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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.
On Sept. 9, 2021, the Louisiana First Horizon Foundation pledged $1 million to assist communities affected by Hurricane Ida. The funds will support local non-profits addressing urgent community needs. Following the disaster, IBERIABANK/First Horizon distributed essential supplies and provided financial support through its Associate Relief Fund. Most banking centers in impacted areas have resumed operations with limited hours. The foundation aims to enhance community resilience, reflecting First Horizon's commitment to support its associates, clients, and the communities it serves.
First Horizon Corporation (NYSE: FHN) has announced the postponement of the IBERIABANK operating system conversion until Q1 2022 due to Hurricane Ida's impact. The pre-tax merger integration costs are now expected to reach $520-$530 million, an increase of $20-$30 million. Despite these challenges, the Company aims to achieve $200 million in pre-tax annualized cost savings by Q4 2022. Approximately 8,350 clients with $3 billion in loans are affected, with various forms of assistance being provided to both clients and associates.
First Horizon Corporation (NYSE: FHN) announced that CEO Bryan Jordan will attend the Barclays Global Financial Conference on September 14, 2021, at 2:00 pm ET. The event will feature a live webcast, accessible on the First Horizon Investor Relations website.
As of June 30, 2021, First Horizon holds $87.9 billion in assets, providing services including commercial and private banking across 12 southern U.S. states. The company is recognized among the best employers and reputable banks in the nation.
First Horizon Corporation (NYSE: FHN) has declared a quarterly common stock dividend of $0.15 per share, payable on October 1, 2021, to shareholders of record by September 10, 2021. Additionally, cash dividends were approved for its preferred stock series, including Series C with $165.00 per share, Series D with $305.00, Series E with $1,625.00, and Series F with $1,175.00. These dividends are set to be paid on November 1, 2021, for Series C and D, and on October 12, 2021, for Series E, F, and Class A Preferred Stock.
First Horizon Bank has appointed Hunter Hill as Chief Digital Transformation Officer and promoted Tony Adams to New Orleans Market President. Hill, who previously served as New Orleans Market President, will now lead the bank's digital vision and strategy, enhancing capabilities across various business lines. Meanwhile, Adams has been pivotal in expanding the bank's presence in North Louisiana. President and CEO Bryan Jordan emphasized the importance of advancing digital banking to meet evolving client needs. First Horizon Corp. has $87.6 billion in assets as of June 30, 2021.
First Horizon Corporation (NYSE:FHN) reported strong financial results for Q2 2021, with a net income of $295 million, or $0.53 per share, up from $225 million in Q1. Adjusted net income increased to $321 million, or $0.58 per share. The return on tangible common equity (ROTCE) improved to 20.4%. Tangible book value per share rose 4% to $10.74. Notably, Q2 results were impacted by $26 million in notable items related to the IBERIABANK merger. The company anticipates increasing loan demand and economic growth in the latter half of the year.
First Horizon Corporation (NYSE: FHN) announced a cash dividend of $874.72 per share on its 4.70% Non-Cumulative Perpetual Preferred Stock, Series F. This translates to $0.218680 per Depositary Share, as a correction to a previous announcement regarding the dividend rate. The dividend is payable on July 12, 2021, to shareholders of record as of June 30, 2021. First Horizon, with $87.5 billion in assets, operates across 12 states in the southern U.S., providing a range of financial services.
First Horizon Corporation (NYSE: FHN) released its 2020 Corporate Social Responsibility Report, emphasizing its merger with IBERIABANK and commitment to ESG practices. The report details achievements in 2020 and early 2021, highlighting investments of approximately $22 million in community support, including $2.5 million for COVID-19 assistance. Key initiatives include appointing new ESG and DEI officers, establishing a CSR Working Group, and creating an ESG framework. The company aims for transparency and accountability in its operations, underscoring its mission of being 'Here for Good.'
First Horizon Corporation announced that its Chief Financial Officer, William “BJ” Losch, will leave for a new opportunity at Live Oak Bancshares, effective July 31, 2021. Chief Operating Officer Anthony Restel will serve as interim CFO during the search for a permanent successor. President and CEO Bryan Jordan praised Losch's contributions over 12 years while expressing confidence in Restel's expertise. As of March 31, 2021, First Horizon had $87.5 billion in assets and operates across 12 Southeast states, aiming to integrate its operations to enhance performance.
First Horizon (NYSE: FHN) announced strong results from its 2021 capital stress tests, demonstrating its ability to withstand economic stress while maintaining capital ratios significantly above regulatory minimums. The common equity tier one capital ratio stood at 9.7%, with a minimum of 8.5% during stress, indicating a robust pre-tax loss absorption capacity of $3.4 billion. Additionally, its stressed loss rate of 3.1% was well below the CCAR-bank median. The company reported pre-provision net revenue as a percentage of total assets at 3.3%, exceeding peer median by 170 basis points, showcasing effective risk management.
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