowers’ operations, it is not considered the primary beneficiary even in situations where, based on the size of the financing provided, FTBNA is exposed to potentially significant benefits and losses of the borrowing entity. FTBNA has no contractual requirements to provide financial support to the borrowing entities beyond certain funding commitments established upon restructuring of the terms of the debt that allows for preparation of the underlying collateral for sale. Sale Leaseback Transaction . FTB has entered into an agreement with a single asset leasing entity for the sale and leaseback of an office building. In conjunction with this transaction, FTB loaned funds to a related party of the buyer that were used for the purchase price of the building. FTB also entered into a construction loan agreement with the single asset entity for renovation of the building. Since this transaction did not qualify as a sale prior to 2019, it was accounted for using the deposit method which created a net asset or liability for all cash flows between FTB and the buyer. Upon adoption of ASU 2016-02 the transaction qualified as a seller-financed sale-leaseback. The buyer-lessor in this transaction meets the definition of a VIE as it does not have sufficient equity at risk since FTB is providing the funding for the purchase and renovation. A related party of the buyer-lessor has the power to direct the activities that most significantly impact the operations and could potentially receive benefits or absorb losses that are significant to the transactions, making it the primary beneficiary. Therefore, FTB does not consolidate the leasing entity. Proprietary Trust Preferred Issuances . In conjunction with the acquisition of CBF, FHN acquired junior subordinated debt totaling $212.4 million underlying multiple issuances of trust preferred debt by institutions previously acquired by CBF. All of these trusts are considered VIEs because the ownership interests from the capital contributions to these trusts are not considered “at risk” in evaluating whether the holders of the equity investments at risk in the trusts have the power through voting rights, or similar rights, to direct the activities that most significantly impact the entities’ economic performance. Thus, FHN cannot be the trusts’ primary beneficiary because its ownership interests in the trusts are not considered variable interests as they are not considered “at risk”. Consequently, none of the trusts are consolidated by FHN. The following table summarizes FHN’s nonconsolidated VIEs as of June 30, 2019 : (Dollars in thousands) Maximum Loss Exposure Liability Recognized Classification Type Low income housing partnerships $ 152,750 $ 72,230 (a) Other tax credit investments (b) (c) 9,164 — Other assets Small issuer trust preferred holdings (d) 249,471 — Loans, net of unearned income On-balance sheet trust preferred securitization 36,986 77,188 (e) Proprietary residential mortgage securitizations 1,255 — Trading securities Holdings of agency mortgage-backed securities (d) 4,967,127 — (f) Commercial loan troubled debt restructurings (g) 50,955 — Loans, net of unearned income Sale-leaseback transaction 19,639 — (h) Proprietary trust preferred issuances (i) — 167,014 Term borrowings (a) Maximum loss exposure represents $80.5 million of current investments and $72.2 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events, and are also recognized in Other liabilities. FHN currently expects to be required to fund these accrued commitments by the end of 2021. (b) A liability is not recognized as investments are written down over the life of the related tax credit. (c) Maximum loss exposure represents current investment balance. Of the initial investment, $2.7 million was funded through loans from community development enterprises. (d) Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities. (e) Includes $112.5 million classified as Loans, net of unearned income, and $1.7 million classified as Trading securities which are offset by $77.2 million classified as Term borrowings. (f) Includes $.9 billion classified as Trading securities and $4.1 billion classified as Securities available-for-sale. (g) Maximum loss exposure represents $49.4 million of current receivables and $1.5 million of contractual funding commitments on loans related to commercial borrowers involved in a troubled debt restructuring. (h) Maximum loss exposure represents the current loan balance plus additional funding commitments. (i) No exposure to loss due to nature of FHN's involvement. The following table summarizes FHN’s nonconsolidated VIEs as of December 31, 2018 : (Dollars in thousands) Maximum Loss Exposure Liability Recognized Classification Type Low income housing partnerships $ 156,056 $ 80,427 (a) Other tax credit investments (b) (c) 3,619 — Other assets Small issuer trust preferred holdings (d) 270,585 — Loans, net of unearned income On-balance sheet trust preferred securitization 37,532 76,642 (e) Proprietary residential mortgage securitizations 1,524 — Trading securities Holdings of agency mortgage-backed securities (d) 4,842,630 — (f) Commercial loan troubled debt restructurings (g) 40,590 — Loans, net of unearned income Sale-leaseback transaction 16,327 — (h) Proprietary trust preferred issuances (i) — 167,014 Term borrowings (a) Maximum loss exposure represents $75.6 million of current investments and $80.4 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events, and are also recognized in Other liabilities. FHN currently expects to be required to fund these accrued commitments by the end of 2020. (b) A liability is not recognized as investments are written down over the life of the related tax credit. (c) Maximum loss exposure represents current investment balance. Of the initial investment, $2.7 million was funded through loans from community development enterprises. (d) Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities. (e) Includes $112.5 million classified as Loans, net of unearned income, and $1.7 million classified as Trading securities which are offset by $76.6 million classified as Term borrowings. (f) Includes $.5 billion classified as Trading securities and $4.4 billion classified as Securities available-for-sale. (g) Maximum loss exposure represents $38.2 million of current receivables and $ 2.3 million of contractual funding commitments on loans related to commercial borrowers involved in a troubled debt restructuring. (h) Maximum loss exposure represents the current loan balance plus additional funding commitments less amounts received from the buyer-lessor. (i) |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives In the normal course of business, FHN utilizes various financial instruments (including derivative contracts and credit-related agreements) through its fixed income and risk management operations, as part of its risk management strategy and as a means to meet customers’ needs. Derivative instruments are subject to credit and market risks in excess of the amount recorded on the balance sheet as required by GAAP. The contractual or notional amounts of these financial instruments do not necessarily represent the amount of credit or market risk. However, they can be used to measure the extent of involvement in various types of financial instruments. Controls and monitoring procedures for these instruments have been established and are routinely reevaluated. The Asset/Liability Committee (“ALCO”) controls, coordinates, and monitors the usage and effectiveness of these financial instruments. Credit risk represents the potential loss that may occur if a party to a transaction fails to perform according to the terms of the contract. The measure of credit exposure is the replacement cost of contracts with a positive fair value. FHN manages credit risk by entering into financial instrument transactions through national exchanges, primary dealers or approved counterparties, and by using mutual margining and master netting agreements whenever possible to limit potential exposure. FHN also maintains collateral posting requirements with certain counterparties to limit credit risk. Daily margin posted or received with central clearinghouses is considered a legal settlement of the related derivative contracts which results in a net presentation for each contract in the Consolidated Condensed Statements of Condition. Treatment of daily margin as a settlement has no effect on hedge accounting or gains/losses for the applicable derivative contracts. On June 30, 2019 and December 31, 2018 , respectively, FHN had $96.2 million and $76.0 million of cash receivables and $44.1 million and $34.0 million of cash payables related to collateral posting under master netting arrangements, inclusive of collateral posted related to contracts with adjustable collateral posting thresholds and over-collateralized positions, with derivative counterparties. With exchange-traded contracts, the credit risk is limited to the clearinghouse used. For non-exchange traded instruments, credit risk may occur when there is a gain in the fair value of the financial instrument and the counterparty fails to perform according to the terms of the contract and/or when the collateral proves to be of insufficient value. See additional discussion regarding master netting agreements and collateral posting requirements later in this note under the heading “Master Netting and Similar Agreements.” Market risk represents the potential loss due to the decrease in the value of a financial instrument caused primarily by changes in interest rates or the prices of debt instruments. FHN manages market risk by establishing and monitoring limits on the types and degree of risk that may be undertaken. FHN continually measures this risk through the use of models that measure value-at-risk and earnings-at-risk. Derivative Instruments. FHN enters into various derivative contracts both in a dealer capacity to facilitate customer transactions and as a risk management tool. Where contracts have been created for customers, FHN enters into upstream transactions with dealers to offset its risk exposure. Contracts with dealers that require central clearing are novated to a clearing agent who becomes FHN’s counterparty. Derivatives are also used as a risk management tool to hedge FHN’s exposure to changes in interest rates or other defined market risks. Forward contracts are over-the-counter contracts where two parties agree to purchase and sell a specific quantity of a financial instrument at a specified price, with delivery or settlement at a specified date. Futures contracts are exchange-traded contracts where two parties agree to purchase and sell a specific quantity of a financial instrument at a specified price, with delivery or settlement at a specified date. Interest rate option contracts give the purchaser the right, but not the obligation, to buy or sell a specified quantity of a financial instrument, at a specified price, during a specified period of time. Caps and floors are options that are linked to a notional principal amount and an underlying indexed interest rate. Interest rate swaps involve the exchange of interest payments at specified intervals between two parties without the exchange of any underlying principal. Swaptions are options on interest rate swaps that give the purchaser the right, but not the obligation, to enter into an interest rate swap agreement during a specified period of time. Trading Activities FHN’s fixed income segment trades U.S. Treasury, U.S. Agency, government-guaranteed loan, mortgage-backed, corporate and municipal fixed income securities, and other securities for distribution to customers. When these securities settle on a delayed basis, they are considered forward contracts. Fixed income also enters into interest rate contracts, including caps, swaps, and floors, for its customers. In addition, fixed income enters into futures and option contracts to economically hedge interest rate risk associated with a portion of its securities inventory. These transactions are measured at fair value, with changes in fair value recognized currently in fixed income noninterest income. Related assets and liabilities are recorded on the Consolidated Condensed Statements of Condition as Derivative assets and Derivative liabilities. The FTN Financial Risk Committee and the Credit Risk Management Committee collaborate to mitigate credit risk related to these transactions. Credit risk is controlled through credit approvals, risk control limits, and ongoing monitoring procedures. Total trading revenues were $54.5 million and $29.9 million for the three months ended June 30, 2019 and 2018 , and $99.0 million and $68.0 million for the six months ended June 30, 2019 and 2018 , respectively. Trading revenues are inclusive of both derivative and non-derivative financial instruments, and are included in Fixed income noninterest income on the Consolidated Condensed Statements of Income. The following tables summarize FHN’s derivatives associated with fixed income trading activities as of June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) Notional Assets Liabilities Customer interest rate contracts $ 2,390,963 $ 63,951 $ 3,084 Offsetting upstream interest rate contracts 2,390,963 2,666 5,638 Option contracts purchased 52,500 111 — Option contracts written 10,000 — 16 Forwards and futures purchased 9,322,784 36,693 800 Forwards and futures sold 9,767,188 1,441 37,191 December 31, 2018 (Dollars in thousands) Notional Assets Liabilities Customer interest rate contracts $ 2,271,448 $ 18,744 $ 27,768 Offsetting upstream interest rate contracts 2,271,448 4,014 9,041 Option contracts purchased 20,000 25 — Forwards and futures purchased 4,684,177 28,304 181 Forwards and futures sold 4,967,454 522 30,055 Interest Rate Risk Management FHN’s ALCO focuses on managing market risk by controlling and limiting earnings volatility attributable to changes in interest rates. Interest rate risk exists to the extent that interest-earning assets and interest-bearing liabilities have different maturity or repricing characteristics. FHN uses derivatives, primarily swaps, that are designed to moderate the impact on earnings as interest rates change. Interest paid or received for swaps utilized by FHN to hedge the fair value of long term debt is recognized as an adjustment of the interest expense of the liabilities whose risk is being managed. FHN’s interest rate risk management policy is to use derivatives to hedge interest rate risk or market value of assets or liabilities, not to speculate. In addition, FHN has entered into certain interest rate swaps and caps as a part of a product offering to commercial customers that includes customer derivatives paired with upstream offsetting market instruments that, when completed, are designed to mitigate interest rate risk. These contracts do not qualify for hedge accounting and are measured at fair value with gains or losses included in current earnings in Noninterest expense on the Consolidated Condensed Statements of Income. FHN has designated a derivative transaction in a hedging strategy to manage interest rate risk on $400.0 million of senior debt issued by FTBNA which matures in December 2019. This qualifies for hedge accounting under ASC 815-20 using the long-haul method. FHN entered into a pay floating, receive fixed interest rate swap to hedge the interest rate risk of the senior debt. FHN has designated a derivative transaction in a hedging strategy to manage interest rate risk on $500.0 million of senior debt which matures in December 2020. This qualifies for hedge accounting under ASC 815-20 using the long-haul method. FHN entered into a pay floating, receive fixed interest rate swap to hedge the interest rate risk of the senior debt. The following tables summarize FHN’s derivatives associated with interest rate risk management activities as of June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) Notional Assets Liabilities Customer Interest Rate Contracts Hedging Hedging Instruments and Hedged Items: Customer interest rate contracts $ 2,355,604 $ 78,051 $ 3,851 Offsetting upstream interest rate contracts 2,355,604 1,927 10,762 Debt Hedging Hedging Instruments: Interest rate swaps $ 900,000 $ 118 $ 71 Hedged Items: Term borrowings: Par N/A N/A $ 900,000 Cumulative fair value hedging adjustments N/A N/A (4,223 ) Unamortized premium/(discount) and issuance costs N/A N/A (1,487 ) Total carrying value N/A N/A $ 894,290 December 31, 2018 (Dollars in thousands) Notional Assets Liabilities Customer Interest Rate Contracts Hedging Hedging Instruments and Hedged Items: Customer interest rate contracts $ 2,029,162 $ 20,262 $ 25,880 Offsetting upstream interest rate contracts 2,029,162 8,154 9,153 Debt Hedging Hedging Instruments: Interest rate swaps $ 900,000 $ 127 $ 6 Hedged Items: Term borrowings: Par N/A N/A $ 900,000 Cumulative fair value hedging adjustments N/A N/A (15,094 ) Unamortized premium/(discount) and issuance costs N/A N/A (2,295 ) Total carrying value N/A N/A $ 882,611 The following table summarizes gains/(losses) on FHN’s derivatives associated with interest rate risk management activities for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended 2019 2018 2019 2018 (Dollars in thousands) Gains/(Losses) Gains/(Losses) Gains/(Losses) Gains/(Losses) Customer Interest Rate Contracts Hedging Hedging Instruments and Hedged Items: Customer interest rate contracts (a) $ 50,706 $ (4,459 ) $ 79,818 $ (29,183 ) Offsetting upstream interest rate contracts (a) (50,706 ) 4,459 (79,818 ) 29,183 Debt Hedging Hedging Instruments: Interest rate swaps (b) $ 6,697 $ (1,545 ) $ 10,976 $ (8,140 ) Hedged Items: Term borrowings (a) (c) (6,605 ) 1,520 (10,871 ) 8,070 (a) Gains/losses included in All other expense within the Consolidated Condensed Statements of Income. (b) Gains/losses included in the Interest expense. (c) Represents gains and losses attributable to changes in fair value due to interest rate risk as designated in ASC 815-20 hedging relationships. In first quarter 2016, FHN entered into a pay floating, receive fixed interest rate swap in a hedging strategy to manage its exposure to the variability in cash flows related to the interest payments for the following five years on $250 million principal of debt instruments, which primarily consist of held-to-maturity trust preferred loans that have variable interest payments based on 3-month LIBOR. In first quarter 2017, FHN initiated cash flow hedges of $650 million notional amount that had initial durations between three and seven years . The debt instruments primarily consist of held-to-maturity commercial loans that have variable interest payments based on 1-month LIBOR. These qualify for hedge accounting as cash flow hedges under ASC 815-20. All changes in the fair value of these derivatives are recorded as a component of AOCI. Amounts are reclassified from AOCI to earnings as the hedged cash flows affect earnings. Interest paid or received for these swaps is recognized as an adjustment to interest income of the assets whose cash flows are being hedged. The following tables summarize FHN’s derivative activities associated with cash flow hedges as of June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) Notional Assets Liabilities Cash Flow Hedges Hedging Instruments: Interest rate swaps $ 900,000 $ 62 $ 206 Hedged Items: Variability in cash flows related to debt instruments (primarily loans) N/A $ 900,000 N/A December 31, 2018 (Dollars in thousands) Notional Assets Liabilities Cash Flow Hedges Hedging Instruments: Interest rate swaps $ 900,000 $ 888 $ 5 Hedged Items: Variability in cash flows related to debt instruments (primarily loans) N/A $ 900,000 N/A The following table summarizes gains/(losses) on FHN’s derivatives associated with cash flow hedges for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended 2019 2018 2019 2018 (Dollars in thousands) Gains/(Losses) Gains/(Losses) Gains/(Losses) Gains/(Losses) Cash Flow Hedges Hedging Instruments: Interest rate swaps (a) $ 11,896 $ (3,914 ) $ 19,114 $ (15,531 ) Gain/(loss) recognized in Other comprehensive income/(loss) 7,575 (3,457 ) 11,511 (12,095 ) Gain/(loss) reclassified from AOCI into Interest income 1,334 463 2,785 308 (a) Approximately $.3 million of pre-tax losses are expected to be reclassified into earnings in the next twelve months. Other Derivatives In conjunction with the sales of a portion of its Visa Class B shares in 2010 and 2011, FHN and the purchaser entered into derivative transactions whereby FHN will make or receive cash payments whenever the conversion ratio of the Visa Class B shares into Visa Class A shares is adjusted. FHN is also required to make periodic financing payments to the purchasers until all of Visa's covered litigation matters are resolved. In third quarter 2018, FHN sold the remainder of its Visa Class B shares, entering into a similar derivative arrangement with the counterparty. All of these derivatives extend until the end of Visa’s Covered Litigation matters. In September 2018, Visa reached a preliminary settlement for one class of plaintiffs in its Payment Card Interchange matter which has received court approval. This settlement contains opt out provisions for individual plaintiffs as well as a termination option if opt outs exceed a specified threshold. Settlement has not been reached with the second class of plaintiffs in this matter and other covered litigation matters are also pending judicial resolution. Accordingly, the value and timing for completion of Visa’s Covered Litigation matters are uncertain. The derivative transaction executed in third quarter 2018 includes a contingent accelerated termination clause based on the credit ratings of FHN and FTBNA. FHN has not received or paid collateral related to this contract. As of June 30, 2019 and December 31, 2018 , the derivative liabilities associated with the sales of Visa Class B shares were $26.5 million and $31.5 million , respectively. See Note 17 - Fair Value of Assets & Liabilities for discussion of the valuation inputs and processes for these Visa-related derivatives. FHN utilizes cross currency swaps and cross currency interest rate swaps to economically hedge its exposure to foreign currency risk and interest rate risk associated with non-U.S. dollar denominated loans. As of June 30, 2019 and December 31, 2018 , these loans were valued at $16.0 million and $11.0 million , respectively. The balance sheet amount and the gains/losses associated with these derivatives were not significant. Master Netting and Similar Agreements As previously discussed, FHN uses master netting agreements, mutual margining agreements and collateral posting requirements to minimize credit risk on derivative contracts. Master netting and similar agreements are used when counterparties have multiple derivatives contracts that allow for a “right of setoff,” meaning that a counterparty may net offsetting positions and collateral with the same counterparty under the contract to determine a net receivable or payable. The following discussion provides an overview of these arrangements which may vary due to the derivative type and market in which a derivative transaction is executed. Interest rate derivatives are subject to agreements consistent with standard agreement forms of the International Swap and Derivatives Association (“ISDA”). Currently, all interest rate derivative contracts are entered into as over-the-counter transactions and collateral posting requirements are based on the net asset or liability position with each respective counterparty. For contracts that require central clearing, novation to a counterparty with access to a clearinghouse occurs and margin is posted. Cash margin received (posted) that is considered settlements for the derivative contracts is included in the respective derivative asset (liability) value. Cash margin that is considered collateral received (posted) for interest rate derivatives is recognized as a liability (asset) on FHN’s Consolidated Condensed Statements of Condition. Interest rate derivatives with customers that are smaller financial institutions typically require posting of collateral by the counterparty to FHN. This collateral is subject to a threshold with daily adjustments based upon changes in the level or fair value of the derivative position. Positions and related collateral can be netted in the event of default. Collateral pledged by a counterparty is typically cash or securities. The securities pledged as collateral are not recognized within FHN’s Consolidated Condensed Statements of Condition. Interest rate derivatives associated with lending arrangements share the collateral with the related loan(s). The derivative and loan positions may be netted in the event of default. For disclosure purposes, the entire collateral amount is allocated to the loan. Interest rate derivatives with larger financial institutions entered into prior to required central clearing typically contain provisions whereby the collateral posting thresholds under the agreements adjust based on the credit ratings of both counterparties. If the credit rating of FHN and/or FTBNA is lowered, FHN could be required to post additional collateral with the counterparties. Conversely, if the credit rating of FHN and/or FTBNA is increased, FHN could have collateral released and be required to post less collateral in the future. Also, if a counterparty’s credit ratings were to decrease, FHN and/or FTBNA could require the posting of additional collateral; whereas if a counterparty’s credit ratings were to increase, the counterparty could require the release of excess collateral. Collateral for these arrangements is adjusted daily based on changes in the net fair value position with each counterparty. The net fair value, determined by individual counterparty, of all derivative instruments with adjustable collateral posting thresholds was $62.2 million of assets and $15.8 million of liabilities on June 30, 2019 , and $20.7 million of assets and $37.8 million of liabilities on December 31, 2018 . As of June 30, 2019 and December 31, 2018 , FHN had received collateral of $116.5 million and $86.6 million and posted collateral of $30.6 million and $16.2 million , respectively, in the normal course of business related to these agreements. Certain agreements entered into prior to required central clearing also contain accelerated termination provisions, inclusive of the right of offset, if a counterparty’s credit rating falls below a specified level. If a counterparty’s debt rating (including FHN’s and FTBNA’s) were to fall below these minimums, these provisions would be triggered, and the counterparties could terminate the agreements and require immediate settlement of all derivative contracts under the agreements. The net fair value, determined by individual counterparty, of all derivative instruments with credit-risk-related contingent accelerated termination provisions was $62.2 million of assets and $6.7 million of liabilities on June 30, 2019 , and $19.0 million of assets and $33.2 million of liabilities on December 31, 2018 . As of June 30, 2019 and December 31, 2018 , FHN had received collateral of $116.5 million and $84.5 million and posted collateral of $21.5 million and $15.2 million , respectively, in the normal course of business related to these contracts. FHN’s fixed income segment buys and sells various types of securities for its customers. When these securities settle on a delayed basis, they are considered forward contracts, and are generally not subject to master netting agreements. For futures and options, FHN transacts through a third party, and the transactions are subject to margin and collateral maintenance requirements. In the event of default, open positions can be offset along with the associated collateral. For this disclosure, FHN considers the impact of master netting and other similar agreements which allow FHN to settle all contracts with a single counterparty on a net basis and to offset the net derivative asset or liability position with the related securities and cash collateral. The application of the collateral cannot reduce the net derivative asset or liability position below zero, and therefore any excess collateral is not reflected in the following tables. The following table provides details of derivative assets and collateral received as presented on the Consolidated Condensed Statements of Condition as of June 30, 2019 and December 31, 2018 : Gross amounts not offset in the Statements of Condition (Dollars in thousands) Gross amounts of recognized assets Gross amounts offset in the Statements of Condition Net amounts of assets presented in the Statements of Condition (a) Derivative liabilities available for offset Collateral received Net amount Derivative assets: June 30, 2019 (b) $ 147,260 $ — $ 147,260 $ (5,149 ) $ (116,116 ) $ 25,995 December 31, 2018 (b) 52,562 — 52,562 (12,745 ) (39,637 ) 180 (a) Included in Derivative assets on the Consolidated Condensed Statements of Condition. As of June 30, 2019 and December 31, 2018 , $38.3 million and $28.9 million , respectively, of derivative assets (primarily fixed income forward contracts) have been excluded from these tables because they are generally not subject to master netting or similar agreements. (b) Amounts are comprised entirely of interest rate derivative contracts. The following table provides details of derivative liabilities and collateral pledged as presented on the Consolidated Condensed Statements of Condition as of June 30, 2019 and December 31, 2018 : Gross amounts not offset in the Statements of Condition (Dollars in thousands) Gross amounts of recognized liabilities Gross amounts offset in the Statements of Condition Net amounts of liabilities presented in the Statements of Condition (a) Derivative assets available for offset Collateral pledged Net amount Derivative liabilities: June 30, 2019 (b) $ 23,612 $ — $ 23,612 $ (5,149 ) $ (15,487 ) $ 2,976 December 31, 2018 (b) 71,853 — 71,853 (12,745 ) (54,773 ) 4,335 (a) Included in Derivative liabilities on the Consolidated Condensed Statements of Condition. As of June 30, 2019 and December 31, 2018 , $64.9 million and $61.9 million , respectively, of derivative liabilities (primarily Visa-related derivatives and fixed income forward contracts) have been excluded from these tables because they are generally not subject to master netting or similar agreements. (b) Amounts are comprised entirely of interest rate derivative contracts. |
Master Netting and Similar Agre
Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Offsetting [Abstract] | |
Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions | Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions For repurchase, reverse repurchase and securities borrowing transactions, FHN and each counterparty have the ability to offset all open positions and related collateral in the event of default. Due to the nature of these transactions, the value of the collateral for each transaction approximates the value of the corresponding receivable or payable. For repurchase agreements through FHN’s fixed income business (Securities purchased under agreements to resell and Securities sold under agreements to repurchase), transactions are collateralized by securities and/or government guaranteed loans which are delivered on the settlement date and are maintained throughout the term of the transaction. For FHN’s repurchase agreements through banking activities (Securities sold under agreements to repurchase), securities are typically pledged at settlement and not released until maturity. For asset positions, the collateral is not included on FHN’s Consolidated Condensed Statements of Condition. For liability positions, securities collateral pledged by FHN is generally represented within FHN’s trading or available-for-sale securities portfolios. For this disclosure, FHN considers the impact of master netting and other similar agreements that allow FHN to settle all contracts with a single counterparty on a net basis and to offset the net asset or liability position with the related securities collateral. The application of the collateral cannot reduce the net asset or liability position below zero, and therefore any excess collateral is not reflected in the tables below. The following table provides details of Securities purchased under agreements to resell as presented on the Consolidated Condensed Statements of Condition and collateral pledged by counterparties as of June 30, 2019 and December 31, 2018 : Gross amounts not offset in the Statements of Condition (Dollars in thousands) Gross amounts of recognized assets Gross amounts offset in the Statements of Condition Net amounts of assets presented in the Statements of Condition Offsetting securities sold under agreements to repurchase Securities collateral (not recognized on FHN’s Statements of Condition) Net amount Securities purchased under agreements to resell: June 30, 2019 $ 602,919 $ — $ 602,919 $ (2,021 ) $ (596,347 ) $ 4,551 December 31, 2018 386,443 — 386,443 (261 ) (382,756 ) 3,426 The following table provides details of Securities sold under agreements to repurchase as presented on the Consolidated Condensed Statements of Condition and collateral pledged by FHN as of June 30, 2019 and December 31, 2018 : Gross amounts not offset in the Statements of Condition (Dollars in thousands) Gross amounts of recognized liabilities Gross amounts offset in the Statements of Condition Net amounts of liabilities presented in the Statements of Condition Offsetting securities purchased under agreements to resell Securities/ government guaranteed loans collateral Net amount Securities sold under agreements to repurchase: June 30, 2019 $ 764,308 $ — $ 764,308 $ (2,021 ) $ (762,287 ) $ — December 31, 2018 762,592 — 762,592 (261 ) (762,322 ) 9 Due to the short duration of Securities sold under agreements to repurchase and the nature of collateral involved, the risks associated with these transactions are considered minimal. The following tables provide details, by collateral type, of the remaining contractual maturity of Securities sold under agreements to repurchase as of June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) Overnight and Continuous Up to 30 Days Total Securities sold under agreements to repurchase: U.S. treasuries $ 22,730 $ — $ 22,730 Government agency issued MBS 459,210 5,776 464,986 Other U.S. government agencies 23,477 — 23,477 Government guaranteed loans (SBA and USDA) 253,115 — 253,115 Total Securities sold under agreements to repurchase $ 758,532 $ 5,776 $ 764,308 December 31, 2018 (Dollars in thousands) Overnight and Continuous Up to 30 Days Total Securities sold under agreements to repurchase: U.S. treasuries $ 16,321 $ — $ 16,321 Government agency issued MBS 414,488 5,220 419,708 Government agency issued CMO 36,688 — 36,688 Government guaranteed loans (SBA and USDA) 289,875 — 289,875 Total Securities sold under agreements to repurchase $ 757,372 $ 5,220 $ 762,592 |
Fair Value of Assets & Liabilit
Fair Value of Assets & Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets & Liabilities | Fair Value of Assets & Liabilities FHN groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. This hierarchy requires FHN to maximize the use of observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Each fair value measurement is placed into the proper level based on the lowest level of significant input. These levels are: • Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. • Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3—Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models, and similar techniques. Recurring Fair Value Measurements The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 : June 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Trading securities—fixed income: U.S. treasuries $ — $ 173,230 $ — $ 173,230 Government agency issued MBS — 176,155 — 176,155 Government agency issued CMO — 689,104 — 689,104 Other U.S. government agencies — 80,343 — 80,343 States and municipalities — 81,936 — 81,936 Corporate and other debt — 462,714 — 462,714 Equity, mutual funds, and other — 4,205 — 4,205 Total trading securities—fixed income — 1,667,687 — 1,667,687 Trading securities—mortgage banking — — 1,255 1,255 Loans held-for-sale (elected fair value) — — 15,092 15,092 Securities available-for-sale: U.S. treasuries — 100 — 100 Government agency issued MBS — 2,228,002 — 2,228,002 Government agency issued CMO — 1,873,865 — 1,873,865 Other U.S. government agencies — 207,689 — 207,689 States and municipalities — 47,735 — 47,735 Corporate and other debt — 40,426 — 40,426 Interest-Only Strip (elected fair value) — — 17,792 17,792 Total securities available-for-sale — 4,397,817 17,792 4,415,609 Other assets: Deferred compensation mutual funds 43,577 — — 43,577 Equity, mutual funds, and other 22,419 — — 22,419 Derivatives, forwards and futures 38,134 — — 38,134 Derivatives, interest rate contracts — 146,886 — 146,886 Derivatives, other — 501 — 501 Total other assets 104,130 147,387 — 251,517 Total assets $ 104,130 $ 6,212,891 $ 34,139 $ 6,351,160 Trading liabilities—fixed income: U.S. treasuries $ — $ 377,838 $ — $ 377,838 Other U.S.government agencies — 7,662 — 7,662 States and municipalities — 3,748 — 3,748 Corporate and other debt — 169,099 — 169,099 Total trading liabilities—fixed income — 558,347 — 558,347 Other liabilities: Derivatives, forwards and futures 37,991 — — 37,991 Derivatives, interest rate contracts — 23,628 — 23,628 Derivatives, other — 321 26,545 26,866 Total other liabilities 37,991 23,949 26,545 88,485 Total liabilities $ 37,991 $ 582,296 $ 26,545 $ 646,832 The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 : December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Trading securities—fixed income: U.S. treasuries $ — $ 169,799 $ — $ 169,799 Government agency issued MBS — 133,373 — 133,373 Government agency issued CMO — 330,456 — 330,456 Other U.S. government agencies — 76,733 — 76,733 States and municipalities — 54,234 — 54,234 Corporate and other debt — 682,068 — 682,068 Equity, mutual funds, and other — (19 ) — (19 ) Total trading securities—fixed income — 1,446,644 — 1,446,644 Trading securities—mortgage banking — — 1,524 1,524 Loans held-for-sale (elected fair value) — — 16,273 16,273 Securities available-for-sale: U.S. treasuries — 98 — 98 Government agency issued MBS — 2,420,106 — 2,420,106 Government agency issued CMO — 1,958,695 — 1,958,695 Other U.S. government agencies — 149,786 — 149,786 States and municipalities — 32,573 — 32,573 Corporate and other debt — 55,310 — 55,310 Interest-Only Strip (elected fair value) — — 9,902 9,902 Total securities available-for-sale — 4,616,568 9,902 4,626,470 Other assets: Deferred compensation mutual funds 37,771 — — 37,771 Equity, mutual funds, and other 22,248 — — 22,248 Derivatives, forwards and futures 28,826 — — 28,826 Derivatives, interest rate contracts — 52,214 — 52,214 Derivatives, other — 435 — 435 Total other assets 88,845 52,649 — 141,494 Total assets $ 88,845 $ 6,115,861 $ 27,699 $ 6,232,405 Trading liabilities—fixed income: U.S. treasuries $ — $ 207,739 $ — $ 207,739 Other U.S.government agencies — 98 — 98 Corporate and other debt — 127,543 — 127,543 Total trading liabilities—fixed income — 335,380 — 335,380 Other liabilities: Derivatives, forwards and futures 30,236 — — 30,236 Derivatives, interest rate contracts — 71,853 — 71,853 Derivatives, other — 84 31,540 31,624 Total other liabilities 30,236 71,937 31,540 133,713 Total liabilities $ 30,236 $ 407,317 $ 31,540 $ 469,093 Changes in Recurring Level 3 Fair Value Measurements The changes in Level 3 assets and liabilities measured at fair value for the three months ended June 30, 2019 and 2018 , on a recurring basis are summarized as follows: Three Months Ended June 30, 2019 (Dollars in thousands) Trading securities Interest- only strips- AFS Loans held- for-sale Net derivative Balance on April 1, 2019 $ 1,397 $ 13,195 $ 15,751 $ (28,970 ) Total net gains/(losses) included in: Net income 8 (141 ) 321 (19 ) Purchases — — 10 — Sales — (14,199 ) — — Settlements (150 ) — (990 ) 2,444 Net transfers into/(out of) Level 3 — 18,937 (b) — — Balance on June 30, 2019 $ 1,255 $ 17,792 $ 15,092 $ (26,545 ) Net unrealized gains/(losses) included in net income $ (36 ) (a) $ (543 ) (c) $ 321 (a) $ (19 ) (d) Three Months Ended June 30, 2018 (Dollars in thousands) Trading securities Interest-only-strips-AFS Loans held-for-sale Net derivative Balance on April 1, 2018 $ 1,926 $ 2,733 $ 18,334 $ (5,645 ) Total net gains/(losses) included in: Net income 124 (296 ) 540 (4,079 ) Purchases — — 34 — Sales — — — — Settlements (326 ) — (2,134 ) 299 Net transfers into/(out of) Level 3 — 3,350 (b) (56 ) (e) — Balance on June 30, 2018 $ 1,724 $ 5,787 $ 16,718 $ (9,425 ) Net unrealized gains/(losses) included in net income $ 87 (a) $ (128 ) (c) $ 542 (a) $ (4,079 ) (d) (a) Primarily included in mortgage banking income on the Consolidated Condensed Statements of Income. (b) Transfers into interest-only strips - AFS Level 3 measured on a recurring basis reflect movements from loans held-for-sale (Level 2 nonrecurring). (c) Primarily included in fixed income on the Consolidated Condensed Statements of Income. (d) Included in Other expense. (e) Transfers out of loans held-for-sale level 3 measured on a recurring basis generally reflect movements into OREO (level 3 nonrecurring). There were no net unrealized gains/(losses) for Level 3 assets and liabilities included in other comprehensive income as of June 30, 2019 and 2018. Changes in Recurring Level 3 Fair Value Measurements The changes in Level 3 assets and liabilities measured at fair value for the six months ended June 30, 2019 and 2018 , on a recurring basis are summarized as follows: Six Months Ended June 30, 2019 (Dollars in thousands) Trading securities Interest- only strips- AFS Loans held- for-sale Net derivative Balance on January 1, 2019 $ 1,524 $ 9,902 $ 16,273 $ (31,540 ) Total net gains/(losses) included in: Net income 29 (1,399 ) 816 116 Purchases — 86 10 — Sales — (27,211 ) — — Settlements (298 ) — (2,007 ) 4,879 Net transfers into/(out of) Level 3 — 36,414 (b) — — Balance on June 30, 2019 $ 1,255 $ 17,792 $ 15,092 $ (26,545 ) Net unrealized gains/(losses) included in net income $ (66 ) (a) $ (1,435 ) (c) $ 816 (a) $ 116 (e) Six Months Ended June 30, 2018 (Dollars in thousands) Trading Interest-only-strips- AFS Loans held- Net derivative Balance on January 1, 2018 $ 2,151 $ 1,270 $ 18,926 $ (5,645 ) Total net gains/(losses) included in: Net income 140 1,296 709 (4,375 ) Purchases — — 62 — Sales — — — — Settlements (567 ) (9,193 ) (2,923 ) 595 Net transfers into/(out of) Level 3 — 12,414 (b) (56 ) (d) — Balance on June 30, 2018 $ 1,724 $ 5,787 $ 16,718 $ (9,425 ) Net unrealized gains/(losses) included in net income $ 63 (a) $ (109 ) (c) $ 709 (a) $ (4,375 ) (e) Certain previously reported amounts have been reclassified to agree with current presentation. (a) Primarily included in mortgage banking income on the Consolidated Condensed Statements of Income. (b) Transfers into interest-only strips - AFS level 3 measured on a recurring basis reflect movements from loans held-for-sale (Level 2 nonrecurring). (c) Primarily included in fixed income on the Consolidated Condensed Statements of Income. (d) Transfers out of loans held-for-sale level 3 measured on a recurring basis generally reflect movements into OREO (level 3 nonrecurring). (e) Included in Other expense. Nonrecurring Fair Value Measurements From time to time, FHN may be required to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market (“LOCOM”) accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis which were still held on the Consolidated Condensed Statements of Condition at June 30, 2019 , and December 31, 2018 , respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value. Carrying value at June 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Loans held-for-sale—SBAs and USDA — 368,082 999 369,081 Loans held-for-sale—first mortgages — — 523 523 Loans, net of unearned income (a) — — 91,779 91,779 OREO (b) — — 16,593 16,593 Other assets (c) — — 13,940 13,940 Carrying value at December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Loans held-for-sale—other consumer $ — $ 18,712 $ — $ 18,712 Loans held-for-sale—SBAs and USDA — 577,280 1,011 578,291 Loans held-for-sale—first mortgages — — 541 541 Loans, net of unearned income (a) — — 48,259 48,259 OREO (b) — — 22,387 22,387 Other assets (c) — — 8,845 8,845 (a) Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. (b) Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages. (c) Represents tax credit investments accounted for under the equity method. For assets measured on a nonrecurring basis which were still held on the Consolidated Condensed Statements of Condition at period end, the following table provides information about the fair value adjustments recorded during the three and six months ended June 30, 2019 and 2018 : Net gains/(losses) Net gains/(losses) (Dollars in thousands) 2019 2018 2019 2018 Loans held-for-sale—SBAs and USDA $ (1,074 ) $ (1,425 ) $ (1,293 ) $ (1,987 ) Loans held-for-sale—first mortgages 10 (1 ) 25 4 Loans, net of unearned income (a) (4,639 ) 665 (4,436 ) 1,167 OREO (b) (9 ) (262 ) 26 (1,422 ) Other assets (c) (267 ) (1,079 ) (942 ) (2,216 ) $ (5,979 ) $ (2,102 ) $ (6,620 ) $ (4,454 ) (a) Write-downs on these loans are recognized as part of provision for loan losses. (b) Represents losses of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages. (c) Represents tax credit investments accounted for under the equity method. Related to its restructuring, repositioning, and efficiency efforts, FHN recognized $11.4 million and $.5 million of impairments for tangible long-lived assets in second and first quarter 2019, respectively. FHN also recognized $.3 million and $.8 million of impairments for lease assets in second and first quarter 2019, respectively, related to these efforts. These amounts primarily related to branch optimization and were recognized in the Corporate segment. In second quarter 2019, FHN recognized $7.1 million of impairments within the Corporate segment for long-lived tangible assets, primarily signage, related to the company's rebranding initiative. Also in second quarter 2019, FHN recognized $1.5 million of impairments for lease assets related to continuing acquisition integration efforts associated with reduction of leased office space. In second quarter 2019 FHN recognized $.8 million of impairments and $.3 million of impairment reversals, respectively, related to dispositions of acquired properties. These amounts were recognized in the Corporate segment. In fourth, third, and second quarters of 2018, FHN recognized $1.9 million , $.7 million , and $1.3 million , respectively, of impairments of long-lived assets in its Corporate segment primarily related to optimization efforts for its facilities. In fourth and third quarter 2018 $.5 million and $1.0 million , respectively, of impairment charges previously recognized in 2017 in the Corporate segment were reversed based on the disposition price for the applicable location. Lease asset impairments recognized in 2019 represent the reduction in value of the right-of-use assets associated with leases that are being exited in advance of the contractual lease expiration. Impairments are measured using a discounted cash flow methodology, which is considered a Level 3 valuation. For all periods, impairments of long-lived tangible assets reflect locations where the associated land and building are either owned or leased. The fair values of owned sites were determined using estimated sales prices from appraisals and broker opinions less estimated costs to sell with adjustments upon final disposition. The fair values of owned assets in leased sites (e.g., leasehold improvements) were determined using a discounted cash flow approach, based on the revised estimated useful lives of the related assets. Both measurement methodologies are considered Level 3 valuations. Impairment adjustments recognized upon disposition of a location are considered Level 2 valuations. Level 3 Measurements The following tables provide information regarding the unobservable inputs utilized in determining the fair value of Level 3 recurring and non-recurring measurements as of June 30, 2019 and December 31, 2018 : (Dollars in thousands) Values Utilized Level 3 Class Fair Value at Valuation Techniques Unobservable Input Range Weighted Average (d) Available-for-sale- securities SBA-interest only strips $ 17,792 Discounted cash flow Constant prepayment rate 12% 12% Bond equivalent yield 17% 17% Loans held-for-sale - residential real estate 15,615 Discounted cash flow Prepayment speeds - First mortgage 2% - 12% 3.5% Prepayment speeds - HELOC 0% - 12% 7.6% Foreclosure losses 50% - 66% 64% Loss severity trends - First mortgage 5% - 25% of UPB 16.4% Loss severity trends - HELOC 0% - 72% of UPB 50% Loans held-for-sale- unguaranteed interest in SBA loans 999 Discounted cash flow Constant prepayment rate 8% - 12% 10% Bond equivalent yield 8% 8% Derivative liabilities, other 26,545 Discounted cash flow Visa covered litigation resolution amount $5.0 billion - $5.8 billion $5.6 billion Probability of resolution scenarios 15% - 25% 22% Time until resolution 15 - 45 months 30 months Loans, net of unearned 91,779 Appraisals from comparable properties Marketability adjustments for specific properties 0% - 10% of appraisal NM Other collateral valuations Borrowing base certificates adjustment 20% - 50% of gross value NM Financial Statements/Auction values adjustment 0% - 25% of reported value NM OREO (b) 16,593 Appraisals from comparable properties Adjustment for value changes since appraisal 0% - 10% of appraisal NM Other assets (c) 13,940 Discounted cash flow Adjustments to current sales yields for specific properties 0% - 15% adjustment to yield NM Appraisals from comparable properties Marketability adjustments for specific properties 0% - 25% of appraisal NM NM - Not meaningful. (a) Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for loan losses. (b) Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages. (c) Represents tax credit investments accounted for under the equity method. (d) Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value. (Dollars in thousands) Values Utilized Level 3 Class Fair Value at Valuation Techniques Unobservable Input Range Weighted Average (d) Available-for-sale- securities SBA-interest only strips $ 9,902 Discounted cash flow Constant prepayment rate 11% - 12% 11% Bond equivalent yield 14% - 15% 14% Loans held-for-sale - residential real estate 16,815 Discounted cash flow Prepayment speeds - First mortgage 2% - 10% 3% Prepayment speeds - HELOC 5% - 12% 7.5% Foreclosure losses 50% - 66% 63% Loss severity trends - First mortgage 2% - 25% of UPB 17% Loss severity trends - HELOC 50% - 100% of UPB 50% Loans held-for-sale- unguaranteed interest in SBA loans 1,011 Discounted cash flow Constant prepayment rate 8% - 12% 10% Bond equivalent yield 9% 9% Derivative liabilities, other 31,540 Discounted cash flow Visa covered litigation resolution amount $5.0 billion - $5.8 billion $5.6 billion Probability of resolution scenarios 10% - 25% 23% Time until resolution 18 - 48 months 36 months Loans, net of unearned 48,259 Appraisals from comparable properties Marketability adjustments for specific properties 0% - 10% of appraisal NM Other collateral valuations Borrowing base certificates adjustment 20% - 50% of gross value NM Financial Statements/Auction values adjustment 0% - 25% of reported value NM OREO (b) 22,387 Appraisals from comparable properties Adjustment for value changes since appraisal 0% - 10% of appraisal NM Other assets (c) 8,845 Discounted cash flow Adjustments to current sales yields for specific properties 0% - 15% adjustment to yield NM Appraisals from comparable properties Marketability adjustments for specific properties 0% - 25% of appraisal NM NM - Not meaningful. (a) Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for loan losses. (b) Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages. (c) Represents tax credit investments accounted for under the equity method. (d) Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value. Securities AFS . Increases (decreases) in estimated prepayment rates and bond equivalent yields negatively (positively) affect the value of SBA interest only strips. Management additionally considers whether the loans underlying related SBA-interest only strips are delinquent, in default or prepaying, and adjusts the fair value down 20 - 100% depending on the length of time in default. Loans held-for-sale. Foreclosure losses and prepayment rates are significant unobservable inputs used in the fair value measurement of FHN’s residential real estate loans held-for-sale. Loss severity trends are also assessed to evaluate the reasonableness of fair value estimates resulting from discounted cash flows methodologies as well as to estimate fair value for newly repurchased loans and loans that are near foreclosure. Significant increases (decreases) in any of these inputs in isolation would result in significantly lower (higher) fair value measurements. All observable and unobservable inputs are re-assessed quarterly. Increases (decreases) in estimated prepayment rates and bond equivalent yields negatively (positively) affect the value of unguaranteed interests in SBA loans. Unguaranteed interest in SBA loans held-for-sale are carried at less than the outstanding balance due to credit risk estimates. Credit risk adjustments may be reduced if prepayment is likely or as consistent payment history is realized. Management also considers other factors such as delinquency or default and adjusts the fair value accordingly. Derivative liabilities. In conjunction with the sales of portions of its Visa Class B shares, FHN and the purchasers entered into derivative transactions whereby FHN will make, or receive, cash payments whenever the conversion ratio of the Visa Class B shares into Visa Class A shares is adjusted. FHN uses a discounted cash flow methodology in order to estimate the fair value of FHN’s derivative liabilities associated with its prior sales of Visa Class B shares. The methodology includes estimation of both the resolution amount for Visa’s Covered Litigation matters as well as the length of time until the resolution occurs. Significant increases (decreases) in either of these inputs in isolation would result in significantly higher (lower) fair value measurements for the derivative liabilities. Additionally, FHN performs a probability weighted multiple resolution scenario to calculate the estimated fair value of these derivative liabilities. Assignment of higher (lower) probabilities to the larger potential resolution scenarios would result in an increase (decrease) in the estimated fair value of the derivative liabilities. Since this estimation process requires application of judgment in developing significant unobservable inputs used to determine the possible outcomes and the probability weighting assigned to each scenario, these derivatives have been classified within Level 3 in fair value measurements disclosures. Loans, net of unearned income and Other Real Estate Owned. Collateral-dependent loans and OREO are primarily valued using appraisals based on sales of comparable properties in the same or similar markets. Other collateral (receivables, inventory, equipment, etc.) is valued through borrowing base certificates, financial statements and/or auction valuations. These valuations are discounted based on the quality of reporting, knowledge of the marketability/collectability of the collateral and historical disposition rates. Other assets – tax credit investments. The estimated fair value of tax credit investments accounted for under the equity method is generally determined in relation to the yield (i.e., future tax credits to be received) an acquirer of these investments would expect in relation to the yields experienced on current new issue and/or secondary market transactions. Thus, as tax credits are recognized, the future yield to a market participant is reduced, resulting in consistent impairment of the individual investments. Individual investments are reviewed for impairment quarterly, which may include the consideration of additional marketability discounts related to specific investments which typically includes consideration of the underlying property’s appraised value. Fair Value Option FHN has elected the fair value option on a prospective basis for almost all types of mortgage loans originated for sale purposes under the Financial Instruments Topic (“ASC 825”) except for mortgage origination operations which utilize the platform acquired from CBF. FHN determined that the election reduces certain timing differences and better matches changes in the value of such loans with changes in the value of derivatives and forward delivery commitments used as economic hedges for these assets at the time of election. Repurchased loans are recognized within loans held-for-sale at fair value at the time of repurchase, which includes consideration of the credit status of the loans and the estimated liquidation value. FHN has elected to continue recognition of these loans at fair value in periods subsequent to reacquisition. Due to the credit-distressed nature of the vast majority of repurchased loans and the related loss severities experienced upon repurchase, FHN believes that the fair value election provides a more timely recognition of changes in value for these loans that occur subsequent to repurchase. Absent the fair value election, these loans would be subject to valuation at the LOCOM value, which would prevent subsequent values from exceeding the initial fair value, determined at the time of repurchase, but would require recognition of subsequent declines in value. Thus, the fair value election provides for a more timely recognition of any potential future recoveries in asset values while not affecting the requirement to recognize subsequent declines in value. The following tables reflect the differences between the fair value carrying amount of residential real estate loans held-for-sale measured at fair value in accordance with management’s election and the aggregate unpaid principal amount FHN is contractually entitled to receive at maturity. June 30, 2019 (Dollars in thousands) Fair value carrying amount Aggregate unpaid principal Fair value carrying amount less aggregate unpaid principal Residential real estate loans held-for-sale reported at fair value: Total loans $ 15,092 $ 21,414 $ (6,322 ) Nonaccrual loans 3,967 7,260 (3,293 ) Loans 90 days or more past due and still accruing — — — December 31, 2018 (Dollars in thousands) Fair value carrying amount Aggregate unpaid principal Fair value carrying amount less aggregate unpaid principal Residential real estate loans held-for-sale reported at fair value: Total loans $ 16,273 $ 23,567 $ (7,294 ) Nonaccrual loans 4,536 8,128 (3,592 ) Loans 90 days or more past due and still accruing 171 281 (110 ) Assets and liabilities accounted for under the fair value election are initially measured at fair value with subsequent changes in fair value recognized in earnings. Such changes in the fair value of assets and liabilities for which FHN elected the fair value option are included in current period earnings with classification in the income statement line item reflected in the following table: Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Changes in fair value included in net income: Mortgage banking noninterest income Loans held-for-sale $ 321 $ 540 $ 816 $ 709 For the three months ended June 30, 2019 , and 2018 , the amounts for residential real estate loans held-for-sale included an insignificant amount of gains in pretax earnings that are attributable to changes in instrument-specific credit risk. For the six months ended June 30, 2019 and 2018, the amounts for residential real estate loans held-for-sale included gains of $.3 million in pretax earnings that are attributable to changes in instrument-specific credit risk. The portion of the fair value adjustments related to credit risk was determined based on estimated default rates and estimated loss severities. Interest income on residential real estate loans held-for-sale measured at fair value is calculated based on the note rate of the loan and is recorded in the interest income section of the Consolidated Condensed Statements of Income as interest on loans held-for-sale. FHN has elected to account for retained interest-only strips from guaranteed SBA loans recorded in available-for-sale securities at fair value through earnings. Since these securities are subject to the risk that prepayments may result in FHN not recovering all or a portion of its recorded investment, the fair value election results in a more timely recognition of the effects of estimated prepayments through earnings rather than being recognized through other comprehensive income with periodic review for other-than-temporary impairment. Gains or losses are recognized through fixed income revenues and are presented in the recurring measurements table. Determination of Fair Value In accordance with ASC 820-10-35, fair values are based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following describes the assumptions and methodologies used to estimate the fair value of financial instruments recorded at fair value in the Consolidated Condensed Statements of Condition and for estimating the fair value of financial instruments for which fair value is disclosed under ASC 825-10-50. Short-term financial assets. Federal funds sold, securities purchased under agreements to resell, and interest bearing deposits with other financial institutions and the Federal Reserve are carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization. Trading securities and trading liabilities. Trading securities and trading liabilities are recognized at fair value through current earnings. Trading inventory held for broker-dealer operations is included in trading securities and trading liabilities. Broker-dealer long positions are valued at bid price in the bid-ask spread. Short positions are valued at the ask price. Inventory positions are valued using observable inputs including current market transactions, LIBOR and U.S. treasury curves, credit spreads, and consensus prepayment speeds. Trading loans are valued using observable inputs including current market transactions, swap rates, mortgage rates, and consensus prepayment speeds. Trading securities also include retained interests in prior mortgage securitizations that qualify as financial assets, which include primarily principal-only strips. FHN uses inputs including yield curves, credit spreads, and prepayment speeds to determine the fair value of principal-only strips. Securities available-for-sale. Securities available-for-sale includes the investment portfolio accounted for as available-for-sale under ASC 320-10-25. Valuations of available-for-sale securities are performed using observable inputs obtained from market transactions in similar securities. Typical inputs include LIBOR and U.S. treasury curves, consensus prepayment estimates, and credit spreads. When available, broker quotes are used to support these valuations. Interest only strips are valued at elected fair value based on an income approach using an internal valuation model. The internal valuation model includes assumptions regarding projections of future cash flows, prepayment rates, default rates and interest only strip terms. These securities bear the risk of loan prepayment or default that may result in the Company not recovering all or a portion of its recorded investment. When appropriate, valuations are adjusted for various factors including default or prepayment status of the underlying SBA loans. Because of the inherent uncertainty of valuation, those estimated values may be higher or lower than the values that would have been used had a ready market for the securities existed, and may change in the near term. Loans held-for-sale. Residential real estate loans held-for-sale are valued using current transaction prices and/or values on similar assets when available, including committed bids for specific loans or loan portfolios. Uncommitted bids may be adjusted based on other available market information. For all other loans FHN determines the fair value of residential real estate loans held-for-sale using a discounted cash flow model which incorporates both observable and unobservable inputs. Inputs include current mortgage rates for similar products, estimated prepayment rates, foreclosure losses, and various loan performance measures (delinquency, LTV, credit score). Adjustments for delinquency and other differences in loan characteristics are typically reflected in the model’s discount rates. Loss severity trends and the value of underlying collateral are also considered in assessing the appropriate fair value for severely delinquent loans and loans in foreclosure. The va |
Restructuring, Repositioning, a
Restructuring, Repositioning, and Efficiency | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Repositioning, and Efficiency | Restructuring, Repositioning, and Efficiency In first quarter 2019, FHN initiated a company-wide review of business practices with the goal of optimizing its expense base to improve profitability and create capacity to reinvest savings into technology and revenue production activities. Restructuring, repositioning, and efficiency charges related to these corporate-driven actions were $30.8 million in the first half 2019 and are included in the corporate segment. Significant expenses recognized during the six months ended June 30, 2019 resulted from the following actions: • Severance and other employee costs of $9.1 million primarily related to efficiency initiatives within corporate and bank services functions which are classified as Employee compensation, incentives and benefits within noninterest expense. • Expense of $8.5 million largely related to the identification of efficiency opportunities within the organization which is reflected in Professional fees. • Expense of $11.9 million related to costs associated with asset impairments which is reflected in Other expense. Settlement of the obligations arising from current initiatives will be funded from operating cash flows. Total expense recognized for the three and six months ended June 30, 2019 is presented in the table below: Dollars in thousands Three Months Ended Six Months Ended Employee compensation, incentives and benefits $ 2,557 $ 9,062 Professional fees 4,242 8,537 Occupancy 72 889 Other 11,797 12,332 Total restructuring and repositioning charges $ 18,668 $ 30,820 |
Financial Information (Policies
Financial Information (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Accounting | Basis of Accounting. The unaudited interim consolidated condensed financial statements of First Horizon National Corporation (“FHN”), including its subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America and follow general practices within the industries in which it operates. This preparation requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions are based on information available as of the date of the financial statements and could differ from actual results. In the opinion of management, all necessary adjustments have been made for a fair presentation of financial position and results of operations for the periods presented. These adjustments are of a normal recurring nature unless otherwise disclosed in this Quarterly Report on Form 10-Q. The operating results for the interim 2019 period are not necessarily indicative of the results that may be expected going forward. For further information, refer to the audited consolidated financial statements in Exhibit 13 to FHN’s Annual Report on Form 10-K for the year ended December 31, 2018. |
Revenues and Contract Balances | Revenues. Revenue is recognized when the performance obligations under the terms of a contract with a customer are satisfied in an amount that reflects the consideration FHN expects to be entitled. FHN derives a significant portion of its revenues from fee-based services. Noninterest income from transaction-based fees is generally recognized immediately upon completion of the transaction. Noninterest income from service-based fees is generally recognized over the period in which FHN provides the service. Any services performed over time generally require that FHN render services each period and therefore FHN measures progress in completing these services based upon the passage of time and recognizes revenue as invoiced. See Note 1– Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements on Form 10-K for the year ended December 31, 2018, for a discussion of FHN's key revenues. Contract Balances. As of June 30, 2019, accounts receivable related to products and services on non-interest income were $9.1 million . For the three and six months ended June 30, 2019, FHN had no material impairment losses on non-interest accounts receivable and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Consolidated Condensed Statements of Condition as of June 30, 2019. Transaction Price Allocated to Remaining Performance Obligations. For the three and six months ended June 30, 2019, revenue recognized from performance obligations related to prior periods was not material. Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less and contracts where revenue is recognized as invoiced, is not material. |
Lessee | Leases. At inception, all arrangements are evaluated to determine if they contain a lease, which is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Control is deemed to exist when a lessor has granted and a lessee has received both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset throughout the period of use. Lessee. As a lessee, FHN recognizes lease (right-of-use) assets and lease liabilities for all leasing arrangements with lease terms that are greater than one year. The lease asset and lease liability are recognized at the present value of estimated future lease payments, including estimated renewal periods, with the discount rate reflecting a fully-collateralized rate matching the estimated lease term. Renewal options are included in the estimated lease term if they are considered reasonably certain of exercise. Periods covered by termination options are included in the lease term if it is reasonably certain they will not be exercised. Additionally, prepaid or accrued lease payments, lease incentives and initial direct costs related to lease arrangements are recognized within the right-of-use asset. Each lease is classified as a financing or operating lease which depends on the relationship of the lessee’s rights to the economic value of the leased asset. For finance leases, interest on the lease liability is recognized separately from amortization of the right-of-use asset in earnings, resulting in higher expense in the earlier portion of the lease term. For operating leases, a single lease cost is calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. Substantially all of FHN’s lessee arrangements are classified as operating leases. For leases with a term of 12 months or less, FHN does not to recognize lease assets and lease liabilities and expense is generally recognized on a straight-line basis over the lease term. Lease assumptions and classification are reassessed upon the occurrence of events that result in changes to the estimated lease term or consideration. Modifications to lease contracts are evaluated to determine 1) if a right to use an additional asset has been obtained, 2) if only the lease term and/or consideration have been revised or 3) if a full or partial termination has occurred. If an additional right-of use-asset has been obtained, the modification is treated as a separate contract and its classification is evaluated as a new lease arrangement. If only the lease term or consideration are changed, the lease liability is revalued with an offset to the lease asset and the lease classification is re-assessed. If a modification results in a full or partial termination of the lease, the lease liability is revalued through earnings along with a proportionate reduction in the value of the related lease asset and subsequent expense recognition is similar to a new lease arrangement. Lease assets are evaluated for impairment when triggering events occur, such as a change in management intent regarding the continued occupation of the leased space. If a lease asset is impaired, it is written down to the present value of estimated future cash flows and the prospective expense recognition for that lease follows the accelerated expense recognition methodology applicable to finance leases, even if it remains classified as an operating lease. Sublease arrangements are accounted for consistent with the lessor accounting described below. Sublease arrangements are evaluated to determine if changes to estimates for the primary lease are warranted or if the sublease terms reflect impairment of the related lease asset. |
Lessor | Leases. At inception, all arrangements are evaluated to determine if they contain a lease, which is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Control is deemed to exist when a lessor has granted and a lessee has received both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset throughout the period of use. Lessor. As a lessor, FHN also evaluates its lease arrangements to determine whether a finance lease or an operating lease exists and utilizes the rate implicit in the lease arrangement as the discount rate to calculate the present value of future cash flows. Depending upon the terms of the individual agreements, finance leases represent either sales-type or direct financing leases, both of which require de-recognition of the asset being leased with offsetting recognition of a lease receivable that is evaluated for impairment similar to loans. Currently, all of FHN’s lessor arrangements are considered operating leases. Lease income for operating leases is recognized over the life of the lease, generally on a straight line basis. Lease incentives and initial direct costs are capitalized and amortized over the estimated life of the lease. Lease income is not significant for any reporting periods and is classified as a reduction of Occupancy expense in the Consolidated Condensed Statements of Income. |
Summary of Accounting Changes and Accounting Changes Issued But Not Currently Effective | Summary of Accounting Changes. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires a lessee to recognize in its statement of condition a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 leaves lessor accounting largely unchanged from prior standards. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. All other leases must be classified as financing or operating leases which depends on the relationship of the lessee’s rights to the economic value of the leased asset. For finance leases, interest on the lease liability is recognized separately from amortization of the right-of-use asset in earnings, resulting in higher expense in the earlier portion of the lease term. For operating leases, a single lease cost is calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. In July 2018, the FASB issued ASU 2018-11, “Leases - Targeted Improvements,” which provides an election for a cumulative effect adjustment to retained earnings upon initial adoption of ASU 2016-02. Alternatively, under the initial guidance of ASU 2016-02, lessees and lessors are required to recognize and measure leases at the beginning of the earliest comparative period presented using a modified retrospective approach. Both adoption alternatives include a number of optional practical expedients that entities may elect to apply, which would result in continuing to account for leases that commence before the effective date in accordance with previous requirements (unless the lease is modified) except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous requirements. ASU 2016-02 also requires expanded qualitative and quantitative disclosures to assess the amount, timing, and uncertainty of cash flows arising from lease arrangements. ASU 2016-02 and ASU 2018-11 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Upon adoption, FHN utilized the cumulative effect transition alternative provided by ASU 2018-11. FHN utilized the lease classification practical expedients and the short-term lease exemption upon adoption. FHN also has elected to determine the discount rate on leases as of the effective date and elected to use hindsight in determining lease terms as well as impairments of lease assets resulting from lease abandonments upon adoption. The table below summarizes the impact of adopting ASU 2016-02 as of January 1, 2019, for line items in the Consolidated Condensed Statements of Condition. Lease assets of approximately $185 million are included in Other Assets. Lease liabilities of approximately $204 million are included in Other Liabilities. The after-tax decrease in Undivided Profits reflects the recognition of deferred gains associated with prior sale-leaseback transactions, revisions to the estimated useful lives of leasehold improvements and adjustments of lease expense to reflect revised lease duration estimates. (Dollars in thousands) January 1, 2019 Loans, net of unearned income $ 3,450 Premises and equipment, net 2,718 Other assets 183,884 Other liabilities (191,010 ) Undivided profits 1,011 In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). Capitalized implemented costs are required to be expensed over the term of the hosting arrangement which includes the non-cancellable period of the arrangement plus periods covered by (1) an option to extend the arrangement if the customer is reasonably certain to exercise that option, (2) an option to terminate the arrangement if the customer is reasonably certain not to exercise the termination option, and (3) an option to extend (or not to terminate) the arrangement in which exercise of the option is in the control of the vendor. ASU 2018-15 also requires application of the impairment guidance applicable to long-lived assets to the capitalized implementation costs. Amortization expense related to capitalized implementation costs must be presented in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement and payments for capitalized implementation costs will be classified in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. Capitalized implementation costs will be presented in the statement of financial position in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. Adoption may be either fully retrospective or prospective only. FHN elected early adoption of ASU 2018-15 effective January 1, 2019 using the prospective transition method and the effects of adoption were not significant. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” which makes several revisions and clarifications to the accounting for these items. The revisions related to ASU 2016-03 (Topic 326) are discussed below. ASU 2019-04 clarifies several aspects of fair hedge accounting, including the application to partial term fair value hedges. ASU 2019-04 provides an election regarding the timing for amortization of basis adjustments to hedged items in fair value hedges, indicating that amortization may, but is not required to, commence prior to the end of the hedge relationship. ASU 2019-04 also provides additional guidance related to the application of the hypothetical derivative method and first-payments-received method in cash flow hedges. Further, ASU 2019-04 indicates that remeasurement of an equity security without a readily determinable fair value when an orderly transaction is identified for an identical or similar investment of the same issuer represents a non-recurring fair value measurement and the related disclosure requirements apply to the remeasurement event. The hedging updates are effective at the beginning of the first annual reporting period after issuance with early adoption permitted. The financial instruments measurement and disclosure changes are effective for fiscal years and interim periods beginning after December 15, 2019 with early adoption permitted. FHN early adopted these portions of ASU 2019-04 in second quarter 2019 and the effects were not significant based on its existing accounting practices. Accounting Changes Issued but Not Currently Effective In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which revises the measurement and recognition of credit losses for assets measured at amortized cost (e.g., held-to-maturity (“HTM”) loans and debt securities) and available-for-sale (“AFS”) debt securities. Under ASU 2016-13, for assets measured at amortized cost, the current expected credit loss (“CECL”) is measured as the difference between amortized cost and the net amount expected to be collected. This represents a departure from existing GAAP as the “incurred loss” methodology for recognizing credit losses delays recognition until it is probable a loss has been incurred. Under CECL the full amount of expected credit losses will be recognized at the time of loan origination. The measurement of current expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Additionally, current disclosures of credit quality indicators in relation to the amortized cost of financing receivables will be further disaggregated by year of origination. ASU 2016-13 leaves the methodology for measuring credit losses on AFS debt securities largely unchanged, with the maximum credit loss representing the difference between amortized cost and fair value. However, such credit losses will be recognized through an allowance for credit losses, which permits recovery of previously recognized credit losses if circumstances change. ASU 2016-13 also revises the recognition of credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”). For PCD assets, the initial allowance for credit losses is added to the purchase price. Only subsequent changes in the allowance for credit losses are recorded as a credit loss expense for PCD assets. Interest income for PCD assets will be recognized based on the effective interest rate, excluding the discount embedded in the purchase price that is attributable to the acquirer’s assessment of credit losses at acquisition. Currently, credit losses for purchased credit-impaired assets are included in the initial basis of the assets with subsequent declines in credit resulting in expense while subsequent improvements in credit are reflected as an increase in the future yield from the assets. For non-PCD assets, expected credit losses will be recognized through earnings upon acquisition and the entire premium or discount will be accreted to interest income over the remaining life of the loan. The provisions of ASU 2016-13 will be generally adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in the year of adoption. Prospective implementation is required for debt securities for which an other-than-temporary-impairment (“OTTI”) had been previously recognized. Amounts previously recognized in accumulated other comprehensive income (“AOCI”) as of the date of adoption that relate to improvements in cash flows expected to be collected will continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption will be recorded in earnings when received. A prospective transition approach will be used for existing PCD assets where, upon adoption, the amortized cost basis will be adjusted to reflect the addition of the allowance for credit losses. Thus, an entity will not be required to reassess its purchased financial assets that exist as of the date of adoption to determine whether they would have met at acquisition the new criteria of more-than-insignificant credit deterioration since origination. An entity will accrete the remaining noncredit discount (based on the revised amortized cost basis) into interest income at the effective interest rate at the adoption date. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. FHN continues to evaluate the impact of ASU 2016-13, and is not currently able to reasonably estimate the impact the adoption will have on its consolidated financial position, results of operations, or cash flows. Adoption of ASU 2016-13 is likely to lead to significant changes in accounting policies and procedures related to FHN’s ALLL, and it is possible that the impact of the adoption could be material to FHN’s consolidated financial position and results of operations. To date, the Company has, selected a software solution to serve as its CECL platform, completed model development activities, is finalizing model and accounting policy documentation including portfolio segmentation and measurement methodologies, is in the process of implementing the model platform, and assessing impacts to operational processes and internal controls. FHN intends to perform parallel calculations and analysis in the latter half of 2019. FHN has assessed several asset classes that are within the scope of CECL and determined that the adoption effects for the change in measurement of credit risk will be minimal for these classes. This includes Fed funds sold which have no history of credit losses due to their short (typically overnight) duration and counterparty risk assessment processes. This also includes securities borrowed and securities purchased under agreements to resell which have collateral maintenance agreements that incorporate master netting provisions resulting in minimal uncollateralized positions as of any date as evidenced by the disclosures provided in Note 16 - Master Netting and Similar Agreements-Repurchase, Reverse Repurchase, and Securities Borrowing Transactions. Additionally, FHN has also evaluated the composition of its AFS securities and determined that the changes in ASU 2016-13 will not have a significant effect on the current portfolio. ASU 2019-04 provides an election to either not measure or measure separately an allowance for credit losses for accrued interest receivable (“AIR"). Entities electing to not measure an allowance for AIR must write off uncollectible interest in a timely manner. Additionally, an election is provided for the write off of uncollectible interest to be recorded either as a reversal of interest income or a charge against the allowance for credit losses or a combination of both. Disclosures are required depending upon which elections are made. ASU 2019-04 also clarifies that when loans and securities are transferred between balance sheet categories (e.g., loans from held-for-investment to held-for-sale or securities from held-to-maturity to available-for-sale) the associated allowance for credit losses should be reversed to income and prospective accounting follows the requirements for the new classification. Further, ASU 2019-04 clarifies that recoveries should be incorporated within the estimation of the allowance for credit losses. Expected recoveries should not exceed the aggregate amount of prior write offs and expected future write offs. Additionally, for collateral dependent financial assets, the allowance for credit losses that is added to the amortized cost basis should not exceed amounts previously written off. ASU 2019-04 also makes several changes when a discounted cash flow approach is used to measure expected credit losses. ASU 2019-04 removes ASU 2016-03’s prohibition of using projections of future interest rate environments when using a discounted cash flow method to measure expected credit losses on variable-rate financial instruments. If an entity uses projections or expectations of future interest rate environments in estimating expected cash flows, the same assumptions should be used in determining the effective interest rate used to discount those expected cash flows. The effective interest rate should also be adjusted to consider the effects of expected prepayments on the timing of expected future cash flows. ASU 2019-04 provides an election to adjust the effective interest rate used in discounting expected cash flows to isolate credit risk in measuring the allowance for credit losses. Further, the discount rate should not be adjusted for subsequent changes in expected prepayments if a financial asset is restructured in a troubled debt restructuring. Related to collateral-dependent financial assets, ASU 2019-04 requires inclusion of estimated costs to sell in the measurement of expected credit losses in situations where the entity intends to sell rather than operate the collateral. Additionally, the estimated costs to sell should be undiscounted when the entity intends to sell rather than operate the collateral. Finally, ASU 2019-04 specifies that contractual renewal or extension options, except those treated as derivatives, should be included in the determination of the contractual term for a financial asset when included in the original or modified contract as of the reporting date if they are not unconditionally cancellable by the entity. The effective date and transition requirements for these components of ASU 2019-04 are consistent with the requirements for ASU 2016-13 and FHN is incorporating these changes and revisions within its implementation efforts. Based on its current practices for the timely write off uncollectible AIR, FHN intends to not measure an allowance for credit losses for AIR and to continue recognition of related write offs as a reversal of interest income. In May 2019, the FASB issued ASU 2019-05, “Financial Instruments - Credit Losses, Targeted Transition Relief,” which provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis that are in the scope of ASU 2016-13, applied on an instrument-by-instrument basis. The fair value option election does not apply to held-to-maturity debt securities. The effective date and transition requirements for ASU 2019-05 are consistent with the requirements for ASU 2016-13. FHN is evaluating the accounting and disclosure requirements for applying the fair value option in comparison to the requirements for applying CECL for certain in-scope asset classes other than loans. |
Financial Information - (Tables
Financial Information - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Impact of Adoption of ASU 2016-02 | The table below summarizes the impact of adopting ASU 2016-02 as of January 1, 2019, for line items in the Consolidated Condensed Statements of Condition. Lease assets of approximately $185 million are included in Other Assets. Lease liabilities of approximately $204 million are included in Other Liabilities. The after-tax decrease in Undivided Profits reflects the recognition of deferred gains associated with prior sale-leaseback transactions, revisions to the estimated useful lives of leasehold improvements and adjustments of lease expense to reflect revised lease duration estimates. (Dollars in thousands) January 1, 2019 Loans, net of unearned income $ 3,450 Premises and equipment, net 2,718 Other assets 183,884 Other liabilities (191,010 ) Undivided profits 1,011 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Merger And Integration Expense | Total merger and integration expense recognized for the three and six months ended June 30, 2019 and 2018 are presented in the table below: Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Professional fees (a) $ 4,478 $ 8,991 $ 6,345 $ 14,624 Employee compensation, incentives and benefits (b) 1,472 3,849 2,989 9,086 Contract employment and outsourcing (c) 17 1,703 17 3,102 Occupancy (d) 1,505 2,229 1,623 2,259 Miscellaneous expense (e) 79 3,099 1,148 5,133 All other expense (f) 1,096 23,245 2,185 40,286 Total $ 8,647 $ 43,116 $ 14,307 $ 74,490 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Primarily comprised of fees for legal, accounting, and merger consultants. (b) Primarily comprised of fees for severance and retention. (c) Primarily relates to fees for temporary assistance for merger and integration activities. (d) Primarily relates to expenses associated with lease exits. (e) Consists of fees for operations services, communications and courier, equipment rentals, depreciation, and maintenance, supplies, travel and entertainment, computer software, and advertising and public relations. (f) Primarily relates to contract termination charges, lease buyouts, costs of shareholder matters and asset impairments related to the integration, as well as other miscellaneous expenses. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Marketable Securities [Abstract] | |
Schedule of FHN's Investment Securities | The following tables summarize FHN’s investment securities on June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale: U.S. treasuries $ 100 $ — $ — $ 100 Government agency issued mortgage-backed securities (“MBS”) 2,210,044 23,007 (5,049 ) 2,228,002 Government agency issued collateralized mortgage obligations (“CMO”) 1,870,508 11,745 (8,388 ) 1,873,865 Other U.S. government agencies 203,856 3,833 — 207,689 Corporates and other debt 40,158 404 (136 ) 40,426 States and municipalities 45,181 2,556 (2 ) 47,735 $ 4,369,847 $ 41,545 $ (13,575 ) 4,397,817 AFS debt securities recorded at fair value through earnings: SBA-interest only strips (a) 17,792 Total securities available-for-sale (b) $ 4,415,609 Securities held-to-maturity: Corporates and other debt $ 10,000 $ — $ (77 ) $ 9,923 Total securities held-to-maturity $ 10,000 $ — $ (77 ) $ 9,923 (a) SBA-interest only strips are recorded at elected fair value. See Note 17 - Fair Value for additional information. (b) Includes $3.9 billion of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes. December 31, 2018 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale: U.S. treasuries $ 100 $ — $ (2 ) $ 98 Government agency issued MBS 2,473,687 4,819 (58,400 ) 2,420,106 Government agency issued CMO 2,006,488 888 (48,681 ) 1,958,695 Other U.S. government agencies 149,050 809 (73 ) $ 149,786 Corporates and other debt 55,383 388 (461 ) 55,310 State and municipalities 32,473 314 (214 ) 32,573 $ 4,717,181 $ 7,218 $ (107,831 ) 4,616,568 AFS securities recorded at fair value through earnings: SBA-interest only strips (a) 9,902 Total securities available-for-sale (b) $ 4,626,470 Securities held-to-maturity: Corporates and other debt $ 10,000 $ — $ (157 ) $ 9,843 Total securities held-to-maturity $ 10,000 $ — $ (157 ) $ 9,843 (a) SBA-interest only strips are recorded at elected fair value. See Note 17 - Fair Value of Assets and Liabilities for additional information. (b) Includes $3.8 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 available-for-sale and held-to-maturity debt securities portfolios on June 30, 2019 are provided below: Held-to-Maturity Available-for-Sale (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year $ — $ — $ — $ — After 1 year; within 5 years — — 244,114 248,270 After 5 years; within 10 years 10,000 9,923 755 4,036 After 10 years — — 44,426 61,436 Subtotal 10,000 9,923 289,295 313,742 Government agency issued MBS and CMO (a) — — 4,080,552 4,101,867 Total $ 10,000 $ 9,923 $ 4,369,847 $ 4,415,609 (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 Gross Gains And Losses On Sale From Available For Sale Portfolio | The table below provides information on gross gains and gross losses from debt investment securities for the three and six months ended June 30 , 2019 and 2018. Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Gross gains on sales of securities $ — $ — $ — $ 52 Gross (losses) on sales of securities (267 ) — (267 ) — Net gain/(loss) on sales of securities (a) $ (267 ) $ — $ (267 ) $ 52 (a) Cash proceeds for the three and six months ended June 30, 2019 were $171.4 million . Cash proceeds for the three and six months ended June 30, 2018 were not material. |
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 June 30, 2019 and December 31, 2018 : As of June 30, 2019 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. treasuries $ — $ — $ 100 $ — $ 100 $ — Government agency issued MBS 2,284 (24 ) 515,618 (5,025 ) 517,902 (5,049 ) Government agency issued CMO — — 703,604 (8,388 ) 703,604 (8,388 ) Corporates and other debt — — 25,184 (136 ) 25,184 (136 ) States and municipalities 1,937 (2 ) — — 1,937 (2 ) Total temporarily impaired securities $ 4,221 $ (26 ) $ 1,244,506 $ (13,549 ) $ 1,248,727 $ (13,575 ) As of December 31, 2018 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. treasuries $ — $ — $ 98 $ (2 ) $ 98 $ (2 ) Government agency issued MBS 597,008 (12,335 ) 1,537,106 (46,065 ) 2,134,114 (58,400 ) Government agency issued CMO 290,863 (2,860 ) 1,560,420 (45,821 ) 1,851,283 (48,681 ) Other U.S. government agencies 29,776 (73 ) — — 29,776 (73 ) Corporates and other debt 25,114 (344 ) 15,008 (117 ) 40,122 (461 ) States and municipalities 17,292 (214 ) — — 17,292 (214 ) Total temporarily impaired securities $ 960,053 $ (15,826 ) $ 3,112,632 $ (92,005 ) $ 4,072,685 $ (107,831 ) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule Of Loans By Portfolio Segment | The following table provides the balance of loans, net of unearned income, by portfolio segment as of June 30, 2019 and December 31, 2018 : June 30 December 31 (Dollars in thousands) 2019 2018 Commercial: Commercial, financial, and industrial $ 19,054,269 $ 16,514,328 Commercial real estate 3,861,031 4,030,870 Consumer: Consumer real estate (a) 6,110,082 6,249,516 Permanent mortgage 193,052 222,448 Credit card & other 494,376 518,370 Loans, net of unearned income $ 29,712,810 $ 27,535,532 Allowance for loan losses 192,749 180,424 Total net loans $ 29,520,061 $ 27,355,108 (a) Balances as of June 30, 2019 and December 31, 2018 , include $13.5 million and $16.2 million of restricted real estate loans, respectively. See Note 14—Variable Interest Entities for additional information. |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Movement Schedule Rollforward | The following table presents a rollforward of the accretable yield for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Balance, beginning of period $ 13,782 $ 15,323 $ 13,375 $ 15,623 Accretion (1,473 ) (2,607 ) (3,146 ) (4,744 ) Adjustment for payoffs (253 ) (1,107 ) (715 ) (1,719 ) Adjustment for charge-offs (79 ) (373 ) (255 ) (924 ) Increase/(decrease) in accretable yield (a) (54 ) 3,481 2,664 6,659 Disposal — (214 ) — (240 ) Other (323 ) (29 ) (323 ) (181 ) Balance, end of period $ 11,600 $ 14,474 $ 11,600 $ 14,474 (a) Includes changes in the accretable yield due to both transfers from the nonaccretable difference and the impact of changes in the expected timing and amounts of the cash flows. |
Schedule Of Acquired Purchase Credit Impaired Loans By Portfolio Segment | The following table reflects the outstanding principal balance and carrying amounts of the acquired PCI loans as of June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 (Dollars in thousands) Carrying value Unpaid balance Carrying value Unpaid balance Commercial, financial and industrial $ 32,865 $ 34,869 $ 38,873 $ 44,259 Commercial real estate 7,347 8,122 15,197 17,232 Consumer real estate 25,752 28,847 30,723 34,820 Credit card and other 846 1,021 1,627 1,879 Total $ 66,810 $ 72,859 $ 86,420 $ 98,190 |
Information By Class Related To Individually Impaired Loans | The following tables provide information at June 30, 2019 and December 31, 2018 , by class related to individually impaired loans and consumer TDRs, regardless of accrual status. Recorded investment is defined as the amount of the investment in a loan, excluding any valuation allowance but including any direct write-down of the investment. For purposes of this disclosure, PCI loans and the TRUPS valuation allowance have been excluded. June 30, 2019 December 31, 2018 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related allowance recorded: Commercial: General C&I $ 66,045 $ 69,519 $ — $ 42,902 $ 45,387 $ — Loans to mortgage companies 37,256 41,216 — — — — Income CRE 1,440 1,440 — 1,589 1,589 — Total $ 104,741 $ 112,175 $ — $ 44,491 $ 46,976 $ — Consumer: HELOC (a) $ 6,377 $ 13,178 $ — $ 8,645 $ 16,648 $ — R/E installment loans (a) 5,565 6,489 — 4,314 4,796 — Permanent mortgage (a) 2,894 4,930 — 3,601 6,003 — Total $ 14,836 $ 24,597 $ — $ 16,560 $ 27,447 $ — Impaired loans with related allowance recorded: Commercial: General C&I $ 9,733 $ 9,732 $ 7,559 $ 2,802 $ 2,802 $ 149 TRUPS 2,774 3,700 925 2,888 3,700 925 Income CRE 337 337 — 377 377 — Total $ 12,844 $ 13,769 $ 8,484 $ 6,067 $ 6,879 $ 1,074 Consumer: HELOC $ 61,702 $ 64,924 $ 8,247 $ 66,482 $ 69,610 $ 11,241 R/E installment loans 42,112 43,142 5,832 38,993 39,851 6,743 Permanent mortgage 63,792 74,005 8,176 67,245 78,010 9,419 Credit card & other 699 699 442 695 695 337 Total $ 168,305 $ 182,770 $ 22,697 $ 173,415 $ 188,166 $ 27,740 Total commercial $ 117,585 $ 125,944 $ 8,484 $ 50,558 $ 53,855 $ 1,074 Total consumer $ 183,141 $ 207,367 $ 22,697 $ 189,975 $ 215,613 $ 27,740 Total impaired loans $ 300,726 $ 333,311 $ 31,181 $ 240,533 $ 269,468 $ 28,814 (a) All discharged bankruptcy loans are charged down to an estimate of net realizable value and do not carry any allowance. Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 (Dollars in thousands) Average Interest Average Interest Average Interest Average Interest Impaired loans with no related allowance recorded: Commercial: General C&I $ 67,337 $ 178 $ 24,825 $ 183 $ 61,552 $ 357 $ 20,389 $ 358 Loans to mortgage companies 18,628 — — — 9,314 — — — Income CRE 1,481 13 1,665 13 1,518 27 1,228 25 Residential CRE — — 500 — — — 374 — Total $ 87,446 $ 191 $ 26,990 $ 196 $ 72,384 $ 384 $ 21,991 $ 383 Consumer: HELOC (a) $ 6,462 $ — $ 9,034 $ — $ 7,030 $ — $ 9,145 $ — R/E installment loans (a) 5,738 — 3,553 — 5,425 — 3,733 — Permanent mortgage (a) 3,172 — 4,749 — 3,348 — 4,983 — Total $ 15,372 $ — $ 17,336 $ — $ 15,803 $ — $ 17,861 $ — Impaired loans with related allowance recorded: Commercial: General C&I $ 10,760 $ — $ 8,850 $ — $ 9,026 $ — $ 15,870 $ — TRUPS 2,806 — 3,005 — 2,835 — 3,026 — Income CRE 347 — — — 357 9 403 — Residential CRE — — — — — — 199 — Total $ 13,913 $ — $ 11,855 $ — $ 12,218 $ 9 $ 19,498 $ — Consumer: HELOC $ 62,623 $ 504 $ 70,789 $ 578 $ 63,819 $ 1,026 $ 71,222 $ 1,155 R/E installment loans 43,031 272 40,280 251 42,251 542 41,195 518 Permanent mortgage 64,861 543 74,227 574 65,724 1,095 75,976 1,152 Credit card & other 692 4 653 3 691 9 650 6 Total $ 171,207 $ 1,323 $ 185,949 $ 1,406 $ 172,485 $ 2,672 $ 189,043 $ 2,831 Total commercial $ 101,359 $ 191 $ 38,845 $ 196 $ 84,602 $ 393 $ 41,489 $ 383 Total consumer $ 186,579 $ 1,323 $ 203,285 $ 1,406 $ 188,288 $ 2,672 $ 206,904 $ 2,831 Total impaired loans $ 287,938 $ 1,514 $ 242,130 $ 1,602 $ 272,890 $ 3,065 $ 248,393 $ 3,214 (a) All discharged bankruptcy loans are charged down to an estimate of net realizable value and do not carry any allowance. |
Balances Of Commercial Loan Portfolio Classes, Disaggregated By PD Grade | The following tables provide the balances of commercial loan portfolio classes with associated allowance, disaggregated by PD grade as of June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) General C&I Loans to Mortgage Companies TRUPS (a) Income CRE Residential CRE Total Percentage of Total Allowance for Loan Losses PD Grade: 1 $ 644,320 $ — $ — $ 12,771 $ — $ 657,091 3 % $ 77 2 784,770 — — 7,498 22 792,290 3 214 3 714,521 1,005,546 3,314 381,343 715 2,105,439 9 313 4 1,323,078 783,813 35,786 392,617 425 2,535,719 11 891 5 2,039,017 625,650 80,765 946,927 20,306 3,712,665 16 10,548 6 2,372,435 762,708 33,815 661,250 12,940 3,843,148 17 11,608 7 2,788,867 215,894 11,446 588,840 37,809 3,642,856 16 20,083 8 1,435,796 234,238 — 258,834 22,247 1,951,115 9 20,579 9 1,235,046 111,728 26,123 229,873 14,096 1,616,866 7 18,284 10 555,544 7,218 18,536 85,578 3,861 670,737 3 9,312 11 414,018 — 12,000 55,898 3,523 485,439 2 10,585 12 196,321 4,861 — 22,436 1,170 224,788 1 5,945 13 213,551 — 5,786 50,113 2,129 271,579 1 8,726 14,15,16 208,110 — — 37,829 977 246,916 1 22,546 Collectively evaluated for impairment 14,925,394 3,751,656 227,571 3,731,807 120,220 22,756,648 99 139,711 Individually evaluated for impairment 75,778 37,256 2,774 1,777 — 117,585 1 8,484 Purchased credit-impaired loans 33,840 — — 5,722 1,505 41,067 — 854 Total commercial loans $ 15,035,012 $ 3,788,912 $ 230,345 $ 3,739,306 $ 121,725 $ 22,915,300 100 % $ 149,049 December 31, 2018 (Dollars in thousands) General C&I Loans to Mortgage Companies TRUPS (a) Income CRE Residential CRE Total Percentage of Total Allowance for Loan Losses PD Grade: 1 $ 610,177 $ — $ — $ 12,586 $ — $ 622,763 3 % $ 100 2 835,776 — — 1,688 29 837,493 4 274 3 782,362 716,971 — 289,594 147 1,789,074 9 315 4 1,223,092 394,862 43,220 563,243 — 2,224,417 11 686 5 1,920,034 277,814 77,751 798,509 14,150 3,088,258 15 8,919 6 1,722,136 365,341 45,609 657,628 33,759 2,824,473 14 8,141 7 2,690,784 96,603 11,446 538,909 26,135 3,363,877 16 16,906 8 1,337,113 53,224 — 265,901 20,320 1,676,558 8 18,545 9 1,472,852 96,292 45,117 455,184 29,849 2,099,294 10 15,454 10 490,795 13,260 18,536 60,803 3,911 587,305 3 8,675 11 311,967 — — 66,986 788 379,741 2 7,973 12 244,867 9,379 — 82,574 5,717 342,537 2 6,972 13 285,987 — 5,786 55,408 251 347,432 2 10,094 14,15,16 224,853 — — 28,835 837 254,525 1 23,307 Collectively evaluated for impairment 14,152,795 2,023,746 247,465 3,877,848 135,893 20,437,747 100 126,361 Individually evaluated for impairment 45,704 — 2,888 1,966 — 50,558 — 1,074 Purchased credit-impaired loans 41,730 — — 12,730 2,433 56,893 — 2,823 Total commercial loans $ 14,240,229 $ 2,023,746 $ 250,353 $ 3,892,544 $ 138,326 $ 20,545,198 100 % $ 130,258 (a) Balances presented net of a $19.1 million valuation allowance as of June 30, 2019 , and a $20.2 million valuation allowance as of December 31, 2018 . |
Loans by FICO Score, Consumer | The following table reflects the percentage of balances outstanding by average, refreshed FICO scores for the HELOC, real estate installment, and permanent mortgage classes of loans as of June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 HELOC R/E Installment Loans Permanent Mortgage HELOC R/E Installment Loans Permanent Mortgage FICO score 740 or greater 62.4 % 72.7 % 49.3 % 61.4 % 71.3 % 51.8 % FICO score 720-739 8.1 8.1 7.3 8.5 8.8 7.6 FICO score 700-719 7.6 6.1 10.7 7.6 7.0 10.6 FICO score 660-699 10.6 7.8 17.0 10.9 7.6 14.7 FICO score 620-659 5.0 2.8 7.0 5.1 2.8 6.5 FICO score less than 620 (a) 6.3 2.5 8.7 6.5 2.5 8.8 Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (a) For this group, a majority of the loan balances had FICO scores at the time of the origination that exceeded 620 but have since deteriorated as the loans have seasoned. |
Accruing And Non-Accruing Loans By Class | The following table reflects accruing and non-accruing loans by class on June 30, 2019 : Accruing Non-Accruing (Dollars in thousands) Current 30-89 Days Past Due 90+ Days Past Due Total Accruing Current 30-89 Days Past Due 90+ Days Past Due Total Non- Accruing Total Loans Commercial (C&I): General C&I $ 14,928,462 $ 5,269 $ 270 $ 14,934,001 $ 50,152 $ 999 $ 16,020 $ 67,171 $ 15,001,172 Loans to mortgage companies 3,751,656 — — 3,751,656 37,256 — — 37,256 3,788,912 TRUPS (a) 227,571 — — 227,571 — — 2,774 2,774 230,345 Purchased credit-impaired loans 30,331 1,701 1,808 33,840 — — — — 33,840 Total commercial (C&I) 18,938,020 6,970 2,078 18,947,068 87,408 999 18,794 107,201 19,054,269 Commercial real estate: Income CRE 3,728,428 2,556 — 3,730,984 — — 2,600 2,600 3,733,584 Residential CRE 120,220 — — 120,220 — — — — 120,220 Purchased credit-impaired loans 7,113 49 65 7,227 — — — — 7,227 Total commercial real estate 3,855,761 2,605 65 3,858,431 — — 2,600 2,600 3,861,031 Consumer real estate: HELOC 1,322,636 9,644 7,356 1,339,636 45,734 4,266 6,729 56,729 1,396,365 R/E installment loans 4,652,939 7,554 6,702 4,667,195 13,349 2,596 3,748 19,693 4,686,888 Purchased credit-impaired loans 20,493 2,362 3,974 26,829 — — — — 26,829 Total consumer real estate 5,996,068 19,560 18,032 6,033,660 59,083 6,862 10,477 76,422 6,110,082 Permanent mortgage 170,849 2,691 1,604 175,144 10,199 82 7,627 17,908 193,052 Credit card & other: Credit card 198,767 1,509 868 201,144 — — — — 201,144 Other 289,376 2,233 266 291,875 101 112 241 454 292,329 Purchased credit-impaired loans 523 309 71 903 — — — — 903 Total credit card & other 488,666 4,051 1,205 493,922 101 112 241 454 494,376 Total loans, net of unearned income $ 29,449,364 $ 35,877 $ 22,984 $ 29,508,225 $ 156,791 $ 8,055 $ 39,739 $ 204,585 $ 29,712,810 (a) TRUPS is presented net of the valuation allowance of $19.1 million . The following table reflects accruing and non-accruing loans by class on December 31, 2018 : Accruing Non-Accruing (Dollars in thousands) Current 30-89 Days Past Due 90+ Days Past Due Total Accruing Current 30-89 Days Past Due 90+ Days Past Due Total Non- Accruing Total Loans Commercial (C&I): General C&I $ 14,153,275 $ 8,234 $ 102 $ 14,161,611 $ 26,325 $ 5,537 $ 5,026 $ 36,888 $ 14,198,499 Loans to mortgage companies 2,023,746 — — 2,023,746 — — — — 2,023,746 TRUPS (a) 247,465 — — 247,465 — — 2,888 2,888 250,353 Purchased credit-impaired loans 39,433 624 1,673 41,730 — — — — 41,730 Total commercial (C&I) 16,463,919 8,858 1,775 16,474,552 26,325 5,537 7,914 39,776 16,514,328 Commercial real estate: Income CRE 3,876,229 626 — 3,876,855 30 — 2,929 2,959 3,879,814 Residential CRE 135,861 — — 135,861 32 — — 32 135,893 Purchased credit-impaired loans 13,308 103 1,752 15,163 — — — — 15,163 Total commercial real estate 4,025,398 729 1,752 4,027,879 62 — 2,929 2,991 4,030,870 Consumer real estate: HELOC 1,443,651 11,653 10,129 1,465,433 49,009 3,314 8,781 61,104 1,526,537 R/E installment loans 4,652,658 10,470 6,497 4,669,625 15,146 1,924 4,474 21,544 4,691,169 Purchased credit-impaired loans 24,096 2,094 5,620 31,810 — — — — 31,810 Total consumer real estate 6,120,405 24,217 22,246 6,166,868 64,155 5,238 13,255 82,648 6,249,516 Permanent mortgage 193,591 2,585 4,562 200,738 11,227 996 9,487 21,710 222,448 Credit card & other: Credit card 188,009 2,133 1,203 191,345 — — — — 191,345 Other 320,551 3,570 526 324,647 110 60 454 624 325,271 Purchased credit-impaired loans 746 611 397 1,754 — — — — 1,754 Total credit card & other 509,306 6,314 2,126 517,746 110 60 454 624 518,370 Total loans, net of unearned income $ 27,312,619 $ 42,703 $ 32,461 $ 27,387,783 $ 101,879 $ 11,831 $ 34,039 $ 147,749 $ 27,535,532 Certain previously reported amounts have been reclassified to agree with current presentation. (a) TRUPS is presented net of the valuation allowance of $20.2 million . |
Schedule Of Troubled Debt Restructurings Occurring During The Year | The following tables reflect portfolio loans that were classified as TDRs during the three and six months ended June 30, 2019 and 2018 : Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (Dollars in thousands) Number Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial (C&I): General C&I 1 $ 222 $ 222 3 $ 14,117 $ 14,042 Total commercial (C&I) 1 222 222 3 14,117 14,042 Commercial real estate: Income CRE — — — — — — Total commercial real estate — — — — — — Consumer real estate: HELOC 25 3,271 3,235 44 5,375 5,319 R/E installment loans 17 1,513 1,504 61 7,490 7,438 Total consumer real estate 42 4,784 4,739 105 12,865 12,757 Permanent mortgage 2 21 19 5 1,469 1,498 Credit card & other 18 109 103 33 183 174 Total troubled debt restructurings 63 $ 5,136 $ 5,083 146 $ 28,634 $ 28,471 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (Dollars in thousands) Number Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial (C&I): General C&I 3 $ 544 $ 537 8 $ 2,048 $ 1,751 Total commercial (C&I) 3 544 537 8 2,048 1,751 Commercial real estate: Income CRE 3 201 195 3 201 195 Total commercial real estate 3 201 195 3 201 195 Consumer real estate: HELOC 34 3,824 3,806 64 6,584 6,539 R/E installment loans 10 772 770 15 1,383 1,382 Total consumer real estate 44 4,596 4,576 79 7,967 7,921 Permanent mortgage 4 434 440 5 709 713 Credit card & other 27 95 94 68 305 291 Total troubled debt restructurings 81 $ 5,870 $ 5,842 163 $ 11,230 $ 10,871 |
Schedule Of Troubled Debt Restructurings Within The Previous 12 Months | The following tables present TDRs which re-defaulted during the three and six months ended June 30, 2019 and 2018 , and as to which the modification occurred 12 months or less prior to the re-default. For purposes of this disclosure, FHN generally defines payment default as 30 or more days past due. Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (Dollars in thousands) Number Recorded Investment Number Recorded Investment Commercial (C&I): General C&I — $ — — $ — Total commercial (C&I) — — — — Consumer real estate: HELOC 1 66 2 99 R/E installment loans 1 38 1 38 Total consumer real estate 2 104 3 137 Permanent mortgage — — — — Credit card & other 7 14 15 32 Total troubled debt restructurings 9 $ 118 18 $ 169 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (Dollars in thousands) Number Recorded Investment Number Recorded Investment Commercial (C&I): General C&I 1 $ 258 1 $ 258 Total commercial (C&I) 1 258 1 258 Consumer real estate: HELOC 2 95 4 164 R/E installment loans 1 25 1 25 Total consumer real estate 3 120 5 189 Permanent mortgage 1 293 2 405 Credit card & other 12 75 26 156 Total troubled debt restructurings 17 $ 746 34 $ 1,008 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Rollforward Of The Allowance For Loan Losses By Portfolio Segment | The following table provides a rollforward of the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2019 and 2018 : (Dollars in thousands) C&I Commercial Real Estate Consumer Real Estate Permanent Mortgage Credit Card and Other Total Balance as of April 1, 2019 $ 103,713 $ 34,382 $ 24,073 $ 10,081 $ 12,662 $ 184,911 Charge-offs (6,590 ) (121 ) (1,538 ) (176 ) (3,798 ) (12,223 ) Recoveries 519 (88 ) 4,514 1,011 1,105 7,061 Provision/(provision credit) for loan losses 18,454 (1,220 ) (4,192 ) (2,241 ) 2,199 13,000 Balance as of June 30, 2019 116,096 32,953 22,857 8,675 12,168 192,749 Balance as of January 1, 2019 98,947 31,311 26,439 11,000 12,727 180,424 Charge-offs (9,691 ) (555 ) (4,338 ) (180 ) (7,986 ) (22,750 ) Recoveries 1,348 (31 ) 7,967 1,599 2,192 13,075 Provision/(provision credit) for loan losses 25,492 2,228 (7,211 ) (3,744 ) 5,235 22,000 Balance as of June 30, 2019 116,096 32,953 22,857 8,675 12,168 192,749 Allowance - individually evaluated for impairment 8,484 — 14,079 8,176 442 31,181 Allowance - collectively evaluated for impairment 106,758 32,953 7,700 499 11,669 159,579 Allowance - purchased credit-impaired loans 854 — 1,078 — 57 1,989 Loans, net of unearned as of June 30, 2019: Individually evaluated for impairment 115,808 1,777 115,756 66,686 699 300,726 Collectively evaluated for impairment 18,904,621 3,852,027 5,967,497 126,366 492,774 29,343,285 Purchased credit-impaired loans 33,840 7,227 26,829 — 903 68,799 Total loans, net of unearned income $ 19,054,269 $ 3,861,031 $ 6,110,082 $ 193,052 $ 494,376 $ 29,712,810 Balance as of April 1, 2018 $ 100,238 $ 29,057 $ 35,201 $ 12,984 $ 9,714 $ 187,194 Charge-offs (3,287 ) (228 ) (1,481 ) (300 ) (4,712 ) (10,008 ) Recoveries 1,036 75 5,444 631 1,090 8,276 Provision/(provision credit) for loan losses (1,153 ) 4,928 (5,009 ) (1,623 ) 2,857 — Balance as of June 30, 2018 96,834 33,832 34,155 11,692 8,949 185,462 Balance as of January 1, 2018 98,211 28,427 39,823 13,113 9,981 189,555 Charge-offs (5,362 ) (272 ) (3,392 ) (460 ) (9,005 ) (18,491 ) Recoveries 2,555 81 9,827 696 2,239 15,398 Provision/(provision credit) for loan losses 1,430 5,596 (12,103 ) (1,657 ) 5,734 (1,000 ) Balance as of June 30, 2018 96,834 33,832 34,155 11,692 8,949 185,462 Allowance - individually evaluated for impairment 1,213 — 20,399 10,787 305 32,704 Allowance - collectively evaluated for impairment 93,429 33,744 13,116 905 8,557 149,751 Allowance - purchased credit-impaired loans 2,192 88 640 — 87 3,007 Loans, net of unearned as of June 30, 2018: Individually evaluated for impairment 32,599 2,252 122,335 76,861 604 234,651 Collectively evaluated for impairment 16,349,811 4,106,974 6,169,058 172,958 545,453 27,344,254 Purchased credit-impaired loans 56,335 27,130 36,315 — 3,055 122,835 Total loans, net of unearned income $ 16,438,745 $ 4,136,356 $ 6,327,708 $ 249,819 $ 549,112 $ 27,701,740 Certain previously reported amounts have been reclassified to agree with current presentation. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary Of Intangible Assets and Accumulated Amortization Included In The Consolidated Statements of Condition | The following is a summary of other intangible assets included in the Consolidated Condensed Statements of Condition: June 30, 2019 December 31, 2018 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Core deposit intangibles $ 157,150 $ (37,761 ) $ 119,389 $ 157,150 $ (28,150 ) $ 129,000 Customer relationships 77,865 (57,879 ) 19,986 77,865 (55,597 ) 22,268 Other (a) 5,622 (2,385 ) 3,237 5,622 (1,856 ) 3,766 Total $ 240,637 $ (98,025 ) $ 142,612 $ 240,637 $ (85,603 ) $ 155,034 (a) Balance primarily includes noncompete covenants, as well as $ .3 million related to state banking licenses not subject to amortization. |
Schedule of Estimated Aggregate Amortization Expense for Intangible Assets | As of June 30, 2019 the estimated aggregated amortization expense is expected to be: (Dollars in thousands) Year Amortization Remainder of 2019 $ 12,419 2020 21,159 2021 19,547 2022 17,412 2023 16,117 2024 14,679 |
Summary Of Gross Goodwill And Accumulated Impairment Losses And Write-Offs Detailed By Reportable Segments | The following is a summary of goodwill by reportable segment included in the Consolidated Condensed Statements of Condition as of June 30, 2019 and December 31, 2018 . (Dollars in thousands) Regional Banking Fixed Income Total December 31, 2017 $ 1,243,885 $ 142,968 $ 1,386,853 Additions (a) 22,423 — 22,423 June 30, 2018 $ 1,266,308 $ 142,968 $ 1,409,276 December 31, 2018 $ 1,289,819 $ 142,968 $ 1,432,787 Additions — — — June 30, 2019 $ 1,289,819 $ 142,968 $ 1,432,787 (a) See Note 2 - Acquisitions and Divestitures for further details regarding goodwill related to acquisitions. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Supplemental Balance Sheet | The following table provides a detail of the classification of FHN's right-of-use ("ROU") assets and lease liabilities included in the Consolidated Condensed Statement of Conditions. (Dollars in thousands) June 30, 2019 Lease Right-of-Use Assets: Classification Operating lease right-of use assets Other assets $ 178,098 Finance lease right-of use assets Other assets 657 Total Lease Right-of Use Assets $ 178,755 Lease Liabilities: Operating lease liabilities Other liabilities $ 199,063 Finance lease liabilities Other liabilities 1,312 Total Lease Liabilities $ 200,375 |
Components of Lease Expense, Other Information, and Supplemental Cash Flow | The following table details the weighted average remaining lease term and discount rate for FHN's operating and finance leases as of June 30, 2019 . Weighted Average Remaining Lease Terms Operating leases 12.18 years Finance leases 6.92 years Weighted Average Discount Rate Operating leases 3.48 % Finance leases 9.96 % The following table provides a detail of the components of lease expense and other lease information for the three months ended June 30, 2019 : (Dollars in thousands) Three Months Ended Six Months Ended Lease cost Operating lease cost $ 6,401 $ 12,584 Finance lease cost: Amortization of right-of-use assets 24 48 Interest on lease liabilities 32 65 Short-term lease cost 35 80 Sublease income (97 ) (192 ) Total lease cost $ 6,395 $ 12,585 Other information (Gain)/loss on right-of-use asset impairment-Operating leases $ 1,734 $ 2,551 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 6,045 11,347 Operating cash flows from finance leases 33 66 Financing cash flows from finance leases 31 62 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 2,342 4,784 Finance leases — — |
Maturities of Lease Liabilities, Operating | The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of June 30, 2019 : (Dollars in thousands) June 30, 2019 Remainder of 2019 $ 12,374 2020 24,642 2021 22,237 2022 21,124 2023 20,156 2024 and after 146,999 Total future minimum lease payments 247,532 Less lease liability interest (47,157 ) Present value of net future minimum lease payments $ 200,375 |
Maturity of Lease Liabilities, Finance | The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of June 30, 2019 : (Dollars in thousands) June 30, 2019 Remainder of 2019 $ 12,374 2020 24,642 2021 22,237 2022 21,124 2023 20,156 2024 and after 146,999 Total future minimum lease payments 247,532 Less lease liability interest (47,157 ) Present value of net future minimum lease payments $ 200,375 |
Maturity of Leases Prior to Adoption of ASC 842 | Minimum future lease payments for noncancelable operating leases, primarily on premises, on December 31, 2018 are shown below. (Dollars in thousands) December 31, 2018 2019 $ 27,524 2020 24,722 2021 20,954 2022 16,518 2023 13,174 2024 and after 42,370 Total minimum lease payments $ 145,262 |
Other Income And Other Expense
Other Income And Other Expense (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income And Other Expense | Following is detail of All other income and commissions and All other expense as presented in the Consolidated Condensed Statements of Income: Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 All other income and commissions: Other service charges $ 5,624 $ 3,728 $ 9,493 $ 7,851 ATM and interchange fees 4,262 3,413 7,503 6,680 Mortgage banking 2,572 2,431 4,458 4,977 Deferred compensation (a) 1,938 991 7,412 1,442 Dividend income 1,809 3,124 4,122 5,373 Electronic banking fees 1,267 1,228 2,538 2,432 Letter of credit fees 1,253 1,295 2,621 2,544 Insurance commissions 566 476 1,190 1,233 Gain/(loss) on extinguishment of debt — — (1 ) — Other 6,376 2,188 10,962 9,235 Total $ 25,667 $ 18,874 $ 50,298 $ 41,767 All other expense: Travel and entertainment $ 2,906 $ 5,131 $ 5,618 $ 8,114 Other insurance and taxes 2,495 2,752 5,189 5,417 Customer relations 1,540 1,358 3,139 2,421 Supplies 1,342 1,987 3,146 3,823 Employee training and dues 1,251 1,849 2,708 3,628 Miscellaneous loan costs 857 1,035 1,884 2,177 Non-service components of net periodic pension and post-retirement cost 559 1,530 991 2,034 Tax credit investments 267 1,079 942 2,216 OREO 25 810 (341 ) 918 Litigation and regulatory matters (b) (8,230 ) 16 (8,217 ) 2,150 Other 26,199 33,452 33,938 53,433 Total $ 29,211 $ 50,999 $ 48,997 $ 86,331 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Amounts are driven by market conditions and are mirrored by changes in deferred compensation expense which is included in employee compensation expense. (b) Litigation and regulatory matters for the three and six months ended June 30, 2019 includes an $8.3 million expense reversal related to the settlement of litigation matters within the Non-Strategic segment. |
Components of Other Comprehen_2
Components of Other Comprehensive Income/(Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income/(Loss) | The following table provides the changes in accumulated other comprehensive income/(loss) by component, net of tax, for the three and six months ended June 30, 2019 and 2018 : (Dollars in thousands) Securities AFS Cash Flow Pension and Total Balance as of April 1, 2019 $ (27,121 ) $ (6,725 ) $ (287,305 ) $ (321,151 ) Net unrealized gains/(losses) 47,991 7,575 — 55,566 Amounts reclassified from AOCI 201 1,334 1,561 3,096 Other comprehensive income/(loss) 48,192 8,909 1,561 58,662 Balance as of June 30, 2019 $ 21,071 $ 2,184 $ (285,744 ) $ (262,489 ) Balance as of January 1, 2019 $ (75,736 ) $ (12,112 ) $ (288,768 ) $ (376,616 ) Net unrealized gains/(losses) 96,606 11,511 — 108,117 Amounts reclassified from AOCI 201 2,785 3,024 6,010 Other comprehensive income/(loss) 96,807 14,296 3,024 114,127 Balance as of June 30, 2019 $ 21,071 $ 2,184 $ (285,744 ) $ (262,489 ) (Dollars in thousands) Securities AFS Cash Flow Pension and Total Balance as of April 1, 2018 $ (86,382 ) $ (16,763 ) $ (286,940 ) $ (390,085 ) Net unrealized gains/(losses) (21,094 ) (3,457 ) — (24,551 ) Amounts reclassified from AOCI — 463 2,059 2,522 Other comprehensive income/(loss) (21,094 ) (2,994 ) 2,059 (22,029 ) Balance as of June 30, 2018 $ (107,476 ) $ (19,757 ) $ (284,881 ) $ (412,114 ) Balance as of January 1, 2018 $ (26,834 ) $ (7,764 ) $ (288,227 ) $ (322,825 ) Adjustment to reflect adoption of ASU 2016-01 (5 ) (206 ) — (211 ) Beginning balance, as adjusted (26,839 ) (7,970 ) (288,227 ) (323,036 ) Net unrealized gains/(losses) (80,598 ) (12,095 ) — (92,693 ) Amounts reclassified from AOCI (39 ) 308 3,346 3,615 Other comprehensive income/(loss) (80,637 ) (11,787 ) 3,346 (89,078 ) Balance as of June 30, 2018 $ (107,476 ) $ (19,757 ) $ (284,881 ) $ (412,114 ) |
Reclassification Out Of Accumulated Other Comprehensive Income | Reclassifications from AOCI, and related tax effects, were as follows: (Dollars in thousands) Three Months Ended Six Months Ended Details about AOCI 2019 2018 2019 2018 Affected line item in the statement where net income is presented Securities AFS: Realized (gains)/losses on securities AFS $ 267 $ — $ 267 $ (52 ) Debt securities gains/(losses), net Tax expense/(benefit) (66 ) — (66 ) 13 Provision/(benefit) for income taxes 201 — 201 (39 ) Cash flow hedges: Realized (gains)/losses on cash flow hedges 1,772 615 3,699 409 Interest and fees on loans Tax expense/(benefit) (438 ) (152 ) (914 ) (101 ) Provision/(benefit) for income taxes 1,334 463 2,785 308 Pension and Postretirement Plans: Amortization of prior service cost and net actuarial gain/(loss) 2,074 2,735 4,017 4,444 All other expense Tax expense/(benefit) (513 ) (676 ) (993 ) (1,098 ) Provision/(benefit) for income taxes 1,561 2,059 3,024 3,346 Total reclassification from AOCI $ 3,096 $ 2,522 $ 6,010 $ 3,615 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation Of Earnings/(Loss) Per Common And Diluted Share | The following table provides reconciliations of net income to net income available to common shareholders and the difference between average basic common shares outstanding and average diluted common shares outstanding: Three Months Ended Six Months Ended (Dollars and shares in thousands, except per share data) 2019 2018 2019 2018 Net income/(loss) $ 113,742 $ 85,992 $ 217,147 $ 180,986 Net income attributable to noncontrolling interest 2,852 2,852 5,672 5,672 Net income/(loss) attributable to controlling interest 110,890 83,140 211,475 175,314 Preferred stock dividends 1,550 1,550 3,100 3,100 Net income/(loss) available to common shareholders $ 109,340 $ 81,590 $ 208,375 $ 172,214 Weighted average common shares outstanding—basic 314,063 325,153 315,740 325,817 Effect of dilutive securities 1,723 3,273 1,980 3,536 Weighted average common shares outstanding—diluted 315,786 328,426 317,720 329,353 Net income/(loss) per share available to common shareholders $ 0.35 $ 0.25 $ 0.66 $ 0.53 Diluted income/(loss) per share available to common shareholders $ 0.35 $ 0.25 $ 0.66 $ 0.52 |
Schedule of Anti-Dilutive Options and Awards | The following table presents outstanding options and other equity awards that were excluded from the calculation of diluted earnings per share because they were either anti-dilutive (the exercise price was higher than the weighted-average market price for the period) or the performance conditions have not been met: Three Months Ended Six Months Ended (Shares in thousands) 2019 2018 2019 2018 Stock options excluded from the calculation of diluted EPS 2,773 2,446 2,692 2,428 Weighted average exercise price of stock options excluded from the calculation of diluted EPS $ 21.03 $ 24.38 $ 21.39 $ 24.60 Other equity awards excluded from the calculation of diluted EPS 2,403 565 1,985 404 |
Pension, Savings, And Other E_2
Pension, Savings, And Other Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits, Description [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the three months ended June 30 are as follows: Pension Benefits Other Benefits (Dollars in thousands) 2019 2018 2019 2018 Components of net periodic benefit cost Service cost $ 8 $ 10 $ 24 $ 34 Interest cost 7,575 6,987 351 327 Expected return on plan assets (9,173 ) (8,226 ) (269 ) (269 ) Amortization of unrecognized: Actuarial (gain)/loss 2,435 2,956 (117 ) (91 ) Net periodic benefit cost/(credit) $ 845 $ 1,727 $ (11 ) $ 1 The components of net periodic benefit cost for the six months ended June 30 are as follows: Pension Benefits Other Benefits (Dollars in thousands) 2019 2018 2019 2018 Components of net periodic benefit cost Service cost $ 16 $ 20 $ 48 $ 67 Interest cost 15,150 13,973 702 654 Expected return on plan assets (18,346 ) (16,451 ) (538 ) (538 ) Amortization of unrecognized: Actuarial (gain)/loss 4,870 5,912 (234 ) (182 ) Net periodic benefit cost/(credit) $ 1,690 $ 3,454 $ (22 ) $ 1 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Amounts Of Consolidated Revenue, Expense, Tax And Assets | The following table reflects the amounts of consolidated revenue, expense, tax, and average assets for each segment for the three and six months ended June 30 : Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Consolidated Net interest income $ 303,610 $ 310,932 $ 598,118 $ 612,105 Provision/(provision credit) for loan losses 13,000 — 22,000 (1,000 ) Noninterest income 157,993 127,525 299,038 263,542 Noninterest expense 300,394 332,768 596,484 646,033 Income/(loss) before income taxes 148,209 105,689 278,672 230,614 Provision/(benefit) for income taxes 34,467 19,697 61,525 49,628 Net income/(loss) $ 113,742 $ 85,992 $ 217,147 $ 180,986 Average assets $ 41,243,007 $ 40,173,712 $ 41,064,093 $ 40,261,729 Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Regional Banking Net interest income $ 297,328 $ 305,935 $ 583,241 $ 598,084 Provision/(provision credit) for loan losses 17,775 4,613 31,218 8,950 Noninterest income 81,475 80,767 154,505 161,055 Noninterest expense 193,268 210,038 392,736 412,712 Income/(loss) before income taxes 167,760 172,051 313,792 337,477 Provision/(benefit) for income taxes 39,504 40,424 73,364 79,387 Net income/(loss) $ 128,256 $ 131,627 $ 240,428 $ 258,090 Average assets $ 30,209,191 $ 28,401,733 $ 29,513,197 $ 28,231,978 Fixed Income Net interest income $ 6,171 $ 9,200 $ 13,502 $ 17,688 Noninterest income 65,622 38,363 119,429 83,967 Noninterest expense 55,770 46,933 106,544 96,296 Income/(loss) before income taxes 16,023 630 26,387 5,359 Provision/(benefit) for income taxes 3,781 (69 ) 6,178 970 Net income/(loss) $ 12,242 $ 699 $ 20,209 $ 4,389 Average assets $ 3,127,333 $ 3,247,620 $ 2,988,575 $ 3,361,438 Corporate Net interest income/(expense) $ (7,000 ) $ (17,177 ) $ (14,803 ) $ (33,373 ) Noninterest income 9,400 8,738 22,752 18,054 Noninterest expense (a) (b) 55,500 67,868 95,874 121,218 Income/(loss) before income taxes (53,100 ) (76,307 ) (87,925 ) (136,537 ) Provision/(benefit) for income taxes (13,150 ) (22,960 ) (24,546 ) (36,739 ) Net income/(loss) $ (39,950 ) $ (53,347 ) $ (63,379 ) $ (99,798 ) Average assets $ 6,814,261 $ 6,963,450 $ 7,428,906 $ 7,039,301 Non-Strategic Net interest income $ 7,111 $ 12,974 $ 16,178 $ 29,706 Provision/(provision credit) for loan losses (4,775 ) (4,613 ) (9,218 ) (9,950 ) Noninterest income 1,496 (343 ) 2,352 466 Noninterest expense (4,144 ) 7,929 1,330 15,807 Income/(loss) before income taxes 17,526 9,315 26,418 24,315 Provision/(benefit) for income taxes 4,332 2,302 6,529 6,010 Net income/(loss) $ 13,194 $ 7,013 $ 19,889 $ 18,305 Average assets $ 1,092,222 $ 1,560,909 $ 1,133,415 $ 1,629,012 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Three and six months ended June 30, 2019 include restructuring-related costs associated with efficiency initiatives; refer to Note 18 - Restructuring, Repositioning, and Efficiency for additional information. Three and six months ended June 30, 2019 and 2018 include acquisition-related expenses; refer to Note 2 - Acquisitions and Divestitures for additional information. (b) Three and six months ended June 30, 2019 include $9.1 million of asset impairments, professional fees, and other customer-contact and technology-related expenses associated with rebranding initiatives. The following tables reflect a disaggregation of FHN’s noninterest income by major product line and reportable segment for the three months ended June 30, 2019 and 2018 : Three months ended June 30, 2019 (Dollars in thousands) Regional Banking Fixed Income Corporate Non-Strategic Consolidated Noninterest income: Fixed income (a) $ 46 $ 65,262 $ — $ 1,106 $ 66,414 Deposit transactions and cash management 30,608 1 1,707 58 32,374 Brokerage, management fees and commissions 14,118 — — 2 14,120 Trust services and investment management 7,902 — (14 ) — 7,888 Bankcard income 6,594 — 60 (299 ) 6,355 BOLI (b) — — 5,126 — 5,126 Debt securities gains/(losses), net (b) — — (267 ) — (267 ) Equity securities gains/(losses), net (b) — — 316 — 316 All other income and commissions (c) 22,207 359 2,472 629 25,667 Total noninterest income $ 81,475 $ 65,622 $ 9,400 $ 1,496 $ 157,993 (a) Includes $7.1 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("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 non-interest income. (c) Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commission in scope of ASC 606. Three months ended June 30, 2018 (Dollars in thousands) Regional Banking Fixed Income Corporate Non- Strategic Consolidated Noninterest income: Fixed income (a) $ 131 $ 37,566 $ — $ — $ 37,697 Deposit transactions and cash management 34,511 3 1,514 55 36,083 Brokerage, management fees and commissions 13,740 — — — 13,740 Trust services and investment management 8,147 — (15 ) — 8,132 Bankcard income 7,202 — 55 (62 ) 7,195 BOLI (b) — — 5,773 — 5,773 Debt securities gains/(losses), net (b) — — — — — Equity securities gains/(losses), net (b) — — 31 — 31 All other income and commissions (c) 17,036 794 1,380 (336 ) 18,874 Total noninterest income $ 80,767 $ 38,363 $ 8,738 $ (343 ) $ 127,525 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Includes $7.4 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("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 non-interest income. (c) Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commission in scope of ASC 606. Six months ended June 30, 2019 (Dollars in thousands) Regional Banking Fixed Income Corporate Non-Strategic Consolidated Noninterest income: Fixed income (a) $ 63 $ 118,994 $ — $ 1,106 $ 120,163 Deposit transactions and cash management 60,611 4 3,270 110 63,995 Brokerage, management fees and commissions 26,748 — — 5 26,753 Trust services and investment management 14,958 — (44 ) — 14,914 Bankcard income 13,634 — 122 (449 ) 13,307 BOLI (b) — — 9,528 — 9,528 Debt securities gains/(losses), net (b) — — (267 ) — (267 ) Equity securities gains/(losses), net (b) — — 347 — 347 All other income and commissions (c) 38,491 431 9,796 1,580 50,298 Total noninterest income $ 154,505 $ 119,429 $ 22,752 $ 2,352 $ 299,038 (a) Includes $14.4 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("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 non-interest income. (c) Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commission in scope of ASC 606. Six months ended June 30, 2018 (Dollars in thousands) Regional Banking Fixed Income Corporate Non- Strategic Consolidated Noninterest income: Fixed income (a) $ 212 $ 82,991 $ — $ — $ 83,203 Deposit transactions and cash management 69,230 6 2,726 105 72,067 Brokerage, management fees and commissions 27,223 — — — 27,223 Trust services and investment management 15,438 — (29 ) — 15,409 Bankcard income 13,831 — 112 47 13,990 BOLI (b) — — 9,766 — 9,766 Debt securities gains/(losses), net (b) — — 52 — 52 Equity securities gains/(losses), net (b) — — 65 — 65 All other income and commissions (c) (d) 35,121 970 5,362 314 41,767 Total noninterest income $ 161,055 $ 83,967 $ 18,054 $ 466 $ 263,542 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Includes $15.6 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("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 non-interest income. (c) Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commission in scope of ASC 606. (d) Corporate includes a $3.3 million gain on the sale of a building. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Summary Of VIEs Consolidated By FHN | The following table summarizes VIEs consolidated by FHN as of June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 On-Balance Sheet Consumer Loan Securitization Rabbi Trusts Used for Deferred Compensation Plans On-Balance Sheet Consumer Loan Securitization Rabbi Trusts Used for Deferred Compensation Plans ( Dollars in thousands ) Carrying Value Carrying Value Carrying Value Carrying Value Assets: Cash and due from banks $ — N/A $ — N/A Loans, net of unearned income 13,483 N/A 16,213 N/A Less: Allowance for loan losses — N/A — N/A Total net loans 13,483 N/A 16,213 N/A Other assets 29 $ 87,222 35 $ 78,446 Total assets $ 13,512 $ 87,222 $ 16,248 $ 78,446 Liabilities: Term borrowings $ 1,801 N/A $ 2,981 N/A Other liabilities — $ 65,867 — $ 56,700 Total liabilities $ 1,801 $ 65,867 $ 2,981 $ 56,700 |
Summary of the Impact of Qualifying LIHTC Investments | The following table summarizes the impact to the Provision/(benefit) for income taxes on the Consolidated Condensed Statements of Income for the three and six months ended June 30, 2019 , and 2018 for LIHTC investments accounted for under the proportional amortization method. Three Months Ended Six Months Ended ( Dollars in thousands ) 2019 2018 2019 2018 Provision/(benefit) for income taxes: Amortization of qualifying LIHTC investments $ 4,287 $ 2,191 $ 8,285 $ 4,547 Low income housing tax credits (3,522 ) (2,560 ) (7,151 ) (5,097 ) Other tax benefits related to qualifying LIHTC investments (1,609 ) (894 ) (3,219 ) (1,584 ) |
Summary Of VIEs Not Consolidated By FHN | The following table summarizes FHN’s nonconsolidated VIEs as of June 30, 2019 : (Dollars in thousands) Maximum Loss Exposure Liability Recognized Classification Type Low income housing partnerships $ 152,750 $ 72,230 (a) Other tax credit investments (b) (c) 9,164 — Other assets Small issuer trust preferred holdings (d) 249,471 — Loans, net of unearned income On-balance sheet trust preferred securitization 36,986 77,188 (e) Proprietary residential mortgage securitizations 1,255 — Trading securities Holdings of agency mortgage-backed securities (d) 4,967,127 — (f) Commercial loan troubled debt restructurings (g) 50,955 — Loans, net of unearned income Sale-leaseback transaction 19,639 — (h) Proprietary trust preferred issuances (i) — 167,014 Term borrowings (a) Maximum loss exposure represents $80.5 million of current investments and $72.2 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events, and are also recognized in Other liabilities. FHN currently expects to be required to fund these accrued commitments by the end of 2021. (b) A liability is not recognized as investments are written down over the life of the related tax credit. (c) Maximum loss exposure represents current investment balance. Of the initial investment, $2.7 million was funded through loans from community development enterprises. (d) Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities. (e) Includes $112.5 million classified as Loans, net of unearned income, and $1.7 million classified as Trading securities which are offset by $77.2 million classified as Term borrowings. (f) Includes $.9 billion classified as Trading securities and $4.1 billion classified as Securities available-for-sale. (g) Maximum loss exposure represents $49.4 million of current receivables and $1.5 million of contractual funding commitments on loans related to commercial borrowers involved in a troubled debt restructuring. (h) Maximum loss exposure represents the current loan balance plus additional funding commitments. (i) No exposure to loss due to nature of FHN's involvement. The following table summarizes FHN’s nonconsolidated VIEs as of December 31, 2018 : (Dollars in thousands) Maximum Loss Exposure Liability Recognized Classification Type Low income housing partnerships $ 156,056 $ 80,427 (a) Other tax credit investments (b) (c) 3,619 — Other assets Small issuer trust preferred holdings (d) 270,585 — Loans, net of unearned income On-balance sheet trust preferred securitization 37,532 76,642 (e) Proprietary residential mortgage securitizations 1,524 — Trading securities Holdings of agency mortgage-backed securities (d) 4,842,630 — (f) Commercial loan troubled debt restructurings (g) 40,590 — Loans, net of unearned income Sale-leaseback transaction 16,327 — (h) Proprietary trust preferred issuances (i) — 167,014 Term borrowings (a) Maximum loss exposure represents $75.6 million of current investments and $80.4 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events, and are also recognized in Other liabilities. FHN currently expects to be required to fund these accrued commitments by the end of 2020. (b) A liability is not recognized as investments are written down over the life of the related tax credit. (c) Maximum loss exposure represents current investment balance. Of the initial investment, $2.7 million was funded through loans from community development enterprises. (d) Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities. (e) Includes $112.5 million classified as Loans, net of unearned income, and $1.7 million classified as Trading securities which are offset by $76.6 million classified as Term borrowings. (f) Includes $.5 billion classified as Trading securities and $4.4 billion classified as Securities available-for-sale. (g) Maximum loss exposure represents $38.2 million of current receivables and $ 2.3 million of contractual funding commitments on loans related to commercial borrowers involved in a troubled debt restructuring. (h) Maximum loss exposure represents the current loan balance plus additional funding commitments less amounts received from the buyer-lessor. (i) |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Associated With Fixed Income Trading Activities | The following tables summarize FHN’s derivatives associated with fixed income trading activities as of June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) Notional Assets Liabilities Customer interest rate contracts $ 2,390,963 $ 63,951 $ 3,084 Offsetting upstream interest rate contracts 2,390,963 2,666 5,638 Option contracts purchased 52,500 111 — Option contracts written 10,000 — 16 Forwards and futures purchased 9,322,784 36,693 800 Forwards and futures sold 9,767,188 1,441 37,191 December 31, 2018 (Dollars in thousands) Notional Assets Liabilities Customer interest rate contracts $ 2,271,448 $ 18,744 $ 27,768 Offsetting upstream interest rate contracts 2,271,448 4,014 9,041 Option contracts purchased 20,000 25 — Forwards and futures purchased 4,684,177 28,304 181 Forwards and futures sold 4,967,454 522 30,055 |
Derivatives Associated With Interest Rate Risk Management Activities | The following tables summarize FHN’s derivatives associated with interest rate risk management activities as of June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) Notional Assets Liabilities Customer Interest Rate Contracts Hedging Hedging Instruments and Hedged Items: Customer interest rate contracts $ 2,355,604 $ 78,051 $ 3,851 Offsetting upstream interest rate contracts 2,355,604 1,927 10,762 Debt Hedging Hedging Instruments: Interest rate swaps $ 900,000 $ 118 $ 71 Hedged Items: Term borrowings: Par N/A N/A $ 900,000 Cumulative fair value hedging adjustments N/A N/A (4,223 ) Unamortized premium/(discount) and issuance costs N/A N/A (1,487 ) Total carrying value N/A N/A $ 894,290 December 31, 2018 (Dollars in thousands) Notional Assets Liabilities Customer Interest Rate Contracts Hedging Hedging Instruments and Hedged Items: Customer interest rate contracts $ 2,029,162 $ 20,262 $ 25,880 Offsetting upstream interest rate contracts 2,029,162 8,154 9,153 Debt Hedging Hedging Instruments: Interest rate swaps $ 900,000 $ 127 $ 6 Hedged Items: Term borrowings: Par N/A N/A $ 900,000 Cumulative fair value hedging adjustments N/A N/A (15,094 ) Unamortized premium/(discount) and issuance costs N/A N/A (2,295 ) Total carrying value N/A N/A $ 882,611 |
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 and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended 2019 2018 2019 2018 (Dollars in thousands) Gains/(Losses) Gains/(Losses) Gains/(Losses) Gains/(Losses) Customer Interest Rate Contracts Hedging Hedging Instruments and Hedged Items: Customer interest rate contracts (a) $ 50,706 $ (4,459 ) $ 79,818 $ (29,183 ) Offsetting upstream interest rate contracts (a) (50,706 ) 4,459 (79,818 ) 29,183 Debt Hedging Hedging Instruments: Interest rate swaps (b) $ 6,697 $ (1,545 ) $ 10,976 $ (8,140 ) Hedged Items: Term borrowings (a) (c) (6,605 ) 1,520 (10,871 ) 8,070 (a) Gains/losses included in All other expense within the Consolidated Condensed Statements of Income. (b) Gains/losses included in the Interest expense. (c) Represents gains and losses attributable to changes in fair value due to interest rate risk as designated in ASC 815-20 hedging relationships. |
Derivative Associated With Cash Flow Hedges | The following tables summarize FHN’s derivative activities associated with cash flow hedges as of June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) Notional Assets Liabilities Cash Flow Hedges Hedging Instruments: Interest rate swaps $ 900,000 $ 62 $ 206 Hedged Items: Variability in cash flows related to debt instruments (primarily loans) N/A $ 900,000 N/A December 31, 2018 (Dollars in thousands) Notional Assets Liabilities Cash Flow Hedges Hedging Instruments: Interest rate swaps $ 900,000 $ 888 $ 5 Hedged Items: Variability in cash flows related to debt instruments (primarily loans) N/A $ 900,000 N/A |
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 and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended 2019 2018 2019 2018 (Dollars in thousands) Gains/(Losses) Gains/(Losses) Gains/(Losses) Gains/(Losses) Cash Flow Hedges Hedging Instruments: Interest rate swaps (a) $ 11,896 $ (3,914 ) $ 19,114 $ (15,531 ) Gain/(loss) recognized in Other comprehensive income/(loss) 7,575 (3,457 ) 11,511 (12,095 ) Gain/(loss) reclassified from AOCI into Interest income 1,334 463 2,785 308 (a) Approximately $.3 million of pre-tax losses are expected to be reclassified into earnings in the next twelve months. |
Derivative Assets And Collateral Received | The following table provides details of derivative assets and collateral received as presented on the Consolidated Condensed Statements of Condition as of June 30, 2019 and December 31, 2018 : Gross amounts not offset in the Statements of Condition (Dollars in thousands) Gross amounts of recognized assets Gross amounts offset in the Statements of Condition Net amounts of assets presented in the Statements of Condition (a) Derivative liabilities available for offset Collateral received Net amount Derivative assets: June 30, 2019 (b) $ 147,260 $ — $ 147,260 $ (5,149 ) $ (116,116 ) $ 25,995 December 31, 2018 (b) 52,562 — 52,562 (12,745 ) (39,637 ) 180 (a) Included in Derivative assets on the Consolidated Condensed Statements of Condition. As of June 30, 2019 and December 31, 2018 , $38.3 million and $28.9 million , respectively, of derivative assets (primarily fixed income forward contracts) have been excluded from these tables because they are generally not subject to master netting or similar agreements. (b) Amounts are comprised entirely of interest rate derivative contracts. |
Derivative Liabilities and Collateral Pledged | The following table provides details of derivative liabilities and collateral pledged as presented on the Consolidated Condensed Statements of Condition as of June 30, 2019 and December 31, 2018 : Gross amounts not offset in the Statements of Condition (Dollars in thousands) Gross amounts of recognized liabilities Gross amounts offset in the Statements of Condition Net amounts of liabilities presented in the Statements of Condition (a) Derivative assets available for offset Collateral pledged Net amount Derivative liabilities: June 30, 2019 (b) $ 23,612 $ — $ 23,612 $ (5,149 ) $ (15,487 ) $ 2,976 December 31, 2018 (b) 71,853 — 71,853 (12,745 ) (54,773 ) 4,335 (a) Included in Derivative liabilities on the Consolidated Condensed Statements of Condition. As of June 30, 2019 and December 31, 2018 , $64.9 million and $61.9 million , respectively, of derivative liabilities (primarily Visa-related derivatives and fixed income forward contracts) have been excluded from these tables because they are generally not subject to master netting or similar agreements. (b) Amounts are comprised entirely of interest rate derivative contracts. |
Master Netting and Similar Ag_2
Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Offsetting [Abstract] | |
Securities Purchased Under Agreements To Resell And Collateral Pledged By Counterparties | The following table provides details of Securities purchased under agreements to resell as presented on the Consolidated Condensed Statements of Condition and collateral pledged by counterparties as of June 30, 2019 and December 31, 2018 : Gross amounts not offset in the Statements of Condition (Dollars in thousands) Gross amounts of recognized assets Gross amounts offset in the Statements of Condition Net amounts of assets presented in the Statements of Condition Offsetting securities sold under agreements to repurchase Securities collateral (not recognized on FHN’s Statements of Condition) Net amount Securities purchased under agreements to resell: June 30, 2019 $ 602,919 $ — $ 602,919 $ (2,021 ) $ (596,347 ) $ 4,551 December 31, 2018 386,443 — 386,443 (261 ) (382,756 ) 3,426 |
Securities Sold Under Agreements To Repurchase And Collateral Pledged By Company | The following table provides details of Securities sold under agreements to repurchase as presented on the Consolidated Condensed Statements of Condition and collateral pledged by FHN as of June 30, 2019 and December 31, 2018 : Gross amounts not offset in the Statements of Condition (Dollars in thousands) Gross amounts of recognized liabilities Gross amounts offset in the Statements of Condition Net amounts of liabilities presented in the Statements of Condition Offsetting securities purchased under agreements to resell Securities/ government guaranteed loans collateral Net amount Securities sold under agreements to repurchase: June 30, 2019 $ 764,308 $ — $ 764,308 $ (2,021 ) $ (762,287 ) $ — December 31, 2018 762,592 — 762,592 (261 ) (762,322 ) 9 |
Schedule of the Remaining Contractual Maturity by Collateral Type of Securities Sold Under Agreements To Repurchase | The following tables provide details, by collateral type, of the remaining contractual maturity of Securities sold under agreements to repurchase as of June 30, 2019 and December 31, 2018 : June 30, 2019 (Dollars in thousands) Overnight and Continuous Up to 30 Days Total Securities sold under agreements to repurchase: U.S. treasuries $ 22,730 $ — $ 22,730 Government agency issued MBS 459,210 5,776 464,986 Other U.S. government agencies 23,477 — 23,477 Government guaranteed loans (SBA and USDA) 253,115 — 253,115 Total Securities sold under agreements to repurchase $ 758,532 $ 5,776 $ 764,308 December 31, 2018 (Dollars in thousands) Overnight and Continuous Up to 30 Days Total Securities sold under agreements to repurchase: U.S. treasuries $ 16,321 $ — $ 16,321 Government agency issued MBS 414,488 5,220 419,708 Government agency issued CMO 36,688 — 36,688 Government guaranteed loans (SBA and USDA) 289,875 — 289,875 Total Securities sold under agreements to repurchase $ 757,372 $ 5,220 $ 762,592 |
Fair Value of Assets & Liabil_2
Fair Value of Assets & Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 : June 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Trading securities—fixed income: U.S. treasuries $ — $ 173,230 $ — $ 173,230 Government agency issued MBS — 176,155 — 176,155 Government agency issued CMO — 689,104 — 689,104 Other U.S. government agencies — 80,343 — 80,343 States and municipalities — 81,936 — 81,936 Corporate and other debt — 462,714 — 462,714 Equity, mutual funds, and other — 4,205 — 4,205 Total trading securities—fixed income — 1,667,687 — 1,667,687 Trading securities—mortgage banking — — 1,255 1,255 Loans held-for-sale (elected fair value) — — 15,092 15,092 Securities available-for-sale: U.S. treasuries — 100 — 100 Government agency issued MBS — 2,228,002 — 2,228,002 Government agency issued CMO — 1,873,865 — 1,873,865 Other U.S. government agencies — 207,689 — 207,689 States and municipalities — 47,735 — 47,735 Corporate and other debt — 40,426 — 40,426 Interest-Only Strip (elected fair value) — — 17,792 17,792 Total securities available-for-sale — 4,397,817 17,792 4,415,609 Other assets: Deferred compensation mutual funds 43,577 — — 43,577 Equity, mutual funds, and other 22,419 — — 22,419 Derivatives, forwards and futures 38,134 — — 38,134 Derivatives, interest rate contracts — 146,886 — 146,886 Derivatives, other — 501 — 501 Total other assets 104,130 147,387 — 251,517 Total assets $ 104,130 $ 6,212,891 $ 34,139 $ 6,351,160 Trading liabilities—fixed income: U.S. treasuries $ — $ 377,838 $ — $ 377,838 Other U.S.government agencies — 7,662 — 7,662 States and municipalities — 3,748 — 3,748 Corporate and other debt — 169,099 — 169,099 Total trading liabilities—fixed income — 558,347 — 558,347 Other liabilities: Derivatives, forwards and futures 37,991 — — 37,991 Derivatives, interest rate contracts — 23,628 — 23,628 Derivatives, other — 321 26,545 26,866 Total other liabilities 37,991 23,949 26,545 88,485 Total liabilities $ 37,991 $ 582,296 $ 26,545 $ 646,832 The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 : December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Trading securities—fixed income: U.S. treasuries $ — $ 169,799 $ — $ 169,799 Government agency issued MBS — 133,373 — 133,373 Government agency issued CMO — 330,456 — 330,456 Other U.S. government agencies — 76,733 — 76,733 States and municipalities — 54,234 — 54,234 Corporate and other debt — 682,068 — 682,068 Equity, mutual funds, and other — (19 ) — (19 ) Total trading securities—fixed income — 1,446,644 — 1,446,644 Trading securities—mortgage banking — — 1,524 1,524 Loans held-for-sale (elected fair value) — — 16,273 16,273 Securities available-for-sale: U.S. treasuries — 98 — 98 Government agency issued MBS — 2,420,106 — 2,420,106 Government agency issued CMO — 1,958,695 — 1,958,695 Other U.S. government agencies — 149,786 — 149,786 States and municipalities — 32,573 — 32,573 Corporate and other debt — 55,310 — 55,310 Interest-Only Strip (elected fair value) — — 9,902 9,902 Total securities available-for-sale — 4,616,568 9,902 4,626,470 Other assets: Deferred compensation mutual funds 37,771 — — 37,771 Equity, mutual funds, and other 22,248 — — 22,248 Derivatives, forwards and futures 28,826 — — 28,826 Derivatives, interest rate contracts — 52,214 — 52,214 Derivatives, other — 435 — 435 Total other assets 88,845 52,649 — 141,494 Total assets $ 88,845 $ 6,115,861 $ 27,699 $ 6,232,405 Trading liabilities—fixed income: U.S. treasuries $ — $ 207,739 $ — $ 207,739 Other U.S.government agencies — 98 — 98 Corporate and other debt — 127,543 — 127,543 Total trading liabilities—fixed income — 335,380 — 335,380 Other liabilities: Derivatives, forwards and futures 30,236 — — 30,236 Derivatives, interest rate contracts — 71,853 — 71,853 Derivatives, other — 84 31,540 31,624 Total other liabilities 30,236 71,937 31,540 133,713 Total liabilities $ 30,236 $ 407,317 $ 31,540 $ 469,093 |
Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value | The changes in Level 3 assets and liabilities measured at fair value for the three months ended June 30, 2019 and 2018 , on a recurring basis are summarized as follows: Three Months Ended June 30, 2019 (Dollars in thousands) Trading securities Interest- only strips- AFS Loans held- for-sale Net derivative Balance on April 1, 2019 $ 1,397 $ 13,195 $ 15,751 $ (28,970 ) Total net gains/(losses) included in: Net income 8 (141 ) 321 (19 ) Purchases — — 10 — Sales — (14,199 ) — — Settlements (150 ) — (990 ) 2,444 Net transfers into/(out of) Level 3 — 18,937 (b) — — Balance on June 30, 2019 $ 1,255 $ 17,792 $ 15,092 $ (26,545 ) Net unrealized gains/(losses) included in net income $ (36 ) (a) $ (543 ) (c) $ 321 (a) $ (19 ) (d) Three Months Ended June 30, 2018 (Dollars in thousands) Trading securities Interest-only-strips-AFS Loans held-for-sale Net derivative Balance on April 1, 2018 $ 1,926 $ 2,733 $ 18,334 $ (5,645 ) Total net gains/(losses) included in: Net income 124 (296 ) 540 (4,079 ) Purchases — — 34 — Sales — — — — Settlements (326 ) — (2,134 ) 299 Net transfers into/(out of) Level 3 — 3,350 (b) (56 ) (e) — Balance on June 30, 2018 $ 1,724 $ 5,787 $ 16,718 $ (9,425 ) Net unrealized gains/(losses) included in net income $ 87 (a) $ (128 ) (c) $ 542 (a) $ (4,079 ) (d) (a) Primarily included in mortgage banking income on the Consolidated Condensed Statements of Income. (b) Transfers into interest-only strips - AFS Level 3 measured on a recurring basis reflect movements from loans held-for-sale (Level 2 nonrecurring). (c) Primarily included in fixed income on the Consolidated Condensed Statements of Income. (d) Included in Other expense. (e) Transfers out of loans held-for-sale level 3 measured on a recurring basis generally reflect movements into OREO (level 3 nonrecurring). There were no net unrealized gains/(losses) for Level 3 assets and liabilities included in other comprehensive income as of June 30, 2019 and 2018. Changes in Recurring Level 3 Fair Value Measurements The changes in Level 3 assets and liabilities measured at fair value for the six months ended June 30, 2019 and 2018 , on a recurring basis are summarized as follows: Six Months Ended June 30, 2019 (Dollars in thousands) Trading securities Interest- only strips- AFS Loans held- for-sale Net derivative Balance on January 1, 2019 $ 1,524 $ 9,902 $ 16,273 $ (31,540 ) Total net gains/(losses) included in: Net income 29 (1,399 ) 816 116 Purchases — 86 10 — Sales — (27,211 ) — — Settlements (298 ) — (2,007 ) 4,879 Net transfers into/(out of) Level 3 — 36,414 (b) — — Balance on June 30, 2019 $ 1,255 $ 17,792 $ 15,092 $ (26,545 ) Net unrealized gains/(losses) included in net income $ (66 ) (a) $ (1,435 ) (c) $ 816 (a) $ 116 (e) Six Months Ended June 30, 2018 (Dollars in thousands) Trading Interest-only-strips- AFS Loans held- Net derivative Balance on January 1, 2018 $ 2,151 $ 1,270 $ 18,926 $ (5,645 ) Total net gains/(losses) included in: Net income 140 1,296 709 (4,375 ) Purchases — — 62 — Sales — — — — Settlements (567 ) (9,193 ) (2,923 ) 595 Net transfers into/(out of) Level 3 — 12,414 (b) (56 ) (d) — Balance on June 30, 2018 $ 1,724 $ 5,787 $ 16,718 $ (9,425 ) Net unrealized gains/(losses) included in net income $ 63 (a) $ (109 ) (c) $ 709 (a) $ (4,375 ) (e) Certain previously reported amounts have been reclassified to agree with current presentation. (a) Primarily included in mortgage banking income on the Consolidated Condensed Statements of Income. (b) Transfers into interest-only strips - AFS level 3 measured on a recurring basis reflect movements from loans held-for-sale (Level 2 nonrecurring). (c) Primarily included in fixed income on the Consolidated Condensed Statements of Income. (d) Transfers out of loans held-for-sale level 3 measured on a recurring basis generally reflect movements into OREO (level 3 nonrecurring). (e) Included in Other expense. |
Nonrecurring Fair Value Measurements | For assets measured at fair value on a nonrecurring basis which were still held on the Consolidated Condensed Statements of Condition at June 30, 2019 , and December 31, 2018 , respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value. Carrying value at June 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Loans held-for-sale—SBAs and USDA — 368,082 999 369,081 Loans held-for-sale—first mortgages — — 523 523 Loans, net of unearned income (a) — — 91,779 91,779 OREO (b) — — 16,593 16,593 Other assets (c) — — 13,940 13,940 Carrying value at December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Loans held-for-sale—other consumer $ — $ 18,712 $ — $ 18,712 Loans held-for-sale—SBAs and USDA — 577,280 1,011 578,291 Loans held-for-sale—first mortgages — — 541 541 Loans, net of unearned income (a) — — 48,259 48,259 OREO (b) — — 22,387 22,387 Other assets (c) — — 8,845 8,845 (a) Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. (b) Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages. (c) |
Gains/(losses) on Nonrecurring Fair Value Measurements | For assets measured on a nonrecurring basis which were still held on the Consolidated Condensed Statements of Condition at period end, the following table provides information about the fair value adjustments recorded during the three and six months ended June 30, 2019 and 2018 : Net gains/(losses) Net gains/(losses) (Dollars in thousands) 2019 2018 2019 2018 Loans held-for-sale—SBAs and USDA $ (1,074 ) $ (1,425 ) $ (1,293 ) $ (1,987 ) Loans held-for-sale—first mortgages 10 (1 ) 25 4 Loans, net of unearned income (a) (4,639 ) 665 (4,436 ) 1,167 OREO (b) (9 ) (262 ) 26 (1,422 ) Other assets (c) (267 ) (1,079 ) (942 ) (2,216 ) $ (5,979 ) $ (2,102 ) $ (6,620 ) $ (4,454 ) (a) Write-downs on these loans are recognized as part of provision for loan losses. (b) Represents losses of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages. (c) Represents tax credit investments accounted for under the equity method. |
Schedule Of Unobservable Inputs Utilized In Determining The Fair Value Of Level 3 Recurring And Non-Recurring Measurements | The following tables provide information regarding the unobservable inputs utilized in determining the fair value of Level 3 recurring and non-recurring measurements as of June 30, 2019 and December 31, 2018 : (Dollars in thousands) Values Utilized Level 3 Class Fair Value at Valuation Techniques Unobservable Input Range Weighted Average (d) Available-for-sale- securities SBA-interest only strips $ 17,792 Discounted cash flow Constant prepayment rate 12% 12% Bond equivalent yield 17% 17% Loans held-for-sale - residential real estate 15,615 Discounted cash flow Prepayment speeds - First mortgage 2% - 12% 3.5% Prepayment speeds - HELOC 0% - 12% 7.6% Foreclosure losses 50% - 66% 64% Loss severity trends - First mortgage 5% - 25% of UPB 16.4% Loss severity trends - HELOC 0% - 72% of UPB 50% Loans held-for-sale- unguaranteed interest in SBA loans 999 Discounted cash flow Constant prepayment rate 8% - 12% 10% Bond equivalent yield 8% 8% Derivative liabilities, other 26,545 Discounted cash flow Visa covered litigation resolution amount $5.0 billion - $5.8 billion $5.6 billion Probability of resolution scenarios 15% - 25% 22% Time until resolution 15 - 45 months 30 months Loans, net of unearned 91,779 Appraisals from comparable properties Marketability adjustments for specific properties 0% - 10% of appraisal NM Other collateral valuations Borrowing base certificates adjustment 20% - 50% of gross value NM Financial Statements/Auction values adjustment 0% - 25% of reported value NM OREO (b) 16,593 Appraisals from comparable properties Adjustment for value changes since appraisal 0% - 10% of appraisal NM Other assets (c) 13,940 Discounted cash flow Adjustments to current sales yields for specific properties 0% - 15% adjustment to yield NM Appraisals from comparable properties Marketability adjustments for specific properties 0% - 25% of appraisal NM NM - Not meaningful. (a) Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for loan losses. (b) Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages. (c) Represents tax credit investments accounted for under the equity method. (d) Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value. (Dollars in thousands) Values Utilized Level 3 Class Fair Value at Valuation Techniques Unobservable Input Range Weighted Average (d) Available-for-sale- securities SBA-interest only strips $ 9,902 Discounted cash flow Constant prepayment rate 11% - 12% 11% Bond equivalent yield 14% - 15% 14% Loans held-for-sale - residential real estate 16,815 Discounted cash flow Prepayment speeds - First mortgage 2% - 10% 3% Prepayment speeds - HELOC 5% - 12% 7.5% Foreclosure losses 50% - 66% 63% Loss severity trends - First mortgage 2% - 25% of UPB 17% Loss severity trends - HELOC 50% - 100% of UPB 50% Loans held-for-sale- unguaranteed interest in SBA loans 1,011 Discounted cash flow Constant prepayment rate 8% - 12% 10% Bond equivalent yield 9% 9% Derivative liabilities, other 31,540 Discounted cash flow Visa covered litigation resolution amount $5.0 billion - $5.8 billion $5.6 billion Probability of resolution scenarios 10% - 25% 23% Time until resolution 18 - 48 months 36 months Loans, net of unearned 48,259 Appraisals from comparable properties Marketability adjustments for specific properties 0% - 10% of appraisal NM Other collateral valuations Borrowing base certificates adjustment 20% - 50% of gross value NM Financial Statements/Auction values adjustment 0% - 25% of reported value NM OREO (b) 22,387 Appraisals from comparable properties Adjustment for value changes since appraisal 0% - 10% of appraisal NM Other assets (c) 8,845 Discounted cash flow Adjustments to current sales yields for specific properties 0% - 15% adjustment to yield NM Appraisals from comparable properties Marketability adjustments for specific properties 0% - 25% of appraisal NM NM - Not meaningful. (a) Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for loan losses. (b) Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as OREO. Balance excludes OREO related to government insured mortgages. (c) Represents tax credit investments accounted for under the equity method. (d) Weighted averages are determined by the relative fair value of the instruments or the relative contribution to an instrument's fair value. |
Summary Of Differences Between The Fair Value Carrying Amount Of Mortgages Held-For-Sale And Aggregate Unpaid Principal Amount | The following tables reflect the differences between the fair value carrying amount of residential real estate loans held-for-sale measured at fair value in accordance with management’s election and the aggregate unpaid principal amount FHN is contractually entitled to receive at maturity. June 30, 2019 (Dollars in thousands) Fair value carrying amount Aggregate unpaid principal Fair value carrying amount less aggregate unpaid principal Residential real estate loans held-for-sale reported at fair value: Total loans $ 15,092 $ 21,414 $ (6,322 ) Nonaccrual loans 3,967 7,260 (3,293 ) Loans 90 days or more past due and still accruing — — — December 31, 2018 (Dollars in thousands) Fair value carrying amount Aggregate unpaid principal Fair value carrying amount less aggregate unpaid principal Residential real estate loans held-for-sale reported at fair value: Total loans $ 16,273 $ 23,567 $ (7,294 ) Nonaccrual loans 4,536 8,128 (3,592 ) Loans 90 days or more past due and still accruing 171 281 (110 ) |
Changes In Fair Value Of Assets And Liabilities Which Fair Value Option Included In Current Period Earnings | Assets and liabilities accounted for under the fair value election are initially measured at fair value with subsequent changes in fair value recognized in earnings. Such changes in the fair value of assets and liabilities for which FHN elected the fair value option are included in current period earnings with classification in the income statement line item reflected in the following table: Three Months Ended Six Months Ended (Dollars in thousands) 2019 2018 2019 2018 Changes in fair value included in net income: Mortgage banking noninterest income Loans held-for-sale $ 321 $ 540 $ 816 $ 709 |
Summary Of Book Value And Estimated Fair Value Of Financial Instruments | The following table summarizes the book value and estimated fair value of financial instruments recorded in the Consolidated Condensed Statements of Condition as of June 30, 2019 : June 30, 2019 Book Value Fair Value (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Loans, net of unearned income and allowance for loan losses Commercial: Commercial, financial and industrial $ 18,938,173 $ — $ — $ 19,041,553 $ 19,041,553 Commercial real estate 3,828,078 — — 3,842,446 3,842,446 Consumer: Consumer real estate 6,087,225 — — 6,070,685 6,070,685 Permanent mortgage 184,377 — — 195,113 195,113 Credit card & other 482,208 — — 478,364 478,364 Total loans, net of unearned income and allowance for loan losses 29,520,061 — — 29,628,161 29,628,161 Short-term financial assets: Interest-bearing cash 593,180 593,180 — — 593,180 Federal funds sold 50,705 — 50,705 — 50,705 Securities purchased under agreements to resell 602,919 — 602,919 — 602,919 Total short-term financial assets 1,246,804 593,180 653,624 — 1,246,804 Trading securities (a) 1,668,942 — 1,667,687 1,255 1,668,942 Loans held-for-sale Mortgage loans (elected fair value) (a) 15,092 — — 15,092 15,092 USDA & SBA loans- LOCOM 369,081 — 370,730 1,020 371,750 Other consumer loans- LOCOM 5,809 — 5,809 — 5,809 Mortgage loans- LOCOM 57,124 — — 57,124 57,124 Total loans held-for-sale 447,106 — 376,539 73,236 449,775 Securities available-for-sale (a) 4,415,609 — 4,397,817 17,792 4,415,609 Securities held-to-maturity 10,000 — — 9,923 9,923 Derivative assets (a) 185,521 38,134 147,387 — 185,521 Other assets: Tax credit investments 165,288 — — 162,859 162,859 Deferred compensation mutual funds 43,577 43,577 — — 43,577 Equity, mutual funds, and other (b) 224,075 22,419 — 201,656 224,075 Total other assets 432,940 65,996 — 364,515 430,511 Total assets $ 37,926,983 $ 697,310 $ 7,243,054 $ 30,094,882 $ 38,035,246 Liabilities: Defined maturity deposits $ 4,398,526 $ — $ 4,401,460 $ — $ 4,401,460 Trading liabilities (a) 558,347 — 558,347 — 558,347 Short-term financial liabilities: Federal funds purchased 666,007 — 666,007 — 666,007 Securities sold under agreements to repurchase 764,308 — 764,308 — 764,308 Other short-term borrowings 865,347 — 865,347 — 865,347 Total short-term financial liabilities 2,295,662 — 2,295,662 — 2,295,662 Term borrowings: Real estate investment trust-preferred 46,202 — — 47,000 47,000 Term borrowings—new market tax credit investment 2,699 — — 2,690 2,690 Secured borrowings 22,343 — — 22,343 22,343 Junior subordinated debentures 143,924 — — 138,947 138,947 Other long term borrowings 971,478 — 971,293 — 971,293 Total term borrowings 1,186,646 — 971,293 210,980 1,182,273 Derivative liabilities (a) 88,485 37,991 23,949 26,545 88,485 Total liabilities $ 8,527,666 $ 37,991 $ 8,250,711 $ 237,525 $ 8,526,227 (a) Classes are detailed in the recurring and nonrecurring measurement tables. (b) Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $71.0 million and FRB stock of $130.7 million . The following table summarizes the book value and estimated fair value of financial instruments recorded in the Consolidated Statements of Condition as of December 31, 2018 : December 31, 2018 Book Value Fair Value (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Loans, net of unearned income and allowance for loan losses Commercial: Commercial, financial and industrial $ 16,415,381 $ — $ — $ 16,438,272 $ 16,438,272 Commercial real estate 3,999,559 — — 3,997,736 3,997,736 Consumer: Consumer real estate 6,223,077 — — 6,194,066 6,194,066 Permanent mortgage 211,448 — — 227,254 227,254 Credit card & other 505,643 — — 507,001 507,001 Total loans, net of unearned income and allowance for loan losses 27,355,108 — — 27,364,329 27,364,329 Short-term financial assets: Interest-bearing cash 1,277,611 1,277,611 — — 1,277,611 Federal funds sold 237,591 — 237,591 — 237,591 Securities purchased under agreements to resell 386,443 — 386,443 — 386,443 Total short-term financial assets 1,901,645 1,277,611 624,034 — 1,901,645 Trading securities (a) 1,448,168 — 1,446,644 1,524 1,448,168 Loans held-for-sale Mortgage loans (elected fair value) (a) 16,273 — — 16,273 16,273 USDA & SBA loans- LOCOM 578,291 — 582,476 1,015 583,491 Other consumer loans- LOCOM 25,134 — 6,422 18,712 25,134 Mortgage loans- LOCOM 59,451 — — 59,451 59,451 Total loans held-for-sale 679,149 — 588,898 95,451 684,349 Securities available-for-sale (a) 4,626,470 — 4,616,568 9,902 4,626,470 Securities held-to-maturity 10,000 — — 9,843 9,843 Derivative assets (a) 81,475 28,826 52,649 — 81,475 Other assets: Tax credit investments 163,300 — — 159,452 159,452 Deferred compensation assets 37,771 37,771 — — 37,771 Equity, mutual funds, and other (b) 240,780 22,248 — 218,532 240,780 Total other assets 441,851 60,019 — 377,984 438,003 Total assets $ 36,543,866 $ 1,366,456 $ 7,328,793 $ 27,859,033 $ 36,554,282 Liabilities: Deposits: Defined maturity $ 4,105,777 $ — $ 4,082,822 $ — $ 4,082,822 Trading liabilities (a) 335,380 — 335,380 — 335,380 Short-term financial liabilities: Federal funds purchased 256,567 — 256,567 — 256,567 Securities sold under agreements to repurchase 762,592 — 762,592 — 762,592 Other short-term borrowings 114,764 — 114,764 — 114,764 Total short-term financial liabilities 1,133,923 — 1,133,923 — 1,133,923 Term borrowings: Real estate investment trust-preferred 46,168 — — 47,000 47,000 Term borrowings—new market tax credit investment 2,699 — — 2,664 2,664 Secured Borrowings 19,588 — — 19,588 19,588 Junior subordinated debentures 143,255 — — 134,266 134,266 Other long term borrowings 959,253 — 960,483 — 960,483 Total term borrowings 1,170,963 — 960,483 203,518 1,164,001 Derivative liabilities (a) 133,713 30,236 71,937 31,540 133,713 Total liabilities $ 6,879,756 $ 30,236 $ 6,584,545 $ 235,058 $ 6,849,839 (a) Classes are detailed in the recurring and nonrecurring measurement tables. (b) Level 1 primarily consists of mutual funds with readily determinable fair values. Level 3 includes restricted investments in FHLB-Cincinnati stock of $87.9 million and FRB stock of $130.7 million . The following table presents the contractual amount and fair value of unfunded loan commitments and standby and other commitments as of June 30, 2019 and December 31, 2018 : Contractual Amount Fair Value (Dollars in thousands) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Unfunded Commitments: Loan commitments $ 11,215,601 $ 10,884,975 $ 2,646 $ 2,551 Standby and other commitments 397,249 446,958 5,333 5,043 |
Restructuring, Repositioning,_2
Restructuring, Repositioning, and Efficiency (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Expense Recognized | Total expense recognized for the three and six months ended June 30, 2019 is presented in the table below: Dollars in thousands Three Months Ended Six Months Ended Employee compensation, incentives and benefits $ 2,557 $ 9,062 Professional fees 4,242 8,537 Occupancy 72 889 Other 11,797 12,332 Total restructuring and repositioning charges $ 18,668 $ 30,820 |
Financial Information - Narrati
Financial Information - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jan. 01, 2019 | |
Product Information [Line Items] | ||
Performance obligation, description of timing | one year or less | |
Operating lease right-of use assets | $ 178,098 | |
Operating lease liabilities | 199,063 | |
Non-Interest income | ||
Product Information [Line Items] | ||
Accounts receivable | $ 9,100 | |
Accounting Standards Update 2016-02 | ||
Product Information [Line Items] | ||
Operating lease right-of use assets | $ 185,000 | |
Operating lease liabilities | $ 204,000 |
Financial Information - ASU 201
Financial Information - ASU 2016-02 (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Loans, net of unearned income | $ 29,712,810 | [1] | $ 27,535,532 | [1] | $ 27,701,740 | |
Premises and equipment, net | 454,271 | 494,041 | ||||
Other assets | 1,885,116 | 1,802,939 | ||||
Other liabilities | 741,862 | 580,335 | ||||
Undivided profits | $ 1,660,520 | $ 1,542,408 | ||||
Accounting Standards Update 2016-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Loans, net of unearned income | $ 3,450 | |||||
Premises and equipment, net | 2,718 | |||||
Other assets | 183,884 | |||||
Other liabilities | (191,010) | |||||
Undivided profits | $ 1,011 | |||||
[1] | June 30, 2019 and December 31, 2018 include $17.3 million and $28.6 million , respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) $ in Thousands | Mar. 23, 2018USD ($)branch | Nov. 30, 2017USD ($)branchshares | Jun. 30, 2018USD ($)shares | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 1,409,276 | $ 1,432,787 | $ 1,432,787 | $ 1,386,853 | |||
Capital Bank Financial Corp | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares | 92,042,232 | ||||||
Payments to acquire businesses | $ 423,600 | $ 46,000 | |||||
Business combination, consideration transferred | $ 2,200,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Canceled | shares | 2,373,220 | ||||||
Number of bank branches | branch | 178 | ||||||
Assets acquired | $ 9,900,000 | ||||||
Loans | 7,300,000 | ||||||
Securities available-for-sale | 1,200,000 | ||||||
Deposits | 8,100,000 | ||||||
Goodwill | $ 1,200,000 | ||||||
Apex Bank | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches divested | branch | 2 | ||||||
Deposits disposed of | $ 30,000 | ||||||
Loans disposed of | $ 2,000 | ||||||
Portion of Sub-prime Auto Loan Portfolios | |||||||
Business Acquisition [Line Items] | |||||||
Loans disposed of | $ 120,000 | ||||||
Portion of Sub-prime Auto Loan Portfolios | Discontinued Operations, Disposed of by Sale | |||||||
Business Acquisition [Line Items] | |||||||
Loans disposed of | $ 120,000 | ||||||
Subprime Consumer Loans | Discontinued Operations, Held-for-sale | |||||||
Business Acquisition [Line Items] | |||||||
Loans disposed of | $ 25,000 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Merger and Integration Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Merger and integration expense | $ 8,647 | $ 43,116 | $ 14,307 | $ 74,490 |
Professional fees | ||||
Business Acquisition [Line Items] | ||||
Merger and integration expense | 4,478 | 8,991 | 6,345 | 14,624 |
Employee compensation, incentives and benefits | ||||
Business Acquisition [Line Items] | ||||
Merger and integration expense | 1,472 | 3,849 | 2,989 | 9,086 |
Contract employment and outsourcing | ||||
Business Acquisition [Line Items] | ||||
Merger and integration expense | 17 | 1,703 | 17 | 3,102 |
Occupancy | ||||
Business Acquisition [Line Items] | ||||
Merger and integration expense | 1,505 | 2,229 | 1,623 | 2,259 |
Miscellaneous expense | ||||
Business Acquisition [Line Items] | ||||
Merger and integration expense | 79 | 3,099 | 1,148 | 5,133 |
All other expense | ||||
Business Acquisition [Line Items] | ||||
Merger and integration expense | $ 1,096 | $ 23,245 | $ 2,185 | $ 40,286 |
Investment Securities - Schedul
Investment Securities - Schedule Of FHN's Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | $ 4,369,847 | |
Securities available-for-sale | 4,415,609 | $ 4,626,470 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 10,000 | 10,000 |
Securities held to maturity, gross unrealized gains | 0 | 0 |
Securities held to maturity, gross unrealized losses | (77) | (157) |
Securities held to maturity, fair value | 9,923 | 9,843 |
Securities pledged as collateral | 3,900,000 | 3,800,000 |
U.S. treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | 100 | 100 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | (2) |
Securities available-for-sale | 100 | 98 |
Government agency issued MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | 2,210,044 | 2,473,687 |
Securities available for sale, gross unrealized gains | 23,007 | 4,819 |
Securities available for sale, gross unrealized losses | (5,049) | (58,400) |
Securities available-for-sale | 2,228,002 | 2,420,106 |
Government agency issued CMO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | 1,870,508 | 2,006,488 |
Securities available for sale, gross unrealized gains | 11,745 | 888 |
Securities available for sale, gross unrealized losses | (8,388) | (48,681) |
Securities available-for-sale | 1,873,865 | 1,958,695 |
Other U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | 203,856 | 149,050 |
Securities available for sale, gross unrealized gains | 3,833 | 809 |
Securities available for sale, gross unrealized losses | 0 | (73) |
Securities available-for-sale | 207,689 | 149,786 |
Corporates and other debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | 40,158 | 55,383 |
Securities available for sale, gross unrealized gains | 404 | 388 |
Securities available for sale, gross unrealized losses | (136) | (461) |
Securities available-for-sale | 40,426 | 55,310 |
States and municipalities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | 45,181 | 32,473 |
Securities available for sale, gross unrealized gains | 2,556 | 314 |
Securities available for sale, gross unrealized losses | (2) | (214) |
Securities available-for-sale | 47,735 | 32,573 |
Securities available-for-sale, excluding interest only strip: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | 4,369,847 | 4,717,181 |
Securities available for sale, gross unrealized gains | 41,545 | 7,218 |
Securities available for sale, gross unrealized losses | (13,575) | (107,831) |
Securities available-for-sale | 4,397,817 | 4,616,568 |
Interest- only strips- AFS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available-for-sale | 17,792 | 9,902 |
Corporate Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 10,000 | 10,000 |
Securities held to maturity, gross unrealized gains | 0 | 0 |
Securities held to maturity, gross unrealized losses | (77) | (157) |
Securities held to maturity, fair value | $ 9,923 | $ 9,843 |
Investment Securities - Sched_2
Investment Securities - Schedule Of Amortized Cost And Fair Value By Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Held-to-Maturity, Amortized Cost | ||
Within 1 year | $ 0 | |
After 1 year; within 5 years | 0 | |
After 5 years; within 10 years | 10,000 | |
After 10 years | 0 | |
Subtotal | 10,000 | |
Government agency issued MBS and CMO | 0 | |
Total | 10,000 | $ 10,000 |
Held-to-Maturity, Fair Value | ||
Within 1 year | 0 | |
After 1 year; within 5 years | 0 | |
After 5 years; within 10 years | 9,923 | |
After 10 years | 0 | |
Subtotal | 9,923 | |
Government agency issued MBS and CMO | 0 | |
Securities held to maturity, fair value | 9,923 | 9,843 |
Available-for-Sale, Amortized Cost | ||
Within 1 year | 0 | |
After 1 year; within 5 years | 244,114 | |
After 5 years; within 10 years | 755 | |
After 10 years | 44,426 | |
Subtotal | 289,295 | |
Government agency issued MBS and CMO | 4,080,552 | |
Securities available for sale, amortized cost | 4,369,847 | |
Available-for-Sale, Fair Value | ||
Within 1 year | 0 | |
After 1 year; within 5 years | 248,270 | |
After 5 years; within 10 years | 4,036 | |
After 10 years | 61,436 | |
Subtotal | 313,742 | |
Government agency issued MBS and CMO | 4,101,867 | |
Securities available-for-sale | $ 4,415,609 | $ 4,626,470 |
Investment Securities - Sched_3
Investment Securities - Schedule Of Realized Gross Gains And Losses On Sale From Available For Sale Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Marketable Securities [Abstract] | ||||
Gross gains on sales of securities | $ 0 | $ 0 | $ 0 | $ 52 |
Gross (losses) on sales of securities | (267) | 0 | (267) | 0 |
Net gain/(loss) on sales of securities | (267) | $ 0 | (267) | $ 52 |
Cash proceeds | $ 171,400 | $ 171,400 |
Investment Securities - Sched_4
Investment Securities - Schedule Of Investments Within The Available For Sale Portfolio That Had Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Less than 12 months | $ 4,221 | $ 960,053 |
12 months or longer | 1,244,506 | 3,112,632 |
Total fair value | 1,248,727 | 4,072,685 |
Unrealized Losses | ||
Less than 12 months | (26) | (15,826) |
12 months or longer | (13,549) | (92,005) |
Total unrealized losses | (13,575) | (107,831) |
U.S. treasuries | ||
Schedule of Investments [Line Items] | ||
Less than 12 months | 0 | 0 |
12 months or longer | 100 | 98 |
Total fair value | 100 | 98 |
Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 0 | (2) |
Total unrealized losses | 0 | (2) |
Government agency issued MBS | ||
Schedule of Investments [Line Items] | ||
Less than 12 months | 2,284 | 597,008 |
12 months or longer | 515,618 | 1,537,106 |
Total fair value | 517,902 | 2,134,114 |
Unrealized Losses | ||
Less than 12 months | (24) | (12,335) |
12 months or longer | (5,025) | (46,065) |
Total unrealized losses | (5,049) | (58,400) |
Government agency issued CMO | ||
Schedule of Investments [Line Items] | ||
Less than 12 months | 0 | 290,863 |
12 months or longer | 703,604 | 1,560,420 |
Total fair value | 703,604 | 1,851,283 |
Unrealized Losses | ||
Less than 12 months | 0 | (2,860) |
12 months or longer | (8,388) | (45,821) |
Total unrealized losses | (8,388) | (48,681) |
Other U.S. government agencies | ||
Schedule of Investments [Line Items] | ||
Less than 12 months | 29,776 | |
12 months or longer | 0 | |
Total fair value | 29,776 | |
Unrealized Losses | ||
Less than 12 months | (73) | |
12 months or longer | 0 | |
Total unrealized losses | (73) | |
Corporates and other debt | ||
Schedule of Investments [Line Items] | ||
Less than 12 months | 0 | 25,114 |
12 months or longer | 25,184 | 15,008 |
Total fair value | 25,184 | 40,122 |
Unrealized Losses | ||
Less than 12 months | 0 | (344) |
12 months or longer | (136) | (117) |
Total unrealized losses | (136) | (461) |
States and municipalities | ||
Schedule of Investments [Line Items] | ||
Less than 12 months | 1,937 | 17,292 |
12 months or longer | 0 | 0 |
Total fair value | 1,937 | 17,292 |
Unrealized Losses | ||
Less than 12 months | (2) | (214) |
12 months or longer | 0 | 0 |
Total unrealized losses | $ (2) | $ (214) |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Marketable Securities [Abstract] | |||||
Carrying amount of equity investments without a readily determinable fair value | $ 26.3 | $ 26.3 | $ 21.3 | ||
Unrealized gain for equity investments with readily determinable fair values | $ 1.2 | $ 0.7 | $ 4.6 | $ 1.1 |
Loans - Schedule Of Loans By Po
Loans - Schedule Of Loans By Portfolio Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans, net of unearned income | $ 29,712,810 | [1] | $ 27,535,532 | [1] | $ 27,701,740 | |||
Allowance for loan losses | 192,749 | $ 184,911 | 180,424 | 185,462 | $ 187,194 | $ 189,555 | ||
Total net loans | 29,520,061 | 27,355,108 | ||||||
Commercial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for loan losses | 149,049 | 130,258 | ||||||
Commercial | Commercial, financial, and industrial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans, net of unearned income | 19,054,269 | 16,514,328 | 16,438,745 | |||||
Allowance for loan losses | 116,096 | 103,713 | 98,947 | 96,834 | 100,238 | 98,211 | ||
Commercial | Commercial real estate | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans, net of unearned income | 3,861,031 | 4,030,870 | 4,136,356 | |||||
Allowance for loan losses | 32,953 | 34,382 | 31,311 | 33,832 | 29,057 | 28,427 | ||
Consumer | Consumer real estate | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans, net of unearned income | 6,110,082 | 6,249,516 | 6,327,708 | |||||
Allowance for loan losses | 22,857 | 24,073 | 26,439 | 34,155 | 35,201 | 39,823 | ||
Consumer | Permanent mortgage | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans, net of unearned income | 193,052 | 222,448 | 249,819 | |||||
Allowance for loan losses | 8,675 | 10,081 | 11,000 | 11,692 | 12,984 | 13,113 | ||
Consumer | Credit Card and Other | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans, net of unearned income | 494,376 | 518,370 | 549,112 | |||||
Allowance for loan losses | 12,168 | $ 12,662 | 12,727 | $ 8,949 | $ 9,714 | $ 9,981 | ||
Consumer | Restricted and secured consumer real estate loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans, net of unearned income | $ 13,500 | $ 16,200 | ||||||
[1] | June 30, 2019 and December 31, 2018 include $17.3 million and $28.6 million , respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Loans - Concentrations and Rest
Loans - Concentrations and Restrictions (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Consumer | Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 21.00% | |
Consumer | Consumer Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 20.00% | |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 22,915,300 | $ 20,545,198 |
Commercial | Finance And Insurance Companies | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 2,700,000 | |
Percentage of commercial & industrial loan portfolio | 14.00% | |
Percentage contributed in total loan | 9.00% | |
Commercial | Loans To Mortgage Companies | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 3,800,000 | |
Percentage of commercial & industrial loan portfolio | 20.00% | |
Percentage contributed in total loan | 13.00% | |
Commercial | Finance Insurance And Loans To Mortgage Companies | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of commercial & industrial loan portfolio | 34.00% |
Loans - Certain Loans Acquired
Loans - Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Movement Schedule Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance, beginning of period | $ 13,782 | $ 15,323 | $ 13,375 | $ 15,623 |
Accretion | (1,473) | (2,607) | (3,146) | (4,744) |
Adjustment for payoffs | (253) | (1,107) | (715) | (1,719) |
Adjustment for charge-offs | (79) | (373) | (255) | (924) |
Increase/(decrease) in accretable yield | (54) | 3,481 | 2,664 | 6,659 |
Disposal | 0 | (214) | 0 | (240) |
Other | (323) | (29) | (323) | (181) |
Balance, end of period | $ 11,600 | $ 14,474 | $ 11,600 | $ 14,474 |
Loans - Schedule Of Acquired Pu
Loans - Schedule Of Acquired Purchase Credit Impaired Loans By Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance - purchased credit-impaired loans | $ 1,989 | $ 3,007 | $ 1,989 | $ 3,007 | $ 4,000 |
Provision for loan losses | 13,000 | 0 | 22,000 | (1,000) | |
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance - purchased credit-impaired loans | 854 | 854 | 2,823 | ||
Commercial, financial, and industrial | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance - purchased credit-impaired loans | 854 | 2,192 | 854 | 2,192 | |
Provision for loan losses | 18,454 | (1,153) | 25,492 | 1,430 | |
Commercial Real Estate | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance - purchased credit-impaired loans | 0 | 88 | 0 | 88 | |
Provision for loan losses | (1,220) | 4,928 | 2,228 | 5,596 | |
Consumer Real Estate | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance - purchased credit-impaired loans | 1,078 | 640 | 1,078 | 640 | |
Provision for loan losses | (4,192) | (5,009) | (7,211) | (12,103) | |
Credit Card and Other | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance - purchased credit-impaired loans | 57 | 87 | 57 | 87 | |
Provision for loan losses | 2,199 | 2,857 | 5,235 | 5,734 | |
PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Provision for loan losses | (1,400) | $ 1,800 | 1,800 | $ 2,600 | |
Carrying value | 66,810 | 66,810 | 86,420 | ||
Unpaid balance | 72,859 | 72,859 | 98,190 | ||
PCI Loans | Commercial, financial, and industrial | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value | 32,865 | 32,865 | 38,873 | ||
Unpaid balance | 34,869 | 34,869 | 44,259 | ||
PCI Loans | Commercial Real Estate | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value | 7,347 | 7,347 | 15,197 | ||
Unpaid balance | 8,122 | 8,122 | 17,232 | ||
PCI Loans | Consumer Real Estate | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value | 25,752 | 25,752 | 30,723 | ||
Unpaid balance | 28,847 | 28,847 | 34,820 | ||
PCI Loans | Credit Card and Other | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value | 846 | 846 | 1,627 | ||
Unpaid balance | $ 1,021 | $ 1,021 | $ 1,879 |
Loans - Information By Class Re
Loans - Information By Class Related To Individually Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Recorded Investment | |||||
Recorded Investment | $ 300,726 | $ 300,726 | $ 240,533 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance | 333,311 | 333,311 | 269,468 | ||
Related Allowance | 31,181 | 31,181 | 28,814 | ||
Average Recorded Investment | |||||
Average Recorded Investment | 287,938 | $ 242,130 | 272,890 | $ 248,393 | |
Interest Income Recognized | |||||
Interest Income Recognized | 1,514 | 1,602 | 3,065 | 3,214 | |
Commercial | |||||
Recorded Investment | |||||
Impaired loans with no related allowance recorded, Recorded investment | 104,741 | 104,741 | 44,491 | ||
Impaired loans with related allowance recorded, Recorded investment | 12,844 | 12,844 | 6,067 | ||
Recorded Investment | 117,585 | 117,585 | 50,558 | ||
Unpaid Principal Balance | |||||
Impaired loans with no related allowance recorded, Unpaid principal balance | 112,175 | 112,175 | 46,976 | ||
Impaired loans with related allowance recorded, Unpaid principal balance | 13,769 | 13,769 | 6,879 | ||
Unpaid Principal Balance | 125,944 | 125,944 | 53,855 | ||
Related Allowance | 8,484 | 8,484 | 1,074 | ||
Average Recorded Investment | |||||
Impaired loans with no related allowance recorded, Average recorded investment | 87,446 | 26,990 | 72,384 | 21,991 | |
Impaired loans with related allowance recorded, Average recorded investment | 13,913 | 11,855 | 12,218 | 19,498 | |
Average Recorded Investment | 101,359 | 38,845 | 84,602 | 41,489 | |
Interest Income Recognized | |||||
Impaired loans with no related allowance recorded, Interest income recognized | 191 | 196 | 384 | 383 | |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 0 | 0 | 9 | 0 | |
Interest Income Recognized | 191 | 196 | 393 | 383 | |
Consumer | |||||
Recorded Investment | |||||
Impaired loans with no related allowance recorded, Recorded investment | 14,836 | 14,836 | 16,560 | ||
Impaired loans with related allowance recorded, Recorded investment | 168,305 | 168,305 | 173,415 | ||
Recorded Investment | 183,141 | 183,141 | 189,975 | ||
Unpaid Principal Balance | |||||
Impaired loans with no related allowance recorded, Unpaid principal balance | 24,597 | 24,597 | 27,447 | ||
Impaired loans with related allowance recorded, Unpaid principal balance | 182,770 | 182,770 | 188,166 | ||
Unpaid Principal Balance | 207,367 | 207,367 | 215,613 | ||
Related Allowance | 22,697 | 22,697 | 27,740 | ||
Average Recorded Investment | |||||
Impaired loans with no related allowance recorded, Average recorded investment | 15,372 | 17,336 | 15,803 | 17,861 | |
Impaired loans with related allowance recorded, Average recorded investment | 171,207 | 185,949 | 172,485 | 189,043 | |
Average Recorded Investment | 186,579 | 203,285 | 188,288 | 206,904 | |
Interest Income Recognized | |||||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | 0 | 0 | 0 | |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 1,323 | 1,406 | 2,672 | 2,831 | |
Interest Income Recognized | 1,323 | 1,406 | 2,672 | 2,831 | |
Commercial, financial, and industrial | Commercial | General C&I | |||||
Recorded Investment | |||||
Impaired loans with no related allowance recorded, Recorded investment | 66,045 | 66,045 | 42,902 | ||
Impaired loans with related allowance recorded, Recorded investment | 9,733 | 9,733 | 2,802 | ||
Unpaid Principal Balance | |||||
Impaired loans with no related allowance recorded, Unpaid principal balance | 69,519 | 69,519 | 45,387 | ||
Impaired loans with related allowance recorded, Unpaid principal balance | 9,732 | 9,732 | 2,802 | ||
Related Allowance | 7,559 | 7,559 | 149 | ||
Average Recorded Investment | |||||
Impaired loans with no related allowance recorded, Average recorded investment | 67,337 | 24,825 | 61,552 | 20,389 | |
Impaired loans with related allowance recorded, Average recorded investment | 10,760 | 8,850 | 9,026 | 15,870 | |
Interest Income Recognized | |||||
Impaired loans with no related allowance recorded, Interest income recognized | 178 | 183 | 357 | 358 | |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 0 | 0 | 0 | 0 | |
Commercial, financial, and industrial | Commercial | Loans To Mortgage Companies | |||||
Recorded Investment | |||||
Impaired loans with no related allowance recorded, Recorded investment | 37,256 | 37,256 | 0 | ||
Unpaid Principal Balance | |||||
Impaired loans with no related allowance recorded, Unpaid principal balance | 41,216 | 41,216 | 0 | ||
Average Recorded Investment | |||||
Impaired loans with no related allowance recorded, Average recorded investment | 18,628 | 0 | 9,314 | 0 | |
Interest Income Recognized | |||||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | 0 | 0 | 0 | |
Commercial, financial, and industrial | Commercial | TRUPs | |||||
Recorded Investment | |||||
Impaired loans with related allowance recorded, Recorded investment | 2,774 | 2,774 | 2,888 | ||
Unpaid Principal Balance | |||||
Impaired loans with related allowance recorded, Unpaid principal balance | 3,700 | 3,700 | 3,700 | ||
Related Allowance | 925 | 925 | 925 | ||
Average Recorded Investment | |||||
Impaired loans with related allowance recorded, Average recorded investment | 2,806 | 3,005 | 2,835 | 3,026 | |
Interest Income Recognized | |||||
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 0 | 0 | 0 | 0 | |
Commercial real estate | Commercial | Income CRE | |||||
Recorded Investment | |||||
Impaired loans with no related allowance recorded, Recorded investment | 1,440 | 1,440 | 1,589 | ||
Impaired loans with related allowance recorded, Recorded investment | 337 | 337 | 377 | ||
Unpaid Principal Balance | |||||
Impaired loans with no related allowance recorded, Unpaid principal balance | 1,440 | 1,440 | 1,589 | ||
Impaired loans with related allowance recorded, Unpaid principal balance | 337 | 337 | 377 | ||
Related Allowance | 0 | 0 | 0 | ||
Average Recorded Investment | |||||
Impaired loans with no related allowance recorded, Average recorded investment | 1,481 | 1,665 | 1,518 | 1,228 | |
Impaired loans with related allowance recorded, Average recorded investment | 347 | 0 | 357 | 403 | |
Interest Income Recognized | |||||
Impaired loans with no related allowance recorded, Interest income recognized | 13 | 13 | 27 | 25 | |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 0 | 0 | 9 | 0 | |
Commercial real estate | Commercial | Residential C R E | |||||
Average Recorded Investment | |||||
Impaired loans with no related allowance recorded, Average recorded investment | 0 | 500 | 0 | 374 | |
Impaired loans with related allowance recorded, Average recorded investment | 0 | 0 | 0 | 199 | |
Interest Income Recognized | |||||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | 0 | 0 | 0 | |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 0 | 0 | 0 | 0 | |
Consumer Real Estate | Consumer | Home Equity Line of Credit | |||||
Recorded Investment | |||||
Impaired loans with no related allowance recorded, Recorded investment | 6,377 | 6,377 | 8,645 | ||
Impaired loans with related allowance recorded, Recorded investment | 61,702 | 61,702 | 66,482 | ||
Unpaid Principal Balance | |||||
Impaired loans with no related allowance recorded, Unpaid principal balance | 13,178 | 13,178 | 16,648 | ||
Impaired loans with related allowance recorded, Unpaid principal balance | 64,924 | 64,924 | 69,610 | ||
Related Allowance | 8,247 | 8,247 | 11,241 | ||
Average Recorded Investment | |||||
Impaired loans with no related allowance recorded, Average recorded investment | 6,462 | 9,034 | 7,030 | 9,145 | |
Impaired loans with related allowance recorded, Average recorded investment | 62,623 | 70,789 | 63,819 | 71,222 | |
Interest Income Recognized | |||||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | 0 | 0 | 0 | |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 504 | 578 | 1,026 | 1,155 | |
Consumer Real Estate | Consumer | R/E installment loans | |||||
Recorded Investment | |||||
Impaired loans with no related allowance recorded, Recorded investment | 5,565 | 5,565 | 4,314 | ||
Impaired loans with related allowance recorded, Recorded investment | 42,112 | 42,112 | 38,993 | ||
Unpaid Principal Balance | |||||
Impaired loans with no related allowance recorded, Unpaid principal balance | 6,489 | 6,489 | 4,796 | ||
Impaired loans with related allowance recorded, Unpaid principal balance | 43,142 | 43,142 | 39,851 | ||
Related Allowance | 5,832 | 5,832 | 6,743 | ||
Average Recorded Investment | |||||
Impaired loans with no related allowance recorded, Average recorded investment | 5,738 | 3,553 | 5,425 | 3,733 | |
Impaired loans with related allowance recorded, Average recorded investment | 43,031 | 40,280 | 42,251 | 41,195 | |
Interest Income Recognized | |||||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | 0 | 0 | 0 | |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 272 | 251 | 542 | 518 | |
Permanent Mortgage | Consumer | |||||
Recorded Investment | |||||
Impaired loans with no related allowance recorded, Recorded investment | 2,894 | 2,894 | 3,601 | ||
Impaired loans with related allowance recorded, Recorded investment | 63,792 | 63,792 | 67,245 | ||
Unpaid Principal Balance | |||||
Impaired loans with no related allowance recorded, Unpaid principal balance | 4,930 | 4,930 | 6,003 | ||
Impaired loans with related allowance recorded, Unpaid principal balance | 74,005 | 74,005 | 78,010 | ||
Related Allowance | 8,176 | 8,176 | 9,419 | ||
Average Recorded Investment | |||||
Impaired loans with no related allowance recorded, Average recorded investment | 3,172 | 4,749 | 3,348 | 4,983 | |
Impaired loans with related allowance recorded, Average recorded investment | 64,861 | 74,227 | 65,724 | 75,976 | |
Interest Income Recognized | |||||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | 0 | 0 | 0 | |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 543 | 574 | 1,095 | 1,152 | |
Credit Card and Other | Consumer | |||||
Recorded Investment | |||||
Impaired loans with related allowance recorded, Recorded investment | 699 | 699 | 695 | ||
Unpaid Principal Balance | |||||
Impaired loans with related allowance recorded, Unpaid principal balance | 699 | 699 | 695 | ||
Related Allowance | 442 | 442 | $ 337 | ||
Average Recorded Investment | |||||
Impaired loans with related allowance recorded, Average recorded investment | 692 | 653 | 691 | 650 | |
Interest Income Recognized | |||||
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | $ 4 | $ 3 | $ 9 | $ 6 |
Loans - Asset Quality Indicator
Loans - Asset Quality Indicators (Details) - Commercial | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 22,915,300,000 | $ 20,545,198,000 |
PD Grade 1 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lowest expected default probability | 1 | |
Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loan grades | 16 | |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loan grades | 13 | |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loan grades | 14 | |
Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loan grades | 15 | |
Minimum | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loan grades | 1 | |
Minimum | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loan grades | 13 | |
Minimum | Loan Reassessed | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 1,000,000 | |
Minimum | PD Grade 13 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 500,000 | |
Minimum | LGD Grade 1 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loan grades | 1 | |
Maximum | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loan grades | 16 | |
Maximum | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loan grades | 12 | |
Maximum | LGD Grade 12 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loan grades | 12 |
Loans - Balances Of Commercial
Loans - Balances Of Commercial Loan Portfolio Classes, Disaggregated By PD Grade (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Allowance | $ 192,749 | $ 184,911 | $ 180,424 | $ 185,462 | $ 187,194 | $ 189,555 |
Total loans collectively evaluated for impairment | 29,343,285 | 27,344,254 | ||||
Total loans individually evaluated for impairment | 300,726 | 234,651 | ||||
Purchased credit-impaired loans | 68,799 | 122,835 | ||||
Allowance - collectively evaluated for impairment | 159,579 | 149,751 | ||||
Allowance - individually evaluated for impairment | 31,181 | 32,704 | ||||
Allowance - purchased credit-impaired loans | $ 1,989 | $ 4,000 | 3,007 | |||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total commercial loans (percent) | 100.00% | 100.00% | ||||
Loans and Leases Receivable, Allowance | $ 149,049 | $ 130,258 | ||||
Total loans collectively evaluated for impairment | 22,756,648 | 20,437,747 | ||||
Total loans individually evaluated for impairment | 117,585 | 50,558 | ||||
Purchased credit-impaired loans | 41,067 | 56,893 | ||||
Total commercial loans | $ 22,915,300 | $ 20,545,198 | ||||
Percent of loan collectively evaluated for impairment (percent) | 99.00% | 100.00% | ||||
Percent of loan individually evaluated for impairment (percent) | 1.00% | 0.00% | ||||
Percent of loan purchased-credit impaired (percent) | 0.00% | 0.00% | ||||
Allowance - collectively evaluated for impairment | $ 139,711 | $ 126,361 | ||||
Allowance - individually evaluated for impairment | 8,484 | 1,074 | ||||
Allowance - purchased credit-impaired loans | 854 | 2,823 | ||||
Commercial Loan P D Grade One | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 657,091 | $ 622,763 | ||||
Percent of total commercial loans (percent) | 3.00% | 3.00% | ||||
Loans and Leases Receivable, Allowance | $ 77 | $ 100 | ||||
Commercial Loan P D Grade Two | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 792,290 | $ 837,493 | ||||
Percent of total commercial loans (percent) | 3.00% | 4.00% | ||||
Loans and Leases Receivable, Allowance | $ 214 | $ 274 | ||||
Commercial Loan P D Grade Three | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 2,105,439 | $ 1,789,074 | ||||
Percent of total commercial loans (percent) | 9.00% | 9.00% | ||||
Loans and Leases Receivable, Allowance | $ 313 | $ 315 | ||||
Commercial Loan P D Grade Four | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 2,535,719 | $ 2,224,417 | ||||
Percent of total commercial loans (percent) | 11.00% | 11.00% | ||||
Loans and Leases Receivable, Allowance | $ 891 | $ 686 | ||||
Commercial Loan P D Grade Five | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 3,712,665 | $ 3,088,258 | ||||
Percent of total commercial loans (percent) | 16.00% | 15.00% | ||||
Loans and Leases Receivable, Allowance | $ 10,548 | $ 8,919 | ||||
Commercial Loan P D Grade Six | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 3,843,148 | $ 2,824,473 | ||||
Percent of total commercial loans (percent) | 17.00% | 14.00% | ||||
Loans and Leases Receivable, Allowance | $ 11,608 | $ 8,141 | ||||
Commercial Loan P D Grade Seven | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 3,642,856 | $ 3,363,877 | ||||
Percent of total commercial loans (percent) | 16.00% | 16.00% | ||||
Loans and Leases Receivable, Allowance | $ 20,083 | $ 16,906 | ||||
Commercial Loan P D Grade Eight | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 1,951,115 | $ 1,676,558 | ||||
Percent of total commercial loans (percent) | 9.00% | 8.00% | ||||
Loans and Leases Receivable, Allowance | $ 20,579 | $ 18,545 | ||||
Commercial Loan P D Grade Nine | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 1,616,866 | $ 2,099,294 | ||||
Percent of total commercial loans (percent) | 7.00% | 10.00% | ||||
Loans and Leases Receivable, Allowance | $ 18,284 | $ 15,454 | ||||
Commercial Loan P D Grade Ten | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 670,737 | $ 587,305 | ||||
Percent of total commercial loans (percent) | 3.00% | 3.00% | ||||
Loans and Leases Receivable, Allowance | $ 9,312 | $ 8,675 | ||||
Commercial Loan P D Grade Eleven | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 485,439 | $ 379,741 | ||||
Percent of total commercial loans (percent) | 2.00% | 2.00% | ||||
Loans and Leases Receivable, Allowance | $ 10,585 | $ 7,973 | ||||
Commercial Loan P D Grade Twelve | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 224,788 | $ 342,537 | ||||
Percent of total commercial loans (percent) | 1.00% | 2.00% | ||||
Loans and Leases Receivable, Allowance | $ 5,945 | $ 6,972 | ||||
Commercial Loan P D Grade Thirteen | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 271,579 | $ 347,432 | ||||
Percent of total commercial loans (percent) | 1.00% | 2.00% | ||||
Loans and Leases Receivable, Allowance | $ 8,726 | $ 10,094 | ||||
Commercial Loan P D Grade Fourteen Fifteen Sixteen | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 246,916 | $ 254,525 | ||||
Percent of total commercial loans (percent) | 1.00% | 1.00% | ||||
Loans and Leases Receivable, Allowance | $ 22,546 | $ 23,307 | ||||
C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Allowance | 116,096 | 103,713 | 98,947 | 96,834 | 100,238 | 98,211 |
Total loans collectively evaluated for impairment | 18,904,621 | 16,349,811 | ||||
Total loans individually evaluated for impairment | 115,808 | 32,599 | ||||
Purchased credit-impaired loans | 33,840 | 56,335 | ||||
Allowance - collectively evaluated for impairment | 106,758 | 93,429 | ||||
Allowance - individually evaluated for impairment | 8,484 | 1,213 | ||||
Allowance - purchased credit-impaired loans | 854 | 2,192 | ||||
C&I | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans collectively evaluated for impairment | 14,925,394 | 14,152,795 | ||||
Total loans individually evaluated for impairment | 75,778 | 45,704 | ||||
Purchased credit-impaired loans | 33,840 | 41,730 | ||||
Total commercial loans | 15,035,012 | 14,240,229 | ||||
C&I | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans collectively evaluated for impairment | 3,751,656 | 2,023,746 | ||||
Total loans individually evaluated for impairment | 37,256 | 0 | ||||
Purchased credit-impaired loans | 0 | 0 | ||||
Total commercial loans | 3,788,912 | 2,023,746 | ||||
C&I | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans collectively evaluated for impairment | 227,571 | 247,465 | ||||
Total loans individually evaluated for impairment | 2,774 | 2,888 | ||||
Purchased credit-impaired loans | 0 | 0 | ||||
Total commercial loans | 230,345 | 250,353 | ||||
Valuation allowance | 19,100 | 20,200 | ||||
C&I | Commercial Loan P D Grade One | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 644,320 | 610,177 | ||||
C&I | Commercial Loan P D Grade One | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
C&I | Commercial Loan P D Grade One | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
C&I | Commercial Loan P D Grade Two | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 784,770 | 835,776 | ||||
C&I | Commercial Loan P D Grade Two | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
C&I | Commercial Loan P D Grade Two | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
C&I | Commercial Loan P D Grade Three | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 714,521 | 782,362 | ||||
C&I | Commercial Loan P D Grade Three | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 1,005,546 | 716,971 | ||||
C&I | Commercial Loan P D Grade Three | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 3,314 | 0 | ||||
C&I | Commercial Loan P D Grade Four | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 1,323,078 | 1,223,092 | ||||
C&I | Commercial Loan P D Grade Four | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 783,813 | 394,862 | ||||
C&I | Commercial Loan P D Grade Four | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 35,786 | 43,220 | ||||
C&I | Commercial Loan P D Grade Five | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 2,039,017 | 1,920,034 | ||||
C&I | Commercial Loan P D Grade Five | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 625,650 | 277,814 | ||||
C&I | Commercial Loan P D Grade Five | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 80,765 | 77,751 | ||||
C&I | Commercial Loan P D Grade Six | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 2,372,435 | 1,722,136 | ||||
C&I | Commercial Loan P D Grade Six | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 762,708 | 365,341 | ||||
C&I | Commercial Loan P D Grade Six | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 33,815 | 45,609 | ||||
C&I | Commercial Loan P D Grade Seven | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 2,788,867 | 2,690,784 | ||||
C&I | Commercial Loan P D Grade Seven | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 215,894 | 96,603 | ||||
C&I | Commercial Loan P D Grade Seven | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 11,446 | 11,446 | ||||
C&I | Commercial Loan P D Grade Eight | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 1,435,796 | 1,337,113 | ||||
C&I | Commercial Loan P D Grade Eight | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 234,238 | 53,224 | ||||
C&I | Commercial Loan P D Grade Eight | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
C&I | Commercial Loan P D Grade Nine | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 1,235,046 | 1,472,852 | ||||
C&I | Commercial Loan P D Grade Nine | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 111,728 | 96,292 | ||||
C&I | Commercial Loan P D Grade Nine | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 26,123 | 45,117 | ||||
C&I | Commercial Loan P D Grade Ten | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 555,544 | 490,795 | ||||
C&I | Commercial Loan P D Grade Ten | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 7,218 | 13,260 | ||||
C&I | Commercial Loan P D Grade Ten | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 18,536 | 18,536 | ||||
C&I | Commercial Loan P D Grade Eleven | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 414,018 | 311,967 | ||||
C&I | Commercial Loan P D Grade Eleven | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
C&I | Commercial Loan P D Grade Eleven | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 12,000 | 0 | ||||
C&I | Commercial Loan P D Grade Twelve | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 196,321 | 244,867 | ||||
C&I | Commercial Loan P D Grade Twelve | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 4,861 | 9,379 | ||||
C&I | Commercial Loan P D Grade Twelve | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
C&I | Commercial Loan P D Grade Thirteen | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 213,551 | 285,987 | ||||
C&I | Commercial Loan P D Grade Thirteen | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
C&I | Commercial Loan P D Grade Thirteen | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 5,786 | 5,786 | ||||
C&I | Commercial Loan P D Grade Fourteen Fifteen Sixteen | General C&I | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 208,110 | 224,853 | ||||
C&I | Commercial Loan P D Grade Fourteen Fifteen Sixteen | Loans to Mortgage Companies | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
C&I | Commercial Loan P D Grade Fourteen Fifteen Sixteen | TRUPs | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
Commercial real estate | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Allowance | 32,953 | $ 34,382 | 31,311 | 33,832 | $ 29,057 | $ 28,427 |
Total loans collectively evaluated for impairment | 3,852,027 | 4,106,974 | ||||
Total loans individually evaluated for impairment | 1,777 | 2,252 | ||||
Purchased credit-impaired loans | 7,227 | 27,130 | ||||
Allowance - collectively evaluated for impairment | 32,953 | 33,744 | ||||
Allowance - individually evaluated for impairment | 0 | 0 | ||||
Allowance - purchased credit-impaired loans | 0 | $ 88 | ||||
Commercial real estate | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans collectively evaluated for impairment | 3,731,807 | 3,877,848 | ||||
Total loans individually evaluated for impairment | 1,777 | 1,966 | ||||
Purchased credit-impaired loans | 5,722 | 12,730 | ||||
Total commercial loans | 3,739,306 | 3,892,544 | ||||
Commercial real estate | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans collectively evaluated for impairment | 120,220 | 135,893 | ||||
Total loans individually evaluated for impairment | 0 | 0 | ||||
Purchased credit-impaired loans | 1,505 | 2,433 | ||||
Total commercial loans | 121,725 | 138,326 | ||||
Commercial real estate | Commercial Loan P D Grade One | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 12,771 | 12,586 | ||||
Commercial real estate | Commercial Loan P D Grade One | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 0 | 0 | ||||
Commercial real estate | Commercial Loan P D Grade Two | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 7,498 | 1,688 | ||||
Commercial real estate | Commercial Loan P D Grade Two | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 22 | 29 | ||||
Commercial real estate | Commercial Loan P D Grade Three | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 381,343 | 289,594 | ||||
Commercial real estate | Commercial Loan P D Grade Three | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 715 | 147 | ||||
Commercial real estate | Commercial Loan P D Grade Four | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 392,617 | 563,243 | ||||
Commercial real estate | Commercial Loan P D Grade Four | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 425 | 0 | ||||
Commercial real estate | Commercial Loan P D Grade Five | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 946,927 | 798,509 | ||||
Commercial real estate | Commercial Loan P D Grade Five | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 20,306 | 14,150 | ||||
Commercial real estate | Commercial Loan P D Grade Six | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 661,250 | 657,628 | ||||
Commercial real estate | Commercial Loan P D Grade Six | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 12,940 | 33,759 | ||||
Commercial real estate | Commercial Loan P D Grade Seven | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 588,840 | 538,909 | ||||
Commercial real estate | Commercial Loan P D Grade Seven | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 37,809 | 26,135 | ||||
Commercial real estate | Commercial Loan P D Grade Eight | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 258,834 | 265,901 | ||||
Commercial real estate | Commercial Loan P D Grade Eight | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 22,247 | 20,320 | ||||
Commercial real estate | Commercial Loan P D Grade Nine | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 229,873 | 455,184 | ||||
Commercial real estate | Commercial Loan P D Grade Nine | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 14,096 | 29,849 | ||||
Commercial real estate | Commercial Loan P D Grade Ten | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 85,578 | 60,803 | ||||
Commercial real estate | Commercial Loan P D Grade Ten | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 3,861 | 3,911 | ||||
Commercial real estate | Commercial Loan P D Grade Eleven | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 55,898 | 66,986 | ||||
Commercial real estate | Commercial Loan P D Grade Eleven | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 3,523 | 788 | ||||
Commercial real estate | Commercial Loan P D Grade Twelve | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 22,436 | 82,574 | ||||
Commercial real estate | Commercial Loan P D Grade Twelve | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 1,170 | 5,717 | ||||
Commercial real estate | Commercial Loan P D Grade Thirteen | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 50,113 | 55,408 | ||||
Commercial real estate | Commercial Loan P D Grade Thirteen | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 2,129 | 251 | ||||
Commercial real estate | Commercial Loan P D Grade Fourteen Fifteen Sixteen | Income CRE | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | 37,829 | 28,835 | ||||
Commercial real estate | Commercial Loan P D Grade Fourteen Fifteen Sixteen | Residential C R E | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loan, disaggregated by PD grade | $ 977 | $ 837 |
Loans - Loans by FICO Score, Co
Loans - Loans by FICO Score, Consumer (Details) - Consumer | Jun. 30, 2019 | Dec. 31, 2018 |
HELOC | FICO score 740 or greater | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 62.40% | 61.40% |
HELOC | FICO score 720-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 8.10% | 8.50% |
HELOC | FICO score 700-719 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 7.60% | 7.60% |
HELOC | FICO score 660-699 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 10.60% | 10.90% |
HELOC | FICO score 620-659 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 5.00% | 5.10% |
HELOC | FICO score less than 620 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 6.30% | 6.50% |
HELOC | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 100.00% | 100.00% |
R/E installment loans | FICO score 740 or greater | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 72.70% | 71.30% |
R/E installment loans | FICO score 720-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 8.10% | 8.80% |
R/E installment loans | FICO score 700-719 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 6.10% | 7.00% |
R/E installment loans | FICO score 660-699 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 7.80% | 7.60% |
R/E installment loans | FICO score 620-659 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 2.80% | 2.80% |
R/E installment loans | FICO score less than 620 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 2.50% | 2.50% |
R/E installment loans | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 100.00% | 100.00% |
Permanent mortgage | FICO score 740 or greater | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 49.30% | 51.80% |
Permanent mortgage | FICO score 720-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 7.30% | 7.60% |
Permanent mortgage | FICO score 700-719 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 10.70% | 10.60% |
Permanent mortgage | FICO score 660-699 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 17.00% | 14.70% |
Permanent mortgage | FICO score 620-659 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 7.00% | 6.50% |
Permanent mortgage | FICO score less than 620 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 8.70% | 8.80% |
Permanent mortgage | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 100.00% | 100.00% |
Loans - Accruing And Non-Accrui
Loans - Accruing And Non-Accruing Loans By Class (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | $ 29,712,810 | [1] | $ 27,535,532 | [1] | $ 27,701,740 |
Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 29,449,364 | 27,312,619 | |||
Total Accruing | 29,508,225 | 27,387,783 | |||
Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 35,877 | 42,703 | |||
Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 22,984 | 32,461 | |||
Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 156,791 | 101,879 | |||
Total Non-Accruing | 204,585 | 147,749 | |||
Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 8,055 | 11,831 | |||
Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 39,739 | 34,039 | |||
Commercial | Commercial, financial, and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 19,054,269 | 16,514,328 | 16,438,745 | ||
Commercial | Commercial, financial, and industrial | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 18,938,020 | 16,463,919 | |||
Total Accruing | 18,947,068 | 16,474,552 | |||
Commercial | Commercial, financial, and industrial | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 6,970 | 8,858 | |||
Commercial | Commercial, financial, and industrial | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,078 | 1,775 | |||
Commercial | Commercial, financial, and industrial | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 87,408 | 26,325 | |||
Total Non-Accruing | 107,201 | 39,776 | |||
Commercial | Commercial, financial, and industrial | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 999 | 5,537 | |||
Commercial | Commercial, financial, and industrial | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 18,794 | 7,914 | |||
Commercial | Commercial, financial, and industrial | General C&I | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 15,001,172 | 14,198,499 | |||
Commercial | Commercial, financial, and industrial | General C&I | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 14,928,462 | 14,153,275 | |||
Total Accruing | 14,934,001 | 14,161,611 | |||
Commercial | Commercial, financial, and industrial | General C&I | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 5,269 | 8,234 | |||
Commercial | Commercial, financial, and industrial | General C&I | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 270 | 102 | |||
Commercial | Commercial, financial, and industrial | General C&I | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 50,152 | 26,325 | |||
Total Non-Accruing | 67,171 | 36,888 | |||
Commercial | Commercial, financial, and industrial | General C&I | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 999 | 5,537 | |||
Commercial | Commercial, financial, and industrial | General C&I | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 16,020 | 5,026 | |||
Commercial | Commercial, financial, and industrial | Loans to Mortgage Companies | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 3,788,912 | 2,023,746 | |||
Commercial | Commercial, financial, and industrial | Loans to Mortgage Companies | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 3,751,656 | 2,023,746 | |||
Total Accruing | 3,751,656 | 2,023,746 | |||
Commercial | Commercial, financial, and industrial | Loans to Mortgage Companies | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial, financial, and industrial | Loans to Mortgage Companies | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial, financial, and industrial | Loans to Mortgage Companies | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 37,256 | 0 | |||
Total Non-Accruing | 37,256 | 0 | |||
Commercial | Commercial, financial, and industrial | Loans to Mortgage Companies | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial, financial, and industrial | Loans to Mortgage Companies | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial, financial, and industrial | TRUPs | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 230,345 | 250,353 | |||
Valuation allowance | 19,100 | 20,200 | |||
Commercial | Commercial, financial, and industrial | TRUPs | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 227,571 | 247,465 | |||
Total Accruing | 227,571 | 247,465 | |||
Commercial | Commercial, financial, and industrial | TRUPs | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial, financial, and industrial | TRUPs | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial, financial, and industrial | TRUPs | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 0 | 0 | |||
Total Non-Accruing | 2,774 | 2,888 | |||
Commercial | Commercial, financial, and industrial | TRUPs | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial, financial, and industrial | TRUPs | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,774 | 2,888 | |||
Commercial | Commercial, financial, and industrial | C&I Purchase Credit Impaired Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 33,840 | 41,730 | |||
Commercial | Commercial, financial, and industrial | C&I Purchase Credit Impaired Loans | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 30,331 | 39,433 | |||
Total Accruing | 33,840 | 41,730 | |||
Commercial | Commercial, financial, and industrial | C&I Purchase Credit Impaired Loans | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 1,701 | 624 | |||
Commercial | Commercial, financial, and industrial | C&I Purchase Credit Impaired Loans | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 1,808 | 1,673 | |||
Commercial | Commercial, financial, and industrial | C&I Purchase Credit Impaired Loans | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 0 | 0 | |||
Total Non-Accruing | 0 | 0 | |||
Commercial | Commercial, financial, and industrial | C&I Purchase Credit Impaired Loans | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial, financial, and industrial | C&I Purchase Credit Impaired Loans | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 3,861,031 | 4,030,870 | 4,136,356 | ||
Commercial | Commercial real estate | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 3,855,761 | 4,025,398 | |||
Total Accruing | 3,858,431 | 4,027,879 | |||
Commercial | Commercial real estate | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,605 | 729 | |||
Commercial | Commercial real estate | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 65 | 1,752 | |||
Commercial | Commercial real estate | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 0 | 62 | |||
Total Non-Accruing | 2,600 | 2,991 | |||
Commercial | Commercial real estate | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial real estate | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,600 | 2,929 | |||
Commercial | Commercial real estate | Income CRE | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 3,733,584 | 3,879,814 | |||
Commercial | Commercial real estate | Income CRE | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 3,728,428 | 3,876,229 | |||
Total Accruing | 3,730,984 | 3,876,855 | |||
Commercial | Commercial real estate | Income CRE | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,556 | 626 | |||
Commercial | Commercial real estate | Income CRE | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial real estate | Income CRE | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 0 | 30 | |||
Total Non-Accruing | 2,600 | 2,959 | |||
Commercial | Commercial real estate | Income CRE | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial real estate | Income CRE | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,600 | 2,929 | |||
Commercial | Commercial real estate | Residential C R E | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 120,220 | 135,893 | |||
Commercial | Commercial real estate | Residential C R E | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 120,220 | 135,861 | |||
Total Accruing | 120,220 | 135,861 | |||
Commercial | Commercial real estate | Residential C R E | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial real estate | Residential C R E | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial real estate | Residential C R E | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 0 | 32 | |||
Total Non-Accruing | 0 | 32 | |||
Commercial | Commercial real estate | Residential C R E | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial real estate | Residential C R E | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial real estate | CRE Purchase Credit Impaired Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 7,227 | 15,163 | |||
Commercial | Commercial real estate | CRE Purchase Credit Impaired Loans | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 7,113 | 13,308 | |||
Total Accruing | 7,227 | 15,163 | |||
Commercial | Commercial real estate | CRE Purchase Credit Impaired Loans | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 49 | 103 | |||
Commercial | Commercial real estate | CRE Purchase Credit Impaired Loans | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 65 | 1,752 | |||
Commercial | Commercial real estate | CRE Purchase Credit Impaired Loans | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 0 | 0 | |||
Total Non-Accruing | 0 | 0 | |||
Commercial | Commercial real estate | CRE Purchase Credit Impaired Loans | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Commercial | Commercial real estate | CRE Purchase Credit Impaired Loans | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Consumer | Consumer Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 6,110,082 | 6,249,516 | 6,327,708 | ||
Consumer | Consumer Real Estate | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 5,996,068 | 6,120,405 | |||
Total Accruing | 6,033,660 | 6,166,868 | |||
Consumer | Consumer Real Estate | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 19,560 | 24,217 | |||
Consumer | Consumer Real Estate | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 18,032 | 22,246 | |||
Consumer | Consumer Real Estate | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 59,083 | 64,155 | |||
Total Non-Accruing | 76,422 | 82,648 | |||
Consumer | Consumer Real Estate | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 6,862 | 5,238 | |||
Consumer | Consumer Real Estate | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 10,477 | 13,255 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 1,396,365 | 1,526,537 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 1,322,636 | 1,443,651 | |||
Total Accruing | 1,339,636 | 1,465,433 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 9,644 | 11,653 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 7,356 | 10,129 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 45,734 | 49,009 | |||
Total Non-Accruing | 56,729 | 61,104 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 4,266 | 3,314 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 6,729 | 8,781 | |||
Consumer | Consumer Real Estate | R/E installment loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 4,686,888 | 4,691,169 | |||
Consumer | Consumer Real Estate | R/E installment loans | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 4,652,939 | 4,652,658 | |||
Total Accruing | 4,667,195 | 4,669,625 | |||
Consumer | Consumer Real Estate | R/E installment loans | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 7,554 | 10,470 | |||
Consumer | Consumer Real Estate | R/E installment loans | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 6,702 | 6,497 | |||
Consumer | Consumer Real Estate | R/E installment loans | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 13,349 | 15,146 | |||
Total Non-Accruing | 19,693 | 21,544 | |||
Consumer | Consumer Real Estate | R/E installment loans | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,596 | 1,924 | |||
Consumer | Consumer Real Estate | R/E installment loans | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 3,748 | 4,474 | |||
Consumer | Consumer Real Estate | RE Installment Purchase Credit Impaired Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 26,829 | 31,810 | |||
Consumer | Consumer Real Estate | RE Installment Purchase Credit Impaired Loans | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 20,493 | 24,096 | |||
Total Accruing | 26,829 | 31,810 | |||
Consumer | Consumer Real Estate | RE Installment Purchase Credit Impaired Loans | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,362 | 2,094 | |||
Consumer | Consumer Real Estate | RE Installment Purchase Credit Impaired Loans | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 3,974 | 5,620 | |||
Consumer | Consumer Real Estate | RE Installment Purchase Credit Impaired Loans | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 0 | 0 | |||
Total Non-Accruing | 0 | 0 | |||
Consumer | Consumer Real Estate | RE Installment Purchase Credit Impaired Loans | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Consumer | Consumer Real Estate | RE Installment Purchase Credit Impaired Loans | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Consumer | Permanent Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 193,052 | 222,448 | 249,819 | ||
Consumer | Permanent Mortgage | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 170,849 | 193,591 | |||
Total Accruing | 175,144 | 200,738 | |||
Consumer | Permanent Mortgage | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,691 | 2,585 | |||
Consumer | Permanent Mortgage | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 1,604 | 4,562 | |||
Consumer | Permanent Mortgage | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 10,199 | 11,227 | |||
Total Non-Accruing | 17,908 | 21,710 | |||
Consumer | Permanent Mortgage | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 82 | 996 | |||
Consumer | Permanent Mortgage | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 7,627 | 9,487 | |||
Consumer | Credit Card and Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 494,376 | 518,370 | $ 549,112 | ||
Consumer | Credit Card and Other | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 488,666 | 509,306 | |||
Total Accruing | 493,922 | 517,746 | |||
Consumer | Credit Card and Other | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 4,051 | 6,314 | |||
Consumer | Credit Card and Other | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 1,205 | 2,126 | |||
Consumer | Credit Card and Other | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 101 | 110 | |||
Total Non-Accruing | 454 | 624 | |||
Consumer | Credit Card and Other | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 112 | 60 | |||
Consumer | Credit Card and Other | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 241 | 454 | |||
Consumer | Credit Card and Other | Credit Card | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 201,144 | 191,345 | |||
Consumer | Credit Card and Other | Credit Card | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 198,767 | 188,009 | |||
Total Accruing | 201,144 | 191,345 | |||
Consumer | Credit Card and Other | Credit Card | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 1,509 | 2,133 | |||
Consumer | Credit Card and Other | Credit Card | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 868 | 1,203 | |||
Consumer | Credit Card and Other | Credit Card | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 0 | 0 | |||
Total Non-Accruing | 0 | 0 | |||
Consumer | Credit Card and Other | Credit Card | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Consumer | Credit Card and Other | Credit Card | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Consumer | Credit Card and Other | Other Consumer Loans Class | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 292,329 | 325,271 | |||
Consumer | Credit Card and Other | Other Consumer Loans Class | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 289,376 | 320,551 | |||
Total Accruing | 291,875 | 324,647 | |||
Consumer | Credit Card and Other | Other Consumer Loans Class | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,233 | 3,570 | |||
Consumer | Credit Card and Other | Other Consumer Loans Class | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 266 | 526 | |||
Consumer | Credit Card and Other | Other Consumer Loans Class | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 101 | 110 | |||
Total Non-Accruing | 454 | 624 | |||
Consumer | Credit Card and Other | Other Consumer Loans Class | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 112 | 60 | |||
Consumer | Credit Card and Other | Other Consumer Loans Class | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 241 | 454 | |||
Consumer | Credit Card and Other | Other Purchased Credit Impaired Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 903 | 1,754 | |||
Consumer | Credit Card and Other | Other Purchased Credit Impaired Loans | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 523 | 746 | |||
Total Accruing | 903 | 1,754 | |||
Consumer | Credit Card and Other | Other Purchased Credit Impaired Loans | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 309 | 611 | |||
Consumer | Credit Card and Other | Other Purchased Credit Impaired Loans | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 71 | 397 | |||
Consumer | Credit Card and Other | Other Purchased Credit Impaired Loans | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 0 | 0 | |||
Total Non-Accruing | 0 | 0 | |||
Consumer | Credit Card and Other | Other Purchased Credit Impaired Loans | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 0 | 0 | |||
Consumer | Credit Card and Other | Other Purchased Credit Impaired Loans | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | $ 0 | $ 0 | |||
[1] | June 30, 2019 and December 31, 2018 include $17.3 million and $28.6 million , respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructuring Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings loans | $ 232.6 | $ 228.2 |
Allowance For TDRs To Recorded Investment Of TDRs | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan loss reserves | $ 22.7 | $ 27.7 |
Ratio of the allowance for loan losses to loans | 10.00% | 12.00% |
Loans Held For Sale, Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings loans | $ 53.6 | $ 57.8 |
Consumer | Consumer Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
TDRS Maturities | 30 years | |
Consumer | Permanent Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
TDR, reduction of interest rate by increment, basis points | 0.25% | |
Modified interest rate increase | 1.00% | |
TDRS Maturities | 40 years | |
Minimum | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Forbearance agreements time period | 6 months | |
Minimum | Consumer | Permanent Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Modified interest rate | 2.00% | |
Modified interest rate time period | 5 years | |
Maximum | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Forbearance agreements time period | 12 months | |
Maximum | Consumer | Permanent Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Modified interest rate time period | 5 years | |
Heloc And Real Estate Installment Classes | Consumer | Consumer Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
TDR, reduction of interest rate by increment, basis points | 0.25% | |
Modified interest rate increase | 2.00% | |
Heloc And Real Estate Installment Classes | Minimum | Consumer | Consumer Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Modified interest rate | 1.00% | |
Modified interest rate time period | 5 years | |
Heloc And Real Estate Installment Classes | Maximum | Consumer | Consumer Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Modified interest rate time period | 5 years | |
Credit Card | Consumer | Credit Card and Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit card workout program, granted rate reduction | 0.00% | |
Credit Card | Minimum | Consumer | Credit Card and Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payment reductions, time period | 6 months | |
Credit Card | Maximum | Consumer | Credit Card and Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payment reductions, time period | 1 year | |
Credit card workout program, term extension | 5 years |
Loans - Schedule Of Troubled De
Loans - Schedule Of Troubled Debt Restructurings Occurring During The Year (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 63 | 81 | 146 | 163 |
Pre-Modification Outstanding Recorded Investment | $ 5,136 | $ 5,870 | $ 28,634 | $ 11,230 |
Post-Modification Outstanding Recorded Investment | $ 5,083 | $ 5,842 | $ 28,471 | $ 10,871 |
Commercial | C&I | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 1 | 3 | 3 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 222 | $ 544 | $ 14,117 | $ 2,048 |
Post-Modification Outstanding Recorded Investment | $ 222 | $ 537 | $ 14,042 | $ 1,751 |
Commercial | Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 0 | 3 | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 201 | $ 0 | $ 201 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 195 | $ 0 | $ 195 |
Consumer | Consumer Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 42 | 44 | 105 | 79 |
Pre-Modification Outstanding Recorded Investment | $ 4,784 | $ 4,596 | $ 12,865 | $ 7,967 |
Post-Modification Outstanding Recorded Investment | $ 4,739 | $ 4,576 | $ 12,757 | $ 7,921 |
Consumer | Permanent Mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 2 | 4 | 5 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 21 | $ 434 | $ 1,469 | $ 709 |
Post-Modification Outstanding Recorded Investment | $ 19 | $ 440 | $ 1,498 | $ 713 |
Consumer | Credit Card and Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 18 | 27 | 33 | 68 |
Pre-Modification Outstanding Recorded Investment | $ 109 | $ 95 | $ 183 | $ 305 |
Post-Modification Outstanding Recorded Investment | $ 103 | $ 94 | $ 174 | $ 291 |
General C&I | Commercial | C&I | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 1 | 3 | 3 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 222 | $ 544 | $ 14,117 | $ 2,048 |
Post-Modification Outstanding Recorded Investment | $ 222 | $ 537 | $ 14,042 | $ 1,751 |
Income CRE | Commercial | Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 0 | 3 | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 201 | $ 0 | $ 201 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 195 | $ 0 | $ 195 |
Home Equity Line of Credit | Consumer | Consumer Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 25 | 34 | 44 | 64 |
Pre-Modification Outstanding Recorded Investment | $ 3,271 | $ 3,824 | $ 5,375 | $ 6,584 |
Post-Modification Outstanding Recorded Investment | $ 3,235 | $ 3,806 | $ 5,319 | $ 6,539 |
R/E installment loans | Consumer | Consumer Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 17 | 10 | 61 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 1,513 | $ 772 | $ 7,490 | $ 1,383 |
Post-Modification Outstanding Recorded Investment | $ 1,504 | $ 770 | $ 7,438 | $ 1,382 |
Loans - Schedule Of Troubled _2
Loans - Schedule Of Troubled Debt Restructurings Within The Previous 12 Months (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 9 | 17 | 18 | 34 |
Recorded Investment | $ | $ 118 | $ 746 | $ 169 | $ 1,008 |
Commercial | C&I | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 0 | 1 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 258 | $ 0 | $ 258 |
Consumer | Consumer Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 2 | 3 | 3 | 5 |
Recorded Investment | $ | $ 104 | $ 120 | $ 137 | $ 189 |
Consumer | Permanent mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 0 | 1 | 0 | 2 |
Recorded Investment | $ | $ 0 | $ 293 | $ 0 | $ 405 |
Consumer | Credit Card and Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 7 | 12 | 15 | 26 |
Recorded Investment | $ | $ 14 | $ 75 | $ 32 | $ 156 |
General C&I | Commercial | C&I | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 0 | 1 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 258 | $ 0 | $ 258 |
HELOC | Consumer | Consumer Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 1 | 2 | 2 | 4 |
Recorded Investment | $ | $ 66 | $ 95 | $ 99 | $ 164 |
R/E installment loans | Consumer | Consumer Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number | loan | 1 | 1 | 1 | 1 |
Recorded Investment | $ | $ 38 | $ 25 | $ 38 | $ 25 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Beginning Balance | $ 184,911 | $ 187,194 | $ 180,424 | $ 189,555 | ||||
Charge-offs | (12,223) | (10,008) | (22,750) | (18,491) | ||||
Recoveries | 7,061 | 8,276 | 13,075 | 15,398 | ||||
Provision/(provision credit) for loan losses | 13,000 | 0 | 22,000 | (1,000) | ||||
Ending Balance | 192,749 | 185,462 | 192,749 | 185,462 | ||||
Allowance - individually evaluated for impairment | 31,181 | 32,704 | 31,181 | 32,704 | ||||
Allowance - collectively evaluated for impairment | 159,579 | 149,751 | 159,579 | 149,751 | ||||
Allowance - purchased credit-impaired loans | 1,989 | 3,007 | 1,989 | 3,007 | $ 4,000 | |||
Individually evaluated for impairment | 300,726 | 234,651 | 300,726 | 234,651 | ||||
Collectively evaluated for impairment | 29,343,285 | 27,344,254 | 29,343,285 | 27,344,254 | ||||
Purchased credit-impaired loans | 68,799 | 122,835 | 68,799 | 122,835 | ||||
Total loans, net of unearned income | 29,712,810 | [1] | 27,701,740 | 29,712,810 | [1] | 27,701,740 | 27,535,532 | [1] |
Commercial | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Beginning Balance | 130,258 | |||||||
Ending Balance | 149,049 | 149,049 | ||||||
Allowance - individually evaluated for impairment | 8,484 | 8,484 | 1,074 | |||||
Allowance - collectively evaluated for impairment | 139,711 | 139,711 | 126,361 | |||||
Allowance - purchased credit-impaired loans | 854 | 854 | 2,823 | |||||
Individually evaluated for impairment | 117,585 | 117,585 | 50,558 | |||||
Collectively evaluated for impairment | 22,756,648 | 22,756,648 | 20,437,747 | |||||
Purchased credit-impaired loans | 41,067 | 41,067 | 56,893 | |||||
Commercial | C&I | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Beginning Balance | 103,713 | 100,238 | 98,947 | 98,211 | ||||
Charge-offs | (6,590) | (3,287) | (9,691) | (5,362) | ||||
Recoveries | 519 | 1,036 | 1,348 | 2,555 | ||||
Provision/(provision credit) for loan losses | 18,454 | (1,153) | 25,492 | 1,430 | ||||
Ending Balance | 116,096 | 96,834 | 116,096 | 96,834 | ||||
Allowance - individually evaluated for impairment | 8,484 | 1,213 | 8,484 | 1,213 | ||||
Allowance - collectively evaluated for impairment | 106,758 | 93,429 | 106,758 | 93,429 | ||||
Allowance - purchased credit-impaired loans | 854 | 2,192 | 854 | 2,192 | ||||
Individually evaluated for impairment | 115,808 | 32,599 | 115,808 | 32,599 | ||||
Collectively evaluated for impairment | 18,904,621 | 16,349,811 | 18,904,621 | 16,349,811 | ||||
Purchased credit-impaired loans | 33,840 | 56,335 | 33,840 | 56,335 | ||||
Total loans, net of unearned income | 19,054,269 | 16,438,745 | 19,054,269 | 16,438,745 | 16,514,328 | |||
Commercial | Commercial Real Estate | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Beginning Balance | 34,382 | 29,057 | 31,311 | 28,427 | ||||
Charge-offs | (121) | (228) | (555) | (272) | ||||
Recoveries | (88) | 75 | (31) | 81 | ||||
Provision/(provision credit) for loan losses | (1,220) | 4,928 | 2,228 | 5,596 | ||||
Ending Balance | 32,953 | 33,832 | 32,953 | 33,832 | ||||
Allowance - individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||
Allowance - collectively evaluated for impairment | 32,953 | 33,744 | 32,953 | 33,744 | ||||
Allowance - purchased credit-impaired loans | 0 | 88 | 0 | 88 | ||||
Individually evaluated for impairment | 1,777 | 2,252 | 1,777 | 2,252 | ||||
Collectively evaluated for impairment | 3,852,027 | 4,106,974 | 3,852,027 | 4,106,974 | ||||
Purchased credit-impaired loans | 7,227 | 27,130 | 7,227 | 27,130 | ||||
Total loans, net of unearned income | 3,861,031 | 4,136,356 | 3,861,031 | 4,136,356 | 4,030,870 | |||
Consumer | Consumer Real Estate | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Beginning Balance | 24,073 | 35,201 | 26,439 | 39,823 | ||||
Charge-offs | (1,538) | (1,481) | (4,338) | (3,392) | ||||
Recoveries | 4,514 | 5,444 | 7,967 | 9,827 | ||||
Provision/(provision credit) for loan losses | (4,192) | (5,009) | (7,211) | (12,103) | ||||
Ending Balance | 22,857 | 34,155 | 22,857 | 34,155 | ||||
Allowance - individually evaluated for impairment | 14,079 | 20,399 | 14,079 | 20,399 | ||||
Allowance - collectively evaluated for impairment | 7,700 | 13,116 | 7,700 | 13,116 | ||||
Allowance - purchased credit-impaired loans | 1,078 | 640 | 1,078 | 640 | ||||
Individually evaluated for impairment | 115,756 | 122,335 | 115,756 | 122,335 | ||||
Collectively evaluated for impairment | 5,967,497 | 6,169,058 | 5,967,497 | 6,169,058 | ||||
Purchased credit-impaired loans | 26,829 | 36,315 | 26,829 | 36,315 | ||||
Total loans, net of unearned income | 6,110,082 | 6,327,708 | 6,110,082 | 6,327,708 | 6,249,516 | |||
Consumer | Permanent Mortgage | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Beginning Balance | 10,081 | 12,984 | 11,000 | 13,113 | ||||
Charge-offs | (176) | (300) | (180) | (460) | ||||
Recoveries | 1,011 | 631 | 1,599 | 696 | ||||
Provision/(provision credit) for loan losses | (2,241) | (1,623) | (3,744) | (1,657) | ||||
Ending Balance | 8,675 | 11,692 | 8,675 | 11,692 | ||||
Allowance - individually evaluated for impairment | 8,176 | 10,787 | 8,176 | 10,787 | ||||
Allowance - collectively evaluated for impairment | 499 | 905 | 499 | 905 | ||||
Allowance - purchased credit-impaired loans | 0 | 0 | 0 | 0 | ||||
Individually evaluated for impairment | 66,686 | 76,861 | 66,686 | 76,861 | ||||
Collectively evaluated for impairment | 126,366 | 172,958 | 126,366 | 172,958 | ||||
Purchased credit-impaired loans | 0 | 0 | 0 | 0 | ||||
Total loans, net of unearned income | 193,052 | 249,819 | 193,052 | 249,819 | 222,448 | |||
Consumer | Credit Card and Other | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Beginning Balance | 12,662 | 9,714 | 12,727 | 9,981 | ||||
Charge-offs | (3,798) | (4,712) | (7,986) | (9,005) | ||||
Recoveries | 1,105 | 1,090 | 2,192 | 2,239 | ||||
Provision/(provision credit) for loan losses | 2,199 | 2,857 | 5,235 | 5,734 | ||||
Ending Balance | 12,168 | 8,949 | 12,168 | 8,949 | ||||
Allowance - individually evaluated for impairment | 442 | 305 | 442 | 305 | ||||
Allowance - collectively evaluated for impairment | 11,669 | 8,557 | 11,669 | 8,557 | ||||
Allowance - purchased credit-impaired loans | 57 | 87 | 57 | 87 | ||||
Individually evaluated for impairment | 699 | 604 | 699 | 604 | ||||
Collectively evaluated for impairment | 492,774 | 545,453 | 492,774 | 545,453 | ||||
Purchased credit-impaired loans | 903 | 3,055 | 903 | 3,055 | ||||
Total loans, net of unearned income | $ 494,376 | $ 549,112 | $ 494,376 | $ 549,112 | $ 518,370 | |||
[1] | June 30, 2019 and December 31, 2018 include $17.3 million and $28.6 million , respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Intangible Assets - Summary Of
Intangible Assets - Summary Of Intangible Assets and Accumulated Amortization Included In The Consolidated Statements of Condition (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 240,637 | $ 240,637 |
Accumulated Amortization | (98,025) | (85,603) |
Net Carrying Value | 142,612 | 155,034 |
Core deposit intangibles | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 157,150 | 157,150 |
Accumulated Amortization | (37,761) | (28,150) |
Net Carrying Value | 119,389 | 129,000 |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 77,865 | 77,865 |
Accumulated Amortization | (57,879) | (55,597) |
Net Carrying Value | 19,986 | 22,268 |
Other | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,622 | 5,622 |
Accumulated Amortization | (2,385) | (1,856) |
Net Carrying Value | 3,237 | 3,766 |
State banking licenses | ||
Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, excluding goodwill | $ 300 | $ 300 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Amortization expense | $ 6,200,000 | $ 6,500,000 | $ 12,400,000 | $ 12,900,000 | ||
Goodwill [Line Items] | ||||||
Goodwill | 1,432,787,000 | $ 1,409,276,000 | 1,432,787,000 | $ 1,409,276,000 | $ 1,432,787,000 | $ 1,386,853,000 |
Non-Strategic | ||||||
Goodwill [Line Items] | ||||||
Gross goodwill | 200,000,000 | 200,000,000 | 200,000,000 | |||
Accumulated impairments | 114,100,000 | 114,100,000 | 114,100,000 | |||
Accumulated divestiture related write-offs | 85,900,000 | 85,900,000 | 85,900,000 | |||
Goodwill | $ 0 | $ 0 | $ 0 |
Intangible Assets - Schedule Of
Intangible Assets - Schedule Of Estimated Aggregate Amortization Expense for Intangible Assets (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2019 | $ 12,419 |
2020 | 21,159 |
2021 | 19,547 |
2022 | 17,412 |
2023 | 16,117 |
2024 | $ 14,679 |
Intangible Assets - Summary O_2
Intangible Assets - Summary Of Gross Goodwill And Accumulated Impairment Losses And Write-Offs Detailed By Reportable Segments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | $ 1,432,787 | $ 1,386,853 |
Additions | 0 | 22,423 |
Goodwill, Ending balance | 1,432,787 | 1,409,276 |
Regional Banking | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | 1,289,819 | 1,243,885 |
Additions | 0 | 22,423 |
Goodwill, Ending balance | 1,289,819 | 1,266,308 |
Fixed Income | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | 142,968 | 142,968 |
Additions | 0 | 0 |
Goodwill, Ending balance | $ 142,968 | $ 142,968 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of use assets | $ 178,098 |
Finance lease right-of use assets | 657 |
Total Lease Right-of Use Assets | 178,755 |
Operating lease liabilities | 199,063 |
Finance lease liabilities | 1,312 |
Total Lease Liabilities | $ 200,375 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Terms and Discount Rate (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighed average remaining lease terms - operating leases | 12 years 2 months 4 days |
Weighed average remaining lease terms - finance leases | 6 years 11 months 1 day |
Weighted average discount rate - operating leases | 3.48% |
Weighted average discount rate - finance leases | 9.96% |
Leases - Lease Expense and Othe
Leases - Lease Expense and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 6,401 | $ 12,584 |
Amortization of right-of-use assets | 24 | 48 |
Interest on lease liabilities | 32 | 65 |
Short-term lease cost | 35 | 80 |
Sublease income | (97) | (192) |
Total lease cost | 6,395 | 12,585 |
(Gain)/loss on right-of-use asset impairment-Operating leases | 1,734 | 2,551 |
Operating cash flows from operating leases | 6,045 | 11,347 |
Operating cash flows from finance leases | 33 | 66 |
Financing cash flows from finance leases | 31 | 62 |
Right-of-use assets obtained in exchange for lease obligations - operating leases | 2,342 | 4,784 |
Right-of-use assets obtained in exchange for lease obligations - finance leases | $ 0 | $ 0 |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 12,374 |
2020 | 24,642 |
2021 | 22,237 |
2022 | 21,124 |
2023 | 20,156 |
2024 and after | 146,999 |
Total future minimum lease payments | 247,532 |
Less lease liability interest | (47,157) |
Present value of net future minimum lease payments | $ 200,375 |
Leases - Maturity of Leases Pri
Leases - Maturity of Leases Prior to Adoption of ASC 842 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 27,524 |
2020 | 24,722 |
2021 | 20,954 |
2022 | 16,518 |
2023 | 13,174 |
2024 and after | 42,370 |
Total minimum lease payments | $ 145,262 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Undiscounted amount of leases that have not yet commenced | $ 21.1 |
Other Income And Other Expens_2
Other Income And Other Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
All other income and commissions: | ||||
Other service charges | $ 5,624 | $ 3,728 | $ 9,493 | $ 7,851 |
ATM and interchange fees | 4,262 | 3,413 | 7,503 | 6,680 |
Mortgage banking | 2,572 | 2,431 | 4,458 | 4,977 |
Deferred compensation | 1,938 | 991 | 7,412 | 1,442 |
Dividend income | 1,809 | 3,124 | 4,122 | 5,373 |
Electronic banking fees | 1,267 | 1,228 | 2,538 | 2,432 |
Letter of credit fees | 1,253 | 1,295 | 2,621 | 2,544 |
Insurance commissions | 566 | 476 | 1,190 | 1,233 |
Gain/(loss) on extinguishment of debt | 0 | 0 | (1) | 0 |
Other | 6,376 | 2,188 | 10,962 | 9,235 |
Total | 25,667 | 18,874 | 50,298 | 41,767 |
All other expense: | ||||
Travel and entertainment | 2,906 | 5,131 | 5,618 | 8,114 |
Other insurance and taxes | 2,495 | 2,752 | 5,189 | 5,417 |
Customer relations | 1,540 | 1,358 | 3,139 | 2,421 |
Supplies | 1,342 | 1,987 | 3,146 | 3,823 |
Employee training and dues | 1,251 | 1,849 | 2,708 | 3,628 |
Miscellaneous loan costs | 857 | 1,035 | 1,884 | 2,177 |
Non-service components of net periodic pension and post-retirement cost | 559 | 1,530 | 991 | 2,034 |
Tax credit investments | 267 | 1,079 | 942 | 2,216 |
OREO | 25 | 810 | (341) | 918 |
Litigation and regulatory matters | (8,230) | 16 | (8,217) | 2,150 |
Other | 26,199 | 33,452 | 33,938 | 53,433 |
Total | 29,211 | 50,999 | 48,997 | 86,331 |
Non-Strategic | ||||
All other income and commissions: | ||||
Total | 629 | $ (336) | 1,580 | $ 314 |
All other expense: | ||||
Litigation and regulatory matters | $ 8,300 | $ 8,300 |
Components of Other Comprehen_3
Components of Other Comprehensive Income/(Loss) - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2017 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Balance, adjusted | $ 4,580,488 | |||||||||||||||||
Balance, beginning of period | $ 4,846,521 | $ 4,785,380 | $ 4,572,528 | $ 4,580,488 | $ 4,785,380 | $ 4,580,488 | ||||||||||||
Beginning balance, as adjusted | $ 4,784,369 | $ 4,580,555 | ||||||||||||||||
Net unrealized gains/(losses) | 55,566 | (24,551) | 108,117 | (92,693) | ||||||||||||||
Amounts reclassified from AOCI | 3,096 | 2,522 | 6,010 | 3,615 | ||||||||||||||
Other comprehensive income/(loss) | 58,662 | 55,465 | (22,029) | (67,049) | 114,127 | (89,078) | ||||||||||||
Balance, end of period | 4,926,081 | 4,846,521 | 4,549,749 | 4,572,528 | 4,926,081 | 4,549,749 | ||||||||||||
Securities AFS | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Balance, adjusted | [1] | (26,834) | ||||||||||||||||
Balance, beginning of period | (27,121) | (75,736) | (86,382) | (75,736) | ||||||||||||||
Adjustment to reflect adoption of ASU 2016-01 and ASU 2017-12 | (5) | |||||||||||||||||
Beginning balance, as adjusted | (26,839) | |||||||||||||||||
Net unrealized gains/(losses) | 47,991 | (21,094) | 96,606 | (80,598) | ||||||||||||||
Amounts reclassified from AOCI | 201 | 0 | 201 | (39) | ||||||||||||||
Other comprehensive income/(loss) | 48,192 | (21,094) | 96,807 | (80,637) | ||||||||||||||
Balance, end of period | 21,071 | (27,121) | (107,476) | (86,382) | 21,071 | (107,476) | ||||||||||||
Cash Flow Hedges | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Balance, adjusted | [1] | (7,764) | ||||||||||||||||
Balance, beginning of period | (6,725) | (12,112) | (16,763) | (12,112) | ||||||||||||||
Adjustment to reflect adoption of ASU 2016-01 and ASU 2017-12 | (206) | |||||||||||||||||
Beginning balance, as adjusted | (7,970) | |||||||||||||||||
Net unrealized gains/(losses) | 7,575 | (3,457) | 11,511 | (12,095) | ||||||||||||||
Amounts reclassified from AOCI | 1,334 | 463 | 2,785 | 308 | ||||||||||||||
Other comprehensive income/(loss) | 8,909 | (2,994) | 14,296 | (11,787) | ||||||||||||||
Balance, end of period | 2,184 | (6,725) | (19,757) | (16,763) | 2,184 | (19,757) | ||||||||||||
Pension and Post-retirement Plans | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Balance, adjusted | [1] | (288,227) | ||||||||||||||||
Balance, beginning of period | (287,305) | (288,768) | (286,940) | (288,768) | ||||||||||||||
Adjustment to reflect adoption of ASU 2016-01 and ASU 2017-12 | 0 | |||||||||||||||||
Beginning balance, as adjusted | (288,227) | |||||||||||||||||
Net unrealized gains/(losses) | 0 | 0 | 0 | 0 | ||||||||||||||
Amounts reclassified from AOCI | 1,561 | 2,059 | 3,024 | 3,346 | ||||||||||||||
Other comprehensive income/(loss) | 1,561 | 2,059 | 3,024 | 3,346 | ||||||||||||||
Balance, end of period | (285,744) | (287,305) | (284,881) | (286,940) | (285,744) | (284,881) | ||||||||||||
Total | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Balance, adjusted | [1] | (322,825) | ||||||||||||||||
Balance, beginning of period | (321,151) | [2] | (376,616) | [2] | (390,085) | [2] | (265,279) | [1] | (376,616) | [2] | (265,279) | [1] | ||||||
Adjustment to reflect adoption of ASU 2016-01 and ASU 2017-12 | (211) | |||||||||||||||||
Beginning balance, as adjusted | $ (376,616) | [2] | $ (323,036) | [1] | $ (323,036) | |||||||||||||
Other comprehensive income/(loss) | 58,662 | [2] | 55,465 | [2] | (22,029) | [2] | (67,049) | [1] | ||||||||||
Balance, end of period | [2] | $ (262,489) | $ (321,151) | $ (412,114) | $ (390,085) | $ (262,489) | $ (412,114) | |||||||||||
[1] | Due to the nature of the preferred stock issued by FHN and its subsidiaries, all components of Other comprehensive income/(loss) have been attributed solely to FHN as the controlling interest holder. | |||||||||||||||||
[2] | Due to the nature of the preferred stock issued by FHN and its subsidiaries, all components of Other comprehensive income/(loss) have been attributed solely to FHN as the controlling interest holder. |
Components of Other Comprehen_4
Components of Other Comprehensive Income/(Loss) - Schedule of Reclassification from AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Debt securities gains/(losses), net | $ (267) | $ 0 | $ (267) | $ 52 |
Provision/(benefit) for income taxes | 34,467 | 19,697 | 61,525 | 49,628 |
Amounts reclassified from AOCI | 3,096 | 2,522 | 6,010 | 3,615 |
Interest and fees on loans | 352,112 | 323,974 | 684,050 | 623,467 |
All other expense (Note 8) | 29,211 | 50,999 | 48,997 | 86,331 |
Securities AFS | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI | 201 | 0 | 201 | (39) |
Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI | 1,334 | 463 | 2,785 | 308 |
Pension and Post-retirement Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI | 1,561 | 2,059 | 3,024 | 3,346 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI | 3,096 | 2,522 | 6,010 | 3,615 |
Reclassification out of Accumulated Other Comprehensive Income | Securities AFS | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Debt securities gains/(losses), net | 267 | 0 | 267 | (52) |
Provision/(benefit) for income taxes | (66) | 0 | (66) | 13 |
Amounts reclassified from AOCI | 201 | 0 | 201 | (39) |
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Provision/(benefit) for income taxes | (438) | (152) | (914) | (101) |
Amounts reclassified from AOCI | 1,334 | 463 | 2,785 | 308 |
Interest and fees on loans | 1,772 | 615 | 3,699 | 409 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Post-retirement Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI | 1,561 | 2,059 | 3,024 | 3,346 |
All other expense (Note 8) | 2,074 | 2,735 | 4,017 | 4,444 |
Reclassification from AOCI, current period, tax | $ (513) | $ (676) | $ (993) | $ (1,098) |
Earnings Per Share - Schedule O
Earnings Per Share - Schedule Of Reconciliation Of Net Income/(Loss) to Net Income/(Loss) Available to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||
Net income/(loss) | $ 113,742 | $ 103,405 | $ 85,992 | $ 94,994 | $ 217,147 | $ 180,986 |
Net income attributable to noncontrolling interest | 2,852 | 2,852 | 5,672 | 5,672 | ||
Net income/(loss) attributable to controlling interest | 110,890 | 83,140 | 211,475 | 175,314 | ||
Preferred stock dividends | 1,550 | $ 1,550 | 1,550 | $ 1,550 | 3,100 | 3,100 |
Net income/(loss) available to common shareholders | $ 109,340 | $ 81,590 | $ 208,375 | $ 172,214 | ||
Weighted average common shares outstanding - basic (in shares) | 314,063 | 325,153 | 315,740 | 325,817 | ||
Effect of dilutive securities (in shares) | 1,723 | 3,273 | 1,980 | 3,536 | ||
Weighted average common shares outstanding - diluted (in shares) | 315,786 | 328,426 | 317,720 | 329,353 | ||
Net income/(loss) per share available to common shareholders (in dollars per share) | $ 0.35 | $ 0.25 | $ 0.66 | $ 0.53 | ||
Diluted income/(loss) per share available to common shareholders (in dollars per share) | $ 0.35 | $ 0.25 | $ 0.66 | $ 0.52 |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule Of Anti-Dilutive Options and Awards (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average exercise price of stock options excluded from the calculation of diluted EPS (in dollars per share) | $ 21.03 | $ 24.38 | $ 21.39 | $ 24.60 |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options excluded from the calculation of diluted EPS (in shares) | 2,773 | 2,446 | 2,692 | 2,428 |
Other Equity Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options excluded from the calculation of diluted EPS (in shares) | 2,403 | 565 | 1,985 | 404 |
Contingencies And Other Discl_2
Contingencies And Other Disclosures (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Estimated litigation liability | $ 24.5 | |
Accrued losses on loan repurchase exposure | 17.5 | $ 32.3 |
Mortgage Securitization Litigation | ||
Loss Contingencies [Line Items] | ||
Investment in proprietary securitizations subject to lawsuits | 83.4 | |
Investment in proprietary securitizations subject to indemnifications | $ 231.2 |
Pension, Savings, And Other E_3
Pension, Savings, And Other Employee Benefits - Narrative (Details) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)pension_plan | Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, expected contributions by employer remainder of year | $ 5.2 | |
Savings Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer investment in qualified defined contribution plan | 100.00% | |
Maximum percent of employee pre-tax contributions that may be matched by the Company (percent) | 6.00% | |
Qualified Plan | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated social security benefits age | 65 years | |
Nonqualified Plan | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, contributions by employer | $ 5.8 | |
Capital Bank Financial Corp | Qualified Plan | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of additional qualified pension plans | pension_plan | 2 | |
Defined benefit plan, benefit obligation | 17.1 | |
Defined benefit plan, fair value of plan assets | $ 16.5 |
Pension, Savings, And Other E_4
Pension, Savings, And Other Employee Benefits - Schedule Of Components Of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 8 | $ 10 | $ 16 | $ 20 |
Interest cost | 7,575 | 6,987 | 15,150 | 13,973 |
Expected return on plan assets | (9,173) | (8,226) | (18,346) | (16,451) |
Actuarial (gain)/loss | 2,435 | 2,956 | 4,870 | 5,912 |
Net periodic benefit cost/(credit) | 845 | 1,727 | 1,690 | 3,454 |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 24 | 34 | 48 | 67 |
Interest cost | 351 | 327 | 702 | 654 |
Expected return on plan assets | (269) | (269) | (538) | (538) |
Actuarial (gain)/loss | (117) | (91) | (234) | (182) |
Net periodic benefit cost/(credit) | $ (11) | $ 1 | $ (22) | $ 1 |
Business Segment Information -
Business Segment Information - Amounts Of Consolidated Revenue, Expense, Tax And Assets (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019USD ($)segment | Jun. 30, 2018USD ($) | |
Segment Reporting, Measurement Disclosures [Abstract] | ||||||
Number of operating segments | segment | 4 | |||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | $ 303,610 | $ 310,932 | $ 598,118 | $ 612,105 | ||
Provision/(provision credit) for loan losses | 13,000 | 0 | 22,000 | (1,000) | ||
Noninterest income | 157,993 | 127,525 | 299,038 | 263,542 | ||
Noninterest expense | 300,394 | 332,768 | 596,484 | 646,033 | ||
Income/(loss) before income taxes | 148,209 | 105,689 | 278,672 | 230,614 | ||
Provision/(benefit) for income taxes | 34,467 | 19,697 | 61,525 | 49,628 | ||
Net income/(loss) | 113,742 | $ 103,405 | 85,992 | $ 94,994 | 217,147 | 180,986 |
Average assets | 41,243,007 | 40,173,712 | 41,064,093 | 40,261,729 | ||
Expenses associated with rebranding initiatives | 9,100 | 9,100 | ||||
Regional Banking | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 297,328 | 305,935 | 583,241 | 598,084 | ||
Provision/(provision credit) for loan losses | 17,775 | 4,613 | 31,218 | 8,950 | ||
Noninterest income | 81,475 | 80,767 | 154,505 | 161,055 | ||
Noninterest expense | 193,268 | 210,038 | 392,736 | 412,712 | ||
Income/(loss) before income taxes | 167,760 | 172,051 | 313,792 | 337,477 | ||
Provision/(benefit) for income taxes | 39,504 | 40,424 | 73,364 | 79,387 | ||
Net income/(loss) | 128,256 | 131,627 | 240,428 | 258,090 | ||
Average assets | 30,209,191 | 28,401,733 | 29,513,197 | 28,231,978 | ||
Fixed Income | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 6,171 | 9,200 | 13,502 | 17,688 | ||
Noninterest income | 65,622 | 38,363 | 119,429 | 83,967 | ||
Noninterest expense | 55,770 | 46,933 | 106,544 | 96,296 | ||
Income/(loss) before income taxes | 16,023 | 630 | 26,387 | 5,359 | ||
Provision/(benefit) for income taxes | 3,781 | (69) | 6,178 | 970 | ||
Net income/(loss) | 12,242 | 699 | 20,209 | 4,389 | ||
Average assets | 3,127,333 | 3,247,620 | 2,988,575 | 3,361,438 | ||
Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | (7,000) | (17,177) | (14,803) | (33,373) | ||
Noninterest income | 9,400 | 8,738 | 22,752 | 18,054 | ||
Noninterest expense | 55,500 | 67,868 | 95,874 | 121,218 | ||
Income/(loss) before income taxes | (53,100) | (76,307) | (87,925) | (136,537) | ||
Provision/(benefit) for income taxes | (13,150) | (22,960) | (24,546) | (36,739) | ||
Net income/(loss) | (39,950) | (53,347) | (63,379) | (99,798) | ||
Average assets | 6,814,261 | 6,963,450 | 7,428,906 | 7,039,301 | ||
Non-Strategic | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 7,111 | 12,974 | 16,178 | 29,706 | ||
Provision/(provision credit) for loan losses | (4,775) | (4,613) | (9,218) | (9,950) | ||
Noninterest income | 1,496 | (343) | 2,352 | 466 | ||
Noninterest expense | (4,144) | 7,929 | 1,330 | 15,807 | ||
Income/(loss) before income taxes | 17,526 | 9,315 | 26,418 | 24,315 | ||
Provision/(benefit) for income taxes | 4,332 | 2,302 | 6,529 | 6,010 | ||
Net income/(loss) | 13,194 | 7,013 | 19,889 | 18,305 | ||
Average assets | $ 1,092,222 | $ 1,560,909 | $ 1,133,415 | $ 1,629,012 |
Business Segment Information _2
Business Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Fixed income | $ 66,414 | $ 37,697 | $ 120,163 | $ 83,203 |
Deposit transactions and cash management | 32,374 | 36,083 | 63,995 | 72,067 |
Brokerage, management fees and commissions | 14,120 | 13,740 | 26,753 | 27,223 |
Trust services and investment management | 7,888 | 8,132 | 14,914 | 15,409 |
Bankcard income | 6,355 | 7,195 | 13,307 | 13,990 |
Bank-owned life insurance (BOLI) | 5,126 | 5,773 | 9,528 | 9,766 |
Debt securities gains/(losses), net | (267) | 0 | (267) | 52 |
Equity securities gains/(losses), net | 316 | 31 | 347 | 65 |
All other income and commissions (Note 8) | 25,667 | 18,874 | 50,298 | 41,767 |
Total noninterest income | 157,993 | 127,525 | 299,038 | 263,542 |
Gain on sale of a building | 3,300 | |||
Regional Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Fixed income | 46 | 131 | 63 | 212 |
Deposit transactions and cash management | 30,608 | 34,511 | 60,611 | 69,230 |
Brokerage, management fees and commissions | 14,118 | 13,740 | 26,748 | 27,223 |
Trust services and investment management | 7,902 | 8,147 | 14,958 | 15,438 |
Bankcard income | 6,594 | 7,202 | 13,634 | 13,831 |
Bank-owned life insurance (BOLI) | 0 | 0 | 0 | 0 |
Debt securities gains/(losses), net | 0 | 0 | 0 | 0 |
Equity securities gains/(losses), net | 0 | 0 | 0 | 0 |
All other income and commissions (Note 8) | 22,207 | 17,036 | 38,491 | 35,121 |
Total noninterest income | 81,475 | 80,767 | 154,505 | 161,055 |
Fixed Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Fixed income | 65,262 | 37,566 | 118,994 | 82,991 |
Deposit transactions and cash management | 1 | 3 | 4 | 6 |
Brokerage, management fees and commissions | 0 | 0 | 0 | 0 |
Trust services and investment management | 0 | 0 | 0 | 0 |
Bankcard income | 0 | 0 | 0 | 0 |
Bank-owned life insurance (BOLI) | 0 | 0 | 0 | 0 |
Debt securities gains/(losses), net | 0 | 0 | 0 | 0 |
Equity securities gains/(losses), net | 0 | 0 | 0 | 0 |
All other income and commissions (Note 8) | 359 | 794 | 431 | 970 |
Total noninterest income | 65,622 | 38,363 | 119,429 | 83,967 |
Corporate | ||||
Disaggregation of Revenue [Line Items] | ||||
Fixed income | 0 | 0 | 0 | 0 |
Deposit transactions and cash management | 1,707 | 1,514 | 3,270 | 2,726 |
Brokerage, management fees and commissions | 0 | 0 | 0 | 0 |
Trust services and investment management | (14) | (15) | (44) | (29) |
Bankcard income | 60 | 55 | 122 | 112 |
Bank-owned life insurance (BOLI) | 5,126 | 5,773 | 9,528 | 9,766 |
Debt securities gains/(losses), net | (267) | 0 | (267) | 52 |
Equity securities gains/(losses), net | 316 | 31 | 347 | 65 |
All other income and commissions (Note 8) | 2,472 | 1,380 | 9,796 | 5,362 |
Total noninterest income | 9,400 | 8,738 | 22,752 | 18,054 |
Non-Strategic | ||||
Disaggregation of Revenue [Line Items] | ||||
Fixed income | 1,106 | 0 | 1,106 | 0 |
Deposit transactions and cash management | 58 | 55 | 110 | 105 |
Brokerage, management fees and commissions | 2 | 0 | 5 | 0 |
Trust services and investment management | 0 | 0 | 0 | 0 |
Bankcard income | (299) | (62) | (449) | 47 |
Bank-owned life insurance (BOLI) | 0 | 0 | 0 | 0 |
Debt securities gains/(losses), net | 0 | 0 | 0 | 0 |
Equity securities gains/(losses), net | 0 | 0 | 0 | 0 |
All other income and commissions (Note 8) | 629 | (336) | 1,580 | 314 |
Total noninterest income | 1,496 | (343) | 2,352 | 466 |
Underwriting, Portfolio Advisory, and Other Noninterest Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Fixed income | $ 7,100 | $ 7,400 | $ 14,400 | $ 15,600 |
Variable Interest Entities - Su
Variable Interest Entities - Summary Of VIE Consolidated By FHN (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | ||
Assets: | ||||||||
Cash and due from banks | $ 596,081 | $ 781,291 | ||||||
Loans, net of unearned income | 29,712,810 | [1] | 27,535,532 | [1] | $ 27,701,740 | |||
Less: Allowance for loan losses | 192,749 | $ 184,911 | 180,424 | $ 185,462 | $ 187,194 | $ 189,555 | ||
Total net loans | 29,520,061 | 27,355,108 | ||||||
Total assets | 1,885,116 | 1,802,939 | ||||||
Total assets | 42,171,770 | 40,832,258 | ||||||
Liabilities: | ||||||||
Term borrowings | 1,186,646 | 1,170,963 | ||||||
Other liabilities | 741,862 | 580,335 | ||||||
Total liabilities | 37,245,689 | 36,046,878 | ||||||
On-Balance Sheet Consumer Loan Securitization | ||||||||
Assets: | ||||||||
Cash and due from banks | 0 | 0 | ||||||
Loans, net of unearned income | 13,483 | 16,213 | ||||||
Less: Allowance for loan losses | 0 | 0 | ||||||
Total net loans | 13,483 | 16,213 | ||||||
Total assets | 29 | 35 | ||||||
Total assets | 13,512 | 16,248 | ||||||
Liabilities: | ||||||||
Term borrowings | 1,801 | 2,981 | ||||||
Other liabilities | 0 | 0 | ||||||
Total liabilities | 1,801 | 2,981 | ||||||
Rabbi Trusts Used for Deferred Compensation Plans | ||||||||
Assets: | ||||||||
Total assets | 87,222 | 78,446 | ||||||
Total assets | 87,222 | 78,446 | ||||||
Liabilities: | ||||||||
Other liabilities | 65,867 | 56,700 | ||||||
Total liabilities | $ 65,867 | $ 56,700 | ||||||
[1] | June 30, 2019 and December 31, 2018 include $17.3 million and $28.6 million , respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Nov. 30, 2017 | |
Variable Interest Entity [Line Items] | |||||
Income (loss) from affordable housing projects, equity method investments | $ (0.1) | $ (0.9) | $ (0.7) | $ (1.9) | |
Capital Bank Financial Corp | Junior Subordinated Debt | |||||
Variable Interest Entity [Line Items] | |||||
Term borrowings | $ 212.4 |
Variable Interest Entities - _2
Variable Interest Entities - Summary of the Impact of Qualifying LIHTC Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Low income housing tax credits | ||||
Variable Interest Entity [Line Items] | ||||
Amortization of qualifying LIHTC investments | $ 4,287 | $ 2,191 | $ 8,285 | $ 4,547 |
Affordable Housing Tax Credits and Other Tax Benefits | (3,522) | (2,560) | (7,151) | (5,097) |
Other tax benefits related to qualifying LIHTC investments | ||||
Variable Interest Entity [Line Items] | ||||
Affordable Housing Tax Credits and Other Tax Benefits | $ (1,609) | $ (894) | $ (3,219) | $ (1,584) |
Variable Interest Entities - _3
Variable Interest Entities - Summary Of VIE Not Consolidated By FHN (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | ||
Variable Interest Entity [Line Items] | |||||
Loans, net of unearned income | $ 29,712,810 | [1] | $ 27,535,532 | [1] | $ 27,701,740 |
Trading securities | 1,668,942 | 1,448,168 | |||
Securities available-for-sale | 4,415,609 | 4,626,470 | |||
Term borrowings | 1,186,646 | 1,170,963 | |||
Low Income Housing Partnerships | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 152,750 | 156,056 | |||
Liability Recognized | 72,230 | 80,427 | |||
Maximum loss exposure, contractual funding commitments | 72,200 | 80,400 | |||
Low Income Housing Partnerships | Other Assets | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure, current investments | 80,500 | 75,600 | |||
Other Tax Credit Investments | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 9,164 | 3,619 | |||
Liability Recognized | 0 | 0 | |||
Other Tax Credit Investments | Other Assets | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure, current investments | 2,700 | 2,700 | |||
Small Issuer Trust Preferred Holdings | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 249,471 | 270,585 | |||
Liability Recognized | 0 | 0 | |||
On Balance Sheet Trust Preferred Securitization | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 36,986 | 37,532 | |||
Liability Recognized | 77,188 | 76,642 | |||
Loans, net of unearned income | 112,500 | 112,500 | |||
Trading securities | 1,700 | 1,700 | |||
Term borrowings | 77,200 | 76,600 | |||
Proprietary & Agency Residential Mortgage Securitizations | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 1,255 | 1,524 | |||
Liability Recognized | 0 | 0 | |||
Holdings Of Agency Mortgage Backed Securities | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 4,967,127 | 4,842,630 | |||
Liability Recognized | 0 | 0 | |||
Trading securities | 900,000 | 500,000 | |||
Securities available-for-sale | 4,100,000 | 4,400,000 | |||
Commercial Loan Troubled Debt Restructurings | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 50,955 | 40,590 | |||
Liability Recognized | 0 | 0 | |||
Maximum loss exposure, contractual funding commitments | 1,500 | 2,300 | |||
Loans, net of unearned income | 49,400 | 38,200 | |||
Sale Leaseback Transaction | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 19,639 | 16,327 | |||
Liability Recognized | 0 | 0 | |||
Proprietary Trust Preferred Issuances | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 0 | 0 | |||
Liability Recognized | $ 167,014 | $ 167,014 | |||
[1] | June 30, 2019 and December 31, 2018 include $17.3 million and $28.6 million , respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Total trading revenues | $ 54,500,000 | $ 29,900,000 | $ 99,000,000 | $ 68,000,000 | |||
Term borrowings | 1,186,646,000 | 1,186,646,000 | $ 1,170,963,000 | ||||
Cash flow hedge length of time | 5 years | ||||||
Hedged amount of foreign currency denominated loans | 16,000,000 | 16,000,000 | 11,000,000 | ||||
Cash Flow Hedge | Hedged Items | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Variability in cash flows related to debt instruments (primarily loans) | $ 250,000,000 | ||||||
Notional | $ 650,000,000 | ||||||
Visa Class B Shares | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative liabilities related to sale | 26,500,000 | 26,500,000 | 31,500,000 | ||||
Long Term Debt Hedged With Fair Value Interest Rate Derivatives Using Long Haul Method | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Term borrowings | 500,000,000 | 500,000,000 | |||||
Long Term Debt Hedged With Fair Value Interest Rate Derivatives Using Long Haul Method | First Tennessee Bank National Association | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Term borrowings | 400,000,000 | 400,000,000 | |||||
Additional Derivative Agreements | Derivative Instruments With Adjustable Collateral Posting Thresholds | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Net fair value of derivative assets with adjustable posting thresholds | 62,200,000 | 62,200,000 | 20,700,000 | ||||
Net fair value of derivative liabilities with adjustable posting thresholds | 15,800,000 | 15,800,000 | 37,800,000 | ||||
Collateral received | 116,500,000 | 116,500,000 | 86,600,000 | ||||
Securities posted collateral | 30,600,000 | 30,600,000 | 16,200,000 | ||||
Additional Derivative Agreements | Derivative Instruments With Accelerated Termination Provisions | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Net fair value of derivative assets with adjustable posting thresholds | 62,200,000 | 62,200,000 | 19,000,000 | ||||
Net fair value of derivative liabilities with adjustable posting thresholds | 6,700,000 | 6,700,000 | 33,200,000 | ||||
Collateral received | 116,500,000 | 116,500,000 | 84,500,000 | ||||
Securities posted collateral | 21,500,000 | 21,500,000 | 15,200,000 | ||||
Minimum | Cash Flow Hedge | Hedged Items | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, term of contract | 3 years | ||||||
Maximum | Cash Flow Hedge | Hedged Items | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, term of contract | 7 years | ||||||
Counterparties | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Collateral cash receivables | 96,200,000 | 96,200,000 | 76,000,000 | ||||
Collateral cash payables | $ 44,100,000 | $ 44,100,000 | $ 34,000,000 |
Derivatives - Derivatives Assoc
Derivatives - Derivatives Associated with Fixed Income Trading Activities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Customer interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | $ 2,390,963 | $ 2,271,448 |
Assets | 63,951 | 18,744 |
Liabilities | 3,084 | 27,768 |
Offsetting upstream interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 2,390,963 | 2,271,448 |
Assets | 2,666 | 4,014 |
Liabilities | 5,638 | 9,041 |
Option contracts purchased | Long | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 52,500 | 20,000 |
Assets | 111 | 25 |
Liabilities | 0 | 0 |
Call Option | Long | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 10,000 | |
Assets | 0 | |
Liabilities | 16 | |
Forwards and futures purchased | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 9,322,784 | 4,684,177 |
Assets | 36,693 | 28,304 |
Liabilities | 800 | 181 |
Forwards and futures sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 9,767,188 | 4,967,454 |
Assets | 1,441 | 522 |
Liabilities | $ 37,191 | $ 30,055 |
Derivatives - Derivatives Ass_2
Derivatives - Derivatives Associated With Interest Rate Risk Management Activities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Customer interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | $ 2,390,963 | $ 2,271,448 |
Assets | 63,951 | 18,744 |
Liabilities | 3,084 | 27,768 |
Offsetting upstream interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 2,390,963 | 2,271,448 |
Assets | 2,666 | 4,014 |
Liabilities | 5,638 | 9,041 |
Customer Interest Rate Contracts Hedging | Hedging Instruments And Hedged Items | Customer interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 2,355,604 | 2,029,162 |
Assets | 78,051 | 20,262 |
Liabilities | 3,851 | 25,880 |
Customer Interest Rate Contracts Hedging | Hedging Instruments And Hedged Items | Offsetting upstream interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 2,355,604 | 2,029,162 |
Assets | 1,927 | 8,154 |
Liabilities | 10,762 | 9,153 |
Debt Hedging | Hedging Instruments And Hedged Items | Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 900,000 | 900,000 |
Assets | 118 | 127 |
Liabilities | 71 | 6 |
Debt Hedging | Hedging Instruments And Hedged Items | Term Borrowings, Par | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Term borrowings | 900,000 | 900,000 |
Debt Hedging | Hedging Instruments And Hedged Items | Term Borrowings, Cumulative Fair Value Hedging Adjustments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Term borrowings | (4,223) | (15,094) |
Debt Hedging | Hedging Instruments And Hedged Items | Term Borrowings, Unamortized Premium (Discount) and Issuance Costs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Term borrowings | (1,487) | (2,295) |
Debt Hedging | Hedging Instruments And Hedged Items | Term Borrowings | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Term borrowings | $ 894,290 | $ 882,611 |
Derivatives - Gains_(Losses) on
Derivatives - Gains/(Losses) on Derivatives Associated with Interest Rate Risk Management Activities (Details) - Hedging Instruments And Hedged Items - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Customer Interest Rate Contracts Hedging | Customer interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) related to interest rate derivatives | $ 50,706 | $ (4,459) | $ 79,818 | $ (29,183) |
Customer Interest Rate Contracts Hedging | Offsetting upstream interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) related to interest rate derivatives | (50,706) | 4,459 | (79,818) | 29,183 |
Debt Hedging | Interest Rate Swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) related to interest rate derivatives | 6,697 | (1,545) | 10,976 | (8,140) |
Debt Hedging | Term Borrowings | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(Losses) related to term borrowings | $ (6,605) | $ 1,520 | $ (10,871) | $ 8,070 |
Derivatives - Derivatives Ass_3
Derivatives - Derivatives Associated With Cash Flow Hedges (Details) - Cash Flow Hedge - Hedging Instruments And Hedged Items - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional | $ 650,000,000 | |||
Variability in cash flows related to debt instruments (primarily loans) | $ 250,000,000 | |||
Interest Rate Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Variability in cash flows related to debt instruments (primarily loans) | $ 900,000,000 | $ 900,000,000 | ||
Interest Rate Swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional | 900,000,000 | 900,000,000 | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 62,000 | 888,000 | ||
Liabilities | $ 206,000 | $ 5,000 |
Derivatives - Gains_(Losses) _2
Derivatives - Gains/(Losses) on Derivatives Associated with Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) expected to be reclassified to earnings in the next twelve months | $ (300) | |||
Hedging Instruments And Hedged Items | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss), cash flow hedges | $ 7,575 | $ (3,457) | 11,511 | $ (12,095) |
Gain/(loss) reclassified from AOCI into Interest income | 1,334 | 463 | 2,785 | 308 |
Hedging Instruments And Hedged Items | Interest Rate Swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss), cash flow hedges | $ 11,896 | $ (3,914) | $ 19,114 | $ (15,531) |
Derivatives - Derivative Assets
Derivatives - Derivative Assets And Collateral Received (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Gross amounts of recognized assets | $ 185,521 | $ 81,475 |
Derivative assets not subject to master netting agreements | 38,300 | 28,900 |
Derivatives, interest rate contracts | ||
Derivative [Line Items] | ||
Collateral received | (116,116) | (39,637) |
Net amount | 25,995 | 180 |
Derivatives, interest rate contracts | Subject to Master Netting Agreements | ||
Derivative [Line Items] | ||
Gross amounts of recognized assets | 147,260 | 52,562 |
Derivative liabilities available for offset | 0 | 0 |
Net amount | 147,260 | 52,562 |
Derivative liabilities available for offset | $ (5,149) | $ (12,745) |
Derivatives - Derivative Liabil
Derivatives - Derivative Liabilities and Collateral Pledged (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Gross amounts of recognized liabilities | $ 88,485 | $ 133,713 |
Derivative liabilities not subject to master netting agreements | 64,900 | 61,900 |
Derivatives, interest rate contracts | ||
Derivative [Line Items] | ||
Collateral pledged | (15,487) | (54,773) |
Net amount | 2,976 | 4,335 |
Subject to Master Netting Agreements | Derivatives, interest rate contracts | ||
Derivative [Line Items] | ||
Gross amounts of recognized liabilities | 23,612 | 71,853 |
Derivative assets available for offset | 0 | 0 |
Derivative liability | 23,612 | 71,853 |
Derivative assets available for offset | $ (5,149) | $ (12,745) |
Master Netting and Similar Ag_3
Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions - Securities Purchased Under Agreements To Resell And Collateral Pledged By Counterparties (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities Purchased under Agreements to Resell [Abstract] | ||
Gross amounts of recognized assets | $ 602,919 | $ 386,443 |
Gross amounts offset in the Statements of Condition | 0 | 0 |
Net amounts of assets presented in the Statements of Condition | 602,919 | 386,443 |
Offsetting securities sold under agreements to repurchase | (2,021) | (261) |
Securities collateral (not recognized on FHN’s Statements of Condition) | (596,347) | (382,756) |
Net amount | $ 4,551 | $ 3,426 |
Master Netting and Similar Ag_4
Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions - Securities Sold Under Agreements To Repurchase And Collateral Pledged By Company (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Gross amounts of recognized liabilities | $ 764,308 | $ 762,592 |
Gross amounts offset in the Statements of Condition | 0 | 0 |
Net amounts of liabilities presented in the Statements of Condition | 764,308 | 762,592 |
Offsetting securities purchased under agreements to resell | (2,021) | (261) |
Securities/ government guaranteed loans collateral | (762,287) | (762,322) |
Net amount | $ 0 | $ 9 |
Master Netting and Similar Ag_5
Master Netting and Similar Agreements—Repurchase, Reverse Repurchase, and Securities Borrowing Transactions - Schedule of the Remaining Contractual Maturity by Collateral Type of Securities Sold Under Agreements To Repurchase (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 764,308 | $ 762,592 |
Overnight and Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 758,532 | 757,372 |
Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 5,776 | 5,220 |
U.S. treasuries | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 22,730 | 16,321 |
U.S. treasuries | Overnight and Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 22,730 | 16,321 |
U.S. treasuries | Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Government agency issued MBS | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 464,986 | 419,708 |
Government agency issued MBS | Overnight and Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 459,210 | 414,488 |
Government agency issued MBS | Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 5,776 | 5,220 |
Other U.S. government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 23,477 | 36,688 |
Other U.S. government agencies | Overnight and Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 23,477 | 36,688 |
Other U.S. government agencies | Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Government guaranteed loans (SBA and USDA) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 253,115 | 289,875 |
Government guaranteed loans (SBA and USDA) | Overnight and Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 253,115 | 289,875 |
Government guaranteed loans (SBA and USDA) | Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 0 | $ 0 |
Fair Value of Assets & Liabil_3
Fair Value of Assets & Liabilities - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | $ 1,668,942 | $ 1,448,168 |
Loans held-for-sale | 15,092 | 16,273 |
Securities available-for-sale | 4,415,609 | 4,626,470 |
Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans held-for-sale | 15,092 | 16,273 |
Securities available-for-sale | 4,415,609 | 4,626,470 |
Total other assets | 251,517 | 141,494 |
Total assets | 6,351,160 | 6,232,405 |
Total other liabilities | 88,485 | 133,713 |
Total liabilities | 646,832 | 469,093 |
Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans held-for-sale | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Total other assets | 104,130 | 88,845 |
Total assets | 104,130 | 88,845 |
Total other liabilities | 37,991 | 30,236 |
Total liabilities | 37,991 | 30,236 |
Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans held-for-sale | 0 | 0 |
Securities available-for-sale | 4,397,817 | 4,616,568 |
Total other assets | 147,387 | 52,649 |
Total assets | 6,212,891 | 6,115,861 |
Total other liabilities | 23,949 | 71,937 |
Total liabilities | 582,296 | 407,317 |
Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans held-for-sale | 15,092 | 16,273 |
Securities available-for-sale | 17,792 | 9,902 |
Total other assets | 0 | 0 |
Total assets | 34,139 | 27,699 |
Total other liabilities | 26,545 | 31,540 |
Total liabilities | 26,545 | 31,540 |
Deferred compensation mutual funds | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 43,577 | 37,771 |
Deferred compensation mutual funds | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 43,577 | 37,771 |
Deferred compensation mutual funds | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 0 | 0 |
Deferred compensation mutual funds | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 0 | 0 |
Derivatives, forwards and futures | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 38,134 | 28,826 |
Total other liabilities | 37,991 | 30,236 |
Derivatives, forwards and futures | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 38,134 | 28,826 |
Total other liabilities | 37,991 | 30,236 |
Derivatives, forwards and futures | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 0 | 0 |
Total other liabilities | 0 | 0 |
Derivatives, forwards and futures | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 0 | 0 |
Total other liabilities | 0 | 0 |
Derivatives, interest rate contracts | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 146,886 | 52,214 |
Total other liabilities | 23,628 | 71,853 |
Derivatives, interest rate contracts | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 0 | 0 |
Total other liabilities | 0 | 0 |
Derivatives, interest rate contracts | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 146,886 | 52,214 |
Total other liabilities | 23,628 | 71,853 |
Derivatives, interest rate contracts | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 0 | 0 |
Total other liabilities | 0 | 0 |
Derivatives, other | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 501 | 435 |
Total other liabilities | 26,866 | 31,624 |
Derivatives, other | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 0 | 0 |
Total other liabilities | 0 | 0 |
Derivatives, other | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 501 | 435 |
Total other liabilities | 321 | 84 |
Derivatives, other | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 0 | 0 |
Total other liabilities | 26,545 | 31,540 |
U.S. treasuries | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 100 | 98 |
U.S. treasuries | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
U.S. treasuries | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 100 | 98 |
U.S. treasuries | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Government agency issued MBS | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 2,228,002 | 2,420,106 |
Government agency issued MBS | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Government agency issued MBS | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 2,228,002 | 2,420,106 |
Government agency issued MBS | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Government agency issued CMO | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 1,873,865 | 1,958,695 |
Government agency issued CMO | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Government agency issued CMO | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 1,873,865 | 1,958,695 |
Government agency issued CMO | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Other U.S. government agencies | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 207,689 | 149,786 |
Other U.S. government agencies | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Other U.S. government agencies | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 207,689 | 149,786 |
Other U.S. government agencies | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
States and municipalities | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 47,735 | 32,573 |
States and municipalities | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
States and municipalities | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 47,735 | 32,573 |
States and municipalities | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Corporates and other debt | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 40,426 | 55,310 |
Corporates and other debt | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Corporates and other debt | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 40,426 | 55,310 |
Corporates and other debt | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Equity, mutual funds, and other | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 22,419 | 22,248 |
Equity, mutual funds, and other | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 22,419 | 22,248 |
Equity, mutual funds, and other | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 0 | 0 |
Equity, mutual funds, and other | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other assets | 0 | 0 |
Interest- only strips- AFS | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 17,792 | 9,902 |
Interest- only strips- AFS | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Interest- only strips- AFS | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Interest- only strips- AFS | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available-for-sale | 17,792 | 9,902 |
Fixed Income | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 1,667,687 | 1,446,644 |
Total trading liabilities - fixed income | 558,347 | 335,380 |
Fixed Income | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Fixed Income | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 1,667,687 | 1,446,644 |
Total trading liabilities - fixed income | 558,347 | 335,380 |
Fixed Income | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Fixed Income | U.S. treasuries | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 173,230 | 169,799 |
Total trading liabilities - fixed income | 377,838 | 207,739 |
Fixed Income | U.S. treasuries | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Fixed Income | U.S. treasuries | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 173,230 | 169,799 |
Total trading liabilities - fixed income | 377,838 | 207,739 |
Fixed Income | U.S. treasuries | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Fixed Income | Government agency issued MBS | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 176,155 | 133,373 |
Fixed Income | Government agency issued MBS | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Fixed Income | Government agency issued MBS | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 176,155 | 133,373 |
Fixed Income | Government agency issued MBS | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Fixed Income | Government agency issued CMO | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 689,104 | 330,456 |
Fixed Income | Government agency issued CMO | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Fixed Income | Government agency issued CMO | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 689,104 | 330,456 |
Fixed Income | Government agency issued CMO | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Fixed Income | Other U.S. government agencies | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 80,343 | 76,733 |
Total trading liabilities - fixed income | 7,662 | 98 |
Fixed Income | Other U.S. government agencies | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Fixed Income | Other U.S. government agencies | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 80,343 | 76,733 |
Total trading liabilities - fixed income | 7,662 | 98 |
Fixed Income | Other U.S. government agencies | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Fixed Income | States and municipalities | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 81,936 | 54,234 |
Total trading liabilities - fixed income | 3,748 | |
Fixed Income | States and municipalities | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | |
Fixed Income | States and municipalities | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 81,936 | 54,234 |
Total trading liabilities - fixed income | 3,748 | |
Fixed Income | States and municipalities | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | |
Fixed Income | Corporates and other debt | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 462,714 | 682,068 |
Total trading liabilities - fixed income | 169,099 | 127,543 |
Fixed Income | Corporates and other debt | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Fixed Income | Corporates and other debt | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 462,714 | 682,068 |
Total trading liabilities - fixed income | 169,099 | 127,543 |
Fixed Income | Corporates and other debt | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Fixed Income | Equity, mutual funds, and other | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 4,205 | (19) |
Fixed Income | Equity, mutual funds, and other | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Fixed Income | Equity, mutual funds, and other | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 4,205 | (19) |
Fixed Income | Equity, mutual funds, and other | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Mortgage Banking | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 1,255 | 1,524 |
Mortgage Banking | Level 1 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Mortgage Banking | Level 2 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 0 | 0 |
Mortgage Banking | Level 3 | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | $ 1,255 | $ 1,524 |
Fair Value of Assets & Liabil_4
Fair Value of Assets & Liabilities - Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ (28,970) | $ (5,645) | $ (31,540) | $ (5,645) |
Net income | (19) | (4,079) | 116 | (4,375) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 2,444 | 299 | 4,879 | 595 |
Net transfers into/(out of) Level 3 | 0 | 0 | 0 | 0 |
Ending balance | (26,545) | (9,425) | (26,545) | (9,425) |
Net unrealized gains/(losses) included in net income | (19) | (4,079) | 116 | (4,375) |
Trading securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,397 | 1,926 | 1,524 | 2,151 |
Net income | 8 | 124 | 29 | 140 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (150) | (326) | (298) | (567) |
Net transfers into/(out of) Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 1,255 | 1,724 | 1,255 | 1,724 |
Net unrealized gains/(losses) included in net income | (36) | 87 | (66) | 63 |
Interest- only strips- AFS | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 13,195 | 2,733 | 9,902 | 1,270 |
Net income | (141) | (296) | (1,399) | 1,296 |
Purchases | 0 | 0 | 86 | 0 |
Sales | (14,199) | 0 | (27,211) | 0 |
Settlements | 0 | 0 | 0 | (9,193) |
Net transfers into/(out of) Level 3 | 18,937 | 3,350 | 36,414 | 12,414 |
Ending balance | 17,792 | 5,787 | 17,792 | 5,787 |
Net unrealized gains/(losses) included in net income | (543) | (128) | (1,435) | (109) |
Loans held- for-sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 15,751 | 18,334 | 16,273 | 18,926 |
Net income | 321 | 540 | 816 | 709 |
Purchases | 10 | 34 | 10 | 62 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (990) | (2,134) | (2,007) | (2,923) |
Net transfers into/(out of) Level 3 | 0 | (56) | 0 | (56) |
Ending balance | 15,092 | 16,718 | 15,092 | 16,718 |
Net unrealized gains/(losses) included in net income | $ 321 | $ 542 | $ 816 | $ 709 |
Fair Value of Assets & Liabil_5
Fair Value of Assets & Liabilities - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | $ 15,092 | $ 16,273 | ||||
Loans, net of unearned income | 29,712,810 | [1] | 27,535,532 | [1] | $ 27,701,740 | |
OREO | [2] | 19,286 | 25,290 | |||
Non Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans, net of unearned income | 91,779 | 48,259 | ||||
OREO | 16,593 | 22,387 | ||||
Other assets | 13,940 | 8,845 | ||||
Non Recurring | Other Consumer Loans Class | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 18,712 | |||||
Non Recurring | Small Business Administration And USDA | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 369,081 | 578,291 | ||||
Non Recurring | First Mortgages | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 523 | 541 | ||||
Non Recurring | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans, net of unearned income | 0 | 0 | ||||
OREO | 0 | 0 | ||||
Other assets | 0 | 0 | ||||
Non Recurring | Level 1 | Other Consumer Loans Class | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 0 | |||||
Non Recurring | Level 1 | Small Business Administration And USDA | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 0 | 0 | ||||
Non Recurring | Level 1 | First Mortgages | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 0 | 0 | ||||
Non Recurring | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans, net of unearned income | 0 | 0 | ||||
OREO | 0 | 0 | ||||
Other assets | 0 | 0 | ||||
Non Recurring | Level 2 | Other Consumer Loans Class | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 18,712 | |||||
Non Recurring | Level 2 | Small Business Administration And USDA | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 368,082 | 577,280 | ||||
Non Recurring | Level 2 | First Mortgages | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 0 | 0 | ||||
Non Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans, net of unearned income | 91,779 | 48,259 | ||||
OREO | 16,593 | 22,387 | ||||
Other assets | 13,940 | 8,845 | ||||
Non Recurring | Level 3 | Other Consumer Loans Class | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 0 | |||||
Non Recurring | Level 3 | Small Business Administration And USDA | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 999 | 1,011 | ||||
Non Recurring | Level 3 | First Mortgages | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | $ 523 | $ 541 | ||||
[1] | June 30, 2019 and December 31, 2018 include $17.3 million and $28.6 million , respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. | |||||
[2] | June 30, 2019 and December 31, 2018 include $8.2 million and $9.7 million , respectively, of foreclosed residential real estate. |
Fair Value of Assets & Liabil_6
Fair Value of Assets & Liabilities - Gains/(losses) on Nonrecurring Fair Value Measurements (Details) - Non Recurring - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net gains/(losses), Loans, net of unearned income | $ (4,639) | $ 665 | $ (4,436) | $ 1,167 |
Net gains/(losses), Real estate acquired by foreclosure | (9) | (262) | 26 | (1,422) |
Net gains/(losses), Other assets | (267) | (1,079) | (942) | (2,216) |
Gain (loss) on financial assets measured on non-recurring basis | (5,979) | (2,102) | (6,620) | (4,454) |
First Mortgages | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net gains/(losses), Loans held for sale | 10 | (1) | 25 | 4 |
SBAs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net gains/(losses), Loans held for sale | $ (1,074) | $ (1,425) | $ (1,293) | $ (1,987) |
Fair Value of Assets & Liabil_7
Fair Value of Assets & Liabilities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | |||||||
Gain/(loss) on instrument specific credit risk | $ 0.3 | $ 0.3 | |||||
Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairment charges | $ 1.9 | $ 0.7 | $ 1.3 | ||||
Reversed asset impairment charges | $ 0.5 | $ 1 | |||||
Long Lived Tangible Assets | 2019 Business Optimization | Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairment charges | $ 11.4 | $ 0.5 | |||||
Long Lived Tangible Assets | Rebranding Initiative | Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairment charges | 7.1 | ||||||
Leased Assets | Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairment charges | 1.5 | ||||||
Leased Assets | 2019 Business Optimization | Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairment charges | 0.3 | $ 0.8 | |||||
Disposition of Acquired Properties | Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairment charges | 0.8 | ||||||
Reversed asset impairment charges | $ 0.3 |
Fair Value of Assets & Liabil_8
Fair Value of Assets & Liabilities - Schedule Of Unobservable Inputs Utilized In Determining The Fair Value Of Level 3 Recurring And Non-Recurring Measurements (Details) $ in Thousands | Jun. 30, 2019USD ($)month | Dec. 31, 2018USD ($)month |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 4,415,609 | $ 4,626,470 |
Loans held-for-sale | 15,092 | 16,273 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 26,545 | 31,540 |
Loans net of unearned income | 91,779 | 48,259 |
OREO, fair value | 16,593 | 22,387 |
Loans Held For Sale - SBA | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale | 999 | 1,011 |
Other Assets | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | $ 13,940 | $ 8,845 |
Constant prepayment rate | Weighted Average | Discounted cash flow | Loans Held For Sale - SBA | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.10 | 0.10 |
Bond equivalent yield | Discounted cash flow | Loans Held For Sale - SBA | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.08 | 0.09 |
Bond equivalent yield | Weighted Average | Discounted cash flow | Loans Held For Sale - SBA | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.08 | 0.09 |
Prepayment Speeds | Minimum | Discounted cash flow | Loans Held For Sale - SBA | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.08 | 0.08 |
Prepayment Speeds | Maximum | Discounted cash flow | Loans Held For Sale - SBA | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.12 | 0.12 |
Foreclosure losses | Weighted Average | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.64 | 0.63 |
Foreclosure losses | Minimum | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.50 | 0.50 |
Foreclosure losses | Maximum | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.66 | 0.66 |
Visa covered litigation resolution amount | Weighted Average | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input, value | $ 5,600,000 | $ 5,600,000 |
Visa covered litigation resolution amount | Minimum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input, value | 5,000,000 | 5,000,000 |
Visa covered litigation resolution amount | Maximum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input, value | $ 5,800,000 | $ 5,800,000 |
Probability of resolution scenarios | Weighted Average | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 0.22 | 0.23 |
Probability of resolution scenarios | Minimum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 0.15 | 0.10 |
Probability of resolution scenarios | Maximum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 0.25 | 0.25 |
Time until resolution | Weighted Average | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | month | 30 | 36 |
Time until resolution | Minimum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | month | 15 | 18 |
Time until resolution | Maximum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | month | 45 | 48 |
Marketability adjustments for specific properties | Minimum | Appraisals from comparable properties | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans net of unearned income, measurement input | 0 | 0 |
Other assets, measurement input | 0 | 0 |
Marketability adjustments for specific properties | Maximum | Appraisals from comparable properties | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans net of unearned income, measurement input | 0.10 | 0.10 |
Other assets, measurement input | 0.25 | 0.25 |
Borrowing base certificates adjustment | Minimum | Other collateral valuations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans net of unearned income, measurement input | 0.20 | 0.20 |
Borrowing base certificates adjustment | Maximum | Other collateral valuations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans net of unearned income, measurement input | 0.50 | 0.50 |
Financial Statements/Auction values adjustment | Minimum | Other collateral valuations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans net of unearned income, measurement input | 0 | 0 |
Financial Statements/Auction values adjustment | Maximum | Other collateral valuations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans net of unearned income, measurement input | 0.25 | 0.25 |
Adjustment for value changes since appraisal | Minimum | Appraisals from comparable properties | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO measurement input | 0 | 0 |
Adjustment for value changes since appraisal | Maximum | Appraisals from comparable properties | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO measurement input | 0.10 | 0.10 |
Adjustments to current sales yields for specific properties | Minimum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, measurement input | 0 | 0 |
Adjustments to current sales yields for specific properties | Maximum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, measurement input | 0.15 | 0.15 |
Residential Real Estate | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale | $ 15,615 | $ 16,815 |
First Mortgages | Prepayment Speeds | Weighted Average | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.035 | 0.03 |
First Mortgages | Prepayment Speeds | Minimum | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.02 | 0.02 |
First Mortgages | Prepayment Speeds | Maximum | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.12 | 0.10 |
First Mortgages | Loss severity | Weighted Average | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.164 | 0.17 |
First Mortgages | Loss severity | Minimum | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.05 | 0.02 |
First Mortgages | Loss severity | Maximum | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.25 | 0.25 |
HELOC | Prepayment Speeds | Weighted Average | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.076 | 0.075 |
HELOC | Prepayment Speeds | Minimum | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0 | 0.05 |
HELOC | Prepayment Speeds | Maximum | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.12 | 0.12 |
HELOC | Loss severity | Weighted Average | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.50 | 0.50 |
HELOC | Loss severity | Minimum | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0 | 0.50 |
HELOC | Loss severity | Maximum | Discounted cash flow | Loans Held For Sale, Residential Real Estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, measurement input | 0.72 | 1 |
Interest- only strips- AFS | Available-for-sale Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 17,792 | $ 9,902 |
Interest- only strips- AFS | Constant prepayment rate | Discounted cash flow | Available-for-sale Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.12 | |
Interest- only strips- AFS | Constant prepayment rate | Weighted Average | Discounted cash flow | Available-for-sale Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.12 | 0.11 |
Interest- only strips- AFS | Bond equivalent yield | Discounted cash flow | Available-for-sale Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.17 | |
Interest- only strips- AFS | Bond equivalent yield | Weighted Average | Discounted cash flow | Available-for-sale Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.17 | 0.14 |
Interest- only strips- AFS | Bond equivalent yield | Minimum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.14 | |
Interest- only strips- AFS | Bond equivalent yield | Maximum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.15 | |
Interest- only strips- AFS | Prepayment Speeds | Minimum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.11 | |
Interest- only strips- AFS | Prepayment Speeds | Maximum | Discounted cash flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.12 |
Fair Value of Assets & Liabil_9
Fair Value of Assets & Liabilities - Summary Of Differences Between The Fair Value Carrying Amount Of Mortgages Held-For-Sale And Aggregate Unpaid Principal Amount (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans held-for-sale | $ 15,092 | $ 16,273 |
Fair value carrying amount less aggregate unpaid principal - Total loans | (6,322) | (7,294) |
Nonaccrual loans | 3,967 | 4,536 |
Fair value carrying amount less aggregate unpaid principal - Nonaccrual loans | (3,293) | (3,592) |
Loans 90 days or more past due and still accruing | 0 | 171 |
Fair value carrying amount less aggregate unpaid principal - Loans 90 days or more past due and still accruing | 0 | (110) |
Aggregate unpaid principal | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans held-for-sale | 21,414 | 23,567 |
Nonaccrual loans | 7,260 | 8,128 |
Loans 90 days or more past due and still accruing | $ 0 | $ 281 |
Fair Value of Assets & Liabi_10
Fair Value of Assets & Liabilities - Changes In Fair Value Of Assets And Liabilities Which Fair Value Option Included In Current Period Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Mortgage Banking Noninterest Income | Loans Held-For-Sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Changes in fair value included in net income | $ 321 | $ 540 | $ 816 | $ 709 |
Fair Value of Assets & Liabi_11
Fair Value of Assets & Liabilities - Summary Of Book Value And Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | $ 29,520,061 | $ 27,355,108 | |
Short-term financial assets: | |||
Interest-bearing cash | 593,180 | 1,277,611 | |
Federal funds sold | 50,705 | 237,591 | |
Securities purchased under agreements to resell | 602,919 | 386,443 | |
Trading securities | 1,668,942 | 1,448,168 | |
Loans held-for-sale | [1] | 447,106 | 679,149 |
Securities available-for-sale | 4,415,609 | 4,626,470 | |
Securities held-to-maturity | 10,000 | 10,000 | |
Derivative assets | 185,521 | 81,475 | |
Other assets: | |||
Total assets | 42,171,770 | 40,832,258 | |
Liabilities: | |||
Trading Liabilities | 558,347 | 335,380 | |
Short-term financial liabilities: | |||
Federal funds purchased | 666,007 | 256,567 | |
Securities sold under agreements to repurchase | 764,308 | 762,592 | |
Other short-term borrowings | 865,347 | 114,764 | |
Term borrowings: | |||
Other long term borrowings | 1,186,646 | 1,170,963 | |
Derivative liabilities | 88,485 | 133,713 | |
Total liabilities | 37,245,689 | 36,046,878 | |
Fair Value, Inputs, Level 3 | FHLB-Cincinnati Stock | |||
Term borrowings: | |||
Restricted investments | 71,000 | 87,900 | |
Fair Value, Inputs, Level 3 | FRB Stock | |||
Term borrowings: | |||
Restricted investments | 130,700 | 130,700 | |
Reported Value Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 29,520,061 | 27,355,108 | |
Short-term financial assets: | |||
Interest-bearing cash | 593,180 | 1,277,611 | |
Federal funds sold | 50,705 | 237,591 | |
Securities purchased under agreements to resell | 602,919 | 386,443 | |
Total short-term financial assets | 1,246,804 | 1,901,645 | |
Trading securities | 1,668,942 | 1,448,168 | |
Loans held-for-sale | 447,106 | 679,149 | |
Securities available-for-sale | 4,415,609 | 4,626,470 | |
Securities held-to-maturity | 10,000 | 10,000 | |
Derivative assets | 185,521 | 81,475 | |
Other assets: | |||
Tax credit investments | 165,288 | 163,300 | |
Deferred compensation assets | 43,577 | 37,771 | |
Equity, mutual funds, and other | 224,075 | 240,780 | |
Total other assets | 432,940 | 441,851 | |
Total assets | 37,926,983 | 36,543,866 | |
Liabilities: | |||
Defined maturity | 4,398,526 | 4,105,777 | |
Trading Liabilities | 558,347 | 335,380 | |
Short-term financial liabilities: | |||
Federal funds purchased | 666,007 | 256,567 | |
Securities sold under agreements to repurchase | 764,308 | 762,592 | |
Other short-term borrowings | 865,347 | 114,764 | |
Short Term Financial Liabilities | 2,295,662 | 1,133,923 | |
Term borrowings: | |||
Real estate investment trust-preferred | 46,202 | 46,168 | |
Term borrowings - new market tax credit investment | 2,699 | 2,699 | |
Secured Borrowings | 22,343 | 19,588 | |
Junior subordinated debentures | 143,924 | 143,255 | |
Other long term borrowings | 971,478 | 959,253 | |
Total term borrowings | 1,186,646 | 1,170,963 | |
Derivative liabilities | 88,485 | 133,713 | |
Total liabilities | 8,527,666 | 6,879,756 | |
Reported Value Measurement | Commercial, financial, and industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 18,938,173 | 16,415,381 | |
Reported Value Measurement | Commercial Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 3,828,078 | 3,999,559 | |
Reported Value Measurement | Consumer Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 6,087,225 | 6,223,077 | |
Reported Value Measurement | Permanent Mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 184,377 | 211,448 | |
Reported Value Measurement | Credit Card and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 482,208 | 505,643 | |
Reported Value Measurement | Mortgage loans (elected fair value) | |||
Short-term financial assets: | |||
Loans held-for-sale | 15,092 | 16,273 | |
Reported Value Measurement | Government guaranteed loans (SBA and USDA) | |||
Short-term financial assets: | |||
Loans held-for-sale | 369,081 | 578,291 | |
Reported Value Measurement | Other consumer loans- LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 5,809 | 25,134 | |
Reported Value Measurement | Mortgage loans- LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 57,124 | 59,451 | |
Estimate of Fair Value Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 29,628,161 | 27,364,329 | |
Short-term financial assets: | |||
Interest-bearing cash | 593,180 | 1,277,611 | |
Federal funds sold | 50,705 | 237,591 | |
Securities purchased under agreements to resell | 602,919 | 386,443 | |
Total short-term financial assets | 1,246,804 | 1,901,645 | |
Trading securities | 1,668,942 | 1,448,168 | |
Loans held-for-sale | 449,775 | 684,349 | |
Securities available-for-sale | 4,415,609 | 4,626,470 | |
Securities held-to-maturity | 9,923 | 9,843 | |
Derivative assets | 185,521 | 81,475 | |
Other assets: | |||
Tax credit investments | 162,859 | 159,452 | |
Deferred compensation assets | 43,577 | 37,771 | |
Equity, mutual funds, and other | 224,075 | 240,780 | |
Total other assets | 430,511 | 438,003 | |
Total assets | 38,035,246 | 36,554,282 | |
Liabilities: | |||
Defined maturity | 4,401,460 | 4,082,822 | |
Trading Liabilities | 558,347 | 335,380 | |
Short-term financial liabilities: | |||
Federal funds purchased | 666,007 | 256,567 | |
Securities sold under agreements to repurchase | 764,308 | 762,592 | |
Other short-term borrowings | 865,347 | 114,764 | |
Short Term Financial Liabilities | 2,295,662 | 1,133,923 | |
Term borrowings: | |||
Real estate investment trust-preferred | 47,000 | 47,000 | |
Term borrowings - new market tax credit investment | 2,690 | 2,664 | |
Secured Borrowings | 22,343 | 19,588 | |
Junior subordinated debentures | 138,947 | 134,266 | |
Other long term borrowings | 971,293 | 960,483 | |
Total term borrowings | 1,182,273 | 1,164,001 | |
Derivative liabilities | 88,485 | 133,713 | |
Total liabilities | 8,526,227 | 6,849,839 | |
Loan commitments | 2,646 | 2,551 | |
Standby and other commitments | 5,333 | 5,043 | |
Estimate of Fair Value Measurement | Commercial, financial, and industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 19,041,553 | 16,438,272 | |
Estimate of Fair Value Measurement | Commercial Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 3,842,446 | 3,997,736 | |
Estimate of Fair Value Measurement | Consumer Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 6,070,685 | 6,194,066 | |
Estimate of Fair Value Measurement | Permanent Mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 195,113 | 227,254 | |
Estimate of Fair Value Measurement | Credit Card and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 478,364 | 507,001 | |
Estimate of Fair Value Measurement | Mortgage loans (elected fair value) | |||
Short-term financial assets: | |||
Loans held-for-sale | 15,092 | 16,273 | |
Estimate of Fair Value Measurement | Government guaranteed loans (SBA and USDA) | |||
Short-term financial assets: | |||
Loans held-for-sale | 371,750 | 583,491 | |
Estimate of Fair Value Measurement | Other consumer loans- LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 5,809 | 25,134 | |
Estimate of Fair Value Measurement | Mortgage loans- LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 57,124 | 59,451 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Short-term financial assets: | |||
Interest-bearing cash | 593,180 | 1,277,611 | |
Federal funds sold | 0 | 0 | |
Securities purchased under agreements to resell | 0 | 0 | |
Total short-term financial assets | 593,180 | 1,277,611 | |
Trading securities | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Securities available-for-sale | 0 | 0 | |
Securities held-to-maturity | 0 | 0 | |
Derivative assets | 38,134 | 28,826 | |
Other assets: | |||
Tax credit investments | 0 | 0 | |
Deferred compensation assets | 43,577 | 37,771 | |
Equity, mutual funds, and other | 22,419 | 22,248 | |
Total other assets | 65,996 | 60,019 | |
Total assets | 697,310 | 1,366,456 | |
Liabilities: | |||
Defined maturity | 0 | 0 | |
Trading Liabilities | 0 | 0 | |
Short-term financial liabilities: | |||
Federal funds purchased | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Other short-term borrowings | 0 | 0 | |
Short Term Financial Liabilities | 0 | 0 | |
Term borrowings: | |||
Real estate investment trust-preferred | 0 | 0 | |
Term borrowings - new market tax credit investment | 0 | 0 | |
Secured Borrowings | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Other long term borrowings | 0 | 0 | |
Total term borrowings | 0 | 0 | |
Derivative liabilities | 37,991 | 30,236 | |
Total liabilities | 37,991 | 30,236 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Commercial, financial, and industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Commercial Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Consumer Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Permanent Mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Credit Card and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Mortgage loans (elected fair value) | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Government guaranteed loans (SBA and USDA) | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Other consumer loans- LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | Mortgage loans- LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Short-term financial assets: | |||
Interest-bearing cash | 0 | 0 | |
Federal funds sold | 50,705 | 237,591 | |
Securities purchased under agreements to resell | 602,919 | 386,443 | |
Total short-term financial assets | 653,624 | 624,034 | |
Trading securities | 1,667,687 | 1,446,644 | |
Loans held-for-sale | 376,539 | 588,898 | |
Securities available-for-sale | 4,397,817 | 4,616,568 | |
Securities held-to-maturity | 0 | 0 | |
Derivative assets | 147,387 | 52,649 | |
Other assets: | |||
Tax credit investments | 0 | 0 | |
Deferred compensation assets | 0 | 0 | |
Equity, mutual funds, and other | 0 | 0 | |
Total other assets | 0 | 0 | |
Total assets | 7,243,054 | 7,328,793 | |
Liabilities: | |||
Defined maturity | 4,401,460 | 4,082,822 | |
Trading Liabilities | 558,347 | 335,380 | |
Short-term financial liabilities: | |||
Federal funds purchased | 666,007 | 256,567 | |
Securities sold under agreements to repurchase | 764,308 | 762,592 | |
Other short-term borrowings | 865,347 | 114,764 | |
Short Term Financial Liabilities | 2,295,662 | 1,133,923 | |
Term borrowings: | |||
Real estate investment trust-preferred | 0 | 0 | |
Term borrowings - new market tax credit investment | 0 | 0 | |
Secured Borrowings | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Other long term borrowings | 971,293 | 960,483 | |
Total term borrowings | 971,293 | 960,483 | |
Derivative liabilities | 23,949 | 71,937 | |
Total liabilities | 8,250,711 | 6,584,545 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Commercial, financial, and industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Commercial Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Consumer Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Permanent Mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Credit Card and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Mortgage loans (elected fair value) | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Government guaranteed loans (SBA and USDA) | |||
Short-term financial assets: | |||
Loans held-for-sale | 370,730 | 582,476 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Other consumer loans- LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 5,809 | 6,422 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | Mortgage loans- LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 0 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 29,628,161 | 27,364,329 | |
Short-term financial assets: | |||
Interest-bearing cash | 0 | 0 | |
Federal funds sold | 0 | 0 | |
Securities purchased under agreements to resell | 0 | 0 | |
Total short-term financial assets | 0 | 0 | |
Trading securities | 1,255 | 1,524 | |
Loans held-for-sale | 73,236 | 95,451 | |
Securities available-for-sale | 17,792 | 9,902 | |
Securities held-to-maturity | 9,923 | 9,843 | |
Derivative assets | 0 | 0 | |
Other assets: | |||
Tax credit investments | 162,859 | 159,452 | |
Deferred compensation assets | 0 | 0 | |
Equity, mutual funds, and other | 201,656 | 218,532 | |
Total other assets | 364,515 | 377,984 | |
Total assets | 30,094,882 | 27,859,033 | |
Liabilities: | |||
Defined maturity | 0 | 0 | |
Trading Liabilities | 0 | 0 | |
Short-term financial liabilities: | |||
Federal funds purchased | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Other short-term borrowings | 0 | 0 | |
Short Term Financial Liabilities | 0 | 0 | |
Term borrowings: | |||
Real estate investment trust-preferred | 47,000 | 47,000 | |
Term borrowings - new market tax credit investment | 2,690 | 2,664 | |
Secured Borrowings | 22,343 | 19,588 | |
Junior subordinated debentures | 138,947 | 134,266 | |
Other long term borrowings | 0 | 0 | |
Total term borrowings | 210,980 | 203,518 | |
Derivative liabilities | 26,545 | 31,540 | |
Total liabilities | 237,525 | 235,058 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Commercial, financial, and industrial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 19,041,553 | 16,438,272 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Commercial Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 3,842,446 | 3,997,736 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Consumer Real Estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 6,070,685 | 6,194,066 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Permanent Mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 195,113 | 227,254 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Credit Card and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total loans, net of unearned income and allowance for loan losses | 478,364 | 507,001 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Mortgage loans (elected fair value) | |||
Short-term financial assets: | |||
Loans held-for-sale | 15,092 | 16,273 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Government guaranteed loans (SBA and USDA) | |||
Short-term financial assets: | |||
Loans held-for-sale | 1,020 | 1,015 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Other consumer loans- LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 18,712 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | Mortgage loans- LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 57,124 | 59,451 | |
Contractual Amount | |||
Term borrowings: | |||
Loan commitments | 11,215,601 | 10,884,975 | |
Standby and other commitments | $ 397,249 | $ 446,958 | |
[1] | June 30, 2019 and December 31, 2018 include $6.7 million and $8.4 million , respectively, of held-for-sale consumer mortgage loans secured by residential real estate in process of foreclosure. |
Restructuring, Repositioning,_3
Restructuring, Repositioning, and Efficiency (Details) - 2019 Business Optimization - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring and repositioning charges | $ 18,668 | $ 30,820 |
Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring and repositioning charges | 9,100 | |
Professional fees | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring and repositioning charges | 8,500 | |
Asset impairments | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring and repositioning charges | 11,900 | |
Employee compensation, incentives and benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring and repositioning charges | 2,557 | 9,062 |
Professional fees | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring and repositioning charges | 4,242 | 8,537 |
Occupancy | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring and repositioning charges | 72 | 889 |
Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring and repositioning charges | $ 11,797 | $ 12,332 |
Uncategorized Items - fhnq2fy20
Label | Element | Value | |
Additional Paid-in Capital [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 3,147,613,000 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 3,029,425,000 | |
Noncontrolling Interest [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 295,431,000 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 295,431,000 | |
Common Stock [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 199,108,000 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 204,211,000 | |
Preferred Stock Including Additional Paid in Capital [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 95,624,000 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 95,624,000 | |
Retained Earnings, Unappropriated [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,541,397,000 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,160,712,000 | |
Accounting Standards Update 2016-02 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,011,000) | |
Accounting Standards Update 2016-02 [Member] | Retained Earnings, Unappropriated [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,011,000) | |
Accounting Standards Update 2016-01 and 2017-12 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 67,000 | |
Accounting Standards Update 2016-01 and 2017-12 [Member] | AOCI Attributable to Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (211,000) | [1] |
Accounting Standards Update 2016-01 and 2017-12 [Member] | Retained Earnings, Unappropriated [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 278,000 | |
[1] | Due to the nature of the preferred stock issued by FHN and its subsidiaries, all components of Other comprehensive income/(loss) have been attributed solely to FHN as the controlling interest holder. |