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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, 2024
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
____________________________________ 
First Horizon Corporation.jpg

(Exact name of registrant as specified in its charter)
 ______________________________________  
TN 62-0803242
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
165 Madison Avenue
Memphis,Tennessee 38103
(Address of principal executive offices)
 (Zip Code)

(Registrant’s telephone number, including area code) (901523-4444

(Former name, former address and former fiscal year, if changed since last report)


Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on which Registered
$.625 Par Value Common Capital Stock FHNNew York Stock Exchange LLC
Depositary Shares, each representing a 1/400th interest in
a share of Non-Cumulative Perpetual Preferred Stock, Series B
FHN PR BNew York Stock Exchange LLC
Depositary Shares, each representing a 1/400th interest in
a share of Non-Cumulative Perpetual Preferred Stock, Series C
FHN PR CNew York Stock Exchange LLC
Depositary Shares, each representing a 1/400th interest in
a share of Non-Cumulative Perpetual Preferred Stock, Series D*
FHN PR DNew York Stock Exchange LLC
Depositary Shares, each representing a 1/4,000th interest in
a share of Non-Cumulative Perpetual Preferred Stock, Series E
FHN PR ENew York Stock Exchange LLC
Depositary Shares, each representing a 1/4,000th interest in
a share of Non-Cumulative Perpetual Preferred Stock, Series F
FHN PR FNew York Stock Exchange LLC
*Shares of Series D Preferred Stock, along with the related Series D Depositary Shares, were outstanding on March 31, 2024. All shares of Series D Preferred Stock were redeemed on May 1, 2024, which resulted in the redemption of the Series D Depositary Shares. The New York Stock Exchange suspended the Series D Depositary Shares from trading on May 1, 2024 and is expected to delist the securities on May 13, 2024.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer Non-accelerated filer 
Smaller reporting company
Emerging growth company
  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes  No

APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class  
Outstanding on April 30, 2024
Common Stock, $.625 par value  546,867,683


10-Q REPORT TABLE OF CONTENTS
Table of Contents


GLOSSARY OF ACRONYMS & TERMS


Glossary of Acronyms and Terms
The following is a list of common acronyms and terms used throughout this report:
ACLAllowance for credit losses
AFSAvailable for sale
AIRAccrued interest receivable
ALCOAsset/Liability Committee
ALLLAllowance for loan and lease losses
ALMAsset/liability management
AOCIAccumulated other comprehensive income
ASCFASB Accounting Standards Codification
AssociatePerson employed by FHN
ASUAccounting Standards Update
BankFirst Horizon Bank
BOLIBank-owned life insurance
C&ICommercial, financial, and industrial loan portfolio
CBFCapital Bank Financial
CECLCurrent expected credit loss
CEOChief Executive Officer
CMOCollateralized mortgage obligations
CODM
Chief Operating Decision-Maker
CompanyFirst Horizon Corporation
CorporationFirst Horizon Corporation
CRECommercial Real Estate
CRMCCredit Risk Management Committee
DTADeferred tax asset
DTLDeferred tax liability
EADExposure as default
EPSEarnings per share
Fannie MaeFederal National Mortgage Association
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveFederal Reserve Board
Fed
Federal Reserve Board
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FHNFirst Horizon Corporation
FHNFFHN Financial; FHN's fixed income division
FICOFair Isaac Corporation
First HorizonFirst Horizon Corporation
FRBFederal Reserve Bank or the Federal Reserve Board
Freddie MacFederal Home Loan Mortgage Corporation
FTEFully taxable equivalent
GAAPGenerally accepted accounting principles (U.S.)
GHG
Greenhouse Gas
GNMAGovernment National Mortgage Association or Ginnie Mae
GSEGovernment sponsored enterprises, in this report references Fannie Mae and Freddie Mac
HELOCHome equity line of credit
HFSHeld for Sale
HTC
Historic tax credit
HTMHeld to maturity
IBKCIBERIABANK Corporation
IBKC mergerFHN's merger of equals with IBKC that closed July 2020
ISDAInternational Swap and Derivatives Association
IRSInternal Revenue Service
LGDLoss given default
LIBORLondon Inter-Bank Offered Rate
LIHTCLow Income Housing Tax Credit
LLCLimited Liability Company
LMCLoans to mortgage companies
LOCOMLower of cost or market
LRRDLoan Rehab and Recovery Department
LTVLoan-to-value
MBSMortgage-backed securities
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
NAICSNorth American Industry Classification System
NIINet interest income
NMNot meaningful
NMTCNew Market Tax Credit
NPANonperforming asset
Non-PCDNon-Purchased Credit Deteriorated Financial Assets
NPLNonperforming loan
OREOOther Real Estate Owned
PAM
Proportional amortization method
PCAOBPublic Company Accounting Oversight Board
PCDPurchased credit deteriorated financial assets
PCIPurchased credit impaired
PDProbability of default
PMPortfolio managers
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1Q24 FORM 10-Q REPORT

GLOSSARY OF ACRONYMS & TERMS


PPPPaycheck Protection Program
PSUPerformance Stock Unit
REReal estate
RMRelationship managers
ROAReturn on assets
RPLReasonably possible loss
SBASmall Business Administration
SECSecurities and Exchange Commission
SOFRSecure Overnight Funding Rate
SVaRStressed Value-at-Risk
TDThe Toronto-Dominion Bank
TD Merger AgreementMerger agreement between FHN, TD, and certain TD subsidiaries, which the parties mutually terminated on May 4, 2023
TD TransactionThe merger transactions contemplated by the TD Merger Agreement
TDRTroubled Debt Restructuring
TRUPTrust preferred loan
UPBUnpaid principal balance
USDAUnited States Department of Agriculture
VaRValue-at-Risk
VIEVariable Interest Entities
we / us / ourFirst Horizon Corporation

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1Q24 FORM 10-Q REPORT

FORWARD-LOOKING STATEMENTS AND NON-GAAP INFORMATION
Forward-Looking Statements
This report, including materials incorporated into it, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends identify forward-looking statements.
Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond our control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change. Examples of uncertainties and contingencies include, among other important factors:
global, general and local economic and business conditions, including economic recession or depression;
the stability or volatility of values and activity in the residential housing and commercial real estate markets;
potential requirements for FHN to repurchase, or compensate for losses from, previously sold or securitized mortgages or securities based on such mortgages;
potential claims alleging mortgage servicing failures, individually, on a class basis, or as master servicer of securitized loans;
potential claims relating to participation in government programs, especially lending or other financial services programs;
expectations of and actual timing and amount of interest rate movements, including the slope and shape of the yield curve, which can have a significant impact on a financial services institution;
market and monetary fluctuations, including fluctuations in mortgage markets;
the financial condition of borrowers and other counterparties;
competition within and outside the financial services industry;
the occurrence of natural or man-made disasters, global pandemics, conflicts, or terrorist attacks, or other adverse external events;
effectiveness and cost-efficiency of FHN’s hedging practices;
fraud, theft, or other incursions through conventional, electronic, or other means directly or indirectly affecting FHN or its clients, business counterparties, or competitors;
the ability to adapt products and services to changing industry standards and client preferences;
risks inherent in originating, selling, servicing, and holding loans and loan-based assets, including prepayment risks, pricing concessions, fluctuation in U.S. housing and other real estate prices, fluctuation of collateral values, and changes in client profiles;
the changes in the regulation of the U.S. financial services industry;
changes in laws, regulations, and administrative actions, including executive orders, whether or not specific to the financial services industry;
changes in accounting policies, standards, and interpretations;
evolving capital and liquidity standards under applicable regulatory rules;
accounting policies and processes that require management to make estimates about matters that are uncertain;
reputational risk and potential adverse reactions or changes to business or employee relationships; and
other factors that may affect future results of FHN.
FHN assumes no obligation to update or revise any forward-looking statements that are made in this report or in any other statement, release, report, or filing from time to time. Actual results could differ and expectations could change, possibly materially, because of one or more factors, including those factors listed above or presented elsewhere in this report, or in those factors listed in material incorporated by reference into this report. In evaluating forward-looking statements and assessing our prospects, readers of this report should carefully consider the factors mentioned above along with the additional risk factors discussed in Item 1A of Part II of this report and in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, among others.
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1Q24 FORM 10-Q REPORT

FORWARD-LOOKING STATEMENTS AND NON-GAAP INFORMATION
Non-GAAP Information
Certain measures included in this report are “non-GAAP,” meaning they are not presented in accordance with U.S. GAAP and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN’s management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN’s management and Board of Directors through various internal reports.

The non-GAAP measures presented in this report are: pre-provision net revenue, return on average tangible common equity, tangible common equity to tangible assets, adjusted tangible common equity to risk-weighted assets, and tangible book value per common share. Table I.2.23 appearing in the MD&A (Item 2 of Part I) of this report provides a reconciliation of non-GAAP items presented in this report to the most comparable GAAP presentation.

Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this report include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.
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1Q24 FORM 10-Q REPORT

PART I, ITEM 1. FINANCIAL STATEMENTS
PART I. FINANCIAL INFORMATION
 
 29

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5
1Q24 FORM 10-Q REPORT

PART I, ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,December 31,
(Dollars in millions, except per share amounts)20242023
Assets
Cash and due from banks$749 $1,012 
Interest-bearing deposits with banks1,885 1,328 
Federal funds sold and securities purchased under agreements to resell817 719 
Trading securities1,161 1,412 
Securities available for sale at fair value8,148 8,391 
Securities held to maturity (fair value of $1,131 and $1,161, respectively)
1,311 1,323 
Loans held for sale (including $84 and $68 at fair value, respectively)
395 502 
Loans and leases61,753 61,292 
Allowance for loan and lease losses(787)(773)
Net loans and leases60,966 60,519 
Premises and equipment586 590 
Goodwill 1,510 1,510 
Other intangible assets175 186 
Other assets4,096 4,169 
Total assets$81,799 $81,661 
Liabilities
Noninterest-bearing deposits$16,410 $17,204 
Interest-bearing deposits49,331 48,576 
Total deposits65,741 65,780 
Trading liabilities467 509 
Short-term borrowings2,703 2,549 
Term borrowings1,165 1,150 
Other liabilities2,550 2,382 
Total liabilities72,626 72,370 
Equity
Preferred stock, Non-cumulative perpetual, no par value; authorized 5,000,000 shares; issued 26,750 shares
520 520 
Common stock, $0.625 par value; authorized 700,000,000 shares; issued 548,636,986 and 558,838,694 shares, respectively
343 349 
Capital surplus5,214 5,351 
Retained earnings4,072 3,964 
Accumulated other comprehensive loss, net(1,271)(1,188)
FHN shareholders' equity8,878 8,996 
Noncontrolling interest295 295 
Total equity9,173 9,291 
Total liabilities and equity$81,799 $81,661 

See accompanying notes to consolidated financial statements.
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1Q24 FORM 10-Q REPORT

PART I, ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended March 31,
(Dollars in millions, except per share data; shares in thousands) (Unaudited)20242023
Interest income
Interest and fees on loans and leases$952 $806 
Interest and fees on loans held for sale9 11 
Interest on investment securities60 62 
Interest on trading securities20 20 
Interest on other earning assets32 21 
Total interest income1,073 920 
Interest expense
Interest on deposits398 171 
Interest on trading liabilities5 3 
Interest on short-term borrowings28 38 
Interest on term borrowings17 20 
Total interest expense448 232 
Net interest income625 688 
Provision for credit losses50 50 
Net interest income after provision for credit losses575 638 
Noninterest income
Fixed income52 39 
Deposit transactions and cash management44 42 
Brokerage, management fees and commissions24 22 
Card and digital banking fees19 20 
Other service charges and fees 13 13 
Trust services and investment management11 11 
Mortgage banking income9 5 
Other income22 19 
Total noninterest income194 171 
Noninterest expense
Personnel expense301 271 
Net occupancy expense31 31 
Computer software30 28 
Deposit insurance expense24 12 
Operations services21 22 
Legal and professional fees14 8 
Contract employment and outsourcing13 12 
Amortization of intangible assets11 12 
Equipment expense11 11 
Advertising and public relations8 14 
Communications and delivery8 9 
Other expense43 48 
Total noninterest expense515 478 
Income before income taxes254 331 
Income tax expense57 76 
Net income$197 $255 
Net income attributable to noncontrolling interest5 4 
Net income attributable to controlling interest$192 $251 
Preferred stock dividends8 8 
Net income available to common shareholders$184 $243 
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1Q24 FORM 10-Q REPORT

PART I, ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF INCOME (continued)
Basic earnings per common share$0.33 $0.45 
Diluted earnings per common share $0.33 $0.43 
Weighted average common shares554,977 536,938 
Diluted average common shares557,873 571,991 

See accompanying notes to consolidated financial statements.
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1Q24 FORM 10-Q REPORT

PART I, ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 Three Months Ended
March 31,
(Dollars in millions) (Unaudited)20242023
Net income$197 $255 
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale(55)114 
Net unrealized gains (losses) on cash flow hedges(30)44 
Net unrealized gains (losses) on pension and other postretirement plans2 2 
Other comprehensive income (loss)(83)160 
Comprehensive income (loss)114 415 
Comprehensive income attributable to noncontrolling interest5 4 
Comprehensive income (loss) attributable to controlling interest$109 $411 
Income tax expense (benefit) of items included in other comprehensive income:
Net unrealized gains (losses) on securities available for sale$(18)$36 
Net unrealized gains (losses) on cash flow hedges(10)14 
Net unrealized gains (losses) on pension and other postretirement plans1 1 
See accompanying notes to consolidated financial statements.
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1Q24 FORM 10-Q REPORT

PART I, ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Three Months Ended March 31, 2024
Preferred StockCommon Stock
(Dollars in millions, except per share data; shares in thousands) (unaudited)SharesAmountSharesAmountCapital
Surplus
Retained EarningsAccumulated
Other
Comprehensive
Income (Loss) (a)
Noncontrolling InterestTotal
Balance, December 31, 202326,750 $520 558,839 $349 $5,351 $3,964 $(1,188)$295 $9,291 
Adjustment to reflect adoption of ASU 2023-02
— — — — — 8 — — 8 
Net income — — — — — 192 — 5 197 
Other comprehensive income (loss)— — — — — — (83)— (83)
Cash dividends declared:
Preferred stock— — — — — (8)— — (8)
Common stock ($0.15 per share)
— — — — — (84)— — (84)
Common stock repurchased (b)— — (11,052)(7)(152)— — — (159)
Excise tax on share repurchases— — — — (2)— — — (2)
Common stock issued for:
Stock options exercised and restricted stock awards— — 850 — — — — —  
Stock-based compensation expense— — — 1 17 — — — 18 
Dividends declared - noncontrolling interest of subsidiary preferred stock— — — — — — — (5)(5)
Balance, March 31, 202426,750 $520 548,637 $343 $5,214 $4,072 $(1,271)$295 $9,173 
(a)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.
(b)Includes $154 million repurchased under our general purchase program.