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Overview of First Horizon Corporation
First Horizon Corporation (NYSE: FHN) is a historic and comprehensive regional financial services organization known for its sustained commitment to financial integrity and customer service excellence. With a legacy that dates back to 1864, the company has evolved into a multifaceted banking institution, offering a broad array of services across commercial banking, consumer lending, deposit taking, and wealth management. Emphasizing banking innovation, regional financial expertise, and customer-centric solutions, First Horizon has built a reputation grounded in decades of practical experience and strategic operational excellence.
Historical Evolution and Core Values
Since opening its doors in the mid-19th century on North Court Street in Memphis, First Horizon has maintained its founding mission: to provide exceptional service to its customers, one opportunity at a time. The company’s evolution mirrors the broader transformation of banking in America, adapting continuously to the dynamic needs of its diverse clientele. A steadfast commitment to financial integrity has always been at the core of its operations, ensuring that both individual and commercial clients receive prudent guidance and support to safeguard and grow their assets.
Business Segments and Service Offerings
First Horizon Corporation’s operational model is structured around four key reportable segments:
- Commercial: Serving a wide spectrum of business clients with traditional lending, deposit services, and tailored financial solutions that support diverse commercial needs.
- Consumer & Wealth: Delivering a comprehensive suite of personal banking products, including mortgage lending, retail banking, investment services, and wealth management to support individuals and families.
- Wholesale: Focusing on servicing large-scale institutional clients and facilitating more complex capital market activities.
- Corporate: Addressing specialized financial strategies and providing internal management support across the organization.
The Commercial and Consumer & Wealth segments form the cornerstone of First Horizon’s revenue, underscoring the company’s dual focus on traditional banking and personalized financial solutions.
Market Position and Operational Strength
Positioned as a major regional bank with an expansive branch network, First Horizon operates principally throughout the southern United States, including a significant presence in Tennessee. The company’s diverse portfolio—ranging from retail brokerage to fixed income and mortgage banking—demonstrates its ability to cater to a varied clientele. Its emphasis on local community engagement and prudent financial practices has solidified its standing as an institution that balances traditional banking with modern operational strategies.
Operational Excellence and Industry Expertise
First Horizon’s structure is designed to meet varied financial needs while maintaining strong relationships with clients, communities, and industry partners. The organization continues to integrate digital strategies alongside standard practices to enhance customer interaction and service delivery. Notably, recent recognitions for social media use underscore the company’s evolving approach to digital engagement without compromising the trusted, personalized service delivered through its robust branch network. This blend of technology and traditional banking ensures that First Horizon remains responsive to the evolving dynamics of the financial services industry.
Commitment to Financial Integrity and Customer Service
Central to First Horizon’s philosophy is a commitment to acting in the clients’ best interests, a value that has been nurtured over more than 150 years. The company provides discrete financial counsel, risk management, and comprehensive advisory services that are tailored to both commercial entities and individual clients. This dedication is evident in the careful stewardship of its service offerings, ensuring that every product—from routine deposit accounts to intricate wealth management strategies—is executed with an unwavering commitment to quality and reliability.
Competitive Landscape and Industry Differentiation
In an industry that is often characterized by a race towards technological adoption and market expansion, First Horizon stands apart through its balanced approach to innovation and tradition. It differentiates itself with its deep local market knowledge, extensive historical experience, and commitment to transparent financial practices. The company's segmented business model minimizes operational risks and diversifies revenue streams, thereby reinforcing client trust and institutional stability.
Expertise in Local Markets and Community Orientation
First Horizon’s deep roots in the communities it serves serve as a strong competitive advantage. Localized knowledge of market trends, customer preferences, and regional economic conditions enables tailored financial solutions that are both practical and strategically sound. By accentuating the importance of personalized service and local engagement, the company continues to be a trusted advisor in times of both stability and economic shifts.
Conclusion
With a legacy spanning over a century and a half, First Horizon Corporation remains a testament to the enduring value of stable, well-managed financial institutions. Its comprehensive business segments, focus on customer service excellence, and strategic integration of digital innovation make it a notable example of how traditional banking institutions can adapt while remaining true to their core principles. Whether through traditional lending, wealth management, or community-focused banking solutions, First Horizon offers a multidimensional approach that has been refined over generations, ensuring its place as a credible, knowledgeable, and enduring financial partner in the regional market.
First Horizon Corp. (NYSE: FHN) announced the winners of its Back to Business Contest, awarding $1 million in cash prizes to 48 small businesses across 16 regions, including Alabama, Arkansas, Florida, Georgia, Louisiana, and Texas. The contest, aimed at supporting resilient businesses, received 2,300 entries and recognized winners based on public voting. Prizes ranged from $30,000 for first place to $5,000 for sweepstakes winners. The company emphasizes its commitment to fostering local communities through financial support.
First Horizon Corporation (NYSE: FHN) reported a first quarter 2022 net income of $187 million, or $0.34 per share, down from $219 million and $0.40 per share in the previous quarter. Adjusted net income fell to $211 million or $0.38 per share, compared to $260 million or $0.48 per share in Q4 2021. The decline was attributed to lower provision credit. The company also reported a ROTCE of 13.0% and an adjusted ROTCE of 14.7%, with a tangible book value per share of $10.46.
CEO Bryan Jordan noted successes in loan growth and integration efforts, while expressing concern over global uncertainties.
First Horizon Corporation (NYSE: FHN) announced a revised date for releasing its first-quarter financial results, now set for April 19, 2022, after market close. This change comes amid a proposed transaction with TD Bank Group. Importantly, FHN management will not conduct conference calls related to the earnings materials. As of December 31, 2021, the company held $89.1 billion in assets and operates in 12 states, offering various banking and financial services. Earnings materials will be accessible on their website.
TD Bank Group has signed a definitive agreement to acquire First Horizon Corporation in an all-cash transaction valued at US$13.4 billion, or US$25.00 per common share. This acquisition aims to enhance TD's presence in the Southeastern U.S., offering immediate scale and growth opportunities. Upon completion, First Horizon CEO Bryan Jordan will join TD as Vice Chair. The deal is expected to be immediately accretive to TD's adjusted EPS and generate approximately US$610 million in pre-tax cost synergies. The transaction is anticipated to close in Q1 of TD’s 2023 fiscal year.
TD Bank Group has announced an all-cash deal to acquire First Horizon for US$13.4 billion, or US$25.00 per common share. This acquisition positions TD as a top 6 U.S. bank with approximately US$614 billion in assets and a network of 1,560 branches across 22 states. The transaction is expected to be immediately accretive to adjusted EPS and generate approximately US$610 million in pre-tax cost synergies. TD aims to expand First Horizon's community investments and retain all client-facing bankers. The deal is subject to regulatory approvals and expected to close in Q1 2023.
The Preiss Company has begun developing Signature Music Row, a 105-unit multifamily housing project in Nashville, Tennessee, marking its first entry into the Nashville market. This project is in partnership with Speedwagon Capital Partners and includes additional loan contributions from First Horizon, with JLL Capital Markets facilitating the debt arrangements. The development features various residential units and is strategically located near Vanderbilt University, amidst a thriving local economy bolstered by job growth from major companies like Amazon and Oracle.
First Horizon Corp. (NYSE: FHN) announced a $1 million cash prize giveaway to support local businesses through the Back to Business contest. This initiative highlights the importance of resilient businesses in the company's regional footprint. Entries are accepted until February 15, 2022, with 1st, 2nd, and 3rd place prizes awarded across 16 communities. To enter, businesses must describe in 100 words how they would use the funds. First Horizon, with $89.1 billion in assets as of December 31, 2021, operates in 12 states.
First Horizon Corporation (NYSE: FHN) announced that President and CEO Bryan Jordan will speak at the KBW Winter Financial Services Symposium on February 17, 2022, at 11:30 am ET. A live webcast and an audio replay will be available on the company's investor relations website. The company, headquartered in Memphis, TN, has approximately $89.1 billion in assets and provides a range of financial services across 12 states. First Horizon has received recognition as a top employer and reputable bank.
First Horizon Corporation (NYSE: FHN) reported a fourth quarter 2021 net income available to common shareholders of $219 million, or $0.40 per share, down from $224 million and $0.41 in the previous quarter. After adjusting for notable items related to the IBERIABANK merger, the adjusted net income was $260 million, a decrease from $275 million. For the full year 2021, total net income reached $962 million, compared to $822 million in 2020, with notable items leading to a net reduction of $179 million.
First Horizon Corporation (NYSE:FHN) will announce its fourth quarter and full year 2021 financial results on January 20, 2022, at approximately 6:45 am ET. The announcement will include a live conference call at 9:30 am ET, which can be accessed by dial-in or via a webcast at ir.firsthorizon.com. A replay will be available from noon CT on January 20 until February 3. As of September 30, 2021, First Horizon held $88.5 billion in assets.
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