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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
- 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
incorporation of organization)
 (IRS Employer
Identification No.)
165 Madison Avenue
Memphis,Tennessee 38103
(Address of principal executive office) (Zip Code)

Registrant’s telephone number, including area code: 901-523-4444

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
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☒ Yes ☐ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
☐ Yes ☒ No




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 FilerAccelerated filer Non-accelerated filer
Smaller reporting companyEmerging 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes  No
At June 30, 2023, the aggregate market value of registrant common stock held by non-affiliates of the registrant was approximately $6.2 billion based on the closing stock price reported for that date.
At January 31, 2024, the registrant had 558,807,806 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE:
Portions of the Proxy Statement to be furnished to shareholders in connection with the Annual Meeting of shareholders scheduled for April 23, 2024 or provided in an amendment to this Annual Report: Part III of this Report

Auditor Name:    KPMG LLP        Auditor Location:     Memphis, TN            Auditor Firm ID: 185


TABLE OF CONTENTS and GLOSSARY
Table of Contents
PagePage
GlossaryItem 8.Financial Statements and Supplementary Data
Executive Summary of Principal Investment Risks Item 9.Changes in and Disagreements with
Forward-Looking StatementsAccountants on Accounting and Financial
Part I
Disclosure
Item 1. BusinessItem 9A.Controls and Procedures
Item 1A. Risk FactorsItem 9B.Other Information
Item 1B. Unresolved Staff CommentsItem 9C.Disclosure Regarding Foreign Jurisdictions that
Item 1C.CybersecurityPrevent Inspections
Item 2. PropertiesPart III
Item 3. Legal ProceedingsItem 10.Directors, Executive Officers and Corporate
Item 4. Mine Safety DisclosuresGovernance
Supplemental Part I InformationItem 11.Executive Compensation
Part IIItem 12.Security Ownership of Certain Beneficial
Item 5. Market for the Registrant’s Common Equity,Owners and Management and Related
Related Stockholder Matters, and IssuerStockholder Matters
Purchases of Equity SecuritiesItem 13.Certain Relationships and Related Transactions,
Item 6. [Reserved]and Director Independence
Item 7. Management’s Discussion and Analysis ofItem 14.Principal Accountant Fees and Services
Financial Condition and Results ofPart IV
OperationsItem 15.Exhibits and Financial Statement Schedules
Item 7A.Quantitative and Qualitative DisclosuresItem 16.Form 10-K Summary
about Market RiskSignatures
MD&A and Financial Statement References:
In this report: "2023 MD&A" and "2023 MD&A (Item 7)" generally refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations appearing in Item 7 within Part II of this report; and, "2023 Financial Statements" and "2023 Financial Statements (Item 8)" generally refer to our Consolidated Balance Sheets, our Consolidated Statements of Income, our Consolidated Statements of Comprehensive Income, our Consolidated Statements of Changes in Equity, our Consolidated Statements of Cash Flows, and the Notes to the Consolidated Financial Statements, all appearing in Item 8 within Part II of this report.
Glossary
The following is a list of common acronyms and terms used throughout this report:
ACLAllowance for credit losses
AFS Available 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
    
BTFP
Bank Term Funding Program
C&ICommercial, financial, and industrial loan portfolio
CASCredit Assurance Services
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CBFCapital Bank Financial
CCARComprehensive Capital Analysis and Review
CECLCurrent expected credit loss
CEOChief Executive Officer
CFPBConsumer Financial Protection Bureau
CMOCollateralized mortgage obligations
CODM
Chief Operating Decision-Maker


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2023 FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS and GLOSSARY
CompanyFirst Horizon Corporation
CorporationFirst Horizon Corporation
CRACommunity Reinvestment Act
CRECommercial Real Estate
CRMCCredit Risk Management Committee
DTADeferred tax asset
DTLDeferred tax liability
EAD
Exposure as default
ECPEquity Compensation Plan
EPSEarnings per share
Fannie Mae
Federal National Mortgage Association
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveFederal Reserve Board
FedFederal 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 Mac
Federal Home Loan Mortgage Corporation
FTEFully taxable equivalent
FTRESCFT Real Estate Securities Company, Inc.
GAAP
Generally accepted accounting principles (U.S.)
GHG
Greenhouse Gas
GNMA
Government National Mortgage Association or Ginnie Mae
GSEGovernment sponsored enterprises, in this filing references Fannie Mae and Freddie Mac
HELOCHome equity line of credit
HFSHeld for sale
HR
Human Resources
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
OREO
Other Real Estate Owned
PCAOBPublic Company Accounting Oversight Board
PCD
Purchased credit deteriorated financial assets
PCIPurchased credit impaired
PDProbability of default
PMPortfolio managers
PPPPaycheck Protection Program
PSUPerformance Stock Unit
REReal estate
RMRelationship managers
ROAReturn on Assets
ROURight of use
RPLReasonably possible loss
SBASmall Business Administration
SECSecurities and Exchange Commission
SOFRSecure Overnight Funding Rate
SVaRStressed Value-at-Risk
TDThe Toronto-Dominion Bank
TD Merger Agreement
Merger agreement between FHN, TD, and certain TD subsidiaries, signed in February 2022 and terminated in May 2023
TD Transaction
The acquisition of FHN by TD 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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2023 FORM 10-K ANNUAL REPORT

EXECUTIVE SUMMARY OF PRINCIPAL INVESTMENT RISKS
Executive Summary of Principal Investment Risks
This section provides an executive summary of the principal risks associated with an investment in our equity or debt securities. Our businesses are complex, and so are the risks associated with them. This summary is not a complete statement of risks a prospective or current investor should consider.
The Economy. Our businesses and our industry are heavily entwined with the U.S. economy. We tend to perform better when economic conditions are favorable, and our performance tends to be weaker when the economy is weaker. That relationship can be quite strong, which can make our income and other key performance measures volatile, especially when compared with companies in many other industries. The economy tends to rise and fall in roughly a cyclical manner which is difficult to predict, which in turn makes our performance difficult to predict. For additional information, see the Cyclicality discussion within Other Business Information, which begins on page 16, and Risks from Economic Downturns and Changes which begins on page 34.
Credit Loss. Our lending business—accounting for about half of our revenues—is dependent on our clients being able to pay us back. That ability often depends on economic conditions, but many individual factors can be critical as well. If a client defaults on a loan, generally we will experience a financial loss. Even if the loan is secured, our loss from a default often is only reduced, not eliminated, by collateral supporting the loan. Accounting rules require us to evaluate current expected credit loss (CECL) each quarter, booking losses based on our expectations. That process can result in a highly volatile pattern of recognizing credit loss each quarter. For additional information, see: the discussion captioned CECL Accounting and COVID-19 within the Significant Business Developments Over Past Five Years section of Item 1, which begins on page 10; and Credit Risks beginning on page 36.
Loan Loss vs Loan Profit. Lending generally is a high-volume, low-margin business. This means that we often need the profits from many loans to make up for losses from one loan. For our earnings to be strong, we need to hold loan losses to a very low level, which makes our management of credit quality a critical function for us. This imbalance between loss and profit can amplify the potential for volatility in our earnings. For additional information, see Credit Risks beginning on page 36.
Interest Rate Conditions. Interest rates and, especially, the shape of the yield curve, are critical drivers of our profit margin from lending. If the yield curve is flat—with long-term rates only slightly higher than short-term rates—our lending margins shrink, and so does our net
interest income. Interest rate policy is controlled by federal agencies and by market forces, not by us. In 2022, the key agency in the U.S. shifted to strong tightening policy, raising short-term interest rates multiple times. Tightening ended in 2023. 2022 represented a significant and abrupt change of policy compared with 2020-21. Moreover, by the end of 2021 and during all of 2022, inflation in the U.S. had risen to levels not seen in decades. In 2023, U.S. inflation abated but at year-end remained higher than the desired policy target. 2022's aggressive policy shift caused short-term rates to rise substantially, and to exceed long-term rates (a so-called yield curve inversion) many times in 2022 and during all of 2023. Over half of our loan portfolio bears variable interest rates associated with short-term reference rates, which reacted fairly quickly to the shifts in environment. For additional information, see: the Monetary Policy Shifts discussion within Significant Business Developments Over Past Five Years, which begins on page 10; the Cyclicality discussion within Other Business Information, which begins on page 16; Risks Associated with Monetary Events beginning on page 34; Interest Rate and Yield Curve Risks beginning on page 44; and discussion under the caption Federal Reserve Policy in Transition within the Market Uncertainties and Prospective Trends section of our 2023 MD&A (Item 7), which begins on page 92.
Funding Balance. In our lending business, we aggregate money, from deposits and borrowings, and lend it out at rates which more than cover our costs. We constantly must balance our funding sources (deposits and borrowings) with our funding needs (lending). Imbalances tend to hurt our earnings. If sources are larger than our lending needs, generally we can cut back short-term borrowing or invest excess funds in securities, but our margins can be weaker as a result. If sources become too small, we might have to forego profitable lending or increase funding by selling investments or increasing deposit or borrowing volumes and costs, or, most likely, we might have to take some combination of those actions. For additional information, see Liquidity and Funding Risks beginning on page 42.
Deposit Instability. A large portion of bank deposits can be removed by depositors very quickly. Public confidence in banks therefore is a key foundation for the banking business. If deposits are removed quickly by a large cohort of depositors at the same time due to a sudden loss of confidence, the resulting "run on the bank" can cause the bank to become insolvent. All banks share the risk of a run. In first half of 2023 three


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2023 FORM 10-K ANNUAL REPORT

EXECUTIVE SUMMARY OF PRINCIPAL INVESTMENT RISKS
large regional U.S. banks failed after very substantial runs on their deposits. Most other regional banks, including our Bank, experienced significant deposit outflows during this period as public confidence in all but the largest banks was shaken. Although we launched a deposit campaign which proved to be successful, future runs always are possible, and future campaigns may not work. For additional information, see Liquidity and Funding Risks beginning on page 42.
Competition. Competition for clients and talent in our industry is intense and unlikely to abate. Competition for clients pressures us to make interest rate and other concessions on lending and on deposits, which reduce our margins. Competition for revenue-producing talent is a key method of obtaining new client relationships in many parts of our industry, and pressures us to increase compensation expense. For additional information, see Competition beginning on page 14, and Traditional Competition Risks beginning on page 29.
Banking Consolidation. Since the advent of nation-wide branching in the 1980s, the banking industry has experienced several waves of substantial consolidation. In the past twenty years, increasingly sophisticated technological systems have allowed institutions to become extremely large while maintaining adequate client service, and, due to cost efficiencies associated with scalable technology, have rewarded the largest institutions disproportionately. These rewards have incented U.S. banks to grow larger, faster. Consolidation can abruptly change the competitive environment in our markets. In addition, when we participate in consolidating actions, as we did in 2020, typically it creates internal disruption and expense for a time while we integrate systems, consolidate branches, and take other consolidation-related actions. Moreover, in our industry, the market tends to discount, for a time, the stock price of banks that engage in major mergers, in part due to the transaction and integration expenses mentioned above coupled with the risk that the combination may not achieve management’s strategic or tactical objectives. For additional information, see: Significant Business Developments Over Past Five Years beginning on page 10; the Strategic Transactions discussion within the Other Business Information section which begins on page 16; and Traditional Strategic Risks beginning on page 30.
Industry Disruption. Technological innovation, and the associated changes in client preferences, are radically transforming our industry and how financial services are delivered to clients. Being a consistent innovation leader is practically impossible for a bank our size, while
keeping pace is expensive and difficult. Moreover, rapid innovation has the potential to be destructive of traditional business models and companies in our industry, as it has done and is doing in other industries. For additional information, see Industry Disruption beginning on page 31.
Regulated Industry. Our principal businesses are heavily regulated. Our two primary banking regulators can examine us, cause us to change our business operations, and significantly restrict our ability to pursue lines of business, in ways not applicable to companies in most other industries. We also have several secondary regulators, each with significant though less-encompassing powers. The primary missions of the regulators are to protect the banking system as a whole, to protect clients, and to protect the federal government’s deposit insurance fund and program; none exists to protect or enhance our profitability or protect or promote the interests of our investors. Moreover, regulators are government agencies, and as such can experience significant policy changes when the elected branches of government experience such changes. For additional information, see Regulatory, Legislative, and Legal Risks beginning on page 38.
Security & Technology. Fraud and theft have always been significant risks for banks; we experience fraud and theft loss every year. Technology has allowed fraud and theft risks to grow substantially. Bad actors can impact us from around the world, day or night, both directly and through our clients or vendors. Unfortunately, it is not practical to emphasize security to the exclusion of other business needs. Typically, the more a system is built to be robustly secure, the less that system can be flexible and adaptable. Moreover, a high-security system can be associated with sub-optimal user experience (client frustration). For additional information, see Operational Risks beginning on page 32 and Cybersecurity Risks beginning on page 33.
Expense Control. Banks in the U.S. are focused on reducing operating costs as much as possible while maintaining competitive or superior service. Expense control is viewed as crucial for long-term success. For additional information, see Operational Risks beginning on page 32, and Risks of Expense Control beginning on page 40.
For a more complete discussion of the risks associated with our businesses and operations and investment in our securities, see Item 1A—Risk Factors, beginning on page 29.



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2023 FORM 10-K ANNUAL REPORT

FORWARD-LOOKING STATEMENTS
Forward-Looking Statements
This report on Form 10-K, 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 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 on Form 10-K 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 Items 1 and 1A of this report and in 2023 MD&A (Item 7), among others.




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2023 FORM 10-K ANNUAL REPORT

ITEM 1. BUSINESS
PART I

Item 1.    Business
Our Businesses
Overview
First Horizon Corporation is a Tennessee corporation. We incorporated in 1968, and are headquartered in Memphis, Tennessee. We are a bank holding company under the Bank Holding Company Act, and a financial holding company under the Gramm-Leach-Bliley Act. Our common stock is listed on the New York Stock Exchange under the symbol “FHN.” At December 31, 2023, we had total consolidated assets of $82 billion. We provide diversified financial services through our subsidiaries, principally First Horizon Bank. The Bank is a Tennessee banking corporation headquartered in Memphis, Tennessee.
During 2023 approximately 27% of our consolidated revenues were provided by fee and other noninterest income, and approximately 73% of revenues were provided by net interest income.
As a financial holding company, we coordinate the financial resources of the consolidated enterprise and maintain systems of financial, operational, and administrative control intended to coordinate selected policies and activities, including as described in Item 9A of Part II.
The Bank
The Bank was founded in 1864 as First National Bank of Memphis. During 2023, through its various business lines, including consolidated subsidiaries, the Bank reported revenues (net interest income plus noninterest income) of approximately $3 billion. The Bank generated a substantial
majority of First Horizon’s consolidated revenue. At December 31, 2023, the Bank had $82 billion in total assets, $66 billion in total deposits, and $61 billion in total loans (including certain leases, before considering the allowance for loan and lease losses).
Principal Businesses, Brands, & Locations
Our principal brands at year-end 2023 are summarized in Table 1.1.
Table 1.1
Principal Businesses & Brands at Year-End
BusinessesPrincipal Brands
Banking & financial services generally
First Horizon &
First Horizon Bank
Fixed income / capital markets
FHN Financial
Mortgage lending
First Horizon Bank
Insurance brokerage & management services
First Horizon Advisors
Wealth management & brokerage services
First Horizon Advisors
At December 31, 2023, First Horizon’s subsidiaries had over 450 business locations in 24 U.S. states, excluding off-premises ATMs. Most of those locations were banking centers. At year-end, the Bank had 415 retail banking centers in twelve states, as shown in Table 1.2.
Table 1.2
Retail Banking Centers at Year-End
State#State#
Tennessee135Arkansas12
North Carolina79South Carolina10
Florida76Texas8
Louisiana56Virginia8
Alabama13Mississippi4
Georgia13New York1
Many banking centers contain special-service areas such as wealth management and mortgage lending.
At year-end 2023, First Horizon also had over fifty client-service offices not physically within banking centers, including fixed income, home mortgage, wealth management, and commercial loan offices. The largest groups of those offices were: 27 fixed income offices in 17 states across the U.S.; and 9 stand-alone mortgage lending offices in 6 states. First Horizon also has operational and administrative offices.


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2023 FORM 10-K ANNUAL REPORT

ITEM 1. BUSINESS
Loans
Loan Portfolios
Lending is a major source of revenue for us, and loans are our largest asset type. Table 1.3 shows our total loans (including certain leases) at year-end 2023, along with some details regarding the composition of our loans. Most of our loans are commercial.
As shown in Table 1.3, our loans are broken into two major types, commercial and consumer. Each type is broken into portfolios. Our three major portfolios are: traditional, unsecured commercial, financial, and industrial (“C&I”) loans; secured commercial real estate (“CRE”) loans; and secured consumer real estate loans. A fourth portfolio consists of consumer credit card and other consumer debt.
Table 1.3
Loan Types & Portfolios1
Commercial
$47 B
76 %
Consumer
$14 B
24 %
Total Loans
$61 B
100 %
Commercial Portfolios% of Type% of Total
C&I70 %53 %
CRE30 23 
Consumer Portfolios% of Type% of Total
Consumer real estate95 %23 %
Credit card/other
1    Dollars and percentages at December 31, 2023.
Geographic Mix
Geographically, a significant majority of our loans originate from five states: Florida, Tennessee, Texas, North Carolina, and Louisiana. The geographic dispersion of our loans varies considerably among our three major loan portfolios, as shown in Table 1.4.
Table 1.4
Major Loan Portfolios1 by Geography
C&I ($33B)
CRE ($14B)
Cons. RE ($14B)
Tennessee21 %Florida27 %Florida29 %
Florida13 %Texas13 %Tennessee22 %
Texas11 %N. Carolina12 %Texas11 %
N. Carolina%Georgia%Louisiana%
Louisiana%Tennessee%N. Carolina%
Georgia%Louisiana%New York%
California%All other22 %Georgia%
All other32 %All other13 %
1    Dollars and percentages at December 31, 2023.
C&I Loans
The C&I portfolio, our largest portfolio by far, was $33 billion at December 31, 2023. Our C&I portfolio has an industry concentration: about 18% of C&I loans are to businesses in the financial services industry, which includes finance and insurance companies and mortgage lending companies. The rest of C&I covers a wide range of industries, as shown in Table 1.5a.
Table 1.5a
C&I Loans1 by Industry/Line of Business
Finance and insurance12 %
Real estate and rental and leasing (a)12 
Health care and social assistance
Accommodation and food service
Manufacturing
Wholesale trade
Loans to mortgage companies
Retail trade
Transportation and warehousing
Energy
Other C&I26 
1     Percentages of C&I portfolio at December 31, 2023.
(a)    Leasing, rental of real estate, equipment, and goods.
CRE Loans
The CRE portfolio was $14 billion at December 31, 2023. The largest property type within CRE is multi-family, as shown in Table 1.5b. The next three largest property types were office, retail, and industrial. At year-end, nearly half of the office loans were for medical industry office space.
Table 1.5b
CRE Loans1 by Industry/Line of Business
Multi-family31 %
Office20 
Retail16 
Industrial16 
Hospitality10 
Land/land development
Other CRE
1     Percentages of CRE portfolio at December 31, 2023.
Consumer Loans
Consumer loans totaled $14 billion at December 31, 2023. As shown in Table 1.3 above, a substantial majority of consumer loans consists of home equity loans, mortgages, and other secured consumer real estate loans.
Further information regarding our loans is provided in Note 3 beginning on page 131 appearing in our 2023 Financial Statements (Item 8), and under the captions Analysis of Financial Condition and Asset Quality, beginning on


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2023 FORM 10-K ANNUAL REPORT

ITEM 1. BUSINESS
pages 62 and 65, respectively, of our 2023 MD&A (Item 7).
Deposits
Deposits comprise our largest resource to fund lending. Deposits overall also tend to be our lowest-cost funding source. At year-end 2023, we had total deposits of $66 billion. Most of our deposits are held in our regional banking and specialty banking segments. Table 1.6 provides a deposit overview at December 31, 2023.
Further information regarding deposits is provided: in Note 8 beginning on page 148 appearing in our 2023 Financial Statements (Item 8); under the caption Deposits beginning on page 75 appearing in our 2023 MD&A (Item 7); and in other parts of this report referenced under Deposits.

Table 1.6
Deposit1 Overview
Client Types% of TotalAcct Types% of TotalFDIC Insured Status% of TotalSource% of Total
Commercial55%Savings38%Estimated Insured59%Tennessee
38%
Consumer45%Time deposits10%Est. Uninsured - Total41%Florida
18%
Other interest26%Est. Uninsured - Collateralized8%Louisiana
12%
Noninterest26%N. Carolina
12%
All other20%
1    Percentages of deposits at December 31, 2023.
Business Segments
Segment Overview
Our financial results of operations are reported through operational business segments which are not closely related to the legal structure of our subsidiaries. Currently, we operate through three segments: regional banking, specialty banking, and corporate. In this report, segment information related to periods prior to our most recent segment change has been reclassified to conform with current segments.
Financial and other additional information concerning our segments—including information concerning assets, revenues, and financial results—appears in our 2023 MD&A (Item 7) and in our 2023 Financial Statements (Item 8), especially in Note 19—Business Segment Information. Note 19 begins on page 172.
Regional and Specialty Banking Segments
By far most of our loans and deposits are in the regional banking and specialty banking segments. Similarly, those segments are the sources of most of our revenues and expenses. The two segments create and use financial resources differently, and the revenues they generate have a very different mix of net interest income vs. noninterest income. In addition, regional banking is larger than specialty banking by many financial measures. Table 1.7 provides high-level financial information for each of those two segments, highlighting these points.
Table 1.7
Regional vs Specialty Banking Snapshot
(Dollars in millions)RegionalSpecialty
2023 Average assets
$45,858 $20,161 
2023 Net interest income
$2,354 $518 
2023 Noninterest income
$433 $209