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Here are 1-2 brief analogies for First Horizon (FHN):

• A regional bank similar to a smaller Truist Financial, focused on the Southeastern U.S.

• Like a U.S. Bancorp or PNC Financial, but with a primary footprint in the mid-South and Southeast.

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• Retail Banking Services: Provides checking, savings, money market, and certificate of deposit accounts for individuals and small businesses.
• Commercial Banking Services: Offers loans, treasury management, and other financial solutions tailored for mid-sized and large businesses.
• Mortgage Lending: Originates and services residential mortgage loans for home purchases and refinancing.
• Wealth Management: Delivers investment advisory, financial planning, and trust services for high-net-worth individuals and institutional clients.
• Specialty Lending: Includes niche lending solutions such as asset-based lending, equipment finance, and healthcare finance.

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First Horizon (symbol: FHN) is a regional financial services company, primarily operating as a bank. As such, it does not have "major customers" in the traditional sense of a few large companies purchasing its products. Instead, its revenue is generated from a broad base of clients across various segments. It serves both individuals and businesses, and its customer base can be broadly categorized as follows:

• Retail Banking Customers: This category includes individuals and households. First Horizon provides them with a full range of consumer banking products and services, such as checking and savings accounts, mortgages, home equity loans, personal loans, and credit cards.
• Commercial Banking Customers: This segment comprises small, medium-sized, and larger businesses and corporations. Services offered include business loans and lines of credit, commercial real estate financing, treasury management services (e.g., cash management, payment solutions), and other specialized business banking products.
• Wealth Management Customers: This category typically serves high-net-worth individuals, families, and institutional clients. First Horizon provides them with comprehensive wealth management solutions, including financial planning, investment management, trust and estate services, and private banking services.

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• nCino (NCNO)
• Q2 Holdings, Inc. (QTWO)
• Fiserv (FI)
• Visa (V)
• Mastercard (MA)

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D. Bryan Jordan, Chairman of the Board, President and Chief Executive Officer

D. Bryan Jordan is the Chairman of the Board, President, and Chief Executive Officer of First Horizon Corporation. He joined First Horizon in 2007 as Chief Financial Officer and was appointed president and CEO a year later. Before his time at First Horizon, Jordan served as Chief Financial Officer at Regions Financial Corporation. His career also includes roles at First Union Corporation and KPMG. Under his leadership, First Horizon has expanded through organic growth and strategic mergers and acquisitions, notably the merger with IBERIABANK Corporation in 2021. He became CEO around the time the company divested its mortgage business to avert a forced sale during the financial crisis. Jordan is also an active community leader, serving on various boards, including AutoZone, Inc. and the Bank Policy Institute.

Hope Dmuchowski, Senior Executive Vice President and Chief Financial Officer

Hope Dmuchowski is the Senior Executive Vice President and Chief Financial Officer for First Horizon Corporation, a position she assumed in November 2021. She is responsible for accounting, treasury, financial planning and analysis, line of business finance, corporate development, investor relations, corporate properties, and sourcing and procurement. With over 20 years of banking experience, Dmuchowski brings extensive expertise in finance, accounting, and mergers. Prior to joining First Horizon, she held numerous positions at Truist and its predecessor bank, BB&T, including Head of Financial Planning and Analysis and Management Reporting, Chief Financial Officer of Corporate Banking, Commercial Banking and Corporate Groups, Chief Financial Officer Group Director, and Chief Financial and Operating Officer of Enterprise Operations Services. She began her banking career in the Leadership Development program for the sales and trading division of Deutsche Bank. Dmuchowski played a significant role in achieving cost savings and generating revenues for First Horizon following the merger with IberiaBank.

Susan Springfield, Senior Executive Vice President and Chief Credit Officer

Susan Springfield serves as the Senior Executive Vice President and Chief Credit Officer for First Horizon. She possesses over 30 years of experience in the financial services industry. Springfield has held the Chief Credit Officer role since 2013, and prior to that, she led the commercial banking team. She is slated to retire at the end of 2024. She has been recognized for her leadership and commitment to mentoring and developing others throughout her distinguished career.

Tammy LoCascio, Senior Executive Vice President & Chief Operating Officer

Tammy LoCascio is the Senior Executive Vice President and Chief Operating Officer at First Horizon. She was promoted to this role in 2021. LoCascio is a key member of the company's executive management committee.

Tanya Hart, Chief Human Resources Officer, Senior Executive Vice President

Tanya Hart holds the position of Chief Human Resources Officer and Senior Executive Vice President at First Horizon. She was elevated to Chief Human Resources Officer in 2021 and is a member of the executive management committee.

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The key risks to First Horizon's business include:

1. Interest Rate Risk and Net Interest Margin (NIM) Pressure: First Horizon, like other regional banks, is highly susceptible to fluctuations in interest rates. Significant changes in rates can negatively impact the value of its assets and reduce its net interest margin (NIM), which is crucial for profitability. Intense competition for deposits, particularly in the Southeast, further pressures NIM by potentially requiring the bank to offer higher deposit interest rates to attract and retain funding.
2. Economic Uncertainty and Credit Quality Deterioration: Macroeconomic instability, including a slowing economy and persistent inflation, poses a substantial risk to First Horizon's credit quality. A downturn could lead to increased loan defaults and reduced loan demand. The bank's notable concentration in commercial real estate within dynamic urban markets could expose it to heightened default risks if local economic conditions decline or property values soften.
3. Competition: First Horizon faces significant competition from other regional banks and non-bank financial institutions. This competitive landscape directly threatens its market share and profitability, especially in the fierce battle for deposits, which can drive up funding costs and squeeze profit margins.

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The rise of digital-first challenger banks (neobanks) and fintech companies represents a clear emerging threat. These entities, such as Chime, SoFi, and Ally Bank, often operate with lower overheads and leverage advanced technology to offer superior digital experiences, lower fees, and more competitive rates. This directly threatens First Horizon's traditional deposit base and basic banking services by attracting younger, digitally native customers and those seeking greater convenience, mirroring how Netflix challenged Blockbuster's delivery model.

Big Tech companies' increasing foray into financial services is another clear emerging threat. Giants like Apple, Google, and Amazon are leveraging their vast user bases, extensive data, and integrated ecosystems to offer financial products such as payment systems, credit cards, and high-yield savings accounts. This threatens First Horizon's customer relationships and market share across various banking products, similar to how Apple's iPhone disrupted traditional mobile phone manufacturers by integrating superior features and a seamless user experience.

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First Horizon Corporation (symbol: FHN) operates in several key financial services markets within the United States. The addressable markets for their main products and services are sized as follows:

• Commercial Banking: The market size for Commercial Banking in the United States is estimated at approximately $1.6 trillion in 2025.
• Consumer Banking (Retail Banking): The United States retail banking market stands at an estimated USD 0.87 trillion in 2025.
• Wealth Management: The addressable market for wealth management in the United States, measured by Assets Under Management (AUM), was approximately $64.4 trillion in 2024, with projections to reach $87.35 trillion by 2028.
• Mortgage Lending: The US home loan market is valued at USD 2.29 trillion in 2025, with a forecast to grow to USD 3.02 trillion by 2030.

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First Horizon Corporation (FHN) is expected to drive future revenue growth over the next two to three years through several key strategies, as indicated by recent earnings releases, management commentary, and analyst insights.

1. Loan Growth, particularly in Mortgage Warehouse and Commercial & Industrial (C&I) Lending: First Horizon has demonstrated consistent growth in its loan portfolio, with specific mentions of the high-yielding mortgage warehouse business and increases in C&I lending contributing to net interest income expansion. The company's Q2 2025 results showed a 2% quarter-over-quarter increase in its loan portfolio, primarily driven by a $689 million increase in loans to mortgage companies and a $316 million rise in commercial and industrial loans. Management expects low single-digit loan growth for 2025.
2. Net Interest Margin (NIM) Expansion through Deposit Management: The company has shown a focus on managing deposit rates to expand its net interest margin. In Q1 2025, First Horizon achieved a nine basis point net interest margin expansion by actively managing deposit rates. Similarly, Q4 2024 saw a two-basis-point expansion of net interest margin, primarily due to a 34 basis point reduction in average interest-bearing deposit costs. This disciplined approach to deposit pricing, even in a changing rate environment, is crucial for improving net interest income.
3. Growth in Fee Income, especially Fixed Income Revenue: First Horizon's diversified business model includes a strong focus on fee-generating activities. The company reported a 6% increase in fixed income revenue in Q4 2024, contributing to overall revenue. The Q3 2025 earnings call also highlighted an increase of $26 million in fee income from the prior quarter, excluding deferred compensation, with fixed income fee revenues reaching $57 million due to improved business conditions and increased customer activity.
4. Deepening Client Relationships and Enhanced Business Execution: Management consistently emphasizes its commitment to "growing and deepening client relationships" and "meeting client needs with tailored solutions" as a core part of its business model. Analysts also identify over $100 million in pre-provision net revenue opportunities through improved business execution and enhanced client relationship management. This focus suggests a strategy to increase revenue per customer and attract new clients through service and customized offerings.
5. Leveraging an Attractive Geographic Footprint in the Southern U.S.: First Horizon operates in 12 states across the southern U.S. Management believes that the economic fundamentals in its southern footprint will remain strong into 2026, positioning the bank to capitalize on opportunities to grow along with these markets. This regional focus allows for targeted expansion and market penetration within economically favorable areas.

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Share Repurchases

• On October 27, 2025, First Horizon authorized a new $1.2 billion common stock repurchase program set to expire on January 31, 2027. This program replaced a prior authorization that had approximately $180 million remaining.
• In 2024, First Horizon executed $626 million in annual share buybacks and had an approval for $1 billion of repurchase authority late in the year.
• The company repurchased $190 million of stock in the third quarter of 2025, with over $300 million remaining authorized from a previous program.

Share Issuance

• The 2020 merger with IBERIABANK Corporation involved the issuance of 243 million First Horizon common shares to IBERIABANK shareholders.
• As part of the proposed (and later terminated) acquisition by TD Bank, TD had agreed to invest $494 million in non-voting First Horizon preferred stock.

Inbound Investments

• In March 2022, TD Bank Group announced a proposed all-cash acquisition of First Horizon for $13.4 billion, which was ultimately terminated in May 2023 due to the inability to obtain necessary regulatory approvals.
• The merger of equals with IBERIABANK Corporation completed in 2020, forming a combined organization with $75 billion in assets.

Capital Expenditures

• First Horizon is undertaking a three-year, $100 million investment to modernize customer-facing technology platforms, including mobile and online banking.
• The company is actively executing a multi-year technology and client-facing capability investment roadmap, projecting a $100 million-plus pretax pre-provision net revenue (PPNR) uplift.
• Continued investments in technology and community partnerships were emphasized in the third quarter of 2025.