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Associates Educate 8,900 Students during the 2025 programMEMPHIS, Tenn., May 21, 2025 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN) is pleased to announced it served a record number of students through the American Bankers Association Foundation's Teach Children to Save program, equipping 8,900 children with hands-on financial education to build lifelong money management skills. As part of the nationwide initiative, associates taught lessons at schools and youth organizations throughout the company' ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________ FORM 10-Q _____________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to__________ Commission File Number: 001-15185 ________________________ ...

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]

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward-lookin ...

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].