First Horizon Corp. Files 2023 Annual Report on Form 10-K

Ticker: FHN-PH · Form: 10-K · Filed: Feb 23, 2024 · CIK: 36966

Sentiment: neutral

Topics: 10-K, Annual Report, Financials, Banking, SEC Filing

TL;DR

<b>First Horizon Corp. has submitted its 2023 10-K filing, providing a detailed financial overview for the fiscal year ending December 31, 2023.</b>

AI Summary

FIRST HORIZON CORP (FHN-PH) filed a Annual Report (10-K) with the SEC on February 23, 2024. First Horizon Corp. filed its annual report for the fiscal year ending December 31, 2023. The filing is a 10-K, indicating a comprehensive overview of the company's financial performance and condition. The company's principal executive offices are located at 165 Madison Avenue, Memphis, TN 38103. First Horizon Corp. was formerly known as First Horizon National Corp. and First Tennessee National Corp. The SIC code for the company is 6021, National Commercial Banks.

Why It Matters

For investors and stakeholders tracking FIRST HORIZON CORP, this filing contains several important signals. The 10-K filing provides investors with a comprehensive look at First Horizon Corp.'s financial health, operational performance, and strategic direction for the past fiscal year. This filing is crucial for understanding the company's position within the national commercial banking sector and its adherence to regulatory requirements.

Risk Assessment

Risk Level: FHN — FIRST HORIZON CORP shows moderate risk based on this filing. The filing is a standard 10-K report, which is a routine disclosure for publicly traded companies and does not inherently contain new negative information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess First Horizon Corp.'s performance and outlook.

Key Players & Entities

FAQ

When did FIRST HORIZON CORP file this 10-K?

FIRST HORIZON CORP filed this Annual Report (10-K) with the SEC on February 23, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by FIRST HORIZON CORP (FHN-PH).

Where can I read the original 10-K filing from FIRST HORIZON CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FIRST HORIZON CORP.

What are the key takeaways from FIRST HORIZON CORP's 10-K?

FIRST HORIZON CORP filed this 10-K on February 23, 2024. Key takeaways: First Horizon Corp. filed its annual report for the fiscal year ending December 31, 2023.. The filing is a 10-K, indicating a comprehensive overview of the company's financial performance and condition.. The company's principal executive offices are located at 165 Madison Avenue, Memphis, TN 38103..

Is FIRST HORIZON CORP a risky investment based on this filing?

Based on this 10-K, FIRST HORIZON CORP presents a moderate-risk profile. The filing is a standard 10-K report, which is a routine disclosure for publicly traded companies and does not inherently contain new negative information.

What should investors do after reading FIRST HORIZON CORP's 10-K?

Review the detailed financial statements and risk factors within the 10-K to assess First Horizon Corp.'s performance and outlook. The overall sentiment from this filing is neutral.

How does FIRST HORIZON CORP compare to its industry peers?

First Horizon Corp. operates within the National Commercial Banks industry (SIC code 6021).

Are there regulatory concerns for FIRST HORIZON CORP?

The filing is a 10-K, a standard annual report required by the SEC for publicly traded companies.

Industry Context

First Horizon Corp. operates within the National Commercial Banks industry (SIC code 6021).

Regulatory Implications

The filing is a 10-K, a standard annual report required by the SEC for publicly traded companies.

What Investors Should Do

  1. Analyze the financial statements for revenue, net income, and assets.
  2. Review the risk factors section for potential business challenges.
  3. Examine executive compensation details if available.

Year-Over-Year Comparison

This is the 2023 10-K filing for First Horizon Corp.

Filing Stats: 4,440 words · 18 min read · ~15 pages · Grade level 14.9 · Accepted 2024-02-22 18:16:25

Key Financial Figures

Filing Documents

Financial Statements and Supplementary Data 101

Item 8. Financial Statements and Supplementary Data 101 Executive Summary of Principal Investment Risks 3

Changes in and Disagreements with

Item 9. Changes in and Disagreements with

Forward-Looking Statements 5

Forward-Looking Statements 5 Accountants on Accounting and Financial Part I Disclosure 204

Controls and Procedures 204

Item 9A. Controls and Procedures 204

Risk Factors 29

Item 1A. Risk Factors 29

Other Information 204

Item 9B. Other Information 204

Unresolved Staff Comments 49

Item 1B. Unresolved Staff Comments 49

Disclosure Regarding Foreign Jurisdictions that

Item 9C. Disclosure Regarding Foreign Jurisdictions that

Cybersecurity 49

Item 1C. Cybersecurity 49 Prevent Inspections 204

Properties 49

Item 2. Properties 49 Part III

Legal Proceedings 49

Item 3. Legal Proceedings 49

Directors, Executive Officers and Corporate

Item 10. Directors, Executive Officers and Corporate

Mine Safety Disclosures 49

Item 4. Mine Safety Disclosures 49 Governance 205 Supplemental Part I Information 50

Executive Compensation 207

Item 11. Executive Compensation 207

Item 12. Security Ownership of Certain Beneficial

Part II Item 12. Security Ownership of Certain Beneficial

Market for the Registrant's Common Equity, Owners and Management and Related

Item 5. Market for the Registrant's Common Equity, Owners and Management and Related Related Stockholder Matters, and Issuer Stockholder Matters 208 Purchases of Equity Securities 52

Certain Relationships and Related Transactions,

Item 13. Certain Relationships and Related Transactions,

[Reserved] 53

Item 6. [Reserved] 53 and Director Independence 209

Management's Discussion and Analysis of Item 14. Principal Accountant Fees and Services 209

Item 7. Management's Discussion and Analysis of Item 14. Principal Accountant Fees and Services 209 Financial Condition and Results of Part IV Operations 54

Exhibits and Financial Statement Schedules 210

Item 15. Exhibits and Financial Statement Schedules 210

Quantitative and Qualitative Disclosures Item 16. Form 10-K Summary 214

Item 7A. Quantitative and Qualitative Disclosures Item 16. Form 10-K Summary 214 about Market Risk 100 Signatures 215 MD&A and Financial Statement References: In this report: "2023 MD&A" and "2023 MD&A (Item 7)" generally refer to Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in Item 7 within Part II of this report; and, "2023 Financial Statements" and "2023 Financial Statements (Item 8)" generally refer to our Consolidated Balance Sheets, our Consolidated Statements of Income, our Consolidated Statements of Comprehensive Income, our Consolidated Statements of Changes in Equity, our Consolidated Statements of Cash Flows, and the Notes to the Consolidated Financial Statements, all appearing in Item 8 within Part II of this report. Glossary The following is a list of common acronyms and terms used throughout this report: ACL Allowance for credit losses AFS Available for sale AIR Accrued interest receivable ALCO Asset/Liability Committee ALLL Allowance for loan and lease losses ALM Asset/liability management AOCI Accumulated other comprehensive income ASC FASB Accounting Standards Codification Associate Person employed by FHN ASU Accounting Standards Update Bank First Horizon Bank BOLI Bank-owned life insurance BTFP Bank Term Funding Program C&I Commercial, financial, and industrial loan portfolio CAS Credit Assurance Services CARES Act Coronavirus Aid, Relief, and Economic Security Act CBF Capital Bank Financial CCAR Comprehensive Capital Analysis and Review CECL Current expected credit loss CEO Chief Executive Officer CFPB Consumer Financial Protection Bureau CMO Collateralized mortgage obligations CODM Chief Operating Decision-Maker 1 2023 FORM 10-K ANNUAL REPORT TABLE OF CONTENTS and GLOSSARY Company First Horizon Corporation Corporation First Horizon Corporation CRA Community Reinvestment Act CRE Commercial Real Estate CRMC Credit Risk Management Committee DTA Deferr

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Table of Contents

Forward-Looking Statements

Forward-Looking Statements This report on Form 10-K, including materials incorporated into it, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to FHN's 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," "estimate," "should," "is 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 our control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change. Examples of uncertainties and contingencies include, among other important factors: global, general and local economic and business conditions, including economic recession or depression; the stability or volatility of values and activity in the residential housing and commercial real estate markets; potential requirements for FHN to repurchase, or compensate for losses from, previously sold or securitized mortgages or securities based on such mortgages; potential claims alleging mortgage servicing failures, individually, on a class basis, or as master servicer of securitized loans; potential claims relating to participation in government programs, especially lending or other financial services programs; expectations of and actual timing and amount of interest rate movements, including the slope and shape of the yield curve, which can have a significant impact on a financial services institution; market and monetary fluctuations,

BUSINESS

ITEM 1. BUSINESS Table of Contents PART I

Business

Item 1. Business Our Businesses Overview First Horizon Corporation is a Tennessee corporation. We incorporated in 1968, and are headquartered in Memphis, Tennessee. We are a bank holding company under the Bank Holding Company Act, and a financial holding company under the Gramm-Leach-Bliley Act. Our common stock is listed on the New York Stock Exchange under the symbol "FHN." At December 31, 2023, we had total consolidated assets of $82 billion. We provide diversified financial services through our subsidiaries, principally First Horizon Bank. The Bank is a Tennessee banking corporation headquartered in Memphis, Tennessee. During 2023 approximately 27% of our consolidated revenues were provided by fee and other noninterest income, and approximately 73% of revenues were provided by net interest income. As a financial holding company, we coordinate the financial resources of the consolidated enterprise and maintain systems of financial, operational, and administrative control intended to coordinate selected policies and activities, including as described in Item 9A of Part II. The Bank The Bank was founded in 1864 as First National Bank of Memphis. During 2023, through its various business lines, including consolidated subsidiaries, the Bank reported revenues (net interest income plus noninterest income) of approximately $3 billion. The Bank generated a substantial majority of First Horizon's consolidated revenue. At December 31, 2023, the Bank had $82 billion in total assets, $66 billion in total deposits, and $61 billion in total loans (including certain leases, before considering the allowance for loan and lease losses). Principal Businesses, Brands, & Locations Our principal brands at year-end 2023 are summarized in Table 1.1. Table 1.1 Principal Businesses & Brands at Year-End Businesses Principal Brands Banking & financial services generally First Horizon & First Horizon Bank Fixed income / capital markets FHN Financial Mortgage lending

BUSINESS

ITEM 1. BUSINESS Table of Contents Loans Loan Portfolios Lending is a major source of revenue for us, and loans are our largest ass

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