$FHN-PF

FIRST HORIZON CORP

CIK:0000036966|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Interest and fees on loans and leases	$ 912	$ 921	$ 1,797	$ 1,816
Interest and fees on loans held for sale	8	8	16	18
Interest on investment securities	70	71	140	139
Interest on trading securities	23	23	47	43
Interest on other earning assets	17	21	35	42
Total interest income	1,030	1,044	2,035	2,058
Interest expense
Interest on deposits	296	337	580	666
Interest on trading liabilities	6	6	13	14
Interest on short-term borrowings	33	38	61	66
Interest on term borrowings	19	22	37	40
Total interest expense	354	403	691	786
Net interest income	676	641	1,344	1,272
Provision for credit losses	15	30	30	70
Net interest income after provision for credit losses	661	611	1,314	1,202
Noninterest income
Fixed income	46	42	99	91
Deposit transactions and cash management	43	41	86	81
Brokerage, management fees and commissions	31	26	60	52
Card and digital banking fees	18	19	36	37
Other service charges and fees	15	14	31	26
Deferred compensation income	15	8	12	5
Trust services and investment management	14	13	27	25
Mortgage banking income	9	10	18	18
Other income	20	16	36	35
Total noninterest income	211	189	405	370
Noninterest expense
Personnel expense	304	282	593	561
Computer software	40	34	77	66
Net occupancy expense	36	34	71	69
Operations services	26	23	52	46
Legal and professional fees	18	17	34	31
Advertising and public relations	17	14	27	24
Deposit insurance expense	12	12	25	25
Equipment expense	11	11	22	22
Amortization of intangible assets	8	10	16	20
Other expense	60	54	119	114
Total noninterest expense	532	491	1,036	978
Income before income taxes	340	309	683	594
Income tax expense	66	64	142	127
Net income	274	245	541	467
Net income attributable to noncontrolling interest	4	4	7	8
Net income attributable to controlling interest	270	241	534	459
Preferred stock dividends	10	8	16	13
Net income available to common shareholders	260	233	518	446
Net income available to common shareholders	$ 260	$ 233	$ 518	$ 446
Basic earnings per common share (in dollars per share)	$ 0.55	$ 0.46	$ 1.08	$ 0.87
Diluted earnings per common share (in dollars per share)	$ 0.54	$ 0.45	$ 1.07	$ 0.86
Weighted average common shares (in shares)	474,841	508,125	477,559	512,596
Diluted average common shares (in shares)	480,103	513,606	483,334	518,701

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 541	$ 467
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses	30	70
Deferred income tax expense	69	20
Depreciation and amortization of premises and equipment	27	28
Amortization of intangible assets	16	20
Net other amortization (accretion)	(2)	(7)
Net decrease in trading securities	1,089	433
Net decrease (increase) in derivatives	5	(10)
Stock-based compensation expense	27	33
Loans held for sale:
Purchases and originations	(2,111)	(1,241)
Gross proceeds from settlements and sales	1,364	916
Gain (loss) due to fair value adjustments and other	43	(7)
Other operating activities, net	(235)	(290)
Total adjustments	322	(35)
Net cash provided by operating activities	863	432
Investing Activities
Proceeds from maturities of securities available for sale	544	457
Purchases of securities available for sale	(284)	(457)
Proceeds from prepayments of securities held to maturity	29	27
Purchases of premises and equipment	(27)	(18)
Net increase in loans and leases	(1,214)	(732)
Net (increase) decrease in interest-bearing deposits with banks	(33)	626
Other investing activities, net	8	14
Net cash used in investing activities	(977)	(83)
Common stock:
Stock options exercised	4	3
Cash dividends paid	(160)	(162)
Repurchase of shares	(356)	(393)
Preferred stock:
Series C preferred stock redemption	(57)	0
Series H preferred stock issuance	392	0
Cash dividends paid - preferred stock - noncontrolling interest	(7)	(8)
Cash dividends paid - preferred stock	(10)	(13)
Net increase (decrease) in deposits	593	(5)
Net increase (decrease) in short-term borrowings	(251)	61
Proceeds from issuance of term borrowings	0	497
Repayment of term borrowing	0	(350)
Decreases in secured term borrowings	(1)	(1)
Net cash provided by (used in) financing activities	147	(371)
Net increase (decrease) in cash and cash equivalents	33	(22)
Cash and cash equivalents at beginning of period	1,595	1,537
Cash and cash equivalents at end of period	1,628	1,515
Supplemental Disclosures
Total interest paid	658	775
Total taxes paid	43	25
Total taxes refunded	2	2
Transfer from loans to OREO	1	1
Transfer from loans HFS to trading securities	607	480
Transfer from loans to loans HFS	$ 0	$ (1)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 1,034	$ 961
Interest-bearing deposits with banks	1,158	1,125
Federal funds sold and securities purchased under agreements to resell	594	634
Trading securities	1,417	1,904
Securities available for sale at fair value	7,873	8,165
Securities held to maturity (fair value of $1,038 and $1,073, respectively)	1,189	1,216
Loans held for sale (including $88 and $151 at fair value, respectively)	501	406
Loans and leases	65,330	64,156
Allowance for loan and lease losses	(709)	(738)
Net loans and leases	64,621	63,418
Premises and equipment	545	544
Goodwill	1,510	1,510
Other intangible assets	89	105
Other assets	3,906	3,888
Total assets	84,437	83,876
Liabilities
Noninterest-bearing deposits	15,994	15,823
Interest-bearing deposits	52,078	51,653
Total deposits	68,072	67,476
Trading liabilities	533	607
Short-term borrowings	3,003	3,254
Term borrowings	1,321	1,321
Other liabilities	2,045	2,076
Total liabilities	74,974	74,734
Equity
Preferred stock, Non-cumulative perpetual, no par value; authorized 5,000,000 shares; issued 7,000 and 8,750 shares, respectively	682	349
Common stock, $0.625 par value; authorized 700,000,000 shares; issued 473,919,939 and 484,825,395 shares, respectively	296	303
Capital surplus	3,653	3,974
Retained earnings	5,383	5,031
Accumulated other comprehensive loss, net	(846)	(810)
FHN shareholders' equity	9,168	8,847
Noncontrolling interest	295	295
Total equity	9,463	9,142
Total liabilities and equity	$ 84,437	$ 83,876