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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 Corporation (NYSE: FHN) announced participation at the Goldman Sachs 2021 US Financial Services Conference on December 8, 2021, at 1:00 pm ET. President and CEO Bryan Jordan will represent the company, with a live webcast and audio replay available on their investor relations website. The company, with $88.5 billion in assets as of September 30, 2021, operates in 12 states and offers a range of financial services. First Horizon is recognized for its positive workplace environment and reputation.
First Horizon Corporation (NYSE: FHN) announced the appointment of Hope Dmuchowski as its new Chief Financial Officer effective November 29, 2021. Dmuchowski joins from Truist Financial Corporation, where she served as Executive Vice President, handling financial planning and analysis. Bringing extensive experience in finance, she aims to enhance First Horizon’s strategy and operational efficiencies. President and CEO Bryan Jordan praised her merger integration expertise, which could benefit the company as it navigates a competitive landscape.
First Horizon Bank announced the appointment of Todd Williams as Market President for the Piedmont Triad and Ben Shoemake for the Greensboro/High Point market. These strategic hires are part of the bank's commitment to enhance its presence in the region. Williams, with over 20 years in commercial lending, previously served as Triad Market Executive at Atlantic Union Bank. Shoemake brings significant experience from First Citizens Bank. The bank operates 24 locations and holds $2 billion in deposits in the Piedmont Triad, aiming for localized decision-making and leadership.
First Horizon Corporation (NYSE: FHN) will have its President of Regional Banking and interim CFO, Anthony Restel, participate in the Bank of America 2021 Banking and Financials Conference on November 9, 2021, at 11:20 am ET. A live webcast and audio replay will be available on their investor relations website. With $88.5 billion in assets as of September 30, 2021, First Horizon operates across 12 southern U.S. states and offers a variety of financial services. The company is recognized for its workplace culture and reputation among banks.
First Horizon Corporation (NYSE: FHN) has authorized a $500 million increase in its existing share repurchase program, bringing total repurchase capacity to approximately $727 million. This decision reflects the company's strong capital position and commitment to enhancing shareholder returns. Additionally, the board declared a quarterly dividend of $0.15 per share, payable on January 3, 2022. The share buybacks will depend on various factors including financial performance and market conditions, and the program's expiration has been extended to October 31, 2023.
On October 21, 2021, First Horizon Foundation announced a lead gift of $1 million to support conservation efforts along the Mississippi River floodplains, particularly at the Memphis/Arkansas state line. This initiative, in collaboration with Big River Park Conservancy, Ducks Unlimited, and TennGreen Land Conservancy, aims to acquire and restore 1,500 acres of land. The project will enhance recreational opportunities and environmental quality for the community. With a focus on environmental sustainability, First Horizon continues to demonstrate its commitment to community welfare through its Corporate Social Responsibility strategy.
First Horizon Corporation (FHN) reported a third-quarter 2021 net income available to common shareholders of $224 million, or $0.41 per share, down from $295 million or $0.53 in the previous quarter. Notable items related to the IBERIABANK Merger impacted results, contributing a $51 million after-tax reduction. Adjusted net income was $275 million, a decline from $321 million in Q2. However, the firm experienced a 1% increase in core net interest income and noted loan growth of 1% before PPP impacts, highlighting resilience amidst a challenging interest rate environment.
First Horizon Corporation (NYSE: FHN) announced key personnel changes effective November 1, 2021. Anthony Restel will become President of Regional Banking while continuing as interim CFO until a successor is found. Tammy LoCascio has been appointed Chief Operating Officer, and Tanya Hart will become Chief Human Resources Officer. Restel replaces Michael Brown, who is retiring. CEO Bryan Jordan expressed confidence in the team’s ability to drive strategic growth and improve operational efficiencies amidst changing market conditions.
First Horizon National Corp. (NYSE: FHN) announced the appointment of Key Coker as the new Dallas/Fort Worth Market President. With over 35 years of banking experience, Coker will lead the company's growth in the Dallas and Fort Worth markets. His previous role was as CEO at BBVA in Dallas. First Horizon recently merged with IBERIABANK, forming an $85 billion regional bank. Coker expressed excitement about joining during this transformative period for the company, which offers a range of financial services across 12 states.
Wipro Limited has partnered with First Horizon Bank to enhance the core banking channels of VirtualBank, a digital bank obtained from IBERIABANK during their 2020 merger. The collaboration includes the transformation of legacy systems to a cloud-based infrastructure, completed within eight months. Wipro’s services covered program management, data migration, and fintech integration, solidifying the digital bank’s capabilities. The partnership aims to improve customer service and regulatory compliance.
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