Core Insights - 1000 NORTH Sarasota has partnered with First Horizon Bank for financing the development of a new dining club and wine attic lounge, set to open in late 2025 [1][5] - The project aims to create an exclusive retreat and community asset, with a commitment to local hiring and sustainable practices, projected to generate nearly 40 new jobs [2] Company Overview - First Horizon Corporation, with $81.5 billion in assets as of March 31, 2025, operates in 12 states and offers a range of financial services including commercial and private banking [6] - 1000 NORTH Sarasota is a members-only venue located in Downtown Sarasota, providing an elegant dining experience, exceptional service, and a curated wine list [7][8] Development Details - The Sarasota club is modeled after 1000 NORTH Jupiter, a renowned waterfront restaurant and private club founded by notable partners including Michael Jordan and Ernie Els [3] - The development is a collaboration between managing partner Ira Fenton and local developer Kevin Daves, known for projects like The Concession Golf Club [4]

Financial Performance - Net income for Q1 2025 rose to $222 million, up 12.7% from $197 million in Q1 2024[26]. - Basic and diluted earnings per common share increased to $0.41 in Q1 2025, compared to $0.33 in Q1 2024, representing a 24.2% increase[24]. - Comprehensive income for Q1 2025 was $367 million, significantly higher than $114 million in Q1 2024[26]. - Total revenues for the consolidated entity were $812 million in Q1 2025, compared to $819 million in Q1 2024, reflecting a decrease of approximately 0.9%[176]. - Net income for the consolidated entity was $222 million in Q1 2025, compared to $197 million in Q1 2024, showing an increase of approximately 12.7%[176]. Asset and Liability Management - Total assets decreased to $81,491 million as of March 31, 2025, from $82,152 million at the end of 2024, representing a decline of 0.8%[21]. - Total deposits decreased to $64,208 million, a decline of 2.1% from $65,581 million[21]. - Total equity decreased to $9,044 million from $9,111 million, a decline of 0.7%[21]. - Cash and cash equivalents at the end of the period rose to $1,643 million from $1,566 million year-over-year[34]. - The total balance of pension and post-retirement plans as of March 31, 2025, was $(983) million, a decrease from $(1,271) million as of March 31, 2024[160]. Loan and Lease Performance - Net loans and leases amounted to $61,393 million, down from $61,750 million, indicating a decrease of 0.6%[21]. - The total amortized cost basis of loans and leases was $62,215 million as of March 31, 2025, a decrease from $62,565 million as of December 31, 2024[61]. - The provision for loan and lease losses for the three months ended March 31, 2025, was $36 million, compared to $54 million for the same period in 2024[112]. - The total charge-offs for the three months ended March 31, 2025, amounted to $41 million, while recoveries were $12 million, resulting in a net charge-off of $29 million[112]. - The company modified loans for troubled borrowers, including interest rate reductions and maturity date extensions, to align with their repayment capabilities[90]. Income and Expense Analysis - Total interest income for Q1 2025 was $1,014 million, a decrease of 5.5% from $1,073 million in Q1 2024[23]. - Net interest income after provision for credit losses increased to $591 million in Q1 2025, compared to $575 million in Q1 2024, reflecting a 2.8% growth[23]. - Total noninterest income decreased to $181 million in Q1 2025, down 6.7% from $194 million in Q1 2024[23]. - Total noninterest expense decreased to $487 million in Q1 2025, a reduction of 5.4% from $515 million in Q1 2024[23]. - The provision for credit losses was $40 million in Q1 2025, compared to $50 million in Q1 2024, indicating a decrease of 20%[176]. Capital and Equity Management - The allowance for loan and lease losses increased to $822 million, up from $815 million, reflecting a rise of 0.9%[21]. - Retained earnings increased to $4,517 million, up from $4,382 million, showing a growth of 3.1%[21]. - Preferred stock issued remained at 16,750 shares, with a total value of $426 million[21]. - The company reported a total of $438 million in non-cumulative perpetual preferred stock as of March 31, 2025, slightly up from $426 million at the end of 2024[133]. - The Class A Preferred Stock recognized as noncontrolling interest on the Consolidated Balance Sheets was $295 million as of March 31, 2025, consistent with the previous reporting period[135]. Market and Economic Conditions - The company is focused on enhancing its capital position through non-GAAP measures such as tangible common equity to tangible assets[17]. - Future strategies include adapting products and services to meet changing industry standards and client preferences[13]. - The company utilized multiple macroeconomic scenarios to estimate credit losses, with a focus on the Moody's baseline scenario as the base case[110]. - The allowance for credit losses (ACL) increased to $905 million as of March 31, 2025, up from $866 million as of March 31, 2024, reflecting concerns over potential economic instability[112]. - The company plans to continue utilizing FICO scores and other attributes to assess credit quality, enhancing risk management strategies moving forward[71].

Company Overview - First Horizon Bank has been named the Official Financial Services sponsor of the 2025 FedEx St. Jude Championship, taking place from August 6-10, 2025 [1][2] - The bank has a legacy of 161 years and operates over 400 banking centers across the southeastern U.S., providing a range of financial services [2][4] - As of March 31, 2025, First Horizon Corp. has $81.5 billion in assets and has been recognized as one of the best employers and a top reputable bank in the U.S. [4] Industry Context - The FedEx St. Jude Championship is the first of three events in the FedExCup Playoffs, featuring the top 70 players in the FedExCup Playoffs and Eligibility Points List [3][5] - The tournament has been held annually in Memphis since 1958, with 2025 marking the fourth year of hosting a Playoffs event [5] - Since 1970, the tournament has raised over $80 million for St. Jude Children's Research Hospital, ensuring that families do not receive bills for treatment [5]

Core Points - First Horizon Bank has entered a multi-year naming rights partnership with the North Carolina Courage, resulting in the stadium being named First Horizon Stadium [1][3] - The partnership aims to enhance community engagement and promote women's soccer while reinforcing Cary's reputation as a premier destination for sporting events [3][4] Company Overview - First Horizon Corp. has $81.5 billion in assets as of March 31, 2025, and operates in 12 states across the southern U.S., offering a wide range of financial services [6] - The bank has been recognized as one of the nation's best employers and a Top 10 Most Reputable U.S. Bank [6] Sports Team Overview - The North Carolina Courage is competing in its ninth season in 2025 and is the winningest club in NWSL history, with seven league trophies [7] - The team plays home matches at First Horizon Stadium, which is part of WakeMed Soccer Park [7][10] Community Impact - The partnership between First Horizon Bank, the NC Courage, and the Town of Cary emphasizes shared values of leadership, innovation, and community impact [3][4] - Cary is recognized for its safe neighborhoods and extensive parks, making it a desirable place for residents and visitors [9]

Core Viewpoint - First Horizon Corporation's first-quarter 2025 adjusted earnings per share of 42 cents exceeded the Zacks Consensus Estimate of 40 cents and improved from 35 cents in the prior year, driven by a slight increase in net interest income and reduced expenses, although challenges included a decline in fee income and a weakening capital position [1][2][11]. Financial Performance - Net income available to common shareholders was $213 million, reflecting a year-over-year increase of 15.8% [2]. - Total quarterly revenues amounted to $812 million, a slight decrease year-over-year, and fell short of the Zacks Consensus Estimate of $818.3 million [3]. - Net interest income rose nearly 1% year-over-year to $631 million, with the net interest margin increasing by 5 basis points to 3.42% [3]. - Non-interest income was $181 million, down 6.7% from the previous year, primarily due to declines in most non-interest income components [4]. - Non-interest expenses decreased by 5.2% year-over-year to $488 million, attributed to reductions in nearly all cost components except for occupancy and equipment costs [4]. - The efficiency ratio improved to 60.06%, down from 62.92% in the prior year, indicating enhanced profitability [5]. Loan and Deposit Trends - Total period-end loans and leases were $62.22 billion, showing a slight decrease from the previous quarter, while total period-end deposits were $64.21 billion, down 2.1% [6]. Credit Quality - Non-performing loans and leases increased by 20.6% year-over-year to $609 million, with the allowance for loan and lease losses rising 4.4% to $822 million [7]. - The ratio of total allowance for loans and lease losses to loans and leases was 1.32%, up from 1.06% in the prior year [7]. - Net charge-offs decreased by 27.5% year-over-year to $29 million, and the provision for credit losses fell by 20% to $40 million [8]. Capital Ratios - As of March 31, 2025, the Common Equity Tier 1 ratio was 10.9%, down from 11.3% a year earlier, while the total capital ratio decreased to 13.7% from 13.9% [9]. Share Repurchase Activity - In the reported quarter, the company repurchased $360 million worth of common stock [10].

Core Insights - First Horizon National (FHN) reported revenue of $812 million for the quarter ended March 2025, reflecting a decrease of 0.9% year-over-year and a surprise of -0.76% compared to the Zacks Consensus Estimate of $818.25 million [1] - The earnings per share (EPS) for the quarter was $0.42, an increase from $0.35 in the same quarter last year, resulting in an EPS surprise of +5.00% against the consensus estimate of $0.40 [1] Financial Performance Metrics - The efficiency ratio was reported at 60.1%, better than the three-analyst average estimate of 61.4% [4] - The net interest margin (FTE) was 3.4%, matching the average estimate from three analysts [4] - The average balance of total interest-earning assets was $74.79 billion, below the average estimate of $75.63 billion from two analysts [4] - Total nonperforming loans and leases stood at $609 million, compared to the average estimate of $621.05 million from two analysts [4] - The net charge-off ratio was 0.2%, aligning with the average estimate from two analysts [4] - Net interest income was reported at $631 million, exceeding the three-analyst average estimate of $624.62 million [4] - Total non-interest income was $181 million, falling short of the average estimate of $191.65 million from three analysts [4] - Net interest income (FTE) was $634 million, slightly above the two-analyst average estimate of $625.91 million [4] Stock Performance - Over the past month, shares of First Horizon have returned -6.7%, compared to a -4.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported an adjusted EPS of $0.42 per share, a decrease of $0.01 from the prior quarter [12] - Pre-provision net revenue grew by $16 million from the fourth quarter, with a net interest margin expansion of 9 basis points [13] - Total expenses decreased by $20 million, excluding deferred compensation [13][28] - The CET1 ratio ended the quarter at 10.9%, reflecting the impact of $360 million in share repurchases [18][32] Business Line Data and Key Metrics Changes - Net interest income increased by $1 million, driven by a 38 basis point reduction in interest-bearing deposit costs [17] - Fee income, excluding deferred compensation, declined by $5 million [17] - Period-end loans decreased by 1% from the prior quarter, with a notable decline in commercial real estate [23] - The average rate paid on interest-bearing deposits decreased to 2.72%, down from 3.10% in the previous quarter [22] Market Data and Key Metrics Changes - The company experienced a decline in period-end balances primarily due to the payoff of $559 million in brokered CDs [20] - The interest-bearing spot rate ended March at 2.70%, down 10 basis points from the end of December [22] - The company retained 95% of the $16 billion in deposits and CDs that repriced in the first quarter [21] Company Strategy and Development Direction - The company aims to maintain a disciplined approach focusing on safety, soundness, profitability, and growth [10][11] - The strategic deployment of excess capital through share repurchase programs is a priority, with organic loan growth being the top choice for capital utilization [33] - The company remains committed to achieving a 15% plus return on tangible common equity over the next few years [39][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about avoiding a recession despite heightened macroeconomic uncertainty [10] - The company anticipates that the economic environment will stabilize, allowing for continued growth and engagement with clients [62] - Management highlighted the importance of monitoring the portfolio closely to identify emerging credit risks [31] Other Important Information - The company increased its provision expense by $30 million to account for macroeconomic uncertainty [17] - The net charge-off ratio was reported at 19 basis points, consistent with strong performance in 2024 [14][30] - The company expects year-over-year expense increases between 2% and 4%, influenced by fixed income and mortgage production [36] Q&A Session Summary Question: Outlook on PPNR growth given uncertainty and volatility - Management remains confident in guidance, with a base case of three rate cuts anticipated [49][50] Question: Appetite for continued share buybacks - The company intends to maintain an 11% CET1 target but may adjust it based on economic conditions [56][58] Question: Insights on C&I loan balances and borrower sentiment - Borrowers are exhibiting a wait-and-see approach due to uncertainty, but optimism remains [61][66] Question: Reserve increase rationale - Reserves were increased due to macroeconomic uncertainty, with a focus on being adequately reserved [69] Question: Timeline for achieving 15% ROTCE - Management believes achieving 15% ROTCE is appropriate for a midsized regional bank and is focused on driving profitability [74][75] Question: Mortgage warehouse business outlook - The company is optimistic about the mortgage warehouse business, anticipating growth if rates decline [80][81] Question: Discussion on hedging strategies for margin protection - The company is actively monitoring interest rate sensitivity and considering hedging strategies [89] Question: Updates on fixed income business and ADRs - The fixed income business is experiencing volatility, impacting customer activity and ADRs [125] Question: Future expenses and project pipeline - The company does not expect a significant spike in expenses in the near term, focusing on long-term investments [130][131]

Financial Performance - Net income available to common shareholders (NIAC) was $213 million, an increase of $29 million or 16% compared to 1Q24[7] - Earnings per share (EPS) reached $041, up $008 or 24% from 1Q24[7] - Total revenue amounted to $812 million, reflecting an 11% increase of $84 million compared to 4Q24, but a decrease of $7 million or 1% compared to 1Q24[7] - Adjusted EPS was $042, a decrease of $001 from 4Q24[12] - Adjusted pre-provision net revenue (PPNR) was $334 million, up $16 million or 5% from 4Q24[9, 12] Balance Sheet and Capital - Period-end loans totaled $622 billion, down $04 billion or 1% from 4Q24[7, 9] - Period-end deposits amounted to $642 billion, a decrease of $14 billion or 2% from 4Q24[7, 9] - The common equity tier 1 (CET1) ratio stood at 109%[7, 9] - Tangible book value per share (TBVPS) increased to $1317, up $032 or 2% from 4Q24[7, 9] Net Interest Income and Margin - Net interest income (NII) was $631 million, up $7 million or 1% compared to 1Q24[7] - Net interest margin (NIM) expanded to 342%, an increase of 9bps from 4Q24[7, 9]

Core Insights - First Horizon National (FHN) reported revenue of $812 million for the quarter ended March 2025, reflecting a decrease of 0.9% year-over-year and a surprise of -0.76% compared to the Zacks Consensus Estimate of $818.25 million [1] - The earnings per share (EPS) for the quarter was $0.42, an increase from $0.35 in the same quarter last year, resulting in an EPS surprise of +5.00% against the consensus estimate of $0.40 [1] Financial Performance Metrics - The efficiency ratio was reported at 60.1%, better than the three-analyst average estimate of 61.4% [4] - The net interest margin (FTE) was 3.4%, matching the average estimate from three analysts [4] - The average balance of total interest-earning assets was $75.33 billion, slightly below the average estimate of $75.63 billion from two analysts [4] - Total nonperforming loans and leases stood at $609 million, compared to the average estimate of $621.05 million from two analysts [4] - The net charge-off ratio was 0.2%, consistent with the two-analyst average estimate [4] - Net interest income was reported at $631 million, exceeding the three-analyst average estimate of $624.62 million [4] - Total non-interest income was $181 million, below the average estimate of $191.65 million from three analysts [4] - Net interest income (FTE) was $634 million, slightly above the two-analyst average estimate of $625.91 million [4] Stock Performance - Over the past month, shares of First Horizon have returned -6.7%, compared to a -4.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - First Horizon Corporation has updated its conference call information due to an unforeseen outage with an external carrier, indicating the company's commitment to maintaining communication with stakeholders [1]. Group 1: Conference Call Information - The conference call is scheduled for April 16, 2025, at 8:30 AM CT, with updated dial-in information provided for participants [1]. - Participants can also listen to a live audio webcast and access a replay of the call, which will be available from noon CT on April 16 until midnight CT on April 30, 2025 [2]. Group 2: Company Overview - First Horizon Corporation, as of March 31, 2025, has $81.5 billion in assets and operates as a leading regional financial services company [3]. - The company is headquartered in Memphis, TN, and its banking subsidiary, First Horizon Bank, operates in 12 states across the southern U.S., offering a wide range of financial services [3]. - First Horizon has received recognition as one of the nation's best employers by Fortune and Forbes magazines and is listed as a Top 10 Most Reputable U.S. Bank [3].