Executive Leadership to Discuss the Strength
and Stability of its Client-Centric Strategy and Commitment to
Extend its 159-year History of Driving Value for Shareholders,
Associates, Clients, and Communities
MEMPHIS,
Tenn., May 4, 2023 /PRNewswire/ -- First Horizon
Corporation (NYSE: FHN) ("First Horizon" or the "Company") today
announced that it will host a conference call on May 4, 2023, at 6:30 a.m.
CT to discuss the mutual agreement to terminate its
previously announced transaction with TD Bank Group (TSX and NYSE:
TD) ("TD"), originally announced on February
28, 2022, and the continued strength of its independent
franchise. The press release announcing the termination of the
previously announced transaction can be viewed on our website.
First Horizon's Chairman, President and Chief Executive Officer
Bryan Jordan and Chief Financial
Officer Hope Dmuchowski will update
the financial community regarding First Horizon's recently
announced first quarter earnings results and operating strength,
its strong funding base, as well as the benefits of its
client-centric strategy. As an independent franchise, First Horizon
is well-positioned to continue its disciplined growth strategy with
a strong capital position, deep client relationships,
well-diversified funding mix and asset-sensitive balance sheet.
"We look forward to talking to our valued shareholders and the
broader financial community regarding First Horizon's continued
strength and stability as an independent franchise," said Jordan.
"Over the last 14 months, maintaining business momentum and
supporting our clients have remained our top priority. We are
well-positioned to extend our 159-year history of driving value for
our shareholders, associates, clients, and communities well into
the future."
First Horizon maintains a diversified balance sheet of stable,
cost-effective deposits that is well-positioned to navigate the
current rate environment. In fact, its proportion of insured
deposits is at the peer median of its regional banking peer set,
and First Horizon's company-run stress tests results outperform the
Federal Reserve's CCAR peer median.
First Horizon's conservative risk management approach,
disciplined credit culture and focus on strategic execution
contribute to its strong position as an independent franchise.
The highlights reported by First Horizon in its first quarter
2023 financial results included:
- Total assets of $80.7 billion and
total deposits of $61.4 billion
- 55% of deposits insured by the FDIC
- Adjusted Return on Average Tangible Common Equity (ROTCE) of
18.6%
- Common Equity Tier 1 (CET1) ratio remains strong at 10.4%; CET1
net of unrealized losses of 9.0% well above regulatory capital
threshold of 7.0%
- Annualized net charge-offs at 0.11%
Conference Call Details
First Horizon will host a conference call today at 6:30 a.m. CT to discuss this announcement, recent
first quarter earnings results, its strong funding base and its
growth plan. Analysts, investors and interested parties may call
toll-free starting at 6:15 a.m. CT by
dialing +1 (877) 879-1183 (if calling from the U.S.) or +1 (412)
902-6703 (if calling from outside the U.S) and entering conference
ID 7584383.
A live webcast will be available
at https://event.choruscall.com/mediaframe/webcast.html?webcastid=22IF3xz9.
A replay of the call will be available until May 18, 2023. To listen to the replay, dial +1
(877) 344-7529 and enter access code 7835046. To access a replay of
the call from outside the U.S., please use this link:
https://services.choruscall.com/ccforms/replay.html.
Use of Non-GAAP Measures and Regulatory Measures that are not
GAAP
Certain measures included in this release are "non-GAAP,"
meaning they are not presented in accordance with generally
accepted accounting principles in the U.S. 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, with, or by this release
are: return on average tangible common equity ("ROTCE") and
adjusted ROTCE; and common equity tier 1 capital ("CET1") net of
unrealized losses. Reconciliations of non-GAAP to GAAP measures and
presentation of the most comparable GAAP items are presented near
the end (immediately before the Glossary) of Exhibit 99.1-Earnings
Release and at the end of Exhibit 99.2-Investor Slide Presentation
previously furnished in FHN's Current Report on Form 8-K filed
April 18, 2023. Adjusted ROTCE is
adjusted to exclude certain notable items identified in those
exhibits.
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. Common regulatory measures
include: CET1, 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
("RWA"), which is a measure of total on- and off-balance sheet
assets adjusted for credit and market risk, used to determine
regulatory capital ratios.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended (the
"Securities Act"), and Section 21E of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), with respect to First
Horizon Corporation's (the "First Horizon") 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," "target," "plan", "estimate," "should," "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 the control of First
Horizon, and many of which, with respect to future business
decisions and actions, are subject to change and which could cause
actual results to differ materially from those contemplated or
implied by forward-looking statements or historical performance.
Examples of uncertainties and contingencies include factors
previously disclosed in First Horizon's reports filed with the U.S.
Securities and Exchange Commission (the "SEC") as well as the
following factors, among others: any adverse effect on First
Horizon as a result of this announcement or the failure of the TD
transaction to proceed; First Horizon's success in executing its
business plans and strategies and managing the risks involved in
the foregoing; currency and interest rate fluctuations; exchange
rates; success of hedging activities; material adverse changes in
economic and industry conditions, including the availability of
short and long-term financing; general competitive, economic,
political and market conditions; changes in asset quality and
credit risk; the inability to sustain revenue and earnings growth;
inflation; customer borrowing, repayment, investment and deposit
practices; the impact, extent and timing of technological changes;
capital management activities; other actions of the Board of
Governors of the Federal Reserve System, the Office of the
Comptroller of the Currency, the Federal Deposit Insurance
Corporation, the Tennessee Department of Financial Institutions and
other regulators, legislative and regulatory actions and reforms;
the pandemic created by the outbreak of COVID-19 and its variants,
and resulting effects on economic conditions, restrictions imposed
by public health authorities or governments, fiscal and monetary
policy responses by governments and financial institutions, and
disruptions to global supply chains; and other factors that may
affect future results of First Horizon.
First Horizon cautions readers of this release that the list
above is not exhaustive as of the date of this release. Actual
results could differ and First Horizon's estimates and expectations
could change, possibly materially, because of one or more factors,
including those factors listed above or presented elsewhere in this
release or those factors listed in material incorporated by
reference into this release. In evaluating forward-looking
statements and assessing First Horizon's prospects, readers of this
release should carefully consider the factors mentioned above along
with the additional risk and uncertainty factors discussed: in the
forepart, and in Items 1, 1A, and 7, of First Horizon's most recent
Annual Report on Form 10-K, as amended; and in the forepart, and in
Item 1A of Part II, of First Horizon's Quarterly Report(s) on Form
10-Q filed this year. First Horizon assumes no obligation to update
or revise any forward-looking statements that are made in this
release or in any other statement, release, report, or filing from
time to time.
First Horizon Corp. (NYSE: FHN), with $80.7 billion in assets as of March 31, 2023, is a leading regional financial
services company, dedicated to helping our clients, communities and
associates unlock their full potential with capital and counsel.
Headquartered in Memphis, TN, the
banking subsidiary First Horizon Bank operates in 12 states across
the southern U.S. The Company and its subsidiaries offer
commercial, private banking, consumer, small business, wealth and
trust management, retail brokerage, capital markets, fixed income,
and mortgage banking services. First Horizon has been recognized as
one of the nation's best employers by Fortune and Forbes magazines
and a Top 10 Most Reputable U.S. Bank. More information is
available at www.FirstHorizon.com.
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SOURCE First Horizon Corporation