About First Horizon

First Horizon Corporation (First Horizon) operates as the bank holding company for First Horizon Bank that provides diversified financial services. The bank is a Tennessee banking corporation headquartered in Memphis, Tennessee. First Horizon's subsidiaries have business locations in 24 U.S. states, excluding off-premises ATMs. Most of those locations were banking centers. The bank has retail banking centers in twelve states. First Horizon also has client-service offices not physically within banking centers, including fixed income, home mortgage, wealth management, and commercial loan offices. The largest groups of those offices are fixed income offices in 17 states across the U.S.; and stand-alone mortgage lending offices in 6 states. First Horizon also has operational and administrative offices. Loans Lending is a major source of revenue for the company, and loans are the company's largest asset type. Most of the company's loans are commercial. The company's loans are broken into two major types, commercial and consumer. Each type is broken into portfolios. The company's three major portfolios are: traditional, unsecured commercial, financial, and industrial ('C&I') loans; secured commercial real estate ('CRE') loans; and secured consumer real estate loans. A fourth portfolio consists of consumer credit card and other consumer debt. Geographic Mix Geographically, a significant majority of the company's loans originate from five states: Florida, Tennessee, Texas, North Carolina, and Louisiana. C&I Loans The company's C&I portfolio has an industry concentration: about 18% of C&I loans are to businesses in the financial services industry, which includes finance and insurance companies and mortgage lending companies. The rest of C&I covers a wide range of industries. CRE Loans The largest property type within CRE is multi-family. The next three largest property types were office, retail, and industrial. Nearly half of the office loans are for medical industry office space. Consumer Loans A substantial majority of consumer loans consists of home equity loans, mortgages, and other secured consumer real estate loans. Deposits Deposits comprise the company's largest resource to fund lending. Deposits overall also tend to be the company's lowest-cost funding source. As of December 31, 2023, the company's deposits included savings; time deposits; other interest-bearing deposits; and noninterest bearing deposits. Business Segments Regional and Specialty Banking Segments By far most of the company's loans and deposits are in the regional banking and specialty banking segments. Regional and Specialty Lines of Business The principal lines of business in the regional banking segment are commercial banking (larger business enterprises); business banking (smaller business enterprises); consumer banking; and private client and wealth management. The principal lines of business in the specialty banking segment are fixed income/capital markets; professional commercial real estate (Pro-CRE); mortgage warehouse lending; asset-based (secured) lending; franchise finance; equipment finance; energy finance; healthcare finance; tax credit finance; corporate banking; correspondent banking; and mortgage origination. Geographically, regional banking's businesses mainly serve the company's traditional markets associated with the company's banking center footprint. Many of the businesses within specialty banking have much broader geographic reach. For example, the company's fixed income business has offices from Hawaii to Massachusetts; and California is listed primarily because of specialty banking business lines. Services the company Provides As of December 31, 2023, the company provided the following services through its subsidiaries and divisions: general banking services for consumers, businesses, financial institutions, and governments; fixed income sales and trading; underwriting of bank-eligible securities and other fixed-income securities eligible for underwriting by financial subsidiaries; loan sales; advisory services; and derivative sales; mortgage banking services; brokerage services; correspondent banking; transaction processing: nationwide check clearing services and remittance processing; trust, fiduciary, and agency services; credit card products; equipment finance services; investment and financial advisory services; mutual fund sales as agent; and retail insurance sales as agent. Investment Securities As of December 31, 2023, the company's investment securities included government agency issued mortgage-backed securities (MBS) and collateralized mortgage obligations (CMO); other U.S. government agencies; and states and municipalities. Insurance Activities Certain of the company's subsidiaries sell various types of insurance as agent in a number of states. Strategy An element of the company's business strategy is to consider acquisitions and divestitures that would enhance long-term shareholder value. Regulation The company is a bank holding company and financial holding company within the meaning of the bank Holding Company Act of 1956, as amended (the BHCA), and is registered with the Board of Governors of the Federal Reserve System (the Federal Reserve or Federal Reserve Board). The company is subject to the regulation and supervision of, and to examination by, the Federal Reserve under the BHCA. The bank has chosen to be a member of the Federal Reserve. As a result, the Federal Reserve is the bank's primary federal regulator. The bank is insured by, and subject to regulation by, the Federal Deposit Insurance Corporation (FDIC) and is subject to regulation in certain respects by the Consumer Financial Protection Bureau (CFPB). The company's registered broker-dealer subsidiaries are subject to the Securities and Exchange Commission's net capital rule, Rule 15c3-1. Competition Key traditional competitors in many of the company's markets include Bank of America N.A., Fifth Third Bank National Association, First-Citizens Bank & Trust Company (dba First Citizens Bank), Hancock Whitney Bank, Huntington National Bank, JPMorgan Chase Bank National Association, Regions Bank, Pinnacle Bank, PNC Bank National Association, Synovus Bank, Truist Bank, and Wells Fargo Bank N.A., among many others including many community banks and credit unions. History The company was founded in 1864. It was incorporated in 1968. The company was formerly known as First Horizon National Corporation and changed its name to First Horizon Corporation in 2020.