This funding will support a wide range of essential services and resources in the community.CHATTANOOGA, Tenn., Aug. 20, 2025 /PRNewswire/ -- First Horizon Foundation announced today a $25,000 donation to the American Red Cross of Southeast Tennessee to support relief efforts in Chattanooga. The funds will directly benefit the community by helping to provide with essential services and critical resources. "Nothing is more important than meeting the challenges our communities face. Stepping in to support the ...

Financial Data and Key Metrics Changes - The company reported an EPS of $1.78, which includes significant one-time items, notably a gain from the sale of the Family Office Services business and a vendor negotiation totaling a $0.60 EPS impact [15] - Excluding these items, the adjusted EPS would have been $1.20, reflecting an increase from both the prior year and prior quarter [15] - Consolidated operating margins improved slightly year over year but declined sequentially due to one-time expenses in corporate overhead [20] Business Line Data and Key Metrics Changes - Private banking revenue increased both year over year and sequentially, supported by larger clients going live in the quarter [15] - Investment managers' revenue grew 8% year over year, with double-digit growth in alternatives offsetting a 1% decline in traditional revenue [15] - Advisor and institutional businesses realized flat sequential revenue growth, with market appreciation in May and June offsetting significant declines in April [16] Market Data and Key Metrics Changes - AUM net flows for advisor and institutional businesses were negligible year to date, significantly improving from the first half of 2024 [23] - Traditional mutual fund outflows were largely offset by growth in models and custom portfolios, indicating a shift in resource allocation towards tax-sensitive ETFs and SMAs [24] - The company is in the early stages of its asset management journey, focusing on larger advisors and growing the RIA business, with early progress being encouraging [24] Company Strategy and Development Direction - The company announced a strategic investment in Stratos, integrating its client-centric model with SEI's technology and investment management capabilities [5][6] - The leadership team has evolved with the appointments of Karen Riese and Tom Maratil to the Board of Directors, enhancing strategic insight and commitment to long-term growth [6] - The company is focused on flawless execution to ensure client satisfaction and is investing in talent, technology, and platforms to support growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the competitive landscape shifting in their favor, with increased interest in outsourcing from banks and alternative asset managers [9] - The company is addressing outflow headwinds and is seeing tangible progress, with two quarters of improving net asset flows [8] - Management emphasized the importance of long-term growth and accountability, stating that investments made now are targeted and intentional [12] Other Important Information - The company returned significant capital to shareholders, with buybacks exceeding $700 million on a trailing twelve-month basis [25] - The upcoming Investor Day is scheduled for September 18, where more strategic priorities and anticipated outcomes will be discussed [26] Q&A Session Summary Question: Key investments in talent and technology - Management highlighted investments in talent and technology, particularly in IMS to streamline systems for better scalability and cost efficiency [29][30] Question: Temporary delays in private banking sales - Management attributed delays to market volatility in April but noted a strong and balanced pipeline across various segments [34][36] Question: Differentiation of Stratos acquisition strategy - Management emphasized Stratos' experienced executive team, centralized investment platform, and cultural fit as key differentiators [42][44] Question: Revenue synergies from Stratos - Management indicated that while there may not be immediate revenue synergies, the focus is on enhancing Stratos' existing capabilities without disrupting their organic growth [49][50] Question: Sales cycle characterization and drivers of strength - Management noted strong pipelines across all segments, particularly in alternatives, and emphasized the importance of flawless execution to secure long-term business [53][55]

Summary of Commerce Bancshares (CBSH) M&A Conference Call Company and Industry - **Company**: Commerce Bancshares Inc. - **Acquired Company**: Finemark Holdings Inc. (holding company of Finemark National Bank and Trust) - **Industry**: Banking and Wealth Management Core Points and Arguments 1. **Acquisition Announcement**: Commerce Bancshares announced the acquisition of Finemark Holdings, a private bank with nearly $8 billion in assets under management and $4 billion in banking assets, aiming to expand its presence in high-growth markets like Florida, Arizona, and South Carolina [5][6][10]. 2. **Wealth Management Focus**: The acquisition aligns with Commerce's strategy to enhance its wealth management platform, as Finemark has a strong non-interest revenue model, with 43% of its total revenue coming from non-interest sources [8][9]. 3. **Credit Quality**: Finemark has a strong credit history with only 13 basis points of cumulative net charge-offs over the last ten years, indicating a conservative approach to lending [9]. 4. **Combined Assets**: Post-acquisition, the combined entities will manage over $84 billion in total wealth assets, making it the sixteenth largest bank-managed trust company in the U.S. [10]. 5. **Leadership Transition**: Joseph Caddy, Chairman and CEO of Finemark, will become Chairman of Commerce Trust, ensuring continuity and leveraging his leadership experience [10]. 6. **Financial Metrics**: The deal is structured as a 100% stock transaction valued at approximately $585 million, with an EPS accretion of 6% expected once cost savings are realized [12][13]. 7. **Cost Savings and Integration**: Expected pre-tax cost savings of $15 million represent 15% of Finemark's non-interest expenses, with a focus on low integration risk due to similar business models [14][15]. 8. **Future Growth Potential**: The acquisition is expected to enhance Commerce's ability to drive sustainable growth, particularly in wealth management and private banking [18]. Additional Important Content 1. **Long-term Relationship**: The relationship with Finemark has been built over five years, indicating a strategic and measured approach to the acquisition [23][24]. 2. **Market Expansion**: The acquisition allows Commerce to solidify its presence in Florida and expand into Arizona and South Carolina, which are identified as attractive growth markets [8][51]. 3. **Asset Sensitivity**: The loan portfolio composition is expected to be similar to Commerce's, with asset repricing anticipated to enhance margins [25][26]. 4. **M&A Strategy**: While this is the first bank deal since 2013, Commerce maintains that M&A is part of its long-term strategy, focusing on commercial and wealth-focused banks [30][32]. 5. **Dividend and Buyback Plans**: Commerce plans to maintain its dividend policy and may resume stock buybacks in the second half of the year, despite the acquisition [54][55]. This summary encapsulates the key points from the conference call regarding the acquisition of Finemark Holdings by Commerce Bancshares, highlighting the strategic rationale, financial implications, and future growth opportunities.