MEMPHIS, Tenn., May 15, 2024 /PRNewswire/ -- First Horizon Corporation, (NYSE: FHN or "First Horizon") is proud to announce that the company has earned the designation of VETS Indexes Recognized Employer in the 2024 VETS Indexes Employer Awards. The award recognizes the organization's commitment to recruiting, hiring, retaining, developing, and supporting veterans and the military-connected community. Click this link to see the full slate of awardees: https://vetsindexes.com/award-results-2024 "The diligent ...

MEMPHIS, Tenn., May 9, 2024 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") announced today First Horizon President and CEO Bryan Jordan has signed the Statement of Support for the Guard and the Reserve. The Statement is facilitated by Employer Support of the Guard and Reserve (ESGR) and has been signed by a wide range of companies and organizations across the United States. First Horizon leaders and associates join ESGR representatives for the Company’s signing of the Statement ...

[Part I. Financial Information](index=5&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2024, including balance sheets, income statements, and cash flows, along with detailed notes on accounting policies and financial disclosures Consolidated Balance Sheet Highlights (as of March 31, 2024) | Metric | March 31, 2024 (in millions) | December 31, 2023 (in millions) | | :--- | :--- | :--- | | Total Assets | $81,799 | $81,661 | | Net Loans and Leases | $60,966 | $60,519 | | Total Deposits | $65,741 | $65,780 | | Total Equity | $9,173 | $9,291 | Consolidated Income Statement Highlights (Three Months Ended March 31) | Metric | 2024 (in millions) | 2023 (in millions) | | :--- | :--- | :--- | | Net Interest Income | $625 | $688 | | Provision for Credit Losses | $50 | $50 | | Noninterest Income | $194 | $171 | | Net Income Available to Common Shareholders | $184 | $243 | | Diluted EPS | $0.33 | $0.43 | - Net cash provided by operating activities was **$838 million**, primarily driven by net income and a net decrease in trading securities; net cash used in investing activities was **$876 million**, mainly due to a net increase in loans and leases; and net cash used in financing activities was **$127 million**, reflecting **$159 million** in share repurchases and **$85 million** in common dividend payments, partially offset by an increase in short-term borrowings[31](index=31&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=68&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's Q1 2024 financial condition and results, detailing performance drivers, balance sheet analysis, capital management, and market trends [Executive Overview](index=69&type=section&id=Executive%20Overview) Management highlights key Q1 2024 events, including an additional FDIC special assessment and preferred stock redemption, alongside stable financial performance and strong capital ratios - An additional estimated FDIC special assessment expense of **$10 million** was recorded in Q1 2024, following an initial **$68 million** expense in Q4 2023[341](index=341&type=chunk)[344](index=344&type=chunk) - On May 1, 2024, FHN redeemed all outstanding shares of its Series D Preferred Stock, which **did not qualify as Tier 1 capital** and thus **did not impact regulatory capital ratios**[345](index=345&type=chunk) Q1 2024 Financial Performance Summary | Metric | Q1 2024 (in millions) | Q4 2023 (in millions) | Q1 2023 (in millions) | | :--- | :--- | :--- | :--- | | Net Income Available to Common Shareholders | $184 | $175 | $243 | | Diluted EPS | $0.33 | $0.31 | $0.43 | [Results of Operations](index=70&type=section&id=Results%20of%20Operations) This sub-section details FHN's operating results, including net interest income, noninterest income, noninterest expense, and credit loss provisions, highlighting key drivers and trends - Net interest income increased **$8 million** QoQ to **$625 million**, with net interest margin (NIM) expanding **10 basis points** to **3.37%**; YoY, NII fell **$63 million** due to higher funding costs outpacing the increase in earning asset yields[361](index=361&type=chunk)[363](index=363&type=chunk) - Noninterest income grew by **$11 million** QoQ to **$194 million**, primarily driven by a **$15 million** increase in fixed income revenue due to favorable market conditions[366](index=366&type=chunk) - Noninterest expense decreased by **$58 million** QoQ to **$515 million**, largely reflecting a lower FDIC special assessment (**$10 million** in Q1'24 vs. **$68 million** in Q4'23)[371](index=371&type=chunk) - The provision for credit losses remained **unchanged** at **$50 million** compared to both the previous quarter and the same quarter last year[372](index=372&type=chunk)[379](index=379&type=chunk) [Analysis of Financial Condition](index=75&type=section&id=Analysis%20of%20Financial%20Condition) This sub-section analyzes the balance sheet as of March 31, 2024, detailing stable total assets, modest loan growth, flat deposits with a mix shift, and an increase in nonperforming assets Loan & Lease Portfolio (as of March 31, 2024) | Loan Category | Amount (in billions) | % of Total | | :--- | :--- | :--- | | Commercial, financial, and industrial | $32.9 | 53% | | Commercial real estate | $14.4 | 24% | | Consumer real estate | $13.6 | 22% | | **Total Loans and Leases** | **$61.8** | **100%** | - Total deposits remained **stable** at **$65.7 billion**; a **$794 million** decrease in noninterest-bearing deposits was offset by a **$755 million** increase in interest-bearing deposits[452](index=452&type=chunk)[458](index=458&type=chunk) - Total nonperforming assets (NPAs) **increased** to **$512 million** from **$469 million** at year-end 2023, driven by an increase in commercial non-accrual loans; the nonperforming loans to total loans ratio **rose to 0.82% from 0.75%**[430](index=430&type=chunk)[432](index=432&type=chunk) - The Allowance for Credit Losses (ACL) to total loans ratio was **1.40%**, **steady** with year-end 2023; the ALLL to total loans ratio was **1.27%**, **up slightly from 1.26%**[424](index=424&type=chunk)[425](index=425&type=chunk) [Capital](index=87&type=section&id=Capital) FHN maintained a robust capital position, with all regulatory ratios exceeding 'well-capitalized' standards, and executed common stock repurchases under a new program Regulatory Capital Ratios (as of March 31, 2024) | Ratio | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Common Equity Tier 1 (CET1) | 11.31% | 11.40% | | Tier 1 Capital | 12.33% | 12.42% | | Total Capital | 13.93% | 13.96% | | Tier 1 Leverage | 10.82% | 10.69% | - A new **$650 million** common share purchase program was approved in January 2024, scheduled to expire on January 31, 2025; in Q1 2024, FHN repurchased **$154 million** in shares under this program[475](index=475&type=chunk)[478](index=478&type=chunk) [Risk Management](index=89&type=section&id=Risk%20Management) This sub-section details the company's market and liquidity risk management, including Value-at-Risk for trading, interest rate sensitivity, and total available liquidity - The mean 1-day Value-at-Risk (VaR) for the trading portfolio was **$2 million** for Q1 2024[485](index=485&type=chunk) Interest Rate Sensitivity (Next 12 Months NII) | Rate Shock (bps) | % Change in NII | | :--- | :--- | | +100 | +1.7% | | +50 | +0.9% | | -50 | -1.3% | | -100 | -2.7% | - Total available liquidity was **$36.4 billion** as of March 31, 2024, comprising cash, FHLB capacity, discount window access, and unencumbered securities[501](index=501&type=chunk)[503](index=503&type=chunk) [Market Uncertainties and Prospective Trends](index=94&type=section&id=Market%20Uncertainties%20and%20Prospective%20Trends) Management discusses key external factors, including the macroeconomic environment, emerging regulatory challenges, and the rising cost of property insurance in key coastal markets - The company is navigating an economic environment characterized by **moderating inflation**, a **sustained inverted yield curve**, and **low near-term recession expectations**[522](index=522&type=chunk)[529](index=529&type=chunk) - FHN is monitoring new regulatory proposals, including **increased requirements for banks over $100B in assets** and **new climate-related disclosure rules** from the SEC and California, which are expected to **increase compliance costs**[541](index=541&type=chunk)[549](index=549&type=chunk)[550](index=550&type=chunk) - A key concern is the **rising cost and instability of property insurance** in high-growth coastal markets (e.g., Florida), which poses a **risk to loan collateral values, business activity, and regional economic growth**[562](index=562&type=chunk)[565](index=565&type=chunk)[568](index=568&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=101&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section incorporates by reference the 'Risk Management' section in the MD&A and Note 14 to the Consolidated Financial Statements for all market risk disclosures - This section **incorporates by reference** the 'Risk Management' section in the MD&A and Note 14 to the Consolidated Financial Statements for all disclosures on market risk[582](index=582&type=chunk)[584](index=584&type=chunk) [Controls and Procedures](index=101&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded the company's disclosure controls and procedures were effective, with no material changes to internal controls - Based on an evaluation by management, including the CEO and CFO, the company's disclosure controls and procedures were **deemed effective** as of the end of the period[583](index=583&type=chunk) - There were **no changes** in internal control over financial reporting during the first fiscal quarter that **materially affected**, or are reasonably likely to materially affect, these controls[583](index=583&type=chunk) [Part II. Other Information](index=102&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=102&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the 'Contingencies' section of Note 10 to the Consolidated Financial Statements for details on legal proceedings - The report **incorporates by reference** the 'Contingencies' section of Note 10 to the Consolidated Financial Statements for details on legal proceedings[586](index=586&type=chunk) [Risk Factors](index=102&type=section&id=Item%201A.%20Risk%20Factors) The company reported no material changes to the risk factors previously disclosed in its 2023 Annual Report on Form 10-K - **No material changes** from the risk factors disclosed in the 2023 Annual Report on Form 10-K were reported for this quarter[587](index=587&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=102&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This section provides information on the company's equity repurchase activities, incorporating by reference the 'Common Stock Purchases' section within the MD&A - The report **incorporates by reference** the 'Common Stock Purchases' section in the MD&A for details on equity repurchases[588](index=588&type=chunk) [Other Information](index=103&type=section&id=Item%205.%20Other%20Information) The company reported no adoption, modification, or termination of Rule 10b5-1 or non-Rule 10b5-1 trading arrangements by directors or executive officers during Q1 2024 - **No directors or executive officers adopted, modified, or terminated** any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2024[589](index=589&type=chunk)[591](index=591&type=chunk) [Exhibits](index=104&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including CEO/CFO certifications and financial data in Inline XBRL format - The report includes a table listing **all filed exhibits**, such as **CEO/CFO certifications** (Exhibits 31a, 31b, 32a, 32b) and financial statements in **Inline XBRL format** (Exhibit 101)[593](index=593&type=chunk)

Volunteers Teach Personal Finance Fundamentals to Youth on "Teach Children to Save Day"MEMPHIS, Tenn., May 2, 2024 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") is proud to announce its participation in the American Bankers Association (ABA) Foundation's "Teach Children to Save Day," directly providing financial literacy skills to more than 7,000 students. In April, First Horizon associates conducted financial literacy classes for youth across the bank's footprint by imparting ess ...

For those looking to find strong Finance stocks, it is prudent to search for companies in the group that are outperforming their peers. Has First Horizon National (FHN) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.First Horizon National is one of 859 individual stocks in the Finance sector. Collectively, these companies sit at #11 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best t ...

Here are three stocks with buy rank and strong value characteristics for investors to consider today, April 22nd:First Horizon Corporation (FHN) : This bank holding company for First Horizon Bank carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.6% over the last 60 days.First Horizon has a price-to-earnings ratio (P/E) of 9.79, compared with 12.40 for the industry. The company possesses a Value Score  of B.Sylvamo Corporation (SLVM) : This man ...

Here are three stocks with buy rank and strong income characteristics for investors to consider today, April 22nd:Fortescue Ltd (FSUGY) : This global metal mining and green energy company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 27.8% over the last 60 days.This Zacks Rank #1 company has a dividend yield of 8.7%, compared with the industry average of 0.0%.First Horizon Corporation (FHN) : This bank holding company for First Horizon Bank has witnessed the Zacks Conse ...

First Horizon National (FHN) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Individual investors ...

First Horizon Corporation’s (FHN) first-quarter 2024 adjusted earnings per share (excluding notable items) of 35 cents surpassed the Zacks Consensus Estimate by a penny. However, the figure declined 22.2% year over year.Investors have been bullish on the stock, as the share price gained 1.9% in yesterday’s trading session on higher fee income. However, a fall in net interest income (NII) and loan balances, coupled with a rise in operating expenses, was an undermining factor.Net income available to common sh ...

First Horizon Corporation’s (FHN) first-quarter 2024 adjusted earnings per share (excluding notable items) of 35 cents surpassed the Zacks Consensus Estimate by a penny. However, the figure declined 22.2% year over year.Investors have been bullish on the stock, as the share price gained 1.9% in yesterday’s trading session on higher fee income. However, a fall in net interest income (NII) and loan balances, coupled with a rise in operating expenses, was an undermining factor.Net income available to common sh ...