Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | FIRST HORIZON NATIONAL CORP | ||
Entity Central Index Key | 36,966 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 318,234,732 | ||
Trading Symbol | FHN | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5.7 |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets: | |||
Cash and due from banks | $ 781,291 | $ 639,073 | |
Federal funds sold | 237,591 | 87,364 | |
Securities purchased under agreements to resell (Note 23) | 386,443 | 725,609 | |
Total cash and cash equivalents | 1,405,325 | 1,452,046 | |
Interest-bearing cash | 1,277,611 | 1,185,600 | |
Trading securities | 1,448,168 | 1,416,345 | |
Loans held-for-sale | [1] | 679,149 | 699,377 |
Securities available-for-sale (Note 3) | 4,626,470 | 5,170,255 | |
Securities held-to-maturity (Note 3) | 10,000 | 10,000 | |
Loans, net of unearned income | [2] | 27,535,532 | 27,658,929 |
Less: Allowance for loan losses | 180,424 | 189,555 | |
Total net loans | 27,355,108 | 27,469,374 | |
Goodwill (Note 7) | 1,432,787 | 1,386,853 | |
Other intangible assets, net (Note 7) | 155,034 | 184,389 | |
Fixed income receivables | 38,861 | 68,693 | |
Premises and equipment, net (December 31, 2018 and 2017 include $19.6 million and $53.2 million, respectively, classified as held-for-sale) (Note 6) | 494,041 | 532,251 | |
Other real estate owned (OREO) | [3] | 25,290 | 43,382 |
Derivative assets (Note 22) | 81,475 | 81,634 | |
Other assets | 1,802,939 | 1,723,189 | |
Total assets | 40,832,258 | 41,423,388 | |
Deposits: | |||
Savings (December 31, 2017 includes $22.6 million classified as held-for-sale) | 12,064,072 | 10,872,665 | |
Time deposits, net (December 31, 2017 includes $8.0 million classified as held-for-sale) (Note 8) | 4,105,777 | 3,322,921 | |
Other interest-bearing deposits | 8,371,826 | 8,401,773 | |
Interest-bearing | 24,541,675 | 22,597,359 | |
Noninterest-bearing (December 31, 2017 includes $4.8 million classified as held-for-sale) | 8,141,317 | 8,023,003 | |
Total deposits | 32,682,992 | 30,620,362 | |
Federal funds purchased (Note 9) | 256,567 | 399,820 | |
Securities sold under agreements to repurchase (Note 9 and Note 23) | 762,592 | 656,602 | |
Trading liabilities (Note 9) | 335,380 | 638,515 | |
Other short-term borrowings (Note 9) | 114,764 | 2,626,213 | |
Term borrowings (Note 10) | 1,170,963 | 1,218,097 | |
Fixed income payables | 9,572 | 48,996 | |
Derivative liabilities (Note 22) | 133,713 | 85,061 | |
Other liabilities | 580,335 | 549,234 | |
Total liabilities | 36,046,878 | 36,842,900 | |
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 December 31, 2018 and 2017) (Note 11) | 95,624 | 95,624 | |
Common stock - $.625 par value (shares authorized - 400,000,000; shares issued - 318,573,400 on December 31, 2018 and 326,736,214 on December 31, 2017) | 199,108 | 204,211 | |
Capital surplus | 3,029,425 | 3,147,613 | |
Undivided profits | 1,542,408 | 1,160,434 | |
Accumulated other comprehensive loss, net (Note 14) | (376,616) | (322,825) | |
Total First Horizon National Corporation Shareholders’ Equity | 4,489,949 | 4,285,057 | |
Noncontrolling interest (Note 11) | 295,431 | 295,431 | |
Total equity | 4,785,380 | 4,580,488 | |
Total liabilities and equity | $ 40,832,258 | $ 41,423,388 | |
[1] | December 31, 2018 and 2017 include $8.4 million and $11.7 million, respectively, of held-for-sale consumer mortgage loans secured by residential real estate in process of foreclosure. | ||
[2] | December 31, 2018 and 2017 include $28.6 million and $22.7 million, respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. | ||
[3] | December 31, 2018 and 2017 include $9.7 million and $12.2 million, respectively, of foreclosed residential real estate. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Financial Position [Abstract] | |||
Premises and equipment held for sale | $ 19,600 | $ 53,200 | |
Savings classified as held for sale | 22,600 | ||
Time deposits as held for sale | 8,000 | ||
Non-interest bearing deposit liabilities held-for-sale | $ 4,800 | ||
Liquidation preference per share (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 | |
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) | 318,573,400 | 326,736,214 | |
Mortgage loans secured by residential real estate in process of foreclosure | [1] | $ 25,290 | $ 43,382 |
Residential Real Estate | |||
Foreclosed residential real estate | 28,600 | 22,700 | |
Mortgage loans secured by residential real estate in process of foreclosure | 9,700 | 12,200 | |
Loans Held For Sale, Residential Real Estate | Residential Real Estate | |||
Foreclosed residential real estate | $ 8,400 | $ 11,700 | |
[1] | December 31, 2018 and 2017 include $9.7 million and $12.2 million, respectively, of foreclosed residential real estate. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income: | |||
Interest and fees on loans | $ 1,286,470 | $ 816,806 | $ 679,917 |
Interest on investment securities available-for-sale | 130,376 | 105,019 | 96,671 |
Interest on investment securities held-to-maturity | 525 | 591 | 789 |
Interest on loans held-for-sale | 45,108 | 17,517 | 5,506 |
Interest on trading securities | 58,684 | 34,991 | 30,779 |
Interest on other earning assets | 24,858 | 15,006 | 4,247 |
Total interest income | 1,546,021 | 989,930 | 817,909 |
Interest on deposits: | |||
Savings | 107,748 | 42,519 | 19,608 |
Time deposits | 53,096 | 13,111 | 10,021 |
Other interest-bearing deposits | 55,707 | 24,481 | 10,357 |
Interest on trading liabilities | 19,359 | 15,468 | 15,000 |
Interest on short-term borrowings | 36,747 | 16,000 | 4,736 |
Interest on term borrowings | 53,047 | 36,037 | 29,103 |
Total interest expense | 325,704 | 147,616 | 88,825 |
Net interest income | 1,220,317 | 842,314 | 729,084 |
Provision/(provision credit) for loan losses | 7,000 | 0 | 11,000 |
Net interest income after provision/(provision credit) for loan losses | 1,213,317 | 842,314 | 718,084 |
Noninterest income: | |||
Fixed income | 167,882 | 216,625 | 268,561 |
Deposit transactions and cash management | 133,281 | 110,592 | 108,553 |
Brokerage, management fees and commissions | 54,803 | 48,514 | 42,911 |
Trust services and investment management | 29,806 | 28,420 | 27,727 |
Bankcard income | 26,718 | 25,467 | 24,430 |
Bank-owned life insurance (BOLI) | 18,955 | 15,124 | 14,687 |
Debt securities gains/(losses), net (Note 3 and Note 14) | 52 | 483 | 1,485 |
Equity securities gains/(losses), net (Note 3) | 212,896 | 109 | (144) |
All other income and commissions (Note 13) | 78,395 | 44,885 | 64,231 |
Total noninterest income | 722,788 | 490,219 | 552,441 |
Adjusted gross income after provision/(provision credit) for loan losses | 1,936,105 | 1,332,533 | 1,270,525 |
Noninterest expense: | |||
Employee compensation, incentives, and benefits | 658,223 | 587,465 | 563,791 |
Occupancy | 85,009 | 54,646 | 50,880 |
Computer software | 60,604 | 48,234 | 45,122 |
Operations services | 56,280 | 43,823 | 41,852 |
Professional fees | 45,799 | 47,929 | 19,169 |
Equipment rentals, depreciation, and maintenance | 39,132 | 29,543 | 27,385 |
FDIC premium expense | 31,642 | 26,818 | 21,585 |
Communications and courier | 30,032 | 17,624 | 14,265 |
Amortization of intangible assets | 25,855 | 8,728 | 5,198 |
Advertising and public relations | 24,752 | 19,214 | 21,612 |
Contract employment and outsourcing | 18,522 | 14,954 | 10,061 |
Legal fees | 11,149 | 12,076 | 21,558 |
Repurchase and foreclosure provision/(provision credit) | (1,039) | (22,527) | (32,722) |
All other expense (Note 13) | 136,036 | 135,134 | 115,448 |
Total noninterest expense | 1,221,996 | 1,023,661 | 925,204 |
Income/(loss) before income taxes | 714,109 | 308,872 | 345,321 |
Provision/(benefit) for income taxes (Note 15) | 157,602 | 131,892 | 106,810 |
Net income/(loss) | 556,507 | 176,980 | 238,511 |
Net income attributable to noncontrolling interest | 11,465 | 11,465 | 11,465 |
Net income/(loss) attributable to controlling interest | 545,042 | 165,515 | 227,046 |
Preferred stock dividends | 6,200 | 6,200 | 6,200 |
Net income/(loss) available to common shareholders | $ 538,842 | $ 159,315 | $ 220,846 |
Basic earnings/(loss) per share (Note 16) (in dollars per share) | $ 1.66 | $ 0.66 | $ 0.95 |
Diluted earnings/(loss) per share (Note 16) (in dollars per share) | $ 1.65 | $ 0.65 | $ 0.94 |
Weighted average common shares (in shares) | 324,375 | 241,436 | 232,700 |
Diluted average common shares (in shares) | 327,445 | 244,453 | 235,292 |
Cash dividends declared per common share (in dollars per share) | $ 0.48 | $ 0.36 | $ 0.28 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statements of Comprehensive Income/(loss) | |||
Net income/(loss) | $ 556,507 | $ 176,980 | $ 238,511 |
Other comprehensive income/(loss), net of tax: | |||
Net unrealized gains/(losses) on securities available-for-sale | (48,897) | (4,765) | (20,626) |
Net unrealized gains/(losses) on cash flow hedges | (4,142) | ||
Net unrealized gains/(losses) on cash flow hedges | (5,101) | (1,265) | |
Net unrealized gains/(losses) on pension and other postretirement plans | (541) | (7,759) | (11,571) |
Other comprehensive income/(loss) | (53,580) | (17,625) | (33,462) |
Comprehensive income/(loss) | 502,927 | 159,355 | 205,049 |
Comprehensive income attributable to noncontrolling interest | 11,465 | 11,465 | 11,465 |
Comprehensive income attributable to controlling interest | 491,462 | 147,890 | 193,584 |
Income tax expense/(benefit) of items included in Other comprehensive income: | |||
Net unrealized gains/(losses) on securities available-for-sale | (16,054) | (2,955) | (12,810) |
Net unrealized gains/(losses) on cash flow hedges | (1,360) | (3,163) | (780) |
Net unrealized gains/(losses) on cash flow hedges | (3,163) | (780) | |
Net unrealized gains/(losses) on pension and other postretirement plans | $ (177) | $ (832) | $ (7,172) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock | Common Stock | Capital Surplus | Undivided Profits | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest | |||
Beginning balance (in shares) at Dec. 31, 2015 | 238,587 | |||||||||
Beginning balance at Dec. 31, 2015 | $ 2,639,586 | $ 95,624 | $ 149,117 | $ 1,439,303 | $ 874,303 | $ (214,192) | [1] | $ 295,431 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income/(loss) | 238,511 | 227,046 | 11,465 | |||||||
Other comprehensive income/(loss): | (33,462) | (33,462) | [1] | |||||||
Comprehensive income/(loss) | 205,049 | 227,046 | (33,462) | [1] | 11,465 | |||||
Cash dividends declared: | ||||||||||
Preferred stock | (6,200) | (6,200) | ||||||||
Common stock | (66,160) | (66,160) | ||||||||
Common stock repurchased (in shares) | [2] | (7,653) | ||||||||
Common stock repurchased | [2] | (97,396) | $ (4,783) | (92,613) | ||||||
Common stock issued for: | ||||||||||
Stock options and restricted stock - equity awards (in shares) | 2,690 | |||||||||
Stock options and restricted stock - equity awards | 22,521 | $ 1,681 | 20,840 | |||||||
Tax benefit/(benefit reversal) - stock-based compensation expense | 1,613 | $ 0 | 1,613 | |||||||
Stock-based compensation expense | 17,536 | 17,536 | ||||||||
Dividends declared - noncontrolling interest of subsidiary preferred stock | (11,465) | (11,465) | ||||||||
Other | (43) | 43 | ||||||||
Ending balance (in shares) at Dec. 31, 2016 | 233,624 | |||||||||
Ending balance at Dec. 31, 2016 | 2,705,084 | 95,624 | $ 146,015 | 1,386,636 | 1,029,032 | (247,654) | [1] | 295,431 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Adjustment to reflect adoption of ASU | 230 | (230) | ||||||||
Balance as adjusted | 2,705,084 | 95,624 | $ 146,015 | 1,386,866 | 1,028,802 | (247,654) | 295,431 | |||
Net income/(loss) | 176,980 | 165,515 | 11,465 | |||||||
Other comprehensive income/(loss): | (17,625) | (17,625) | [1] | |||||||
Comprehensive income/(loss) | 159,355 | 165,515 | (17,625) | [1] | 11,465 | |||||
Cash dividends declared: | ||||||||||
Preferred stock | (6,200) | (6,200) | ||||||||
Common stock | (85,174) | [2] | (85,174) | |||||||
Common stock repurchased (in shares) | (297) | |||||||||
Common stock repurchased | (5,554) | $ (185) | (5,369) | |||||||
Common stock issued for: | ||||||||||
Stock options and restricted stock - equity awards (in shares) | 1,107 | |||||||||
Stock options and restricted stock - equity awards | 6,092 | $ 692 | 5,400 | |||||||
Equity issued for acquisition (in shares) | 92,302 | |||||||||
Equity issued for acquisitions | 1,797,723 | $ 57,689 | 1,740,034 | |||||||
Stock-based compensation expense | 20,627 | 20,627 | ||||||||
Dividends declared - noncontrolling interest of subsidiary preferred stock | (11,465) | (11,465) | ||||||||
Other | 55 | (55) | ||||||||
Ending balance (in shares) at Dec. 31, 2017 | 326,736 | |||||||||
Ending balance at Dec. 31, 2017 | 4,580,488 | 95,624 | $ 204,211 | 3,147,613 | 1,102,888 | (265,279) | [1] | 295,431 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Adjustment to reflect adoption of ASU | Accounting Standards Update 2018-02 | 57,546 | (57,546) | [1] | |||||||
Balance, as adjusted for ASU 2018-02 | 4,580,488 | 95,624 | $ 204,211 | 3,147,613 | 1,160,434 | (322,825) | [1] | 295,431 | ||
Balance as adjusted | (323,036) | |||||||||
Net income/(loss) | 556,507 | 545,042 | 11,465 | |||||||
Other comprehensive income/(loss): | (53,580) | (53,580) | [1] | |||||||
Comprehensive income/(loss) | 502,927 | 545,042 | (53,580) | [1] | 11,465 | |||||
Cash dividends declared: | ||||||||||
Preferred stock | (6,200) | (6,200) | ||||||||
Common stock | (157,146) | (157,146) | ||||||||
Common stock repurchased (in shares) | [2] | (6,708) | ||||||||
Common stock repurchased | [2] | (104,768) | $ (4,192) | (100,576) | ||||||
Common stock issued for: | ||||||||||
Stock options and restricted stock - equity awards (in shares) | 926 | |||||||||
Stock options and restricted stock - equity awards | 4,480 | $ 578 | 3,902 | |||||||
Equity issued for acquisition (in shares) | [3] | (2,374) | ||||||||
Equity issued for acquisitions | [3] | (46,041) | $ (1,484) | (44,557) | ||||||
Stock-based compensation expense | 23,171 | 23,171 | ||||||||
Dividends declared - noncontrolling interest of subsidiary preferred stock | (11,465) | (11,465) | ||||||||
Other (in shares) | (7) | |||||||||
Other | (133) | $ (5) | (128) | |||||||
Ending balance (in shares) at Dec. 31, 2018 | 318,573 | |||||||||
Ending balance at Dec. 31, 2018 | $ 4,785,380 | $ 95,624 | $ 199,108 | $ 3,029,425 | $ 1,542,408 | $ (376,616) | [1] | $ 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] | 2018 and 2016 include $99.4 million and $93.5 million, respectively, repurchased under share repurchase programs. | |||||||||
[3] | See Note 2- Acquisitions and Divestitures for additional information. |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock - cash dividends declared per share (in dollars per share) | $ 0.48 | $ 0.36 | $ 0.28 |
Preferred stock - cash dividends declared per share (in dollars per share) | $ 6,200 | $ 6,200 | $ 6,200 |
First Horizon Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock repurchased under share repurchase programs | $ 99.4 | $ 93.5 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Operating Activities | ||||
Net income/(loss) | $ 556,507 | $ 176,980 | $ 238,511 | |
Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities: | ||||
Provision/(provision credit) for loan losses | 7,000 | 0 | 11,000 | |
Provision/(benefit) for deferred income taxes | 103,557 | 121,001 | 79,604 | |
Depreciation and amortization of premises and equipment | 47,232 | 34,703 | 32,387 | |
Amortization of intangible assets | 25,855 | 8,728 | 5,198 | |
Net other amortization and accretion | (13,962) | 27,493 | 27,088 | |
Net (increase)/decrease in derivatives | 41,687 | (26,662) | 1,886 | |
Fair value adjustment on interest-only strips | 398 | (1,021) | 0 | |
Repurchase and foreclosure provision/(provision credit) | 0 | (20,000) | (31,400) | |
(Gains)/losses and write-downs on OREO, net | (626) | (61) | 8 | |
Litigation and regulatory matters | (836) | 40,250 | 13,400 | |
Stock-based compensation expense | 23,171 | 20,627 | 17,536 | |
Gain on sale of held-to-maturity loans | (3,777) | 0 | 0 | |
Equity securities (gains)/losses, net | (212,896) | (109) | 144 | |
Debt securities (gains)/losses, net | (52) | (483) | (1,485) | |
(Gain)/loss on extinguishment of debt | 15 | 14,329 | 0 | |
Net (gains)/losses on sale/disposal of fixed assets | (1,320) | 6,657 | 3,447 | |
Qualified pension plan contributions | (353) | (5,100) | (165,000) | |
(Gain)/loss on BOLI | (4,217) | (9,012) | (2,010) | |
Loans held-for-sale: | ||||
Purchases and originations | (2,345,030) | (2,001,708) | (165,887) | |
Gross proceeds from settlements and sales | 919,187 | 1,780,047 | 181,136 | |
(Gain)/loss due to fair value adjustments and other | [1] | 19,932 | (6,624) | (155) |
Net (increase)/decrease in: | ||||
Trading securities | 1,356,797 | (381,057) | (18,050) | |
Fixed income receivables | 29,832 | (11,282) | 6,249 | |
Interest receivable | (15,372) | (34,352) | 1,627 | |
Other assets | 32,950 | 240,629 | (7,921) | |
Net increase/(decrease) in: | ||||
Trading liabilities | (303,135) | 76,667 | (4,171) | |
Fixed income payables | (39,424) | (68,495) | (2,070) | |
Interest payable | 15,165 | 5,934 | (4,535) | |
Other liabilities | (3,980) | (16,877) | (36,546) | |
Total adjustments | (322,202) | (205,778) | (58,520) | |
Net cash provided/(used) by operating activities | 234,305 | (28,798) | 179,991 | |
Available-for-sale securities: | ||||
Sales | 20,751 | |||
Sales | 936,958 | 444,222 | ||
Maturities | 675,526 | 583,014 | 736,956 | |
Purchases | (473,205) | |||
Purchases | (1,558,990) | (1,239,912) | ||
Held-to-maturity securities: | ||||
Prepayments and maturities | 0 | 4,740 | 0 | |
Premises and equipment: | ||||
Sales | 30,464 | 3,416 | 11,396 | |
Purchases | (47,986) | (53,046) | (62,554) | |
Proceeds from sale of Visa Class B shares | 240,206 | 0 | 0 | |
Proceeds from sales of OREO | 30,824 | 13,468 | 27,135 | |
Proceeds from sales of loans classified as held-to-maturity | 50,498 | 0 | 0 | |
Proceeds from BOLI | 12,860 | 11,440 | 2,740 | |
Net (increase)/decrease in: | ||||
Loans | [2] | 105,267 | (808,399) | (1,931,026) |
Interests retained from securitizations classified as trading securities | 800 | 865 | 2,429 | |
Interest-bearing cash | (92,011) | (121,434) | (457,198) | |
Cash paid related to divestitures | (27,599) | 0 | 0 | |
Cash (paid)/received for acquisitions, net (c) | [3] | (46,023) | (336,634) | 0 |
Net cash provided/(used) by investing activities | 480,372 | (1,324,602) | (2,465,812) | |
Common stock: | ||||
Stock options exercised | 4,482 | 6,132 | 22,479 | |
Cash dividends paid | (138,706) | (79,904) | (63,504) | |
Repurchase of shares | [4] | (104,768) | (5,554) | (97,396) |
Cash dividends paid - preferred stock - noncontrolling interest | (11,465) | (11,434) | (11,434) | |
Cash dividends paid - Series A preferred stock | (6,200) | (6,200) | (6,200) | |
Term borrowings: | ||||
Issuance | 0 | 121,184 | 100 | |
Payments/maturities | (69,025) | (147,413) | (267,527) | |
Increases in restricted and secured term borrowings | 20,477 | 7,960 | 0 | |
Net increase/(decrease) in: | ||||
Deposits | 2,092,519 | (197,158) | 2,705,757 | |
Short-term borrowings | (2,548,712) | 2,080,039 | 10,277 | |
Net cash provided/(used) by financing activities | (761,398) | 1,767,652 | 2,292,552 | |
Net increase/(decrease) in cash and cash equivalents | (46,721) | 414,252 | 6,731 | |
Cash and cash equivalents at beginning of period | 1,452,046 | 1,037,794 | 1,031,063 | |
Cash and cash equivalents at end of period | 1,405,325 | 1,452,046 | 1,037,794 | |
Supplemental Disclosures | ||||
Total interest paid | 307,578 | 140,373 | 92,456 | |
Total taxes paid | 42,817 | 54,417 | 11,609 | |
Total taxes refunded | 48,455 | 8,285 | 3,950 | |
Transfer from loans to OREO | 12,106 | 6,624 | 10,317 | |
Transfer from loans HFS to trading securities | $ 1,389,420 | $ 1,004,416 | $ 0 | |
[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] | 2016 includes $537.4 million UPB of loans acquired from GE Capital. | |||
[3] | See Note 2 - Acquisitions and Divestitures for additional information. | |||
[4] | 2018 and 2016 include $99.4 million and $93.5 million, respectively, repurchased under share repurchase programs. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2016 | ||
Gross proceeds from settlements and sales | $ 919,187 | $ 181,136 | |
Repurchase of shares | [1] | 104,768 | 97,396 |
Portion of Sub-prime Auto Loan Portfolios | |||
Gross proceeds from settlements and sales | 107,400 | ||
Loans disposed of | 120,000 | ||
First Horizon Share Repurchase Program | |||
Repurchase of shares | $ 99,400 | 93,500 | |
GE Capital | |||
Loans acquired | $ 537,400 | ||
[1] | 2018 and 2016 include $99.4 million and $93.5 million, respectively, repurchased under share repurchase programs. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Accounting. The consolidated 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. Principles of Consolidation and Basis of Presentation. The consolidated financial statements include the accounts of FHN and other entities in which it has a controlling financial interest. Variable Interest Entities (“VIEs”) for which FHN or a subsidiary has been determined to be the primary beneficiary are also consolidated. Affiliates for which FHN is not considered the primary beneficiary and in which FHN does not have a controlling financial interest are accounted for by the equity method. These investments are included in other assets, and FHN’s proportionate share of income or loss is included in noninterest income. All significant intercompany transactions and balances have been eliminated. For purposes of comparability, certain prior period amounts have been reclassified to conform to current year presentation. Business Combinations. FHN accounts for acquisitions meeting the definition of a business combination in accordance with ASC 805, "Business Combinations," which requires acquired assets and liabilities (other than tax and certain benefit plan balances) to be recorded at fair value. Business combinations are included in the financial statements from the respective dates of acquisition. Acquisition related costs are expensed as incurred. 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. Following is a discussion of FHN's key revenues within the scope of Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers", and all related amendments, except as noted. Fixed Income. Fixed income includes fixed income securities sales, trading, and strategies, loan sales and derivative sales which are not within the scope of revenue from contracts with customers. Fixed income also includes investment banking fees earned for services related to underwriting debt securities and performing portfolio advisory services. FHN's performance obligation for underwriting services is satisfied on the trade date while advisory services is satisfied over time. Deposit Transactions and Cash Management. Deposit transactions and cash management activities include fees for services related to consumer and commercial deposit products (such as service charges on checking accounts), cash management products and services such as electronic transaction processing (Automated Clearing House and Electronic Data Interchange), account reconciliation services, cash vault services, lockbox processing, and information reporting to large corporate clients. FHN's obligation for transaction-based services is satisfied at the time of the transaction when the service is delivered while FHN's obligation for service based fees is satisfied over the course of each month. Brokerage, Management Fees and Commissions. Brokerage, management fees and commissions include fees for portfolio management, trade commissions, and annuity and mutual fund sales. Asset-based management fees are charged based on the market value of the client’s assets. The services associated with these revenues, which include investment advice and active management of client assets are generally performed and recognized over a month or quarter. Transactional revenues are based on the size and number of transactions executed at the client’s direction and are generally recognized on the trade date. Trust Services and Investment Management. Trust services and investment management fees include investment management, personal trust, employee benefits, and custodial trust services. Obligations for trust services are generally satisfied over time but may be satisfied at points in time for certain activities that are transactional in nature. Bankcard Income. Bankcard income includes credit interchange and network revenues and various card-related fees. Interchange income is recognized concurrently with the delivery of services on a daily basis. Card-related fees such as late fees, currency conversion, and cash advance fees are loan-related and excluded from the scope of ASU 2014-09. Contract Balances. As of December 31, 2018, accounts receivable related to products and services on non-interest income were $8.1 million . For the year ended December 31, 2018, 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 Statement of Condition as of December 31, 2018. Transaction Price Allocated to Remaining Performance Obligations. For the year ended December 31, 2018, 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 20 - Business Segment Information for a reconciliation of disaggregated revenue by major product line and reportable segment. Debt Investment Securities. Available-for-sale ("AFS") and held-to-maturity (“HTM”) securities are reviewed quarterly for possible other-than-temporary impairment (“OTTI”). The review includes an analysis of the facts and circumstances of each individual investment such as the degree of loss, the length of time the fair value has been below cost, the expectation for that security’s performance, the creditworthiness of the issuer and FHN’s intent and ability to hold the security. Debt securities that may be sold prior to maturity are classified as AFS and are carried at fair value. The unrealized gains and losses on debt securities AFS, including securities for which no credit impairment exists, are excluded from earnings and are reported, net of tax, as a component of other comprehensive income within shareholders’ equity and the Statements of Comprehensive Income. Debt securities which management has the intent and ability to hold to maturity are reported at amortized cost. Interest-only strips that are classified as securities AFS are valued at elected fair value. See Note 24 - Fair Value of Assets and Liabilities for additional information. Realized gains and losses for investment securities are determined by the specific identification method and reported in noninterest income. Declines in value judged to be other-than-temporary based on FHN’s analysis of the facts and circumstances related to an individual investment, including securities that FHN has the intent to sell, are also determined by the specific identification method. For HTM debt securities, OTTI recognized is typically credit-related and is reported in noninterest income. For impaired AFS debt securities that FHN does not intend to sell and will not be required to sell prior to recovery but for which credit losses exist, the OTTI recognized is separated between the total impairment related to credit losses which is reported in noninterest income, and the impairment related to all other factors which is excluded from earnings and reported, net of tax, as a component of other comprehensive income within shareholders’ equity and the Statements of Comprehensive Income. Equity Investment Securities. Equity securities were classified as AFS through December 31, 2017. Subsequently, all equity securities are classified in Other assets. National banks chartered by the federal government are, by law, members of the Federal Reserve System. Each member bank is required to own stock in its regional Federal Reserve Bank ("FRB"). Given this requirement, FRB stock may not be sold, traded, or pledged as collateral for loans. Membership in the Federal Home Loan Bank (“FHLB”) network requires ownership of capital stock. Member banks are entitled to borrow funds from the FHLB and are required to pledge mortgage loans as collateral. Investments in the FHLB are non-transferable and, generally, membership is maintained primarily to provide a source of liquidity as needed. FRB and FHLB stock are recorded at cost and are subject to impairment reviews. Other equity investments primarily consist of mutual funds which are marked to fair value through earnings. Smaller balances of equity investments without a readily determinable fair value are recorded at cost minus impairment with adjustments through earnings for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase. FHN enters into short-term securities purchased under agreements to resell transactions which are accounted for as collateralized financings except where FHN does not have an agreement to sell the same or substantially the same securities before maturity at a fixed or determinable price. All of FHN’s securities purchased under agreements to resell are recognized as collateralized financings. Securities delivered under these transactions are delivered to either the dealer custody account at the FRB or to the applicable counterparty. Securities sold under agreements to repurchase are offered to cash management customers as an automated, collateralized investment account. Securities sold under agreements to repurchase are also used by the consumer/commercial bank to obtain favorable borrowing rates on its purchased funds. All of FHN's securities sold under agreements to repurchase are secured borrowings. Collateral is valued daily and FHN may require counterparties to deposit additional securities or cash as collateral, or FHN may return cash or securities previously pledged by counterparties, or FHN may be required to post additional securities or cash as collateral, based on the contractual requirements for these transactions. FHN’s fixed income business utilizes securities borrowing arrangements as part of its trading operations. Securities borrowing transactions generally require FHN to deposit cash with the securities lender. The amount of cash advanced is recorded within Securities purchased under agreements to resell in the Consolidated Statements of Condition. These transactions are not considered purchases and the securities borrowed are not recognized by FHN. FHN does not conduct securities lending transactions. Loans Held-for-Sale. Loans originated or purchased in which management lacks the intent to hold are included in loans held-for-sale in the Consolidated Statements of Condition. FHN has elected the fair value option on a prospective basis for certain mortgage loans held-for-sale and repurchased loans that are not governmentally insured. Such loans are carried at fair value, with changes in the fair value recognized in the other income section of the Consolidated Statements of Income. For mortgage loans originated for sale for which the fair value option was elected, loan origination fees were recorded by FHN when earned and related direct loan origination costs are recognized when incurred. See Note 24 - Fair Value of Assets and Liabilities for additional information. FHN accounts for all other loans held-for-sale at the lower of cost or market value (“LOCOM”). Loans. Generally, loans are stated at principal amounts outstanding, net of unearned income. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs as well as premiums and discounts are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs, premiums and discounts are recognized in interest income upon early repayment of the loans. Cash collections from loans that were fully charged off prior to acquisition are recognized in noninterest income. Loan commitment fees are generally deferred and amortized on a straight-line basis over the commitment period. Nonaccrual and Past Due Loans. Generally, loans are placed on nonaccrual status if it becomes evident that full collection of principal and interest is at risk, impairment has been recognized as a partial charge-off of principal balance due to insufficient collateral value and past due status, or on a case-by-case basis if FHN continues to receive payments, but there are other borrower-specific issues. • The accrual status policy for commercial troubled debt restructurings (“TDRs”) follows the same internal policies and procedures as other commercial portfolio loans. • Residential real estate secured loans discharged in bankruptcy that have not been reaffirmed by the borrower (“discharged bankruptcies”) are placed on nonaccrual regardless of delinquency status and are reported as TDRs. • Current second lien residential real estate loans that are junior to first liens are placed on nonaccrual status if the first lien is 90 or more days past due, is a bankruptcy, or is a troubled debt restructuring. • Consumer real estate (HELOC and residential real estate installment loans), if not already on nonaccrual per above situations, are placed on nonaccrual if the loan is 30 or more days delinquent at the time of modification and is also determined to be a TDR. • Government guaranteed/insured residential mortgage loans remain on accrual (even if the loan falls into one of the above categories) because the collection of principal and interest is reasonably assured. For commercial and consumer loans within each portfolio segment and class that have been placed on nonaccrual status, accrued but uncollected interest is reversed and charged against interest income when the loan is placed on nonaccrual status. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral is sufficient to recover the principal balance and accrued interest. Interest payments received on nonaccrual loans are normally applied to outstanding principal first. Once all principal has been received, additional interest payments are recognized on a cash basis as interest income. Generally, commercial and consumer loans within each portfolio segment and class that have been placed on nonaccrual status can be returned to accrual status if all principal and interest is current and FHN expects full repayment of the remaining contractual principal and interest. This typically requires that a borrower make payments in accordance with the contractual terms for a sustained period of time (generally for a minimum of six months) before being returned to accrual status. For TDRs, FHN may also consider a borrower’s sustained historical repayment performance for a reasonable time prior to the restructuring in assessing whether the borrower can meet the restructured terms, as it may indicate whether the borrower is capable of servicing the level of debt under the modified terms. Residential real estate loans discharged through Chapter 7 bankruptcy and not reaffirmed by the borrower are not returned to accrual status. For current second liens that have been placed on nonaccrual because the first lien is 90 or more days past due or is a TDR or bankruptcy, the second lien may be returned to accrual upon pay-off or cure of the first lien. Charge-offs. For all commercial and consumer loan portfolio segments, all losses of principal are charged to the allowance for loan losses ("ALLL") in the period in which the loan is deemed to be uncollectible. For consumer loans, the timing of a full or partial charge-off generally depends on the loan type and delinquency status. Generally, for the consumer real estate and permanent mortgage portfolio segments, a loan will be either partially or fully charged-off when it becomes 180 days past due. At this time, if the collateral value does not support foreclosure, balances are fully charged-off and other avenues of recovery are pursued. If the collateral value supports foreclosure, the loan is charged-down to net realizable value (collateral value less estimated costs to sell) and is placed on nonaccrual status. For residential real estate loans discharged in Chapter 7 bankruptcy and not reaffirmed by the borrower, the fair value of the collateral position is assessed at the time FHN is made aware of the discharge and the loan is charged down to the net realizable value (collateral value less estimated costs to sell). Within the credit card and other portfolio segment, credit cards and installment loans secured by automobiles are normally charged-off upon reaching 180 days past due while other non-real estate consumer loans are charged-off upon reaching 120 days past due. Impaired Loans. Impaired loans include nonaccrual commercial loans greater than $1 million and modified consumer and commercial loans that have been classified as a TDR and are individually measured for impairment under the guidance of ASC 310. TDRs are always reported as such unless the TDR has exhibited sustained performance, was reported as a TDR over a year-end, and the modified terms were market-based at the time of modification. Purchased Credit-Impaired Loans. ASC 310-30 “Accounting for Certain Loans or Debt Securities Acquired in a Transfer,” provides guidance for acquired loans that have exhibited deterioration of credit quality between origination and the time of acquisition and for which the timely collection of the interest and principal is not reasonably assured (“PCI loans”). PCI loans are initially recorded at fair value which is estimated by discounting expected cash flows at acquisition date. The expected cash flows include all contractually expected amounts (including interest) and incorporate an estimate for future expected credit losses, pre-payment assumptions, and yield requirement for a market participant, among other things. To the extent possible, certain PCI loans were aggregated into pools with composite interest rate and cash flows expected to be collected for the pool. Aggregation into loan pools is based upon common risk characteristics that include similar credit risk or risk ratings, and one or more predominant risk characteristics. Each PCI pool is accounted for as a single unit. Accretable yield is initially established at acquisition and is the excess of cash flows expected at acquisition over the initial investment in the loan and is recognized in interest income over the remaining life of the loan, or pool of loans. Nonaccretable difference is initially established at acquisition and is the difference between the contractually required payments at acquisition and the cash flows expected to be collected at acquisition. FHN estimates expected cash flows for PCI loans on a quarterly basis. Increases in expected cash flows from the last measurement result in reversal of any nonaccretable difference (or allowance for loan losses to the extent any has previously been recorded) with a prospective positive impact on interest income. Decreases to the expected cash flows result in an increase in the allowance for loan losses through provision expense. FHN does not report PCI loans as nonperforming loans due to the accretion of interest income. Additionally, PCI loans that have been pooled and subsequently modified will not be reported as troubled debt restructurings since the pool is the unit of measurement. Allowance for Loan Losses. The ALLL is maintained at a level that management determines is sufficient to absorb estimated probable incurred losses in the loan portfolio. The ALLL is increased by the provision for loan losses and loan recoveries and is decreased by loan charge-offs. The ALLL is determined in accordance with ASC 450-20-50 "Contingencies - Accruals for Loss Contingencies" and is composed of reserves for commercial loans evaluated based on pools of credit graded loans and reserves for pools of smaller-balance homogeneous consumer and commercial loans. 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. Additionally, the ALLL includes specific reserves established in accordance with ASC 310-10-35 for loans determined by management to be individually impaired as well as reserves associated with PCI loans. Management uses analytical models to estimate probable incurred losses in the loan portfolio as of the balance sheet date. The models, which are primarily driven by historical losses, are carefully reviewed to identify trends that may not be captured in the historical loss factors used in the models. Management uses qualitative adjustments for those items not yet captured in the models like current events, recent trends in the portfolio, current underwriting guidelines, and local and macroeconomic trends, among other things. The nature of the process by which FHN determines the appropriate ALLL requires the exercise of considerable judgment. See Note 5 - Allowance for Loan Losses for a discussion of FHN’s ALLL methodology and a description of the models utilized in the estimation process for the commercial and consumer loan portfolios. Key components of the estimation process are as follows: (1) commercial loans determined by management to be individually impaired loans are evaluated individually and specific reserves are determined based on the difference between the outstanding loan amount and the estimated net realizable value of the collateral (if collateral dependent), the present value of expected future cash flows or by observable market prices; (2) individual commercial loans not considered to be individually impaired are segmented based on similar credit risk characteristics and evaluated on a pool basis; (3) reserve rates for the commercial segment are calculated based on historical net charge-offs and are subject to adjustment by management to reflect current events, trends, and conditions (including economic considerations and trends); (4) management’s estimate of probable incurred losses reflects the reserve rates applied against the balance of loans in the commercial segment of the loan portfolio; (5) consumer loans are generally segmented based on loan type; (6) reserve amounts for each consumer portfolio segment are calculated using analytical models based on delinquency trends and net loss experience and are subject to adjustment by management to reflect current events, trends, and conditions (including economic considerations and trends); and (7) the reserve amount for each consumer portfolio segment reflects management’s estimate of probable incurred losses in the consumer segment of the loan portfolio. Impairment related to individually impaired loans is measured in accordance with ASC 310-10. For all commercial portfolio segments, commercial TDRs and other individually impaired commercial loans are measured based on the present value of expected future payments discounted at the loan’s effective interest rate (“the DCF method”), observable market prices, or for loans that are solely dependent on the collateral for repayment, the net realizable value (collateral value less estimated costs to sell). Impaired loans also include consumer TDRs. Future adjustments to the ALLL may be necessary if economic or other conditions differ substantially from the assumptions used in making the estimates or, if required by regulators, based upon information at the time of their examinations or upon future regulatory guidance. Such adjustments to original estimates, as necessary, are made in the period in which these factors and other relevant considerations indicate that loss levels vary from previous estimates. Premises and Equipment. Premises and equipment are carried at cost less accumulated depreciation and amortization and include additions that materially extend the useful lives of existing premises and equipment. All other maintenance and repair expenditures are expensed as incurred. Premises and equipment held-for-sale are generally valued at appraised values which reference recent disposition values for similar property types but also consider marketability discounts for vacant properties. The valuations of premises and equipment held-for-sale are reduced by estimated costs to sell. Impairments, and any subsequent recoveries, are recorded in noninterest expense. Gains and losses on dispositions are reflected in noninterest income and expense, respectively. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the assets and are recorded as noninterest expense. Leasehold improvements are amortized over the lesser of the lease periods or the estimated useful lives using the straight-line method. Useful lives utilized in determining depreciation for furniture, fixtures and equipment and for buildings are three to fifteen and seven to forty-five years, respectively. Other Real Estate Owned ("OREO"). Real estate acquired by foreclosure or other real estate-owned consists of properties that have been acquired in satisfaction of debt. These properties are carried at the lower of the outstanding loan amount or estimated fair value less estimated costs to sell the real estate. At the time acquired, and in conjunction with the transfer from loans to OREO, there is a charge-off against the ALLL if the estimated fair value less costs to sell is less than the loan’s cost basis. Subsequent declines in fair value and gains or losses on dispositions, if any, are charged to All other expense on the Consolidated Statements of Income. Properties acquired by foreclosure in compliance with HUD servicing guidelines prior to January 1, 2015, are included in “OREO” and are carried at the estimated amount of the underlying government insurance or guarantee. On December 31, 2018, FHN had $2.9 million of these properties. Required developmental costs associated with acquired property under construction are capitalized and included in determining the estimated net realizable value of the property, which is reviewed periodically, and any write-downs are charged against current earnings. Intangible Assets. Intangible assets consist of “Other intangible assets” and “Goodwill.” Other intangible assets represent customer lists and relationships, acquired contracts, covenants not to compete and premium on purchased deposits, which are amortized over their estimated useful lives. Intangible assets related to acquired deposit bases are primarily amortized over 10 years using an accelerated method. Management evaluates whether events or circumstances have occurred that indicate the remaining useful life or carrying value of amortizing intangibles should be revised. Goodwill represents the excess of cost over net assets of acquired businesses less identifiable intangible assets. On an annual basis, FHN assesses goodwill for impairment. Derivative Financial Instruments. FHN accounts for derivative financial instruments in accordance with ASC 815 which requires recognition of all derivative instruments on the balance sheet as either an asset or liability measured at fair value through adjustments to either accumulated other comprehensive income within shareholders’ equity or current earnings. Fair value is defined as the price that would be received to sell a derivative asset or paid to transfer a derivative liability in an orderly transaction between market participants on the transaction date. Fair value is determined using available market information and appropriate valuation methodologies. FHN has elected to present its derivative assets and liabilities gross on the Consolidated Statements of Condition. Amounts of collateral posted or received have not been netted with the related derivatives unless the collateral amounts are considered legal settlements of the related derivative positions. See Note 22 - Derivatives for discussion on netting of derivatives. FHN prepares written hedge documentation, identifying the risk management objective and designating the derivative instrument as a fair value hedge or cash flow hedge as applicable, or as a free-standing derivative instrument entered into as an economic hedge or to meet customers’ needs. All transactions designated as ASC 815 hedges must be assessed at inception and on an ongoing basis as to the effectiveness of the derivative instrument in offsetting changes in fair value or cash flows of the hedged item. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recognized currently in earnings. For a cash flow hedge, changes in the fair value of the derivative instrument are recorded in accumulated other comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. Prior to 2018, ineffectiveness in debt and cash flow hedges was recorded in noninterest expense. Starting in 2018, for fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of effectiveness is recorded to the same financial statement line item (e.g., interest expense) used to present the earnings effect of the hedged item. For cash flow hedges, the entire fair value change of the hedging instrument that is included in the assessment of hedge effectiveness is initially recorded in other comprehensive income and later recycled into earnings as the hedged transaction(s) affect net income with the income statement effects recorded in the same financial statement line item used to present the earnings effect of the hedged item (e.g., interest income). For free-standing derivative instruments, changes in fair values are recognized currently in earnings. See Note 22 - Derivatives for additional information. Cash flows from derivative contracts are reported as operating activities on the Consolidated Statements of Cash Flows. Advertising and Public Relations. Advertising and public relations costs are generally expensed as incurred. Income Taxes. FHN accounts for income taxes using the asset and liability method pursuant to ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets ("DTAs") and liabilities ("DTLs") for the expected future tax consequences of events that have been included in the financial statements. Under this method, FHN’s deferred tax assets and liabilities are determined based on differences between financial statement carrying amounts and the corresponding tax basis of certain assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in income in the period that includes the enactment date. Additionally, DTAs are subject to a “more likely than not” test to determine whether the full amount of the DTAs should be recognized in the financial statements. FHN evaluates the likelihood of realization of the DTA based on both positive and negative evidence available at the time, including (as appropriate) scheduled reversals of DTLs, projected future taxable income, tax planning strategies, and recent financial performance. If the “more likely than not” test is not met, a valuation allowance must be established against the DTA. In the event FHN determines that DTAs are realizable in the future in excess of their net recorded amount, FHN would make an adjustment to the valua |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2018 | |
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 settlement 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. The following schedule details acquired assets and liabilities and consideration paid, as well as adjustments to record the assets and liabilities at their estimated fair values as of November 30, 2017. These fair value measurements are based on third party and internal valuations. Capital Bank Financial Corporation As Purchase Accounting/Fair Acquired Value Adjustments (unaudited) As recorded (Dollars in thousands) (unaudited) 2017 2018 (a) by FHN Assets: Cash and cash equivalents $ 205,999 $ — $ — $ 205,999 Trading securities 4,758 (4,758 ) (b) — — Loans held-for-sale — 134,003 (11,034 ) 122,969 Securities available-for-sale 1,017,867 175,526 — 1,193,393 Securities held-to-maturity 177,549 (177,549 ) — — Loans 7,596,049 (320,372 ) 867 7,276,544 Allowance for loan losses (45,711 ) 45,711 — — CBF Goodwill 231,292 (231,292 ) — — Other intangible assets 24,498 119,302 (2,593 ) 141,207 Premises and equipment 196,298 37,054 (9,470 ) 223,882 OREO 43,077 (9,149 ) (315 ) 33,613 Other assets 617,232 41,320 (c) (22,422 ) (c) 636,130 Total assets acquired $ 10,068,908 $ (190,204 ) $ (44,967 ) $ 9,833,737 Liabilities: Deposits $ 8,141,593 $ (849 ) $ (642 ) $ 8,140,102 Securities sold under agreements to repurchase 26,664 — — 26,664 Other short-term borrowings 390,391 — — 390,391 Term borrowings 119,486 67,683 — 187,169 Other liabilities 59,995 4,291 1,631 65,917 Total liabilities assumed 8,738,129 71,125 989 8,810,243 Net assets acquired $ 1,330,779 $ (261,329 ) $ (45,956 ) 1,023,494 Consideration paid: Equity (1,746,718 ) Cash (469,615 ) Total consideration paid (2,216,333 ) Goodwill $ 1,192,839 (a) Amounts reflect adjustments made to provisional fair value estimates during the measurement period ending November 30, 2018. These adjustments were recorded in FHN's Consolidated Statement of Condition in 2018 with a corresponding adjustment to goodwill. (b) Amount represents a conformity adjustment to align with FHN presentation. (c) Amount primarily relates to a net deferred tax asset recorded for the effects of the purchase accounting adjustments and adjustments for acquired tax contingencies. In relation to the acquisition, FHN recorded goodwill of approximately $1.2 billion , representing the excess of acquisition consideration over the estimated fair value of net assets acquired. All goodwill has been attributed to FHN’s Regional Banking segment (refer to Note 7 - Intangible Assets for additional information). This goodwill is the result of 1) the addition of an experienced workforce, 2) expected synergies to be realized within overlapping banking markets, 3) operational efficiencies to be obtained through integration of back office functions and 4) proportionately lower net operating costs from a larger company scale. $17.0 million of goodwill is expected to be deductible for tax purposes as a result of tax bases carryover resulting from prior CBF acquisitions. FHN’s operating results for 2018 and 2017 include the operating results of the assets and liabilities acquired from CBF subsequent to the acquisition on November 30, 2017. Following is a description of the methods used to determine the fair values of significant assets and liabilities presented above. Cash and cash equivalents: The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. Securities available-for-sale: Fair values for securities are based on quoted prices where available. If quoted market prices are not available, fair value estimates are based on observable inputs obtained from market transactions in similar securities. Securities held-to-maturity were reclassified to securities available-for-sale based on FHN’s intent at closing. Loans and loans held-for-sale: Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, amortization status and current discount rates. Loans were aggregated according to similar characteristics when applying various valuation techniques. The discount rate does not include a factor for credit losses as that has been included as a reduction to the estimated cash flows. Loans held-for-sale were classified according to FHN’s intent at closing. The valuation of loans held-for-sale reflects contractual or bid prices. Intangible assets: Core deposit intangible ("CDI") represents the value of the relationships with deposit customers. The fair value was based on a discounted cash flow methodology that considered expected customer attrition rates, net maintenance cost of the deposit base, alternate costs of funds, and the interest costs associated with customer deposits. The CDI is being amortized over 10 years using an accelerated methodology based upon the period over which estimated economic benefits are estimated to be received. Lease intangibles are valued using a discounted cash flow methodology which compares the current contractual rental payments to estimated current market rents for the property. Premises and Equipment: Land and buildings held-for-use are valued at appraised values, which reflect considerations of recent disposition values for similar property types with adjustments for characteristics of individual properties. Locations held-for-sale are valued at appraised values which also reference recent disposition values for similar property types but also considers marketability discounts for vacant properties. The valuations of locations held-for-sale are reduced by estimated costs to sell. Other fixed assets are valued using a discounted cash flow methodology which reflects estimates of the future value of the assets to a hypothetical buyer. OREO: OREO properties are valued at estimated fair value less estimated costs to sell the real estate. Estimated fair value is determined using appraised values which includes consideration of recent disposition values for similar property types with adjustments for characteristics of individual properties. Deposits: The fair values used for the demand and savings deposits by definition equal the amount payable on demand at the acquisition date. The fair values for time deposits are estimated using a discounted cash flow calculation using the remaining duration of the accounts and reflects the difference in interest rates currently being offered to the contractual interest rates on such time deposits. Securities sold under agreements to repurchase and Other short-term borrowings: The carrying amount of these liabilities is a reasonable estimate of fair value based on the short-term nature of these liabilities. Term borrowings: The fair values of long-term debt instruments are estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analysis, based on estimated current borrowing rates for similar types of instruments and considers whether the debt is currently callable. Estimated discount rates are determined from the perspective of the post-merger combined entity rather than the acquiree and/or original issuers. The following table presents financial information regarding the former CBF operations included in FHN's Consolidated Statements of Income from the date of acquisition (November 30, 2017) through December 31, 2017. Additionally, the table presents unaudited proforma information as if the acquisition of CBF had occurred on January 1, 2016: Actual from acquisition date through Unaudited Pro Forma for Year Ended December 31 (Dollars in thousands) December 31, 2017 2017 2016 Net interest income $ 31,253 $ 1,165,006 $ 1,033,218 Noninterest income 6,192 563,581 638,493 Pre-tax income 16,534 476,911 458,667 Net income available to common shareholders (a) NM 274,416 293,981 (a) Net income available to common shareholders is not meaningful for actual CBF results from the acquisition date through December 31, 2017 because of the effect of tax reform. The pro forma financial information and explanatory notes have been prepared to illustrate the effects of the merger between FHN and CBF under the acquisition method of accounting. The pro forma financial information is presented for illustrative purposes only and does not necessarily indicate the financial results of the combined companies had the companies actually been combined at the beginning of each period presented, nor does it necessarily indicate the results of operations in future periods or the future financial position of the combined entities. Cost savings and other business synergies related to the acquisition are not reflected in the pro forma amounts. This unaudited pro forma information combines the historical consolidated results of operations of FHN and CBF for the periods presented and gives effect to the following nonrecurring adjustments: Fair value adjustments: Pro forma adjustment to net interest income of $34.5 million and $46.5 million for the years ended December 31, 2017 and 2016, respectively, to record estimated amortization of premiums and accretion of discounts on acquired loans, securities, deposits, and term borrowings. CBF accretion/amortization: Pro forma adjustment to net interest income of $24.4 million and $25.9 million for the years ended December 31, 2017 and 2016, respectively, to eliminate CBF amortization of premiums and accretion of discounts on previously acquired loans, securities, and deposits. Amortization of acquired intangibles: Pro forma adjustment to noninterest expense of $15.8 million and $18.0 million for the years ended December 31, 2017 and 2016, respectively, to record estimated amortization on acquired CDI and other lease intangibles. Other adjustments: Pro forma results also include adjustments related to the removal of CBF's intangible amortization expense, amortization of previously acquired lease intangibles, and FHN's merger-related costs. Also includes adjustments to depreciation expense to record estimated fair value marks for CBF tangible assets, as well as income-tax effects of pro forma adjustments. All expenses related to the merger and integration with CBF are recorded in FHN's Corporate segment. Integration activities were substantially completed in second quarter 2018. Total CBF merger and integration expense recognized for the years ended December 31, 2018 and 2017 are presented in the table below: Twelve Months Ended (Dollars in thousands) 2018 2017 Professional fees (a) $ 22,337 $ 28,151 Employee compensation, incentives and benefits (b) 9,613 17,077 Contract employment and outsourcing (c) 3,681 1,270 Occupancy (d) 5,236 15 Miscellaneous expense (e) 7,652 1,291 All other expense (f) 43,874 8,944 Total $ 92,393 $ 56,748 (a) Primarily comprised of fees for legal, accounting, investment bankers, 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 fees associated with lease exit accruals. (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, costs of shareholder matters and asset impairments related to the integration, as well as other miscellaneous expenses. 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. On April 3, 2017, FTN Financial acquired substantially all of the assets and assumed substantially all of the liabilities of Coastal Securities, Inc. (“Coastal”), a national leader in the trading, securiti zation, and analysis of Small Business Administration (“SBA”) loans, for appro ximately $131 million in cash. Coastal, which was based in Houston, TX, also traded United States Department of Agriculture (“USDA”) loans and fixed income products and provided municipal underwriting and advisory services to its clients. Coastal’s government-guaranteed loan products, combined with FTN Financial’s existing SBA trading activities, have established an additional major product sector for FTN Financial. The following schedule details acquired assets and liabilities and consideration paid, as well as adjustments to record the assets and liabilities at their estimated fair values as of April 3, 2017: Coastal Securities, Inc Purchase Accounting/ As Fair Value Acquired Adjustments As recorded (Dollars in thousands) (unaudited) (unaudited) by FHN Assets: Cash and cash equivalents $ 7,502 $ — $ 7,502 Interest-bearing cash 4,132 — 4,132 Trading securities 423,662 (284,580 ) 139,082 Loans held-for-sale — 236,088 236,088 Investment securities — 1,413 1,413 Other intangible assets, net — 27,300 27,300 Premises and equipment, net 1,229 — 1,229 Other assets 1,658 14 1,672 Total assets acquired $ 438,183 $ (19,765 ) $ 418,418 Liabilities: Securities sold under agreements to repurchase $ 201,595 $ — $ 201,595 Other short-term borrowings 33,509 — 33,509 Fixed income payables 143,647 (47,158 ) 96,489 Other liabilities 958 (642 ) 316 Total liabilities assumed 379,709 (47,800 ) 331,909 Net assets acquired $ 58,474 $ 28,035 86,509 Consideration paid: Cash (131,473 ) Goodwill $ 44,964 In relation to the acquisition, FHN has recorded $45.0 million in goodwill, representing the excess of acquisition consideration over the estimated fair value of net assets acquired (refer to Note 7 - Intangible Assets for additional information), and all of which is expected to be deductible for tax purposes. The goodwill is the result of adding an experienced workforce, establishing an additional major product sector for FTN Financial, expected synergies, and other factors. FHN's operating results for 2017 include the operating results of the acquired assets and assumed liabilities of Coastal subsequent to the acquisition on April 3, 2017. On September 16, 2016, FTBNA acquired $537.4 million in unpaid principal balance (“UPB”) of restaurant franchise loans from GE Capital’s Southeast and Southwest regional portfolios. Subsequent to the acquisition the acquired loans were combined with existing FTBNA relationships to establish a franchise finance specialty banking business. 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 January 2019, FHN signed an agreement to sell Superior Financial Services, Inc., a subsidiary acquired as part of the CBF acquisition. The sale will result in the removal of approximately $25 million UPB of subprime consumer loans from Loans held-for-sale on FHN's Consolidated Statements of Condition and is expected to close in the first half of 2019. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities [Abstract] | |
Investment Securities | Investment Securities The following tables summarize FHN’s investment securities on December 31, 2018 and 2017: 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 mortgage-backed securities (“MBS”) 2,473,687 4,819 (58,400 ) 2,420,106 Government agency issued collateralized mortgage obligations (“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 24 - 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. December 31, 2017 (Dollars in thousands) Amortized Gross Gross Fair Securities available-for-sale: U.S. treasuries $ 100 $ — $ (1 ) $ 99 Government agency issued MBS 2,580,442 10,538 (13,604 ) 2,577,376 Government agency issued CMO 2,302,439 1,691 (34,272 ) 2,269,858 Corporates and other debt 55,799 23 (40 ) 55,782 Equity and other (a) 265,863 7 — 265,870 $ 5,204,643 $ 12,259 $ (47,917 ) 5,168,985 AFS securities recorded at fair value through earnings: SBA-interest only strips (b) 1,270 Total securities available-for-sale (c) $ 5,170,255 Securities held-to-maturity: Corporates and other debt $ 10,000 $ — $ (99 ) $ 9,901 Total securities held-to-maturity $ 10,000 $ — $ (99 ) $ 9,901 (a) Includes restricted investments in FHLB-Cincinnati stock of $87.9 million and FRB stock of $134.6 million . The remainder is money market, mutual funds, and cost method investments. Equity investments were reclassified to Other assets upon adoption of ASU 2016-01 on January 1, 2018. (b) SBA-interest only strips are recorded at elected fair value. See Note 24 - Fair Value of Assets and Liabilities for additional information. (c) Includes $4.0 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 December 31, 2018 are provided below: Held-to-Maturity Available-for-Sale (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year $ — $ — $ 15,125 $ 15,008 After 1 year; within 5 years — — 189,408 190,217 After 5 years; within 10 years 10,000 9,843 755 3,445 After 10 years — — 31,718 38,999 Subtotal 10,000 9,843 237,006 247,669 Government agency issued MBS and CMO (a) — — 4,480,175 4,378,801 Total $ 10,000 $ 9,843 $ 4,717,181 $ 4,626,470 (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 years ended December 31: Equity securities are included for periods prior to 2018. Available-for-Sale (Dollars in thousands) 2018 2017 2016 Gross gains on sales of securities $ 52 $ 2,514 $ 5,754 Gross (losses) on sales of securities — (1,922 ) (4,213 ) Net gain/(loss) on sales of securities (a) (b) 52 592 1,541 OTTI recorded (c) — — (200 ) Total securities gain/(loss), net $ 52 $ 592 $ 1,341 (a) Cash proceeds from the sale of available-for-sale securities during 2018 were not material. Cash proceeds from sales during 2017 and 2016 were $937.0 million and $444.2 million , respectively. 2016 includes a $1.5 million net gain from exchanges of approximately $736 million of AFS debt securities. (b) 2017 includes a $.4 million gain associated with the call of a $4.4 million held-to-maturity municipal bond. (c) OTTI recorded is related to equity securities. The following tables provide information on investments within the available-for-sale portfolio that had unrealized losses as of December 31, 2018 and 2017: 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 ) As of December 31, 2017 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 $ 99 $ (1 ) $ — $ — $ 99 $ (1 ) Government agency issued MBS 1,455,476 (4,738 ) 331,900 (8,866 ) 1,787,376 (13,604 ) Government agency issued CMO 1,043,987 (7,464 ) 832,173 (26,808 ) 1,876,160 (34,272 ) Corporates and other debt 15,294 (40 ) — — 15,294 (40 ) Total temporarily impaired securities $ 2,514,856 $ (12,243 ) $ 1,164,073 $ (35,674 ) $ 3,678,929 $ (47,917 ) 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 $21.3 million and $16.3 million at December 31, 2018 and January 1, 2018, respectively. The year-to-date 2018 gross amounts of upward and downward valuation adjustments were not significant. Unrealized losses of $1.5 million were recognized during 2018 for equity investments with readily determinable fair values. In third quarter 2018 FHN sold its remaining holdings of Visa Class B Shares resulting in a pre-tax gain of $212.9 million recognized within the Corporate segment. See the Visa Matters section of Note 17 - Contingencies and Other Disclosures and Other Derivatives section of Note 22 - Derivatives for more information regarding FHN’s Visa shares. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans | Loans The following table provides the balance of loans, net of unearned income, by portfolio segment as of December 31, 2018 and 2017 : December 31 (Dollars in thousands) 2018 2017 Commercial: Commercial, financial, and industrial $ 16,514,328 $ 16,057,273 Commercial real estate 4,030,870 4,214,695 Consumer: Consumer real estate (a) 6,249,516 6,479,242 Permanent mortgage 222,448 287,820 Credit card & other 518,370 619,899 Loans, net of unearned income $ 27,535,532 $ 27,658,929 Allowance for loan losses 180,424 189,555 Total net loans $ 27,355,108 $ 27,469,374 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Balances as of December 31, 2018 and 2017 , include $16.2 million and $24.2 million of restricted real estate loans, respectively. See Note 21—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 ( 24 percent of total loans), the majority of which is in the consumer real estate segment ( 23 percent of total loans). Loans to finance and insurance companies total $2.8 billion ( 17 percent of the C&I portfolio, or 10 percent of the total loans). FHN had loans to mortgage companies totaling $2.0 billion ( 12 percent of the C&I segment, or 7 percent of total loans) as of December 31, 2018 . As a result, 29 percent of the C&I segment is sensitive to impacts on the financial services industry. Restrictions On December 31, 2018, $6.1 billion of commercial loans were pledged to secure potential discount window borrowings from the Federal Reserve Bank. As of December 31, 2018 and 2017, FHN pledged all of its first and second lien mortgages and HELOCs, excluding restricted real estate loans, to secure potential borrowings from the FHLB-Cincinnati. Additionally, beginning in November 2017, FHN pledged all of its commercial real estate loans to secure potential borrowings from the FHLB-Cincinnati. Restricted loans secure borrowings associated with consolidated VIEs. See Note 21 - Variable Interest Entities for additional discussion. Acquisition On November 30, 2017, FHN completed its acquisition of CBF. The acquisition included $7.6 billion in unpaid balance of loans with a fair value of $7.4 billion of which $121.8 million is held-for-sale. Generally, the fair value for the acquired loans is estimated using a discounted cash flow analysis with significant unobservable inputs (Level 3) including adjustments for expected credit losses, prepayment speeds, current market rates for similar loans, and an adjustment for investor-required yield given product-type and various risk characteristics. At acquisition, FHN designated certain loans as PCI with the remaining loans accounted for under ASC 310-20, “Nonrefundable Fees and Other Costs”. Of the loans designated as PCI at acquisition, $4.7 million is held-for-sale. For loans accounted for under ASC 310-20, the difference between each loan’s book value and the estimated fair value at the time of the acquisition will be accreted into interest income over its remaining contractual life and the subsequent accounting and reporting will be similar to a loan in FHN’s originated portfolio. The following tables reflect FHN's contractually required payments receivable, cash flows expected to be collected and the fair value of the acquired loans at the acquisition date of November 30, 2017. Non-PCI Loans (Dollars in thousands) November 30, 2017 Contractually required payments including interest $ 9,182,610 Less : expected losses and foregone interest (801,546 ) Cash flows expected to be collected 8,381,064 Fair value of loans acquired (a) $ 7,220,094 (a) Includes $117.1 million of loans held-for-sale . PCI Loans (Dollars in thousands) November 30, 2017 Contractually required payments including interest $ 258,950 Less : nonaccretable difference (77,022 ) Cash flows expected to be collected 181,928 Less : accretable yield (14,271 ) Fair value of loans acquired (a) $ 167,657 (a) Includes $4.7 million of loans held-for-sale. Purchased Credit-Impaired Loans The following table presents a rollforward of the accretable yield for the year ended December 31, 2018 and 2017 : Year Ended December 31 (Dollars in thousands) 2018 2017 Balance, beginning of period $ 15,623 $ 6,871 Addition — 13,957 Accretion (9,467 ) (3,564 ) Adjustment for payoffs (3,896 ) (1,917 ) Adjustment for charge-offs (1,115 ) (45 ) Adjustment for pool excess recovery (a) (123 ) (222 ) Increase in accretable yield (b) 12,791 467 Disposals (240 ) — Other (198 ) 76 Balance, end of period $ 13,375 $ 15,623 (a) Represents the removal of accretable difference for the remaining loans in a pool which is now in a recovery state. (b) Includes changes in the accretable yield due to both transfers from the nonaccretable difference and the impact of changes in the expected timing of the cash flows. At December 31, 2018 , the ALLL related to PCI loans was $4.0 million compared to $3.2 million at December 31, 2017 . The loan loss provision expense related to PCI loans during 2018 was $4.8 million , compared to $2.5 million during 2017. The following table reflects the outstanding principal balance and carrying amounts of the acquired PCI loans as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 (Dollars in thousands) Carrying value Unpaid balance Carrying value Unpaid balance Commercial, financial and industrial $ 38,873 $ 44,259 $ 96,598 $ 109,280 Commercial real estate 15,197 17,232 36,107 41,488 Consumer real estate 30,723 34,820 38,176 42,568 Credit card and other 1,627 1,879 5,500 6,351 Total $ 86,420 $ 98,190 $ 176,381 $ 199,687 Impaired Loans The following tables provide information at December 31, 2018 and 2017 , 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. December 31, 2018 (Dollars in thousands) Recorded Unpaid Related Average Recorded Interest Impaired loans with no related allowance recorded: Commercial: General C&I (a) $ 42,902 $ 45,387 $ — $ 24,186 $ 757 Income CRE 1,589 1,589 — 1,434 51 Residential CRE $ — $ — $ — $ 374 $ — Total $ 44,491 $ 46,976 $ — $ 25,994 $ 808 Consumer: HELOC (b) $ 8,645 $ 16,648 $ — $ 8,723 $ — R/E installment loans (b) 4,314 4,796 — 4,300 — Permanent mortgage (b) 3,601 6,003 — 4,392 — Total $ 16,560 $ 27,447 $ — $ 17,415 $ — Impaired loans with related allowance recorded: Commercial: General C&I $ 2,802 $ 2,802 $ 149 $ 16,011 $ — TRUPS 2,888 3,700 925 2,981 — Income CRE 377 377 — 348 10 Residential CRE — — — 99 — Total $ 6,067 $ 6,879 $ 1,074 $ 19,439 $ 10 Consumer: HELOC $ 66,482 $ 69,610 $ 11,241 $ 69,535 $ 2,273 R/E installment loans 38,993 39,851 6,743 40,118 1,024 Permanent mortgage 67,245 78,010 9,419 73,259 2,290 Credit card & other 695 695 337 626 14 Total $ 173,415 $ 188,166 $ 27,740 $ 183,538 $ 5,601 Total commercial $ 50,558 $ 53,855 $ 1,074 $ 45,433 $ 818 Total consumer $ 189,975 $ 215,613 $ 27,740 $ 200,953 $ 5,601 Total impaired loans $ 240,533 $ 269,468 $ 28,814 $ 246,386 $ 6,419 (a) In Q1 2018, the allowance for TDRs within the commercial portfolio was removed. (b) All discharged bankruptcy loans are charged down to an estimate of net realizable value and do not carry any allowance. December 31, 2017 (Dollars in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance recorded: Commercial: General C&I $ 8,183 $ 17,372 $ — $ 7,810 $ — Income CRE — — — — — Total $ 8,183 $ 17,372 $ — $ 7,810 $ — Consumer: HELOC (a) $ 9,258 $ 19,193 $ — $ 10,374 $ — R/E installment loans (a) 4,093 4,663 — 4,076 — Permanent mortgage (a) 5,132 7,688 — 5,602 — Total $ 18,483 $ 31,544 $ — $ 20,052 $ — Impaired loans with related allowance recorded: Commercial: General C&I $ 31,774 $ 38,256 $ 5,119 $ 29,183 $ 773 TRUPS 3,067 3,700 925 3,139 — Income CRE 1,612 1,612 49 1,695 52 Residential CRE 795 1,263 83 1,106 10 Total $ 37,248 $ 44,831 $ 6,176 $ 35,123 $ 835 Consumer: HELOC $ 72,469 $ 75,207 $ 14,382 $ 77,454 $ 2,261 R/E installment loans 43,075 43,827 8,793 48,473 1,246 Permanent mortgage 79,662 90,934 12,105 81,422 2,455 Credit card & other 593 593 311 406 11 Total $ 195,799 $ 210,561 $ 35,591 $ 207,755 $ 5,973 Total commercial $ 45,431 $ 62,203 $ 6,176 $ 42,933 $ 835 Total consumer $ 214,282 $ 242,105 $ 35,591 $ 227,807 $ 5,973 Total impaired loans $ 259,713 $ 304,308 $ 41,767 $ 270,740 $ 6,808 (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 December 31, 2018 and 2017 : 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 $20.2 million valuation allowance. Based on the underlying structure of the notes, the highest possible internal grade was “ 13 ” prior to second quarter 2018. In second quarter 2018, this portfolio was re-graded to align with its scorecard grading methodologies which resulted in upgrades to a majority of this portfolio. In 3Q18, FHN sold $55.5 million of TRUPS loans with a $5.0 million valuation allowance. Upon sale, a gain of $3.8 million was recognized in the Non-Strategic segment within Fixed Income in the Consolidated Statement of Income. An additional TRUPS loan with a principal balance of $3.0 million and a valuation of $.3 million was paid off in fourth quarter 2018. December 31, 2017 (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 $ 536,244 $ — $ — $ 2,500 $ — $ 538,744 3 % $ 70 2 877,635 — — 1,798 69 879,502 4 339 3 582,224 652,982 — 210,073 40 1,445,319 7 272 4 959,581 629,432 — 309,699 — 1,898,712 9 854 5 1,461,632 328,477 — 415,764 2,474 2,208,347 11 7,355 6 1,668,247 335,169 — 456,706 3,179 2,463,301 12 10,495 7 2,257,400 47,720 — 554,590 9,720 2,869,430 14 13,490 8 1,092,994 35,266 — 241,938 6,454 1,376,652 7 21,831 9 2,633,854 70,915 — 1,630,176 61,475 4,396,420 22 9,804 10 373,537 — — 43,297 4,590 421,424 2 8,808 11 226,382 — — 31,785 2,936 261,103 1 6,784 12 409,838 — — 156,717 6,811 573,366 3 5,882 13 202,613 — 303,848 15,707 268 522,436 3 7,265 14,15,16 228,852 — — 6,587 823 236,262 1 24,400 Collectively evaluated for impairment 13,511,033 2,099,961 303,848 4,077,337 98,839 20,091,018 99 117,649 Individually evaluated for impairment 39,957 — 3,067 1,612 795 45,431 — 6,176 Purchased credit-impaired loans 99,407 — — 31,615 4,497 135,519 1 2,813 Total commercial loans $ 13,650,397 $ 2,099,961 $ 306,915 $ 4,110,564 $ 104,131 $ 20,271,968 100 % $ 126,638 (a) Balances presented net of a $25.5 million valuation allowance. Based on the underlying structure of the notes, the highest possible internal grade was “ 13 ” prior to second quarter 2018. In second quarter 2018, this portfolio was re-graded to align with its scorecard grading methodologies which resulted in upgrades to a majority of this portfolio. 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 December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 HELOC R/E Installment Loans Permanent Mortgage HELOC R/E Installment Loans Permanent Mortgage FICO score 740 or greater 61.4 % 71.3 % 51.8 % 60.0 % 73.1 % 46.4 % FICO score 720-739 8.5 8.8 7.6 8.7 8.0 12.8 FICO score 700-719 7.6 7.0 10.6 8.3 6.4 9.2 FICO score 660-699 10.9 7.6 14.7 11.1 7.2 14.8 FICO score 620-659 5.1 2.8 6.5 4.9 2.8 7.3 FICO score less than 620 (a) 6.5 2.5 8.8 7.0 2.5 9.5 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 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 $ 101,876 $ 11,831 $ 34,042 $ 147,749 $ 27,535,532 (a) TRUPS is presented net of the valuation allowance of $20.2 million . The following table reflects accruing and non-accruing loans by class on December 31, 2017 : 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 $ 13,514,752 $ 8,057 $ 95 $ 13,522,904 $ 1,761 $ 7,019 $ 19,306 $ 28,086 $ 13,550,990 Loans to mortgage companies 2,099,961 — — 2,099,961 — — — — 2,099,961 TRUPS (a) 303,848 — — 303,848 — — 3,067 3,067 306,915 Purchased credit-impaired loans 77,843 2,207 19,357 99,407 — — — — 99,407 Total commercial (C&I) 15,996,404 10,264 19,452 16,026,120 1,761 7,019 22,373 31,153 16,057,273 Commercial real estate: Income CRE 4,077,106 1,240 — 4,078,346 56 — 546 602 4,078,948 Residential CRE 98,844 — — 98,844 — — 791 791 99,635 Purchased credit-impaired loans 31,173 2,686 2,253 36,112 — — — — 36,112 Total commercial real estate 4,207,123 3,926 2,253 4,213,302 56 — 1,337 1,393 4,214,695 Consumer real estate: HELOC 1,743,776 17,744 9,702 1,771,222 40,508 3,626 8,354 52,488 1,823,710 R/E installment loans 4,587,156 7,274 3,573 4,598,003 14,439 1,957 2,603 18,999 4,617,002 Purchased credit-impaired loans 35,356 2,016 1,158 38,530 — — — — 38,530 Total consumer real estate 6,366,288 27,034 14,433 6,407,755 54,947 5,583 10,957 71,487 6,479,242 Permanent mortgage 254,040 3,930 3,460 261,430 13,245 1,052 12,093 26,390 287,820 Credit card & other: Credit card 193,940 1,371 1,053 196,364 — — — — 196,364 Other 415,070 2,666 103 417,839 31 — 165 196 418,035 Purchased credit-impaired loans 2,993 1,693 814 5,500 — — — — 5,500 Total credit card & other 612,003 5,730 1,970 619,703 31 — 165 196 619,899 Total loans, net of unearned income $ 27,435,858 $ 50,884 $ 41,568 $ 27,528,310 $ 70,040 $ 13,654 $ 46,925 $ 130,619 $ 27,658,929 Certain previously reported amounts have been reclassified to agree with current presentation. (a) TRUPS is presented net of the valuation allowance of $25.5 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 December 31, 2018 and 2017 , FHN had $228.2 million and $234.4 million of portfolio loans classified as TDRs, respectively. For TDRs in the loan portfolio, FHN had loan loss reserves of $27.7 million , or 12 percent as of December 31, 2018 , and $37.3 million , or 16 percent as of December 31, 2017 . Additionally, $57.8 million and $63.2 million of loans held-for-sale as of December 31, 2018 and 2017 , respectively, were classified as TDRs. The following tables reflect portfolio loans that were classified as TDRs during the year ended December 31, 2018 and 2017 : 2018 2017 (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 9 $ 27,639 $ 27,190 5 $ 1,095 $ 1,086 Total commercial (C&I) 9 27,639 27,190 5 1,095 1,086 Commercial real estate: Income CRE 4 643 637 1 199 198 Total commercial real estate 4 643 637 1 199 198 Consumer real estate: HELOC 103 9,406 9,283 143 12,739 12,422 R/E installment loans 92 8,077 7,848 53 4,092 4,027 Total consumer real estate 195 17,483 17,131 196 16,831 16,449 Permanent mortgage 8 1,001 1,184 34 5,078 5,045 Credit card & other 132 604 570 91 572 550 Total troubled debt restructurings 348 $ 47,370 $ 46,712 327 $ 23,775 $ 23,328 The following tables present TDRs which re-defaulted during 2018 and 2017 , 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. 2018 2017 (Dollars in thousands) Number Recorded Investment Number Recorded Investment Commercial (C&I): General C&I 2 $ 579 5 $ 11,498 Total commercial (C&I) 2 579 5 11,498 Commercial real estate: Income CRE — — 1 88 Total commercial real estate — — 1 88 Consumer real estate: HELOC 6 239 5 776 R/E installment loans 2 146 — — Total consumer real estate 8 385 5 776 Permanent mortgage 6 749 3 715 Credit card & other 49 239 10 77 Total troubled debt restructurings 65 $ 1,952 24 $ 13,154 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses As discussed in Note 1 - Summary of Significant Accounting Polices, 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, and to a lesser extent, 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. For commercial loans, ASC 450-20-50 reserves are established using historical net loss factors by grade level, loan product, and business segment. The ALLL for smaller-balance homogeneous consumer loans is determined based on pools of similar loan types that have similar credit risk characteristics. ASC 450-20-50 reserves for the consumer portfolio are determined using segmented roll-rate models that incorporate various factors including historical delinquency trends, experienced loss frequencies, and experienced loss severities. Generally, reserves for consumer loans reflect inherent losses in the portfolio that are expected to be recognized over the following twelve months. The historical net loss factors for both commercial and consumer ASC 450-20-50 reserve models are subject to qualitative adjustments by management to reflect current events, trends, and conditions (including economic considerations and trends), which are not fully captured in the historical net loss factors. The pace of the economic recovery, performance of the housing market, unemployment levels, labor participation rate, the regulatory environment, regulatory guidance, and 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 an 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. Impairment related to individually impaired loans is measured in accordance with ASC 310-10. For all commercial portfolio segments, commercial TDRs and other individually impaired commercial loans are measured based on the present value of expected future payments discounted at the loan’s effective interest rate (“the DCF method”), observable market prices, or for loans that are solely dependent on the collateral for repayment, the net realizable value (collateral value less estimated costs to sell). Impaired loans also include consumer TDRs. Generally, the allowance for TDRs in all consumer portfolio segments is determined by estimating the expected future cash flows using the modified interest rate (if an interest rate concession), incorporating payoff and net charge-off rates specific to the TDRs within the portfolio segment being assessed, and discounted using the pre-modification interest rate. The discount rates of variable rate TDRs are adjusted to reflect changes in the interest rate index to which the rates are tied. The discounted cash flows are then compared to the outstanding principal balance in order to determine required reserves. Residential real estate loans discharged through bankruptcy are collateral-dependent and are charged down to net realizable value (collateral value less estimated costs to sell). The following table provides a rollforward of the allowance for loan losses by portfolio segment for December 31, 2018 , 2017 and 2016: (Dollars in thousands) C&I Commercial Real Estate Consumer Real Estate Permanent Mortgage Credit Card and Other Total Balance as of January 1, 2018 $ 98,211 $ 28,427 $ 39,823 $ 13,113 $ 9,981 $ 189,555 Charge-offs (15,492 ) (783 ) (9,357 ) (477 ) (19,688 ) (45,797 ) Recoveries 4,201 339 19,666 1,421 4,039 29,666 Provision/(provision credit) for loan losses 12,027 3,328 (23,693 ) (3,057 ) 18,395 7,000 Balance as of December 31, 2018 98,947 31,311 26,439 11,000 12,727 180,424 Allowance - individually evaluated for impairment 1,074 — 17,984 9,419 337 28,814 Allowance - collectively evaluated for impairment 95,050 31,311 7,368 1,581 12,263 147,573 Allowance - purchased credit-impaired loans 2,823 — 1,087 — 127 4,037 Loans, net of unearned as of December 31, 2018: Individually evaluated for impairment 48,592 1,966 118,434 70,846 695 240,533 Collectively evaluated for impairment 16,424,006 4,013,741 6,099,272 151,602 515,921 27,204,542 Purchased credit-impaired loans 41,730 15,163 31,810 — 1,754 90,457 Total loans, net of unearned income $ 16,514,328 $ 4,030,870 $ 6,249,516 $ 222,448 $ 518,370 $ 27,535,532 Balance as of January 1, 2017 $ 89,398 $ 33,852 $ 51,424 $ 15,222 $ 12,172 $ 202,068 Charge-offs (17,657 ) (195 ) (13,156 ) (2,179 ) (13,207 ) (46,394 ) Recoveries 4,568 966 22,723 2,509 3,115 33,881 Provision/(provision credit) for loan losses 21,902 (6,196 ) (21,168 ) (2,439 ) 7,901 — Balance as of December 31, 2017 98,211 28,427 39,823 13,113 9,981 189,555 Allowance - individually evaluated for impairment 6,044 132 23,175 12,105 311 41,767 Allowance - collectively evaluated for impairment 89,358 28,291 16,293 1,008 9,670 144,620 Allowance - purchased credit-impaired loans 2,809 4 355 — — 3,168 Loans, net of unearned as of December 31, 2017: Individually evaluated for impairment 43,024 2,407 128,895 84,794 593 259,713 Collectively evaluated for impairment 15,909,110 4,181,908 6,311,817 203,026 613,806 27,219,667 Purchased credit-impaired loans 105,139 30,380 38,530 — 5,500 179,549 Total loans, net of unearned income $ 16,057,273 $ 4,214,695 $ 6,479,242 $ 287,820 $ 619,899 $ 27,658,929 Balance as of January 1, 2016 $ 73,637 $ 25,159 $ 80,662 $ 18,899 $ 11,885 $ 210,242 Charge-offs (18,460 ) (1,371 ) (21,993 ) (1,591 ) (14,224 ) (57,639 ) Recoveries 6,795 1,927 23,719 2,403 3,621 38,465 Provision/(provision credit) for loan losses 27,426 8,137 (30,964 ) (4,489 ) 10,890 11,000 Balance as of December 31, 2016 89,398 33,852 51,424 15,222 12,172 202,068 Allowance - individually evaluated for impairment 4,219 194 28,802 12,470 133 45,818 Allowance - collectively evaluated for impairment 85,015 33,503 22,218 2,752 12,039 155,527 Allowance - purchased credit-impaired loans 164 155 404 — — 723 Loans, net of unearned as of December 31, 2016 Individually evaluated for impairment 47,962 3,124 153,460 93,926 306 298,778 Collectively evaluated for impairment 12,059,593 2,127,481 4,439,143 258,772 358,675 19,243,664 Purchased credit-impaired loans 40,532 4,918 1,576 — 52 47,078 Total loans, net of unearned income $ 12,148,087 $ 2,135,523 $ 4,594,179 $ 352,698 $ 359,033 $ 19,589,520 Certain previously reported amounts have been reclassified to agree with current presentation. |
Premises, Equipment, and Leases
Premises, Equipment, and Leases | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises, Equipment, and Leases | Premises, Equipment, and Leases Premises and equipment on December 31 are summarized below: (Dollars in thousands) 2018 2017 Land $ 107,864 $ 104,454 Buildings 461,665 472,619 Leasehold improvements 30,230 26,640 Furniture, fixtures, and equipment 196,469 194,057 Fixed assets held-for-sale (a) 19,617 53,195 Premises and equipment, at cost 815,845 850,965 Less accumulated depreciation and amortization 321,804 318,714 Premises and equipment, net $ 494,041 $ 532,251 (a) Primarily comprised of land and buildings. FHN is obligated under a number of noncancelable operating leases for premises with terms up to 41 years , which may include the payment of taxes, insurance and maintenance costs. Operating leases for equipment are not material. In 2018 and 2017 , FHN recognized $ 3.9 million and $6.0 million , respectively, of fixed asset impairments and lease abandonment charges related to branch closures which are included in All other expenses on the Consolidated Statements of Income. In 2018, $1.5 million of impairment recoveries were recorded upon disposition of the associated properties. In 2018 and 2017 , FHN had net gains of $ 4.3 million and $.4 million , respectively, related to the sales of bank branches which are included in All other income and commissions on the Consolidated Statements of Income. Minimum future lease payments for noncancelable operating leases, primarily on premises, on December 31, 2018 are shown below. Aggregate minimum income under sublease agreements for these periods is not material. ( Dollars in thousands ) 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 Payments required under capital leases are not material. Rent expense incurred under all operating lease obligations for the years ended December 31 is as follows: ( Dollars in thousands ) 2018 2017 2016 Rent expense, gross $ 34,729 $ 23,116 $ 20,812 Sublease income (647 ) (631 ) (477 ) Rent expense, net $ 34,082 $ 22,485 $ 20,335 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The following is a summary of other intangible assets included in the Consolidated Statements of Condition: December 31, 2018 December 31, 2017 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Core deposit intangibles (a) $ 157,150 $ (28,150 ) $ 129,000 $ 160,650 $ (8,176 ) $ 152,474 Customer relationships 77,865 (55,597 ) 22,268 77,865 (50,777 ) 27,088 Other (b) 5,622 (1,856 ) 3,766 5,622 (795 ) 4,827 Total $ 240,637 $ (85,603 ) $ 155,034 $ 244,137 $ (59,748 ) $ 184,389 (a) 2018 decrease in gross carrying amounts associated with the sale of two CBF branches and purchase accounting measurement period adjustments related to the CBF acquisition. See Note 2 - Acquisitions and Divestitures for additional information. (b) Balance primarily includes noncompete covenants, as well as $ .3 million related to state banking licenses not subject to amortization. Amortization expense was $ 25.9 million , $8.7 million , and $5.2 million for the years ended December 31, 2018 , 2017 and 2016, respectively. As of December 31, 2018 the estimated aggregated amortization expense is expected to be: (Dollars in thousands) Year Amortization 2019 $ 24,835 2020 21,159 2021 19,547 2022 17,412 2023 16,117 Gross goodwill, accumulated impairments, and accumulated divestiture related write-offs were determined beginning January 1, 2012, 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 December 31, 2018 , 2017 and 2016. 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 Statements of Condition as of December 31, 2018 , 2017 and 2016. (Dollars in thousands) Regional Banking Fixed Income Total December 31, 2015 $ 93,303 $ 98,004 $ 191,307 Additions (a) 64 — 64 December 31, 2016 $ 93,367 $ 98,004 $ 191,371 Additions (a) 1,150,518 44,964 1,195,482 December 31, 2017 $ 1,243,885 $ 142,968 $ 1,386,853 Additions (a) 45,934 — 45,934 December 31, 2018 $ 1,289,819 $ 142,968 $ 1,432,787 (a) See Note 2 - Acquisitions and Divestitures for further details regarding goodwill related to acquisitions. |
Time Deposit Maturities
Time Deposit Maturities | 12 Months Ended |
Dec. 31, 2018 | |
Maturities of Time Deposits [Abstract] | |
Time Deposit Maturities | Time Deposit Maturities Following is a table of maturities for time deposits outstanding on December 31, 2018 , which include Certificates of deposit under $100,000, Other time, and Certificates of deposit $100,000 and more. Certificates of deposit in increments of $100,000 or more totaled $2.6 billion on December 31, 2018 , of this amount $1.1 billion represents Certificates of deposit of $250,000 and more. Time deposits are included in Interest-bearing deposits on the Consolidated Statements of Condition. (Dollars in thousands) 2019 $ 2,794,861 2020 690,119 2021 130,454 2022 396,340 2023 75,270 2024 and after 18,733 Total $ 4,105,777 |
Short-term borrowings
Short-term borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Short-term borrowings | Short-Term Borrowings Short-term borrowings include federal funds purchased and securities sold under agreements to repurchase, trading liabilities, and other borrowed funds. Federal funds purchased and securities sold under agreements to repurchase generally have maturities of less than 90 days . Trading liabilities, which represent short positions in securities, are generally held for less than 90 days . Other short-term borrowings have original maturities of one year or less. On December 31, 2018 , fixed income trading securities with a fair value of $71.2 million were pledged to secure other short-term borrowings. The detail of short-term borrowings for the years 2018 , 2017 and 2016 is presented in the following table: (Dollars in thousands) Federal Funds Purchased Securities Sold Under Agreements to Repurchase Trading Liabilities Other Short-term Borrowings 2018 Average balance $ 405,110 $ 713,841 $ 682,943 $ 1,046,585 Year-end balance 256,567 762,592 335,380 114,764 Maximum month-end outstanding 503,138 891,425 890,717 2,229,155 Average rate for the year 1.89 % 1.40 % 2.83 % 1.82 % Average rate at year-end 2.50 1.66 3.21 2.48 2017 Average balance $ 447,137 $ 578,666 $ 685,891 $ 554,502 Year-end balance 399,820 656,602 638,515 2,626,213 Maximum month-end outstanding 568,490 743,684 896,943 2,626,213 Average rate for the year 1.06 % 0.72 % 2.26 % 1.28 % Average rate at year-end 1.48 0.64 2.22 1.44 2016 Average balance $ 589,223 $ 425,452 $ 771,039 $ 198,440 Year-end balance 414,207 453,053 561,848 83,177 Maximum month-end outstanding 695,083 528,024 874,076 792,736 Average rate for the year 0.52 % 0.08 % 1.95 % 0.67 % Average rate at year-end 0.73 0.08 2.46 0.96 |
Term Borrowings
Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Term Borrowings | Term Borrowings The following table presents information pertaining to Term Borrowings reported on FHN’s Consolidated Statements of Condition on December 31 : ( Dollars in thousands ) 2018 2017 First Tennessee Bank National Association: Senior capital notes (a) Maturity date – December 1, 2019 – 2.95% $ 395,872 $ 396,105 Other collateralized borrowings – Maturity date – December 22, 2037 3.09% on December 31, 2018 and 1.89% on December 31, 2017 (b) 76,642 65,356 Other collateralized borrowings - SBA loans (c) 16,607 7,416 Federal Home Loan Bank borrowings Maturity date – August 2, 2018 – 0.00% — 100 First Horizon National Corporation: Senior capital notes (a) Maturity date – December 15, 2020 – 3.50% 486,739 486,513 Junior subordinated debentures (d) Maturity date - July 31, 2031 - 4.96% on December 31, 2017 (e) — 4,124 Maturity date - July 31, 2031 - 4.96% on December 31, 2017 (e) — 5,155 Maturity date - December 30, 2032 - 5.04% on December 31, 2017 (e) — 5,155 Maturity date - June 26, 2033 - 4.77% on December 31, 2017 (e) — 10,310 Maturity date - October 8, 2033 - 4.21% on December 31, 2017 (e) — 10,310 Maturity date - February 8, 2034 - 4.23% on December 31, 2017 (e) — 10,310 Maturity date - June 28, 2035 - 4.47% on December 31, 2018 and 3.27% on December 31, 2017 2,730 2,708 Maturity date - December 15, 2035 - 4.16% on December 31, 2018 and 2.96% on December 31, 2017 17,456 17,270 Maturity date - March 15, 2036 - 4.19% on December 31, 2018 and 2.99% on December 31, 2017 8,757 8,667 Maturity date - March 15, 2036 - 4.33% on December 31, 2018 and 3.13% on December 31, 2017 11,587 11,482 Maturity date - June 30, 2036 - 4.12% on December 31, 2018 and 3.01% on December 31, 2017 25,931 25,646 Maturity date - July 7, 2036 - 3.99% on December 31, 2018 and 2.91% on December 31, 2017 17,803 17,642 Maturity date - June 15, 2037 - 4.44% on December 31, 2018 and 3.24% on December 31, 2017 50,278 49,875 Maturity date - September 6, 2037 - 4.17% on December 31, 2018 and 2.94% on December 31, 2017 8,713 8,627 FT Real Estate Securities Company, Inc.: Cumulative preferred stock (f) Maturity date – March 31, 2031 – 9.50% 46,168 46,100 First Horizon ABS Trusts: Other collateralized borrowings (g) Maturity date – October 25, 2034 2.66% on December 31, 2018 and 1.72% on December 31, 2017 2,981 11,226 First Tennessee New Markets Corporation Investments: Maturity date – October 25, 2018 – 4.97% (e) — 7,301 Maturity date – February 1, 2033 – 4.97% (e) — 8,000 Maturity date – August 08, 2036 – 2.38% 2,699 2,699 Total $ 1,170,963 $ 1,218,097 (a) Changes in the fair value of debt attributable to interest rate risk are hedged. Refer to Note 22 – Derivatives. (b) Secured by trust preferred loans. (c) Collateralized borrowings associated with SBA loan sales that did not meet sales criteria. The loans have remaining terms of 4 to 26 years. These borrowings had a weighted average interest rate of 3.95 percent and 3.26 percent on December 31, 2018 and 2017, respectively. (d) Acquired in conjunction with the acquisition of CBF. A portion qualifies for Tier 2 capital under the risk-based capital guidelines. (e) Debt retired during 2018. See Note 21- Variable Interest Entities for additional information. (f) A portion qualifies for Tier 2 capital under the risk-based capital guidelines. (g) On December 31, 2018 and 2017 , borrowings secured by $16.2 million and $24.2 million , respectively, of residential real estate loans. Annual principal repayment requirements as of December 31, 2018 are as follows: ( Dollars in thousands ) 2019 $ 400,000 2020 500,000 2021 — 2022 369 2023 — 2024 and after 312,574 In conjunction with the acquisition of CBF, FHN acquired junior subordinated debentures with aggregate par values of $212.4 million . Each of these issuances is held by a wholly owned trust that has issued trust preferred securities to external investors and loaned the funds to FHN, as successor to CBF, as junior subordinated debt. The book value for each issuance represents the purchase accounting fair value as of the closing date less accumulated amortization of the associated discount, as applicable. Through various contractual arrangements FHN assumed a full and unconditional guarantee for each trust’s obligations with respect to the securities. While the maturity dates are typically 30 years from the original issuance date, FHN has the option to redeem each of the junior subordinated debentures at par on any future interest payment date, which would trigger redemption of the related trust preferred securities. The junior subordinated debentures are included in the Consolidated Statements of Condition in Term borrowings. A portion of FHN's junior subordinated notes qualify as Tier 2 capital under the risk-based capital guidelines. FHN retired $45.4 million of this debt and the related trust preferred securities in 2018. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Preferred Stock | Preferred Stock FHN Preferred Stock On January 31, 2013, FHN issued 1,000 shares having an aggregate liquidation preference of $100 million of Non-Cumulative Perpetual Preferred Stock, Series A for net proceeds of approximately $96 million . Dividends on the Series A Preferred Stock, if declared, accrue and are payable quarterly, in arrears, at a rate of 6.20 percent per annum. For the issuance, FHN issued depositary shares, each of which represents a 1/4000th fractional ownership interest in a share of FHN’s preferred stock. These securities qualify as Tier 1 capital. Subsidiary Preferred Stock In 2000 FT Real Estate Securities Company, Inc. (“FTRESC”), an indirect subsidiary of FHN, issued 50 shares of 9.50 percent Cumulative Preferred Stock, Class B (“Class B Preferred Shares”), with a liquidation preference of $1.0 million per share; of those, 47 shares were issued to nonaffiliates. For all periods presented, these securities are presented in the Consolidated Statements of Condition as Term borrowings. FTRESC is a real estate investment trust (“REIT”) established for the purpose of acquiring, holding, and managing real estate mortgage assets. Dividends on the Class B Preferred Shares are cumulative and are payable semi-annually. The Class B Preferred Shares are mandatorily redeemable on March 31, 2031, and redeemable at the discretion of FTRESC in the event that the Class B Preferred Shares cannot be accounted for as Tier 2 regulatory capital or there is more than an insubstantial risk that dividends paid with respect to the Class B Preferred Shares will not be fully deductible for tax purposes. At December 31, 2018 the Class B Preferred Shares partially qualified as Tier 2 regulatory capital. They are not subject to any sinking fund and are not convertible into any other securities of FTRESC, FHN, or any of its subsidiaries. In the event FTBNA becomes undercapitalized, insolvent, or in danger of becoming undercapitalized, the shares are, however, automatically exchanged at the direction of the Office of the Comptroller of the Currency for preferred stock of FTBNA, having substantially the same terms as the Class B Preferred Shares. Additionally for all periods presented, subsidiaries have also issued $.6 million in aggregate of Cumulative Perpetual Preferred Stock, which has been recognized as Noncontrolling interest on the Consolidated Statements of Condition and which partially qualifies as Tier 2 capital. Other preferred shares are outstanding but are owned by FHN subsidiaries and are eliminated in consolidation. In 2005 FTBNA issued 300,000 shares of Class A Non-Cumulative Perpetual Preferred Stock (“Class A Preferred Stock”) with a liquidation preference of $1,000 per share. Dividends on the Class A Preferred Stock, if declared, accrue and are payable each quarter, in arrears, at a floating rate equal to the greater of the three month LIBOR plus .85 percent or 3.75 percent per annum. These securities qualify fully as Tier 1 capital for FTBNA while for FHN consolidated they qualify partially as Tier 1 capital and partially as Tier 2 capital. On December 31 , 2018 and 2017 , $294.8 million of Class A Preferred Stock was recognized as Noncontrolling interest on the Consolidated Statements of Condition. |
Regulatory Capital and Restrict
Regulatory Capital and Restrictions | 12 Months Ended |
Dec. 31, 2018 | |
Brokers and Dealers [Abstract] | |
Regulatory Capital and Restrictions | Regulatory Capital and Restrictions Regulatory Capital. FHN and FTBNA are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on FHN’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, specific capital guidelines that involve quantitative measures of assets, liabilities, and certain derivatives as calculated under regulatory accounting practices must be met. Capital amounts and classification are also subject to qualitative judgment by the regulators such as capital components, asset risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require FHN and FTBNA to maintain minimum amounts and ratios of Total, Tier 1, and Common Equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets (“Leverage”). Management believes that, as of December 31, 2018 , FHN and FTBNA met all capital adequacy requirements to which they were subject. The actual capital amounts and ratios of FHN and FTBNA are presented in the table below. (Dollars in thousands) First Horizon National Corporation First Tennessee Bank National Association Amount Ratio Amount Ratio On December 31, 2018 Actual: Total Capital $ 3,940,117 11.94 % $ 3,689,180 11.32 % Tier 1 Capital 3,565,373 10.80 3,492,541 10.72 Common Equity Tier 1 3,223,702 9.77 3,197,725 9.81 Leverage 3,565,373 9.09 3,492,541 9.10 Minimum Requirement for Capital Adequacy Purposes: Total Capital 2,640,208 8.00 2,607,406 8.00 Tier 1 Capital 1,980,156 6.00 1,955,555 6.00 Common Equity Tier 1 1,485,117 4.50 1,466,666 4.50 Leverage 1,568,870 4.00 1,535,279 4.00 Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions: Total Capital 3,259,258 10.00 Tier 1 Capital 2,607,406 8.00 Common Equity Tier 1 2,118,518 6.50 Leverage 1,919,099 5.00 On December 31, 2017 Actual: Total Capital $ 3,703,754 11.10 % $ 3,520,670 10.74 % Tier 1 Capital 3,281,478 9.83 3,317,684 10.12 Common Equity Tier 1 2,962,155 8.88 3,041,420 9.28 Leverage 3,281,478 10.31 3,317,684 10.70 Minimum Requirement for Capital Adequacy Purposes: Total Capital 2,669,910 8.00 2,622,924 8.00 Tier 1 Capital 2,002,433 6.00 1,967,193 6.00 Common Equity Tier 1 1,501,824 4.50 1,475,395 4.50 Leverage 1,272,990 4.00 1,240,647 4.00 Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions: Total Capital 3,278,655 10.00 Tier 1 Capital 2,622,924 8.00 Common Equity Tier 1 2,131,126 6.50 Leverage 1,550,809 5.00 Restrictions on cash and due from banks. Under the Federal Reserve Act and Regulation D, FTBNA is required to maintain a certain amount of cash reserves. On December 31 , 2018 and 2017 , FTBNA’s net required reserves were $371.7 million and $278.4 million , respectively, after the consideration of $273.7 million and $255.2 million in average vault cash. The remaining net reserve requirement for each year was met with Federal Reserve Bank deposits. Vault cash is reflected in Cash and due from banks on the Consolidated Statements of Condition and Federal Reserve Bank deposits are reflected as Interest-bearing cash. Restrictions on dividends. Cash dividends are paid by FHN from its assets, which are mainly provided by dividends from its subsidiaries. Certain regulatory restrictions exist regarding the ability of FTBNA to transfer funds to FHN in the form of cash, dividends, loans, or advances. As of December 31, 2018 , FTBNA had undivided profits of $1.0 billion , of which a limited amount was available for distribution to FHN as dividends without prior regulatory approval. Certain regulatory restrictions exist regarding the ability of FTBNA to transfer funds to FHN in the form of cash, dividends, loans, and advances. At any given time, the pertinent portions of those regulatory restrictions allow FTBNA to declare preferred or common dividends without prior regulatory approval in an amount equal to FTBNA’s retained net income for the two most recent completed years plus the current year to date. For any period, FTBNA’s ‘retained net income’ generally is equal to FTBNA’s regulatory net income reduced by the preferred and common dividends declared by FTBNA. Excess dividends in either of the two most recent completed years may be offset with available retained net income in the two years immediately preceding it. Applying the dividend restrictions imposed under applicable federal rules, FTBNA’s total amount available for dividends was positive $222.0 million at December 31, 2018 and positive $156.2 million at January 1, 2019 . FTBNA declared and paid common dividends to the parent company in the amount of $420.0 million in 2018 and $250.0 million in 2017, with OCC approval as necessary. In January 2019, FTBNA declared and paid a common dividend to the parent company in the amount of $110.0 million . During 2018 and 2017, FTBNA declared and paid dividends on its preferred stock quarterly, with OCC approval as necessary. Additionally, FTBNA declared preferred dividends in first quarter 2019 payable in April 2019. The payment of cash dividends by FHN and FTBNA may also be affected or limited by other factors, such as the requirement to maintain adequate capital above regulatory guidelines. Beginning January 1, 2016, the ability to pay dividends has been restricted if capital ratios fall below regulatory minimums plus a prescribed capital conservation buffer. The capital conservation requirement has been subject to a four-year phase-in period, reaching 2.5% above the minimum CET1, Tier 1, and Total capital ratios at January 1, 2019. Capital ratios required to be considered well-capitalized exceed the capital conservation buffer requirement at December 31, 2018. Furthermore, the Federal Reserve and the OCC generally require insured banks and bank holding companies only to pay dividends out of current operating earnings. Consequently, the decision of whether FHN will pay future dividends and the amount of dividends will be affected by current operating results. Restrictions on intercompany transactions. Under current Federal banking law, FTBNA may not enter into covered transactions with any affiliate including the parent company and certain financial subsidiaries in excess of 10 percent of the bank’s capital stock and surplus, as defined, or $405.0 million , on December 31, 2018 . Covered transactions include a loan or extension of credit to an affiliate, a purchase of or an investment in securities issued by an affiliate and the acceptance of securities issued by the affiliate as collateral for any loan or extension of credit. The equity investment, including retained earnings, in certain of a bank’s financial subsidiaries is also treated as a covered transaction. The parent company had covered transactions of $.8 million from FTBNA and the bank’s financial subsidiary, FTN Financial Securities Corp., had a total equity investment from FTBNA of $360.9 million on December 31, 2018 . In addition, the aggregate amount of covered transactions with all affiliates, as defined, is limited to 20 percent of the bank’s capital stock and surplus, as defined, or $810.0 million , on December 31, 2018 . FTBNA’s total covered transactions with all affiliates including the parent company on December 31, 2018 were $361.7 million . |
Other Income and Other Expense
Other Income and Other Expense | 12 Months Ended |
Dec. 31, 2018 | |
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 Statements of Income: (Dollars in thousands) 2018 2017 2016 All other income and commissions: Other service charges $ 15,122 $ 12,532 $ 11,731 ATM and interchange fees 13,354 12,425 11,965 Mortgage banking 10,587 4,649 10,215 Dividend income (a) 10,555 — — — Letter of credit fees 5,298 4,661 4,103 Electronic banking fees 5,134 5,082 5,477 Insurance commissions 2,096 2,514 2,981 Gain/(loss) on extinguishment of debt (b) (15 ) (14,329 ) — Deferred compensation (c) (3,224 ) 6,322 3,025 Other 19,488 11,029 14,734 Total $ 78,395 $ 44,885 $ 64,231 All other expense: Travel and entertainment $ 16,442 $ 11,462 $ 10,275 Other insurance and taxes 9,684 9,686 10,891 Employee training and dues 7,218 5,551 5,691 Supplies 6,917 4,106 4,434 Customer relations 5,583 5,750 6,255 Non-service components of net periodic pension and post-retirement cost 5,251 2,144 (666 ) Tax credit investments 4,712 3,468 3,349 Miscellaneous loan costs 3,732 2,751 2,586 OREO 2,630 1,006 773 Litigation and regulatory matters 644 40,517 30,469 Other (d) 73,223 48,693 41,391 Total $ 136,036 $ 135,134 $ 115,448 Certain previously reported amounts have been revised to reflect the retroactive effect of the adoption of ASU 2017-07 “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” See Note 1 - Summary of Significant Accounting Policies for additional information. (a) Effective January 1, 2018, FHN adopted ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” and began recording dividend income from FRB and FHLB holdings in Other income. Prior to 2018, these amounts were included in Interest income on the Consolidated Statements of Income. (b) Loss on extinguishment of debt for 2017 relates to the repurchase of equity securities previously included in a financing transaction. (c) Amounts are driven by market conditions and are mirrored by changes in deferred compensation expense which is included in employee compensation expense. (d) Expense increase for 2018 largely attributable to an increase in acquisition- and integration-related expense primarily associated with the CBF acquisition. See Note 2 - Acquisitions and Divestitures for additional information. |
Components of Other Comprehensi
Components of Other Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 2018 | |
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 years ended December 31, 2018 , 2017 , and 2016: (Dollars in thousands) Securities AFS Cash Flow Pension and Total Balance as of December 31, 2015 $ 3,394 $ — $ (217,586 ) $ (214,192 ) Net unrealized gains/(losses) (19,709 ) 130 (16,322 ) (35,901 ) Amounts reclassified from AOCI (917 ) (1,395 ) 4,751 2,439 Other comprehensive income/(loss) (20,626 ) (1,265 ) (11,571 ) (33,462 ) Balance as of December 31, 2016 (17,232 ) (1,265 ) (229,157 ) (247,654 ) Net unrealized gains/(losses) (4,467 ) (2,156 ) (13,377 ) (20,000 ) Amounts reclassified from AOCI (298 ) (2,945 ) 5,618 2,375 Other comprehensive income/(loss) (4,765 ) (5,101 ) (7,759 ) (17,625 ) Balance as of December 31, 2017 (21,997 ) (6,366 ) (236,916 ) (265,279 ) Adjustment to reflect adoption of ASU 2018-02 (4,837 ) (1,398 ) (51,311 ) (57,546 ) Balance as of December 31, 2017, as adjusted (26,834 ) (7,764 ) (288,227 ) (322,825 ) Adjustment to reflect adoption of ASU 2016-01 and ASU 2017-12 (5 ) (206 ) — (211 ) Beginning balance, as adjusted (26,839 ) (7,970 ) (288,227 ) (323,036 ) Net unrealized gains/(losses) (48,858 ) (6,284 ) (9,435 ) (64,577 ) Amounts reclassified from AOCI (39 ) 2,142 8,894 10,997 Other comprehensive income/(loss) (48,897 ) (4,142 ) (541 ) (53,580 ) Balance as of December 31, 2018 $ (75,736 ) $ (12,112 ) $ (288,768 ) $ (376,616 ) Reclassifications from AOCI, and related tax effects, were as follows: (Dollars in thousands) Details about AOCI 2018 2017 2016 Affected line item in the statement where net income is presented Securities AFS: Realized (gains)/losses on securities AFS $ (52 ) $ (483 ) $ (1,485 ) Debt securities gains/(losses), net Tax expense/(benefit) 13 185 568 Provision/(benefit) for income taxes (39 ) (298 ) (917 ) Cash flow hedges: Realized (gains)/losses on cash flow hedges 2,845 (4,771 ) (2,260 ) Interest and fees on loans Tax expense/(benefit) (703 ) 1,826 865 Provision/(benefit) for income taxes 2,142 (2,945 ) (1,395 ) Pension and Postretirement Plans: Amortization of prior service cost and net actuarial gain/(loss) 11,814 9,101 7,697 All other expense Tax expense/(benefit) (2,920 ) (3,483 ) (2,946 ) Provision/(benefit) for income taxes 8,894 5,618 4,751 Total reclassification from AOCI $ 10,997 $ 2,375 $ 2,439 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The aggregate amount of income taxes included in the Consolidated Statements of Income and the Consolidated Statements of Equity for the years ended December 31, were as follows: (Dollars in thousands) 2018 2017 2016 Consolidated Statements of Income: Income tax expense/(benefit) $ 157,602 $ 131,892 $ 106,810 Consolidated Statements of Equity: Income tax expense/(benefit) related to: Net unrealized gains/(losses) on pension and other postretirement plans (177 ) (832 ) (7,172 ) Net unrealized gains/(losses) on securities available-for-sale (16,054 ) (2,955 ) (12,810 ) Net unrealized gains/(losses) on cash flow hedges (1,360 ) (3,163 ) (780 ) Share based compensation — — (1,613 ) Total $ 140,011 $ 124,942 $ 84,435 The components of income tax expense/(benefit) for the years ended December 31, were as follows: (Dollars in thousands) 2018 2017 2016 Current: Federal $ 44,088 $ 10,012 $ 25,234 State 9,957 879 1,803 Foreign — — 169 Deferred: Federal 81,852 114,059 67,109 State 21,705 6,942 12,495 Total $ 157,602 $ 131,892 $ 106,810 The Tax Cuts and Jobs Act “Tax Act” was signed into law at the end of 2017. The Tax Act reduced the federal statutory tax rate from 35 percent to 21 percent effective January 1, 2018. FHN recorded approximately $82 million of increase in tax expense related to the effects of the Tax Act during 2017 which was primarily related to an adjustment of DTA balances to the lower federal tax rate. In 2018, FHN recorded a tax benefit of $6.7 million related to the finalization of tax items for the 2017 tax return. A reconciliation of expected income tax expense/(benefit) at the federal statutory rate of 21 percent for 2018 and 35 percent for 2017 and 2016, respectively, to the total income tax expense follows: (Dollars in thousands) 2018 2017 2016 Federal income tax rate 21% 35% 35% Tax computed at statutory rate $ 149,963 $ 108,105 $ 120,862 Increase/(decrease) resulting from: State income taxes, net of federal income tax benefit 24,553 4,753 9,918 Bank-owned life insurance (“BOLI”) (3,626 ) (8,401 ) (5,661 ) 401(k) – employee stock ownership plan (“ESOP”) (653 ) (904 ) (824 ) Tax-exempt interest (6,538 ) (7,890 ) (7,098 ) Non-deductible expenses 8,301 7,558 1,079 LIHTC credits and benefits, net of amortization (7,178 ) (5,327 ) (6,165 ) Other tax credits (2,825 ) (2,480 ) (3,886 ) Change in valuation allowance – DTA (73 ) (40,473 ) (116 ) Other changes in unrecognized tax benefits 6,143 46 616 Effect of Tax Act (6,746 ) 82,027 — Other (3,719 ) (5,122 ) (1,915 ) Total $ 157,602 $ 131,892 $ 106,810 As of December 31, 2018 , FHN had net deferred tax asset balances related to federal and state income tax carryforwards of $49.8 million and $7.2 million , respectively, which will expire at various dates as follows: (Dollars in thousands) Expiration Dates Net Deferred Tax Asset Balance Losses-federal 2028-2033 $ 49,821 Net operating losses-states 2019-2023 166 Net operating losses-states 2024-2035 7,059 A deferred tax asset (“DTA”) or deferred tax liability (“DTL”) is recognized for the tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax consequence is calculated by applying enacted statutory tax rates, applicable to future years, to these temporary differences. In order to support the recognition of the DTA, FHN’s management must believe that the realization of the DTA is more likely than not. FHN evaluates the likelihood of realization of the DTA based on both positive and negative evidence available at the time, including (as appropriate) scheduled reversals of DTLs, projected future taxable income, tax planning strategies, and recent financial performance. Realization is dependent on generating sufficient taxable income prior to the expiration of the carryforwards attributable to the DTA. In projecting future taxable income, FHN incorporates assumptions including the estimated amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates used to manage the underlying business. As of December 31, 2018 , FHN's net DTA was $127.9 million compared with the $221.8 million at December 31, 2017 . FHN's gross DTA (net of a valuation allowance) and gross DTL were $254.6 million and $126.8 million , respectively. Although realization is not assured, FHN believes that it meets the more-likely-than-not requirement with respect to the net DTA after valuation allowance. Temporary differences which gave rise to deferred tax assets and deferred tax liabilities on December 31 , 2018 and 2017 were as follows: (Dollars in thousands) 2018 2017 Deferred tax assets: Loss reserves $ 65,015 $ 91,390 Employee benefits 64,843 50,404 Equity investments — 28,547 Accrued expenses 15,763 16,052 Credit carryforwards — 64,835 Federal loss carryforwards 49,821 62,010 State loss carryforwards 7,225 19,801 Investment in debt securities (ASC 320) (a) 24,863 8,811 Other 27,168 11,512 Gross deferred tax assets 254,698 353,362 Valuation allowance (74 ) (147 ) Deferred tax assets after valuation allowance $ 254,624 $ 353,215 Deferred tax liabilities: Depreciation and amortization 51,519 $ 43,040 Equity investments 7,705 — Other intangible assets 57,632 55,923 Prepaid expenses 9,218 9,255 Real estate investment trust income — 22,576 Other 683 602 Gross deferred tax liabilities 126,757 131,396 Net deferred tax assets $ 127,867 $ 221,819 (a) Tax effects of unrealized gains and losses are tracked on a security-by-security basis. The total unrecognized tax benefits (“UTB”) at December 31 , 2018 and 2017 , was $20.2 million and $4.3 million , respectively. To the extent such unrecognized tax benefits as of December 31, 2018 are subsequently recognized, $17.0 million of tax benefits would impact tax expense and FHN’s effective tax rate in future periods. FHN is currently in audit in several jurisdictions. It is reasonably possible that the UTB related to federal and state exposures could decrease by $6.7 million and $.9 million , respectively during 2019 if audits are completed and settled and if the applicable statutes of limitations expire as scheduled. FHN recognizes interest accrued and penalties related to UTB within income tax expense. FHN had approximately $1.6 million and $.4 million accrued for the payment of interest as of December 31 , 2018 and 2017 , respectively. The total amount of interest and penalties recognized in the Consolidated Statements of Income during 2018 and 2017 was an expense of $1.3 million and $.1 million , respectively. The rollforward of unrecognized tax benefits is shown below: (Dollars in thousands) Balance at December 31, 2016 $ 4,244 Increases related to prior year tax positions 33 Increases related to current year tax positions 174 Lapse of statutes (180 ) Balance at December 31, 2017 $ 4,271 Increases related to prior year tax positions 16,695 Increases related to current year tax positions 1,576 Settlements (2,080 ) Lapse of statutes (278 ) Balance at December 31, 2018 $ 20,184 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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: (Dollars and shares in thousands, except per share data) 2018 2017 2016 Net income/(loss) $ 556,507 $ 176,980 $ 238,511 Net income attributable to noncontrolling interest 11,465 11,465 11,465 Net income/(loss) attributable to controlling interest 545,042 165,515 227,046 Preferred stock dividends 6,200 6,200 6,200 Net income/(loss) available to common shareholders $ 538,842 $ 159,315 $ 220,846 Weighted average common shares outstanding—basic 324,375 241,436 232,700 Effect of dilutive securities 3,070 3,017 2,592 Weighted average common shares outstanding—diluted 327,445 244,453 235,292 Net income/(loss) per share available to common shareholders $ 1.66 $ 0.66 $ 0.95 Diluted income/(loss) per share available to common shareholders $ 1.65 $ 0.65 $ 0.94 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: (Shares in thousands) 2018 2017 2016 Stock options excluded from the calculation of diluted EPS 2,256 2,468 2,610 Weighted average exercise price of stock options excluded from the calculation of diluted EPS $ 24.33 $ 25.62 $ 26.29 Other equity awards excluded from the calculation of diluted EPS 608 176 37 |
Contingencies and Other Disclos
Contingencies and Other Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 , the aggregate amount of liabilities established for all such loss contingency matters was $32.9 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 December 31, 2018 , FHN estimates that for all material loss contingency matters, estimable reasonably possible losses in future periods in excess of currently established liabilities could aggregate in a range from zero to approximately $20 million . 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 defending 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 claims to have purchased (and later sold) certificates totaling $83.4 million , relating to a number of separate securitizations. Plaintiff demands damages and prejudgment interest, among several remedies sought. The current liability and RPL estimates for this matter are subject to significant uncertainties regarding: the dollar amounts claimed; the potential remedies that might be available or awarded; the outcome of settlement discussions; the availability of significantly dispositive defenses; and the incomplete status of the discovery process. 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 thirdparty 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 $32.3 million and $34.2 million as of December 31, 2018 and 2017, respectively, including a smaller amount related to equity-lending junior lien loan sales. Accrued liabilities for FHN’s estimate of these obligations are reflected in Other liabilities on the Consolidated Statements of Condition. Charges/expense reversals to increase/decrease the liability are included within Repurchase and foreclosure provision/(provision credit) on the Consolidated 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 Visa Matters FHN is a member of the Visa USA network. In October 2007, the Visa organization of affiliated entities completed a series of global restructuring transactions to combine its affiliated operating companies, including Visa USA, under a single holding company, Visa Inc. (“Visa”). Upon completion of the reorganization, the members of the Visa USA network remained contingently liable for certain Visa litigation matters (the “Covered Litigation”). Based on its proportionate membership share of Visa USA, FHN recognized a contingent liability in fourth quarter 2007 related to this contingent obligation. In March 2008, Visa completed its initial public offering (“IPO”) and funded an escrow account from its IPO proceeds to be used to make payments related to the Visa litigation matters. FHN received approximately 2.4 million Class B shares in conjunction with Visa’s IPO. FHN executed sales of its Visa Class B shares in December 2010, September 2011 and September 2018, resulting in the complete disposition of its holdings of these shares and relief from the contingent liability. In each sale 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. See Note 22 - Derivatives for further discussion of these transactions. 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 | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [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 contributed $165 million to the qualified pension plan in third quarter 2016. The contribution had no effect on FHN’s 2016 Consolidated Statements of Income. FHN did not make any contributions to the qualified pension plan in 2017 and 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 in 2019. FHN assumed two additional qualified pension plans in conjunction with the CBF acquisition. FHN conformed the actuarial assumptions used in measuring the acquired plans to those used for its qualified plan in the purchase accounting valuation. Both legacy CBF plans are frozen. At the closing of FHN's merger with CBF, those plans had an aggregate benefit obligation of $18.5 million and aggregate plan assets of $13.2 million . FHN contributed $5.1 million to these plans in December 2017. As of December 31, 2018 and 2017, the aggregate benefit obligation for the plans was $17.1 million and $18.7 million , respectively, and aggregate plan assets were $16.5 million and $18.6 million , respectively. Benefit payments, expense and actuarial gains/losses related to these plans were insignificant for 2018 and 2017. After the contribution, FHN re-allocated plan assets into fixed income investments (primarily Level 1 mutual funds) with durations similar to those for the projected benefit obligation. 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. FHN also provides “flexible dollars” to assist employees with the cost of annual benefits and/or allow the employee to contribute to his or her qualified savings plan account. These “flexible dollars” are pre-tax contributions and are based upon the employees’ years of service and qualified compensation. Contributions made by FHN through the flexible benefits plan and the company matches were $29.3 million for 2018, $23.0 million for 2017, and $21.6 million for 2016. 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. Actuarial assumptions. FHN’s process for developing the long-term expected rate of return of pension plan assets is based on capital market exposure as the source of investment portfolio returns. Capital market exposure refers to the plan’s allocation of its assets to asset classes, which primarily represent fixed income investments. FHN also considers expectations for inflation, real interest rates, and various risk premiums based primarily on the historical risk premium for each asset class. The expected return is based upon a thirty year time horizon. Since the contribution made in 2016, the asset allocation strategy for the qualified pension plan utilizes fixed income instruments that more closely match the estimated duration of payment obligations. Consequently, FHN selected a 4.20 percent assumption for 2018 for the qualified defined benefit pension plan and a 2.15 percent assumption for postretirement medical plan assets dedicated to employees who retired prior to January 1, 1993. FHN selected a 5.95 percent assumption for 2018 for postretirement medical plan assets dedicated to employees who retired after January 1, 1993. The discount rates for the three years ended 2018 for pension and other benefits were determined by using a hypothetical AA yield curve represented by a series of annualized individual discount rates from one-half to thirty years. The discount rates are selected based upon data specific to FHN’s plans and employee population. The bonds used to create the hypothetical yield curve were subjected to several requirements to ensure that the resulting rates were representative of the bonds that would be selected by management to fulfill the company’s funding obligations. In addition to the AA rating, only non-callable bonds were included. Each bond issue was required to have at least $300 million ( $300 million in 2017 and $ 250 million in 2016) par outstanding so that each issue was sufficiently marketable. Finally, bonds more than two standard deviations from the average yield were removed. When selecting the discount rate, FHN matches the duration of high quality bonds with the duration of the obligations of the plan as of the measurement date. For all years presented, the measurement date of the benefit obligations and net periodic benefit costs was December 31. The actuarial assumptions used in the defined benefit pension plans and other employee benefit plans were as follows: Benefit Obligations Net Periodic Benefit Cost 2018 2017 2016 2018 2017 2016 Discount rate Qualified pension 4.43% 3.76% 4.39% 3.75% 4.37% 4.69% Nonqualified pension 4.26% 3.59% 4.07% 3.59% 4.07% 4.34% Other nonqualified pension 3.83% 3.19% 3.39% 3.19% 3.39% 3.57% Postretirement benefits 4.03% - 4.56% 3.37% - 3.87% 3.67% - 4.57% 3.35% - 3.87% 3.68% - 4.57% 3.84% - 4.87% Expected long-term rate of return Qualified pension/ postretirement benefits N/A N/A N/A 4.20% 4.50% 6.00% Postretirement benefit (retirees post January 1, 1993) N/A N/A N/A 5.95% 6.00% 6.15% Postretirement benefit (retirees prior to January 1, 1993) N/A N/A N/A 2.15% 2.15% 2.10% The rate of compensation increase previously had a significant effect on the actuarial assumptions used for the defined benefit pension plan. However, since the benefits in the pension plan are frozen, the rate of compensation increase has no effect upon qualified pension benefits. FHN has one pension plan where participants' benefits are affected by interest crediting rates. The plan's projected benefit obligation as of December 31, 2018, 2017 and 2016 and interest crediting rates for the respective years are: (Dollars in thousands) 2018 2017 2016 Projected benefit obligation $ 16,947 $ 19,115 $ 22,196 Interest crediting rate 10.12 % 9.28 % 10.16 % The components of net periodic benefit cost for the plan years 2018 , 2017 and 2016 are as follows: (Dollars in thousands) Total Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost Service cost $ 41 $ 37 $ 39 $ 133 $ 107 $ 110 Interest cost 27,877 29,380 31,216 1,309 1,305 1,292 Expected return on plan assets (32,897 ) (36,015 ) (39,123 ) (1,074 ) (947 ) (913 ) Amortization of unrecognized: Prior service cost/(credit) — 52 196 — 95 170 Actuarial (gain)/loss 12,102 9,521 8,141 (387 ) (567 ) (810 ) Net periodic benefit cost 7,123 2,975 469 (19 ) (7 ) (151 ) ASC 715 settlement expense — 43 — 99 — — Total periodic benefit costs $ 7,123 $ 3,018 $ 469 $ 80 $ (7 ) $ (151 ) The long-term expected rate of return is applied to the market-related value of plan assets in determining the expected return on plan assets. FHN determines the market-related value of plan assets using a calculated value that recognizes changes in the fair value of plan assets over five years, as permitted by GAAP. FHN utilizes a spot rate approach which applies duration-specific rates from the full yield curve to estimated future benefit payments for the determination of interest cost. The following tables set forth the plans’ benefit obligations and plan assets for 2018 and 2017 : (Dollars in thousands) Total Pension Benefits Other Benefits 2018 2017 2018 2017 Change in benefit obligation Benefit obligation, beginning of year $ 840,884 $ 804,542 $ 39,562 $ 35,403 Service cost 41 37 133 107 Interest cost 27,877 29,380 1,309 1,305 Actuarial (gain)/loss (a) (68,724 ) 63,876 (3,648 ) 3,733 Actual benefits paid (b) (34,769 ) (56,951 ) (2,182 ) (986 ) Benefit obligation, end of year $ 765,309 $ 840,884 $ 35,174 $ 39,562 Change in plan assets Fair value of plan assets, beginning of year $ 811,244 $ 778,872 $ 18,753 $ 16,717 Actual return on plan assets (49,470 ) 84,534 (928 ) 2,458 Employer contributions 3,948 4,789 1,789 564 Actual benefits paid – settlement payments — — (2,182 ) (986 ) Actual benefits paid – other payments (34,769 ) (56,951 ) — — Fair value of plan assets, end of year $ 730,953 $ 811,244 $ 17,432 $ 18,753 Funded (unfunded) status of the plans $ (34,356 ) $ (29,640 ) $ (17,742 ) $ (20,809 ) Amounts recognized in the Statements of Condition Other assets $ 1,911 $ 11,238 $ 14,356 $ 15,254 Other liabilities (36,267 ) (40,878 ) (32,098 ) (36,063 ) Net asset/(liability) at end of year $ (34,356 ) $ (29,640 ) $ (17,742 ) $ (20,809 ) (a) Variances in the actuarial (gain)/loss are due to normal activity such as changes in discount rates, updates to participant demographic information and revisions to life expectancy assumptions. (b) 2017 amounts are higher due to the settlements of certain terminated, vested participants in the qualified pension plan that occurred during the year. The projected benefit obligation for unfunded plans are as follows: Total Pension Benefits Other Benefits (Dollars in thousands 2018 2017 2018 2017 Projected benefit obligation $ 36,267 $ 40,878 $ 32,098 $ 36,063 The qualified pension plan was overfunded as of December 31, 2018 by $1.9 million . Because of the pension freeze as of the end of 2012, the pension benefit obligation and the accumulated benefit obligation are the same as of December 31, 2018 and 2017 . The qualified pension plan was overfunded as of December 31, 2017 by $11.2 million . FHN's funded post retirement plan was also in an overfunded status as of December 31, 2018 and 2017. Unrecognized actuarial gains and losses and unrecognized prior service costs and credits are recognized as a component of accumulated other comprehensive income. Balances reflected in accumulated other comprehensive income on a pre-tax basis for the years ended December 31, 2018 and 2017 consist of: (Dollars in thousands) Total Pension Benefits Other Benefits 2018 2017 2018 2017 Amounts recognized in accumulated other comprehensive income Prior service cost/(credit) $ — $ — $ — $ — Net actuarial (gain)/loss 387,058 385,517 (6,451 ) (5,093 ) Total $ 387,058 $ 385,517 $ (6,451 ) $ (5,093 ) The pre-tax amounts recognized in other comprehensive income during 2018 and 2017 were as follows: (Dollars in thousands) Total Pension Benefits Other Benefits 2018 2017 2018 2017 Changes in plan assets and benefit obligation recognized in other comprehensive income Net actuarial (gain)/loss arising during measurement period $ 13,643 $ 15,357 $ (1,646 ) $ 2,222 Items amortized during the measurement period: Prior service credit/(cost) — (52 ) — (95 ) Net actuarial gain/(loss) (12,102 ) (9,521 ) 288 567 Total recognized in other comprehensive income $ 1,541 $ 5,784 $ (1,358 ) $ 2,694 FHN utilizes the minimum amortization method in determining the amount of actuarial gains or losses to include in plan expense. Under this approach, the net deferred actuarial gain or loss that exceeds a threshold is amortized over the average remaining service period of active plan participants. The threshold is measured as the greater of: 10 percent of a plan’s projected benefit obligation as of the beginning of the year or 10 percent of the market related value of plan assets as of the beginning of the year. FHN amortizes actuarial gains and losses using the estimated average remaining life expectancy of the remaining participants since all participants are considered inactive due to the freeze. The following table provides detail on expected benefit payments, which reflect expected future service, as appropriate: (Dollars in thousands) Pension Benefits Other Benefits 2019 $ 38,642 $ 1,663 2020 40,904 1,717 2021 42,708 1,775 2022 43,480 1,836 2023 44,781 1,900 2024-2028 238,274 10,344 Plan assets. FHN’s overall investment goal is to create, over the life of the pension plan and retiree medical plan, an adequate pool of sufficiently liquid assets to support the qualified pension benefit obligations to participants, retirees, and beneficiaries, as well as to partially support the medical obligations to retirees and beneficiaries. Thus, the qualified pension plan and retiree medical plan seek to achieve a level of investment return consistent with changes in projected benefit obligations. Qualified pension plan assets primarily consist of fixed income securities which include U.S. treasuries, corporate bonds of companies from diversified industries, municipal bonds, and foreign bonds. Fixed income investments generally have long durations consistent with the estimated pension liabilities of FHN. This duration-matching strategy is intended to hedge substantially all of the plan’s risk associated with future benefit payments. Retiree medical funds are kept in short-term investments, primarily money market funds and mutual funds. On December 31, 2018 and 2017, FHN did not have any significant concentrations of risk within the plan assets related to the pension plan or the retiree medical plan. The fair value of FHN’s pension plan assets at December 31, 2018 and 2017 , by asset category classified using the Fair Value measurement hierarchy is shown in the table below. See Note 24 – Fair Value of Assets and Liabilities for more details about Fair Value measurements. (Dollars in thousands) December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents and money market funds $ 13,855 $ — $ — $ 13,855 Fixed income securities: U.S. treasuries — 28,626 — 28,626 Corporate, municipal and foreign bonds — 688,472 — 688,472 Total $ 13,855 $ 717,098 $ — $ 730,953 (Dollars in thousands) December 31, 2017 Level 1 Level 2 Level 3 Total Cash equivalents and money market funds $ 21,152 $ — $ — $ 21,152 Fixed income securities: U.S. treasuries — 27,173 — 27,173 Corporate, municipal and foreign bonds — 762,919 — 762,919 Total $ 21,152 $ 790,092 $ — $ 811,244 The Pension and Savings Investment Committees, comprised of senior managers within the organization, meet regularly to review asset performance and potential portfolio revisions. Adjustments to the qualified pension plan asset allocation primarily reflect changes in anticipated liquidity needs for plan benefits. The fair value of FHN’s retiree medical plan assets at December 31, 2018 and 2017 by asset category are as follows: (Dollars in thousands) December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents and money market funds $ 207 $ — $ — $ 207 Mutual funds: Equity mutual funds 10,387 — — 10,387 Fixed income mutual funds 6,838 — — 6,838 Total $ 17,432 $ — $ — $ 17,432 (Dollars in thousands) December 31, 2017 Level 1 Level 2 Level 3 Total Cash equivalents and money market funds $ 364 $ — $ — $ 364 Mutual funds: Equity mutual funds 11,402 — — 11,402 Fixed income mutual funds 6,987 — — 6,987 Total $ 18,753 $ — $ — $ 18,753 |
Stock Options, Restricted Stock
Stock Options, Restricted Stock, and Dividend Reinvestment Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options, Restricted Stock, and Dividend Reinvestment Plans | Stock Options, Restricted Stock, and Dividend Reinvestment Plans Equity compensation plans FHN currently has one plan, its shareholder-approved Equity Compensation Plan (“ECP”), which authorizes the grant of new stock-based awards to employees and directors. Most awards outstanding at year end were granted under the ECP, though older stock options and certain deferred stock units remain outstanding under several plans which no longer are active. The ECP authorizes a broad range of award types, including restricted shares, stock units, and stock options. Stock units may be paid in shares or cash, depending upon the terms of the award. The ECP also authorizes the grant of stock appreciation rights, though no such grants have been made. Unvested awards have service and/or performance conditions which must be met in order for the shares to vest. Awards generally have service-vesting conditions, meaning that the employee must remain employed by FHN for certain periods in order for the award to vest. Some outstanding awards also have performance conditions, and one outstanding award has performance conditions associated with FHN’s stock price. FHN operates the ECP by establishing award programs, each of which is intended to cover a specific need. Programs are created, changed, or terminated as needs change. On December 31, 2018 , there were 8,729,408 shares available for new awards under the ECP. The ECP imposes a separate limit on full-value (non-option) awards which is included within the overall limit; at December 31, 2018 there were 6,810,413 shares available to be granted as full-value awards. Service condition full-value awards. Awards may be granted with service conditions only. In recent years, programs using these awards have included annual programs for executives and selected management employees, a mandatory deferral program for executives tied to annual bonuses earned, other mandatory or elective deferral programs, various retention programs, and special hiring-incentive situations. Details of the awards vary by program, but most are settled in shares at vesting rather than cash, and vesting rarely begins earlier than the first anniversary of grant and rarely extends beyond the fifth anniversary of grant. Annual programs tend to use multiple annual vesting dates while retention programs tend to use a single vesting date, but there are exceptions. Performance condition awards. Under FHN’s long-term incentive and corporate performance programs, performance stock units (“PSUs”) (executives) and cash units (selected management employees) are granted annually and vest only if predetermined performance measures are met. The measures are changed each year based on goals and circumstances prevailing at the time of grant. In recent years the performance periods have been three years, with service-vesting near the third anniversary of the grant. PSUs granted after 2014 also have a two year post-vest holding period. Recent annual performance awards require pro-rated forfeiture for performance falling between a threshold level and a maximum. Performance awards sometimes are used to provide a narrow, targeted incentive to a single person or small group; one such award which includes a market performance condition to FHN’s Chief Executive Officer (“CEO”) is discussed in the next paragraph. Of the annual program awards paid during 2018 or outstanding on December 31, 2018 : performance conditions related to the 2015 units were met at the 108.3 percent payout level and vested in 2018 ; the three -year performance period of the 2016 units has ended but performance is measured relative to peers and has not yet been determined; and, the three -year performance periods for the 2017 and 2018 units have not ended. Market condition award. In 2016, FHN made a special grant of performance stock units to FHN’s CEO which will vest at the end of a performance period of seven years . The award has no provision for pro-rated payment based on partial performance. The award’s performance goal is based on achievement of a specific level of total shareholder return during the performance period. Director awards. Non-employee directors receive cash and annual grants of service-conditioned stock units under a program approved by the board of directors. Director stock units vest in the year following the year of grant, require a two -year payment deferral, and settle in shares after the deferral period. In 2018 and 2017 each director received $65,000 or prorated equivalent of stock units, representing a portion of their annual retainer. Prior to 2005 directors could elect to defer cash compensation in the form of discount-priced stock options, some of which remain outstanding. Stock and stock unit awards. A summary of restricted and performance stock and unit activity during the year ended December 31, 2018 , is presented below: Shares/ Units (a) Weighted average grant date fair value (per share) (b) January 1, 2018 3,971,216 12.92 Shares/units granted 1,260,143 18.70 Shares/units vested (949,719 ) 13.29 Shares/units cancelled (191,816 ) 16.57 December 31, 2018 4,089,824 14.57 (a) Includes only units that settle in shares and nonvested performance units are included at 100% payout level. (b) The weighted average grant date fair value for shares/units granted in 2017 and 2016 was $18.83 and $12.90 , respectively. On December 31, 2018 , there was $27.8 million of unrecognized compensation cost related to nonvested restricted stock awards. That cost is expected to be recognized over a weighted-average period of 2.3 years . The total grant date fair value of shares vested during 2018 , 2017 and 2016 , was $12.6 million , $9.9 million , and $9.7 million , respectively. Stock option awards. Currently FHN operates only a single option program, calling for annual grants of service-vested options to executives. In the past, however, option programs varied widely in their uses and terms, and many old-program options, granted under the ECP or its predecessor plans, remain outstanding today. Except for substitute options (discussed below), all options granted since 2005 provide for the issuance of FHN common stock at a price fixed at its fair market value on the grant date. Except for substitute options, converted options and a special retention stock option award to the CEO in 2016, all options granted since 2008 vest fully no later than the fourth anniversary of grant, and all such options expire seven years from the grant date. Substitute options can be issued under the ECP in exchange for options of an acquired company that are canceled in a merger. The price, vesting, expiration, and other terms of the substitute options economically mirror those of the canceled options. Converted options from CBF are all fully vested and expire ten years from grant date. The 2016 retention award vests beginning on the fourth anniversary of grant and extends through the sixth anniversary of grant. A deferral program, which was discontinued in 2005, allowed for foregone compensation plus the exercise price to equal the fair market value of the stock on the date of grant if the grantee agreed to receive the options in lieu of compensation. Deferral options still outstanding expire 20 years from the grant date. The summary of stock option activity for the year ended December 31, 2018 , is shown below: Options Outstanding Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) January 1, 2018 6,608,571 16.80 Options granted 394,296 18.69 Options exercised (376,273 ) 11.91 Options expired/cancelled (721,907 ) 25.80 December 31, 2018 5,904,687 16.16 3.06 6,684 Options exercisable 4,412,367 16.44 2.45 5,619 Options expected to vest 1,492,320 15.35 4.84 1,065 The total intrinsic value of options exercised during 2018 , 2017 and 2016 was $3.0 million , $2.5 million , and $10.6 million , respectively. On December 31, 2018 , there was $1.8 million of unrecognized compensation cost related to nonvested stock options. That cost is expected to be recognized over a weighted-average period of 2.8 years. FHN granted or converted 394,296 , 1,483,323 and 971,328 stock options with a weighted average fair value of $3.89 , $4.69 , and $2.95 per option at grant date in 2018 , 2017 and 2016 , respectively. FHN used the Black-Scholes Option Pricing Model to estimate the fair value of stock options granted or converted in 2018 , 2017 , and 2016 with the following assumptions: 2018 2017 2016 Expected dividend yield 2.57% 1.82% 2.41% Expected weighted-average lives of options granted 6.21 years 6.09 years 6.19 years Expected weighted-average volatility 24.61% 26.90% 32.84% Expected volatility range 23.95 - 25.26% 24.36 - 29.44% 30.73 – 34.95% Risk-free interest rate 2.69% 2.07% 1.28% Expected lives of options granted are determined based on the vesting period, historical exercise patterns and contractual term of the options. FHN uses a blend of historical and implied volatility in determining expected volatility. A portion of the weighted average volatility rate is derived by compiling daily closing stock prices over a historical period approximating the expected lives of the options. Additionally, because of market volatility due to economic conditions and the impact on stock prices of financial institutions, FHN also incorporates a measure of implied volatility so as to incorporate more recent market conditions in the estimation of future volatility. Compensation Cost. The compensation cost that has been included in the Consolidated Statements of Income pertaining to stock-based awards was $23.2 million , $20.6 million , and $17.5 million for 2018 , 2017 , and 2016 , respectively. The corresponding total income tax benefits recognized were $5.7 million in 2018 , $7.9 million in 2017 , and $6.7 million in 2016 . Authorization. Consistent with Tennessee state law, only authorized, but unissued, stock may be utilized in connection with any issuance of FHN common stock which may be required as a result of stock based compensation awards. FHN has obtained authorization from the Board of Directors to repurchase up to certain numbers of shares related to issuance under the ECP and several older stock award plans. These authorizations are automatically adjusted for stock splits and stock dividends. Repurchases are authorized to be made in the open market or through privately negotiated transactions and will be subject to market conditions, accumulation of excess equity, legal and regulatory restrictions, and prudent capital management. FHN does not currently expect to repurchase a material number of shares under the compensation plan-related repurchase program during 2019. Dividend reinvestment plan. The Dividend Reinvestment and Stock Purchase Plan authorizes the sale of FHN’s common stock from stock acquired on the open market to shareholders who choose to invest all or a portion of their cash dividends or make optional cash payments of $25 to $10,000 per quarter without paying commissions. The price of stock purchased on the open market is the average price paid. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
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, and acquisition- and integration-related costs. 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, as well as, depreciation and amortization expense and expenditures for long lived assets for each segment for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Consolidated Net interest income $ 1,220,317 $ 842,314 $ 729,084 Provision/(provision credit) for loan losses 7,000 — 11,000 Noninterest income 722,788 490,219 552,441 Noninterest expense 1,221,996 1,023,661 925,204 Income/(loss) before income taxes 714,109 308,872 345,321 Provision/(benefit) for income taxes 157,602 131,892 106,810 Net income/(loss) $ 556,507 $ 176,980 $ 238,511 Average assets $ 40,225,459 $ 29,924,813 $ 27,427,227 Depreciation and amortization $ 59,125 $ 70,924 $ 64,673 Expenditures for long-lived assets 38,166 287,642 62,554 (Dollars in thousands) 2018 2017 2016 Regional Banking Net interest income $ 1,202,317 $ 846,620 $ 742,131 Provision/(provision credit) for loan losses 25,277 21,341 38,886 Noninterest income 309,308 258,627 248,996 Noninterest expense 824,740 626,304 612,983 Income/(loss) before income taxes 661,608 457,602 339,258 Provision/(benefit) for income taxes 155,471 163,547 121,304 Net income/(loss) $ 506,137 $ 294,055 $ 217,954 Average assets $ 28,470,388 $ 19,507,765 $ 17,137,709 Depreciation and amortization $ 29,681 $ 43,061 $ 38,896 Expenditures for long-lived assets 34,212 274,059 51,442 Fixed Income Net interest income $ 35,715 $ 18,065 $ 10,802 Noninterest income 164,767 217,082 269,344 Noninterest expense 191,504 208,921 227,936 Income/(loss) before income taxes 8,978 26,226 52,210 Provision/(benefit) for income taxes 1,560 8,717 18,722 Net income/(loss) $ 7,418 $ 17,509 $ 33,488 Average assets $ 3,299,117 $ 2,543,151 $ 2,364,130 Depreciation and amortization $ 9,724 $ 8,737 $ 5,770 Expenditures for long-lived assets 755 2,499 2,019 Corporate Net interest income/(expense) $ (64,140 ) $ (59,383 ) $ (66,215 ) Noninterest income (a) 239,252 8,878 20,453 Noninterest expense 177,829 144,258 63,577 Income/(loss) before income taxes (2,717 ) (194,763 ) (109,339 ) Provision/(benefit) for income taxes (10,856 ) (47,989 ) (57,698 ) Net income/(loss) $ 8,139 $ (146,774 ) $ (51,641 ) Average assets $ 7,092,078 $ 6,367,268 $ 6,037,624 Depreciation and amortization $ 25,564 $ 18,726 $ 19,610 Expenditures for long-lived assets 2,302 9,161 8,947 Non-Strategic Net interest income $ 46,425 $ 37,012 $ 42,366 Provision/(provision credit) for loan losses (18,277 ) (21,341 ) (27,886 ) Noninterest income 9,461 5,632 13,648 Noninterest expense 27,923 44,178 20,708 Income/(loss) before income taxes 46,240 19,807 63,192 Provision/(benefit) for income taxes 11,427 7,617 24,482 Net income/(loss) $ 34,813 $ 12,190 $ 38,710 Average assets $ 1,363,876 $ 1,506,629 $ 1,887,764 Depreciation and amortization $ (5,844 ) $ 400 $ 397 Expenditures for long-lived assets 897 1,923 146 Certain previously reported amounts have been reclassified to agree with current presentation. (a) 2018 includes a $212.9 million pre-tax gain from the sale of Visa Class B shares; 2017 includes a $14.3 million pre-tax loss from the repurchase of equity securities previously included in a financing transaction. The following tables reflect a disaggregation of FHN’s noninterest income by major product line and reportable segment for the years ended December 31, 2018, 2017, and 2016: December 31, 2018 (Dollars in thousands) Regional Banking Fixed Income Corporate Non-Strategic Consolidated Noninterest income: Fixed income (a) $ 417 $ 163,382 $ — $ 4,083 $ 167,882 Deposit transactions and cash management 126,909 12 6,144 216 133,281 Brokerage, management fees and commissions 54,800 — — 3 54,803 Trust services and investment management 29,852 — (46 ) — 29,806 Bankcard income 26,848 — 226 (356 ) 26,718 BOLI (b) — — 18,955 — 18,955 Debt securities gains/(losses), net (b) — — 52 — 52 Equity securities gains/(losses), net (b) (c) — — 212,896 — 212,896 All other income and commissions (d) 70,482 1,373 1,025 5,515 78,395 Total noninterest income $ 309,308 $ 164,767 $ 239,252 $ 9,461 $ 722,788 December 31, 2017 (Dollars in thousands) Regional Banking Fixed Income Corporate Non-Strategic Consolidated Noninterest income: Fixed income $ 430 $ 216,195 $ — $ — $ 216,625 Deposit transactions and cash management 105,163 3 5,236 190 110,592 Brokerage, management fees and commissions 48,513 — 1 — 48,514 Trust services and investment management 28,491 — (71 ) — 28,420 Bankcard income 25,014 — 225 228 25,467 BOLI — — 15,124 — 15,124 Debt securities gains/(losses), net 386 — 97 — 483 Equity securities gains/(losses), net — — 109 — 109 All other income and commissions (e) 50,630 884 (11,843 ) 5,214 44,885 Total noninterest income $ 258,627 $ 217,082 $ 8,878 $ 5,632 $ 490,219 December 31, 2016 (Dollars in thousands) Regional Banking Fixed Income Corporate Non-Strategic Consolidated Noninterest income: Fixed income $ 79 $ 268,482 $ — $ — $ 268,561 Deposit transactions and cash management 103,122 3 5,250 178 108,553 Brokerage, management fees and commissions 42,911 — — — 42,911 Trust services and investment management 27,764 — (37 ) — 27,727 BOLI 23,945 — 215 270 24,430 Bank-owned life insurance — — 14,687 — 14,687 Debt securities gains/(losses), net — — 1,485 — 1,485 Equity securities gains/(losses), net — — (144 ) — (144 ) All other income and commissions 51,175 859 (1,003 ) 13,200 64,231 Total noninterest income $ 248,996 $ 269,344 $ 20,453 $ 13,648 $ 552,441 (a) Includes $28.9 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("ASC") 606, "Revenue From Contracts With Customers." Non-Strategic includes a $4.1 million gain from the reversal of a previous valuation adjustment due to sales of TRUPS loans excluded from the scope of ASC 606. (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 a pre-tax gain of $212.9 million from the sale of FHN's remaining holdings of Visa Class B shares. (d) Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commission in scope of ASC 606. (e) Corporate includes a $14.3 million pre-tax loss from the repurchase of equity securities previously included in a financing transaction. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
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 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 December 31, 2018 and December 31, 2017 : December 31, 2018 December 31, 2017 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 16,213 N/A 24,175 N/A Less: Allowance for loan losses — N/A — N/A Total net loans 16,213 N/A 24,175 N/A Other assets 35 $ 78,446 47 $ 80,479 Total assets $ 16,248 $ 78,446 $ 24,222 $ 80,479 Liabilities: Term borrowings $ 2,981 N/A $ 11,226 N/A Other liabilities — $ 56,700 2 $ 61,733 Total liabilities $ 2,981 $ 56,700 $ 11,228 $ 61,733 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 $ 4.1 million , $1.8 million , and $1.8 million during 2018, 2017, and 2016, respectively. The following table summarizes the impact to the Provision/(benefit) for income taxes on the Consolidated Statements of Income for the years ended December 31, 2018 , 2017 and 2016 for LIHTC investments accounted for under the proportional amortization method. ( Dollars in thousands ) 2018 2017 2016 Provision/(benefit) for income taxes: Amortization of qualifying LIHTC investments (a) $ 10,793 $ 14,037 $ 14,223 Low income housing tax credits (10,232 ) (11,037 ) (10,100 ) Other tax benefits related to qualifying LIHTC investments (7,370 ) (5,045 ) (9,779 ) (a) 2017 reflects increased amortization due the effects of the Tax Act. 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. A NMTC relationship was resolved in 2018 resulting in a $15.3 million decline in the investment balance and the related debt. 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 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, it is being accounted for using the deposit method which creates a net asset or liability for all cash flows between FTB and the buyer. 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. FHN retired $45.4 million of this debt and the related trust preferred securities in 2018. 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) No exposure to loss due to nature of FHN's involvement. The following table summarizes FHN’s nonconsolidated VIEs as of December 31, 2017 : (Dollars in thousands) Maximum Loss Exposure Liability Recognized Classification Type: Low income housing partnerships $ 94,798 $ 33,348 (a) Other tax credit investments (b) (c) 20,394 — Other assets Small issuer trust preferred holdings (d) 332,455 — Loans, net of unearned income On-balance sheet trust preferred securitization 48,817 65,357 (e) Proprietary residential mortgage securitizations 2,151 — Trading securities Holdings of agency mortgage-backed securities (d) 5,349,287 — (f) Commercial loan troubled debt restructurings (g) 19,411 — Loans, net of unearned income Sale-leaseback transaction 14,827 — (h) Proprietary trust preferred issuances (i) — 212,378 Term borrowings (a) Maximum loss exposure represents $61.5 million of current investments and $33.3 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, $18.0 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 $65.4 million classified as Term borrowings. (f) Includes $.5 billion classified as Trading securities and $4.8 billion classified as Securities available-for-sale. (g) Maximum loss exposure represents $19.1 million of current receivables and $ .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) No exposure to loss due to nature of FHN's involvement. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
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. In 2017, a central clearinghouse revised the treatment of daily margin posted or received from collateral to legal settlements of the related derivative contracts. In 2018, the other central clearinghouse used by FHN also revised the treatment of daily margin posted or received from collateral to legal settlements of the related derivative contracts. These changes resulted in a reduction in derivative assets and liabilities and corresponding reductions in collateral posted and received as these amounts are now presented net by contract in the Consolidated Statements of Condition. These changes had no effect on hedge accounting or gains/losses for the applicable derivative contracts. On December 31, 2018 and 2017, respectively, FHN had $79.9 million and $60.3 million of cash receivables and $40.4 million and $49.7 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 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 $132.3 million , $173.9 million and $229.7 million for the years ended December 31, 2018 , 2017 and 2016, respectively. Trading revenues are inclusive of both derivative and non-derivative financial instruments, and are included in fixed income noninterest income. The following tables summarize FHN’s derivatives associated with fixed income trading activities as of December 31, 2018 and 2017: 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 December 31, 2017 (Dollars in thousands) Notional Assets Liabilities Customer Interest Rate Contracts $ 2,026,753 $ 22,097 $ 18,323 Offsetting Upstream Interest Rate Contracts 2,026,753 17,931 20,720 Option Contracts Purchased 20,000 15 — Forwards and Futures Purchased 6,257,140 4,354 5,526 Forwards and Futures Sold 6,292,012 5,806 4,010 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 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. The balance sheet impact of this swap was not significant as of December 31, 2018 and 2017. 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 balance sheet impact of this swap was not significant as of December 31, 2018 and 2017. The following tables summarize FHN’s derivatives associated with interest rate risk management activities as of December 31, 2018 and 2017: 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 December 31, 2017 (Dollars in thousands) Notional Assets Liabilities Customer Interest Rate Contracts Hedging Hedging Instruments and Hedged Items: Customer Interest Rate Contracts $ 1,608,912 $ 11,644 $ 19,780 Offsetting Upstream Interest Rate Contracts 1,608,912 18,473 11,019 Debt Hedging Hedging Instruments: Interest Rate Swaps $ 900,000 $ 371 N/A Hedged Items: Term Borrowings: Par N/A N/A $ 900,000 Cumulative fair value hedging adjustments N/A N/A (13,472 ) Unamortized premium/(discount) and issuance costs N/A N/A (3,910 ) Total carrying value N/A N/A $ 882,618 The following table summarizes gains/(losses) on FHN’s derivatives associated with interest rate risk management activities for the years ended December 31, 2018 , 2017 , and 2016: Year Ended December 31 2018 2017 2016 (Dollars in thousands) Gains/(Losses) Gains/(Losses) Gains/(Losses) Customer Interest Rate Contracts Hedging Hedging Instruments and Hedged Items: Customer Interest Rate Contracts (a) $ 1,779 $ (10,703 ) (22,969 ) Offsetting Upstream Interest Rate Contracts (a) (1,779 ) 10,699 22,969 Debt Hedging Hedging Instruments: Interest Rate Swaps (b) $ (1,648 ) $ (7,766 ) $ (3,552 ) Hedged Items: Term Borrowings (a) (c) 1,622 7,582 3,429 (a) Gains/losses included in All other expense within the Consolidated Statements of Income. (b) Gains/losses included in the Interest expense for 2018, and All other expense for 2017 and 2016 within the Consolidated Statement of Income. (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. Subsequent to 2017, 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. Prior to 2018, FHN measured ineffectiveness using the Hypothetical Derivative Method and AOCI was adjusted to an amount that reflected the lesser of either the cumulative change in fair value of the swaps or the cumulative change in the fair value of the hypothetical derivative instruments. To the extent that any ineffectiveness existed in the hedge relationships, the amounts were recorded in current period 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 December 31, 2018 and 2017: 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 December 31, 2017 (Dollars in thousands) Notional Assets Liabilities Cash Flow Hedges Hedging Instruments: Interest Rate Swaps $ 900,000 $ 942 N/A 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 years ended December 31, 2018 and 2017 : Year Ended December 31 2018 2017 2016 (Dollars in thousands) Gains/(Losses) Gains/(Losses) Gains/(Losses) Cash Flow Hedges Hedging Instruments: Interest Rate Swaps (a) $ (5,502 ) $ (8,264 ) $ (2,045 ) Gain/(loss) recognized in Other comprehensive income/(loss) (6,284 ) (2,156 ) 130 Gain/(loss) reclassified from AOCI into Interest income 2,142 (2,945 ) (1,395 ) (a) Approximately $7.4 million of cumulative 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. This settlement is subject to court approval and 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 December 31, 2018 and December 31, 2017, the derivative liabilities associated with the sales of Visa Class B shares were $31.5 million and $5.6 million , respectively. $26.0 million of the value at December 31, 2018 relates to the transaction executed in third quarter 2018. See the Visa Matters section of Note 17 - Contingencies and Other Disclosures for more information regarding FHN’s Visa shares. See Note 24 - 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 December 31, 2018 and December 31, 2017 , these loans were valued at $11.0 million and $1.5 million , respectively. The balance sheet amounts 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 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 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 $20.7 million of assets and $37.8 million of liabilities on December 31, 2018 , and $23.3 million of assets and $34.5 million of liabilities on December 31, 2017 . As of December 31, 2018 and 2017, FHN had received collateral of $86.6 million and $119.3 million and posted collateral of $16.2 million and $18.9 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 $19.0 million of assets and $33.2 million of liabilities on December 31, 2018 , and $22.8 million of assets and $19.4 million of liabilities on December 31, 2017 . As of December 31, 2018 and 2017, FHN had received collateral of $84.5 million and $118.6 million and posted collateral of $15.2 million and $6.7 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 Statements of Condition as of December 31, 2018 and 2017: 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: December 31, 2018 (b) $ 52,562 $ — $ 52,562 $ (12,745 ) $ (39,637 ) $ 180 December 31, 2017 (b) 71,458 — 71,458 (17,278 ) (51,271 ) 2,909 (a) Included in Derivative assets on the Consolidated Statements of Condition. As of December 31, 2018 and 2017, $28.9 million and $10.2 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 Statements of Condition as of December 31, 2018 and 2017: 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: December 31, 2018 (b) $ 71,853 $ — $ 71,853 $ (12,745 ) $ (54,773 ) $ 4,335 December 31, 2017 (b) 69,842 — 69,842 (17,278 ) (51,801 ) 763 (a) Included in Derivative liabilities on the Consolidated Statements of Condition. As of December 31, 2018 and 2017, $61.9 million and $15.2 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 | 12 Months Ended |
Dec. 31, 2018 | |
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 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 Statements of Condition and collateral pledged by counterparties as of December 31: 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: 2018 $ 386,443 $ — $ 386,443 $ (261 ) $ (382,756 ) $ 3,426 2017 725,609 — 725,609 (259 ) (720,036 ) 5,314 The following table provides details of Securities sold under agreements to repurchase as presented on the Consolidated Statements of Condition and collateral pledged by FHN as of December 31: 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: 2018 $ 762,592 $ — $ 762,592 $ (261 ) $ (762,322 ) $ 9 2017 656,602 — 656,602 (259 ) (656,216 ) 127 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 December 31: 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 December 31, 2017 (Dollars in thousands) Overnight and Continuous Up to 30 Days Total Securities sold under agreements to repurchase: U.S. treasuries $ 13,830 $ — $ 13,830 Government agency issued MBS 424,821 5,365 430,186 Government agency issued CMO 54,037 3,666 57,703 Government guaranteed loans (SBA and USDA) 154,883 — 154,883 Total Securities sold under agreements to repurchase $ 647,571 $ 9,031 $ 656,602 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and 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 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 Corporates 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 The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 : December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Trading securities—fixed income: U.S. treasuries $ — $ 128,995 $ — $ 128,995 Government agency issued MBS — 227,038 — 227,038 Government agency issued CMO — 275,014 — 275,014 Other U.S. government agencies — 54,699 — 54,699 States and municipalities — 34,573 — 34,573 Corporate and other debt — 693,877 — 693,877 Equity, mutual funds, and other — (2 ) — (2 ) Total trading securities—fixed income — 1,414,194 — 1,414,194 Trading securities—mortgage banking — — 2,151 2,151 Loans held-for-sale — 1,955 18,926 20,881 Securities available-for-sale: U.S. treasuries — 99 — 99 Government agency issued MBS — 2,577,376 — 2,577,376 Government agency issued CMO — 2,269,858 — 2,269,858 Corporates and other debt — 55,782 — 55,782 Interest-only strips — — 1,270 1,270 Equity, mutual funds, and other 27,017 — — 27,017 Total securities available-for-sale 27,017 4,903,115 1,270 4,931,402 Other assets: Deferred compensation assets 39,822 — — 39,822 Derivatives, forwards and futures 10,161 — — 10,161 Derivatives, interest rate contracts — 71,473 — 71,473 Total other assets 49,983 71,473 — 121,456 Total assets $ 77,000 $ 6,390,737 $ 22,347 $ 6,490,084 Trading liabilities—fixed income: U.S. treasuries $ — $ 506,679 $ — $ 506,679 Corporates and other debt — 131,836 — 131,836 Total trading liabilities—fixed income — 638,515 — 638,515 Other liabilities: Derivatives, forwards and futures 9,535 — — 9,535 Derivatives, interest rate contracts — 69,842 — 69,842 Derivatives, other — 39 5,645 5,684 Total other liabilities 9,535 69,881 5,645 85,061 Total liabilities $ 9,535 $ 708,396 $ 5,645 $ 723,576 Changes in Recurring Level 3 Fair Value Measurements The changes in Level 3 assets and liabilities measured at fair value for the years ended December 31, 2018 , 2017 and 2016 on a recurring basis are summarized as follows: Year Ended December 31, 2018 (Dollars in thousands) Trading securities Interest-only strips- AFS Loans held- for-sale Net derivative liabilities Balance on January 1, 2018 $ 2,151 $ 1,270 $ 18,926 $ (5,645 ) Total net gains/(losses) included in: Net income 173 (398 ) 1,239 (4,677 ) Purchases — — 62 (28,100 ) (e) Sales — (16,840 ) — — Settlements (800 ) — (3,598 ) 6,882 Net transfers into/(out of) Level 3 — 25,870 (b) (356 ) (d) — Balance on December 31, 2018 $ 1,524 $ 9,902 $ 16,273 $ (31,540 ) Net unrealized gains/(losses) included in net income $ 6 (a) $ (1,025 ) (c) $ 1,239 (a) $ (4,677 ) (f) Year Ended December 31, 2017 (Dollars in thousands) Trading securities Interest-only strips- AFS Loans held- for-sale Net derivative liabilities Balance on January 1, 2017 $ 2,573 $ — $ 21,924 $ (6,245 ) Total net gains/(losses) included in: Net income 448 1,021 1,547 (596 ) Purchases — 1,413 168 — Sales (5 ) (11,431 ) — — Settlements (865 ) — (4,346 ) 1,196 Net transfers into/(out of) Level 3 — 10,267 (b) (367 ) (d) — Balance on December 31, 2017 $ 2,151 $ 1,270 $ 18,926 $ (5,645 ) Net unrealized gains/(losses) included in net income $ 303 (a) $ (171 ) (c) $ 1,547 (a) $ (596 ) (f) Year Ended December 31, 2016 (Dollars in thousands) Trading securities Loans held-for-sale Securities available- for-sale Mortgage servicing rights, net Net derivative liabilities Balance on January 1, 2016 $ 4,377 $ 27,418 $ 1,500 $ 1,841 $ (4,810 ) Total net gains/(losses) included in: Net income 604 3,380 — 31 (2,634 ) Purchases — 706 — — — Sales — — — (205 ) — Settlements (2,408 ) (6,264 ) (1,500 ) (682 ) 1,199 Net transfers into/(out of) Level 3 — (3,316 ) (d) — — — Balance on December 31, 2016 $ 2,573 $ 21,924 $ — $ 985 $ (6,245 ) Net unrealized gains/(losses) included in net income $ 159 (a) $ 3,380 (a) $ — $ — $ (2,634 ) (f) (a) Primarily included in mortgage banking income on the Consolidated 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 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) Increase related to newly executed Visa-related derivatives, see Note 22-Derivatives. (f) Included in Other expense. There were no net unrealized gains/(losses) for Level 3 assets and liabilities included in other comprehensive income as of December 31, 2018, 2017 and 2016. 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 balance sheet at December 31, 2018 , 2017 and 2016 , respectively, the following tables provide the level of valuation assumptions used to determine each adjustment, the related carrying value, and the fair value adjustments recorded during the respective periods. Carrying value at December 31, 2018 Year Ended December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Net gains/(losses) Loans held-for-sale—other consumer $ — $ 18,712 $ — $ 18,712 $ (1,809 ) Loans held-for-sale—SBAs and USDA — 577,280 1,011 578,291 (2,541 ) Loans held-for-sale—first mortgages — — 541 541 13 Loans, net of unearned income (a) — — 48,259 48,259 (841 ) OREO (b) — — 22,387 22,387 (2,599 ) Other assets (c) — — 8,845 8,845 (4,712 ) $ (12,489 ) Carrying value at December 31, 2017 Year Ended December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Net gains/(losses) Loans held-for-sale—SBAs and USDA $ — $ 465,504 $ 1,473 $ 466,977 $ (1,629 ) Loans held-for-sale—first mortgages — — 618 618 36 Loans, net of unearned income (a) — — 26,666 26,666 (1,687 ) OREO (b) — — 39,566 39,566 (996 ) Other assets (c) — — 26,521 26,521 (3,468 ) $ (7,744 ) Carrying value at December 31, 2016 Year Ended December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Net gains/(losses) Loans held-for-sale—SBAs $ — $ 4,286 $ — $ 4,286 $ (1 ) Loans held-for-sale—first mortgages — — 638 638 75 Loans, net of unearned income (a) — — 31,070 31,070 (2,055 ) OREO (b) — — 11,235 11,235 (2,041 ) Other assets (c) — — 29,609 29,609 (3,349 ) $ (7,371 ) (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 and related 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. 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 quarter 2017, FHN recognized $3.0 million and $.8 million of impairments on long-lived assets in its Corporate and Regional Banking segments, respectively, associated with efforts to more efficiently utilize its branch locations, including integration with branches acquired from CBF. In first quarter 2016, FHN’s Regional Banking segment recognized $3.7 million of impairments on long-lived assets for similar efficiency efforts. $1.0 million of the fourth quarter 2017 impairments in the corporate segment were reversed in third quarter 2018 based on the disposition price for the applicable location and an additional $.5 million was reversed in fourth quarter 2018. The affected branch locations represented a mixture of owned and leased sites. The fair values of owned sites were determined using estimated sales prices from appraisals less estimated costs to sell. The fair values of leased sites 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. In third quarter 2017, FHN’s Corporate segment recognized $ 2.0 million of impairments on long-lived technology assets associated with the transition to expanded processing capacity that was required upon completion of the merger with CBF. The fair values of the assets impaired were determined using a discounted cash flow approach which reflected short estimated remaining lives and considered estimated salvage values. The measurement methodologies are considered Level 3 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 December 31, 2018 and 2017 : (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 (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 $ 1,270 Discounted cash flow Constant prepayment rate 10% - 11% 11% Bond equivalent yield 17% 17% Loans held-for-sale - residential real estate 19,544 Discounted cash flow Prepayment speeds - First mortgage 2% - 12% 3% Prepayment speeds - HELOC 5% - 12% 8% Foreclosure losses 50% - 70% 65% Loss severity trends - First mortgage 5% - 30% of UPB 20% Loss severity trends - HELOC 15% - 100% of UPB 55% Loans held-for-sale- unguaranteed interest in SBA loans 1,473 Discounted cash flow Constant prepayment rate 8% - 12% 10% Bond equivalent yield 9% - 10% 10% Derivative liabilities, other 5,645 Discounted cash flow Visa covered litigation resolution amount $4.4 billion - $5.2 billion $4.9 billion Probability of resolution scenarios 10% - 30% 23% Time until resolution 18 - 48 months 35 months Loans, net of unearned 26,666 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) 39,566 Appraisals from comparable properties Adjustment for value changes since appraisal 0% - 10% of appraisal NM Other assets (c) 26,521 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. 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 ) December 31, 2017 (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 $ 20,881 $ 29,755 $ (8,874 ) Nonaccrual loans 5,783 10,881 (5,098 ) Loans 90 days or more past due and still accruing — — — 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: Year Ended December 31 (Dollars in thousands) 2018 2017 2016 Changes in fair value included in net income: Mortgage banking noninterest income Loans held-for-sale $ 1,239 $ 1,547 $ 3,380 For the years ended December 31, 2018 , 2017 and 2016 , the amounts for residential real estate loans held-for-sale included gains of $.2 million , $.5 million , and $1.5 million , respectively, 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 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 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 valuation of HELOCs also incorporates estimated cancellation rates for loans expected to become delinquent. Non-mortgage consumer loans held-for-sale are valued using committed bids for specific loans or loan portfolios or current market pricing for similar assets with adjustments for differences in credit standing (delinquency, historical default rates for similar loans), yield, collateral values and prepayment rates. If pricing for similar assets is not available, a discounted cash flow methodology is utilized, which incorporates all of these factors into an estimate of investor required yield for the discount rate. The Company utilizes quoted market prices of similar instruments or broker and dealer quotations to value the SBA and USDA guaranteed loans. The Company values SBA-unguaranteed interests in loans held-for-sale based on individual loan characteristics, such as industry type and pay history which generally follows an income approach. Furthermore, these valuations are adjusted for changes in prepayment estimates and are reduced due to restrictions on trading. The fair value of other non-residential real estate loans held-for-sale is approximated by their carrying values based on current transaction values. Collateral-Dependent loans . For loans measured using the estimated fair value of collateral less costs to sell, fair value is estimated using appraisals of the collateral. Collateral values are monitored and additional write-downs are recognized if it is determined that the estimated collateral values have declined further. Estimated costs to sell are based on current amounts of disposal costs for similar assets. Carrying value is considered to reflect fair value for these loans. Derivative assets and liabilities . The fair value for forwards and futures contracts is based on current transactions involving identical securities. Futures contracts are exchange-traded and thus have no credit risk factor assigned as the risk of non-performance is limited to the clearinghouse used. Valuations of other derivatives (primarily interest rate related swaps) are based on inputs observed in active markets for similar instruments. Typical inputs include the LIBOR curve, Overnight Indexed Swap (“OIS”) curve, option volatility, and option skew. In measuring the fair value of these derivative assets and liabilities, FHN has elected to consider credit risk based on the net exposure to individual counterparties. Credit risk is mitigated for these instruments through the use of mutual margining and master netting agreements as well as collateral posting requirements. For derivative contracts with daily cash |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Information | Parent Company Financial Information Following are statements of the parent company: Statements of Condition December 31 (Dollars in thousands) 2018 2017 Assets: Cash $ 334,485 $ 254,938 Securities available-for-sale (a) — 1,836 Notes receivable 2,888 3,067 Allowance for loan losses (925 ) (925 ) Investments in subsidiaries: Bank 4,741,105 4,618,249 Non-bank 20,281 22,932 Other assets (a) 180,757 207,878 Total assets $ 5,278,591 $ 5,107,975 Liabilities and equity: Accrued employee benefits and other liabilities $ 158,648 $ 149,124 Term borrowings 629,994 673,794 Total liabilities 788,642 822,918 Total equity 4,489,949 4,285,057 Total liabilities and equity $ 5,278,591 $ 5,107,975 (a) Equity investments were reclassified to Other assets upon adoption of ASU 2016-01 on January 1, 2018. Statements of Income Year Ended December 31 (Dollars in thousands) 2018 2017 2016 Dividend income: Bank $ 420,000 $ 250,000 $ 250,000 Non-bank 1,386 1,097 1,361 Total dividend income 421,386 251,097 251,361 Other income/(loss) 112 190 (207 ) Total income 421,498 251,287 251,154 Interest expense: Term borrowings 31,315 17,936 14,238 Total interest expense 31,315 17,936 14,238 Compensation, employee benefits and other expense 53,401 43,783 38,926 Total expense 84,716 61,719 53,164 Income/(loss) before income taxes 336,782 189,568 197,990 Income tax(benefit)/expense (38,509 ) 512 (22,981 ) Income/(loss) before equity in undistributed net income of subsidiaries 375,291 189,056 220,971 Equity in undistributed net income/(loss) of subsidiaries: Bank 170,939 (24,255 ) 9,508 Non-bank (1,188 ) 714 (3,433 ) Net income/(loss) attributable to the controlling interest $ 545,042 $ 165,515 $ 227,046 Statements of Cash Flows Year Ended December 31 (Dollars in thousands) 2018 2017 2016 Operating activities: Net income/(loss) $ 545,042 $ 165,515 $ 227,046 Less undistributed net income/(loss) of subsidiaries 169,751 (23,541 ) 6,075 Income/(loss) before undistributed net income of subsidiaries 375,291 189,056 220,971 Adjustments to reconcile income to net cash provided by operating activities: Depreciation, amortization, and other 15 15 53 (Gain)/loss on securities (28 ) (109 ) 148 Provision for deferred income taxes 3,212 7,727 — Stock-based compensation expense 22,398 19,625 16,719 Net (increase)/decrease in interest receivable and other assets 18,214 8,605 (2,228 ) Net (decrease)/increase in interest payable and other liabilities (10,702 ) 13,172 (2,842 ) Total adjustments 33,109 49,035 11,850 Net cash provided/(used) by operating activities 408,400 238,091 232,821 Investing activities: Securities: Sales and prepayments 65 318 275 Purchases — — (400 ) Premises and equipment: Sales/(purchases) (43 ) 7 (17 ) Return on investment in subsidiary 1,597 1,871 129 Investment in subsidiary — — Cash paid for business combination, net (39,916 ) (126,149 ) — Net cash provided/(used) by investing activities (38,297 ) (123,953 ) (13 ) Financing activities: Preferred stock: Cash dividends (6,200 ) (6,200 ) (6,200 ) Common stock: Exercise of stock options 4,482 6,132 22,479 Cash dividends (138,706 ) (79,904 ) (63,504 ) Repurchase of shares (104,768 ) (5,554 ) (97,396 ) Term borrowings: Repayment of term borrowings (45,364 ) — — Net cash (used)/provided by financing activities (290,556 ) (85,526 ) (144,621 ) Net increase/(decrease) in cash and cash equivalents 79,547 28,612 88,187 Cash and cash equivalents at beginning of year 254,938 226,326 138,139 Cash and cash equivalents at end of year $ 334,485 $ 254,938 $ 226,326 Total interest paid $ 29,186 $ 17,321 $ 13,261 Income taxes received from subsidiaries 49,056 23,020 27,126 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | Basis of Accounting. The consolidated 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. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation. The consolidated financial statements include the accounts of FHN and other entities in which it has a controlling financial interest. Variable Interest Entities (“VIEs”) for which FHN or a subsidiary has been determined to be the primary beneficiary are also consolidated. Affiliates for which FHN is not considered the primary beneficiary and in which FHN does not have a controlling financial interest are accounted for by the equity method. These investments are included in other assets, and FHN’s proportionate share of income or loss is included in noninterest income. All significant intercompany transactions and balances have been eliminated. For purposes of comparability, certain prior period amounts have been reclassified to conform to current year presentation. |
Business Combinations | Business Combinations. FHN accounts for acquisitions meeting the definition of a business combination in accordance with ASC 805, "Business Combinations," which requires acquired assets and liabilities (other than tax and certain benefit plan balances) to be recorded at fair value. Business combinations are included in the financial statements from the respective dates of acquisition. Acquisition related costs are expensed as incurred. |
Revenues | 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. Following is a discussion of FHN's key revenues within the scope of Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers", and all related amendments, except as noted. Fixed Income. Fixed income includes fixed income securities sales, trading, and strategies, loan sales and derivative sales which are not within the scope of revenue from contracts with customers. Fixed income also includes investment banking fees earned for services related to underwriting debt securities and performing portfolio advisory services. FHN's performance obligation for underwriting services is satisfied on the trade date while advisory services is satisfied over time. Deposit Transactions and Cash Management. Deposit transactions and cash management activities include fees for services related to consumer and commercial deposit products (such as service charges on checking accounts), cash management products and services such as electronic transaction processing (Automated Clearing House and Electronic Data Interchange), account reconciliation services, cash vault services, lockbox processing, and information reporting to large corporate clients. FHN's obligation for transaction-based services is satisfied at the time of the transaction when the service is delivered while FHN's obligation for service based fees is satisfied over the course of each month. Brokerage, Management Fees and Commissions. Brokerage, management fees and commissions include fees for portfolio management, trade commissions, and annuity and mutual fund sales. Asset-based management fees are charged based on the market value of the client’s assets. The services associated with these revenues, which include investment advice and active management of client assets are generally performed and recognized over a month or quarter. Transactional revenues are based on the size and number of transactions executed at the client’s direction and are generally recognized on the trade date. Trust Services and Investment Management. Trust services and investment management fees include investment management, personal trust, employee benefits, and custodial trust services. Obligations for trust services are generally satisfied over time but may be satisfied at points in time for certain activities that are transactional in nature. Bankcard Income. Bankcard income includes credit interchange and network revenues and various card-related fees. Interchange income is recognized concurrently with the delivery of services on a daily basis. Card-related fees such as late fees, currency conversion, and cash advance fees are loan-related and excluded from the scope of ASU 2014-09. Contract Balances. As of December 31, 2018, accounts receivable related to products and services on non-interest income were $8.1 million . For the year ended December 31, 2018, 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 Statement of Condition as of December 31, 2018. Transaction Price Allocated to Remaining Performance Obligations. For the year ended December 31, 2018, 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. |
Debt and Equity Investment Securities | Debt Investment Securities. Available-for-sale ("AFS") and held-to-maturity (“HTM”) securities are reviewed quarterly for possible other-than-temporary impairment (“OTTI”). The review includes an analysis of the facts and circumstances of each individual investment such as the degree of loss, the length of time the fair value has been below cost, the expectation for that security’s performance, the creditworthiness of the issuer and FHN’s intent and ability to hold the security. Debt securities that may be sold prior to maturity are classified as AFS and are carried at fair value. The unrealized gains and losses on debt securities AFS, including securities for which no credit impairment exists, are excluded from earnings and are reported, net of tax, as a component of other comprehensive income within shareholders’ equity and the Statements of Comprehensive Income. Debt securities which management has the intent and ability to hold to maturity are reported at amortized cost. Interest-only strips that are classified as securities AFS are valued at elected fair value. See Note 24 - Fair Value of Assets and Liabilities for additional information. Realized gains and losses for investment securities are determined by the specific identification method and reported in noninterest income. Declines in value judged to be other-than-temporary based on FHN’s analysis of the facts and circumstances related to an individual investment, including securities that FHN has the intent to sell, are also determined by the specific identification method. For HTM debt securities, OTTI recognized is typically credit-related and is reported in noninterest income. For impaired AFS debt securities that FHN does not intend to sell and will not be required to sell prior to recovery but for which credit losses exist, the OTTI recognized is separated between the total impairment related to credit losses which is reported in noninterest income, and the impairment related to all other factors which is excluded from earnings and reported, net of tax, as a component of other comprehensive income within shareholders’ equity and the Statements of Comprehensive Income. Equity Investment Securities. Equity securities were classified as AFS through December 31, 2017. Subsequently, all equity securities are classified in Other assets. National banks chartered by the federal government are, by law, members of the Federal Reserve System. Each member bank is required to own stock in its regional Federal Reserve Bank ("FRB"). Given this requirement, FRB stock may not be sold, traded, or pledged as collateral for loans. Membership in the Federal Home Loan Bank (“FHLB”) network requires ownership of capital stock. Member banks are entitled to borrow funds from the FHLB and are required to pledge mortgage loans as collateral. Investments in the FHLB are non-transferable and, generally, membership is maintained primarily to provide a source of liquidity as needed. FRB and FHLB stock are recorded at cost and are subject to impairment reviews. Other equity investments primarily consist of mutual funds which are marked to fair value through earnings. Smaller balances of equity investments without a readily determinable fair value are recorded at cost minus impairment with adjustments through earnings for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. |
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase | Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase. FHN enters into short-term securities purchased under agreements to resell transactions which are accounted for as collateralized financings except where FHN does not have an agreement to sell the same or substantially the same securities before maturity at a fixed or determinable price. All of FHN’s securities purchased under agreements to resell are recognized as collateralized financings. Securities delivered under these transactions are delivered to either the dealer custody account at the FRB or to the applicable counterparty. Securities sold under agreements to repurchase are offered to cash management customers as an automated, collateralized investment account. Securities sold under agreements to repurchase are also used by the consumer/commercial bank to obtain favorable borrowing rates on its purchased funds. All of FHN's securities sold under agreements to repurchase are secured borrowings. Collateral is valued daily and FHN may require counterparties to deposit additional securities or cash as collateral, or FHN may return cash or securities previously pledged by counterparties, or FHN may be required to post additional securities or cash as collateral, based on the contractual requirements for these transactions. FHN’s fixed income business utilizes securities borrowing arrangements as part of its trading operations. Securities borrowing transactions generally require FHN to deposit cash with the securities lender. The amount of cash advanced is recorded within Securities purchased under agreements to resell in the Consolidated Statements of Condition. These transactions are not considered purchases and the securities borrowed are not recognized by FHN. FHN does not conduct securities lending transactions. |
Loans Held-for-Sale | Loans Held-for-Sale. Loans originated or purchased in which management lacks the intent to hold are included in loans held-for-sale in the Consolidated Statements of Condition. FHN has elected the fair value option on a prospective basis for certain mortgage loans held-for-sale and repurchased loans that are not governmentally insured. Such loans are carried at fair value, with changes in the fair value recognized in the other income section of the Consolidated Statements of Income. For mortgage loans originated for sale for which the fair value option was elected, loan origination fees were recorded by FHN when earned and related direct loan origination costs are recognized when incurred. See Note 24 - Fair Value of Assets and Liabilities for additional information. FHN accounts for all other loans held-for-sale at the lower of cost or market value (“LOCOM”). |
Loans | Loans. Generally, loans are stated at principal amounts outstanding, net of unearned income. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs as well as premiums and discounts are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs, premiums and discounts are recognized in interest income upon early repayment of the loans. Cash collections from loans that were fully charged off prior to acquisition are recognized in noninterest income. Loan commitment fees are generally deferred and amortized on a straight-line basis over the commitment period. |
Nonaccrual and Past Due Loans | Nonaccrual and Past Due Loans. Generally, loans are placed on nonaccrual status if it becomes evident that full collection of principal and interest is at risk, impairment has been recognized as a partial charge-off of principal balance due to insufficient collateral value and past due status, or on a case-by-case basis if FHN continues to receive payments, but there are other borrower-specific issues. • The accrual status policy for commercial troubled debt restructurings (“TDRs”) follows the same internal policies and procedures as other commercial portfolio loans. • Residential real estate secured loans discharged in bankruptcy that have not been reaffirmed by the borrower (“discharged bankruptcies”) are placed on nonaccrual regardless of delinquency status and are reported as TDRs. • Current second lien residential real estate loans that are junior to first liens are placed on nonaccrual status if the first lien is 90 or more days past due, is a bankruptcy, or is a troubled debt restructuring. • Consumer real estate (HELOC and residential real estate installment loans), if not already on nonaccrual per above situations, are placed on nonaccrual if the loan is 30 or more days delinquent at the time of modification and is also determined to be a TDR. • Government guaranteed/insured residential mortgage loans remain on accrual (even if the loan falls into one of the above categories) because the collection of principal and interest is reasonably assured. For commercial and consumer loans within each portfolio segment and class that have been placed on nonaccrual status, accrued but uncollected interest is reversed and charged against interest income when the loan is placed on nonaccrual status. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral is sufficient to recover the principal balance and accrued interest. Interest payments received on nonaccrual loans are normally applied to outstanding principal first. Once all principal has been received, additional interest payments are recognized on a cash basis as interest income. Generally, commercial and consumer loans within each portfolio segment and class that have been placed on nonaccrual status can be returned to accrual status if all principal and interest is current and FHN expects full repayment of the remaining contractual principal and interest. This typically requires that a borrower make payments in accordance with the contractual terms for a sustained period of time (generally for a minimum of six months) before being returned to accrual status. For TDRs, FHN may also consider a borrower’s sustained historical repayment performance for a reasonable time prior to the restructuring in assessing whether the borrower can meet the restructured terms, as it may indicate whether the borrower is capable of servicing the level of debt under the modified terms. Residential real estate loans discharged through Chapter 7 bankruptcy and not reaffirmed by the borrower are not returned to accrual status. For current second liens that have been placed on nonaccrual because the first lien is 90 or more days past due or is a TDR or bankruptcy, the second lien may be returned to accrual upon pay-off or cure of the first lien. |
Charge-offs | Charge-offs. For all commercial and consumer loan portfolio segments, all losses of principal are charged to the allowance for loan losses ("ALLL") in the period in which the loan is deemed to be uncollectible. For consumer loans, the timing of a full or partial charge-off generally depends on the loan type and delinquency status. Generally, for the consumer real estate and permanent mortgage portfolio segments, a loan will be either partially or fully charged-off when it becomes 180 days past due. At this time, if the collateral value does not support foreclosure, balances are fully charged-off and other avenues of recovery are pursued. If the collateral value supports foreclosure, the loan is charged-down to net realizable value (collateral value less estimated costs to sell) and is placed on nonaccrual status. For residential real estate loans discharged in Chapter 7 bankruptcy and not reaffirmed by the borrower, the fair value of the collateral position is assessed at the time FHN is made aware of the discharge and the loan is charged down to the net realizable value (collateral value less estimated costs to sell). Within the credit card and other portfolio segment, credit cards and installment loans secured by automobiles are normally charged-off upon reaching 180 days past due while other non-real estate consumer loans are charged-off upon reaching 120 days past due. |
Impaired Loans | Impaired Loans. Impaired loans include nonaccrual commercial loans greater than $1 million and modified consumer and commercial loans that have been classified as a TDR and are individually measured for impairment under the guidance of ASC 310. TDRs are always reported as such unless the TDR has exhibited sustained performance, was reported as a TDR over a year-end, and the modified terms were market-based at the time of modification. |
Purchased Credit-Impaired Loans | Purchased Credit-Impaired Loans. ASC 310-30 “Accounting for Certain Loans or Debt Securities Acquired in a Transfer,” provides guidance for acquired loans that have exhibited deterioration of credit quality between origination and the time of acquisition and for which the timely collection of the interest and principal is not reasonably assured (“PCI loans”). PCI loans are initially recorded at fair value which is estimated by discounting expected cash flows at acquisition date. The expected cash flows include all contractually expected amounts (including interest) and incorporate an estimate for future expected credit losses, pre-payment assumptions, and yield requirement for a market participant, among other things. To the extent possible, certain PCI loans were aggregated into pools with composite interest rate and cash flows expected to be collected for the pool. Aggregation into loan pools is based upon common risk characteristics that include similar credit risk or risk ratings, and one or more predominant risk characteristics. Each PCI pool is accounted for as a single unit. Accretable yield is initially established at acquisition and is the excess of cash flows expected at acquisition over the initial investment in the loan and is recognized in interest income over the remaining life of the loan, or pool of loans. Nonaccretable difference is initially established at acquisition and is the difference between the contractually required payments at acquisition and the cash flows expected to be collected at acquisition. FHN estimates expected cash flows for PCI loans on a quarterly basis. Increases in expected cash flows from the last measurement result in reversal of any nonaccretable difference (or allowance for loan losses to the extent any has previously been recorded) with a prospective positive impact on interest income. Decreases to the expected cash flows result in an increase in the allowance for loan losses through provision expense. FHN does not report PCI loans as nonperforming loans due to the accretion of interest income. Additionally, PCI loans that have been pooled and subsequently modified will not be reported as troubled debt restructurings since the pool is the unit of measurement. |
Allowance for Loan Losses | Allowance for Loan Losses. The ALLL is maintained at a level that management determines is sufficient to absorb estimated probable incurred losses in the loan portfolio. The ALLL is increased by the provision for loan losses and loan recoveries and is decreased by loan charge-offs. The ALLL is determined in accordance with ASC 450-20-50 "Contingencies - Accruals for Loss Contingencies" and is composed of reserves for commercial loans evaluated based on pools of credit graded loans and reserves for pools of smaller-balance homogeneous consumer and commercial loans. 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. Additionally, the ALLL includes specific reserves established in accordance with ASC 310-10-35 for loans determined by management to be individually impaired as well as reserves associated with PCI loans. Management uses analytical models to estimate probable incurred losses in the loan portfolio as of the balance sheet date. The models, which are primarily driven by historical losses, are carefully reviewed to identify trends that may not be captured in the historical loss factors used in the models. Management uses qualitative adjustments for those items not yet captured in the models like current events, recent trends in the portfolio, current underwriting guidelines, and local and macroeconomic trends, among other things. The nature of the process by which FHN determines the appropriate ALLL requires the exercise of considerable judgment. See Note 5 - Allowance for Loan Losses for a discussion of FHN’s ALLL methodology and a description of the models utilized in the estimation process for the commercial and consumer loan portfolios. Key components of the estimation process are as follows: (1) commercial loans determined by management to be individually impaired loans are evaluated individually and specific reserves are determined based on the difference between the outstanding loan amount and the estimated net realizable value of the collateral (if collateral dependent), the present value of expected future cash flows or by observable market prices; (2) individual commercial loans not considered to be individually impaired are segmented based on similar credit risk characteristics and evaluated on a pool basis; (3) reserve rates for the commercial segment are calculated based on historical net charge-offs and are subject to adjustment by management to reflect current events, trends, and conditions (including economic considerations and trends); (4) management’s estimate of probable incurred losses reflects the reserve rates applied against the balance of loans in the commercial segment of the loan portfolio; (5) consumer loans are generally segmented based on loan type; (6) reserve amounts for each consumer portfolio segment are calculated using analytical models based on delinquency trends and net loss experience and are subject to adjustment by management to reflect current events, trends, and conditions (including economic considerations and trends); and (7) the reserve amount for each consumer portfolio segment reflects management’s estimate of probable incurred losses in the consumer segment of the loan portfolio. Impairment related to individually impaired loans is measured in accordance with ASC 310-10. For all commercial portfolio segments, commercial TDRs and other individually impaired commercial loans are measured based on the present value of expected future payments discounted at the loan’s effective interest rate (“the DCF method”), observable market prices, or for loans that are solely dependent on the collateral for repayment, the net realizable value (collateral value less estimated costs to sell). Impaired loans also include consumer TDRs. Future adjustments to the ALLL may be necessary if economic or other conditions differ substantially from the assumptions used in making the estimates or, if required by regulators, based upon information at the time of their examinations or upon future regulatory guidance. Such adjustments to original estimates, as necessary, are made in the period in which these factors and other relevant considerations indicate that loss levels vary from previous estimates. |
Premises and Equipment | Premises and Equipment. Premises and equipment are carried at cost less accumulated depreciation and amortization and include additions that materially extend the useful lives of existing premises and equipment. All other maintenance and repair expenditures are expensed as incurred. Premises and equipment held-for-sale are generally valued at appraised values which reference recent disposition values for similar property types but also consider marketability discounts for vacant properties. The valuations of premises and equipment held-for-sale are reduced by estimated costs to sell. Impairments, and any subsequent recoveries, are recorded in noninterest expense. Gains and losses on dispositions are reflected in noninterest income and expense, respectively. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the assets and are recorded as noninterest expense. Leasehold improvements are amortized over the lesser of the lease periods or the estimated useful lives using the straight-line method. Useful lives utilized in determining depreciation for furniture, fixtures and equipment and for buildings are three to fifteen and seven to forty-five years, respectively. |
Other Real Estate Owned (OREO) | Other Real Estate Owned ("OREO"). Real estate acquired by foreclosure or other real estate-owned consists of properties that have been acquired in satisfaction of debt. These properties are carried at the lower of the outstanding loan amount or estimated fair value less estimated costs to sell the real estate. At the time acquired, and in conjunction with the transfer from loans to OREO, there is a charge-off against the ALLL if the estimated fair value less costs to sell is less than the loan’s cost basis. Subsequent declines in fair value and gains or losses on dispositions, if any, are charged to All other expense on the Consolidated Statements of Income. Properties acquired by foreclosure in compliance with HUD servicing guidelines prior to January 1, 2015, are included in “OREO” and are carried at the estimated amount of the underlying government insurance or guarantee. On December 31, 2018, FHN had $2.9 million of these properties. Required developmental costs associated with acquired property under construction are capitalized and included in determining the estimated net realizable value of the property, which is reviewed periodically, and any write-downs are charged against current earnings. |
Intangible Assets | Intangible Assets. Intangible assets consist of “Other intangible assets” and “Goodwill.” Other intangible assets represent customer lists and relationships, acquired contracts, covenants not to compete and premium on purchased deposits, which are amortized over their estimated useful lives. Intangible assets related to acquired deposit bases are primarily amortized over 10 years using an accelerated method. Management evaluates whether events or circumstances have occurred that indicate the remaining useful life or carrying value of amortizing intangibles should be revised. Goodwill represents the excess of cost over net assets of acquired businesses less identifiable intangible assets. On an annual basis, FHN assesses goodwill for impairment. |
Derivative Financial Instruments | Derivative Financial Instruments. FHN accounts for derivative financial instruments in accordance with ASC 815 which requires recognition of all derivative instruments on the balance sheet as either an asset or liability measured at fair value through adjustments to either accumulated other comprehensive income within shareholders’ equity or current earnings. Fair value is defined as the price that would be received to sell a derivative asset or paid to transfer a derivative liability in an orderly transaction between market participants on the transaction date. Fair value is determined using available market information and appropriate valuation methodologies. FHN has elected to present its derivative assets and liabilities gross on the Consolidated Statements of Condition. Amounts of collateral posted or received have not been netted with the related derivatives unless the collateral amounts are considered legal settlements of the related derivative positions. See Note 22 - Derivatives for discussion on netting of derivatives. FHN prepares written hedge documentation, identifying the risk management objective and designating the derivative instrument as a fair value hedge or cash flow hedge as applicable, or as a free-standing derivative instrument entered into as an economic hedge or to meet customers’ needs. All transactions designated as ASC 815 hedges must be assessed at inception and on an ongoing basis as to the effectiveness of the derivative instrument in offsetting changes in fair value or cash flows of the hedged item. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recognized currently in earnings. For a cash flow hedge, changes in the fair value of the derivative instrument are recorded in accumulated other comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. Prior to 2018, ineffectiveness in debt and cash flow hedges was recorded in noninterest expense. Starting in 2018, for fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of effectiveness is recorded to the same financial statement line item (e.g., interest expense) used to present the earnings effect of the hedged item. For cash flow hedges, the entire fair value change of the hedging instrument that is included in the assessment of hedge effectiveness is initially recorded in other comprehensive income and later recycled into earnings as the hedged transaction(s) affect net income with the income statement effects recorded in the same financial statement line item used to present the earnings effect of the hedged item (e.g., interest income). For free-standing derivative instruments, changes in fair values are recognized currently in earnings. See Note 22 - Derivatives for additional information. Cash flows from derivative contracts are reported as operating activities on the Consolidated Statements of Cash Flows. |
Advertising and Public Relations | Advertising and Public Relations. Advertising and public relations costs are generally expensed as incurred. |
Income Taxes | Income Taxes. FHN accounts for income taxes using the asset and liability method pursuant to ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets ("DTAs") and liabilities ("DTLs") for the expected future tax consequences of events that have been included in the financial statements. Under this method, FHN’s deferred tax assets and liabilities are determined based on differences between financial statement carrying amounts and the corresponding tax basis of certain assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in income in the period that includes the enactment date. Additionally, DTAs are subject to a “more likely than not” test to determine whether the full amount of the DTAs should be recognized in the financial statements. FHN evaluates the likelihood of realization of the DTA based on both positive and negative evidence available at the time, including (as appropriate) scheduled reversals of DTLs, projected future taxable income, tax planning strategies, and recent financial performance. If the “more likely than not” test is not met, a valuation allowance must be established against the DTA. In the event FHN determines that DTAs are realizable in the future in excess of their net recorded amount, FHN would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. FHN records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it is determined whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority is recognized. FHN's ASC 740 policy is to recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. Accrued interest and penalties are included within the related tax asset/liability line in the consolidated balance sheet. FHN and its eligible subsidiaries are included in a consolidated federal income tax return. FHN files separate returns for subsidiaries that are not eligible to be included in a consolidated federal income tax return. Based on the laws of the applicable state where it conducts business operations, FHN either files consolidated, combined, or separate returns. The federal tax returns for Capital Bank Financial Corporation for 2010 - 2012 are under examination by the IRS. With few exceptions, FHN returns are no longer subject to federal or state and local tax examinations by tax authorities for years before 2013. FHN is currently under federal examination for 2013-2015 and is also under examination in several states. |
Earnings per Share | Earnings per Share. Earnings per share is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding for each period. Diluted earnings per share in net income periods is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding adjusted to include the number of additional common shares that would have been outstanding if the potential dilutive common shares resulting from performance shares and units, restricted shares and units, and options granted under FHN’s equity compensation plans and deferred compensation arrangements had been issued. FHN utilizes the treasury stock method in this calculation. Diluted earnings per share does not reflect an adjustment for potentially dilutive shares in periods in which a net loss available to common shareholders exists. |
Equity Compensation | Equity Compensation. FHN accounts for its employee stock-based compensation plans using the grant date fair value of an award to determine the expense to be recognized over the life of the award. Stock options are valued using an option-pricing model, such as Black-Scholes. Restricted and performance shares and share units are valued at the stock price on the grant date. Awards with post-vesting transfer restrictions are discounted using models that reflect market considerations for illiquidity. For awards with service vesting criteria, expense is recognized using the straight-line method over the requisite service period (generally the vesting period). Forfeitures are recognized when they occur. For awards vesting based on a performance measure, anticipated performance is projected to determine the number of awards expected to vest, and the corresponding aggregate expense is adjusted to reflect the elapsed portion of the performance period. If a performance period extends beyond the required service term, total expense is adjusted for changes in estimated achievement through the end of the performance period. The fair value of equity awards with cash payout requirements, as well as awards for which fair value cannot be estimated at grant date, is remeasured each reporting period through vesting date. Performance awards with pre-grant date achievement criteria are expensed over the period from the start of the performance period through the end of the service vesting term. Awards are amortized using the nonsubstantive vesting methodology which requires that expense associated with awards having only service vesting criteria that continue vesting after retirement be recognized over a period ending no later than an employee’s retirement eligibility date. |
Repurchase and Foreclosure Provision | Repurchase and Foreclosure Provision. The repurchase and foreclosure provision is the charge to earnings necessary to maintain the liability at a level that reflects management’s best estimate of losses associated with the repurchase of loans previously transferred in whole loans sales or securitizations, or make whole requests as of the balance sheet date. See Note 17 - Contingencies and Other Disclosures for discussion related to FHN’s obligations to repurchase such loans. |
Legal Costs | Legal Costs. Generally, legal costs are expensed as incurred. |
Contingency Accruals | Contingency Accruals. Contingent liabilities arise in the ordinary course of business, including those related to lawsuits, arbitration, mediation, and other forms of litigation. FHN establishes loss contingency liabilities for matters when loss is both probable and reasonably estimable in accordance with ASC 450-20-50 “Contingencies - Accruals for Loss Contingencies”. If loss for a matter is probable and a range of possible loss outcomes is the best estimate available, accounting guidance generally requires a liability to be established at the low end of the range. Expected recoveries from insurance and indemnification arrangements are recognized if they are considered equally as probable and reasonably estimable as the related loss contingency up to the recognized amount of the estimated loss. Gain contingencies and expected recoveries from insurance and indemnification arrangements in excess of the associated recorded estimated losses are recognized when received. Recognized recoveries are recorded as offsets to the related expense in the Consolidated Statements of Income. The favorable resolution of a gain contingency generally results in the recognition of other income in the Consolidated Statements of Income. Contingencies assumed in business combinations are evaluated through the end of the one-year post-closing measurement period. If the acquisition-date fair value of the contingency can be determined during the measurement period, recognition occurs as part of the acquisition-date fair value of the acquired business. If the acquisition-date fair value of the contingency cannot be determined, but loss is considered probable as of the acquisition date and can be reasonably estimated within the measurement period, then the estimated amount is recorded within acquisition accounting. If the requirements for inclusion of the contingency as part of the acquisition are not met, subsequent recognition of the contingency is included in earnings. |
Summary of Accounting Changes and Accounting Changes Issued but Not Currently Effective | Summary of Accounting Changes. Effective January 1, 2018, FHN adopted the provisions of ASU 2014-09, “Revenue from Contracts with Customers,” and all related amendments to all contracts using a modified retrospective transaction method. ASU 2014-09 does not change revenue recognition for financial assets. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This is accomplished through a five-step recognition framework involving 1) the identification of contracts with customers, 2) identification of performance obligations, 3) determination of the transaction price, 4) allocation of the transaction price to the performance obligations and 5) recognition of revenue as performance obligations are satisfied. Additionally, qualitative and quantitative information is required for disclosure regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In February 2016, the FASB issued ASU 2016-08, “Principal versus Agent Considerations,” which provides additional guidance on whether an entity should recognize revenue on a gross or net basis, based on which party controls the specified good or service before that good or service is transferred to a customer. In April 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing,” which clarifies the original guidance included in ASU 2014-09 for identification of the goods or services provided to customers and enhances the implementation guidance for licensing arrangements. ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients,” was issued in May 2016 to provide additional guidance for the implementation and application of ASU 2014-09. “Technical Corrections and Improvements” ASU 2016-20 was issued in December 2016 and provides further guidance on certain issues. FHN elected to adopt the provisions of the revenue recognition standards through the cumulative effect alternative and determined that there were no significant effects on the timing of recognition, which resulted in no cumulative effect adjustment being required. Beginning in first quarter 2018, in situations where FHN's broker-dealer operations serve as the lead underwriter, the associated revenues and expenses are presented gross. The effect on 2018 revenues and expenses was not significant. Effective January 1, 2018, FHN adopted the provisions of ASU 2017-05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” through the cumulative effect approach. ASU 2017-05 clarifies the meaning and application of the term "in substance nonfinancial asset" in transactions involving both financial and nonfinancial assets. If substantially all of the fair value of the assets that are promised to the counterparty in a contract are concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of revenue recognition guidance for nonfinancial assets. ASU 2017-05 also clarifies that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it with the amount of revenue recognized based on the allocation guidance provided in ASU 2014-09. ASU 2017-05 also requires an entity to derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it 1) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Topic 810 and 2) transfers control of the asset in accordance with the provisions of ASU 2014-09. Once an entity transfers control of a distinct nonfinancial asset or distinct in substance nonfinancial asset, it is required to measure any noncontrolling interest it receives (or retains) at fair value. FHN determined that there were no significant effects on the timing of revenue recognition, which resulted in no cumulative effect adjustment being required. Effective January 1, 2018, FHN adopted the provisions of ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 makes several revisions to the accounting, presentation and disclosure for financial instruments. Equity investments (except those accounted for under the equity method, those that result in consolidation of the investee, and those held by entities subject to specialized industry accounting which already apply fair value through earnings) are required to be measured at fair value with changes in fair value recognized in net income. This excludes FRB and FHLB stock holdings which are specifically exempted from the provisions of ASU 2016-01. An entity may elect to measure equity investments that do not have readily determinable market values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar instruments from the same issuer. ASU 2016-01 also requires a qualitative impairment review for equity investments without readily determinable fair values, with measurement at fair value required if impairment is determined to exist. For liabilities for which fair value has been elected, ASU 2016-01 revises current accounting to record the portion of fair value changes resulting from instrument-specific credit risk within other comprehensive income rather than earnings. FHN has not elected fair value accounting for any existing financial liabilities. Additionally, ASU 2016-01 clarifies that the need for a valuation allowance on a deferred tax asset related to available-for-sale securities should be assessed in combination with all other deferred tax assets rather than being assessed in isolation. ASU 2016-01 also makes several changes to existing fair value presentation and disclosure requirements, including a provision that all disclosures must use an exit price concept in the determination of fair value. Transition is through a cumulative effect adjustment to retained earnings for equity investments with readily determinable fair values. Equity investments without readily determinable fair values, for which the accounting election is made, had any initial fair value marks recorded through earnings prospectively after adoption. Upon adoption, FHN reclassified $265.9 million of equity investments out of AFS securities to Other assets, leaving only debt securities within the AFS classification. FHN evaluated the nature of its current equity investments (excluding FRB and FHLB stock holdings which are specifically exempted from the provisions of ASU 2016-01) and determined that substantially all qualified for the election available to assets without readily determinable fair values. Accordingly, FHN has applied this election and any future fair value marks for these investments will be recognized through earnings on a prospective basis subsequent to adoption. The requirements of ASU 2016-01 related to assessment of deferred tax assets and disclosure of the fair value of financial instruments did not have a significant effect on FHN because its current accounting and disclosure practices conform to the requirements of ASU 2016-01. Effective January 1, 2018, FHN adopted the provisions of ASU 2016-04, “Recognition of Breakage of Certain Prepaid Stored-Value Products,” which indicates that liabilities related to the sale of prepaid stored-value products are considered financial liabilities and should have a breakage estimate applied for estimated unused funds. ASU 2016-04 does not apply to stored-value products that can only be redeemed for cash, are subject to escheatment or are linked to a segregated bank account. The adoption of ASU 2016-04 did not have a significant effect on FHN’s current accounting and disclosure practices. Effective January 1, 2018, FHN adopted the provisions of ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” which clarifies multiple cash flow presentation issues including providing guidance as to classification on the cash flow statement for certain cash receipts and cash payments where diversity in practice exists. The adoption of ASU 2016-15 was applied retroactively resulting in proceeds from bank-owned life insurance (“BOLI”) being classified as an investing activity rather than their prior classification as an operating activity. All of these amounts are included in Other assets in the Consolidated Statement of Condition. The amounts reclassified are presented in the table below. Fiscal Years Ended December 31 (Dollars in thousands) 2017 2016 Proceeds from BOLI $ 11,440 $ 2,740 Effective January 1, 2018, FHN retroactively adopted the provisions of ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires the disaggregation of the service cost component from the other components of net benefit cost for pension and postretirement plans. Service cost must be included in the same income statement line item as other compensation-related expenses. All other components of net benefit cost are required to be presented in the income statement separately from the service cost component, with disclosure of the line items where these amounts are recorded. FHN’s disclosures for pension and postretirement costs provide details of the service cost and all other components for expenses recognized for its applicable benefit plans. All of these amounts were previously included in Employee compensation, incentives, and benefits expense in the Consolidated Statements of Income. Upon adoption of ASU 2017-07 FHN reclassified the expense components other than service cost into All other expense and revised its disclosures accordingly. The amounts reclassified are presented in the table below. Fiscal Years Ended December 31 ( Dollars in thousands ) 2017 2016 Net periodic benefit cost/(credit) reclassified $ 1,946 $ (843 ) Effective January 1, 2018, FHN early adopted the provisions of ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities,” which shortens the amortization period for securities that have explicit, noncontingent call features that are callable at fixed prices and on preset dates. In contrast to the current requirement for premium amortization to extend to the contractual maturity date, ASU 2017-08 requires the premium to be amortized to the earliest call date. ASU 2017-08 does not change the amortization of discounts, which will continue to be amortized to maturity. The new guidance does not apply to either 1) debt securities where the prepayment date is not preset or the price is not known in advance or 2) debt securities that qualify for amortization based on estimated prepayment rates. The adoption of ASU 2017-08 did not have an effect on FHN's investments. Effective January 1, 2018, FHN early adopted the provisions of ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which revises the financial reporting for hedging relationships through changes to both the designation and measurement requirements for qualifying hedge relationships and the presentation of hedge results. ASU 2017-12 expands permissible risk component hedging strategies, including the designation of a contractually specified interest rate (e.g., a bank’s prime rate) in hedges of cash flows from variable rate financial instruments. Additionally, ASU 2017-12 makes significant revisions to fair value hedging activities, including the ability to measure the fair value changes for a hedged item solely for changes in the benchmark interest rate, permitting partial-term hedges, limiting consideration of prepayment risk for hedged debt instruments solely to the effects of changes in the benchmark interest rate and allowing for certain hedging strategies to be applied to closed portfolios of prepayable debt instruments. ASU 2017-12 also provides elections for the exclusion of certain portions of a hedging instrument’s change in fair value from the assessment of hedge effectiveness. If elected, the fair value changes of these excluded components may be recognized immediately or recorded into other comprehensive income with recycling into earnings using a rational and systematic methodology over the life of the hedging instrument. Under ASU 2017-12 some of the documentation requirements for hedge accounting relationships are relaxed, but the highly effective threshold has been retained. Hedge designation documentation and a prospective qualitative assessment are still required at hedge inception, but the initial quantitative analysis may be delayed until the end of the quarter the hedge is commenced. If certain criteria are met, an election can be made to perform future effectiveness assessments using a purely qualitative methodology. ASU 2017-12 also revises the income statement presentation requirements for hedging activities. For fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of effectiveness is recorded to the same income statement line item used to present the earnings effect of the hedged item. For cash flow hedges, the entire fair value change of the hedging instrument that is included in the assessment of hedge effectiveness is initially recorded in other comprehensive income and later recycled into earnings as the hedged transaction(s) affect net income with the income statement effects recorded in the same financial statement line item used to present the earnings effect of the hedged item. ASU 2017-12 also makes revisions to the current disclosure requirements for hedging activities to reflect the presentation of hedging results consistent with the changes to income statement classification and to improve the disclosure of the hedging results on the balance sheet. FHN early adopted the provisions of ASU 2017-12 in the first quarter of 2018. Prospectively, FHN is recording components of hedging results for its fair value and cash flow hedges previously recognized in other expense within either interest income or interest expense. Additionally, FHN made cumulative effect adjustments to the hedged items, accumulated other comprehensive income and retained earnings as of the beginning of 2018. The magnitude of the cumulative effect adjustments and prospective effects were insignificant for FHN’s hedge relationships. In August 2018, the FASB issued ASU 2018-13, “ Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement,” which makes multiple revisions to current disclosures requirements for fair value measurements. ASU 2018-13 removes the disclosure requirements for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of recognition for transfers between fair value levels and the discussion of valuation processes for Level 3 measurements. Additional disclosure is required for unrealized gains and losses recognized with accumulated other comprehensive income and the weighted average and range of unobservable inputs used in Level 3 measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted at an individual level for each removed or modified disclosure while adoption of other changes may be delayed until their effective date. FHN has elected early adoption for most of the disclosure revisions which are reflected in Note 24 - Fair Value of Assets and Liabilities. In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans,” which makes multiple revisions to the disclosure requirements for defined benefit pension and postretirement plans. ASU 2018-14 removes the disclosure requirements for 1) the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, 2) the amount and timing of plan assets expected to be returned to the employer, and 3) the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits. ASU 2018-14 adds disclosures for 1) the weighted-average interest crediting rates for plans with promised interest crediting rates, 2) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period, 3) the projected benefit obligation ("PBO") and fair value of plan assets for plans with PBOs in excess of plan assets and 4) the accumulated benefit obligation ("ABO") and fair value of plan assets for plans with ABOs in excess of plan assets. ASU 2018-14 is effective for fiscal years ending after December 15, 2020 with full retrospective presentation required. Early adoption is permitted. FHN has elected early adoption and the disclosure revisions are presented in Note 18 - Pensions, Savings and Other Employee Benefits. Accounting Changes Issued but Not Currently Effective 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 remaining lease terms as well as impairments of lease assets resulting from lease abandonments upon adoption. The adoption of ASU 2016-02 resulted in recognition of lease assets of approximately $196 million and lease liabilities of approximately $204 million along with smaller impacts to other balance sheet classifications as well as an after-tax increase in retained earnings of approximately $3 million , primarily reflecting the recognition of deferred gains associated with prior sale-leaseback transactions. 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. 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. 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. Early adoption is permitted in fiscal years beginning after December 15, 2018. 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 completed a gap analysis, established a formal governance structure for the project, selected loss estimation methodologies for material portfolio segments, selected a software solution to serve as its CECL platform, and are in the latter stages of model development activities. FHN intends to perform parallel runs in the latter half of 2019. 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 has elected early adoption of ASU 2018-15 effective January 1, 2019 using the prospective transition method and the effects of adoption are not significant. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Life Settlement Contracts | The amounts reclassified are presented in the table below. Fiscal Years Ended December 31 (Dollars in thousands) 2017 2016 Proceeds from BOLI $ 11,440 $ 2,740 |
Schedule of Net Benefit Costs | The amounts reclassified are presented in the table below. Fiscal Years Ended December 31 ( Dollars in thousands ) 2017 2016 Net periodic benefit cost/(credit) reclassified $ 1,946 $ (843 ) The components of net periodic benefit cost for the plan years 2018 , 2017 and 2016 are as follows: (Dollars in thousands) Total Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost Service cost $ 41 $ 37 $ 39 $ 133 $ 107 $ 110 Interest cost 27,877 29,380 31,216 1,309 1,305 1,292 Expected return on plan assets (32,897 ) (36,015 ) (39,123 ) (1,074 ) (947 ) (913 ) Amortization of unrecognized: Prior service cost/(credit) — 52 196 — 95 170 Actuarial (gain)/loss 12,102 9,521 8,141 (387 ) (567 ) (810 ) Net periodic benefit cost 7,123 2,975 469 (19 ) (7 ) (151 ) ASC 715 settlement expense — 43 — 99 — — Total periodic benefit costs $ 7,123 $ 3,018 $ 469 $ 80 $ (7 ) $ (151 ) |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of recognized assets acquired and liabilities assumed | The following schedule details acquired assets and liabilities and consideration paid, as well as adjustments to record the assets and liabilities at their estimated fair values as of April 3, 2017: Coastal Securities, Inc Purchase Accounting/ As Fair Value Acquired Adjustments As recorded (Dollars in thousands) (unaudited) (unaudited) by FHN Assets: Cash and cash equivalents $ 7,502 $ — $ 7,502 Interest-bearing cash 4,132 — 4,132 Trading securities 423,662 (284,580 ) 139,082 Loans held-for-sale — 236,088 236,088 Investment securities — 1,413 1,413 Other intangible assets, net — 27,300 27,300 Premises and equipment, net 1,229 — 1,229 Other assets 1,658 14 1,672 Total assets acquired $ 438,183 $ (19,765 ) $ 418,418 Liabilities: Securities sold under agreements to repurchase $ 201,595 $ — $ 201,595 Other short-term borrowings 33,509 — 33,509 Fixed income payables 143,647 (47,158 ) 96,489 Other liabilities 958 (642 ) 316 Total liabilities assumed 379,709 (47,800 ) 331,909 Net assets acquired $ 58,474 $ 28,035 86,509 Consideration paid: Cash (131,473 ) Goodwill $ 44,964 The following schedule details acquired assets and liabilities and consideration paid, as well as adjustments to record the assets and liabilities at their estimated fair values as of November 30, 2017. These fair value measurements are based on third party and internal valuations. Capital Bank Financial Corporation As Purchase Accounting/Fair Acquired Value Adjustments (unaudited) As recorded (Dollars in thousands) (unaudited) 2017 2018 (a) by FHN Assets: Cash and cash equivalents $ 205,999 $ — $ — $ 205,999 Trading securities 4,758 (4,758 ) (b) — — Loans held-for-sale — 134,003 (11,034 ) 122,969 Securities available-for-sale 1,017,867 175,526 — 1,193,393 Securities held-to-maturity 177,549 (177,549 ) — — Loans 7,596,049 (320,372 ) 867 7,276,544 Allowance for loan losses (45,711 ) 45,711 — — CBF Goodwill 231,292 (231,292 ) — — Other intangible assets 24,498 119,302 (2,593 ) 141,207 Premises and equipment 196,298 37,054 (9,470 ) 223,882 OREO 43,077 (9,149 ) (315 ) 33,613 Other assets 617,232 41,320 (c) (22,422 ) (c) 636,130 Total assets acquired $ 10,068,908 $ (190,204 ) $ (44,967 ) $ 9,833,737 Liabilities: Deposits $ 8,141,593 $ (849 ) $ (642 ) $ 8,140,102 Securities sold under agreements to repurchase 26,664 — — 26,664 Other short-term borrowings 390,391 — — 390,391 Term borrowings 119,486 67,683 — 187,169 Other liabilities 59,995 4,291 1,631 65,917 Total liabilities assumed 8,738,129 71,125 989 8,810,243 Net assets acquired $ 1,330,779 $ (261,329 ) $ (45,956 ) 1,023,494 Consideration paid: Equity (1,746,718 ) Cash (469,615 ) Total consideration paid (2,216,333 ) Goodwill $ 1,192,839 (a) Amounts reflect adjustments made to provisional fair value estimates during the measurement period ending November 30, 2018. These adjustments were recorded in FHN's Consolidated Statement of Condition in 2018 with a corresponding adjustment to goodwill. (b) Amount represents a conformity adjustment to align with FHN presentation. (c) Amount primarily relates to a net deferred tax asset recorded for the effects of the purchase accounting adjustments and adjustments for acquired tax contingencies. |
Schedule of business acquisition pro forma information | The following table presents financial information regarding the former CBF operations included in FHN's Consolidated Statements of Income from the date of acquisition (November 30, 2017) through December 31, 2017. Additionally, the table presents unaudited proforma information as if the acquisition of CBF had occurred on January 1, 2016: Actual from acquisition date through Unaudited Pro Forma for Year Ended December 31 (Dollars in thousands) December 31, 2017 2017 2016 Net interest income $ 31,253 $ 1,165,006 $ 1,033,218 Noninterest income 6,192 563,581 638,493 Pre-tax income 16,534 476,911 458,667 Net income available to common shareholders (a) NM 274,416 293,981 (a) Net income available to common shareholders is not meaningful for actual CBF results from the acquisition date through December 31, 2017 because of the effect of tax reform. |
Schedule of merger and integration expense | Total CBF merger and integration expense recognized for the years ended December 31, 2018 and 2017 are presented in the table below: Twelve Months Ended (Dollars in thousands) 2018 2017 Professional fees (a) $ 22,337 $ 28,151 Employee compensation, incentives and benefits (b) 9,613 17,077 Contract employment and outsourcing (c) 3,681 1,270 Occupancy (d) 5,236 15 Miscellaneous expense (e) 7,652 1,291 All other expense (f) 43,874 8,944 Total $ 92,393 $ 56,748 (a) Primarily comprised of fees for legal, accounting, investment bankers, 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 fees associated with lease exit accruals. (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, costs of shareholder matters and asset impairments related to the integration, as well as other miscellaneous expenses. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities [Abstract] | |
Schedule Of FHN's Investment Securities | The following tables summarize FHN’s investment securities on December 31, 2018 and 2017: 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 mortgage-backed securities (“MBS”) 2,473,687 4,819 (58,400 ) 2,420,106 Government agency issued collateralized mortgage obligations (“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 24 - 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. December 31, 2017 (Dollars in thousands) Amortized Gross Gross Fair Securities available-for-sale: U.S. treasuries $ 100 $ — $ (1 ) $ 99 Government agency issued MBS 2,580,442 10,538 (13,604 ) 2,577,376 Government agency issued CMO 2,302,439 1,691 (34,272 ) 2,269,858 Corporates and other debt 55,799 23 (40 ) 55,782 Equity and other (a) 265,863 7 — 265,870 $ 5,204,643 $ 12,259 $ (47,917 ) 5,168,985 AFS securities recorded at fair value through earnings: SBA-interest only strips (b) 1,270 Total securities available-for-sale (c) $ 5,170,255 Securities held-to-maturity: Corporates and other debt $ 10,000 $ — $ (99 ) $ 9,901 Total securities held-to-maturity $ 10,000 $ — $ (99 ) $ 9,901 (a) Includes restricted investments in FHLB-Cincinnati stock of $87.9 million and FRB stock of $134.6 million . The remainder is money market, mutual funds, and cost method investments. Equity investments were reclassified to Other assets upon adoption of ASU 2016-01 on January 1, 2018. (b) SBA-interest only strips are recorded at elected fair value. See Note 24 - Fair Value of Assets and Liabilities for additional information. (c) Includes $4.0 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 December 31, 2018 are provided below: Held-to-Maturity Available-for-Sale (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year $ — $ — $ 15,125 $ 15,008 After 1 year; within 5 years — — 189,408 190,217 After 5 years; within 10 years 10,000 9,843 755 3,445 After 10 years — — 31,718 38,999 Subtotal 10,000 9,843 237,006 247,669 Government agency issued MBS and CMO (a) — — 4,480,175 4,378,801 Total $ 10,000 $ 9,843 $ 4,717,181 $ 4,626,470 (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 years ended December 31: Equity securities are included for periods prior to 2018. Available-for-Sale (Dollars in thousands) 2018 2017 2016 Gross gains on sales of securities $ 52 $ 2,514 $ 5,754 Gross (losses) on sales of securities — (1,922 ) (4,213 ) Net gain/(loss) on sales of securities (a) (b) 52 592 1,541 OTTI recorded (c) — — (200 ) Total securities gain/(loss), net $ 52 $ 592 $ 1,341 (a) Cash proceeds from the sale of available-for-sale securities during 2018 were not material. Cash proceeds from sales during 2017 and 2016 were $937.0 million and $444.2 million , respectively. 2016 includes a $1.5 million net gain from exchanges of approximately $736 million of AFS debt securities. (b) 2017 includes a $.4 million gain associated with the call of a $4.4 million held-to-maturity municipal bond. (c) OTTI recorded is related to equity securities. |
Schedule Of Investments Within The Available For Sale Portfolio That Had Unrealized Losses | The following tables provide information on investments within the available-for-sale portfolio that had unrealized losses as of December 31, 2018 and 2017: 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 ) As of December 31, 2017 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 $ 99 $ (1 ) $ — $ — $ 99 $ (1 ) Government agency issued MBS 1,455,476 (4,738 ) 331,900 (8,866 ) 1,787,376 (13,604 ) Government agency issued CMO 1,043,987 (7,464 ) 832,173 (26,808 ) 1,876,160 (34,272 ) Corporates and other debt 15,294 (40 ) — — 15,294 (40 ) Total temporarily impaired securities $ 2,514,856 $ (12,243 ) $ 1,164,073 $ (35,674 ) $ 3,678,929 $ (47,917 ) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 and 2017 : December 31 (Dollars in thousands) 2018 2017 Commercial: Commercial, financial, and industrial $ 16,514,328 $ 16,057,273 Commercial real estate 4,030,870 4,214,695 Consumer: Consumer real estate (a) 6,249,516 6,479,242 Permanent mortgage 222,448 287,820 Credit card & other 518,370 619,899 Loans, net of unearned income $ 27,535,532 $ 27,658,929 Allowance for loan losses 180,424 189,555 Total net loans $ 27,355,108 $ 27,469,374 Certain previously reported amounts have been reclassified to agree with current presentation. (a) Balances as of December 31, 2018 and 2017 , include $16.2 million and $24.2 million of restricted real estate loans, respectively. See Note 21—Variable Interest Entities for additional information. |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following tables reflect FHN's contractually required payments receivable, cash flows expected to be collected and the fair value of the acquired loans at the acquisition date of November 30, 2017. Non-PCI Loans (Dollars in thousands) November 30, 2017 Contractually required payments including interest $ 9,182,610 Less : expected losses and foregone interest (801,546 ) Cash flows expected to be collected 8,381,064 Fair value of loans acquired (a) $ 7,220,094 (a) Includes $117.1 million of loans held-for-sale . PCI Loans (Dollars in thousands) November 30, 2017 Contractually required payments including interest $ 258,950 Less : nonaccretable difference (77,022 ) Cash flows expected to be collected 181,928 Less : accretable yield (14,271 ) Fair value of loans acquired (a) $ 167,657 (a) Includes $4.7 million of loans held-for-sale. |
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 year ended December 31, 2018 and 2017 : Year Ended December 31 (Dollars in thousands) 2018 2017 Balance, beginning of period $ 15,623 $ 6,871 Addition — 13,957 Accretion (9,467 ) (3,564 ) Adjustment for payoffs (3,896 ) (1,917 ) Adjustment for charge-offs (1,115 ) (45 ) Adjustment for pool excess recovery (a) (123 ) (222 ) Increase in accretable yield (b) 12,791 467 Disposals (240 ) — Other (198 ) 76 Balance, end of period $ 13,375 $ 15,623 (a) Represents the removal of accretable difference for the remaining loans in a pool which is now in a recovery state. (b) Includes changes in the accretable yield due to both transfers from the nonaccretable difference and the impact of changes in the expected timing 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 December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 (Dollars in thousands) Carrying value Unpaid balance Carrying value Unpaid balance Commercial, financial and industrial $ 38,873 $ 44,259 $ 96,598 $ 109,280 Commercial real estate 15,197 17,232 36,107 41,488 Consumer real estate 30,723 34,820 38,176 42,568 Credit card and other 1,627 1,879 5,500 6,351 Total $ 86,420 $ 98,190 $ 176,381 $ 199,687 |
Information By Class Related To Individually Impaired Loans | The following tables provide information at December 31, 2018 and 2017 , 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. December 31, 2018 (Dollars in thousands) Recorded Unpaid Related Average Recorded Interest Impaired loans with no related allowance recorded: Commercial: General C&I (a) $ 42,902 $ 45,387 $ — $ 24,186 $ 757 Income CRE 1,589 1,589 — 1,434 51 Residential CRE $ — $ — $ — $ 374 $ — Total $ 44,491 $ 46,976 $ — $ 25,994 $ 808 Consumer: HELOC (b) $ 8,645 $ 16,648 $ — $ 8,723 $ — R/E installment loans (b) 4,314 4,796 — 4,300 — Permanent mortgage (b) 3,601 6,003 — 4,392 — Total $ 16,560 $ 27,447 $ — $ 17,415 $ — Impaired loans with related allowance recorded: Commercial: General C&I $ 2,802 $ 2,802 $ 149 $ 16,011 $ — TRUPS 2,888 3,700 925 2,981 — Income CRE 377 377 — 348 10 Residential CRE — — — 99 — Total $ 6,067 $ 6,879 $ 1,074 $ 19,439 $ 10 Consumer: HELOC $ 66,482 $ 69,610 $ 11,241 $ 69,535 $ 2,273 R/E installment loans 38,993 39,851 6,743 40,118 1,024 Permanent mortgage 67,245 78,010 9,419 73,259 2,290 Credit card & other 695 695 337 626 14 Total $ 173,415 $ 188,166 $ 27,740 $ 183,538 $ 5,601 Total commercial $ 50,558 $ 53,855 $ 1,074 $ 45,433 $ 818 Total consumer $ 189,975 $ 215,613 $ 27,740 $ 200,953 $ 5,601 Total impaired loans $ 240,533 $ 269,468 $ 28,814 $ 246,386 $ 6,419 (a) In Q1 2018, the allowance for TDRs within the commercial portfolio was removed. (b) All discharged bankruptcy loans are charged down to an estimate of net realizable value and do not carry any allowance. December 31, 2017 (Dollars in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance recorded: Commercial: General C&I $ 8,183 $ 17,372 $ — $ 7,810 $ — Income CRE — — — — — Total $ 8,183 $ 17,372 $ — $ 7,810 $ — Consumer: HELOC (a) $ 9,258 $ 19,193 $ — $ 10,374 $ — R/E installment loans (a) 4,093 4,663 — 4,076 — Permanent mortgage (a) 5,132 7,688 — 5,602 — Total $ 18,483 $ 31,544 $ — $ 20,052 $ — Impaired loans with related allowance recorded: Commercial: General C&I $ 31,774 $ 38,256 $ 5,119 $ 29,183 $ 773 TRUPS 3,067 3,700 925 3,139 — Income CRE 1,612 1,612 49 1,695 52 Residential CRE 795 1,263 83 1,106 10 Total $ 37,248 $ 44,831 $ 6,176 $ 35,123 $ 835 Consumer: HELOC $ 72,469 $ 75,207 $ 14,382 $ 77,454 $ 2,261 R/E installment loans 43,075 43,827 8,793 48,473 1,246 Permanent mortgage 79,662 90,934 12,105 81,422 2,455 Credit card & other 593 593 311 406 11 Total $ 195,799 $ 210,561 $ 35,591 $ 207,755 $ 5,973 Total commercial $ 45,431 $ 62,203 $ 6,176 $ 42,933 $ 835 Total consumer $ 214,282 $ 242,105 $ 35,591 $ 227,807 $ 5,973 Total impaired loans $ 259,713 $ 304,308 $ 41,767 $ 270,740 $ 6,808 (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 December 31, 2018 and 2017 : 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 $20.2 million valuation allowance. Based on the underlying structure of the notes, the highest possible internal grade was “ 13 ” prior to second quarter 2018. In second quarter 2018, this portfolio was re-graded to align with its scorecard grading methodologies which resulted in upgrades to a majority of this portfolio. In 3Q18, FHN sold $55.5 million of TRUPS loans with a $5.0 million valuation allowance. Upon sale, a gain of $3.8 million was recognized in the Non-Strategic segment within Fixed Income in the Consolidated Statement of Income. An additional TRUPS loan with a principal balance of $3.0 million and a valuation of $.3 million was paid off in fourth quarter 2018. December 31, 2017 (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 $ 536,244 $ — $ — $ 2,500 $ — $ 538,744 3 % $ 70 2 877,635 — — 1,798 69 879,502 4 339 3 582,224 652,982 — 210,073 40 1,445,319 7 272 4 959,581 629,432 — 309,699 — 1,898,712 9 854 5 1,461,632 328,477 — 415,764 2,474 2,208,347 11 7,355 6 1,668,247 335,169 — 456,706 3,179 2,463,301 12 10,495 7 2,257,400 47,720 — 554,590 9,720 2,869,430 14 13,490 8 1,092,994 35,266 — 241,938 6,454 1,376,652 7 21,831 9 2,633,854 70,915 — 1,630,176 61,475 4,396,420 22 9,804 10 373,537 — — 43,297 4,590 421,424 2 8,808 11 226,382 — — 31,785 2,936 261,103 1 6,784 12 409,838 — — 156,717 6,811 573,366 3 5,882 13 202,613 — 303,848 15,707 268 522,436 3 7,265 14,15,16 228,852 — — 6,587 823 236,262 1 24,400 Collectively evaluated for impairment 13,511,033 2,099,961 303,848 4,077,337 98,839 20,091,018 99 117,649 Individually evaluated for impairment 39,957 — 3,067 1,612 795 45,431 — 6,176 Purchased credit-impaired loans 99,407 — — 31,615 4,497 135,519 1 2,813 Total commercial loans $ 13,650,397 $ 2,099,961 $ 306,915 $ 4,110,564 $ 104,131 $ 20,271,968 100 % $ 126,638 (a) Balances presented net of a $25.5 million valuation allowance. Based on the underlying structure of the notes, the highest possible internal grade was “ 13 ” prior to second quarter 2018. In second quarter 2018, this portfolio was re-graded to align with its scorecard grading methodologies which resulted in upgrades to a majority of this portfolio |
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 December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 HELOC R/E Installment Loans Permanent Mortgage HELOC R/E Installment Loans Permanent Mortgage FICO score 740 or greater 61.4 % 71.3 % 51.8 % 60.0 % 73.1 % 46.4 % FICO score 720-739 8.5 8.8 7.6 8.7 8.0 12.8 FICO score 700-719 7.6 7.0 10.6 8.3 6.4 9.2 FICO score 660-699 10.9 7.6 14.7 11.1 7.2 14.8 FICO score 620-659 5.1 2.8 6.5 4.9 2.8 7.3 FICO score less than 620 (a) 6.5 2.5 8.8 7.0 2.5 9.5 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 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 $ 101,876 $ 11,831 $ 34,042 $ 147,749 $ 27,535,532 (a) TRUPS is presented net of the valuation allowance of $20.2 million . The following table reflects accruing and non-accruing loans by class on December 31, 2017 : 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 $ 13,514,752 $ 8,057 $ 95 $ 13,522,904 $ 1,761 $ 7,019 $ 19,306 $ 28,086 $ 13,550,990 Loans to mortgage companies 2,099,961 — — 2,099,961 — — — — 2,099,961 TRUPS (a) 303,848 — — 303,848 — — 3,067 3,067 306,915 Purchased credit-impaired loans 77,843 2,207 19,357 99,407 — — — — 99,407 Total commercial (C&I) 15,996,404 10,264 19,452 16,026,120 1,761 7,019 22,373 31,153 16,057,273 Commercial real estate: Income CRE 4,077,106 1,240 — 4,078,346 56 — 546 602 4,078,948 Residential CRE 98,844 — — 98,844 — — 791 791 99,635 Purchased credit-impaired loans 31,173 2,686 2,253 36,112 — — — — 36,112 Total commercial real estate 4,207,123 3,926 2,253 4,213,302 56 — 1,337 1,393 4,214,695 Consumer real estate: HELOC 1,743,776 17,744 9,702 1,771,222 40,508 3,626 8,354 52,488 1,823,710 R/E installment loans 4,587,156 7,274 3,573 4,598,003 14,439 1,957 2,603 18,999 4,617,002 Purchased credit-impaired loans 35,356 2,016 1,158 38,530 — — — — 38,530 Total consumer real estate 6,366,288 27,034 14,433 6,407,755 54,947 5,583 10,957 71,487 6,479,242 Permanent mortgage 254,040 3,930 3,460 261,430 13,245 1,052 12,093 26,390 287,820 Credit card & other: Credit card 193,940 1,371 1,053 196,364 — — — — 196,364 Other 415,070 2,666 103 417,839 31 — 165 196 418,035 Purchased credit-impaired loans 2,993 1,693 814 5,500 — — — — 5,500 Total credit card & other 612,003 5,730 1,970 619,703 31 — 165 196 619,899 Total loans, net of unearned income $ 27,435,858 $ 50,884 $ 41,568 $ 27,528,310 $ 70,040 $ 13,654 $ 46,925 $ 130,619 $ 27,658,929 Certain previously reported amounts have been reclassified to agree with current presentation. (a) TRUPS is presented net of the valuation allowance of $25.5 million . |
Schedule Of Troubled Debt Restructurings Occurring During The Year | The following tables reflect portfolio loans that were classified as TDRs during the year ended December 31, 2018 and 2017 : 2018 2017 (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 9 $ 27,639 $ 27,190 5 $ 1,095 $ 1,086 Total commercial (C&I) 9 27,639 27,190 5 1,095 1,086 Commercial real estate: Income CRE 4 643 637 1 199 198 Total commercial real estate 4 643 637 1 199 198 Consumer real estate: HELOC 103 9,406 9,283 143 12,739 12,422 R/E installment loans 92 8,077 7,848 53 4,092 4,027 Total consumer real estate 195 17,483 17,131 196 16,831 16,449 Permanent mortgage 8 1,001 1,184 34 5,078 5,045 Credit card & other 132 604 570 91 572 550 Total troubled debt restructurings 348 $ 47,370 $ 46,712 327 $ 23,775 $ 23,328 |
Schedule Of Troubled Debt Restructurings Within The Previous 12 Months | The following tables present TDRs which re-defaulted during 2018 and 2017 , 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. 2018 2017 (Dollars in thousands) Number Recorded Investment Number Recorded Investment Commercial (C&I): General C&I 2 $ 579 5 $ 11,498 Total commercial (C&I) 2 579 5 11,498 Commercial real estate: Income CRE — — 1 88 Total commercial real estate — — 1 88 Consumer real estate: HELOC 6 239 5 776 R/E installment loans 2 146 — — Total consumer real estate 8 385 5 776 Permanent mortgage 6 749 3 715 Credit card & other 49 239 10 77 Total troubled debt restructurings 65 $ 1,952 24 $ 13,154 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 , 2017 and 2016: (Dollars in thousands) C&I Commercial Real Estate Consumer Real Estate Permanent Mortgage Credit Card and Other Total Balance as of January 1, 2018 $ 98,211 $ 28,427 $ 39,823 $ 13,113 $ 9,981 $ 189,555 Charge-offs (15,492 ) (783 ) (9,357 ) (477 ) (19,688 ) (45,797 ) Recoveries 4,201 339 19,666 1,421 4,039 29,666 Provision/(provision credit) for loan losses 12,027 3,328 (23,693 ) (3,057 ) 18,395 7,000 Balance as of December 31, 2018 98,947 31,311 26,439 11,000 12,727 180,424 Allowance - individually evaluated for impairment 1,074 — 17,984 9,419 337 28,814 Allowance - collectively evaluated for impairment 95,050 31,311 7,368 1,581 12,263 147,573 Allowance - purchased credit-impaired loans 2,823 — 1,087 — 127 4,037 Loans, net of unearned as of December 31, 2018: Individually evaluated for impairment 48,592 1,966 118,434 70,846 695 240,533 Collectively evaluated for impairment 16,424,006 4,013,741 6,099,272 151,602 515,921 27,204,542 Purchased credit-impaired loans 41,730 15,163 31,810 — 1,754 90,457 Total loans, net of unearned income $ 16,514,328 $ 4,030,870 $ 6,249,516 $ 222,448 $ 518,370 $ 27,535,532 Balance as of January 1, 2017 $ 89,398 $ 33,852 $ 51,424 $ 15,222 $ 12,172 $ 202,068 Charge-offs (17,657 ) (195 ) (13,156 ) (2,179 ) (13,207 ) (46,394 ) Recoveries 4,568 966 22,723 2,509 3,115 33,881 Provision/(provision credit) for loan losses 21,902 (6,196 ) (21,168 ) (2,439 ) 7,901 — Balance as of December 31, 2017 98,211 28,427 39,823 13,113 9,981 189,555 Allowance - individually evaluated for impairment 6,044 132 23,175 12,105 311 41,767 Allowance - collectively evaluated for impairment 89,358 28,291 16,293 1,008 9,670 144,620 Allowance - purchased credit-impaired loans 2,809 4 355 — — 3,168 Loans, net of unearned as of December 31, 2017: Individually evaluated for impairment 43,024 2,407 128,895 84,794 593 259,713 Collectively evaluated for impairment 15,909,110 4,181,908 6,311,817 203,026 613,806 27,219,667 Purchased credit-impaired loans 105,139 30,380 38,530 — 5,500 179,549 Total loans, net of unearned income $ 16,057,273 $ 4,214,695 $ 6,479,242 $ 287,820 $ 619,899 $ 27,658,929 Balance as of January 1, 2016 $ 73,637 $ 25,159 $ 80,662 $ 18,899 $ 11,885 $ 210,242 Charge-offs (18,460 ) (1,371 ) (21,993 ) (1,591 ) (14,224 ) (57,639 ) Recoveries 6,795 1,927 23,719 2,403 3,621 38,465 Provision/(provision credit) for loan losses 27,426 8,137 (30,964 ) (4,489 ) 10,890 11,000 Balance as of December 31, 2016 89,398 33,852 51,424 15,222 12,172 202,068 Allowance - individually evaluated for impairment 4,219 194 28,802 12,470 133 45,818 Allowance - collectively evaluated for impairment 85,015 33,503 22,218 2,752 12,039 155,527 Allowance - purchased credit-impaired loans 164 155 404 — — 723 Loans, net of unearned as of December 31, 2016 Individually evaluated for impairment 47,962 3,124 153,460 93,926 306 298,778 Collectively evaluated for impairment 12,059,593 2,127,481 4,439,143 258,772 358,675 19,243,664 Purchased credit-impaired loans 40,532 4,918 1,576 — 52 47,078 Total loans, net of unearned income $ 12,148,087 $ 2,135,523 $ 4,594,179 $ 352,698 $ 359,033 $ 19,589,520 Certain previously reported amounts have been reclassified to agree with current presentation. |
Premises, Equipment, and Leas_2
Premises, Equipment, and Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment on December 31 are summarized below: (Dollars in thousands) 2018 2017 Land $ 107,864 $ 104,454 Buildings 461,665 472,619 Leasehold improvements 30,230 26,640 Furniture, fixtures, and equipment 196,469 194,057 Fixed assets held-for-sale (a) 19,617 53,195 Premises and equipment, at cost 815,845 850,965 Less accumulated depreciation and amortization 321,804 318,714 Premises and equipment, net $ 494,041 $ 532,251 (a) Primarily comprised of land and buildings. |
Minimum Future Lease Payments for Noncancelable Operating Leases on Premises and Equipment | Minimum future lease payments for noncancelable operating leases, primarily on premises, on December 31, 2018 are shown below. Aggregate minimum income under sublease agreements for these periods is not material. ( Dollars in thousands ) 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 |
Rent Expense Incurred Under All Operating Lease Obligations | Rent expense incurred under all operating lease obligations for the years ended December 31 is as follows: ( Dollars in thousands ) 2018 2017 2016 Rent expense, gross $ 34,729 $ 23,116 $ 20,812 Sublease income (647 ) (631 ) (477 ) Rent expense, net $ 34,082 $ 22,485 $ 20,335 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Statements of Condition: December 31, 2018 December 31, 2017 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Core deposit intangibles (a) $ 157,150 $ (28,150 ) $ 129,000 $ 160,650 $ (8,176 ) $ 152,474 Customer relationships 77,865 (55,597 ) 22,268 77,865 (50,777 ) 27,088 Other (b) 5,622 (1,856 ) 3,766 5,622 (795 ) 4,827 Total $ 240,637 $ (85,603 ) $ 155,034 $ 244,137 $ (59,748 ) $ 184,389 (a) 2018 decrease in gross carrying amounts associated with the sale of two CBF branches and purchase accounting measurement period adjustments related to the CBF acquisition. See Note 2 - Acquisitions and Divestitures for additional information. (b) 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 December 31, 2018 the estimated aggregated amortization expense is expected to be: (Dollars in thousands) Year Amortization 2019 $ 24,835 2020 21,159 2021 19,547 2022 17,412 2023 16,117 |
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 Statements of Condition as of December 31, 2018 , 2017 and 2016. (Dollars in thousands) Regional Banking Fixed Income Total December 31, 2015 $ 93,303 $ 98,004 $ 191,307 Additions (a) 64 — 64 December 31, 2016 $ 93,367 $ 98,004 $ 191,371 Additions (a) 1,150,518 44,964 1,195,482 December 31, 2017 $ 1,243,885 $ 142,968 $ 1,386,853 Additions (a) 45,934 — 45,934 December 31, 2018 $ 1,289,819 $ 142,968 $ 1,432,787 (a) See Note 2 - Acquisitions and Divestitures for further details regarding goodwill related to acquisitions. |
Time Deposit Maturities (Tables
Time Deposit Maturities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Maturities of Time Deposits [Abstract] | |
Schedule of Time Deposits Included in Interest-Bearing Deposits | (Dollars in thousands) 2019 $ 2,794,861 2020 690,119 2021 130,454 2022 396,340 2023 75,270 2024 and after 18,733 Total $ 4,105,777 |
Short-term borrowings (Tables)
Short-term borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The detail of short-term borrowings for the years 2018 , 2017 and 2016 is presented in the following table: (Dollars in thousands) Federal Funds Purchased Securities Sold Under Agreements to Repurchase Trading Liabilities Other Short-term Borrowings 2018 Average balance $ 405,110 $ 713,841 $ 682,943 $ 1,046,585 Year-end balance 256,567 762,592 335,380 114,764 Maximum month-end outstanding 503,138 891,425 890,717 2,229,155 Average rate for the year 1.89 % 1.40 % 2.83 % 1.82 % Average rate at year-end 2.50 1.66 3.21 2.48 2017 Average balance $ 447,137 $ 578,666 $ 685,891 $ 554,502 Year-end balance 399,820 656,602 638,515 2,626,213 Maximum month-end outstanding 568,490 743,684 896,943 2,626,213 Average rate for the year 1.06 % 0.72 % 2.26 % 1.28 % Average rate at year-end 1.48 0.64 2.22 1.44 2016 Average balance $ 589,223 $ 425,452 $ 771,039 $ 198,440 Year-end balance 414,207 453,053 561,848 83,177 Maximum month-end outstanding 695,083 528,024 874,076 792,736 Average rate for the year 0.52 % 0.08 % 1.95 % 0.67 % Average rate at year-end 0.73 0.08 2.46 0.96 |
Term Borrowings (Tables)
Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Information Pertaining to Term Borrowings | The following table presents information pertaining to Term Borrowings reported on FHN’s Consolidated Statements of Condition on December 31 : ( Dollars in thousands ) 2018 2017 First Tennessee Bank National Association: Senior capital notes (a) Maturity date – December 1, 2019 – 2.95% $ 395,872 $ 396,105 Other collateralized borrowings – Maturity date – December 22, 2037 3.09% on December 31, 2018 and 1.89% on December 31, 2017 (b) 76,642 65,356 Other collateralized borrowings - SBA loans (c) 16,607 7,416 Federal Home Loan Bank borrowings Maturity date – August 2, 2018 – 0.00% — 100 First Horizon National Corporation: Senior capital notes (a) Maturity date – December 15, 2020 – 3.50% 486,739 486,513 Junior subordinated debentures (d) Maturity date - July 31, 2031 - 4.96% on December 31, 2017 (e) — 4,124 Maturity date - July 31, 2031 - 4.96% on December 31, 2017 (e) — 5,155 Maturity date - December 30, 2032 - 5.04% on December 31, 2017 (e) — 5,155 Maturity date - June 26, 2033 - 4.77% on December 31, 2017 (e) — 10,310 Maturity date - October 8, 2033 - 4.21% on December 31, 2017 (e) — 10,310 Maturity date - February 8, 2034 - 4.23% on December 31, 2017 (e) — 10,310 Maturity date - June 28, 2035 - 4.47% on December 31, 2018 and 3.27% on December 31, 2017 2,730 2,708 Maturity date - December 15, 2035 - 4.16% on December 31, 2018 and 2.96% on December 31, 2017 17,456 17,270 Maturity date - March 15, 2036 - 4.19% on December 31, 2018 and 2.99% on December 31, 2017 8,757 8,667 Maturity date - March 15, 2036 - 4.33% on December 31, 2018 and 3.13% on December 31, 2017 11,587 11,482 Maturity date - June 30, 2036 - 4.12% on December 31, 2018 and 3.01% on December 31, 2017 25,931 25,646 Maturity date - July 7, 2036 - 3.99% on December 31, 2018 and 2.91% on December 31, 2017 17,803 17,642 Maturity date - June 15, 2037 - 4.44% on December 31, 2018 and 3.24% on December 31, 2017 50,278 49,875 Maturity date - September 6, 2037 - 4.17% on December 31, 2018 and 2.94% on December 31, 2017 8,713 8,627 FT Real Estate Securities Company, Inc.: Cumulative preferred stock (f) Maturity date – March 31, 2031 – 9.50% 46,168 46,100 First Horizon ABS Trusts: Other collateralized borrowings (g) Maturity date – October 25, 2034 2.66% on December 31, 2018 and 1.72% on December 31, 2017 2,981 11,226 First Tennessee New Markets Corporation Investments: Maturity date – October 25, 2018 – 4.97% (e) — 7,301 Maturity date – February 1, 2033 – 4.97% (e) — 8,000 Maturity date – August 08, 2036 – 2.38% 2,699 2,699 Total $ 1,170,963 $ 1,218,097 (a) Changes in the fair value of debt attributable to interest rate risk are hedged. Refer to Note 22 – Derivatives. (b) Secured by trust preferred loans. (c) Collateralized borrowings associated with SBA loan sales that did not meet sales criteria. The loans have remaining terms of 4 to 26 years. These borrowings had a weighted average interest rate of 3.95 percent and 3.26 percent on December 31, 2018 and 2017, respectively. (d) Acquired in conjunction with the acquisition of CBF. A portion qualifies for Tier 2 capital under the risk-based capital guidelines. (e) Debt retired during 2018. See Note 21- Variable Interest Entities for additional information. (f) A portion qualifies for Tier 2 capital under the risk-based capital guidelines. (g) On December 31, 2018 and 2017 , borrowings secured by $16.2 million and $24.2 million , respectively, of residential real estate loans. |
Schedule of Annual Principal Repayment Requirements | Annual principal repayment requirements as of December 31, 2018 are as follows: ( Dollars in thousands ) 2019 $ 400,000 2020 500,000 2021 — 2022 369 2023 — 2024 and after 312,574 |
Regulatory Capital and Restri_2
Regulatory Capital and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Brokers and Dealers [Abstract] | |
Summary Of Actual Capital Amounts And Ratios | The actual capital amounts and ratios of FHN and FTBNA are presented in the table below. (Dollars in thousands) First Horizon National Corporation First Tennessee Bank National Association Amount Ratio Amount Ratio On December 31, 2018 Actual: Total Capital $ 3,940,117 11.94 % $ 3,689,180 11.32 % Tier 1 Capital 3,565,373 10.80 3,492,541 10.72 Common Equity Tier 1 3,223,702 9.77 3,197,725 9.81 Leverage 3,565,373 9.09 3,492,541 9.10 Minimum Requirement for Capital Adequacy Purposes: Total Capital 2,640,208 8.00 2,607,406 8.00 Tier 1 Capital 1,980,156 6.00 1,955,555 6.00 Common Equity Tier 1 1,485,117 4.50 1,466,666 4.50 Leverage 1,568,870 4.00 1,535,279 4.00 Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions: Total Capital 3,259,258 10.00 Tier 1 Capital 2,607,406 8.00 Common Equity Tier 1 2,118,518 6.50 Leverage 1,919,099 5.00 On December 31, 2017 Actual: Total Capital $ 3,703,754 11.10 % $ 3,520,670 10.74 % Tier 1 Capital 3,281,478 9.83 3,317,684 10.12 Common Equity Tier 1 2,962,155 8.88 3,041,420 9.28 Leverage 3,281,478 10.31 3,317,684 10.70 Minimum Requirement for Capital Adequacy Purposes: Total Capital 2,669,910 8.00 2,622,924 8.00 Tier 1 Capital 2,002,433 6.00 1,967,193 6.00 Common Equity Tier 1 1,501,824 4.50 1,475,395 4.50 Leverage 1,272,990 4.00 1,240,647 4.00 Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions: Total Capital 3,278,655 10.00 Tier 1 Capital 2,622,924 8.00 Common Equity Tier 1 2,131,126 6.50 Leverage 1,550,809 5.00 |
Other Income and Other Expense
Other Income and Other Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Statements of Income: (Dollars in thousands) 2018 2017 2016 All other income and commissions: Other service charges $ 15,122 $ 12,532 $ 11,731 ATM and interchange fees 13,354 12,425 11,965 Mortgage banking 10,587 4,649 10,215 Dividend income (a) 10,555 — — — Letter of credit fees 5,298 4,661 4,103 Electronic banking fees 5,134 5,082 5,477 Insurance commissions 2,096 2,514 2,981 Gain/(loss) on extinguishment of debt (b) (15 ) (14,329 ) — Deferred compensation (c) (3,224 ) 6,322 3,025 Other 19,488 11,029 14,734 Total $ 78,395 $ 44,885 $ 64,231 All other expense: Travel and entertainment $ 16,442 $ 11,462 $ 10,275 Other insurance and taxes 9,684 9,686 10,891 Employee training and dues 7,218 5,551 5,691 Supplies 6,917 4,106 4,434 Customer relations 5,583 5,750 6,255 Non-service components of net periodic pension and post-retirement cost 5,251 2,144 (666 ) Tax credit investments 4,712 3,468 3,349 Miscellaneous loan costs 3,732 2,751 2,586 OREO 2,630 1,006 773 Litigation and regulatory matters 644 40,517 30,469 Other (d) 73,223 48,693 41,391 Total $ 136,036 $ 135,134 $ 115,448 Certain previously reported amounts have been revised to reflect the retroactive effect of the adoption of ASU 2017-07 “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” See Note 1 - Summary of Significant Accounting Policies for additional information. (a) Effective January 1, 2018, FHN adopted ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” and began recording dividend income from FRB and FHLB holdings in Other income. Prior to 2018, these amounts were included in Interest income on the Consolidated Statements of Income. (b) Loss on extinguishment of debt for 2017 relates to the repurchase of equity securities previously included in a financing transaction. (c) Amounts are driven by market conditions and are mirrored by changes in deferred compensation expense which is included in employee compensation expense. (d) Expense increase for 2018 largely attributable to an increase in acquisition- and integration-related expense primarily associated with the CBF acquisition. See Note 2 - Acquisitions and Divestitures for additional information. |
Components of Other Comprehen_2
Components of Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 years ended December 31, 2018 , 2017 , and 2016: (Dollars in thousands) Securities AFS Cash Flow Pension and Total Balance as of December 31, 2015 $ 3,394 $ — $ (217,586 ) $ (214,192 ) Net unrealized gains/(losses) (19,709 ) 130 (16,322 ) (35,901 ) Amounts reclassified from AOCI (917 ) (1,395 ) 4,751 2,439 Other comprehensive income/(loss) (20,626 ) (1,265 ) (11,571 ) (33,462 ) Balance as of December 31, 2016 (17,232 ) (1,265 ) (229,157 ) (247,654 ) Net unrealized gains/(losses) (4,467 ) (2,156 ) (13,377 ) (20,000 ) Amounts reclassified from AOCI (298 ) (2,945 ) 5,618 2,375 Other comprehensive income/(loss) (4,765 ) (5,101 ) (7,759 ) (17,625 ) Balance as of December 31, 2017 (21,997 ) (6,366 ) (236,916 ) (265,279 ) Adjustment to reflect adoption of ASU 2018-02 (4,837 ) (1,398 ) (51,311 ) (57,546 ) Balance as of December 31, 2017, as adjusted (26,834 ) (7,764 ) (288,227 ) (322,825 ) Adjustment to reflect adoption of ASU 2016-01 and ASU 2017-12 (5 ) (206 ) — (211 ) Beginning balance, as adjusted (26,839 ) (7,970 ) (288,227 ) (323,036 ) Net unrealized gains/(losses) (48,858 ) (6,284 ) (9,435 ) (64,577 ) Amounts reclassified from AOCI (39 ) 2,142 8,894 10,997 Other comprehensive income/(loss) (48,897 ) (4,142 ) (541 ) (53,580 ) Balance as of December 31, 2018 $ (75,736 ) $ (12,112 ) $ (288,768 ) $ (376,616 ) |
Reclassification Out Of Accumulated Other Comprehensive Income | Reclassifications from AOCI, and related tax effects, were as follows: (Dollars in thousands) Details about AOCI 2018 2017 2016 Affected line item in the statement where net income is presented Securities AFS: Realized (gains)/losses on securities AFS $ (52 ) $ (483 ) $ (1,485 ) Debt securities gains/(losses), net Tax expense/(benefit) 13 185 568 Provision/(benefit) for income taxes (39 ) (298 ) (917 ) Cash flow hedges: Realized (gains)/losses on cash flow hedges 2,845 (4,771 ) (2,260 ) Interest and fees on loans Tax expense/(benefit) (703 ) 1,826 865 Provision/(benefit) for income taxes 2,142 (2,945 ) (1,395 ) Pension and Postretirement Plans: Amortization of prior service cost and net actuarial gain/(loss) 11,814 9,101 7,697 All other expense Tax expense/(benefit) (2,920 ) (3,483 ) (2,946 ) Provision/(benefit) for income taxes 8,894 5,618 4,751 Total reclassification from AOCI $ 10,997 $ 2,375 $ 2,439 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Components Of Consolidated Statements Of Income And Equity | The aggregate amount of income taxes included in the Consolidated Statements of Income and the Consolidated Statements of Equity for the years ended December 31, were as follows: (Dollars in thousands) 2018 2017 2016 Consolidated Statements of Income: Income tax expense/(benefit) $ 157,602 $ 131,892 $ 106,810 Consolidated Statements of Equity: Income tax expense/(benefit) related to: Net unrealized gains/(losses) on pension and other postretirement plans (177 ) (832 ) (7,172 ) Net unrealized gains/(losses) on securities available-for-sale (16,054 ) (2,955 ) (12,810 ) Net unrealized gains/(losses) on cash flow hedges (1,360 ) (3,163 ) (780 ) Share based compensation — — (1,613 ) Total $ 140,011 $ 124,942 $ 84,435 |
Schedule Of Components Of Income Tax Expense/(Benefit) | The components of income tax expense/(benefit) for the years ended December 31, were as follows: (Dollars in thousands) 2018 2017 2016 Current: Federal $ 44,088 $ 10,012 $ 25,234 State 9,957 879 1,803 Foreign — — 169 Deferred: Federal 81,852 114,059 67,109 State 21,705 6,942 12,495 Total $ 157,602 $ 131,892 $ 106,810 |
Schedule Of Computation Of Income Tax Expense Differed From The Amounts Computed By Applying Statutory Federal Income Tax Rate To Income/(Loss) From Continuing Operations Before Income Taxes | A reconciliation of expected income tax expense/(benefit) at the federal statutory rate of 21 percent for 2018 and 35 percent for 2017 and 2016, respectively, to the total income tax expense follows: (Dollars in thousands) 2018 2017 2016 Federal income tax rate 21% 35% 35% Tax computed at statutory rate $ 149,963 $ 108,105 $ 120,862 Increase/(decrease) resulting from: State income taxes, net of federal income tax benefit 24,553 4,753 9,918 Bank-owned life insurance (“BOLI”) (3,626 ) (8,401 ) (5,661 ) 401(k) – employee stock ownership plan (“ESOP”) (653 ) (904 ) (824 ) Tax-exempt interest (6,538 ) (7,890 ) (7,098 ) Non-deductible expenses 8,301 7,558 1,079 LIHTC credits and benefits, net of amortization (7,178 ) (5,327 ) (6,165 ) Other tax credits (2,825 ) (2,480 ) (3,886 ) Change in valuation allowance – DTA (73 ) (40,473 ) (116 ) Other changes in unrecognized tax benefits 6,143 46 616 Effect of Tax Act (6,746 ) 82,027 — Other (3,719 ) (5,122 ) (1,915 ) Total $ 157,602 $ 131,892 $ 106,810 |
Net DTA Balances Related To Income Tax Carryforwards | As of December 31, 2018 , FHN had net deferred tax asset balances related to federal and state income tax carryforwards of $49.8 million and $7.2 million , respectively, which will expire at various dates as follows: (Dollars in thousands) Expiration Dates Net Deferred Tax Asset Balance Losses-federal 2028-2033 $ 49,821 Net operating losses-states 2019-2023 166 Net operating losses-states 2024-2035 7,059 |
Schedule Of Deferred Tax Assets And Liabilities | Temporary differences which gave rise to deferred tax assets and deferred tax liabilities on December 31 , 2018 and 2017 were as follows: (Dollars in thousands) 2018 2017 Deferred tax assets: Loss reserves $ 65,015 $ 91,390 Employee benefits 64,843 50,404 Equity investments — 28,547 Accrued expenses 15,763 16,052 Credit carryforwards — 64,835 Federal loss carryforwards 49,821 62,010 State loss carryforwards 7,225 19,801 Investment in debt securities (ASC 320) (a) 24,863 8,811 Other 27,168 11,512 Gross deferred tax assets 254,698 353,362 Valuation allowance (74 ) (147 ) Deferred tax assets after valuation allowance $ 254,624 $ 353,215 Deferred tax liabilities: Depreciation and amortization 51,519 $ 43,040 Equity investments 7,705 — Other intangible assets 57,632 55,923 Prepaid expenses 9,218 9,255 Real estate investment trust income — 22,576 Other 683 602 Gross deferred tax liabilities 126,757 131,396 Net deferred tax assets $ 127,867 $ 221,819 (a) Tax effects of unrealized gains and losses are tracked on a security-by-security basis. |
Schedule Of Rollforward Of Unrecognized Tax Benefits | The rollforward of unrecognized tax benefits is shown below: (Dollars in thousands) Balance at December 31, 2016 $ 4,244 Increases related to prior year tax positions 33 Increases related to current year tax positions 174 Lapse of statutes (180 ) Balance at December 31, 2017 $ 4,271 Increases related to prior year tax positions 16,695 Increases related to current year tax positions 1,576 Settlements (2,080 ) Lapse of statutes (278 ) Balance at December 31, 2018 $ 20,184 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: (Dollars and shares in thousands, except per share data) 2018 2017 2016 Net income/(loss) $ 556,507 $ 176,980 $ 238,511 Net income attributable to noncontrolling interest 11,465 11,465 11,465 Net income/(loss) attributable to controlling interest 545,042 165,515 227,046 Preferred stock dividends 6,200 6,200 6,200 Net income/(loss) available to common shareholders $ 538,842 $ 159,315 $ 220,846 Weighted average common shares outstanding—basic 324,375 241,436 232,700 Effect of dilutive securities 3,070 3,017 2,592 Weighted average common shares outstanding—diluted 327,445 244,453 235,292 Net income/(loss) per share available to common shareholders $ 1.66 $ 0.66 $ 0.95 Diluted income/(loss) per share available to common shareholders $ 1.65 $ 0.65 $ 0.94 |
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: (Shares in thousands) 2018 2017 2016 Stock options excluded from the calculation of diluted EPS 2,256 2,468 2,610 Weighted average exercise price of stock options excluded from the calculation of diluted EPS $ 24.33 $ 25.62 $ 26.29 Other equity awards excluded from the calculation of diluted EPS 608 176 37 |
Pension, Savings, and Other E_2
Pension, Savings, and Other Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Actuarial Assumptions Used | The actuarial assumptions used in the defined benefit pension plans and other employee benefit plans were as follows: Benefit Obligations Net Periodic Benefit Cost 2018 2017 2016 2018 2017 2016 Discount rate Qualified pension 4.43% 3.76% 4.39% 3.75% 4.37% 4.69% Nonqualified pension 4.26% 3.59% 4.07% 3.59% 4.07% 4.34% Other nonqualified pension 3.83% 3.19% 3.39% 3.19% 3.39% 3.57% Postretirement benefits 4.03% - 4.56% 3.37% - 3.87% 3.67% - 4.57% 3.35% - 3.87% 3.68% - 4.57% 3.84% - 4.87% Expected long-term rate of return Qualified pension/ postretirement benefits N/A N/A N/A 4.20% 4.50% 6.00% Postretirement benefit (retirees post January 1, 1993) N/A N/A N/A 5.95% 6.00% 6.15% Postretirement benefit (retirees prior to January 1, 1993) N/A N/A N/A 2.15% 2.15% 2.10% |
Schedule of Projected Benefit Obligation and Interest Credit Rates | FHN has one pension plan where participants' benefits are affected by interest crediting rates. The plan's projected benefit obligation as of December 31, 2018, 2017 and 2016 and interest crediting rates for the respective years are: (Dollars in thousands) 2018 2017 2016 Projected benefit obligation $ 16,947 $ 19,115 $ 22,196 Interest crediting rate 10.12 % 9.28 % 10.16 % |
Schedule of Components of Net Periodic Benefit Cost | The amounts reclassified are presented in the table below. Fiscal Years Ended December 31 ( Dollars in thousands ) 2017 2016 Net periodic benefit cost/(credit) reclassified $ 1,946 $ (843 ) The components of net periodic benefit cost for the plan years 2018 , 2017 and 2016 are as follows: (Dollars in thousands) Total Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost Service cost $ 41 $ 37 $ 39 $ 133 $ 107 $ 110 Interest cost 27,877 29,380 31,216 1,309 1,305 1,292 Expected return on plan assets (32,897 ) (36,015 ) (39,123 ) (1,074 ) (947 ) (913 ) Amortization of unrecognized: Prior service cost/(credit) — 52 196 — 95 170 Actuarial (gain)/loss 12,102 9,521 8,141 (387 ) (567 ) (810 ) Net periodic benefit cost 7,123 2,975 469 (19 ) (7 ) (151 ) ASC 715 settlement expense — 43 — 99 — — Total periodic benefit costs $ 7,123 $ 3,018 $ 469 $ 80 $ (7 ) $ (151 ) |
Schedule of Plan's Benefit Obligations and Plan Assets | The following tables set forth the plans’ benefit obligations and plan assets for 2018 and 2017 : (Dollars in thousands) Total Pension Benefits Other Benefits 2018 2017 2018 2017 Change in benefit obligation Benefit obligation, beginning of year $ 840,884 $ 804,542 $ 39,562 $ 35,403 Service cost 41 37 133 107 Interest cost 27,877 29,380 1,309 1,305 Actuarial (gain)/loss (a) (68,724 ) 63,876 (3,648 ) 3,733 Actual benefits paid (b) (34,769 ) (56,951 ) (2,182 ) (986 ) Benefit obligation, end of year $ 765,309 $ 840,884 $ 35,174 $ 39,562 Change in plan assets Fair value of plan assets, beginning of year $ 811,244 $ 778,872 $ 18,753 $ 16,717 Actual return on plan assets (49,470 ) 84,534 (928 ) 2,458 Employer contributions 3,948 4,789 1,789 564 Actual benefits paid – settlement payments — — (2,182 ) (986 ) Actual benefits paid – other payments (34,769 ) (56,951 ) — — Fair value of plan assets, end of year $ 730,953 $ 811,244 $ 17,432 $ 18,753 Funded (unfunded) status of the plans $ (34,356 ) $ (29,640 ) $ (17,742 ) $ (20,809 ) Amounts recognized in the Statements of Condition Other assets $ 1,911 $ 11,238 $ 14,356 $ 15,254 Other liabilities (36,267 ) (40,878 ) (32,098 ) (36,063 ) Net asset/(liability) at end of year $ (34,356 ) $ (29,640 ) $ (17,742 ) $ (20,809 ) (a) Variances in the actuarial (gain)/loss are due to normal activity such as changes in discount rates, updates to participant demographic information and revisions to life expectancy assumptions. (b) 2017 amounts are higher due to the settlements of certain terminated, vested participants in the qualified pension plan that occurred during the year. |
Schedule of Funded Status for Pension and Post Retirement Plans | The projected benefit obligation for unfunded plans are as follows: Total Pension Benefits Other Benefits (Dollars in thousands 2018 2017 2018 2017 Projected benefit obligation $ 36,267 $ 40,878 $ 32,098 $ 36,063 |
Schedule of Defined Benefit Plan Balances Reflected in AOCI on Pre-tax Basis | Balances reflected in accumulated other comprehensive income on a pre-tax basis for the years ended December 31, 2018 and 2017 consist of: (Dollars in thousands) Total Pension Benefits Other Benefits 2018 2017 2018 2017 Amounts recognized in accumulated other comprehensive income Prior service cost/(credit) $ — $ — $ — $ — Net actuarial (gain)/loss 387,058 385,517 (6,451 ) (5,093 ) Total $ 387,058 $ 385,517 $ (6,451 ) $ (5,093 ) |
Schedule of Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income on Pre-tax Basis | The pre-tax amounts recognized in other comprehensive income during 2018 and 2017 were as follows: (Dollars in thousands) Total Pension Benefits Other Benefits 2018 2017 2018 2017 Changes in plan assets and benefit obligation recognized in other comprehensive income Net actuarial (gain)/loss arising during measurement period $ 13,643 $ 15,357 $ (1,646 ) $ 2,222 Items amortized during the measurement period: Prior service credit/(cost) — (52 ) — (95 ) Net actuarial gain/(loss) (12,102 ) (9,521 ) 288 567 Total recognized in other comprehensive income $ 1,541 $ 5,784 $ (1,358 ) $ 2,694 |
Schedule of Expected Benefit Payments | The following table provides detail on expected benefit payments, which reflect expected future service, as appropriate: (Dollars in thousands) Pension Benefits Other Benefits 2019 $ 38,642 $ 1,663 2020 40,904 1,717 2021 42,708 1,775 2022 43,480 1,836 2023 44,781 1,900 2024-2028 238,274 10,344 |
Schedule of Fair Value of Pension Plan Assets | The fair value of FHN’s pension plan assets at December 31, 2018 and 2017 , by asset category classified using the Fair Value measurement hierarchy is shown in the table below. See Note 24 – Fair Value of Assets and Liabilities for more details about Fair Value measurements. (Dollars in thousands) December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents and money market funds $ 13,855 $ — $ — $ 13,855 Fixed income securities: U.S. treasuries — 28,626 — 28,626 Corporate, municipal and foreign bonds — 688,472 — 688,472 Total $ 13,855 $ 717,098 $ — $ 730,953 (Dollars in thousands) December 31, 2017 Level 1 Level 2 Level 3 Total Cash equivalents and money market funds $ 21,152 $ — $ — $ 21,152 Fixed income securities: U.S. treasuries — 27,173 — 27,173 Corporate, municipal and foreign bonds — 762,919 — 762,919 Total $ 21,152 $ 790,092 $ — $ 811,244 |
Schedule of Fair Value of Retiree Medical Plan Assets | The fair value of FHN’s retiree medical plan assets at December 31, 2018 and 2017 by asset category are as follows: (Dollars in thousands) December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents and money market funds $ 207 $ — $ — $ 207 Mutual funds: Equity mutual funds 10,387 — — 10,387 Fixed income mutual funds 6,838 — — 6,838 Total $ 17,432 $ — $ — $ 17,432 (Dollars in thousands) December 31, 2017 Level 1 Level 2 Level 3 Total Cash equivalents and money market funds $ 364 $ — $ — $ 364 Mutual funds: Equity mutual funds 11,402 — — 11,402 Fixed income mutual funds 6,987 — — 6,987 Total $ 18,753 $ — $ — $ 18,753 |
Stock Options, Restricted Sto_2
Stock Options, Restricted Stock, and Dividend Reinvestment Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted and Performance Stock Activity | A summary of restricted and performance stock and unit activity during the year ended December 31, 2018 , is presented below: Shares/ Units (a) Weighted average grant date fair value (per share) (b) January 1, 2018 3,971,216 12.92 Shares/units granted 1,260,143 18.70 Shares/units vested (949,719 ) 13.29 Shares/units cancelled (191,816 ) 16.57 December 31, 2018 4,089,824 14.57 (a) Includes only units that settle in shares and nonvested performance units are included at 100% payout level. (b) The weighted average grant date fair value for shares/units granted in 2017 and 2016 was $18.83 and $12.90 , respectively. |
Schedule of Stock Options | The summary of stock option activity for the year ended December 31, 2018 , is shown below: Options Outstanding Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) January 1, 2018 6,608,571 16.80 Options granted 394,296 18.69 Options exercised (376,273 ) 11.91 Options expired/cancelled (721,907 ) 25.80 December 31, 2018 5,904,687 16.16 3.06 6,684 Options exercisable 4,412,367 16.44 2.45 5,619 Options expected to vest 1,492,320 15.35 4.84 1,065 |
Schedule of Valuation Assumptions, Stock Options | FHN used the Black-Scholes Option Pricing Model to estimate the fair value of stock options granted or converted in 2018 , 2017 , and 2016 with the following assumptions: 2018 2017 2016 Expected dividend yield 2.57% 1.82% 2.41% Expected weighted-average lives of options granted 6.21 years 6.09 years 6.19 years Expected weighted-average volatility 24.61% 26.90% 32.84% Expected volatility range 23.95 - 25.26% 24.36 - 29.44% 30.73 – 34.95% Risk-free interest rate 2.69% 2.07% 1.28% |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, as well as, depreciation and amortization expense and expenditures for long lived assets for each segment for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Consolidated Net interest income $ 1,220,317 $ 842,314 $ 729,084 Provision/(provision credit) for loan losses 7,000 — 11,000 Noninterest income 722,788 490,219 552,441 Noninterest expense 1,221,996 1,023,661 925,204 Income/(loss) before income taxes 714,109 308,872 345,321 Provision/(benefit) for income taxes 157,602 131,892 106,810 Net income/(loss) $ 556,507 $ 176,980 $ 238,511 Average assets $ 40,225,459 $ 29,924,813 $ 27,427,227 Depreciation and amortization $ 59,125 $ 70,924 $ 64,673 Expenditures for long-lived assets 38,166 287,642 62,554 (Dollars in thousands) 2018 2017 2016 Regional Banking Net interest income $ 1,202,317 $ 846,620 $ 742,131 Provision/(provision credit) for loan losses 25,277 21,341 38,886 Noninterest income 309,308 258,627 248,996 Noninterest expense 824,740 626,304 612,983 Income/(loss) before income taxes 661,608 457,602 339,258 Provision/(benefit) for income taxes 155,471 163,547 121,304 Net income/(loss) $ 506,137 $ 294,055 $ 217,954 Average assets $ 28,470,388 $ 19,507,765 $ 17,137,709 Depreciation and amortization $ 29,681 $ 43,061 $ 38,896 Expenditures for long-lived assets 34,212 274,059 51,442 Fixed Income Net interest income $ 35,715 $ 18,065 $ 10,802 Noninterest income 164,767 217,082 269,344 Noninterest expense 191,504 208,921 227,936 Income/(loss) before income taxes 8,978 26,226 52,210 Provision/(benefit) for income taxes 1,560 8,717 18,722 Net income/(loss) $ 7,418 $ 17,509 $ 33,488 Average assets $ 3,299,117 $ 2,543,151 $ 2,364,130 Depreciation and amortization $ 9,724 $ 8,737 $ 5,770 Expenditures for long-lived assets 755 2,499 2,019 Corporate Net interest income/(expense) $ (64,140 ) $ (59,383 ) $ (66,215 ) Noninterest income (a) 239,252 8,878 20,453 Noninterest expense 177,829 144,258 63,577 Income/(loss) before income taxes (2,717 ) (194,763 ) (109,339 ) Provision/(benefit) for income taxes (10,856 ) (47,989 ) (57,698 ) Net income/(loss) $ 8,139 $ (146,774 ) $ (51,641 ) Average assets $ 7,092,078 $ 6,367,268 $ 6,037,624 Depreciation and amortization $ 25,564 $ 18,726 $ 19,610 Expenditures for long-lived assets 2,302 9,161 8,947 Non-Strategic Net interest income $ 46,425 $ 37,012 $ 42,366 Provision/(provision credit) for loan losses (18,277 ) (21,341 ) (27,886 ) Noninterest income 9,461 5,632 13,648 Noninterest expense 27,923 44,178 20,708 Income/(loss) before income taxes 46,240 19,807 63,192 Provision/(benefit) for income taxes 11,427 7,617 24,482 Net income/(loss) $ 34,813 $ 12,190 $ 38,710 Average assets $ 1,363,876 $ 1,506,629 $ 1,887,764 Depreciation and amortization $ (5,844 ) $ 400 $ 397 Expenditures for long-lived assets 897 1,923 146 Certain previously reported amounts have been reclassified to agree with current presentation. (a) 2018 includes a $212.9 million pre-tax gain from the sale of Visa Class B shares; 2017 includes a $14.3 million pre-tax loss from the repurchase of equity securities previously included in a financing transaction. The following tables reflect a disaggregation of FHN’s noninterest income by major product line and reportable segment for the years ended December 31, 2018, 2017, and 2016: December 31, 2018 (Dollars in thousands) Regional Banking Fixed Income Corporate Non-Strategic Consolidated Noninterest income: Fixed income (a) $ 417 $ 163,382 $ — $ 4,083 $ 167,882 Deposit transactions and cash management 126,909 12 6,144 216 133,281 Brokerage, management fees and commissions 54,800 — — 3 54,803 Trust services and investment management 29,852 — (46 ) — 29,806 Bankcard income 26,848 — 226 (356 ) 26,718 BOLI (b) — — 18,955 — 18,955 Debt securities gains/(losses), net (b) — — 52 — 52 Equity securities gains/(losses), net (b) (c) — — 212,896 — 212,896 All other income and commissions (d) 70,482 1,373 1,025 5,515 78,395 Total noninterest income $ 309,308 $ 164,767 $ 239,252 $ 9,461 $ 722,788 December 31, 2017 (Dollars in thousands) Regional Banking Fixed Income Corporate Non-Strategic Consolidated Noninterest income: Fixed income $ 430 $ 216,195 $ — $ — $ 216,625 Deposit transactions and cash management 105,163 3 5,236 190 110,592 Brokerage, management fees and commissions 48,513 — 1 — 48,514 Trust services and investment management 28,491 — (71 ) — 28,420 Bankcard income 25,014 — 225 228 25,467 BOLI — — 15,124 — 15,124 Debt securities gains/(losses), net 386 — 97 — 483 Equity securities gains/(losses), net — — 109 — 109 All other income and commissions (e) 50,630 884 (11,843 ) 5,214 44,885 Total noninterest income $ 258,627 $ 217,082 $ 8,878 $ 5,632 $ 490,219 December 31, 2016 (Dollars in thousands) Regional Banking Fixed Income Corporate Non-Strategic Consolidated Noninterest income: Fixed income $ 79 $ 268,482 $ — $ — $ 268,561 Deposit transactions and cash management 103,122 3 5,250 178 108,553 Brokerage, management fees and commissions 42,911 — — — 42,911 Trust services and investment management 27,764 — (37 ) — 27,727 BOLI 23,945 — 215 270 24,430 Bank-owned life insurance — — 14,687 — 14,687 Debt securities gains/(losses), net — — 1,485 — 1,485 Equity securities gains/(losses), net — — (144 ) — (144 ) All other income and commissions 51,175 859 (1,003 ) 13,200 64,231 Total noninterest income $ 248,996 $ 269,344 $ 20,453 $ 13,648 $ 552,441 (a) Includes $28.9 million of underwriting, portfolio advisory, and other noninterest income in scope of Accounting Standards Codification ("ASC") 606, "Revenue From Contracts With Customers." Non-Strategic includes a $4.1 million gain from the reversal of a previous valuation adjustment due to sales of TRUPS loans excluded from the scope of ASC 606. (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 a pre-tax gain of $212.9 million from the sale of FHN's remaining holdings of Visa Class B shares. (d) Includes other service charges, ATM and interchange fees, electronic banking fees, and insurance commission in scope of ASC 606. (e) Corporate includes a $14.3 million pre-tax loss from the repurchase of equity securities previously included in a financing transaction. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |
Summary Of VIEs Consolidated By FHN | The following table summarizes VIEs consolidated by FHN as of December 31, 2018 and December 31, 2017 : December 31, 2018 December 31, 2017 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 16,213 N/A 24,175 N/A Less: Allowance for loan losses — N/A — N/A Total net loans 16,213 N/A 24,175 N/A Other assets 35 $ 78,446 47 $ 80,479 Total assets $ 16,248 $ 78,446 $ 24,222 $ 80,479 Liabilities: Term borrowings $ 2,981 N/A $ 11,226 N/A Other liabilities — $ 56,700 2 $ 61,733 Total liabilities $ 2,981 $ 56,700 $ 11,228 $ 61,733 |
Summary of the Impact of Qualifying LIHTC Investments | The following table summarizes the impact to the Provision/(benefit) for income taxes on the Consolidated Statements of Income for the years ended December 31, 2018 , 2017 and 2016 for LIHTC investments accounted for under the proportional amortization method. ( Dollars in thousands ) 2018 2017 2016 Provision/(benefit) for income taxes: Amortization of qualifying LIHTC investments (a) $ 10,793 $ 14,037 $ 14,223 Low income housing tax credits (10,232 ) (11,037 ) (10,100 ) Other tax benefits related to qualifying LIHTC investments (7,370 ) (5,045 ) (9,779 ) (a) 2017 reflects increased amortization due the effects of the Tax Act. |
Summary Of VIEs Not Consolidated By FHN | 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) No exposure to loss due to nature of FHN's involvement. The following table summarizes FHN’s nonconsolidated VIEs as of December 31, 2017 : (Dollars in thousands) Maximum Loss Exposure Liability Recognized Classification Type: Low income housing partnerships $ 94,798 $ 33,348 (a) Other tax credit investments (b) (c) 20,394 — Other assets Small issuer trust preferred holdings (d) 332,455 — Loans, net of unearned income On-balance sheet trust preferred securitization 48,817 65,357 (e) Proprietary residential mortgage securitizations 2,151 — Trading securities Holdings of agency mortgage-backed securities (d) 5,349,287 — (f) Commercial loan troubled debt restructurings (g) 19,411 — Loans, net of unearned income Sale-leaseback transaction 14,827 — (h) Proprietary trust preferred issuances (i) — 212,378 Term borrowings (a) Maximum loss exposure represents $61.5 million of current investments and $33.3 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, $18.0 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 $65.4 million classified as Term borrowings. (f) Includes $.5 billion classified as Trading securities and $4.8 billion classified as Securities available-for-sale. (g) Maximum loss exposure represents $19.1 million of current receivables and $ .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) No exposure to loss due to nature of FHN's involvement. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 and 2017: 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 December 31, 2017 (Dollars in thousands) Notional Assets Liabilities Customer Interest Rate Contracts $ 2,026,753 $ 22,097 $ 18,323 Offsetting Upstream Interest Rate Contracts 2,026,753 17,931 20,720 Option Contracts Purchased 20,000 15 — Forwards and Futures Purchased 6,257,140 4,354 5,526 Forwards and Futures Sold 6,292,012 5,806 4,010 |
Derivatives Associated With Interest Rate Risk Management Activities | The following tables summarize FHN’s derivatives associated with interest rate risk management activities as of December 31, 2018 and 2017: 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 December 31, 2017 (Dollars in thousands) Notional Assets Liabilities Customer Interest Rate Contracts Hedging Hedging Instruments and Hedged Items: Customer Interest Rate Contracts $ 1,608,912 $ 11,644 $ 19,780 Offsetting Upstream Interest Rate Contracts 1,608,912 18,473 11,019 Debt Hedging Hedging Instruments: Interest Rate Swaps $ 900,000 $ 371 N/A Hedged Items: Term Borrowings: Par N/A N/A $ 900,000 Cumulative fair value hedging adjustments N/A N/A (13,472 ) Unamortized premium/(discount) and issuance costs N/A N/A (3,910 ) Total carrying value N/A N/A $ 882,618 |
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 years ended December 31, 2018 , 2017 , and 2016: Year Ended December 31 2018 2017 2016 (Dollars in thousands) Gains/(Losses) Gains/(Losses) Gains/(Losses) Customer Interest Rate Contracts Hedging Hedging Instruments and Hedged Items: Customer Interest Rate Contracts (a) $ 1,779 $ (10,703 ) (22,969 ) Offsetting Upstream Interest Rate Contracts (a) (1,779 ) 10,699 22,969 Debt Hedging Hedging Instruments: Interest Rate Swaps (b) $ (1,648 ) $ (7,766 ) $ (3,552 ) Hedged Items: Term Borrowings (a) (c) 1,622 7,582 3,429 (a) Gains/losses included in All other expense within the Consolidated Statements of Income. (b) Gains/losses included in the Interest expense for 2018, and All other expense for 2017 and 2016 within the Consolidated Statement of Income. (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 December 31, 2018 and 2017: 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 December 31, 2017 (Dollars in thousands) Notional Assets Liabilities Cash Flow Hedges Hedging Instruments: Interest Rate Swaps $ 900,000 $ 942 N/A 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 years ended December 31, 2018 and 2017 : Year Ended December 31 2018 2017 2016 (Dollars in thousands) Gains/(Losses) Gains/(Losses) Gains/(Losses) Cash Flow Hedges Hedging Instruments: Interest Rate Swaps (a) $ (5,502 ) $ (8,264 ) $ (2,045 ) Gain/(loss) recognized in Other comprehensive income/(loss) (6,284 ) (2,156 ) 130 Gain/(loss) reclassified from AOCI into Interest income 2,142 (2,945 ) (1,395 ) (a) Approximately $7.4 million of cumulative 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 Statements of Condition as of December 31, 2018 and 2017: 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: December 31, 2018 (b) $ 52,562 $ — $ 52,562 $ (12,745 ) $ (39,637 ) $ 180 December 31, 2017 (b) 71,458 — 71,458 (17,278 ) (51,271 ) 2,909 (a) Included in Derivative assets on the Consolidated Statements of Condition. As of December 31, 2018 and 2017, $28.9 million and $10.2 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 Statements of Condition as of December 31, 2018 and 2017: 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: December 31, 2018 (b) $ 71,853 $ — $ 71,853 $ (12,745 ) $ (54,773 ) $ 4,335 December 31, 2017 (b) 69,842 — 69,842 (17,278 ) (51,801 ) 763 (a) Included in Derivative liabilities on the Consolidated Statements of Condition. As of December 31, 2018 and 2017, $61.9 million and $15.2 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) | 12 Months Ended |
Dec. 31, 2018 | |
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 Statements of Condition and collateral pledged by counterparties as of December 31: 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: 2018 $ 386,443 $ — $ 386,443 $ (261 ) $ (382,756 ) $ 3,426 2017 725,609 — 725,609 (259 ) (720,036 ) 5,314 |
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 Statements of Condition and collateral pledged by FHN as of December 31: 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: 2018 $ 762,592 $ — $ 762,592 $ (261 ) $ (762,322 ) $ 9 2017 656,602 — 656,602 (259 ) (656,216 ) 127 |
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 December 31: 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 December 31, 2017 (Dollars in thousands) Overnight and Continuous Up to 30 Days Total Securities sold under agreements to repurchase: U.S. treasuries $ 13,830 $ — $ 13,830 Government agency issued MBS 424,821 5,365 430,186 Government agency issued CMO 54,037 3,666 57,703 Government guaranteed loans (SBA and USDA) 154,883 — 154,883 Total Securities sold under agreements to repurchase $ 647,571 $ 9,031 $ 656,602 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured on Recurring Basis | 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 Corporates 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 The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 : December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Trading securities—fixed income: U.S. treasuries $ — $ 128,995 $ — $ 128,995 Government agency issued MBS — 227,038 — 227,038 Government agency issued CMO — 275,014 — 275,014 Other U.S. government agencies — 54,699 — 54,699 States and municipalities — 34,573 — 34,573 Corporate and other debt — 693,877 — 693,877 Equity, mutual funds, and other — (2 ) — (2 ) Total trading securities—fixed income — 1,414,194 — 1,414,194 Trading securities—mortgage banking — — 2,151 2,151 Loans held-for-sale — 1,955 18,926 20,881 Securities available-for-sale: U.S. treasuries — 99 — 99 Government agency issued MBS — 2,577,376 — 2,577,376 Government agency issued CMO — 2,269,858 — 2,269,858 Corporates and other debt — 55,782 — 55,782 Interest-only strips — — 1,270 1,270 Equity, mutual funds, and other 27,017 — — 27,017 Total securities available-for-sale 27,017 4,903,115 1,270 4,931,402 Other assets: Deferred compensation assets 39,822 — — 39,822 Derivatives, forwards and futures 10,161 — — 10,161 Derivatives, interest rate contracts — 71,473 — 71,473 Total other assets 49,983 71,473 — 121,456 Total assets $ 77,000 $ 6,390,737 $ 22,347 $ 6,490,084 Trading liabilities—fixed income: U.S. treasuries $ — $ 506,679 $ — $ 506,679 Corporates and other debt — 131,836 — 131,836 Total trading liabilities—fixed income — 638,515 — 638,515 Other liabilities: Derivatives, forwards and futures 9,535 — — 9,535 Derivatives, interest rate contracts — 69,842 — 69,842 Derivatives, other — 39 5,645 5,684 Total other liabilities 9,535 69,881 5,645 85,061 Total liabilities $ 9,535 $ 708,396 $ 5,645 $ 723,576 |
Summary of Changes in Level 3 Assets Measured At Fair Value | Changes in Recurring Level 3 Fair Value Measurements The changes in Level 3 assets and liabilities measured at fair value for the years ended December 31, 2018 , 2017 and 2016 on a recurring basis are summarized as follows: Year Ended December 31, 2018 (Dollars in thousands) Trading securities Interest-only strips- AFS Loans held- for-sale Net derivative liabilities Balance on January 1, 2018 $ 2,151 $ 1,270 $ 18,926 $ (5,645 ) Total net gains/(losses) included in: Net income 173 (398 ) 1,239 (4,677 ) Purchases — — 62 (28,100 ) (e) Sales — (16,840 ) — — Settlements (800 ) — (3,598 ) 6,882 Net transfers into/(out of) Level 3 — 25,870 (b) (356 ) (d) — Balance on December 31, 2018 $ 1,524 $ 9,902 $ 16,273 $ (31,540 ) Net unrealized gains/(losses) included in net income $ 6 (a) $ (1,025 ) (c) $ 1,239 (a) $ (4,677 ) (f) Year Ended December 31, 2017 (Dollars in thousands) Trading securities Interest-only strips- AFS Loans held- for-sale Net derivative liabilities Balance on January 1, 2017 $ 2,573 $ — $ 21,924 $ (6,245 ) Total net gains/(losses) included in: Net income 448 1,021 1,547 (596 ) Purchases — 1,413 168 — Sales (5 ) (11,431 ) — — Settlements (865 ) — (4,346 ) 1,196 Net transfers into/(out of) Level 3 — 10,267 (b) (367 ) (d) — Balance on December 31, 2017 $ 2,151 $ 1,270 $ 18,926 $ (5,645 ) Net unrealized gains/(losses) included in net income $ 303 (a) $ (171 ) (c) $ 1,547 (a) $ (596 ) (f) Year Ended December 31, 2016 (Dollars in thousands) Trading securities Loans held-for-sale Securities available- for-sale Mortgage servicing rights, net Net derivative liabilities Balance on January 1, 2016 $ 4,377 $ 27,418 $ 1,500 $ 1,841 $ (4,810 ) Total net gains/(losses) included in: Net income 604 3,380 — 31 (2,634 ) Purchases — 706 — — — Sales — — — (205 ) — Settlements (2,408 ) (6,264 ) (1,500 ) (682 ) 1,199 Net transfers into/(out of) Level 3 — (3,316 ) (d) — — — Balance on December 31, 2016 $ 2,573 $ 21,924 $ — $ 985 $ (6,245 ) Net unrealized gains/(losses) included in net income $ 159 (a) $ 3,380 (a) $ — $ — $ (2,634 ) (f) (a) Primarily included in mortgage banking income on the Consolidated 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 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) Increase related to newly executed Visa-related derivatives, see Note 22-Derivatives. (f) Included in Other expense. |
Summary of Changes in Level 3 Net Derivative Asset (Liability) Measured at Fair Value | Changes in Recurring Level 3 Fair Value Measurements The changes in Level 3 assets and liabilities measured at fair value for the years ended December 31, 2018 , 2017 and 2016 on a recurring basis are summarized as follows: Year Ended December 31, 2018 (Dollars in thousands) Trading securities Interest-only strips- AFS Loans held- for-sale Net derivative liabilities Balance on January 1, 2018 $ 2,151 $ 1,270 $ 18,926 $ (5,645 ) Total net gains/(losses) included in: Net income 173 (398 ) 1,239 (4,677 ) Purchases — — 62 (28,100 ) (e) Sales — (16,840 ) — — Settlements (800 ) — (3,598 ) 6,882 Net transfers into/(out of) Level 3 — 25,870 (b) (356 ) (d) — Balance on December 31, 2018 $ 1,524 $ 9,902 $ 16,273 $ (31,540 ) Net unrealized gains/(losses) included in net income $ 6 (a) $ (1,025 ) (c) $ 1,239 (a) $ (4,677 ) (f) Year Ended December 31, 2017 (Dollars in thousands) Trading securities Interest-only strips- AFS Loans held- for-sale Net derivative liabilities Balance on January 1, 2017 $ 2,573 $ — $ 21,924 $ (6,245 ) Total net gains/(losses) included in: Net income 448 1,021 1,547 (596 ) Purchases — 1,413 168 — Sales (5 ) (11,431 ) — — Settlements (865 ) — (4,346 ) 1,196 Net transfers into/(out of) Level 3 — 10,267 (b) (367 ) (d) — Balance on December 31, 2017 $ 2,151 $ 1,270 $ 18,926 $ (5,645 ) Net unrealized gains/(losses) included in net income $ 303 (a) $ (171 ) (c) $ 1,547 (a) $ (596 ) (f) Year Ended December 31, 2016 (Dollars in thousands) Trading securities Loans held-for-sale Securities available- for-sale Mortgage servicing rights, net Net derivative liabilities Balance on January 1, 2016 $ 4,377 $ 27,418 $ 1,500 $ 1,841 $ (4,810 ) Total net gains/(losses) included in: Net income 604 3,380 — 31 (2,634 ) Purchases — 706 — — — Sales — — — (205 ) — Settlements (2,408 ) (6,264 ) (1,500 ) (682 ) 1,199 Net transfers into/(out of) Level 3 — (3,316 ) (d) — — — Balance on December 31, 2016 $ 2,573 $ 21,924 $ — $ 985 $ (6,245 ) Net unrealized gains/(losses) included in net income $ 159 (a) $ 3,380 (a) $ — $ — $ (2,634 ) (f) (a) Primarily included in mortgage banking income on the Consolidated 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 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) Increase related to newly executed Visa-related derivatives, see Note 22-Derivatives. (f) Included in Other expense. |
Nonrecurring Fair Value Measurements | For assets measured at fair value on a nonrecurring basis which were still held on the balance sheet at December 31, 2018 , 2017 and 2016 , respectively, the following tables provide the level of valuation assumptions used to determine each adjustment, the related carrying value, and the fair value adjustments recorded during the respective periods. Carrying value at December 31, 2018 Year Ended December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Net gains/(losses) Loans held-for-sale—other consumer $ — $ 18,712 $ — $ 18,712 $ (1,809 ) Loans held-for-sale—SBAs and USDA — 577,280 1,011 578,291 (2,541 ) Loans held-for-sale—first mortgages — — 541 541 13 Loans, net of unearned income (a) — — 48,259 48,259 (841 ) OREO (b) — — 22,387 22,387 (2,599 ) Other assets (c) — — 8,845 8,845 (4,712 ) $ (12,489 ) Carrying value at December 31, 2017 Year Ended December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Net gains/(losses) Loans held-for-sale—SBAs and USDA $ — $ 465,504 $ 1,473 $ 466,977 $ (1,629 ) Loans held-for-sale—first mortgages — — 618 618 36 Loans, net of unearned income (a) — — 26,666 26,666 (1,687 ) OREO (b) — — 39,566 39,566 (996 ) Other assets (c) — — 26,521 26,521 (3,468 ) $ (7,744 ) Carrying value at December 31, 2016 Year Ended December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Net gains/(losses) Loans held-for-sale—SBAs $ — $ 4,286 $ — $ 4,286 $ (1 ) Loans held-for-sale—first mortgages — — 638 638 75 Loans, net of unearned income (a) — — 31,070 31,070 (2,055 ) OREO (b) — — 11,235 11,235 (2,041 ) Other assets (c) — — 29,609 29,609 (3,349 ) $ (7,371 ) (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 and related 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 December 31, 2018 and 2017 : (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 (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 $ 1,270 Discounted cash flow Constant prepayment rate 10% - 11% 11% Bond equivalent yield 17% 17% Loans held-for-sale - residential real estate 19,544 Discounted cash flow Prepayment speeds - First mortgage 2% - 12% 3% Prepayment speeds - HELOC 5% - 12% 8% Foreclosure losses 50% - 70% 65% Loss severity trends - First mortgage 5% - 30% of UPB 20% Loss severity trends - HELOC 15% - 100% of UPB 55% Loans held-for-sale- unguaranteed interest in SBA loans 1,473 Discounted cash flow Constant prepayment rate 8% - 12% 10% Bond equivalent yield 9% - 10% 10% Derivative liabilities, other 5,645 Discounted cash flow Visa covered litigation resolution amount $4.4 billion - $5.2 billion $4.9 billion Probability of resolution scenarios 10% - 30% 23% Time until resolution 18 - 48 months 35 months Loans, net of unearned 26,666 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) 39,566 Appraisals from comparable properties Adjustment for value changes since appraisal 0% - 10% of appraisal NM Other assets (c) 26,521 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. 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 ) December 31, 2017 (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 $ 20,881 $ 29,755 $ (8,874 ) Nonaccrual loans 5,783 10,881 (5,098 ) Loans 90 days or more past due and still accruing — — — |
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: Year Ended December 31 (Dollars in thousands) 2018 2017 2016 Changes in fair value included in net income: Mortgage banking noninterest income Loans held-for-sale $ 1,239 $ 1,547 $ 3,380 |
Summary Of Book Value And Estimated Fair Value Of Financial Instruments | The following tables summarize the book value and estimated fair value of financial instruments recorded in the Consolidated Statements of Condition as of December 31, 2018 and December 31, 2017: 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 mutual funds 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: Defined maturity deposits $ 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 value. Level 3 includes restricted investments in FHLB-Cincinnati stock of $87.9 million and FRB stock of $130.7 million . December 31, 2017 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 $ 15,959,062 $ — $ — $ 15,990,991 $ 15,990,991 Commercial real estate 4,186,268 — — 4,215,367 4,215,367 Consumer: Consumer real estate 6,330,384 — — 6,320,308 6,320,308 Permanent mortgage 383,742 — — 388,396 388,396 Credit card & other 609,918 — — 607,955 607,955 Total loans, net of unearned income and allowance for loan losses 27,469,374 — — 27,523,017 27,523,017 Short-term financial assets: Interest-bearing cash 1,185,600 1,185,600 — — 1,185,600 Federal funds sold 87,364 — 87,364 — 87,364 Securities purchased under agreements to resell 725,609 — 725,609 — 725,609 Total short-term financial assets 1,998,573 1,185,600 812,973 — 1,998,573 Trading securities (a) 1,416,345 — 1,414,194 2,151 1,416,345 Loans held-for-sale: Mortgage loans 88,173 — 6,902 81,271 88,173 USDA & SBA loans 466,977 — 467,227 1,510 468,737 Other consumer loans 144,227 — 9,965 134,262 144,227 Securities available-for-sale (a) (b) 5,170,255 27,017 4,903,115 240,123 5,170,255 Securities held-to-maturity 10,000 — — 9,901 9,901 Derivative assets (a) 81,634 10,161 71,473 — 81,634 Other assets: Tax credit investments 119,317 — — 112,292 112,292 Deferred compensation assets 39,822 39,822 — — 39,822 Total other assets 159,139 39,822 — 112,292 152,114 Nonearning assets: Cash & due from banks 639,073 639,073 — — 639,073 Fixed income receivables 68,693 — 68,693 — 68,693 Accrued interest receivable 97,239 — 97,239 — 97,239 Total nonearning assets 805,005 639,073 165,932 — 805,005 Total assets $ 37,809,702 $ 1,901,673 $ 7,851,781 $ 28,104,527 $ 37,857,981 Liabilities: Deposits: Defined maturity $ 3,322,921 $ — $ 3,293,650 $ — $ 3,293,650 Undefined maturity 27,297,441 — 27,297,431 — 27,297,431 Total deposits 30,620,362 — 30,591,081 — 30,591,081 Trading liabilities (a) 638,515 — 638,515 — 638,515 Short-term financial liabilities: Federal funds purchased 399,820 — 399,820 — 399,820 Securities sold under agreements to repurchase 656,602 — 656,602 — 656,602 Other short-term borrowings 2,626,213 — 2,626,213 — 2,626,213 Total short-term financial liabilities 3,682,635 — 3,682,635 — 3,682,635 Term borrowings: Real estate investment trust-preferred 46,100 — — 48,880 48,880 Term borrowings—new market tax credit investment 18,000 — — 17,930 17,930 Secured borrowings 18,642 — — 18,305 18,305 Junior subordinated debentures 187,281 — — 187,281 187,281 Other long term borrowings 948,074 — 966,292 — 966,292 Total term borrowings 1,218,097 — 966,292 272,396 1,238,688 Derivative liabilities (a) 85,061 9,535 69,881 5,645 85,061 Other noninterest-bearing liabilities: Fixed income payables 48,996 — 48,996 — 48,996 Accrued interest payable 16,270 — 16,270 — 16,270 Total other noninterest-bearing liabilities 65,266 — 65,266 — 65,266 Total liabilities $ 36,309,936 $ 9,535 $ 36,013,670 $ 278,041 $ 36,301,246 (a) Classes are detailed in the recurring and nonrecurring measurement tables. (b) Level 3 includes restricted investments in FHLB-Cincinnati stock of $87.9 million and FRB stock of $134.6 million . Contractual Amount Fair Value (Dollars in thousands) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Unfunded Commitments: Loan commitments $ 10,884,975 $ 10,678,485 $ 2,551 $ 2,617 Standby and other commitments 446,958 420,728 5,043 4,037 |
Parent Company Financial Info_2
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Statements of Condition | Following are statements of the parent company: Statements of Condition December 31 (Dollars in thousands) 2018 2017 Assets: Cash $ 334,485 $ 254,938 Securities available-for-sale (a) — 1,836 Notes receivable 2,888 3,067 Allowance for loan losses (925 ) (925 ) Investments in subsidiaries: Bank 4,741,105 4,618,249 Non-bank 20,281 22,932 Other assets (a) 180,757 207,878 Total assets $ 5,278,591 $ 5,107,975 Liabilities and equity: Accrued employee benefits and other liabilities $ 158,648 $ 149,124 Term borrowings 629,994 673,794 Total liabilities 788,642 822,918 Total equity 4,489,949 4,285,057 Total liabilities and equity $ 5,278,591 $ 5,107,975 |
Statements of Income | Statements of Income Year Ended December 31 (Dollars in thousands) 2018 2017 2016 Dividend income: Bank $ 420,000 $ 250,000 $ 250,000 Non-bank 1,386 1,097 1,361 Total dividend income 421,386 251,097 251,361 Other income/(loss) 112 190 (207 ) Total income 421,498 251,287 251,154 Interest expense: Term borrowings 31,315 17,936 14,238 Total interest expense 31,315 17,936 14,238 Compensation, employee benefits and other expense 53,401 43,783 38,926 Total expense 84,716 61,719 53,164 Income/(loss) before income taxes 336,782 189,568 197,990 Income tax(benefit)/expense (38,509 ) 512 (22,981 ) Income/(loss) before equity in undistributed net income of subsidiaries 375,291 189,056 220,971 Equity in undistributed net income/(loss) of subsidiaries: Bank 170,939 (24,255 ) 9,508 Non-bank (1,188 ) 714 (3,433 ) Net income/(loss) attributable to the controlling interest $ 545,042 $ 165,515 $ 227,046 |
Statements of Cash Flows | Statements of Cash Flows Year Ended December 31 (Dollars in thousands) 2018 2017 2016 Operating activities: Net income/(loss) $ 545,042 $ 165,515 $ 227,046 Less undistributed net income/(loss) of subsidiaries 169,751 (23,541 ) 6,075 Income/(loss) before undistributed net income of subsidiaries 375,291 189,056 220,971 Adjustments to reconcile income to net cash provided by operating activities: Depreciation, amortization, and other 15 15 53 (Gain)/loss on securities (28 ) (109 ) 148 Provision for deferred income taxes 3,212 7,727 — Stock-based compensation expense 22,398 19,625 16,719 Net (increase)/decrease in interest receivable and other assets 18,214 8,605 (2,228 ) Net (decrease)/increase in interest payable and other liabilities (10,702 ) 13,172 (2,842 ) Total adjustments 33,109 49,035 11,850 Net cash provided/(used) by operating activities 408,400 238,091 232,821 Investing activities: Securities: Sales and prepayments 65 318 275 Purchases — — (400 ) Premises and equipment: Sales/(purchases) (43 ) 7 (17 ) Return on investment in subsidiary 1,597 1,871 129 Investment in subsidiary — — Cash paid for business combination, net (39,916 ) (126,149 ) — Net cash provided/(used) by investing activities (38,297 ) (123,953 ) (13 ) Financing activities: Preferred stock: Cash dividends (6,200 ) (6,200 ) (6,200 ) Common stock: Exercise of stock options 4,482 6,132 22,479 Cash dividends (138,706 ) (79,904 ) (63,504 ) Repurchase of shares (104,768 ) (5,554 ) (97,396 ) Term borrowings: Repayment of term borrowings (45,364 ) — — Net cash (used)/provided by financing activities (290,556 ) (85,526 ) (144,621 ) Net increase/(decrease) in cash and cash equivalents 79,547 28,612 88,187 Cash and cash equivalents at beginning of year 254,938 226,326 138,139 Cash and cash equivalents at end of year $ 334,485 $ 254,938 $ 226,326 Total interest paid $ 29,186 $ 17,321 $ 13,261 Income taxes received from subsidiaries 49,056 23,020 27,126 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2017 | ||
Change in Accounting Estimate [Line Items] | ||||||
Performance obligation, description of timing | one year or less | |||||
Mortgage loans secured by residential real estate in process of foreclosure | [1] | $ 25,290 | $ 43,382 | |||
Deposit Bases | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Intangible assets, amortization period | 10 years | |||||
Minimum | Furniture and Fixtures | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Useful life of premises and equipment | 3 years | |||||
Minimum | Building | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Useful life of premises and equipment | 7 years | |||||
Maximum | Furniture and Fixtures | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Useful life of premises and equipment | 15 years | |||||
Maximum | Building | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Useful life of premises and equipment | 45 years | |||||
Non-Accruing | Minimum | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Impaired commercial loans | $ 1,000 | |||||
Government Guaranteed Mortgage Loans upon Foreclosure Receivable | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Mortgage loans secured by residential real estate in process of foreclosure | 2,900 | |||||
Non-Interest income | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Accounts receivable, net | $ 8,100 | |||||
Other Assets | Accounting Standards Update 2016-01 | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Adjustment to reflect adoption of accounting standard | $ 265,900 | |||||
Available-for-sale Securities | Accounting Standards Update 2016-01 | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Adjustment to reflect adoption of accounting standard | $ (265,900) | |||||
Pro Forma | Accounting Standards Update 2016-02 | Retained Earnings | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Adjustment to reflect adoption of accounting standard | $ 3,000 | |||||
Subsequent Event | Accounting Standards Update 2016-02 | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Lease assets | $ 196,000 | |||||
Lease liabilities | $ 204,000 | |||||
[1] | December 31, 2018 and 2017 include $9.7 million and $12.2 million, respectively, of foreclosed residential real estate. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - ASU 2016-15 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Proceeds from BOLI reclassified | $ (12,860) | $ (11,440) | $ (2,740) |
Accounting Standards Update 2016-15 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Proceeds from BOLI reclassified | $ 11,440 | $ 2,740 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - ASU 2017-07 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Labor and Related Expense | Accounting Standards Update 2017-07 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit cost/(credit) reclassified | $ (1,946) | $ 843 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) $ in Thousands | Mar. 23, 2018USD ($)branch | Nov. 30, 2017USD ($)branchshares | Apr. 03, 2017USD ($) | Jun. 30, 2018USD ($)shares | Sep. 30, 2018branch | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2019USD ($) | Sep. 16, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 1,432,787 | $ 1,386,853 | $ 191,371 | $ 191,307 | |||||||
Noninterest expense | 1,220,317 | 842,314 | 729,084 | ||||||||
Number of branches divested | branch | 2 | ||||||||||
Savings classified as held for sale | 22,600 | ||||||||||
Capital Bank Financial Corporation | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Equity interest issued, number of shares (in shares) | shares | 92,042,232 | ||||||||||
Payments to acquire business | $ 423,600 | $ 46,000 | 469,615 | ||||||||
Total consideration paid | $ 2,200,000 | 2,216,333 | |||||||||
Number of shares canceled (in shares) | shares | 2,373,220 | ||||||||||
Number of bank branches operated | branch | 178 | ||||||||||
Assets acquired | $ 9,900,000 | 9,833,737 | |||||||||
Loans | 7,300,000 | 7,276,544 | |||||||||
Securities available-for-sale | 1,200,000 | 1,193,393 | |||||||||
Deposits | 8,100,000 | 8,140,102 | |||||||||
Goodwill | 1,192,839 | ||||||||||
Goodwill expected to be tax deductible | $ 17,000 | ||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | ||||||||||
Coastal Securities, Inc | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments to acquire business | $ 131,473 | ||||||||||
Assets acquired | 418,418 | ||||||||||
Goodwill | $ 44,964 | ||||||||||
GE Capital | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Loans acquired | 537,400 | $ 537,400 | |||||||||
Apex Bank | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches divested | branch | 2 | ||||||||||
Savings classified as held for sale | $ 30,000 | ||||||||||
Loans disposed of | $ 2,000 | ||||||||||
Portion of Sub-prime Auto Loan Portfolios | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Loans disposed of | $ 120,000 | $ 120,000 | |||||||||
Amortization Of Premiums And Accretion Of Discounts | Capital Bank Financial Corporation | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Noninterest expense | 34,500 | 46,500 | |||||||||
Eliminate Amortization Of Premiums And Accretion Of Discounts | Capital Bank Financial Corporation | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Noninterest expense | 24,400 | 25,900 | |||||||||
Amortization Of Acquired Intangibles | Capital Bank Financial Corporation | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Noninterest expense | $ 15,800 | $ 18,000 | |||||||||
Scenario, Forecast | Discontinued Operations, Held-for-sale | Subprime Consumer Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Loans disposed of | $ 25,000 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Nov. 30, 2017 | Apr. 03, 2017 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Assets: | ||||||||||
Cash and due from banks | $ 781,291 | $ 639,073 | ||||||||
Interest-bearing cash | 1,277,611 | 1,185,600 | ||||||||
Trading securities | 1,448,168 | 1,416,345 | ||||||||
Loans held-for-sale | [1] | 679,149 | 699,377 | |||||||
Securities available-for-sale (a) | 5,170,255 | |||||||||
Securities held-to-maturity (Note 3) | 10,000 | 10,000 | ||||||||
Loans, net of unearned income | 27,535,532 | [2] | 27,658,929 | [2] | $ 19,589,520 | |||||
Allowance for loan losses | (180,424) | (189,555) | (202,068) | $ (210,242) | ||||||
Goodwill | 1,432,787 | 1,386,853 | 191,371 | 191,307 | ||||||
Other intangible assets | 155,034 | 184,389 | ||||||||
Premises and equipment | 494,041 | 532,251 | ||||||||
Other real estate owned (OREO) | [3] | 25,290 | 43,382 | |||||||
Other assets | 1,802,939 | 1,723,189 | ||||||||
Total assets | 40,832,258 | 41,423,388 | ||||||||
Liabilities: | ||||||||||
Deposits | 32,682,992 | 30,620,362 | ||||||||
Securities sold under agreements to repurchase | 762,592 | 656,602 | ||||||||
Other short-term borrowings | 114,764 | 2,626,213 | ||||||||
Fixed income payables | 9,572 | 48,996 | ||||||||
Term borrowings (Note 10) | 1,170,963 | 1,218,097 | ||||||||
Other liabilities | 580,335 | 549,234 | ||||||||
Total liabilities | 36,046,878 | 36,842,900 | ||||||||
Consideration paid: | ||||||||||
Goodwill | 1,432,787 | 1,386,853 | $ 191,371 | $ 191,307 | ||||||
Capital Bank Financial Corporation | ||||||||||
Assets: | ||||||||||
Loans held-for-sale | $ 121,800 | |||||||||
Goodwill | 1,192,839 | |||||||||
Assets As Recorded: | ||||||||||
Cash and cash equivalents | 205,999 | |||||||||
Trading securities | 0 | |||||||||
Loans held-for-sale | 122,969 | |||||||||
Securities available-for-sale | 1,200,000 | 1,193,393 | ||||||||
Securities held-to-maturity | 0 | |||||||||
Loans | 7,300,000 | 7,276,544 | ||||||||
Allowance for loan losses | 0 | |||||||||
Other intangible assets | 141,207 | |||||||||
Premises and equipment | 223,882 | |||||||||
OREO | 33,613 | |||||||||
Other assets | 636,130 | |||||||||
Total assets acquired | 9,900,000 | 9,833,737 | ||||||||
Liabilities As Recorded: | ||||||||||
Deposits | 8,100,000 | 8,140,102 | ||||||||
Securities sold under agreements to repurchase | 26,664 | |||||||||
Other short-term borrowings | 390,391 | |||||||||
Term borrowings | 187,169 | |||||||||
Other liabilities | 65,917 | |||||||||
Total liabilities assumed | 8,810,243 | |||||||||
Net assets acquired | 1,023,494 | |||||||||
Consideration paid: | ||||||||||
Equity | (1,746,718) | |||||||||
Cash | (423,600) | $ (46,000) | (469,615) | |||||||
Total consideration paid | (2,200,000) | (2,216,333) | ||||||||
Goodwill | 1,192,839 | |||||||||
Capital Bank Financial Corporation | Purchase Accounting/Fair Value Adjustments | ||||||||||
Assets: | ||||||||||
Cash and due from banks | 0 | 0 | ||||||||
Trading securities | 0 | (4,758) | ||||||||
Loans held-for-sale | (11,034) | 134,003 | ||||||||
Securities available-for-sale (a) | 0 | 175,526 | ||||||||
Securities held-to-maturity (Note 3) | 0 | (177,549) | ||||||||
Loans, net of unearned income | 867 | (320,372) | ||||||||
Allowance for loan losses | 0 | 45,711 | ||||||||
Goodwill | 0 | (231,292) | ||||||||
Other intangible assets | (2,593) | 119,302 | ||||||||
Premises and equipment | (9,470) | 37,054 | ||||||||
Other real estate owned (OREO) | (315) | (9,149) | ||||||||
Other assets | (22,422) | 41,320 | ||||||||
Total assets | (44,967) | (190,204) | ||||||||
Liabilities: | ||||||||||
Deposits | (642) | (849) | ||||||||
Securities sold under agreements to repurchase | 0 | 0 | ||||||||
Other short-term borrowings | 0 | 0 | ||||||||
Term borrowings (Note 10) | 0 | 67,683 | ||||||||
Other liabilities | 1,631 | 4,291 | ||||||||
Total liabilities | 989 | 71,125 | ||||||||
Net assets acquired | (45,956) | (261,329) | ||||||||
Consideration paid: | ||||||||||
Goodwill | $ 0 | $ (231,292) | ||||||||
Coastal Securities, Inc | ||||||||||
Assets: | ||||||||||
Goodwill | $ 44,964 | |||||||||
Assets As Recorded: | ||||||||||
Cash and cash equivalents | 7,502 | |||||||||
Interest-bearing cash | 4,132 | |||||||||
Trading securities | 139,082 | |||||||||
Loans held-for-sale | 236,088 | |||||||||
Investment securities | 1,413 | |||||||||
Other intangible assets | 27,300 | |||||||||
Premises and equipment | 1,229 | |||||||||
Other assets | 1,672 | |||||||||
Total assets acquired | 418,418 | |||||||||
Liabilities As Recorded: | ||||||||||
Securities sold under agreements to repurchase | 201,595 | |||||||||
Other short-term borrowings | 33,509 | |||||||||
Fixed income payables | 96,489 | |||||||||
Other liabilities | 316 | |||||||||
Total liabilities assumed | 331,909 | |||||||||
Net assets acquired | 86,509 | |||||||||
Consideration paid: | ||||||||||
Cash | (131,473) | |||||||||
Goodwill | 44,964 | |||||||||
Coastal Securities, Inc | Purchase Accounting/Fair Value Adjustments | ||||||||||
Assets: | ||||||||||
Cash and due from banks | 0 | |||||||||
Interest-bearing cash | 0 | |||||||||
Trading securities | (284,580) | |||||||||
Loans held-for-sale | 236,088 | |||||||||
Investment securities | 1,413 | |||||||||
Other intangible assets | 27,300 | |||||||||
Premises and equipment | 0 | |||||||||
Other assets | 14 | |||||||||
Total assets | (19,765) | |||||||||
Liabilities: | ||||||||||
Securities sold under agreements to repurchase | 0 | |||||||||
Other short-term borrowings | 0 | |||||||||
Fixed income payables | (47,158) | |||||||||
Other liabilities | (642) | |||||||||
Total liabilities | (47,800) | |||||||||
Net assets acquired | 28,035 | |||||||||
Capital Bank Financial Corporation | ||||||||||
Assets: | ||||||||||
Cash and due from banks | 205,999 | |||||||||
Trading securities | 4,758 | |||||||||
Loans held-for-sale | 0 | |||||||||
Securities available-for-sale (a) | 1,017,867 | |||||||||
Securities held-to-maturity (Note 3) | 177,549 | |||||||||
Loans, net of unearned income | 7,596,049 | |||||||||
Allowance for loan losses | (45,711) | |||||||||
Goodwill | 231,292 | |||||||||
Other intangible assets | 24,498 | |||||||||
Premises and equipment | 196,298 | |||||||||
Other real estate owned (OREO) | 43,077 | |||||||||
Other assets | 617,232 | |||||||||
Total assets | 10,068,908 | |||||||||
Liabilities: | ||||||||||
Deposits | 8,141,593 | |||||||||
Securities sold under agreements to repurchase | 26,664 | |||||||||
Other short-term borrowings | 390,391 | |||||||||
Term borrowings (Note 10) | 119,486 | |||||||||
Other liabilities | 59,995 | |||||||||
Total liabilities | 8,738,129 | |||||||||
Net assets acquired | 1,330,779 | |||||||||
Consideration paid: | ||||||||||
Goodwill | $ 231,292 | |||||||||
Coastal Securities, Inc | ||||||||||
Assets: | ||||||||||
Cash and due from banks | 7,502 | |||||||||
Interest-bearing cash | 4,132 | |||||||||
Trading securities | 423,662 | |||||||||
Loans held-for-sale | 0 | |||||||||
Investment securities | 0 | |||||||||
Other intangible assets | 0 | |||||||||
Premises and equipment | 1,229 | |||||||||
Other assets | 1,658 | |||||||||
Total assets | 438,183 | |||||||||
Liabilities: | ||||||||||
Securities sold under agreements to repurchase | 201,595 | |||||||||
Other short-term borrowings | 33,509 | |||||||||
Fixed income payables | 143,647 | |||||||||
Other liabilities | 958 | |||||||||
Total liabilities | 379,709 | |||||||||
Net assets acquired | $ 58,474 | |||||||||
[1] | December 31, 2018 and 2017 include $8.4 million and $11.7 million, respectively, of held-for-sale consumer mortgage loans secured by residential real estate in process of foreclosure. | |||||||||
[2] | December 31, 2018 and 2017 include $28.6 million and $22.7 million, respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. | |||||||||
[3] | December 31, 2018 and 2017 include $9.7 million and $12.2 million, respectively, of foreclosed residential real estate. |
Acquisitions and Divestitures_3
Acquisitions and Divestitures - Pro Forma (Details) - Capital Bank Financial Corporation - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Actual from acquisition date, net interest income | $ 31,253 | |
Actual from acquisition date, noninterest income | 6,192 | |
Actual from acquisition date, pre-tax income | 16,534 | |
Unaudited pro forma, net interest income | 1,165,006 | $ 1,033,218 |
Unaudited pro forma, noninterest income | 563,581 | 638,493 |
Unaudited pro forma, pre-tax income | 476,911 | 458,667 |
Unaudited pro forma, net income available to common shareholders | $ 274,416 | $ 293,981 |
Acquisitions and Divestitures_4
Acquisitions and Divestitures - Merger and Integration Expenses (Details) - Capital Bank Financial Corporation - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Merger and integration expense | $ 92,393 | $ 56,748 |
Professional fees | ||
Business Acquisition [Line Items] | ||
Merger and integration expense | 22,337 | 28,151 |
Employee compensation, incentives and benefits | ||
Business Acquisition [Line Items] | ||
Merger and integration expense | 9,613 | 17,077 |
Contract employment and outsourcing | ||
Business Acquisition [Line Items] | ||
Merger and integration expense | 3,681 | 1,270 |
Occupancy | ||
Business Acquisition [Line Items] | ||
Merger and integration expense | 5,236 | 15 |
Miscellaneous expense | ||
Business Acquisition [Line Items] | ||
Merger and integration expense | 7,652 | 1,291 |
All other expense | ||
Business Acquisition [Line Items] | ||
Merger and integration expense | $ 43,874 | $ 8,944 |
Investment Securities - Schedul
Investment Securities - Schedule Of FHN's Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt securities, available-for-sale: | ||
Amortized Cost | $ 4,717,181 | |
Securities available for sale, fair value | 4,626,470 | $ 5,170,255 |
Fair Value | 5,170,255 | |
Securities held-to-maturity: | ||
Amortized Cost | 10,000 | 10,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (157) | (99) |
Fair Value | 9,843 | 9,901 |
Securities pledged and sold | 3,800,000 | 4,000,000 |
FHLB-Cincinnati Stock | ||
Securities held-to-maturity: | ||
Restricted Investments | 87,900 | |
FRB | ||
Securities held-to-maturity: | ||
Restricted Investments | 134,600 | |
U.S. treasuries | ||
Debt securities, available-for-sale: | ||
Amortized Cost | 100 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (2) | |
Securities available for sale, fair value | 98 | |
Amortized Cost | 100 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Fair Value | 99 | |
Government agency issued mortgage-backed securities (“MBS”) | ||
Debt securities, available-for-sale: | ||
Amortized Cost | 2,473,687 | |
Gross Unrealized Gains | 4,819 | |
Gross Unrealized Losses | (58,400) | |
Securities available for sale, fair value | 2,420,106 | |
Amortized Cost | 2,580,442 | |
Gross Unrealized Gains | 10,538 | |
Gross Unrealized Losses | (13,604) | |
Fair Value | 2,577,376 | |
Government agency issued collateralized mortgage obligations (“CMO”) | ||
Debt securities, available-for-sale: | ||
Amortized Cost | 2,006,488 | |
Gross Unrealized Gains | 888 | |
Gross Unrealized Losses | (48,681) | |
Securities available for sale, fair value | 1,958,695 | |
Amortized Cost | 2,302,439 | |
Gross Unrealized Gains | 1,691 | |
Gross Unrealized Losses | (34,272) | |
Fair Value | 2,269,858 | |
Other U.S. government agencies | ||
Debt securities, available-for-sale: | ||
Amortized Cost | 149,050 | |
Gross Unrealized Gains | 809 | |
Gross Unrealized Losses | (73) | |
Securities available for sale, fair value | 149,786 | |
Corporates and other debt | ||
Debt securities, available-for-sale: | ||
Amortized Cost | 55,383 | |
Gross Unrealized Gains | 388 | |
Gross Unrealized Losses | (461) | |
Securities available for sale, fair value | 55,310 | |
Amortized Cost | 55,799 | |
Gross Unrealized Gains | 23 | |
Gross Unrealized Losses | (40) | |
Fair Value | 55,782 | |
State and municipalities | ||
Debt securities, available-for-sale: | ||
Amortized Cost | 32,473 | |
Gross Unrealized Gains | 314 | |
Gross Unrealized Losses | (214) | |
Securities available for sale, fair value | 32,573 | |
Equity and other | ||
Debt securities, available-for-sale: | ||
Amortized Cost | 265,863 | |
Gross Unrealized Gains | 7 | |
Gross Unrealized Losses | 0 | |
Fair Value | 265,870 | |
Available-for-sale securities, excluding interest only strips | ||
Debt securities, available-for-sale: | ||
Amortized Cost | 4,717,181 | |
Gross Unrealized Gains | 7,218 | |
Gross Unrealized Losses | (107,831) | |
Securities available for sale, fair value | 4,616,568 | |
Amortized Cost | 5,204,643 | |
Gross Unrealized Gains | 12,259 | |
Gross Unrealized Losses | (47,917) | |
Fair Value | 5,168,985 | |
SBA - interest only strips | ||
Debt securities, available-for-sale: | ||
Securities available for sale, fair value | 9,902 | |
Fair Value | 1,270 | |
Corporates and other debt | ||
Securities held-to-maturity: | ||
Amortized Cost | 10,000 | 10,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (157) | (99) |
Fair Value | $ 9,843 | $ 9,901 |
Investment Securities - Sched_2
Investment Securities - Schedule Of Amortized Cost And Fair Value By Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Held-to-maturity, Amortized Cost [Abstract] | ||
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 | |
Amortized Cost | 10,000 | $ 10,000 |
Held-to-maturity, Fair Value [Abstract] | ||
Within 1 year | 0 | |
After 1 year; within 5 years | 0 | |
After 5 years; within 10 years | 9,843 | |
After 10 years | 0 | |
Subtotal | 9,843 | |
Government agency issued MBS and CMO | 0 | |
Fair Value | 9,843 | 9,901 |
Available-for-sale, Amortized Cost [Abstract] | ||
Within 1 year | 15,125 | |
After 1 year; within 5 years | 189,408 | |
After 5 years; within 10 years | 755 | |
After 10 years | 31,718 | |
Subtotal, Amortized Cost | 237,006 | |
Government agency issued MBS and CMO | 4,480,175 | |
Amortized Cost | 4,717,181 | |
Available-for-sale, Fair Value [Abstract] | ||
Within 1 year | 15,008 | |
After 1 year; within 5 years | 190,217 | |
After 5 years; within 10 years | 3,445 | |
After 10 years | 38,999 | |
Subtotal, Fair Value | 247,669 | |
Government agency issued MBS and CMO | 4,378,801 | |
Securities available for sale, fair value | $ 4,626,470 | $ 5,170,255 |
Investment Securities - Sched_3
Investment Securities - Schedule Of Realized Gross Gains And Losses On Sale From Available For Sale Portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Marketable Securities [Abstract] | |||
Gross gains on sales of securities | $ 52 | $ 1,500 | |
Gross gains on sales of securities | $ 2,514 | 5,754 | |
Gross (losses) on sales of securities | 0 | ||
Gross (losses) on sales of securities | (1,922) | (4,213) | |
Net gain/(loss) on sales of securities | 52 | ||
Net gain/(loss) on sales of securities | 592 | 1,541 | |
OTTI recorded | 0 | ||
OTTI recorded | 0 | (200) | |
Total securities gain/(loss), net | 52 | 592 | 1,341 |
Proceeds from sales | $ 0 | 937,000 | 444,200 |
Available for sale debt securities exchanged | $ 736,000 | ||
Gain associated with call of held-to-maturity securities | 400 | ||
Held-to-maturity security called | $ 4,400 |
Investment Securities - Sched_4
Investment Securities - Schedule Of Investments Within The Available For Sale Portfolio That Had Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | $ 960,053 | |
Unrealized losses, less than 12 months | (15,826) | |
Fair value, 12 months or longer | 3,112,632 | |
Unrealized loss, 12 months or longer | (92,005) | |
Fair value, total | 4,072,685 | |
Unrealized losses, total | (107,831) | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | $ 2,514,856 | |
Unrealized losses, less than 12 months | (12,243) | |
Fair value, 12 months or longer | 1,164,073 | |
Unrealized losses, 12 months or longer | (35,674) | |
Fair value, total | 3,678,929 | |
Unrealized losses, total | (47,917) | |
US treasury and government | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | 0 | |
Unrealized losses, less than 12 months | 0 | |
Fair value, 12 months or longer | 98 | |
Unrealized loss, 12 months or longer | (2) | |
Fair value, total | 98 | |
Unrealized losses, total | (2) | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | 99 | |
Unrealized losses, less than 12 months | (1) | |
Fair value, 12 months or longer | 0 | |
Unrealized losses, 12 months or longer | 0 | |
Fair value, total | 99 | |
Unrealized losses, total | (1) | |
Government agency issued mortgage-backed securities (“MBS”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | 597,008 | |
Unrealized losses, less than 12 months | (12,335) | |
Fair value, 12 months or longer | 1,537,106 | |
Unrealized loss, 12 months or longer | (46,065) | |
Fair value, total | 2,134,114 | |
Unrealized losses, total | (58,400) | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | 1,455,476 | |
Unrealized losses, less than 12 months | (4,738) | |
Fair value, 12 months or longer | 331,900 | |
Unrealized losses, 12 months or longer | (8,866) | |
Fair value, total | 1,787,376 | |
Unrealized losses, total | (13,604) | |
Government agency issued collateralized mortgage obligations (“CMO”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | 290,863 | |
Unrealized losses, less than 12 months | (2,860) | |
Fair value, 12 months or longer | 1,560,420 | |
Unrealized loss, 12 months or longer | (45,821) | |
Fair value, total | 1,851,283 | |
Unrealized losses, total | (48,681) | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | 1,043,987 | |
Unrealized losses, less than 12 months | (7,464) | |
Fair value, 12 months or longer | 832,173 | |
Unrealized losses, 12 months or longer | (26,808) | |
Fair value, total | 1,876,160 | |
Unrealized losses, total | (34,272) | |
Other U.S. government agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | 29,776 | |
Unrealized losses, less than 12 months | (73) | |
Fair value, 12 months or longer | 0 | |
Unrealized loss, 12 months or longer | 0 | |
Fair value, total | 29,776 | |
Unrealized losses, total | (73) | |
Corporates and other debt | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | 25,114 | |
Unrealized losses, less than 12 months | (344) | |
Fair value, 12 months or longer | 15,008 | |
Unrealized loss, 12 months or longer | (117) | |
Fair value, total | 40,122 | |
Unrealized losses, total | (461) | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | 15,294 | |
Unrealized losses, less than 12 months | (40) | |
Fair value, 12 months or longer | 0 | |
Unrealized losses, 12 months or longer | 0 | |
Fair value, total | 15,294 | |
Unrealized losses, total | $ (40) | |
State and municipalities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Fair value, less than 12 months | 17,292 | |
Unrealized losses, less than 12 months | (214) | |
Fair value, 12 months or longer | 0 | |
Unrealized loss, 12 months or longer | 0 | |
Fair value, total | 17,292 | |
Unrealized losses, total | $ (214) |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||
Carrying amount of equity method investments without readily determinable fair value | $ 21.3 | $ 16.3 | |
Unrealized loss for equity investments with readily determinable fair value | 1.5 | ||
Visa Class B Shares | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gain on sale of investments | $ 212.9 | $ 212.9 |
Loans - Schedule Of Loans By Po
Loans - Schedule Of Loans By Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | $ 27,535,532 | [1] | $ 27,658,929 | [1] | $ 19,589,520 | |
Allowance for loan losses | 180,424 | 189,555 | 202,068 | $ 210,242 | ||
Total net loans | 27,355,108 | 27,469,374 | ||||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 130,258 | 126,638 | ||||
Commercial | Commercial, financial, and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 16,514,328 | 16,057,273 | 12,148,087 | |||
Allowance for loan losses | 98,947 | 98,211 | 89,398 | 73,637 | ||
Commercial | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 4,030,870 | 4,214,695 | 2,135,523 | |||
Allowance for loan losses | 31,311 | 28,427 | 33,852 | 25,159 | ||
Consumer | Consumer Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 6,249,516 | 6,479,242 | 4,594,179 | |||
Allowance for loan losses | 26,439 | 39,823 | 51,424 | 80,662 | ||
Consumer | Permanent mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 222,448 | 287,820 | 352,698 | |||
Allowance for loan losses | 11,000 | 13,113 | 15,222 | 18,899 | ||
Consumer | Credit card & other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 518,370 | 619,899 | 359,033 | |||
Allowance for loan losses | 12,727 | 9,981 | $ 12,172 | $ 11,885 | ||
Consumer | Restricted And Secured Consumer Real Estate Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | $ 16,200 | $ 24,200 | ||||
[1] | December 31, 2018 and 2017 include $28.6 million and $22.7 million, respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Loans - Concentrations and Rest
Loans - Concentrations and Restrictions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Consumer | Consumer Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 23.00% | |
Consumer | Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 24.00% | |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 20,545,198 | $ 20,271,968 |
Loans pledged to secure potential borrowings | 6,100,000 | |
Commercial | Finance And Insurance Companies | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 2,800,000 | |
Percentage of commercial & industrial loan portfolio | 17.00% | |
Percentage contributed in total loan | 10.00% | |
Commercial | Loans To Mortgage Companies | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 2,000,000 | |
Percentage of commercial & industrial loan portfolio | 12.00% | |
Percentage contributed in total loan | 7.00% | |
Commercial | Finance Insurance And Loans To Mortgage Companies | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of commercial & industrial loan portfolio | 29.00% |
Loans - Acquisition (Details)
Loans - Acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held-for-sale | [1] | $ 679,149 | $ 699,377 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period [Abstract] | |||||
Less : accretable yield | $ (13,375) | $ (15,623) | $ (6,871) | ||
Capital Bank Financial Corporation | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unpaid balance | $ 7,600,000 | ||||
Loans held-for-sale | 121,800 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period [Abstract] | |||||
Fair value of loans acquired | 7,400,000 | ||||
Capital Bank Financial Corporation | Non-PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held-for-sale | 117,100 | ||||
Business Combination, Acquired Receivables [Abstract] | |||||
Contractually required payments including interest | 9,182,610 | ||||
Less : expected losses and foregone interest | (801,546) | ||||
Cash flows expected to be collected | 8,381,064 | ||||
Fair value of loans acquired | 7,220,094 | ||||
PCI Loans | Capital Bank Financial Corporation | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held-for-sale | 4,700 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period [Abstract] | |||||
Contractually required payments including interest | 258,950 | ||||
Less : nonaccretable difference | (77,022) | ||||
Cash flows expected to be collected | 181,928 | ||||
Less : accretable yield | (14,271) | ||||
Fair value of loans acquired | $ 167,657 | ||||
[1] | December 31, 2018 and 2017 include $8.4 million and $11.7 million, respectively, of held-for-sale consumer mortgage loans secured by residential real estate in process of foreclosure. |
Loans - Certain Loans Acquired
Loans - Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Movement Schedule Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | $ 15,623 | $ 6,871 |
Addition | 0 | 13,957 |
Accretion | (9,467) | (3,564) |
Adjustment for payoffs | (3,896) | (1,917) |
Adjustment for charge-offs | (1,115) | (45) |
Adjustment for pool excess recovery | (123) | (222) |
Increase in accretable yield | 12,791 | 467 |
Disposals | (240) | 0 |
Other | (198) | 76 |
Balance, end of period | $ 13,375 | $ 15,623 |
Loans - Schedule Of Acquired Pu
Loans - Schedule Of Acquired Purchase Credit Impaired Loans By Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance - purchased credit-impaired loans | $ 4,037 | $ 3,168 | $ 723 |
Provision for loan losses | 7,000 | 0 | 11,000 |
Carrying value | 86,420 | 176,381 | |
Unpaid balance | 98,190 | 199,687 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance - purchased credit-impaired loans | 2,823 | 2,813 | |
PCI Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan losses | 4,800 | 2,500 | |
Commercial, financial, and industrial | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance - purchased credit-impaired loans | 2,823 | 2,809 | 164 |
Provision for loan losses | 12,027 | 21,902 | 27,426 |
Carrying value | 38,873 | 96,598 | |
Unpaid balance | 44,259 | 109,280 | |
Commercial Real Estate | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance - purchased credit-impaired loans | 0 | 4 | 155 |
Provision for loan losses | 3,328 | (6,196) | 8,137 |
Carrying value | 15,197 | 36,107 | |
Unpaid balance | 17,232 | 41,488 | |
Consumer Real Estate | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance - purchased credit-impaired loans | 1,087 | 355 | 404 |
Provision for loan losses | (23,693) | (21,168) | (30,964) |
Carrying value | 30,723 | 38,176 | |
Unpaid balance | 34,820 | 42,568 | |
Credit card & other | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance - purchased credit-impaired loans | 127 | 0 | 0 |
Provision for loan losses | 18,395 | 7,901 | $ 10,890 |
Carrying value | 1,627 | 5,500 | |
Unpaid balance | $ 1,879 | $ 6,351 |
Loans - Information By Class Re
Loans - Information By Class Related To Individually Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Recorded Investment | ||
Recorded Investment | $ 240,533 | $ 259,713 |
Unpaid Principal Balance | ||
Unpaid Principal Balance | 269,468 | 304,308 |
Related Allowance | 28,814 | 41,767 |
Average Recorded Investment | ||
Average Recorded Investment | 246,386 | 270,740 |
Interest Income Recognized | ||
Interest Income Recognized | 6,419 | 6,808 |
Commercial | ||
Recorded Investment | ||
Impaired loans with no related allowance recorded, Recorded investment | 44,491 | 8,183 |
Impaired loans with related allowance recorded, Recorded investment | 6,067 | 37,248 |
Recorded Investment | 50,558 | 45,431 |
Unpaid Principal Balance | ||
Impaired loans with no related allowance recorded, Unpaid principal balance | 46,976 | 17,372 |
Impaired loans with related allowance recorded, Unpaid principal balance | 6,879 | 44,831 |
Unpaid Principal Balance | 53,855 | 62,203 |
Related Allowance | 1,074 | 6,176 |
Average Recorded Investment | ||
Impaired loans with no related allowance recorded, Average recorded investment | 25,994 | 7,810 |
Impaired loans with related allowance recorded, Average recorded investment | 19,439 | 35,123 |
Average Recorded Investment | 45,433 | 42,933 |
Interest Income Recognized | ||
Impaired loans with no related allowance recorded, Interest income recognized | 808 | 0 |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 10 | 835 |
Interest Income Recognized | 818 | 835 |
Consumer | ||
Recorded Investment | ||
Impaired loans with no related allowance recorded, Recorded investment | 16,560 | 18,483 |
Impaired loans with related allowance recorded, Recorded investment | 173,415 | 195,799 |
Recorded Investment | 189,975 | 214,282 |
Unpaid Principal Balance | ||
Impaired loans with no related allowance recorded, Unpaid principal balance | 27,447 | 31,544 |
Impaired loans with related allowance recorded, Unpaid principal balance | 188,166 | 210,561 |
Unpaid Principal Balance | 215,613 | 242,105 |
Related Allowance | 27,740 | 35,591 |
Average Recorded Investment | ||
Impaired loans with no related allowance recorded, Average recorded investment | 17,415 | 20,052 |
Impaired loans with related allowance recorded, Average recorded investment | 183,538 | 207,755 |
Average Recorded Investment | 200,953 | 227,807 |
Interest Income Recognized | ||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | 0 |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 5,601 | 5,973 |
Interest Income Recognized | 5,601 | 5,973 |
Commercial, financial, and industrial | Commercial | General C&I | ||
Recorded Investment | ||
Impaired loans with no related allowance recorded, Recorded investment | 42,902 | 8,183 |
Impaired loans with related allowance recorded, Recorded investment | 2,802 | 31,774 |
Unpaid Principal Balance | ||
Impaired loans with no related allowance recorded, Unpaid principal balance | 45,387 | 17,372 |
Impaired loans with related allowance recorded, Unpaid principal balance | 2,802 | 38,256 |
Related Allowance | 149 | 5,119 |
Average Recorded Investment | ||
Impaired loans with no related allowance recorded, Average recorded investment | 24,186 | 7,810 |
Impaired loans with related allowance recorded, Average recorded investment | 16,011 | 29,183 |
Interest Income Recognized | ||
Impaired loans with no related allowance recorded, Interest income recognized | 757 | 0 |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 0 | 773 |
Commercial, financial, and industrial | Commercial | TRUPs | ||
Recorded Investment | ||
Impaired loans with related allowance recorded, Recorded investment | 2,888 | 3,067 |
Unpaid Principal Balance | ||
Impaired loans with related allowance recorded, Unpaid principal balance | 3,700 | 3,700 |
Related Allowance | 925 | 925 |
Average Recorded Investment | ||
Impaired loans with related allowance recorded, Average recorded investment | 2,981 | 3,139 |
Interest Income Recognized | ||
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 0 | 0 |
Commercial real estate | Commercial | Income CRE | ||
Recorded Investment | ||
Impaired loans with no related allowance recorded, Recorded investment | 1,589 | 0 |
Impaired loans with related allowance recorded, Recorded investment | 377 | 1,612 |
Unpaid Principal Balance | ||
Impaired loans with no related allowance recorded, Unpaid principal balance | 1,589 | 0 |
Impaired loans with related allowance recorded, Unpaid principal balance | 377 | 1,612 |
Related Allowance | 0 | 49 |
Average Recorded Investment | ||
Impaired loans with no related allowance recorded, Average recorded investment | 1,434 | 0 |
Impaired loans with related allowance recorded, Average recorded investment | 348 | 1,695 |
Interest Income Recognized | ||
Impaired loans with no related allowance recorded, Interest income recognized | 51 | 0 |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 10 | 52 |
Commercial real estate | Commercial | Residential C R E | ||
Recorded Investment | ||
Impaired loans with no related allowance recorded, Recorded investment | 0 | |
Impaired loans with related allowance recorded, Recorded investment | 0 | 795 |
Unpaid Principal Balance | ||
Impaired loans with no related allowance recorded, Unpaid principal balance | 0 | |
Impaired loans with related allowance recorded, Unpaid principal balance | 0 | 1,263 |
Related Allowance | 0 | 83 |
Average Recorded Investment | ||
Impaired loans with no related allowance recorded, Average recorded investment | 374 | |
Impaired loans with related allowance recorded, Average recorded investment | 99 | 1,106 |
Interest Income Recognized | ||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 0 | 10 |
Consumer Real Estate | Consumer | Home Equity Line of Credit | ||
Recorded Investment | ||
Impaired loans with no related allowance recorded, Recorded investment | 8,645 | 9,258 |
Impaired loans with related allowance recorded, Recorded investment | 66,482 | 72,469 |
Unpaid Principal Balance | ||
Impaired loans with no related allowance recorded, Unpaid principal balance | 16,648 | 19,193 |
Impaired loans with related allowance recorded, Unpaid principal balance | 69,610 | 75,207 |
Related Allowance | 11,241 | 14,382 |
Average Recorded Investment | ||
Impaired loans with no related allowance recorded, Average recorded investment | 8,723 | 10,374 |
Impaired loans with related allowance recorded, Average recorded investment | 69,535 | 77,454 |
Interest Income Recognized | ||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | 0 |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 2,273 | 2,261 |
Consumer Real Estate | Consumer | R/E installment loans | ||
Recorded Investment | ||
Impaired loans with no related allowance recorded, Recorded investment | 4,314 | 4,093 |
Impaired loans with related allowance recorded, Recorded investment | 38,993 | 43,075 |
Unpaid Principal Balance | ||
Impaired loans with no related allowance recorded, Unpaid principal balance | 4,796 | 4,663 |
Impaired loans with related allowance recorded, Unpaid principal balance | 39,851 | 43,827 |
Related Allowance | 6,743 | 8,793 |
Average Recorded Investment | ||
Impaired loans with no related allowance recorded, Average recorded investment | 4,300 | 4,076 |
Impaired loans with related allowance recorded, Average recorded investment | 40,118 | 48,473 |
Interest Income Recognized | ||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | 0 |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 1,024 | 1,246 |
Permanent Mortgage | Consumer | ||
Recorded Investment | ||
Impaired loans with no related allowance recorded, Recorded investment | 3,601 | 5,132 |
Impaired loans with related allowance recorded, Recorded investment | 67,245 | 79,662 |
Unpaid Principal Balance | ||
Impaired loans with no related allowance recorded, Unpaid principal balance | 6,003 | 7,688 |
Impaired loans with related allowance recorded, Unpaid principal balance | 78,010 | 90,934 |
Related Allowance | 9,419 | 12,105 |
Average Recorded Investment | ||
Impaired loans with no related allowance recorded, Average recorded investment | 4,392 | 5,602 |
Impaired loans with related allowance recorded, Average recorded investment | 73,259 | 81,422 |
Interest Income Recognized | ||
Impaired loans with no related allowance recorded, Interest income recognized | 0 | 0 |
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | 2,290 | 2,455 |
Credit card & other | Consumer | ||
Recorded Investment | ||
Impaired loans with related allowance recorded, Recorded investment | 695 | 593 |
Unpaid Principal Balance | ||
Impaired loans with related allowance recorded, Unpaid principal balance | 695 | 593 |
Related Allowance | 337 | 311 |
Average Recorded Investment | ||
Impaired loans with related allowance recorded, Average recorded investment | 626 | 406 |
Interest Income Recognized | ||
Impaired Financing Impaired loans with related allowance recorded, Interest income recognized | $ 14 | $ 11 |
Loans - Asset Quality Indicator
Loans - Asset Quality Indicators (Details) | Dec. 31, 2018USD ($) |
PD Grade 1 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Lowest expected default probability | 1 |
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 |
Loss | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial loan grades | 16 |
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 | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial loan grades | 12 |
Maximum | Loss | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial loan grades | 16 |
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) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | $ 180,424 | $ 189,555 | $ 202,068 | $ 210,242 | |
Total loans collectively evaluated for impairment | 27,204,542 | 27,219,667 | 19,243,664 | ||
Total loans individually evaluated for impairment | 240,533 | 259,713 | 298,778 | ||
Purchased credit-impaired loans | 90,457 | 179,549 | 47,078 | ||
Allowance - collectively evaluated for impairment | 147,573 | 144,620 | 155,527 | ||
Allowance - individually evaluated for impairment | 28,814 | 41,767 | 45,818 | ||
Allowance - purchased credit-impaired loans | 4,037 | 3,168 | 723 | ||
Gain on sale of TRUPs loans | $ 3,777 | $ 0 | 0 | ||
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percent of total commercial loans (percent) | 100.00% | 100.00% | |||
Loans and Leases Receivable, Allowance | $ 130,258 | $ 126,638 | |||
Total loans collectively evaluated for impairment | 20,437,747 | 20,091,018 | |||
Total loans individually evaluated for impairment | 50,558 | 45,431 | |||
Purchased credit-impaired loans | 56,893 | 135,519 | |||
Total commercial loans | $ 20,545,198 | $ 20,271,968 | |||
Percent of loan collectively evaluated for impairment (percent) | 100.00% | 99.00% | |||
Percent of loan individually evaluated for impairment (percent) | 0.00% | 0.00% | |||
Percent of loan purchased-credit impaired (percent) | 0.00% | 1.00% | |||
Allowance - collectively evaluated for impairment | $ 126,361 | $ 117,649 | |||
Allowance - individually evaluated for impairment | 1,074 | 6,176 | |||
Allowance - purchased credit-impaired loans | 2,823 | 2,813 | |||
Commercial Loan P D Grade One | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 622,763 | $ 538,744 | |||
Percent of total commercial loans (percent) | 3.00% | 3.00% | |||
Loans and Leases Receivable, Allowance | $ 100 | $ 70 | |||
Commercial Loan P D Grade Two | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 837,493 | $ 879,502 | |||
Percent of total commercial loans (percent) | 4.00% | 4.00% | |||
Loans and Leases Receivable, Allowance | $ 274 | $ 339 | |||
Commercial Loan P D Grade Three | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 1,789,074 | $ 1,445,319 | |||
Percent of total commercial loans (percent) | 9.00% | 7.00% | |||
Loans and Leases Receivable, Allowance | $ 315 | $ 272 | |||
Commercial Loan P D Grade Four | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 2,224,417 | $ 1,898,712 | |||
Percent of total commercial loans (percent) | 11.00% | 9.00% | |||
Loans and Leases Receivable, Allowance | $ 686 | $ 854 | |||
Commercial Loan P D Grade Five | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 3,088,258 | $ 2,208,347 | |||
Percent of total commercial loans (percent) | 15.00% | 11.00% | |||
Loans and Leases Receivable, Allowance | $ 8,919 | $ 7,355 | |||
Commercial Loan P D Grade Six | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 2,824,473 | $ 2,463,301 | |||
Percent of total commercial loans (percent) | 14.00% | 12.00% | |||
Loans and Leases Receivable, Allowance | $ 8,141 | $ 10,495 | |||
Commercial Loan P D Grade Seven | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 3,363,877 | $ 2,869,430 | |||
Percent of total commercial loans (percent) | 16.00% | 14.00% | |||
Loans and Leases Receivable, Allowance | $ 16,906 | $ 13,490 | |||
Commercial Loan P D Grade Eight | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 1,676,558 | $ 1,376,652 | |||
Percent of total commercial loans (percent) | 8.00% | 7.00% | |||
Loans and Leases Receivable, Allowance | $ 18,545 | $ 21,831 | |||
Commercial Loan P D Grade Nine | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 2,099,294 | $ 4,396,420 | |||
Percent of total commercial loans (percent) | 10.00% | 22.00% | |||
Loans and Leases Receivable, Allowance | $ 15,454 | $ 9,804 | |||
Commercial Loan P D Grade Ten | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 587,305 | $ 421,424 | |||
Percent of total commercial loans (percent) | 3.00% | 2.00% | |||
Loans and Leases Receivable, Allowance | $ 8,675 | $ 8,808 | |||
Commercial Loan P D Grade Eleven | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 379,741 | $ 261,103 | |||
Percent of total commercial loans (percent) | 2.00% | 1.00% | |||
Loans and Leases Receivable, Allowance | $ 7,973 | $ 6,784 | |||
Commercial Loan P D Grade Twelve | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 342,537 | $ 573,366 | |||
Percent of total commercial loans (percent) | 2.00% | 3.00% | |||
Loans and Leases Receivable, Allowance | $ 6,972 | $ 5,882 | |||
Commercial Loan P D Grade Thirteen | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 347,432 | $ 522,436 | |||
Percent of total commercial loans (percent) | 2.00% | 3.00% | |||
Loans and Leases Receivable, Allowance | $ 10,094 | $ 7,265 | |||
Commercial Loan P D Grade Fourteen Fifteen Sixteen | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | $ 254,525 | $ 236,262 | |||
Percent of total commercial loans (percent) | 1.00% | 1.00% | |||
Loans and Leases Receivable, Allowance | $ 23,307 | $ 24,400 | |||
C&I | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 98,947 | 98,211 | 89,398 | 73,637 | |
Total loans collectively evaluated for impairment | 16,424,006 | 15,909,110 | 12,059,593 | ||
Total loans individually evaluated for impairment | 48,592 | 43,024 | 47,962 | ||
Purchased credit-impaired loans | 41,730 | 105,139 | 40,532 | ||
Allowance - collectively evaluated for impairment | 95,050 | 89,358 | 85,015 | ||
Allowance - individually evaluated for impairment | 1,074 | 6,044 | 4,219 | ||
Allowance - purchased credit-impaired loans | 2,823 | 2,809 | 164 | ||
C&I | General C&I | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans collectively evaluated for impairment | 14,152,795 | 13,511,033 | |||
Total loans individually evaluated for impairment | 45,704 | 39,957 | |||
Purchased credit-impaired loans | 41,730 | 99,407 | |||
Total commercial loans | 14,240,229 | 13,650,397 | |||
C&I | Loans to Mortgage Companies | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans collectively evaluated for impairment | 2,023,746 | 2,099,961 | |||
Total loans individually evaluated for impairment | 0 | 0 | |||
Purchased credit-impaired loans | 0 | 0 | |||
Total commercial loans | 2,023,746 | 2,099,961 | |||
C&I | TRUPs | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans collectively evaluated for impairment | 247,465 | 303,848 | |||
Total loans individually evaluated for impairment | 2,888 | 3,067 | |||
Purchased credit-impaired loans | 0 | 0 | |||
Total commercial loans | 250,353 | 306,915 | |||
Valuation allowance | $ 20,200 | $ 25,500 | |||
Highest internal grade | 13 | 13 | |||
Gain on sale of TRUPs loans | $ 3,800 | ||||
Financing receivable, sold | 55,500 | $ 3,000 | |||
Financing receivable sold, allowance | $ 5,000 | 300 | |||
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 | 610,177 | $ 536,244 | |||
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 | 835,776 | 877,635 | |||
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 | 782,362 | 582,224 | |||
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 | 716,971 | 652,982 | |||
C&I | Commercial Loan P D Grade Three | 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 Four | General C&I | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | 1,223,092 | 959,581 | |||
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 | 394,862 | 629,432 | |||
C&I | Commercial Loan P D Grade Four | TRUPs | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | 43,220 | 0 | |||
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 | 1,920,034 | 1,461,632 | |||
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 | 277,814 | 328,477 | |||
C&I | Commercial Loan P D Grade Five | TRUPs | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | 77,751 | 0 | |||
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 | 1,722,136 | 1,668,247 | |||
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 | 365,341 | 335,169 | |||
C&I | Commercial Loan P D Grade Six | TRUPs | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | 45,609 | 0 | |||
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 | 2,690,784 | 2,257,400 | |||
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 | 96,603 | 47,720 | |||
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 | 0 | |||
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 | 1,337,113 | 1,092,994 | |||
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 | 53,224 | 35,266 | |||
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 | 1,472,852 | 2,633,854 | |||
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 | 96,292 | 70,915 | |||
C&I | Commercial Loan P D Grade Nine | TRUPs | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial loan, Disaggregated by PD grade | 45,117 | 0 | |||
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 | 490,795 | 373,537 | |||
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 | 13,260 | 0 | |||
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 | 0 | |||
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 | 311,967 | 226,382 | |||
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 | 0 | 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 | 244,867 | 409,838 | |||
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 | 9,379 | 0 | |||
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 | 285,987 | 202,613 | |||
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 | 303,848 | |||
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 | 224,853 | 228,852 | |||
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 | 31,311 | 28,427 | 33,852 | $ 25,159 | |
Total loans collectively evaluated for impairment | 4,013,741 | 4,181,908 | 2,127,481 | ||
Total loans individually evaluated for impairment | 1,966 | 2,407 | 3,124 | ||
Purchased credit-impaired loans | 15,163 | 30,380 | 4,918 | ||
Allowance - collectively evaluated for impairment | 31,311 | 28,291 | 33,503 | ||
Allowance - individually evaluated for impairment | 0 | 132 | 194 | ||
Allowance - purchased credit-impaired loans | 0 | 4 | $ 155 | ||
Commercial real estate | Income CRE | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans collectively evaluated for impairment | 3,877,848 | 4,077,337 | |||
Total loans individually evaluated for impairment | 1,966 | 1,612 | |||
Purchased credit-impaired loans | 12,730 | 31,615 | |||
Total commercial loans | 3,892,544 | 4,110,564 | |||
Commercial real estate | Residential C R E | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans collectively evaluated for impairment | 135,893 | 98,839 | |||
Total loans individually evaluated for impairment | 0 | 795 | |||
Purchased credit-impaired loans | 2,433 | 4,497 | |||
Total commercial loans | 138,326 | 104,131 | |||
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 | 12,586 | 2,500 | |||
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 | 1,688 | 1,798 | |||
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 | 29 | 69 | |||
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 | 289,594 | 210,073 | |||
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 | 147 | 40 | |||
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 | 563,243 | 309,699 | |||
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 | 0 | 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 | 798,509 | 415,764 | |||
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 | 14,150 | 2,474 | |||
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 | 657,628 | 456,706 | |||
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 | 33,759 | 3,179 | |||
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 | 538,909 | 554,590 | |||
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 | 26,135 | 9,720 | |||
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 | 265,901 | 241,938 | |||
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 | 20,320 | 6,454 | |||
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 | 455,184 | 1,630,176 | |||
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 | 29,849 | 61,475 | |||
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 | 60,803 | 43,297 | |||
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 | 3,911 | 4,590 | |||
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 | 66,986 | 31,785 | |||
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 | 788 | 2,936 | |||
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 | 82,574 | 156,717 | |||
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 | 5,717 | 6,811 | |||
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 | 55,408 | 15,707 | |||
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 | 251 | 268 | |||
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 | 28,835 | 6,587 | |||
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 | $ 837 | $ 823 |
Loans - Loans by FICO Score, Co
Loans - Loans by FICO Score, Consumer (Details) - Consumer | Dec. 31, 2018 | Dec. 31, 2017 |
HELOC | FICO score 740 or greater | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 61.40% | 60.00% |
HELOC | FICO score 720-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 8.50% | 8.70% |
HELOC | FICO score 700-719 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 7.60% | 8.30% |
HELOC | FICO score 660-699 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 10.90% | 11.10% |
HELOC | FICO score 620-659 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 5.10% | 4.90% |
HELOC | FICO score less than 620 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 6.50% | 7.00% |
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) | 71.30% | 73.10% |
R/E installment loans | FICO score 720-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 8.80% | 8.00% |
R/E installment loans | FICO score 700-719 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 7.00% | 6.40% |
R/E installment loans | FICO score 660-699 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 7.60% | 7.20% |
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) | 51.80% | 46.40% |
Permanent mortgage | FICO score 720-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 7.60% | 12.80% |
Permanent mortgage | FICO score 700-719 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 10.60% | 9.20% |
Permanent mortgage | FICO score 660-699 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 14.70% | 14.80% |
Permanent mortgage | FICO score 620-659 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 6.50% | 7.30% |
Permanent mortgage | FICO score less than 620 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average refreshed FICO score (percent) | 8.80% | 9.50% |
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 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | $ 27,535,532 | [1] | $ 27,658,929 | [1] | $ 19,589,520 |
Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 27,312,619 | 27,435,858 | |||
Total Accruing | 27,387,783 | 27,528,310 | |||
Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 42,703 | 50,884 | |||
Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 32,461 | 41,568 | |||
Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 101,876 | 70,040 | |||
Total Non-Accruing | 147,749 | 130,619 | |||
Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 11,831 | 13,654 | |||
Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 34,042 | 46,925 | |||
Commercial | Commercial, financial, and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 16,514,328 | 16,057,273 | 12,148,087 | ||
Commercial | Commercial, financial, and industrial | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 16,463,919 | 15,996,404 | |||
Total Accruing | 16,474,552 | 16,026,120 | |||
Commercial | Commercial, financial, and industrial | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 8,858 | 10,264 | |||
Commercial | Commercial, financial, and industrial | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 1,775 | 19,452 | |||
Commercial | Commercial, financial, and industrial | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 26,325 | 1,761 | |||
Total Non-Accruing | 39,776 | 31,153 | |||
Commercial | Commercial, financial, and industrial | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 5,537 | 7,019 | |||
Commercial | Commercial, financial, and industrial | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 7,914 | 22,373 | |||
Commercial | Commercial, financial, and industrial | General C&I | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 14,198,499 | 13,550,990 | |||
Commercial | Commercial, financial, and industrial | General C&I | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 14,153,275 | 13,514,752 | |||
Total Accruing | 14,161,611 | 13,522,904 | |||
Commercial | Commercial, financial, and industrial | General C&I | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 8,234 | 8,057 | |||
Commercial | Commercial, financial, and industrial | General C&I | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 102 | 95 | |||
Commercial | Commercial, financial, and industrial | General C&I | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 26,325 | 1,761 | |||
Total Non-Accruing | 36,888 | 28,086 | |||
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 | 5,537 | 7,019 | |||
Commercial | Commercial, financial, and industrial | General C&I | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 5,026 | 19,306 | |||
Commercial | Commercial, financial, and industrial | Loans to Mortgage Companies | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 2,023,746 | 2,099,961 | |||
Commercial | Commercial, financial, and industrial | Loans to Mortgage Companies | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 2,023,746 | 2,099,961 | |||
Total Accruing | 2,023,746 | 2,099,961 | |||
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 | 0 | 0 | |||
Total Non-Accruing | 0 | 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 | 250,353 | 306,915 | |||
Valuation allowance | 20,200 | 25,500 | |||
Commercial | Commercial, financial, and industrial | TRUPs | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 247,465 | 303,848 | |||
Total Accruing | 247,465 | 303,848 | |||
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 | 2,888 | 3,067 | |||
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 | 2,888 | 3,067 | |||
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 | 41,730 | 99,407 | |||
Commercial | Commercial, financial, and industrial | C&I Purchase Credit Impaired Loans | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 39,433 | 77,843 | |||
Total Accruing | 41,730 | 99,407 | |||
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 | 624 | 2,207 | |||
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 | 1,673 | 19,357 | |||
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 | 4,030,870 | 4,214,695 | 2,135,523 | ||
Commercial | Commercial real estate | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 4,025,398 | 4,207,123 | |||
Total Accruing | 4,027,879 | 4,213,302 | |||
Commercial | Commercial real estate | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 729 | 3,926 | |||
Commercial | Commercial real estate | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 1,752 | 2,253 | |||
Commercial | Commercial real estate | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 62 | 56 | |||
Total Non-Accruing | 2,991 | 1,393 | |||
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 | 2,929 | 1,337 | |||
Commercial | Commercial real estate | Income CRE | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 3,879,814 | 4,078,948 | |||
Commercial | Commercial real estate | Income CRE | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 3,876,229 | 4,077,106 | |||
Total Accruing | 3,876,855 | 4,078,346 | |||
Commercial | Commercial real estate | Income CRE | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 626 | 1,240 | |||
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 | 30 | 56 | |||
Total Non-Accruing | 2,959 | 602 | |||
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 | 2,929 | 546 | |||
Commercial | Commercial real estate | Residential C R E | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 135,893 | 99,635 | |||
Commercial | Commercial real estate | Residential C R E | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 135,861 | 98,844 | |||
Total Accruing | 135,861 | 98,844 | |||
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 | 32 | 0 | |||
Total Non-Accruing | 32 | 791 | |||
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 | 791 | |||
Commercial | Commercial real estate | CRE Purchase Credit Impaired Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 15,163 | 36,112 | |||
Commercial | Commercial real estate | CRE Purchase Credit Impaired Loans | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 13,308 | 31,173 | |||
Total Accruing | 15,163 | 36,112 | |||
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 | 103 | 2,686 | |||
Commercial | Commercial real estate | CRE Purchase Credit Impaired Loans | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 1,752 | 2,253 | |||
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 | 6,249,516 | 6,479,242 | 4,594,179 | ||
Consumer | Consumer Real Estate | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 6,120,405 | 6,366,288 | |||
Total Accruing | 6,166,868 | 6,407,755 | |||
Consumer | Consumer Real Estate | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 24,217 | 27,034 | |||
Consumer | Consumer Real Estate | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 22,246 | 14,433 | |||
Consumer | Consumer Real Estate | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 64,155 | 54,947 | |||
Total Non-Accruing | 82,648 | 71,487 | |||
Consumer | Consumer Real Estate | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 5,238 | 5,583 | |||
Consumer | Consumer Real Estate | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 13,255 | 10,957 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 1,526,537 | 1,823,710 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 1,443,651 | 1,743,776 | |||
Total Accruing | 1,465,433 | 1,771,222 | |||
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 | 11,653 | 17,744 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 10,129 | 9,702 | |||
Consumer | Consumer Real Estate | Home Equity Line of Credit | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 49,009 | 40,508 | |||
Total Non-Accruing | 61,104 | 52,488 | |||
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 | 3,314 | 3,626 | |||
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 | 8,781 | 8,354 | |||
Consumer | Consumer Real Estate | R/E installment loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 4,691,169 | 4,617,002 | |||
Consumer | Consumer Real Estate | R/E installment loans | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 4,652,658 | 4,587,156 | |||
Total Accruing | 4,669,625 | 4,598,003 | |||
Consumer | Consumer Real Estate | R/E installment loans | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 10,470 | 7,274 | |||
Consumer | Consumer Real Estate | R/E installment loans | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 6,497 | 3,573 | |||
Consumer | Consumer Real Estate | R/E installment loans | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 15,146 | 14,439 | |||
Total Non-Accruing | 21,544 | 18,999 | |||
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 | 1,924 | 1,957 | |||
Consumer | Consumer Real Estate | R/E installment loans | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 4,474 | 2,603 | |||
Consumer | Consumer Real Estate | RE Installment Purchase Credit Impaired Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 31,810 | 38,530 | |||
Consumer | Consumer Real Estate | RE Installment Purchase Credit Impaired Loans | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 24,096 | 35,356 | |||
Total Accruing | 31,810 | 38,530 | |||
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 | 2,094 | 2,016 | |||
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 | 5,620 | 1,158 | |||
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 | 222,448 | 287,820 | 352,698 | ||
Consumer | Permanent Mortgage | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 193,591 | 254,040 | |||
Total Accruing | 200,738 | 261,430 | |||
Consumer | Permanent Mortgage | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,585 | 3,930 | |||
Consumer | Permanent Mortgage | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 4,562 | 3,460 | |||
Consumer | Permanent Mortgage | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 11,227 | 13,245 | |||
Total Non-Accruing | 21,710 | 26,390 | |||
Consumer | Permanent Mortgage | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 996 | 1,052 | |||
Consumer | Permanent Mortgage | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 9,487 | 12,093 | |||
Consumer | Credit Card and Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 518,370 | 619,899 | $ 359,033 | ||
Consumer | Credit Card and Other | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 509,306 | 612,003 | |||
Total Accruing | 517,746 | 619,703 | |||
Consumer | Credit Card and Other | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 6,314 | 5,730 | |||
Consumer | Credit Card and Other | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,126 | 1,970 | |||
Consumer | Credit Card and Other | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 110 | 31 | |||
Total Non-Accruing | 624 | 196 | |||
Consumer | Credit Card and Other | Non-Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 60 | 0 | |||
Consumer | Credit Card and Other | Non-Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 454 | 165 | |||
Consumer | Credit Card and Other | Credit Card | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 191,345 | 196,364 | |||
Consumer | Credit Card and Other | Credit Card | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 188,009 | 193,940 | |||
Total Accruing | 191,345 | 196,364 | |||
Consumer | Credit Card and Other | Credit Card | Accruing | 30-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 2,133 | 1,371 | |||
Consumer | Credit Card and Other | Credit Card | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 1,203 | 1,053 | |||
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 | 325,271 | 418,035 | |||
Consumer | Credit Card and Other | Other Consumer Loans Class | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 320,551 | 415,070 | |||
Total Accruing | 324,647 | 417,839 | |||
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 | 3,570 | 2,666 | |||
Consumer | Credit Card and Other | Other Consumer Loans Class | Accruing | 90+ Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due | 526 | 103 | |||
Consumer | Credit Card and Other | Other Consumer Loans Class | Non-Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 110 | 31 | |||
Total Non-Accruing | 624 | 196 | |||
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 | 60 | 0 | |||
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 | 454 | 165 | |||
Consumer | Credit Card and Other | Other Purchased Credit Impaired Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans, net of unearned income | 1,754 | 5,500 | |||
Consumer | Credit Card and Other | Other Purchased Credit Impaired Loans | Accruing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current | 746 | 2,993 | |||
Total Accruing | 1,754 | 5,500 | |||
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 | 611 | 1,693 | |||
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 | 397 | 814 | |||
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] | December 31, 2018 and 2017 include $28.6 million and $22.7 million, respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructuring Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings loans | $ 228.2 | $ 234.4 |
Allowance For TDRs To Recorded Investment Of TDRs | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan loss reserves | $ 27.7 | $ 37.3 |
Ratio of the allowance for loan losses to loans | 12.00% | 16.00% |
Loans Held For Sale, Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings loans | $ 57.8 | $ 63.2 |
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 | Consumer | Permanent Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Modified interest rate | 2.00% | |
Modified interest rate time period | 5 years | |
Minimum | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Forbearance agreements time period | 6 months | |
Maximum | Consumer | Permanent Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Modified interest rate time period | 5 years | |
Maximum | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Forbearance agreements time period | 12 months | |
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 | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 348 | 327 |
Pre-Modification Outstanding Recorded Investment | $ 47,370 | $ 23,775 |
Post-Modification Outstanding Recorded Investment | $ 46,712 | $ 23,328 |
Commercial | C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 9 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 27,639 | $ 1,095 |
Post-Modification Outstanding Recorded Investment | $ 27,190 | $ 1,086 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 4 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 643 | $ 199 |
Post-Modification Outstanding Recorded Investment | $ 637 | $ 198 |
Consumer | Consumer Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 195 | 196 |
Pre-Modification Outstanding Recorded Investment | $ 17,483 | $ 16,831 |
Post-Modification Outstanding Recorded Investment | $ 17,131 | $ 16,449 |
Consumer | Permanent Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 8 | 34 |
Pre-Modification Outstanding Recorded Investment | $ 1,001 | $ 5,078 |
Post-Modification Outstanding Recorded Investment | $ 1,184 | $ 5,045 |
Consumer | Credit card & other | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 132 | 91 |
Pre-Modification Outstanding Recorded Investment | $ 604 | $ 572 |
Post-Modification Outstanding Recorded Investment | $ 570 | $ 550 |
General C&I | Commercial | C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 9 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 27,639 | $ 1,095 |
Post-Modification Outstanding Recorded Investment | $ 27,190 | $ 1,086 |
Income CRE | Commercial | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 4 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 643 | $ 199 |
Post-Modification Outstanding Recorded Investment | $ 637 | $ 198 |
Home Equity Line of Credit | Consumer | Consumer Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 103 | 143 |
Pre-Modification Outstanding Recorded Investment | $ 9,406 | $ 12,739 |
Post-Modification Outstanding Recorded Investment | $ 9,283 | $ 12,422 |
R/E installment loans | Consumer | Consumer Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 92 | 53 |
Pre-Modification Outstanding Recorded Investment | $ 8,077 | $ 4,092 |
Post-Modification Outstanding Recorded Investment | $ 7,848 | $ 4,027 |
Loans - Schedule Of Troubled _2
Loans - Schedule Of Troubled Debt Restructurings Within The Previous 12 Months (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 65 | 24 |
Recorded Investment | $ | $ 1,952 | $ 13,154 |
Commercial | C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 5 |
Recorded Investment | $ | $ 579 | $ 11,498 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 88 |
Consumer | Consumer Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 8 | 5 |
Recorded Investment | $ | $ 385 | $ 776 |
Consumer | Permanent mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 6 | 3 |
Recorded Investment | $ | $ 749 | $ 715 |
Consumer | Credit card & other | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 49 | 10 |
Recorded Investment | $ | $ 239 | $ 77 |
General C&I | Commercial | C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 5 |
Recorded Investment | $ | $ 579 | $ 11,498 |
Income CRE | Commercial | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 88 |
HELOC | Consumer | Consumer Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 6 | 5 |
Recorded Investment | $ | $ 239 | $ 776 |
R/E installment loans | Consumer | Consumer Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 0 |
Recorded Investment | $ | $ 146 | $ 0 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | $ 189,555 | $ 202,068 | $ 210,242 | ||
Charge-offs | (45,797) | (46,394) | (57,639) | ||
Recoveries | 29,666 | 33,881 | 38,465 | ||
Provision/(provision credit) for loan losses | 7,000 | 0 | 11,000 | ||
Ending Balance | 180,424 | 189,555 | 202,068 | ||
Allowance - individually evaluated for impairment | 28,814 | 41,767 | 45,818 | ||
Allowance - collectively evaluated for impairment | 147,573 | 144,620 | 155,527 | ||
Allowance - purchased credit-impaired loans | 4,037 | 3,168 | 723 | ||
Individually evaluated for impairment | 240,533 | 259,713 | 298,778 | ||
Collectively evaluated for impairment | 27,204,542 | 27,219,667 | 19,243,664 | ||
Purchased credit-impaired loans | 90,457 | 179,549 | 47,078 | ||
Total loans, net of unearned income | 27,535,532 | [1] | 27,658,929 | [1] | 19,589,520 |
Commercial | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | 126,638 | ||||
Ending Balance | 130,258 | 126,638 | |||
Allowance - individually evaluated for impairment | 1,074 | 6,176 | |||
Allowance - collectively evaluated for impairment | 126,361 | 117,649 | |||
Allowance - purchased credit-impaired loans | 2,823 | 2,813 | |||
Individually evaluated for impairment | 50,558 | 45,431 | |||
Collectively evaluated for impairment | 20,437,747 | 20,091,018 | |||
Purchased credit-impaired loans | 56,893 | 135,519 | |||
Commercial | C&I | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | 98,211 | 89,398 | 73,637 | ||
Charge-offs | (15,492) | (17,657) | (18,460) | ||
Recoveries | 4,201 | 4,568 | 6,795 | ||
Provision/(provision credit) for loan losses | 12,027 | 21,902 | 27,426 | ||
Ending Balance | 98,947 | 98,211 | 89,398 | ||
Allowance - individually evaluated for impairment | 1,074 | 6,044 | 4,219 | ||
Allowance - collectively evaluated for impairment | 95,050 | 89,358 | 85,015 | ||
Allowance - purchased credit-impaired loans | 2,823 | 2,809 | 164 | ||
Individually evaluated for impairment | 48,592 | 43,024 | 47,962 | ||
Collectively evaluated for impairment | 16,424,006 | 15,909,110 | 12,059,593 | ||
Purchased credit-impaired loans | 41,730 | 105,139 | 40,532 | ||
Total loans, net of unearned income | 16,514,328 | 16,057,273 | 12,148,087 | ||
Commercial | Commercial real estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | 28,427 | 33,852 | 25,159 | ||
Charge-offs | (783) | (195) | (1,371) | ||
Recoveries | 339 | 966 | 1,927 | ||
Provision/(provision credit) for loan losses | 3,328 | (6,196) | 8,137 | ||
Ending Balance | 31,311 | 28,427 | 33,852 | ||
Allowance - individually evaluated for impairment | 0 | 132 | 194 | ||
Allowance - collectively evaluated for impairment | 31,311 | 28,291 | 33,503 | ||
Allowance - purchased credit-impaired loans | 0 | 4 | 155 | ||
Individually evaluated for impairment | 1,966 | 2,407 | 3,124 | ||
Collectively evaluated for impairment | 4,013,741 | 4,181,908 | 2,127,481 | ||
Purchased credit-impaired loans | 15,163 | 30,380 | 4,918 | ||
Total loans, net of unearned income | 4,030,870 | 4,214,695 | 2,135,523 | ||
Consumer | Consumer Real Estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | 39,823 | 51,424 | 80,662 | ||
Charge-offs | (9,357) | (13,156) | (21,993) | ||
Recoveries | 19,666 | 22,723 | 23,719 | ||
Provision/(provision credit) for loan losses | (23,693) | (21,168) | (30,964) | ||
Ending Balance | 26,439 | 39,823 | 51,424 | ||
Allowance - individually evaluated for impairment | 17,984 | 23,175 | 28,802 | ||
Allowance - collectively evaluated for impairment | 7,368 | 16,293 | 22,218 | ||
Allowance - purchased credit-impaired loans | 1,087 | 355 | 404 | ||
Individually evaluated for impairment | 118,434 | 128,895 | 153,460 | ||
Collectively evaluated for impairment | 6,099,272 | 6,311,817 | 4,439,143 | ||
Purchased credit-impaired loans | 31,810 | 38,530 | 1,576 | ||
Total loans, net of unearned income | 6,249,516 | 6,479,242 | 4,594,179 | ||
Consumer | Permanent Mortgage | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | 13,113 | 15,222 | 18,899 | ||
Charge-offs | (477) | (2,179) | (1,591) | ||
Recoveries | 1,421 | 2,509 | 2,403 | ||
Provision/(provision credit) for loan losses | (3,057) | (2,439) | (4,489) | ||
Ending Balance | 11,000 | 13,113 | 15,222 | ||
Allowance - individually evaluated for impairment | 9,419 | 12,105 | 12,470 | ||
Allowance - collectively evaluated for impairment | 1,581 | 1,008 | 2,752 | ||
Allowance - purchased credit-impaired loans | 0 | 0 | 0 | ||
Individually evaluated for impairment | 70,846 | 84,794 | 93,926 | ||
Collectively evaluated for impairment | 151,602 | 203,026 | 258,772 | ||
Purchased credit-impaired loans | 0 | 0 | 0 | ||
Total loans, net of unearned income | 222,448 | 287,820 | 352,698 | ||
Consumer | Credit card & other | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | 9,981 | 12,172 | 11,885 | ||
Charge-offs | (19,688) | (13,207) | (14,224) | ||
Recoveries | 4,039 | 3,115 | 3,621 | ||
Provision/(provision credit) for loan losses | 18,395 | 7,901 | 10,890 | ||
Ending Balance | 12,727 | 9,981 | 12,172 | ||
Allowance - individually evaluated for impairment | 337 | 311 | 133 | ||
Allowance - collectively evaluated for impairment | 12,263 | 9,670 | 12,039 | ||
Allowance - purchased credit-impaired loans | 127 | 0 | 0 | ||
Individually evaluated for impairment | 695 | 593 | 306 | ||
Collectively evaluated for impairment | 515,921 | 613,806 | 358,675 | ||
Purchased credit-impaired loans | 1,754 | 5,500 | 52 | ||
Total loans, net of unearned income | $ 518,370 | $ 619,899 | $ 359,033 | ||
[1] | December 31, 2018 and 2017 include $28.6 million and $22.7 million, respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Premises, Equipment, and Leas_3
Premises, Equipment, and Leases - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 107,864 | $ 104,454 |
Buildings | 461,665 | 472,619 |
Leasehold improvements | 30,230 | 26,640 |
Furniture, fixtures, and equipment | 196,469 | 194,057 |
Fixed assets held-for-sale | 19,617 | 53,195 |
Premises and equipment, at cost | 815,845 | 850,965 |
Less accumulated depreciation and amortization | 321,804 | 318,714 |
Premises and equipment, net | $ 494,041 | $ 532,251 |
Premises, Equipment, and Leas_4
Premises, Equipment, and Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Maximum duration of noncancelable operating leases, time period | 41 years | |
Impairment losses | $ 3.9 | $ 6 |
Impairment recoveries | 1.5 | |
Gain/(loss) on sale of properties, before applicable income taxes | $ 4.3 | $ 0.4 |
Premises, Equipment, and Leas_5
Premises, Equipment, and Leases - Minimum Future Lease Payments For Noncancelable Operating Leases On Premises and Equipment (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2,019 | $ 27,524 |
2,020 | 24,722 |
2,021 | 20,954 |
2,022 | 16,518 |
2,023 | 13,174 |
2024 and after | 42,370 |
Total minimum lease payments | $ 145,262 |
Premises, Equipment, and Leas_6
Premises, Equipment, and Leases - Rent Expense Incurred Under All Operating Lease Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Rent expense, gross | $ 34,729 | $ 23,116 | $ 20,812 |
Sublease income | (647) | (631) | (477) |
Rent expense, net | $ 34,082 | $ 22,485 | $ 20,335 |
Intangible Assets - Summary Of
Intangible Assets - Summary Of Intangible Assets and Accumulated Amortization Included In The Consolidated Statements of Condition (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018branch | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 240,637 | $ 244,137 | |
Accumulated Amortization | (85,603) | (59,748) | |
Net Carrying Value | 155,034 | 184,389 | |
Number of branches divested | branch | 2 | ||
Core deposit intangibles | |||
Intangible Assets [Line Items] | |||
Gross Carrying Amount | 157,150 | 160,650 | |
Accumulated Amortization | (28,150) | (8,176) | |
Net Carrying Value | 129,000 | 152,474 | |
Customer Relationships | |||
Intangible Assets [Line Items] | |||
Gross Carrying Amount | 77,865 | 77,865 | |
Accumulated Amortization | (55,597) | (50,777) | |
Net Carrying Value | 22,268 | 27,088 | |
Other | |||
Intangible Assets [Line Items] | |||
Gross Carrying Amount | 5,622 | 5,622 | |
Accumulated Amortization | (1,856) | (795) | |
Net Carrying Value | 3,766 | $ 4,827 | |
State banking licenses | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets (excluding goodwill) | $ 300 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||||
Amortization expense | $ 25,900 | $ 8,700 | $ 5,200 | |
Goodwill | 1,432,787 | 1,386,853 | 191,371 | $ 191,307 |
Non-Strategic | ||||
Goodwill [Line Items] | ||||
Gross goodwill | 200,000 | |||
Accumulated impairments | 114,100 | |||
Accumulated divestiture related write-offs | 85,900 | |||
Goodwill | $ 0 | $ 0 | $ 0 |
Intangible Assets - Schedule Of
Intangible Assets - Schedule Of Estimated Aggregate Amortization Expense for Intangible Assets (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 24,835 |
2,020 | 21,159 |
2,021 | 19,547 |
2,022 | 17,412 |
2,023 | $ 16,117 |
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | $ 1,386,853 | $ 191,371 | $ 191,307 |
Additions | 45,934 | 1,195,482 | 64 |
Goodwill, Ending balance | 1,432,787 | 1,386,853 | 191,371 |
Regional Banking | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | 1,243,885 | 93,367 | 93,303 |
Additions | 45,934 | 1,150,518 | 64 |
Goodwill, Ending balance | 1,289,819 | 1,243,885 | 93,367 |
Fixed Income | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | 142,968 | 98,004 | 98,004 |
Additions | 0 | 44,964 | 0 |
Goodwill, Ending balance | $ 142,968 | $ 142,968 | $ 98,004 |
Time Deposit Maturities - Narra
Time Deposit Maturities - Narrative (Details) $ in Billions | Dec. 31, 2018USD ($) |
Maturities of Time Deposits [Abstract] | |
Total certificates of deposit $100,000 and more | $ 2.6 |
Time deposits, at or above FDIC insurance limit | $ 1.1 |
Time Deposit Maturities - Sched
Time Deposit Maturities - Schedule of Maturities (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Maturities of Time Deposits [Abstract] | |
2,019 | $ 2,794,861 |
2,020 | 690,119 |
2,021 | 130,454 |
2,022 | 396,340 |
2,023 | 75,270 |
2024 and after | 18,733 |
Total | $ 4,105,777 |
Short-term Borrowings - Narrati
Short-term Borrowings - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Federal Funds Purchased | |
Short-term Debt [Line Items] | |
Maximum maturity days | 90 days |
Trading Liabilities | |
Short-term Debt [Line Items] | |
Maximum holding days | 90 days |
Other Short-term Borrowings | |
Short-term Debt [Line Items] | |
Maximum original maturity period | 1 year |
Fixed Income Securities | |
Short-term Debt [Line Items] | |
Securities pledged to secure other short term borrowings | $ 71.2 |
Short-term Borrowings - Summary
Short-term Borrowings - Summary of Short-Term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal Funds Purchased | |||
Short-term Debt [Line Items] | |||
Average balance | $ 405,110 | $ 447,137 | $ 589,223 |
Year-end balance | 256,567 | 399,820 | 414,207 |
Maximum month-end outstanding | $ 503,138 | $ 568,490 | $ 695,083 |
Average rate for the year | 1.89% | 1.06% | 0.52% |
Average rate at year-end | 2.50% | 1.48% | 0.73% |
Securities Sold Under Agreements to Repurchase | |||
Short-term Debt [Line Items] | |||
Average balance | $ 713,841 | $ 578,666 | $ 425,452 |
Year-end balance | 762,592 | 656,602 | 453,053 |
Maximum month-end outstanding | $ 891,425 | $ 743,684 | $ 528,024 |
Average rate for the year | 1.40% | 0.72% | 0.08% |
Average rate at year-end | 1.66% | 0.64% | 0.08% |
Trading Liabilities | |||
Short-term Debt [Line Items] | |||
Average balance | $ 682,943 | $ 685,891 | $ 771,039 |
Year-end balance | 335,380 | 638,515 | 561,848 |
Maximum month-end outstanding | $ 890,717 | $ 896,943 | $ 874,076 |
Average rate for the year | 2.83% | 2.26% | 1.95% |
Average rate at year-end | 3.21% | 2.22% | 2.46% |
Other Short-term Borrowings | |||
Short-term Debt [Line Items] | |||
Average balance | $ 1,046,585 | $ 554,502 | $ 198,440 |
Year-end balance | 114,764 | 2,626,213 | 83,177 |
Maximum month-end outstanding | $ 2,229,155 | $ 2,626,213 | $ 792,736 |
Average rate for the year | 1.82% | 1.28% | 0.67% |
Average rate at year-end | 2.48% | 1.44% | 0.96% |
Term Borrowings - Schedule of I
Term Borrowings - Schedule of Information Pertaining To Term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 1,170,963 | $ 1,218,097 | |||
Loans, net of unearned income | 27,535,532 | [1] | 27,658,929 | [1] | $ 19,589,520 |
Retail Real Estate Residential | |||||
Debt Instrument [Line Items] | |||||
Loans, net of unearned income | 16,200 | 24,200 | |||
First Tennessee Bank National Association | Senior Notes | Maturity date – December 1, 2019 – 2.95% | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 395,872 | 396,105 | |||
Stated interest rate | 2.95% | ||||
First Tennessee Bank National Association | Collateralized By Loans | 3.09% on December 31, 2018 and 1.89% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 76,642 | $ 65,356 | |||
Effective interest rate | 3.09% | 1.89% | |||
First Tennessee Bank National Association | Collateralized By Loans | Other collateralized borrowings - SBA loans | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 16,607 | $ 7,416 | |||
Debt, weighted average interest rate | 3.95% | 3.26% | |||
First Tennessee Bank National Association | Federal Home Loan Bank Borrowings | Maturity date – August 2, 2018 – 0.00% | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 0 | $ 100 | |||
Stated interest rate | 0.00% | ||||
First Horizon National Corporation | Senior Notes | Maturity date – December 15, 2020 – 3.50% | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 486,739 | $ 486,513 | |||
Stated interest rate | 3.50% | ||||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - July 31, 2031 - 4.96% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 0 | $ 4,124 | |||
Stated interest rate | 4.96% | ||||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - July 31, 2031 - 4.96% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | 0 | $ 5,155 | |||
Stated interest rate | 4.96% | ||||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - December 30, 2032 - 5.04% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | 0 | $ 5,155 | |||
Stated interest rate | 5.04% | ||||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - June 26, 2033 - 4.77% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | 0 | $ 10,310 | |||
Stated interest rate | 4.77% | ||||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - October 8, 2033 - 4.21% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | 0 | $ 10,310 | |||
Stated interest rate | 4.21% | ||||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - February 8, 2034 - 4.23% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | 0 | $ 10,310 | |||
Stated interest rate | 4.23% | ||||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - June 28, 2035 - 4.47% on December 31, 2018 and 3.27% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 2,730 | $ 2,708 | |||
Stated interest rate | 4.47% | 3.27% | |||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - December 15, 2035 - 4.16% on December 31, 2018 and 2.96% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 17,456 | $ 17,270 | |||
Stated interest rate | 4.16% | 2.96% | |||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - March 15, 2036 - 4.19% on December 31, 2018 and 2.99% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 8,757 | $ 8,667 | |||
Stated interest rate | 4.19% | 2.99% | |||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - March 15, 2036 - 4.33% on December 31, 2018 and 3.13% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 11,587 | $ 11,482 | |||
Stated interest rate | 4.33% | 3.13% | |||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - June 30, 2036 - 4.12% on December 31, 2018 and 3.01% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 25,931 | $ 25,646 | |||
Stated interest rate | 4.12% | 3.01% | |||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - July 7, 2036 - 3.99% on December 31, 2018 and 2.91% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 17,803 | $ 17,642 | |||
Stated interest rate | 3.99% | 2.91% | |||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - June 15, 2037 - 4.44% on December 31, 2018 and 3.24% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 50,278 | $ 49,875 | |||
Stated interest rate | 4.44% | 3.24% | |||
First Horizon National Corporation | Junior Subordinated Debt | Maturity date - September 6, 2037 - 4.17% on December 31, 2018 and 2.94% on December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 8,713 | $ 8,627 | |||
Stated interest rate | 4.17% | 2.94% | |||
FT Real Estate Securities Company, Inc. | Cumulative Preferred Stock | Maturity date – March 31, 2031 – 9.50% | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 46,168 | $ 46,100 | |||
Stated interest rate | 9.50% | ||||
First Horizon ABS Trusts | Collateralized By Loans | Maturity date – October 25, 2034 | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 2,981 | $ 11,226 | |||
Effective interest rate | 2.66% | 1.72% | |||
First Tennessee New Market Corporation Investments | Maturity date – October 25, 2018 – 4.97% | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 0 | $ 7,301 | |||
Stated interest rate | 4.97% | ||||
First Tennessee New Market Corporation Investments | Maturity date – February 1, 2033 – 4.97% | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | 0 | $ 8,000 | |||
Stated interest rate | 4.97% | ||||
First Tennessee New Market Corporation Investments | Maturity date – August 08, 2036 – 2.38% | |||||
Debt Instrument [Line Items] | |||||
Term borrowings | $ 2,699 | $ 2,699 | |||
Stated interest rate | 2.38% | ||||
Minimum | First Tennessee Bank National Association | Collateralized By Loans | Other collateralized borrowings - SBA loans | |||||
Debt Instrument [Line Items] | |||||
Debt term | 4 years | ||||
Maximum | First Tennessee Bank National Association | Collateralized By Loans | Other collateralized borrowings - SBA loans | |||||
Debt Instrument [Line Items] | |||||
Debt term | 26 years | ||||
[1] | December 31, 2018 and 2017 include $28.6 million and $22.7 million, respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Term Borrowings - Schedule of A
Term Borrowings - Schedule of Annual Principal Repayment Requirements (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,019 | $ 400,000 |
2,020 | 500,000 |
2,021 | 0 |
2,022 | 369 |
2,023 | 0 |
2024 and after | $ 312,574 |
Term Borrowings - Narrative (De
Term Borrowings - Narrative (Details) - Capital Bank Financial Corporation - Junior Subordinated Debt - USD ($) | Nov. 30, 2017 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt face amount | $ 212,400,000 | |
Debt term | 30 years | |
Debt retired during period | $ 45,400,000 |
Preferred Stock (Details)
Preferred Stock (Details) $ / shares in Units, $ in Millions | Jan. 31, 2013USD ($)shares | Dec. 31, 2005$ / sharesshares | Dec. 31, 2000$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares |
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 1,000 | 1,000 | |||
Liquidation preference per share (in dollars per share) | $ / shares | $ 100,000 | $ 100,000 | |||
Noncontrolling interest, subsidiary preferred stock | $ | $ 0.6 | ||||
First Horizon National Corporation | Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 1,000 | ||||
Aggregate liquidation preference | $ | $ 100 | ||||
Proceeds from issuance of preferred stock | $ | $ 96 | ||||
Percentage of cumulative preferred stock | 6.20% | ||||
Value of depositary share | 0.00025 | ||||
FT Real Estate Securities Company, Inc. | Preferred Class B | |||||
Class of Stock [Line Items] | |||||
Percentage of cumulative preferred stock | 9.50% | ||||
Stock issued (in shares) | 50 | ||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 1,000,000 | ||||
First Tennessee Bank National Association | Noncumulative Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Stock issued (in shares) | 300,000 | ||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 1,000 | ||||
Declared and accrued preferred stock dividend basis spread on variable rate | 0.85% | ||||
Declared and accrued preferred stock dividend fixed | 3.75% | ||||
First Tennessee Bank National Association | Preferred Class A | |||||
Class of Stock [Line Items] | |||||
Noncontrolling interest, subsidiary preferred stock | $ | $ 294.8 | $ 294.8 | |||
Non Affiliates | FT Real Estate Securities Company, Inc. | Preferred Class B | |||||
Class of Stock [Line Items] | |||||
Stock issued (in shares) | 47 |
Regulatory Capital and Restri_3
Regulatory Capital and Restrictions - Schedule of Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
First Horizon National Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital, Actual Amount | $ 3,940,117 | $ 3,703,754 |
Total Capital, Actual Ratio | 11.94% | 11.10% |
Tier 1 Capital, Actual Amount | $ 3,565,373 | $ 3,281,478 |
Tier 1 Capital, Actual Ratio | 10.80% | 9.83% |
Common Equity Tier 1 Capital, Actual Amount | $ 3,223,702 | $ 2,962,155 |
Common Equity Tier 1 Capital, Actual Ratio | 9.77% | 8.88% |
Leverage, Actual Amount | $ 3,565,373 | $ 3,281,478 |
Leverage, Actual Ratio | 9.09% | 10.31% |
Total Capital, Capital Adequacy Purposes, Amount | $ 2,640,208 | $ 2,669,910 |
Total Capital, Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 Capital, Capital Adequacy Purposes, Amount | $ 1,980,156 | $ 2,002,433 |
Tier 1 Capital, Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital, Capital Adequacy Purposes, Amount | $ 1,485,117 | $ 1,501,824 |
Common Equity Tier 1 Capital, Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Leverage, Capital Adequacy Purposes, Amount | $ 1,568,870 | $ 1,272,990 |
Leverage, Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
First Tennessee Bank National Association | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital, Actual Amount | $ 3,689,180 | $ 3,520,670 |
Total Capital, Actual Ratio | 11.32% | 10.74% |
Tier 1 Capital, Actual Amount | $ 3,492,541 | $ 3,317,684 |
Tier 1 Capital, Actual Ratio | 10.72% | 10.12% |
Common Equity Tier 1 Capital, Actual Amount | $ 3,197,725 | $ 3,041,420 |
Common Equity Tier 1 Capital, Actual Ratio | 9.81% | 9.28% |
Leverage, Actual Amount | $ 3,492,541 | $ 3,317,684 |
Leverage, Actual Ratio | 9.10% | 10.70% |
Total Capital, Capital Adequacy Purposes, Amount | $ 2,607,406 | $ 2,622,924 |
Total Capital, Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 Capital, Capital Adequacy Purposes, Amount | $ 1,955,555 | $ 1,967,193 |
Tier 1 Capital, Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital, Capital Adequacy Purposes, Amount | $ 1,466,666 | $ 1,475,395 |
Common Equity Tier 1 Capital, Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Leverage, Capital Adequacy Purposes, Amount | $ 1,535,279 | $ 1,240,647 |
Leverage, Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 3,259,258 | $ 3,278,655 |
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 2,607,406 | $ 2,622,924 |
Tier 1 Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital. To Be Well Capitalized Under Prompt Corrective Action, Amount | $ 2,118,518 | $ 2,131,126 |
Common Equity Tier 1 Capital. To Be Well Capitalized Under Prompt Corrective Action, Ratio | 6.50% | 6.50% |
Leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,919,099 | $ 1,550,809 |
Leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Regulatory Capital and Restri_4
Regulatory Capital and Restrictions - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Undivided profits | $ 1,542,408 | $ 1,160,434 | ||
Dividend paid to parent company | 420,000 | 250,000 | ||
First Tennessee Bank National Association | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Undivided profits | 1,000,000 | |||
Positive (negative) amount available for dividend payments | $ 222,000 | |||
Percent of capital stock and surplus threshold for credit extension to parent and certain financial subsidiaries | 10.00% | |||
Maximum amount of credit bank may extend to parent and certain financial institutions | $ 405,000 | |||
Percent of capital stock and surplus threshold for credit extension to affiliates | 20.00% | |||
Maximum amount of credit bank may extend to all affiliates | $ 810,000 | |||
First Horizon National Corporation | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Covered transactions | 800 | |||
FTN Financial Securities Corporation | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total equity investment from FTBNA | 360,900 | |||
All Affiliates Member | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Covered transactions | 361,700 | |||
Minimum | First Tennessee Bank National Association | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Cash reserve required | 371,700 | 278,400 | ||
Vault cash included in cash reserves | $ 273,700 | $ 255,200 | ||
Subsequent Event | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Dividend paid to parent company | $ 110,000 | |||
Subsequent Event | First Tennessee Bank National Association | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Positive (negative) amount available for dividend payments | $ 156,200 |
Other Income and Other Expens_2
Other Income and Other Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
All other income and commissions: | |||
Other service charges | $ 15,122 | $ 12,532 | $ 11,731 |
ATM and interchange fees | 13,354 | 12,425 | 11,965 |
Mortgage banking | 10,587 | 4,649 | 10,215 |
Dividend income | 10,555 | 0 | 0 |
Letter of credit fees | 5,298 | 4,661 | 4,103 |
Electronic banking fees | 5,134 | 5,082 | 5,477 |
Insurance commissions | 2,096 | 2,514 | 2,981 |
Gain/(loss) on extinguishment of debt | (15) | (14,329) | 0 |
Deferred compensation | (3,224) | 6,322 | 3,025 |
Other | 19,488 | 11,029 | 14,734 |
Total | 78,395 | 44,885 | 64,231 |
All other expense: | |||
Travel and entertainment | 16,442 | 11,462 | 10,275 |
Other insurance and taxes | 9,684 | 9,686 | 10,891 |
Employee training and dues | 7,218 | 5,551 | 5,691 |
Supplies | 6,917 | 4,106 | 4,434 |
Customer relations | 5,583 | 5,750 | 6,255 |
Non-service components of net periodic pension and post-retirement cost | 5,251 | 2,144 | (666) |
Tax credit investments | 4,712 | 3,468 | 3,349 |
Miscellaneous loan costs | 3,732 | 2,751 | 2,586 |
OREO | 2,630 | 1,006 | 773 |
Litigation and regulatory matters | 644 | 40,517 | 30,469 |
Other | 73,223 | 48,693 | 41,391 |
Total | $ 136,036 | $ 135,134 | $ 115,448 |
Components of Other Comprehen_3
Components of Other Comprehensive Income/(Loss) - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 4,580,488 | $ 2,705,084 | $ 2,639,586 | |||
Net unrealized gains/(losses) | (64,577) | (20,000) | (35,901) | |||
Amounts reclassified from AOCI | 2,375 | 2,439 | ||||
Other comprehensive income/(loss) | (53,580) | (17,625) | (33,462) | |||
Ending balance | 4,785,380 | 4,580,488 | 2,705,084 | |||
Balance, as adjusted for ASU 2018-02 | 4,580,488 | |||||
Balance as adjusted | 2,705,084 | $ 4,580,555 | ||||
Accumulated Other Comprehensive Income/(Loss) | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | [1] | (265,279) | (247,654) | (214,192) | ||
Amounts reclassified from AOCI | 10,997 | |||||
Other comprehensive income/(loss) | [1] | (53,580) | (17,625) | (33,462) | ||
Ending balance | [1] | (376,616) | (265,279) | (247,654) | ||
Balance, as adjusted for ASU 2018-02 | [1] | (322,825) | ||||
Balance as adjusted | (323,036) | (247,654) | $ (323,036) | [1] | ||
Securities AFS | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (21,997) | (17,232) | 3,394 | |||
Net unrealized gains/(losses) | (48,858) | (4,467) | (19,709) | |||
Amounts reclassified from AOCI | (39) | (298) | (917) | |||
Other comprehensive income/(loss) | (48,897) | (4,765) | (20,626) | |||
Ending balance | (75,736) | (21,997) | (17,232) | |||
Balance, as adjusted for ASU 2018-02 | (26,834) | |||||
Balance as adjusted | (26,839) | |||||
Cash Flow Hedges | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (6,366) | (1,265) | 0 | |||
Net unrealized gains/(losses) | (6,284) | (2,156) | 130 | |||
Amounts reclassified from AOCI | 2,142 | (2,945) | (1,395) | |||
Other comprehensive income/(loss) | (4,142) | (5,101) | (1,265) | |||
Ending balance | (12,112) | (6,366) | (1,265) | |||
Balance, as adjusted for ASU 2018-02 | (7,764) | |||||
Balance as adjusted | (7,970) | |||||
Pension and Postretirement Plans | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (236,916) | (229,157) | (217,586) | |||
Net unrealized gains/(losses) | (9,435) | (13,377) | (16,322) | |||
Amounts reclassified from AOCI | 8,894 | 5,618 | 4,751 | |||
Other comprehensive income/(loss) | (541) | (7,759) | (11,571) | |||
Ending balance | $ (288,768) | (236,916) | $ (229,157) | |||
Balance, as adjusted for ASU 2018-02 | (288,227) | |||||
Balance as adjusted | (288,227) | |||||
Accounting Standards Update 2018-02 | Accumulated Other Comprehensive Income/(Loss) | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Adjustment to reflect adoption of accounting standard | [1] | (57,546) | ||||
Accounting Standards Update 2018-02 | Securities AFS | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Adjustment to reflect adoption of accounting standard | (4,837) | |||||
Accounting Standards Update 2018-02 | Cash Flow Hedges | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Adjustment to reflect adoption of accounting standard | (1,398) | |||||
Accounting Standards Update 2018-02 | Pension and Postretirement Plans | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Adjustment to reflect adoption of accounting standard | (51,311) | |||||
Accounting Standards Update 2016-01 | Accumulated Other Comprehensive Income/(Loss) | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Adjustment to reflect adoption of accounting standard | (211) | |||||
Accounting Standards Update 2016-01 | Securities AFS | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Adjustment to reflect adoption of accounting standard | (5) | |||||
Accounting Standards Update 2016-01 | Cash Flow Hedges | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Adjustment to reflect adoption of accounting standard | (206) | |||||
Accounting Standards Update 2016-01 | Pension and Postretirement Plans | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Adjustment to reflect adoption of accounting standard | $ 0 | |||||
[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. |
Components of Other Comprehen_4
Components of Other Comprehensive Income/(Loss) - Schedule of Reclassification from AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Debt securities gains/(losses), net | $ 52 | $ 483 | $ 1,485 |
Interest and fees on loans | 1,286,470 | 816,806 | 679,917 |
All other expense | 136,036 | 135,134 | 115,448 |
Tax expense/(benefit) | 157,602 | 131,892 | 106,810 |
Net income/(loss) | (556,507) | (176,980) | (238,511) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net income/(loss) | 10,997 | 2,375 | 2,439 |
Reclassification out of Accumulated Other Comprehensive Income | Securities AFS | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Debt securities gains/(losses), net | (52) | (483) | (1,485) |
Tax expense/(benefit) | 13 | 185 | 568 |
Net income/(loss) | (39) | (298) | (917) |
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Interest and fees on loans | 2,845 | (4,771) | (2,260) |
Tax expense/(benefit) | (703) | 1,826 | 865 |
Net income/(loss) | 2,142 | (2,945) | (1,395) |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
All other expense | 11,814 | 9,101 | 7,697 |
Tax expense/(benefit) | (2,920) | (3,483) | (2,946) |
Net income/(loss) | $ 8,894 | $ 5,618 | $ 4,751 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Consolidated Statements of Income and Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax expense/(benefit) | $ 157,602 | $ 131,892 | $ 106,810 |
Net unrealized gains/(losses) on pension and other postretirement plans | (177) | (832) | (7,172) |
Net unrealized gains/(losses) on securities available-for-sale | (16,054) | (2,955) | (12,810) |
Net unrealized gains/(losses) on cash flow hedges | (1,360) | (3,163) | (780) |
Share based compensation | 0 | 0 | (1,613) |
Total | $ 140,011 | $ 124,942 | $ 84,435 |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 44,088 | $ 10,012 | $ 25,234 |
State | 9,957 | 879 | 1,803 |
Foreign | 0 | 0 | 169 |
Deferred: | |||
Federal | 81,852 | 114,059 | 67,109 |
State | 21,705 | 6,942 | 12,495 |
Total | $ 157,602 | $ 131,892 | $ 106,810 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax [Line Items] | |||
Tax Act, increase in tax expense | $ 82,000 | ||
Tax Act, tax benefit | $ 6,700 | ||
Net deferred tax assets | 127,867 | 221,819 | |
Deferred tax assets after valuation allowance | 254,624 | 353,215 | |
Gross deferred tax liabilities | 126,757 | 131,396 | |
Unrecognized tax benefits | 20,184 | 4,271 | $ 4,244 |
Unrecognized tax benefits that would impact effective tax rate | 17,000 | ||
Interest and income taxes accrued | 1,600 | 400 | |
Penalties and interest expense | 1,300 | $ 100 | |
Domestic Tax Authority | |||
Income Tax [Line Items] | |||
Deferred tax assets after valuation allowance | 49,800 | ||
Decrease in unrecognized tax benefits is reasonably possible | 6,700 | ||
State and Local Jurisdiction | |||
Income Tax [Line Items] | |||
Deferred tax assets after valuation allowance | 7,200 | ||
Decrease in unrecognized tax benefits is reasonably possible | $ 900 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax rate | 21.00% | 35.00% | 35.00% |
Tax computed at statutory rate | $ 149,963 | $ 108,105 | $ 120,862 |
Increase/(decrease) resulting from: | |||
State income taxes, net of federal income tax benefit | 24,553 | 4,753 | 9,918 |
Bank-owned life insurance (“BOLI”) | (3,626) | (8,401) | (5,661) |
401(k) – employee stock ownership plan (“ESOP”) | (653) | (904) | (824) |
Tax-exempt interest | (6,538) | (7,890) | (7,098) |
Non-deductible expenses | 8,301 | 7,558 | 1,079 |
LIHTC credits and benefits, net of amortization | (7,178) | (5,327) | (6,165) |
Other tax credits | (2,825) | (2,480) | (3,886) |
Change in valuation allowance – DTA | (73) | (40,473) | (116) |
Other changes in unrecognized tax benefits | 6,143 | 46 | 616 |
Effect of Tax Act | (6,746) | 82,027 | 0 |
Other | (3,719) | (5,122) | (1,915) |
Total | $ 157,602 | $ 131,892 | $ 106,810 |
Income Taxes - Schedule of Oper
Income Taxes - Schedule of Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Tax Credit Carryforward [Line Items] | ||
Deferred tax assets after valuation allowance | $ 254,624 | $ 353,215 |
Federal loss carryforwards | 49,821 | 62,010 |
State loss carryforwards | 7,225 | $ 19,801 |
Expiring 2028-2033 | ||
Tax Credit Carryforward [Line Items] | ||
Federal loss carryforwards | 49,821 | |
Expiring 2019-2023 | ||
Tax Credit Carryforward [Line Items] | ||
State loss carryforwards | 166 | |
Expiring 2024-2035 | ||
Tax Credit Carryforward [Line Items] | ||
State loss carryforwards | 7,059 | |
Domestic Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Deferred tax assets after valuation allowance | 49,800 | |
State and Local Jurisdiction | ||
Tax Credit Carryforward [Line Items] | ||
Deferred tax assets after valuation allowance | $ 7,200 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Loss reserves | $ 65,015 | $ 91,390 |
Employee benefits | 64,843 | 50,404 |
Equity investments | 0 | 28,547 |
Accrued expenses | 15,763 | 16,052 |
Credit carryforwards | 0 | 64,835 |
Federal loss carryforwards | 49,821 | 62,010 |
State loss carryforwards | 7,225 | 19,801 |
Investment in debt securities (ASC 320) | 24,863 | 8,811 |
Other | 27,168 | 11,512 |
Gross deferred tax assets | 254,698 | 353,362 |
Valuation allowance | (74) | (147) |
Deferred tax assets after valuation allowance | 254,624 | 353,215 |
Deferred tax liabilities: | ||
Depreciation and amortization | 51,519 | 43,040 |
Equity investments | 7,705 | 0 |
Other intangible assets | 57,632 | 55,923 |
Prepaid expenses | 9,218 | 9,255 |
Real estate investment trust income | 0 | 22,576 |
Other | 683 | 602 |
Gross deferred tax liabilities | 126,757 | 131,396 |
Net deferred tax assets | $ 127,867 | $ 221,819 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 4,271 | $ 4,244 |
Increases related to prior year tax positions | 16,695 | 33 |
Increases related to current year tax positions | 1,576 | 174 |
Settlements | (2,080) | |
Lapse of statutes | (278) | (180) |
Ending balance | $ 20,184 | $ 4,271 |
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Net income/(loss) | $ 556,507 | $ 176,980 | $ 238,511 |
Net income attributable to noncontrolling interest | 11,465 | 11,465 | 11,465 |
Net income/(loss) attributable to controlling interest | 545,042 | 165,515 | 227,046 |
Preferred stock dividends | 6,200 | 6,200 | 6,200 |
Net income/(loss) available to common shareholders | $ 538,842 | $ 159,315 | $ 220,846 |
Weighted average common shares outstanding - basic (in shares) | 324,375 | 241,436 | 232,700 |
Effect of dilutive securities (in shares) | 3,070 | 3,017 | 2,592 |
Weighted average common shares outstanding - diluted (in shares) | 327,445 | 244,453 | 235,292 |
Net income/(loss) per share available to common shareholders (in dollars per share) | $ 1.66 | $ 0.66 | $ 0.95 |
Diluted income/(loss) per share available to common shareholders (in dollars per share) | $ 1.65 | $ 0.65 | $ 0.94 |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule Of Anti-Dilutive Options and Awards (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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) | $ 24.33 | $ 25.62 | $ 26.29 |
Employee Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Awards excluded from the calculation of diluted EPS (in shares) | 2,256 | 2,468 | 2,610 |
Other Equity Awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Awards excluded from the calculation of diluted EPS (in shares) | 608 | 176 | 37 |
Contingencies and Other Discl_2
Contingencies and Other Disclosures (Details) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Estimated litigation liability | $ 32,900,000 | ||
Accrued losses on loan repurchase exposure | 32,300,000 | $ 34,200,000 | |
Visa Class B Shares | |||
Loss Contingencies [Line Items] | |||
Number of Visa Class B shares (in shares) | 2.4 | ||
Mortgage Securitization Litigation | |||
Loss Contingencies [Line Items] | |||
Investment in proprietary securitizations subject to lawsuits | 83,400,000 | ||
Investment in proprietary securitizations subject to indemnifications | 231,200,000 | ||
Minimum | |||
Loss Contingencies [Line Items] | |||
Estimated reasonably possible losses in excess of currently established liabilities | $ 0 | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Estimated reasonably possible losses in excess of currently established liabilities | $ 20,000,000 |
Pension, Savings, and Other E_3
Pension, Savings, and Other Employee Benefits - Pension Plan and Savings Plan (Details) | Nov. 20, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2017pension_plan |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Contributions to qualified plans | $ 353,000 | $ 5,100,000 | $ 165,000,000 | ||||
Pension Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer contributions | 3,948,000 | 4,789,000 | |||||
Defined benefit plan, benefit obligation | $ 840,884,000 | 765,309,000 | 840,884,000 | 804,542,000 | |||
Fair value of plan assets | 811,244,000 | 730,953,000 | 811,244,000 | 778,872,000 | |||
Capital Bank Financial Corporation | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Benefit obligation, business combination | $ 18,500,000 | ||||||
Plan assets, business combination | $ 13,200,000 | ||||||
Qualified pension | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Contributions to qualified plans | $ 0 | 0 | |||||
Qualified pension | Pension Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Estimated social security benefits age | 65 years | ||||||
Contributions to qualified plans | $ 165,000,000 | 0 | |||||
Qualified pension | Capital Bank Financial Corporation | Pension Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Number of additional qualified pension plans | pension_plan | 2 | ||||||
Employer contributions | 5,100,000 | ||||||
Defined benefit plan, benefit obligation | 18,700,000 | $ 17,100,000 | 18,700,000 | ||||
Fair value of plan assets | $ 18,600,000 | 16,500,000 | 18,600,000 | ||||
Nonqualified pension | Pension Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer contributions | 5,800,000 | ||||||
Expected pension contribution | 5,200,000 | ||||||
Flexible Benefits Contribution | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer contributions | $ 29,300,000 | $ 23,000,000 | $ 21,600,000 | ||||
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% |
Pension, Savings, and Other E_4
Pension, Savings, and Other Employee Benefits - Schedule of Assumptions Used in the Defined Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum required outstanding par value to each issue of bonds | $ 300,000,000 | $ 300,000,000 | $ 250,000,000 |
Qualified pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assumptions used calculating benefit obligation, discount rate | 4.43% | 3.76% | 4.39% |
Defined benefit plan assumptions used calculating net periodic benefit cost, discount rate | 3.75% | 4.37% | 4.69% |
Nonqualified pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assumptions used calculating benefit obligation, discount rate | 4.26% | 3.59% | 4.07% |
Defined benefit plan assumptions used calculating net periodic benefit cost, discount rate | 3.59% | 4.07% | 4.34% |
Other nonqualified pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assumptions used calculating benefit obligation, discount rate | 3.83% | 3.19% | 3.39% |
Defined benefit plan assumptions used calculating net periodic benefit cost, discount rate | 3.19% | 3.39% | 3.57% |
Postretirement benefits | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assumptions used calculating benefit obligation, discount rate | 4.03% | 3.37% | 3.67% |
Defined benefit plan assumptions used calculating net periodic benefit cost, discount rate | 3.35% | 3.68% | 3.84% |
Postretirement benefits | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assumptions used calculating benefit obligation, discount rate | 4.56% | 3.87% | 4.57% |
Defined benefit plan assumptions used calculating net periodic benefit cost, discount rate | 3.87% | 4.57% | 4.87% |
Qualified pension/ postretirement benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected time horizon | 30 years | ||
Defined benefit plan assumptions used calculating benefit obligation expected long term return on assets | 4.20% | ||
Defined benefit plan assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets | 4.20% | 4.50% | 6.00% |
Qualified pension/ postretirement benefits | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Term used for assumption calculation | 6 months | ||
Qualified pension/ postretirement benefits | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Term used for assumption calculation | 30 years | ||
Postretirement benefit (retirees post January 1, 1993) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assumptions used calculating benefit obligation expected long term return on assets | 5.95% | ||
Defined benefit plan assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets | 5.95% | 6.00% | 6.15% |
Postretirement benefit (retirees prior to January 1, 1993) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assumptions used calculating benefit obligation expected long term return on assets | 2.15% | ||
Defined benefit plan assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets | 2.15% | 2.15% | 2.10% |
Pension, Savings, and Other E_5
Pension, Savings, and Other Employee Benefits - Projected Benefit Obligation Affected by Interest Crediting Ratings (Details) - Pension Benefits $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)pension_plan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans affected by interest credit ratings | pension_plan | 1 | ||
Defined benefit plan, benefit obligation | $ | $ 16,947 | $ 19,115 | $ 22,196 |
Interest crediting rate | 10.12% | 9.28% | 10.16% |
Pension, Savings, and Other E_6
Pension, Savings, and Other Employee Benefits - Schedule Of Components Of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 41 | $ 37 | $ 39 |
Interest cost | 27,877 | 29,380 | 31,216 |
Expected return on plan assets | (32,897) | (36,015) | (39,123) |
Prior service cost/(credit) | 0 | 52 | 196 |
Actuarial (gain)/loss | (12,102) | (9,521) | (8,141) |
Net periodic benefit cost | 7,123 | 2,975 | 469 |
ASC 715 settlement expense | 0 | 43 | 0 |
Total periodic benefit costs | 7,123 | 3,018 | 469 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 133 | 107 | 110 |
Interest cost | 1,309 | 1,305 | 1,292 |
Expected return on plan assets | (1,074) | (947) | (913) |
Prior service cost/(credit) | 0 | 95 | 170 |
Actuarial (gain)/loss | 387 | 567 | 810 |
Net periodic benefit cost | (19) | (7) | (151) |
ASC 715 settlement expense | 99 | 0 | 0 |
Total periodic benefit costs | $ 80 | $ (7) | $ (151) |
Pension, Savings, and Other E_7
Pension, Savings, and Other Employee Benefits - Schedule of Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | |||
Change in benefit obligation | |||
Benefit obligation, beginning of year | $ 840,884 | $ 804,542 | |
Service cost | 41 | 37 | $ 39 |
Interest cost | 27,877 | 29,380 | 31,216 |
Actuarial (gain)/loss | (68,724) | 63,876 | |
Actual benefits paid | (34,769) | (56,951) | |
Benefit obligation, end of year | 765,309 | 840,884 | 804,542 |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 811,244 | 778,872 | |
Actual return on plan assets | (49,470) | 84,534 | |
Employer contributions | 3,948 | 4,789 | |
Actual benefits paid – settlement payments | 0 | 0 | |
Actual benefits paid – other payments | (34,769) | (56,951) | |
Fair value of plan assets, end of year | 730,953 | 811,244 | 778,872 |
Funded (unfunded) status of the plans | (34,356) | (29,640) | |
Amounts recognized in the Statements of Condition | |||
Other assets | 1,911 | 11,238 | |
Other liabilities | (36,267) | (40,878) | |
Net asset/(liability) at end of year | (34,356) | (29,640) | |
Other Benefits | |||
Change in benefit obligation | |||
Benefit obligation, beginning of year | 39,562 | 35,403 | |
Service cost | 133 | 107 | 110 |
Interest cost | 1,309 | 1,305 | 1,292 |
Actuarial (gain)/loss | (3,648) | 3,733 | |
Actual benefits paid | (2,182) | (986) | |
Benefit obligation, end of year | 35,174 | 39,562 | 35,403 |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 18,753 | 16,717 | |
Actual return on plan assets | (928) | 2,458 | |
Employer contributions | 1,789 | 564 | |
Actual benefits paid – settlement payments | (2,182) | (986) | |
Actual benefits paid – other payments | 0 | 0 | |
Fair value of plan assets, end of year | 17,432 | 18,753 | $ 16,717 |
Funded (unfunded) status of the plans | (17,742) | (20,809) | |
Amounts recognized in the Statements of Condition | |||
Other assets | 14,356 | 15,254 | |
Other liabilities | (32,098) | (36,063) | |
Net asset/(liability) at end of year | $ (17,742) | $ (20,809) |
Pension, Savings, and Other E_8
Pension, Savings, and Other Employee Benefits - Funded (Unfunded) Status of Plan (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 36,267 | $ 40,878 |
Funded status of the plans | (34,356) | (29,640) |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 32,098 | 36,063 |
Funded status of the plans | (17,742) | (20,809) |
Qualified pension | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status of the plans | $ 1,900 | $ 11,200 |
Pension, Savings, and Other E_9
Pension, Savings, and Other Employee Benefits - Schedule of Balances Reflected in AOCI On a Pre-Tax Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service cost/(credit) | $ 0 | $ 0 |
Net actuarial (gain)/loss | 387,058 | 385,517 |
Total | 387,058 | 385,517 |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service cost/(credit) | 0 | 0 |
Net actuarial (gain)/loss | (6,451) | (5,093) |
Total | $ (6,451) | $ (5,093) |
Pension, Savings, and Other _10
Pension, Savings, and Other Employee Benefits - Schedule of Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||
Net actuarial (gain)/loss arising during measurement period | $ 13,643 | $ 15,357 |
Items amortized during the measurement period: | ||
Prior service credit/(cost) | 0 | (52) |
Actuarial (gain)/loss | (12,102) | (9,521) |
Total recognized in other comprehensive income | 1,541 | 5,784 |
Other Benefits | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||
Net actuarial (gain)/loss arising during measurement period | (1,646) | 2,222 |
Items amortized during the measurement period: | ||
Prior service credit/(cost) | 0 | (95) |
Actuarial (gain)/loss | 288 | 567 |
Total recognized in other comprehensive income | $ (1,358) | $ 2,694 |
Pension, Savings, and Other _11
Pension, Savings, and Other Employee Benefits - Schedule of Expected Benefit Payment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Threshold amortization percentage of projected benefit obligation | 10.00% |
Threshold amortization, percentage of market-related value of plan assets | 10.00% |
Pension Benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,019 | $ 38,642 |
2,020 | 40,904 |
2,021 | 42,708 |
2,022 | 43,480 |
2,023 | 44,781 |
2024-2028 | 238,274 |
Other Benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,019 | 1,663 |
2,020 | 1,717 |
2,021 | 1,775 |
2,022 | 1,836 |
2,023 | 1,900 |
2024-2028 | $ 10,344 |
Pension, Savings, and Other _12
Pension, Savings, and Other Employee Benefits - Schedule of Fair Value of Plan Assets (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 730,953 | $ 811,244 | $ 778,872 |
Cash equivalents and money market funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 13,855 | 21,152 | |
U.S. treasuries | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 28,626 | 27,173 | |
Corporate, municipal and foreign bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 688,472 | 762,919 | |
Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 13,855 | 21,152 | |
Level 1 | Cash equivalents and money market funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 13,855 | 21,152 | |
Level 1 | U.S. treasuries | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 | Corporate, municipal and foreign bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 717,098 | 790,092 | |
Level 2 | Cash equivalents and money market funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | U.S. treasuries | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 28,626 | 27,173 | |
Level 2 | Corporate, municipal and foreign bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 688,472 | 762,919 | |
Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Cash equivalents and money market funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | U.S. treasuries | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Corporate, municipal and foreign bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Pension, Savings, and Other _13
Pension, Savings, and Other Employee Benefits - Schedule of Retiree Medical Plan Assets By Asset Category (Details) - Other Benefits - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 17,432 | $ 18,753 | $ 16,717 |
Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 17,432 | 18,753 | |
Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalents and money market funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 207 | 364 | |
Cash equivalents and money market funds | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 207 | 364 | |
Cash equivalents and money market funds | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalents and money market funds | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity mutual funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 10,387 | 11,402 | |
Equity mutual funds | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 10,387 | 11,402 | |
Equity mutual funds | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity mutual funds | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income mutual funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 6,838 | 6,987 | |
Fixed income mutual funds | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 6,838 | 6,987 | |
Fixed income mutual funds | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income mutual funds | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Stock Options, Restricted Sto_3
Stock Options, Restricted Stock, and Dividend Reinvestment Plans - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)plan$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of plans | plan | 1 | ||
Options granted (in shares) | shares | 1,260,143 | ||
Number of shares available for grant (in shares) | shares | 6,810,413 | ||
Award vesting period | 3 years | ||
Payment deferral period | 2 years | ||
Value of annual equity awards to non employee directors | $ 65,000 | $ 65,000 | |
Total intrinsic value of options exercised | $ 3,000,000 | $ 2,500,000 | $ 10,600,000 |
Stock options granted or converted (in shares) | shares | 394,296 | 1,483,323 | 971,328 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.89 | $ 4.69 | $ 2.95 |
Stock-based compensation expense | $ 23,171,000 | $ 20,627,000 | $ 17,536,000 |
Total income tax benefits recognized | $ 5,700,000 | 7,900,000 | 6,700,000 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted (in shares) | shares | 0 | ||
Nonvested Restricted Stock Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 27,800,000 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 3 months | ||
Total grant date fair value of shares vested | $ 12,600,000 | $ 9,900,000 | $ 9,700,000 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 1,800,000 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 9 months | ||
Expiration period | 20 years | ||
Equity Compensation Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant (in shares) | shares | 8,729,408 | ||
Performance Condition Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Duration of performance evaluation | 3 years | 3 years | |
Performance Condition Awards | PSUs Granted After 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Post vest holding period | 2 years | ||
Percent of performance condition achieved | 10830.00% | ||
Market Condition Award | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 7 years | ||
Dividend Reinvestment Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Quarterly value of shares available for purchase under dividend reinvestment and stock purchase plan | $ 25 | ||
Dividend Reinvestment Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Quarterly value of shares available for purchase under dividend reinvestment and stock purchase plan | $ 10,000 | ||
Capital Bank Financial Corporation | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Options Granted Since 2008 | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 7 years |
Stock Options, Restricted Sto_4
Stock Options, Restricted Stock, and Dividend Reinvestment Plans - Summary of Restricted and Performance Stock Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares/ Units: | |||
Beginning Balance (in shares) | 3,971,216 | ||
Shares/units granted (in shares) | 1,260,143 | ||
Shares/units vested (in shares) | (949,719) | ||
Shares/units cancelled (in shares) | (191,816) | ||
Ending Balance (in shares) | 4,089,824 | 3,971,216 | |
Weighted average grant date fair value (per share) | |||
Nonvested Beginning Balance (in dollars per share) | $ 12.92 | ||
Shares/units granted (in dollars per share) | 18.70 | $ 18.83 | $ 12.90 |
Shares/units vested (in dollars per share) | 13.29 | ||
Shares/units canceled (in dollars per share) | 16.57 | ||
Nonvested Ending Balance (in dollars per share) | $ 14.57 | $ 12.92 |
Stock Options, Restricted Sto_5
Stock Options, Restricted Stock, and Dividend Reinvestment Plans - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Options Outstanding | |
Beginning of period, Outstanding (in shares) | shares | 6,608,571 |
Options granted (in shares) | shares | 394,296 |
Options exercised (in shares) | shares | (376,273) |
Options expired/cancelled (in shares) | shares | (721,907) |
End of period, Outstanding (in shares) | shares | 5,904,687 |
Options exercisable (in shares) | shares | 4,412,367 |
Options expected to vest (in shares) | shares | 1,492,320 |
Weighted Average Exercise Price (per share) | |
Beginning of period, weighted average exercise price (in dollars per share) | $ / shares | $ 16.80 |
Options granted, weighted average exercise price (in dollars per share) | $ / shares | 18.69 |
Options exercised, weighted average exercise price (in dollars per share) | $ / shares | 11.91 |
Options expired/cancelled, weighted average exercise price (in dollars per share) | $ / shares | 25.80 |
End of period, weighted average exercise price (in dollars per share) | $ / shares | $ 16.16 |
Outstanding, weighted average contractual term | 3 years 22 days |
Outstanding, aggregate intrinsic value | $ | $ 6,684 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 16.44 |
Options exercisable, weighted average contractual term | 2 years 5 months 13 days |
Options exercisable, aggregate intrinsic value | $ | $ 5,619 |
Options expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 15.35 |
Options expected to vest, weighted average remaining contractual term | 4 years 10 months 2 days |
Options expected to vest, aggregate intrinsic value | $ | $ 1,065 |
Stock Options, Restricted Sto_6
Stock Options, Restricted Stock, and Dividend Reinvestment Plans - Summary of Assumptions to Estimate the Fair Value of Stock Options (Details) - Employee Stock Option | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 2.57% | 1.82% | 2.41% |
Expected weighted-average lives of options granted | 6 years 2 months 17 days | 6 years 1 month 2 days | 6 years 2 months 9 days |
Expected weighted-average volatility | 24.61% | 26.90% | 32.84% |
Expected volatility range, min | 23.95% | 24.36% | 30.73% |
Expected volatility range, max | 25.26% | 29.44% | 34.95% |
Risk-free interest rate | 2.69% | 2.07% | 1.28% |
Business Segment Information -
Business Segment Information - Amounts of Consolidated Revenue, Expense, Tax and Assets (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting, Measurement Disclosures [Abstract] | |||||
Number of operating segments | segment | 4 | ||||
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 1,220,317 | $ 842,314 | $ 729,084 | ||
Provision/(provision credit) for loan losses | 7,000 | 0 | 11,000 | ||
Noninterest income | 722,788 | 490,219 | 552,441 | ||
Noninterest expense | 1,221,996 | 1,023,661 | 925,204 | ||
Income/(loss) before income taxes | 714,109 | 308,872 | 345,321 | ||
Provision/(benefit) for income taxes (Note 15) | 157,602 | 131,892 | 106,810 | ||
Net income/(loss) | 556,507 | 176,980 | 238,511 | ||
Average assets | 40,225,459 | 29,924,813 | 27,427,227 | ||
Depreciation and amortization | 59,125 | 70,924 | 64,673 | ||
Expenditures for long-lived assets | 38,166 | 287,642 | 62,554 | ||
Regional Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,202,317 | 846,620 | 742,131 | ||
Provision/(provision credit) for loan losses | 25,277 | 21,341 | 38,886 | ||
Noninterest income | 309,308 | 258,627 | 248,996 | ||
Noninterest expense | 824,740 | 626,304 | 612,983 | ||
Income/(loss) before income taxes | 661,608 | 457,602 | 339,258 | ||
Provision/(benefit) for income taxes (Note 15) | 155,471 | 163,547 | 121,304 | ||
Net income/(loss) | 506,137 | 294,055 | 217,954 | ||
Average assets | 28,470,388 | 19,507,765 | 17,137,709 | ||
Depreciation and amortization | 29,681 | 43,061 | 38,896 | ||
Expenditures for long-lived assets | 34,212 | 274,059 | 51,442 | ||
Fixed Income | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 35,715 | 18,065 | 10,802 | ||
Noninterest income | 164,767 | 217,082 | 269,344 | ||
Noninterest expense | 191,504 | 208,921 | 227,936 | ||
Income/(loss) before income taxes | 8,978 | 26,226 | 52,210 | ||
Provision/(benefit) for income taxes (Note 15) | 1,560 | 8,717 | 18,722 | ||
Net income/(loss) | 7,418 | 17,509 | 33,488 | ||
Average assets | 3,299,117 | 2,543,151 | 2,364,130 | ||
Depreciation and amortization | 9,724 | 8,737 | 5,770 | ||
Expenditures for long-lived assets | 755 | 2,499 | 2,019 | ||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (64,140) | (59,383) | (66,215) | ||
Noninterest income | 239,252 | 8,878 | 20,453 | ||
Noninterest expense | 177,829 | 144,258 | 63,577 | ||
Income/(loss) before income taxes | (2,717) | (194,763) | (109,339) | ||
Provision/(benefit) for income taxes (Note 15) | (10,856) | (47,989) | (57,698) | ||
Net income/(loss) | 8,139 | (146,774) | (51,641) | ||
Average assets | 7,092,078 | 6,367,268 | 6,037,624 | ||
Depreciation and amortization | 25,564 | 18,726 | 19,610 | ||
Expenditures for long-lived assets | 2,302 | 9,161 | 8,947 | ||
(Gain)/loss on securities | $ 14,300 | 14,300 | |||
Non-Strategic | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 46,425 | 37,012 | 42,366 | ||
Provision/(provision credit) for loan losses | (18,277) | (21,341) | (27,886) | ||
Noninterest income | 9,461 | 5,632 | 13,648 | ||
Noninterest expense | 27,923 | 44,178 | 20,708 | ||
Income/(loss) before income taxes | 46,240 | 19,807 | 63,192 | ||
Provision/(benefit) for income taxes (Note 15) | 11,427 | 7,617 | 24,482 | ||
Net income/(loss) | 34,813 | 12,190 | 38,710 | ||
Average assets | 1,363,876 | 1,506,629 | 1,887,764 | ||
Depreciation and amortization | (5,844) | 400 | 397 | ||
Expenditures for long-lived assets | 897 | $ 1,923 | $ 146 | ||
Visa Class B Shares | |||||
Segment Reporting Information [Line Items] | |||||
Gain on sale of investments | $ 212,900 | $ 212,900 |
Business Segment Information _2
Business Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||
Fixed income | $ 167,882 | $ 216,625 | $ 268,561 | ||
Deposit transactions and cash management | 133,281 | 110,592 | 108,553 | ||
Brokerage, management fees and commissions | 54,803 | 48,514 | 42,911 | ||
Trust services and investment management | 29,806 | 28,420 | 27,727 | ||
Bankcard income | 26,718 | 25,467 | 24,430 | ||
Bank-owned life insurance (BOLI) | 18,955 | 15,124 | 14,687 | ||
Debt securities gains/(losses), net | 52 | 483 | 1,485 | ||
Equity securities gains/(losses), net | 212,896 | 109 | (144) | ||
Other income/(loss) | 78,395 | 44,885 | 64,231 | ||
Total noninterest income | 722,788 | 490,219 | 552,441 | ||
Gain on sale of TRUPs loans | 3,777 | 0 | 0 | ||
All other income and commissions | 1,320 | (6,657) | (3,447) | ||
Visa Class B Shares | |||||
Disaggregation of Revenue [Line Items] | |||||
Gain on sale of investments | $ 212,900 | 212,900 | |||
Underwriting, Portfolio Advisory, and Other Noninterest Income | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 28,900 | ||||
Regional Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Fixed income | 417 | 430 | 79 | ||
Deposit transactions and cash management | 126,909 | 105,163 | 103,122 | ||
Brokerage, management fees and commissions | 54,800 | 48,513 | 42,911 | ||
Trust services and investment management | 29,852 | 28,491 | 27,764 | ||
Bankcard income | 26,848 | 25,014 | 23,945 | ||
Bank-owned life insurance (BOLI) | 0 | 0 | 0 | ||
Debt securities gains/(losses), net | 0 | 386 | 0 | ||
Equity securities gains/(losses), net | 0 | 0 | 0 | ||
Other income/(loss) | 70,482 | 50,630 | 51,175 | ||
Total noninterest income | 309,308 | 258,627 | 248,996 | ||
Fixed Income | |||||
Disaggregation of Revenue [Line Items] | |||||
Fixed income | 163,382 | 216,195 | 268,482 | ||
Deposit transactions and cash management | 12 | 3 | 3 | ||
Brokerage, management fees and commissions | 0 | 0 | 0 | ||
Trust services and investment management | 0 | 0 | 0 | ||
Bankcard income | 0 | 0 | 0 | ||
Bank-owned life insurance (BOLI) | 0 | 0 | 0 | ||
Debt securities gains/(losses), net | 0 | 0 | 0 | ||
Equity securities gains/(losses), net | 0 | 0 | 0 | ||
Other income/(loss) | 1,373 | 884 | 859 | ||
Total noninterest income | 164,767 | 217,082 | 269,344 | ||
Corporate | |||||
Disaggregation of Revenue [Line Items] | |||||
Fixed income | 0 | 0 | 0 | ||
Deposit transactions and cash management | 6,144 | 5,236 | 5,250 | ||
Brokerage, management fees and commissions | 0 | 1 | 0 | ||
Trust services and investment management | (46) | (71) | (37) | ||
Bankcard income | 226 | 225 | 215 | ||
Bank-owned life insurance (BOLI) | 18,955 | 15,124 | 14,687 | ||
Debt securities gains/(losses), net | 52 | 97 | 1,485 | ||
Equity securities gains/(losses), net | 212,896 | 109 | (144) | ||
Other income/(loss) | 1,025 | (11,843) | (1,003) | ||
Total noninterest income | 239,252 | 8,878 | 20,453 | ||
(Gain)/loss on securities | $ 14,300 | 14,300 | |||
Non-Strategic | |||||
Disaggregation of Revenue [Line Items] | |||||
Fixed income | 4,083 | 0 | 0 | ||
Deposit transactions and cash management | 216 | 190 | 178 | ||
Brokerage, management fees and commissions | 3 | 0 | 0 | ||
Trust services and investment management | 0 | 0 | 0 | ||
Bankcard income | (356) | 228 | 270 | ||
Bank-owned life insurance (BOLI) | 0 | 0 | 0 | ||
Debt securities gains/(losses), net | 0 | 0 | 0 | ||
Equity securities gains/(losses), net | 0 | 0 | 0 | ||
Other income/(loss) | 5,515 | 5,214 | 13,200 | ||
Total noninterest income | 9,461 | $ 5,632 | $ 13,648 | ||
Gain on sale of TRUPs loans | $ 4,100 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of VIE Consolidated By FHN (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Assets: | ||||||
Cash and due from banks | $ 781,291 | $ 639,073 | ||||
Loans, net of unearned income | 27,535,532 | [1] | 27,658,929 | [1] | $ 19,589,520 | |
Less: Allowance for loan losses | 180,424 | 189,555 | $ 202,068 | $ 210,242 | ||
Total net loans | 27,355,108 | 27,469,374 | ||||
Other assets | 1,802,939 | 1,723,189 | ||||
Total assets | 40,832,258 | 41,423,388 | ||||
Liabilities: | ||||||
Term borrowings | 1,170,963 | 1,218,097 | ||||
Other liabilities | 580,335 | 549,234 | ||||
Total liabilities | 36,046,878 | 36,842,900 | ||||
On Balance Sheet Consumer Loan Securitizations | ||||||
Assets: | ||||||
Cash and due from banks | 0 | 0 | ||||
Loans, net of unearned income | 16,213 | 24,175 | ||||
Less: Allowance for loan losses | 0 | 0 | ||||
Total net loans | 16,213 | 24,175 | ||||
Other assets | 35 | 47 | ||||
Total assets | 16,248 | 24,222 | ||||
Liabilities: | ||||||
Term borrowings | 2,981 | 11,226 | ||||
Other liabilities | 0 | 2 | ||||
Total liabilities | 2,981 | 11,228 | ||||
Rabbi Trusts Used For Deferred Compensation Plans | ||||||
Assets: | ||||||
Other assets | 78,446 | 80,479 | ||||
Total assets | 78,446 | 80,479 | ||||
Liabilities: | ||||||
Other liabilities | 56,700 | 61,733 | ||||
Total liabilities | $ 56,700 | $ 61,733 | ||||
[1] | December 31, 2018 and 2017 include $28.6 million and $22.7 million, respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2017 | |
Variable Interest Entities [Abstract] | ||||
Expenses associated with LIHTC investments accounted for using the equity method | $ 4,100 | $ 1,800 | $ 1,800 | |
Business Acquisition [Line Items] | ||||
Variable interest entity, decline in investment balance | 15,300 | |||
Variable interest entity, decline in related debt | 15,300 | |||
Capital Bank Financial Corporation | ||||
Business Acquisition [Line Items] | ||||
Acquired junior subordinated debt | 187,169 | |||
Junior Subordinated Debt | Capital Bank Financial Corporation | ||||
Business Acquisition [Line Items] | ||||
Acquired junior subordinated debt | $ 212,400 | |||
Debt retired during period | $ 45,400 |
Variable Interest Entities - _2
Variable Interest Entities - Summary of the Impact of Qualifying LIHTC Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | |||
LIHTC credits and benefits, net of amortization | $ (7,178) | $ (5,327) | $ (6,165) |
Low income housing tax credits | |||
Variable Interest Entity [Line Items] | |||
Amortization of qualifying LIHTC investments | 10,793 | 14,037 | 14,223 |
LIHTC credits and benefits, net of amortization | (10,232) | (11,037) | (10,100) |
Other tax benefits related to qualifying LIHTC investments | |||
Variable Interest Entity [Line Items] | |||
LIHTC credits and benefits, net of amortization | $ (7,370) | $ (5,045) | $ (9,779) |
Variable Interest Entities - _3
Variable Interest Entities - Summary of VIE Not Consolidated By FHN (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Variable Interest Entity [Line Items] | |||||
Loans, net of unearned income | $ 27,535,532 | [1] | $ 27,658,929 | [1] | $ 19,589,520 |
Term borrowings | 1,170,963 | 1,218,097 | |||
Trading securities | 1,448,168 | 1,416,345 | |||
Securities available-for-sale (Note 3) | 4,626,470 | 5,170,255 | |||
Securities available-for-sale (a) | 5,170,255 | ||||
Low income housing partnerships | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 156,056 | 94,798 | |||
Liability Recognized | 80,427 | 33,348 | |||
Maximum loss exposure, contractual funding commitments | 80,400 | 33,300 | |||
Low income housing partnerships | Other Assets | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure, current investments | 75,600 | 61,500 | |||
Other tax credit investments | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 3,619 | 20,394 | |||
Liability Recognized | 0 | 0 | |||
Other tax credit investments | Other Assets | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure, current investments | 2,700 | 18,000 | |||
Small issuer trust preferred holdings | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 270,585 | 332,455 | |||
Liability Recognized | 0 | 0 | |||
On-balance sheet trust preferred securitization | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 37,532 | 48,817 | |||
Liability Recognized | 76,642 | 65,357 | |||
Loans, net of unearned income | 112,500 | 112,500 | |||
Term borrowings | 76,600 | 65,400 | |||
Trading securities | 1,700 | 1,700 | |||
Proprietary residential mortgage securitizations | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 1,524 | 2,151 | |||
Liability Recognized | 0 | 0 | |||
Holdings of agency mortgage-backed securities | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 4,842,630 | 5,349,287 | |||
Liability Recognized | 0 | 0 | |||
Trading securities | 500,000 | 500,000 | |||
Securities available-for-sale (Note 3) | 4,400,000 | ||||
Securities available-for-sale (a) | 4,800,000 | ||||
Commercial loan troubled debt restructurings | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 40,590 | 19,411 | |||
Liability Recognized | 0 | 0 | |||
Maximum loss exposure, contractual funding commitments | 2,300 | 300 | |||
Loans, net of unearned income | 38,200 | 19,100 | |||
Sale-leaseback transaction | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 16,327 | 14,827 | |||
Liability Recognized | 0 | 0 | |||
Proprietary trust preferred issuances | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Loss Exposure | 0 | 0 | |||
Liability Recognized | $ 167,014 | $ 212,378 | |||
[1] | December 31, 2018 and 2017 include $28.6 million and $22.7 million, respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total trading revenues | $ 132,300,000 | $ 173,900,000 | $ 229,700,000 | |||
Other long term borrowings | 1,170,963,000 | 1,218,097,000 | ||||
Cash flow hedge length of time, maximum | 5 years | |||||
Hedged amount of foreign currency denominated loans | 11,000,000 | 1,500,000 | ||||
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 | 31,500,000 | 5,600,000 | $ 26,000,000 | |||
Long Term Debt Hedged With Fair Value Interest Rate Derivatives Using Long Haul Method | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other long term borrowings | 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] | ||||||
Other long term borrowings | 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 | 20,700,000 | 23,300,000 | ||||
Net fair value of derivative liabilities with adjustable posting thresholds | 37,800,000 | 34,500,000 | ||||
Collateral received | 86,600,000 | 119,300,000 | ||||
Securities posted collateral | 16,200,000 | 18,900,000 | ||||
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 | 19,000,000 | 22,800,000 | ||||
Net fair value of derivative liabilities with adjustable posting thresholds | 33,200,000 | 19,400,000 | ||||
Collateral received | 84,500,000 | 118,600,000 | ||||
Securities posted collateral | 15,200,000 | 6,700,000 | ||||
Interest Rate Contract | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Collateral cash payables | 39,637,000 | 51,271,000 | ||||
Interest Rate Contract | Cash Flow Hedge | Hedged Items | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Variability in cash flows related to debt instruments (primarily loans) | 900,000,000 | 900,000,000 | ||||
Minimum | Cash Flow Hedge | Hedged Items | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedge length of time | 3 years | |||||
Maximum | Cash Flow Hedge | Hedged Items | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedge length of time | 7 years | |||||
Counterparties | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Collateral cash receivables | 79,900,000 | 60,300,000 | ||||
Collateral cash payables | $ 40,400,000 | $ 49,700,000 |
Derivatives - Derivatives Assoc
Derivatives - Derivatives Associated with Fixed Income Trading Activities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Customer Interest Rate Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | $ 2,271,448 | $ 2,026,753 |
Assets | 18,744 | 22,097 |
Liabilities | 27,768 | 18,323 |
Offsetting Upstream Interest Rate Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 2,271,448 | 2,026,753 |
Assets | 4,014 | 17,931 |
Liabilities | 9,041 | 20,720 |
Option Contracts Purchased | Long | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 20,000 | 20,000 |
Assets | 25 | 15 |
Liabilities | 0 | 0 |
Forwards and Futures Purchased | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 4,684,177 | 6,257,140 |
Assets | 28,304 | 4,354 |
Liabilities | 181 | 5,526 |
Forwards and Futures Sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 4,967,454 | 6,292,012 |
Assets | 522 | 5,806 |
Liabilities | $ 30,055 | $ 4,010 |
Derivatives - Derivatives Ass_2
Derivatives - Derivatives Associated With Interest Rate Risk Management Activities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Customer Interest Rate Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | $ 2,271,448 | $ 2,026,753 |
Assets | 18,744 | 22,097 |
Liabilities | 27,768 | 18,323 |
Offsetting Upstream Interest Rate Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 2,271,448 | 2,026,753 |
Assets | 4,014 | 17,931 |
Liabilities | 9,041 | 20,720 |
Customer Interest Rate Contracts Hedging | Hedging Instruments And Hedged Items | Customer Interest Rate Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 2,029,162 | 1,608,912 |
Assets | 20,262 | 11,644 |
Liabilities | 25,880 | 19,780 |
Customer Interest Rate Contracts Hedging | Hedging Instruments And Hedged Items | Offsetting Upstream Interest Rate Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 2,029,162 | 1,608,912 |
Assets | 8,154 | 18,473 |
Liabilities | 9,153 | 11,019 |
Debt Hedging | Hedging Instruments And Hedged Items | Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional | 900,000 | 900,000 |
Assets | 127 | 371 |
Liabilities | 6 | |
Debt Hedging | Hedging Instruments And Hedged Items | Par | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Term borrowings | 900,000 | 900,000 |
Debt Hedging | Hedging Instruments And Hedged Items | Cumulative fair value hedging adjustments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Term borrowings | (15,094) | (13,472) |
Debt Hedging | Hedging Instruments And Hedged Items | Unamortized premium/(discount) and issuance costs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Term borrowings | (2,295) | (3,910) |
Debt Hedging | Hedging Instruments And Hedged Items | Term Borrowings | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Term borrowings | $ 882,611 | $ 882,618 |
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Customer Interest Rate Contracts Hedging | Customer Interest Rate Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains/(losses) related to interest rate derivatives | $ 1,779 | $ (10,703) | $ (22,969) |
Customer Interest Rate Contracts Hedging | Offsetting Upstream Interest Rate Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains/(losses) related to interest rate derivatives | (1,779) | 10,699 | 22,969 |
Debt Hedging | Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains/(losses) related to interest rate derivatives | (1,648) | (7,766) | (3,552) |
Debt Hedging | Term Borrowings | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains/(Losses) related to term borrowings | $ 1,622 | $ 7,582 | $ 3,429 |
Derivatives - Derivatives Ass_3
Derivatives - Derivatives Associated With Cash Flow Hedges (Details) - Cash Flow Hedge - Hedging Instruments And Hedged Items - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | 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 | ||
Derivative asset | 888,000 | $ 942,000 | ||
Derivative liability | $ 5,000 |
Derivatives - Gains_(Losses) _2
Derivatives - Gains/(Losses) on Derivatives Associated with Cash Flow Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) expected to be reclassified to earnings in the next twelve months | $ 7,400 | ||
Hedging Instruments And Hedged Items | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Losses) | (6,284) | ||
Gain/(loss) reclassified from AOCI into Interest income | 2,142 | ||
Hedging Instruments And Hedged Items | Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Losses) | $ (5,502) | ||
Cash Flow Hedge | Hedging Instruments And Hedged Items | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains/(Losses) | $ (2,156) | $ 130 | |
Gain/(loss) reclassified from AOCI into Interest income | (2,945) | (1,395) | |
Cash Flow Hedge | Hedging Instruments And Hedged Items | Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains/(Losses) | $ (8,264) | $ (2,045) |
Derivatives - Derivative Assets
Derivatives - Derivative Assets And Collateral Received (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Gross amounts of recognized assets | $ 81,475 | $ 81,634 |
Derivative assets not subject to master netting agreements | 28,900 | 10,200 |
Derivatives, interest rate contracts | ||
Derivative [Line Items] | ||
Collateral Received | (39,637) | (51,271) |
Net amount | 180 | 2,909 |
Derivatives, interest rate contracts | Subject to Master Netting Agreements | ||
Derivative [Line Items] | ||
Gross amounts of recognized assets | 52,562 | 71,458 |
Gross amounts offset in the Statements of Condition | 0 | 0 |
Net amounts of assets presented in the Statements of Condition | 52,562 | 71,458 |
Gross amounts not offset in the Statements of Condition, Derivative liabilities available for offset | $ (12,745) | $ (17,278) |
Derivatives - Derivative Liabil
Derivatives - Derivative Liabilities and Collateral Pledged (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Gross amounts of recognized liabilities | $ 133,713 | $ 85,061 |
Derivative liabilities not subject to master netting agreements | 61,900 | 15,200 |
Derivatives, interest rate contracts | ||
Derivative [Line Items] | ||
Collateral pledged | (54,773) | (51,801) |
Net amount | 4,335 | 763 |
Subject to Master Netting Agreements | Derivatives, interest rate contracts | ||
Derivative [Line Items] | ||
Gross amounts of recognized liabilities | 71,853 | 69,842 |
Gross amounts offset in the Statements of Condition | 0 | 0 |
Net amounts of liabilities presented in the Statements of Condition (a) | 71,853 | 69,842 |
Gross amounts not offset in the Statements of Condition, Derivative assets available for offset | $ (12,745) | $ (17,278) |
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 | Dec. 31, 2018 | Dec. 31, 2017 |
Securities Purchased under Agreements to Resell [Abstract] | ||
Gross amounts of recognized assets | $ 386,443 | $ 725,609 |
Offsetting securities sold under agreements to repurchase | 0 | 0 |
Net amounts of assets presented in the Statements of Condition | 386,443 | 725,609 |
Offsetting securities sold under agreements to repurchase | (261) | (259) |
Securities collateral (not recognized on FHN’s Statements of Condition) | (382,756) | (720,036) |
Net amount | $ 3,426 | $ 5,314 |
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 | Dec. 31, 2018 | Dec. 31, 2017 |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Gross amounts of recognized liabilities | $ 762,592 | $ 656,602 |
Offsetting securities purchased under agreements to resell | 0 | 0 |
Net amounts of liabilities presented in the Statements of Condition | 762,592 | 656,602 |
Offsetting securities purchased under agreements to resell | (261) | (259) |
Securities/ government guaranteed loans collateral | (762,322) | (656,216) |
Net amount | $ 9 | $ 127 |
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 | Dec. 31, 2018 | Dec. 31, 2017 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 762,592 | $ 656,602 |
U.S. treasuries | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 16,321 | 13,830 |
Government agency issued MBS | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 419,708 | 430,186 |
Government agency issued CMO | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 36,688 | 57,703 |
Government guaranteed loans (SBA and USDA) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 289,875 | 154,883 |
Overnight and Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 757,372 | 647,571 |
Overnight and Continuous | U.S. treasuries | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 16,321 | 13,830 |
Overnight and Continuous | Government agency issued MBS | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 414,488 | 424,821 |
Overnight and Continuous | Government agency issued CMO | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 36,688 | 54,037 |
Overnight and Continuous | Government guaranteed loans (SBA and USDA) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 289,875 | 154,883 |
Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 5,220 | 9,031 |
Up to 30 Days | U.S. treasuries | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Up to 30 Days | Government agency issued MBS | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 5,220 | 5,365 |
Up to 30 Days | Government agency issued CMO | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 3,666 |
Up to 30 Days | Government guaranteed loans (SBA and USDA) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 0 | $ 0 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 1,448,168 | $ 1,416,345 |
Loans held-for-sale | 16,273 | 20,881 |
Securities available-for-sale (a) | 4,626,470 | 5,170,255 |
Securities available-for-sale (a) | 5,170,255 | |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale | 16,273 | 20,881 |
Securities available-for-sale (a) | 4,626,470 | |
Securities available-for-sale (a) | 4,931,402 | |
Total other assets | 141,494 | 121,456 |
Total assets | 6,232,405 | 6,490,084 |
Total other liabilities | 133,713 | 85,061 |
Total liabilities | 469,093 | 723,576 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale | 0 | 0 |
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 27,017 | |
Total other assets | 88,845 | 49,983 |
Total assets | 88,845 | 77,000 |
Total other liabilities | 30,236 | 9,535 |
Total liabilities | 30,236 | 9,535 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale | 0 | 1,955 |
Securities available-for-sale (a) | 4,616,568 | |
Securities available-for-sale (a) | 4,903,115 | |
Total other assets | 52,649 | 71,473 |
Total assets | 6,115,861 | 6,390,737 |
Total other liabilities | 71,937 | 69,881 |
Total liabilities | 407,317 | 708,396 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale | 16,273 | 18,926 |
Securities available-for-sale (a) | 9,902 | |
Securities available-for-sale (a) | 1,270 | |
Total other assets | 0 | 0 |
Total assets | 27,699 | 22,347 |
Total other liabilities | 31,540 | 5,645 |
Total liabilities | 31,540 | 5,645 |
Trading securities—mortgage banking | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,524 | 2,151 |
Trading securities—mortgage banking | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Trading securities—mortgage banking | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Trading securities—mortgage banking | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,524 | 2,151 |
Fixed Income | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,446,644 | 1,414,194 |
Total trading liabilities - fixed income | 335,380 | 638,515 |
Fixed Income | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Fixed Income | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,446,644 | 1,414,194 |
Total trading liabilities - fixed income | 335,380 | 638,515 |
Fixed Income | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
U.S. treasuries | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 98 | |
Securities available-for-sale (a) | 99 | |
U.S. treasuries | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 0 | |
U.S. treasuries | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 98 | |
Securities available-for-sale (a) | 99 | |
U.S. treasuries | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 0 | |
U.S. treasuries | Fixed Income | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 169,799 | 128,995 |
Total trading liabilities - fixed income | 207,739 | 506,679 |
U.S. treasuries | Fixed Income | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
U.S. treasuries | Fixed Income | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 169,799 | 128,995 |
Total trading liabilities - fixed income | 207,739 | 506,679 |
U.S. treasuries | Fixed Income | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Government agency issued mortgage-backed securities (“MBS”) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 2,420,106 | |
Securities available-for-sale (a) | 2,577,376 | |
Government agency issued mortgage-backed securities (“MBS”) | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 0 | |
Government agency issued mortgage-backed securities (“MBS”) | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 2,420,106 | |
Securities available-for-sale (a) | 2,577,376 | |
Government agency issued mortgage-backed securities (“MBS”) | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 0 | |
Government agency issued mortgage-backed securities (“MBS”) | Fixed Income | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 133,373 | 227,038 |
Government agency issued mortgage-backed securities (“MBS”) | Fixed Income | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Government agency issued mortgage-backed securities (“MBS”) | Fixed Income | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 133,373 | 227,038 |
Government agency issued mortgage-backed securities (“MBS”) | Fixed Income | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Government agency issued collateralized mortgage obligations (“CMO”) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 1,958,695 | |
Securities available-for-sale (a) | 2,269,858 | |
Government agency issued collateralized mortgage obligations (“CMO”) | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 0 | |
Government agency issued collateralized mortgage obligations (“CMO”) | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 1,958,695 | |
Securities available-for-sale (a) | 2,269,858 | |
Government agency issued collateralized mortgage obligations (“CMO”) | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 0 | |
Government agency issued collateralized mortgage obligations (“CMO”) | Fixed Income | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 330,456 | 275,014 |
Government agency issued collateralized mortgage obligations (“CMO”) | Fixed Income | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Government agency issued collateralized mortgage obligations (“CMO”) | Fixed Income | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 330,456 | 275,014 |
Government agency issued collateralized mortgage obligations (“CMO”) | Fixed Income | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Other U.S. Government Agencies | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 149,786 | |
Other U.S. Government Agencies | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Other U.S. Government Agencies | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 149,786 | |
Other U.S. Government Agencies | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Other U.S. Government Agencies | Fixed Income | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 76,733 | 54,699 |
Total trading liabilities - fixed income | 98 | |
Other U.S. Government Agencies | Fixed Income | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | |
Other U.S. Government Agencies | Fixed Income | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 76,733 | 54,699 |
Total trading liabilities - fixed income | 98 | |
Other U.S. Government Agencies | Fixed Income | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | |
AFS securities recorded at fair value through earnings: | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 32,573 | |
AFS securities recorded at fair value through earnings: | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
AFS securities recorded at fair value through earnings: | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 32,573 | |
AFS securities recorded at fair value through earnings: | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
AFS securities recorded at fair value through earnings: | Fixed Income | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 54,234 | 34,573 |
AFS securities recorded at fair value through earnings: | Fixed Income | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
AFS securities recorded at fair value through earnings: | Fixed Income | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 54,234 | 34,573 |
AFS securities recorded at fair value through earnings: | Fixed Income | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Corporates and other debt | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 55,310 | |
Securities available-for-sale (a) | 55,782 | |
Corporates and other debt | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 0 | |
Corporates and other debt | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 55,310 | |
Securities available-for-sale (a) | 55,782 | |
Corporates and other debt | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 0 | |
Corporates and other debt | Fixed Income | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 682,068 | 693,877 |
Total trading liabilities - fixed income | 127,543 | 131,836 |
Corporates and other debt | Fixed Income | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
Corporates and other debt | Fixed Income | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 682,068 | 693,877 |
Total trading liabilities - fixed income | 127,543 | 131,836 |
Corporates and other debt | Fixed Income | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Total trading liabilities - fixed income | 0 | 0 |
SBA - interest only strips | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 9,902 | |
Securities available-for-sale (a) | 1,270 | |
SBA - interest only strips | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 0 | |
SBA - interest only strips | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Securities available-for-sale (a) | 0 | |
SBA - interest only strips | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 9,902 | |
Securities available-for-sale (a) | 1,270 | |
Equity, Mutual Funds, And Other | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 27,017 | |
Total other assets | 22,248 | |
Equity, Mutual Funds, And Other | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 27,017 | |
Total other assets | 22,248 | |
Equity, Mutual Funds, And Other | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Total other assets | 0 | |
Equity, Mutual Funds, And Other | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | 0 | |
Total other assets | 0 | |
Equity, Mutual Funds, And Other | Fixed Income | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | (19) | (2) |
Equity, Mutual Funds, And Other | Fixed Income | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Equity, Mutual Funds, And Other | Fixed Income | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | (19) | (2) |
Equity, Mutual Funds, And Other | Fixed Income | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Deferred compensation assets | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 37,771 | 39,822 |
Deferred compensation assets | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 37,771 | 39,822 |
Deferred compensation assets | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 0 | 0 |
Deferred compensation assets | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 0 | 0 |
Derivatives, forwards and futures | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 28,826 | 10,161 |
Total other liabilities | 30,236 | 9,535 |
Derivatives, forwards and futures | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 28,826 | 10,161 |
Total other liabilities | 30,236 | 9,535 |
Derivatives, forwards and futures | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 0 | 0 |
Total other liabilities | 0 | 0 |
Derivatives, forwards and futures | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 0 | 0 |
Total other liabilities | 0 | 0 |
Derivatives, interest rate contracts | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 52,214 | 71,473 |
Total other liabilities | 71,853 | 69,842 |
Derivatives, interest rate contracts | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 0 | 0 |
Total other liabilities | 0 | 0 |
Derivatives, interest rate contracts | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 52,214 | 71,473 |
Total other liabilities | 71,853 | 69,842 |
Derivatives, interest rate contracts | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 0 | 0 |
Total other liabilities | 0 | 0 |
Derivatives, other | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 435 | |
Total other liabilities | 31,624 | 5,684 |
Derivatives, other | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 0 | |
Total other liabilities | 0 | 0 |
Derivatives, other | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 435 | |
Total other liabilities | 84 | 39 |
Derivatives, other | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other assets | 0 | |
Total other liabilities | $ 31,540 | $ 5,645 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Beginning balance, net derivative | $ (5,645) | $ (6,245) | $ (4,810) |
Total net gains/(losses) included in: Net Income, net derivatives | (4,677) | (596) | (2,634) |
Purchases, net derivatives | (28,100) | 0 | 0 |
Sales, net derivatives | 0 | 0 | 0 |
Settlements, net derivatives | 6,882 | 1,196 | 1,199 |
Net transfers in/(out) level 3, net derivatives | 0 | 0 | 0 |
Ending balance, net derivative | (31,540) | (5,645) | (6,245) |
Net unrealized gains/(losses) included in net income | (4,677) | (596) | (2,634) |
Trading securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance, assets | 2,151 | 2,573 | 4,377 |
Total net gains/(losses) included in : Net income, assets | 173 | 448 | 604 |
Purchases, assets | 0 | 0 | 0 |
Sales, assets | 0 | (5) | 0 |
Settlements, assets | (800) | (865) | (2,408) |
Net transfers into/(out of) Level 3, assets | 0 | 0 | 0 |
Ending balance, assets | 1,524 | 2,151 | 2,573 |
Net unrealized gains/(losses) included in net income | 6 | 303 | 159 |
SBA - interest only strips | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance, assets | 1,270 | 0 | |
Total net gains/(losses) included in : Net income, assets | (398) | 1,021 | |
Purchases, assets | 0 | 1,413 | |
Sales, assets | (16,840) | (11,431) | |
Settlements, assets | 0 | 0 | |
Net transfers into/(out of) Level 3, assets | 25,870 | 10,267 | |
Ending balance, assets | 9,902 | 1,270 | 0 |
Net unrealized gains/(losses) included in net income | (1,025) | (171) | |
Loans Held For Sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance, assets | 18,926 | 21,924 | 27,418 |
Total net gains/(losses) included in : Net income, assets | 1,239 | 1,547 | 3,380 |
Purchases, assets | 62 | 168 | 706 |
Sales, assets | 0 | 0 | 0 |
Settlements, assets | (3,598) | (4,346) | (6,264) |
Net transfers into/(out of) Level 3, assets | (356) | (367) | (3,316) |
Ending balance, assets | 16,273 | 18,926 | 21,924 |
Net unrealized gains/(losses) included in net income | $ 1,239 | 1,547 | 3,380 |
Securities available- for-sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance, assets | 0 | 1,500 | |
Total net gains/(losses) included in : Net income, assets | 0 | ||
Purchases, assets | 0 | ||
Sales, assets | 0 | ||
Settlements, assets | (1,500) | ||
Net transfers into/(out of) Level 3, assets | 0 | ||
Ending balance, assets | 0 | ||
Net unrealized gains/(losses) included in net income | 0 | ||
Mortgage servicing rights, net | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance, assets | $ 985 | 1,841 | |
Total net gains/(losses) included in : Net income, assets | 31 | ||
Purchases, assets | 0 | ||
Sales, assets | (205) | ||
Settlements, assets | (682) | ||
Net transfers into/(out of) Level 3, assets | 0 | ||
Ending balance, assets | 985 | ||
Net unrealized gains/(losses) included in net income | $ 0 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | $ 16,273 | $ 20,881 | ||||
Other real estate owned (OREO) | [1] | 25,290 | 43,382 | |||
Loans and Leases Receivable, Net of Deferred Income | 27,535,532 | [2] | 27,658,929 | [2] | $ 19,589,520 | |
Non Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other real estate owned (OREO) | 22,387 | 39,566 | 11,235 | |||
Other assets | 8,845 | 26,521 | 29,609 | |||
Loans and Leases Receivable, Net of Deferred Income | 48,259 | 26,666 | 31,070 | |||
Net Gains Or Losses Real Estate Acquired by Foreclosure | (841) | (1,687) | (2,055) | |||
Net Gains Or Losses Other Real Estate Owned | (2,599) | (996) | (2,041) | |||
Net Gains Loss On Other Assets | (4,712) | (3,468) | (3,349) | |||
Net Gains Loss On Financial Assets Measured On Nonrecurring Basis | (12,489) | (7,744) | (7,371) | |||
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 | |||||
Net Gains Or Losses Loans Held For Sale | (1,809) | |||||
Non Recurring | SBAs and USDA | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 578,291 | 466,977 | 4,286 | |||
Net Gains Or Losses Loans Held For Sale | (2,541) | (1,629) | (1) | |||
Non Recurring | First Mortgages | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 541 | 618 | 638 | |||
Net Gains Or Losses Loans Held For Sale | 13 | 36 | 75 | |||
Non Recurring | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other real estate owned (OREO) | 0 | 0 | 0 | |||
Other assets | 0 | 0 | ||||
Loans and Leases Receivable, Net of Deferred Income | 0 | 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 | SBAs and USDA | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 0 | 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 | 0 | |||
Non Recurring | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other real estate owned (OREO) | 0 | 0 | 0 | |||
Other assets | 0 | 0 | ||||
Loans and Leases Receivable, Net of Deferred Income | 0 | 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 | SBAs and USDA | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 577,280 | 465,504 | 4,286 | |||
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 | 0 | |||
Non Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other real estate owned (OREO) | 22,387 | 39,566 | 11,235 | |||
Other assets | 8,845 | 26,521 | 29,609 | |||
Loans and Leases Receivable, Net of Deferred Income | 48,259 | 26,666 | 31,070 | |||
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 | SBAs and USDA | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | 1,011 | 1,473 | 0 | |||
Non Recurring | Level 3 | First Mortgages | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale | $ 541 | $ 618 | $ 638 | |||
[1] | December 31, 2018 and 2017 include $9.7 million and $12.2 million, respectively, of foreclosed residential real estate. | |||||
[2] | December 31, 2018 and 2017 include $28.6 million and $22.7 million, respectively, of held-to-maturity consumer mortgage loans secured by residential real estate in process of foreclosure. |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||
Gain/(loss) on instrument specific credit risk | $ 0.2 | $ 0.5 | $ 1.5 | ||||||
Corporate | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Long-lived asset impairment | $ 1.9 | $ 0.7 | $ 1.3 | $ 3 | $ 2 | ||||
Reversed asset impairment charges | $ 0.5 | $ 1 | |||||||
Regional Banking | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Long-lived asset impairment | $ 0.8 | $ 3.7 |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities - Schedule Of Unobservable Inputs Utilized In Determining The Fair Value Of Level 3 Recurring And Non-Recurring Measurements (Details) $ in Thousands | Dec. 31, 2018USD ($)month | Dec. 31, 2017USD ($)month |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | $ 4,626,470 | $ 5,170,255 |
Loans held-for-sale | 16,273 | 20,881 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO, fair value | 22,387 | 39,566 |
Loans net of unearned income | 48,259 | 26,666 |
Derivative liabilities, other | 31,540 | 5,645 |
Loans Held For Sale - SBA | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale | 1,011 | 1,473 |
Other Assets | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | $ 8,845 | $ 26,521 |
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 |
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 |
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 | 0.09 | |
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 | 0.09 | 0.10 |
Bond equivalent yield | 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 | 0.09 | |
Bond equivalent yield | 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 | 0.10 | |
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 | 0.63 | 0.65 |
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 | 0.70 |
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 | $ 4,900,000 |
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 | 4,400,000 |
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 | $ 5,200,000 |
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 | 0.23 | 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 | 0.10 | 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 | 0.30 |
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 | 36 | 35 |
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 | 18 | 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 | 48 | 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] | ||
Other assets, measurement input | 0 | 0 |
Loans net of unearned income, 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] | ||
Other assets, measurement input | 0.25 | 0.25 |
Loans net of unearned income, measurement input | 0.10 | 0.10 |
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 | $ 16,815 | $ 19,544 |
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 | 0.03 | 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 | 0.10 | 0.12 |
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 | 0.17 | 0.20 |
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 | 0.02 | 0.05 |
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 | 0.30 |
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 | 0.075 | 0.08 |
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 | 0.05 | 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 | 0.55 |
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 | 0.50 | 0.15 |
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 | 1 | 1 |
SBA - interest only strips | Available-for-sale Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (a) | $ 9,902 | $ 1,270 |
SBA - interest only strips | 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 | 0.11 | 0.11 |
SBA - interest only strips | 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 | 0.10 |
SBA - interest only strips | 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 | 0.11 |
SBA - interest only strips | 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 | 0.14 | 0.17 |
SBA - interest only strips | 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 | 0.17 |
SBA - interest only strips | 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 |
Fair Value of Assets and Liab_8
Fair Value of Assets and Liabilities - Summary Of Differences Between The Fair Value Carrying Amount Of Mortgages Held-For-Sale And Aggregate Unpaid Principal Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Loans held-for-sale | $ 16,273 | $ 20,881 | |
Fair value carrying amount less aggregate unpaid principal - Total loans | (7,294) | (8,874) | |
Nonaccrual loans | 4,536 | 5,783 | |
Fair value carrying amount less aggregate unpaid principal - Nonaccrual loans | (3,592) | (5,098) | |
Loans 90 days or more past due and still accruing | 171 | 0 | |
Fair value carrying amount less aggregate unpaid principal - Loans 90 days or more past due and still accruing | (110) | 0 | |
Aggregate unpaid principal | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Loans held-for-sale | 23,567 | 29,755 | |
Nonaccrual loans | 8,128 | 10,881 | |
Loans 90 days or more past due and still accruing | 281 | 0 | |
Loans Held For Sale | Mortgage Banking Noninterest Income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Changes in fair value, gain (loss) | $ 1,239 | $ 1,547 | $ 3,380 |
Fair Value of Assets and Liab_9
Fair Value of Assets and Liabilities - Summary Of Book Value And Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | $ 27,355,108 | $ 27,469,374 | |
Short-term financial assets: | |||
Interest-bearing cash | 1,277,611 | 1,185,600 | |
Federal funds sold | 237,591 | 87,364 | |
Securities purchased under agreements to resell | 386,443 | 725,609 | |
Trading securities | 1,448,168 | 1,416,345 | |
Loans held-for-sale | [1] | 679,149 | 699,377 |
Securities available-for-sale (Note 3) | 4,626,470 | 5,170,255 | |
Securities available-for-sale (a) | 5,170,255 | ||
Securities held-to-maturity (Note 3) | 10,000 | 10,000 | |
Derivative assets | 81,475 | 81,634 | |
Nonearning assets: | |||
Cash and due from banks | 781,291 | 639,073 | |
Fixed income receivables | 38,861 | 68,693 | |
Total assets | 40,832,258 | 41,423,388 | |
Deposits: | |||
Total deposits | 32,682,992 | 30,620,362 | |
Trading Liabilities | 335,380 | 638,515 | |
Short-term financial liabilities: | |||
Federal funds purchased | 256,567 | 399,820 | |
Securities sold under agreements to repurchase | 762,592 | 656,602 | |
Other short-term borrowings | 114,764 | 2,626,213 | |
Term borrowings: | |||
Other long term borrowings | 1,170,963 | 1,218,097 | |
Derivative liabilities | 133,713 | 85,061 | |
Other noninterest-bearing liabilities: | |||
Fixed income payables | 9,572 | 48,996 | |
Total liabilities | 36,046,878 | 36,842,900 | |
Level 3 | FHLB-Cincinnati Stock | |||
Other noninterest-bearing liabilities: | |||
Restricted investments | 87,900 | 87,900 | |
Level 3 | FRB Stock | |||
Other noninterest-bearing liabilities: | |||
Restricted investments | 130,700 | 134,600 | |
Reported Value Measurement | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 27,355,108 | 27,469,374 | |
Short-term financial assets: | |||
Interest-bearing cash | 1,277,611 | 1,185,600 | |
Federal funds sold | 237,591 | 87,364 | |
Securities purchased under agreements to resell | 386,443 | 725,609 | |
Total short-term financial assets | 1,901,645 | 1,998,573 | |
Trading securities | 1,448,168 | 1,416,345 | |
Loans held-for-sale | 679,149 | ||
Securities available-for-sale (Note 3) | 4,626,470 | ||
Securities available-for-sale (a) | 5,170,255 | ||
Securities held-to-maturity (Note 3) | 10,000 | 10,000 | |
Derivative assets | 81,475 | 81,634 | |
Other assets: | |||
Tax credit investments | 163,300 | 119,317 | |
Deferred compensation assets | 37,771 | 39,822 | |
Equity, mutual funds, and other | 240,780 | ||
Total other assets | 441,851 | 159,139 | |
Nonearning assets: | |||
Cash and due from banks | 639,073 | ||
Fixed income receivables | 68,693 | ||
Accrued interest receivable | 97,239 | ||
Total nonearning assets | 805,005 | ||
Total assets | 36,543,866 | 37,809,702 | |
Deposits: | |||
Defined maturity | 4,105,777 | 3,322,921 | |
Undefined maturity | 27,297,441 | ||
Total deposits | 30,620,362 | ||
Trading Liabilities | 335,380 | 638,515 | |
Short-term financial liabilities: | |||
Federal funds purchased | 256,567 | 399,820 | |
Securities sold under agreements to repurchase | 762,592 | 656,602 | |
Other short-term borrowings | 114,764 | 2,626,213 | |
Total short-term financial liabilities | 1,133,923 | 3,682,635 | |
Term borrowings: | |||
Real estate investment trust-preferred | 46,168 | 46,100 | |
Term borrowings - new market tax credit investment | 2,699 | 18,000 | |
Borrowings secured by residential real estate | 19,588 | 18,642 | |
Junior subordinated debentures | 143,255 | 187,281 | |
Other long term borrowings | 959,253 | 948,074 | |
Total term borrowings | 1,170,963 | 1,218,097 | |
Derivative liabilities | 133,713 | 85,061 | |
Other noninterest-bearing liabilities: | |||
Fixed income payables | 48,996 | ||
Accrued interest payable | 16,270 | ||
Total other noninterest-bearing liabilities | 65,266 | ||
Total liabilities | 6,879,756 | 36,309,936 | |
Reported Value Measurement | Commercial, financial, and industrial | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 16,415,381 | 15,959,062 | |
Reported Value Measurement | Commercial Real Estate | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 3,999,559 | 4,186,268 | |
Reported Value Measurement | Consumer Real Estate | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 6,223,077 | 6,330,384 | |
Reported Value Measurement | Permanent Mortgage | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 211,448 | 383,742 | |
Reported Value Measurement | Credit Card and Other | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 505,643 | 609,918 | |
Reported Value Measurement | Mortgage Loans | |||
Short-term financial assets: | |||
Loans held-for-sale | 16,273 | 88,173 | |
Reported Value Measurement | Government guaranteed loans (SBA and USDA) | |||
Short-term financial assets: | |||
Loans held-for-sale | 578,291 | 466,977 | |
Reported Value Measurement | Other Consumer Loans Class | |||
Short-term financial assets: | |||
Loans held-for-sale | 25,134 | 144,227 | |
Reported Value Measurement | Mortgage Loan - LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 59,451 | ||
Estimate of Fair Value Measurement | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 27,364,329 | 27,523,017 | |
Short-term financial assets: | |||
Interest-bearing cash | 1,277,611 | 1,185,600 | |
Federal funds sold | 237,591 | 87,364 | |
Securities purchased under agreements to resell | 386,443 | 725,609 | |
Total short-term financial assets | 1,901,645 | 1,998,573 | |
Trading securities | 1,448,168 | 1,416,345 | |
Loans held-for-sale | 684,349 | ||
Securities available-for-sale (Note 3) | 4,626,470 | ||
Securities available-for-sale (a) | 5,170,255 | ||
Securities held-to-maturity (Note 3) | 9,843 | 9,901 | |
Derivative assets | 81,475 | 81,634 | |
Other assets: | |||
Tax credit investments | 159,452 | 112,292 | |
Deferred compensation assets | 37,771 | 39,822 | |
Equity, mutual funds, and other | 240,780 | ||
Total other assets | 438,003 | 152,114 | |
Nonearning assets: | |||
Cash and due from banks | 639,073 | ||
Fixed income receivables | 68,693 | ||
Accrued interest receivable | 97,239 | ||
Total nonearning assets | 805,005 | ||
Total assets | 36,554,282 | 37,857,981 | |
Deposits: | |||
Defined maturity | 4,082,822 | 3,293,650 | |
Undefined maturity | 27,297,431 | ||
Total deposits | 30,591,081 | ||
Trading Liabilities | 335,380 | 638,515 | |
Short-term financial liabilities: | |||
Federal funds purchased | 256,567 | 399,820 | |
Securities sold under agreements to repurchase | 762,592 | 656,602 | |
Other short-term borrowings | 114,764 | 2,626,213 | |
Total short-term financial liabilities | 1,133,923 | 3,682,635 | |
Term borrowings: | |||
Real estate investment trust-preferred | 47,000 | 48,880 | |
Term borrowings - new market tax credit investment | 2,664 | 17,930 | |
Borrowings secured by residential real estate | 19,588 | 18,305 | |
Junior subordinated debentures | 134,266 | 187,281 | |
Other long term borrowings | 960,483 | 966,292 | |
Total term borrowings | 1,164,001 | 1,238,688 | |
Derivative liabilities | 133,713 | 85,061 | |
Other noninterest-bearing liabilities: | |||
Fixed income payables | 48,996 | ||
Accrued interest payable | 16,270 | ||
Total other noninterest-bearing liabilities | 65,266 | ||
Total liabilities | 6,849,839 | 36,301,246 | |
Loan commitments | 2,551 | 2,617 | |
Standby and other commitments | 5,043 | 4,037 | |
Estimate of Fair Value Measurement | Commercial, financial, and industrial | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 16,438,272 | 15,990,991 | |
Estimate of Fair Value Measurement | Commercial Real Estate | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 3,997,736 | 4,215,367 | |
Estimate of Fair Value Measurement | Consumer Real Estate | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 6,194,066 | 6,320,308 | |
Estimate of Fair Value Measurement | Permanent Mortgage | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 227,254 | 388,396 | |
Estimate of Fair Value Measurement | Credit Card and Other | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 507,001 | 607,955 | |
Estimate of Fair Value Measurement | Mortgage Loans | |||
Short-term financial assets: | |||
Loans held-for-sale | 16,273 | 88,173 | |
Estimate of Fair Value Measurement | Government guaranteed loans (SBA and USDA) | |||
Short-term financial assets: | |||
Loans held-for-sale | 583,491 | 468,737 | |
Estimate of Fair Value Measurement | Other Consumer Loans Class | |||
Short-term financial assets: | |||
Loans held-for-sale | 25,134 | 144,227 | |
Estimate of Fair Value Measurement | Mortgage Loan - LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 59,451 | ||
Estimate of Fair Value Measurement | Level 1 | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Short-term financial assets: | |||
Interest-bearing cash | 1,277,611 | 1,185,600 | |
Federal funds sold | 0 | 0 | |
Securities purchased under agreements to resell | 0 | 0 | |
Total short-term financial assets | 1,277,611 | 1,185,600 | |
Trading securities | 0 | 0 | |
Loans held-for-sale | 0 | ||
Securities available-for-sale (Note 3) | 0 | ||
Securities available-for-sale (a) | 27,017 | ||
Securities held-to-maturity (Note 3) | 0 | 0 | |
Derivative assets | 28,826 | 10,161 | |
Other assets: | |||
Tax credit investments | 0 | 0 | |
Deferred compensation assets | 37,771 | 39,822 | |
Equity, mutual funds, and other | 22,248 | ||
Total other assets | 60,019 | 39,822 | |
Nonearning assets: | |||
Cash and due from banks | 639,073 | ||
Fixed income receivables | 0 | ||
Accrued interest receivable | 0 | ||
Total nonearning assets | 639,073 | ||
Total assets | 1,366,456 | 1,901,673 | |
Deposits: | |||
Defined maturity | 0 | 0 | |
Undefined maturity | 0 | ||
Total deposits | 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 | |
Total short-term financial liabilities | 0 | 0 | |
Term borrowings: | |||
Real estate investment trust-preferred | 0 | 0 | |
Term borrowings - new market tax credit investment | 0 | 0 | |
Borrowings secured by residential real estate | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Other long term borrowings | 0 | 0 | |
Total term borrowings | 0 | 0 | |
Derivative liabilities | 30,236 | 9,535 | |
Other noninterest-bearing liabilities: | |||
Fixed income payables | 0 | ||
Accrued interest payable | 0 | ||
Total other noninterest-bearing liabilities | 0 | ||
Total liabilities | 30,236 | 9,535 | |
Estimate of Fair Value Measurement | Level 1 | Commercial, financial, and industrial | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Level 1 | Commercial Real Estate | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Level 1 | Consumer Real Estate | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Level 1 | Permanent Mortgage | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Level 1 | Credit Card and Other | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Level 1 | Mortgage Loans | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 0 | |
Estimate of Fair Value Measurement | Level 1 | Government guaranteed loans (SBA and USDA) | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 0 | |
Estimate of Fair Value Measurement | Level 1 | Other Consumer Loans Class | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 0 | |
Estimate of Fair Value Measurement | Level 1 | Mortgage Loan - LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | ||
Estimate of Fair Value Measurement | Level 2 | |||
Assets: | |||
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 | 237,591 | 87,364 | |
Securities purchased under agreements to resell | 386,443 | 725,609 | |
Total short-term financial assets | 624,034 | 812,973 | |
Trading securities | 1,446,644 | 1,414,194 | |
Loans held-for-sale | 588,898 | ||
Securities available-for-sale (Note 3) | 4,616,568 | ||
Securities available-for-sale (a) | 4,903,115 | ||
Securities held-to-maturity (Note 3) | 0 | 0 | |
Derivative assets | 52,649 | 71,473 | |
Other assets: | |||
Tax credit investments | 0 | 0 | |
Deferred compensation assets | 0 | 0 | |
Equity, mutual funds, and other | 0 | ||
Total other assets | 0 | 0 | |
Nonearning assets: | |||
Cash and due from banks | 0 | ||
Fixed income receivables | 68,693 | ||
Accrued interest receivable | 97,239 | ||
Total nonearning assets | 165,932 | ||
Total assets | 7,328,793 | 7,851,781 | |
Deposits: | |||
Defined maturity | 4,082,822 | 3,293,650 | |
Undefined maturity | 27,297,431 | ||
Total deposits | 30,591,081 | ||
Trading Liabilities | 335,380 | 638,515 | |
Short-term financial liabilities: | |||
Federal funds purchased | 256,567 | 399,820 | |
Securities sold under agreements to repurchase | 762,592 | 656,602 | |
Other short-term borrowings | 114,764 | 2,626,213 | |
Total short-term financial liabilities | 1,133,923 | 3,682,635 | |
Term borrowings: | |||
Real estate investment trust-preferred | 0 | 0 | |
Term borrowings - new market tax credit investment | 0 | 0 | |
Borrowings secured by residential real estate | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Other long term borrowings | 960,483 | 966,292 | |
Total term borrowings | 960,483 | 966,292 | |
Derivative liabilities | 71,937 | 69,881 | |
Other noninterest-bearing liabilities: | |||
Fixed income payables | 48,996 | ||
Accrued interest payable | 16,270 | ||
Total other noninterest-bearing liabilities | 65,266 | ||
Total liabilities | 6,584,545 | 36,013,670 | |
Estimate of Fair Value Measurement | Level 2 | Commercial, financial, and industrial | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Level 2 | Commercial Real Estate | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Level 2 | Consumer Real Estate | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Level 2 | Permanent Mortgage | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Level 2 | Credit Card and Other | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 0 | 0 | |
Estimate of Fair Value Measurement | Level 2 | Mortgage Loans | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | 6,902 | |
Estimate of Fair Value Measurement | Level 2 | Government guaranteed loans (SBA and USDA) | |||
Short-term financial assets: | |||
Loans held-for-sale | 582,476 | 467,227 | |
Estimate of Fair Value Measurement | Level 2 | Other Consumer Loans Class | |||
Short-term financial assets: | |||
Loans held-for-sale | 6,422 | 9,965 | |
Estimate of Fair Value Measurement | Level 2 | Mortgage Loan - LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 0 | ||
Estimate of Fair Value Measurement | Level 3 | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 27,364,329 | 27,523,017 | |
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 | 1,524 | 2,151 | |
Loans held-for-sale | 95,451 | ||
Securities available-for-sale (Note 3) | 9,902 | ||
Securities available-for-sale (a) | 240,123 | ||
Securities held-to-maturity (Note 3) | 9,843 | 9,901 | |
Derivative assets | 0 | 0 | |
Other assets: | |||
Tax credit investments | 159,452 | 112,292 | |
Deferred compensation assets | 0 | 0 | |
Equity, mutual funds, and other | 218,532 | ||
Total other assets | 377,984 | 112,292 | |
Nonearning assets: | |||
Cash and due from banks | 0 | ||
Fixed income receivables | 0 | ||
Accrued interest receivable | 0 | ||
Total nonearning assets | 0 | ||
Total assets | 27,859,033 | 28,104,527 | |
Deposits: | |||
Defined maturity | 0 | 0 | |
Undefined maturity | 0 | ||
Total deposits | 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 | |
Total short-term financial liabilities | 0 | 0 | |
Term borrowings: | |||
Real estate investment trust-preferred | 47,000 | 48,880 | |
Term borrowings - new market tax credit investment | 2,664 | 17,930 | |
Borrowings secured by residential real estate | 19,588 | 18,305 | |
Junior subordinated debentures | 134,266 | 187,281 | |
Other long term borrowings | 0 | 0 | |
Total term borrowings | 203,518 | 272,396 | |
Derivative liabilities | 31,540 | 5,645 | |
Other noninterest-bearing liabilities: | |||
Fixed income payables | 0 | ||
Accrued interest payable | 0 | ||
Total other noninterest-bearing liabilities | 0 | ||
Total liabilities | 235,058 | 278,041 | |
Estimate of Fair Value Measurement | Level 3 | Commercial, financial, and industrial | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 16,438,272 | 15,990,991 | |
Estimate of Fair Value Measurement | Level 3 | Commercial Real Estate | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 3,997,736 | 4,215,367 | |
Estimate of Fair Value Measurement | Level 3 | Consumer Real Estate | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 6,194,066 | 6,320,308 | |
Estimate of Fair Value Measurement | Level 3 | Permanent Mortgage | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 227,254 | 388,396 | |
Estimate of Fair Value Measurement | Level 3 | Credit Card and Other | |||
Assets: | |||
Total loans, net of unearned income and allowance for loan losses | 507,001 | 607,955 | |
Estimate of Fair Value Measurement | Level 3 | Mortgage Loans | |||
Short-term financial assets: | |||
Loans held-for-sale | 16,273 | 81,271 | |
Estimate of Fair Value Measurement | Level 3 | Government guaranteed loans (SBA and USDA) | |||
Short-term financial assets: | |||
Loans held-for-sale | 1,015 | 1,510 | |
Estimate of Fair Value Measurement | Level 3 | Other Consumer Loans Class | |||
Short-term financial assets: | |||
Loans held-for-sale | 18,712 | 134,262 | |
Estimate of Fair Value Measurement | Level 3 | Mortgage Loan - LOCOM | |||
Short-term financial assets: | |||
Loans held-for-sale | 59,451 | ||
Contractual Amount | |||
Other noninterest-bearing liabilities: | |||
Loan commitments | 10,884,975 | 10,678,485 | |
Standby and other commitments | $ 446,958 | $ 420,728 | |
[1] | December 31, 2018 and 2017 include $8.4 million and $11.7 million, respectively, of held-for-sale consumer mortgage loans secured by residential real estate in process of foreclosure. |
Parent Company Financial Info_3
Parent Company Financial Information - Statements of Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||||
Securities available-for-sale (a) | $ 4,626,470 | $ 5,170,255 | ||
Securities available-for-sale (a) | 5,170,255 | |||
Allowance for loan losses | (180,424) | (189,555) | $ (202,068) | $ (210,242) |
Investments in subsidiaries: | ||||
Other assets | 1,802,939 | 1,723,189 | ||
Total assets | 40,832,258 | 41,423,388 | ||
Liabilities: | ||||
Term borrowings (Note 10) | 1,170,963 | 1,218,097 | ||
Total liabilities | 36,046,878 | 36,842,900 | ||
Total equity | 4,785,380 | 4,580,488 | $ 2,705,084 | $ 2,639,586 |
Total liabilities and equity | 40,832,258 | 41,423,388 | ||
Parent Company | ||||
Assets: | ||||
Cash | 334,485 | 254,938 | ||
Securities available-for-sale (a) | 0 | |||
Securities available-for-sale (a) | 1,836 | |||
Notes receivable | 2,888 | 3,067 | ||
Allowance for loan losses | (925) | (925) | ||
Investments in subsidiaries: | ||||
Bank | 4,741,105 | 4,618,249 | ||
Non-bank | 20,281 | 22,932 | ||
Other assets | 180,757 | 207,878 | ||
Total assets | 5,278,591 | 5,107,975 | ||
Liabilities: | ||||
Accrued employee benefits and other liabilities | 158,648 | 149,124 | ||
Term borrowings (Note 10) | 629,994 | 673,794 | ||
Total liabilities | 788,642 | 822,918 | ||
Total equity | 4,489,949 | 4,285,057 | ||
Total liabilities and equity | $ 5,278,591 | $ 5,107,975 |
Parent Company Financial Info_4
Parent Company Financial Information - Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividend income: | |||
Total dividend income | $ 10,555 | $ 0 | $ 0 |
Other income/(loss) | 78,395 | 44,885 | 64,231 |
Interest expense: | |||
Interest on term borrowings | 53,047 | 36,037 | 29,103 |
Total interest expense | 325,704 | 147,616 | 88,825 |
Compensation, employee benefits and other expense | 658,223 | 587,465 | 563,791 |
Income/(loss) before income taxes | 714,109 | 308,872 | 345,321 |
Tax expense/(benefit) | 157,602 | 131,892 | 106,810 |
Equity in undistributed net income/(loss) of subsidiaries: | |||
Net income/(loss) attributable to controlling interest | 545,042 | 165,515 | 227,046 |
Parent Company | |||
Dividend income: | |||
Bank | 420,000 | 250,000 | 250,000 |
Non-bank | 1,386 | 1,097 | 1,361 |
Total dividend income | 421,386 | 251,097 | 251,361 |
Other income/(loss) | 112 | 190 | (207) |
Total income | 421,498 | 251,287 | 251,154 |
Interest expense: | |||
Interest on term borrowings | 31,315 | 17,936 | 14,238 |
Total interest expense | 31,315 | 17,936 | 14,238 |
Compensation, employee benefits and other expense | 53,401 | 43,783 | 38,926 |
Total expense | 84,716 | 61,719 | 53,164 |
Income/(loss) before income taxes | 336,782 | 189,568 | 197,990 |
Tax expense/(benefit) | (38,509) | 512 | (22,981) |
Income/(loss) before equity in undistributed net income of subsidiaries | 375,291 | 189,056 | 220,971 |
Equity in undistributed net income/(loss) of subsidiaries: | |||
Bank | 170,939 | (24,255) | 9,508 |
Non-bank | (1,188) | 714 | (3,433) |
Net income/(loss) attributable to controlling interest | $ 545,042 | $ 165,515 | $ 227,046 |
Parent Company Financial Info_5
Parent Company Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Net income/(loss) attributable to controlling interest | $ 545,042 | $ 165,515 | $ 227,046 | |
Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities: | ||||
Depreciation, amortization, and other | 59,125 | 70,924 | 64,673 | |
Provision/(benefit) for deferred income taxes | 103,557 | 121,001 | 79,604 | |
Stock-based compensation expense | 23,171 | 20,627 | 17,536 | |
Net (increase)/decrease in interest receivable and other assets | 32,950 | 240,629 | (7,921) | |
Net (decrease)/increase in interest payable and other liabilities | (3,980) | (16,877) | (36,546) | |
Total adjustments | (322,202) | (205,778) | (58,520) | |
Net cash provided/(used) by operating activities | 234,305 | (28,798) | 179,991 | |
Securities: | ||||
Sales and prepayments | 20,751 | |||
Sales and prepayments | 936,958 | 444,222 | ||
Purchases | (473,205) | |||
Purchases | (1,558,990) | (1,239,912) | ||
Premises and equipment: | ||||
Net cash provided/(used) by investing activities | 480,372 | (1,324,602) | (2,465,812) | |
Preferred stock: | ||||
Cash dividends | (6,200) | (6,200) | (6,200) | |
Common stock: | ||||
Exercise of stock options | 4,482 | 6,132 | 22,479 | |
Cash dividends | (138,706) | (79,904) | (63,504) | |
Repurchase of shares | [1] | (104,768) | (5,554) | (97,396) |
Term borrowings: | ||||
Repayment of term borrowings | (69,025) | (147,413) | (267,527) | |
Net cash provided/(used) by financing activities | (761,398) | 1,767,652 | 2,292,552 | |
Net increase/(decrease) in cash and cash equivalents | (46,721) | 414,252 | 6,731 | |
Cash and cash equivalents at beginning of period | 1,452,046 | 1,037,794 | 1,031,063 | |
Cash and cash equivalents at end of period | 1,405,325 | 1,452,046 | 1,037,794 | |
Total interest paid | 307,578 | 140,373 | 92,456 | |
Total taxes paid | 42,817 | 54,417 | 11,609 | |
Parent Company | ||||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Net income/(loss) attributable to controlling interest | 545,042 | 165,515 | 227,046 | |
Less undistributed net income/(loss) of subsidiaries | 169,751 | (23,541) | 6,075 | |
Income/(loss) before undistributed net income of subsidiaries | 375,291 | 189,056 | 220,971 | |
Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities: | ||||
Depreciation, amortization, and other | 15 | 15 | 53 | |
(Gain)/loss on securities | (28) | (109) | 148 | |
Provision/(benefit) for deferred income taxes | 3,212 | 7,727 | 0 | |
Stock-based compensation expense | 22,398 | 19,625 | 16,719 | |
Net (increase)/decrease in interest receivable and other assets | 18,214 | 8,605 | (2,228) | |
Net (decrease)/increase in interest payable and other liabilities | (10,702) | 13,172 | (2,842) | |
Total adjustments | 33,109 | 49,035 | 11,850 | |
Net cash provided/(used) by operating activities | 408,400 | 238,091 | 232,821 | |
Securities: | ||||
Sales and prepayments | 65 | |||
Sales and prepayments | 318 | 275 | ||
Purchases | 0 | |||
Purchases | 0 | (400) | ||
Premises and equipment: | ||||
Sales/(purchases) | (43) | 7 | (17) | |
Return on investment in subsidiary | 1,597 | 1,871 | 129 | |
Investment in subsidiary | 0 | 0 | ||
Cash paid for business combination, net | (39,916) | (126,149) | 0 | |
Net cash provided/(used) by investing activities | (38,297) | (123,953) | (13) | |
Preferred stock: | ||||
Cash dividends | (6,200) | (6,200) | (6,200) | |
Common stock: | ||||
Exercise of stock options | 4,482 | 6,132 | 22,479 | |
Cash dividends | (138,706) | (79,904) | (63,504) | |
Repurchase of shares | (104,768) | (5,554) | (97,396) | |
Term borrowings: | ||||
Repayment of term borrowings | (45,364) | 0 | 0 | |
Net cash provided/(used) by financing activities | (290,556) | (85,526) | (144,621) | |
Net increase/(decrease) in cash and cash equivalents | 79,547 | 28,612 | 88,187 | |
Cash and cash equivalents at beginning of period | 254,938 | 226,326 | 138,139 | |
Cash and cash equivalents at end of period | 334,485 | 254,938 | 226,326 | |
Total interest paid | 29,186 | 17,321 | 13,261 | |
Total taxes paid | $ 49,056 | $ 23,020 | $ 27,126 | |
[1] | 2018 and 2016 include $99.4 million and $93.5 million, respectively, repurchased under share repurchase programs. |
Uncategorized Items - fhn-20181
Label | Element | Value | |
Common Stock [Member] | |||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 326,736,000 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 204,211,000 | |
Noncontrolling Interest [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 295,431,000 | |
Retained Earnings, Unappropriated [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,160,712,000 | |
Preferred Stock Including Additional Paid in Capital [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 95,624,000 | |
Additional Paid-in Capital [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 3,147,613,000 | |
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. |