First Horizon Corporation · NYSE:FHN
First Horizon — Q1 2026 Earnings Presentation
30 slides from First Horizon's earnings presentation, Apr 15, 2026
Slide 1: First Quarter 2026 Earnings
First Quarter 2026 Earnings April 15, 2026
Slide 2: Disclaimers
Disclaimers Non-GAAP Information Certain measures included in this document 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 entitie
Slide 3: 1Q26 reported financial summary
1Q26 reported financial summary $ in millions, Reported Results 1Q26 Change vs. except per share data 1Q26 4Q25 3Q25 2Q25 1Q25 4Q25 1Q25 Net interest income $667 $676 $674 $641 $631 ($9) (1%) $36 6% Fee income 195 212 215 189 181 (18) (8%) 13 7% Total revenue 862 888 889 830 812 (26) (3%) 50 6% Expe
Slide 4: 1Q26 adjusted financial summary
1Q26 adjusted financial summary $ in millions, Adjusted Results 1Q26 Change vs. except per share data 1Q26 4Q25 3Q25 2Q25 1Q25 4Q25 1Q25 Net interest income (FTE) $670 $679 $678 $645 $634 ($9) (1%) $36 6% Fee income $195 $212 $215 $189 $181 ($18) (8%) $13 7% Total revenue (FTE) $865 $892 $893 $833 $
Slide 5: Table of Contents
Table of Contents 1Q26 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Slide 6: 1Q26 results set a solid foundation for the year
1Q26 results set a solid foundation for the year 1Q26 financial highlights Beginning the year with clear momentum Adjusted 1Q26 C&I Earnings: 1Q26 Change vs. 4Q25 adjusted ROTCE 15.1% loan growth +2% PPNR improvement +8% Adjusted EPS $0.53 +$0.01 vs 1Q25 Adjusted PPNR $360 million +3% • Adjusted ROT
Slide 7: Continued deposit pricing discipline drives strong NIM
Continued deposit pricing discipline drives strong NIM Net interest income ($) and NIM (%) $ in millions NII Margin $678 $679 4Q25 $679 3.51% $670 Day count ($9) $645 $634 3.55% Loan portfolio ($23) (0.11%) 3.51% 3.52% 3.42% 3.40% Deposit portfolio $28 0.16% Other ($4) (0.04%) 1Q26 $670 3.52% 1Q25 2
Slide 8: Deposit portfolio reflects balance sheet seasonality
Deposit portfolio reflects balance sheet seasonality Period end deposits $67.5B • 1Q26 period end deposits of $66.5 billion $65.6B $65.5B $66.5B $64.2B ◦ Decrease of $1.0 billion versus 4Q25, primarily driven by $4.4 $4.2 $6.0 $5.3 $2.8 fluctuations in brokered deposits ◦ Retained ~97% of ~$29 billi
Slide 9: Loan portfolio growth driven by strong C&I performance
Loan portfolio growth driven by strong C&I performance Period end loans $63.3B $63.1B $64.2B $64.4B • 1Q26 period end loans of $64.4 billion, slightly up $62.2B versus 4Q25 $3.4B $4.1B $3.9B $4.7B $4.6B ◦ C&I excluding loans to mortgage companies (LMC) grew $624 million, or 2% $14.1B $14.4B $14.4B $
Slide 10: Strong year-over-year fee income improvement
Strong year-over-year fee income improvement Adjusted Results 1Q26 Change vs. $ in millions 1Q26 4Q25 3Q25 2Q25 1Q25 4Q25 1Q25 Fixed income $53 $57 $57 $42 $49 ($4) (7%) $4 8% Mortgage banking $9 $10 $15 $10 $8 ($1) (10%) $1 13% Service charges and fees $58 $64 $57 $55 $52 ($6) (9%) $6 11% Brokerage
Slide 11: Disciplined expense management to start the year
Disciplined expense management to start the year Adjusted Results 1Q26 Change vs. $ in millions 1Q26 4Q25 3Q25 2Q25 1Q25 4Q25 1Q25 Salaries and benefits $211 $213 $209 $206 $201 ($2) (1%) $10 5% Incentives and commissions $79 $87 $79 $73 $81 ($8) (9%) ($1) (2%) Deferred compensation expense ($2) $3
Slide 12: Credit performance remains consistent
Credit performance remains consistent Net charge-offs (NCOs) • 1Q26 net charge-offs of $29 million $34 ◦ NCO ratio of 0.18%, down slightly from 4Q25 $29 $30 $29 ◦ Results include $17 million of recoveries $26 0.54% • Provision expense of $15 million in 1Q26 0.59% 0.60% 0.56% ◦ 1Q26 ACL to loans rati
Slide 13: Capital levels continue progress towards near term targets
Capital levels continue progress towards near term targets Capital ratios • CET1 ratio decreased to 10.53% 14.1% 14.0% 13.8% 13.7% ◦ CET1 changes were supported by share buybacks of $233 million at 13.3% $24.54 per share3 ◦ $765 million of authorization remaining under repurchase program 11.9% 12.0%
Slide 14: Reiterating 2026 outlook
Reiterating 2026 outlook Core objectives Key metrics 2025 2026 1 Pre-provision net revenue growth Adjusted Revenue Baseline $3.42 billion Expectations 3 – 7% Comments Revenue range reflects outcomes from various rate ex. deferred comp. environments Flat guidance excludes bonuses/ Adjusted Expenses 2
Slide 15: Sustaining 15%+ adjusted ROTCE through focused execution
Sustaining 15%+ adjusted ROTCE through focused execution over the intermediate term Adjusted ROTCE trends $100mm+ revenue-driven, PPNR opportunity Last Twelve Areas of focus FY24 FY25 Months • Client relationship growth 12.5% 14.2% 14.7% • Maximizing revenue opportunities • Product and business line
Slide 16: Appendix
Appendix ©2026 First Horizon Bank. Member FDIC.
Slide 17: Actively managing liquidity and interest rate sensitivity
Actively managing liquidity and interest rate sensitivity 66% of deposits insured or collateralized Balance sheet hedges Modest interest rate sensitivity1 +100bps -100bps Insured +1.9% -2.6% 58% change in the next 12 months’ NII for an instantaneous, Swaps parallel shock on a static balance sheet 40
Slide 18: Track record of strong results supported by stable, diversified business mix
Track record of strong results supported by stable, diversified business mix • Our diversified business model with a highly attractive geographic footprint provides opportunity to deliver strong performance through a variety of economic cycles • The counter-cyclical businesses (fixed income, loans t
Slide 19: FHN Financial's strong full-cycle returns are counter-cyclical to bank franchise
FHN Financial’s strong full-cycle returns are counter-cyclical to bank franchise Fed Funds • FHN Financial provides fixed income sales & trading, investment Average ADR advisory, interest rate derivatives and other services to financial 6.00% $2.0 in millions FOMC easing institutions, municipalities
Slide 20: A balanced mix of NDFI, designed to manage risk and capture opportunity
A balanced mix of NDFI, designed to manage risk and capture opportunity across cycles NDFI represents a small portion of the loan portfolio 7% 6% $64.2 LMC 4Q25 period-end Non-LMC NDFI Non-depository financial institution (NDFI) Keys loans All Other 87% LMC exposure represents very low risk (~1bp av
Slide 21: Industry & product diversification: total loan portfolio
Industry & product diversification: total loan portfolio Total loan portfolio C&I by industry CRE by property type Mortgage Warehouse Finance & Multi-Family C&I 13% Insurance 28% Other 14 57% 11% Industries Land Office 24% 2% 4% All Total Energy Office 3% C&I 19% other CRE CRE loans Transportation $
Slide 22: Geographic diversification: commercial loan portfolio
Geographic diversification: commercial loan portfolio $49.9B commercial loan portfolio C&I with 76% in attractive southeastern footprint Other Total TN FL TX NC LA GA SC SE1 29% $36.5B C&I 19% 12% 10% 6% 6% 5% 2% 11% C&I exposure to markets outside the southeast primarily driven by specialty busines
Slide 23: Investment portfolio prudently managed to support liquidity and IRR
Investment portfolio prudently managed to support liquidity and IRR Investment portfolio • 1Q26 investment portfolio represents ~11% of total assets $9.2B $9.3B $9.3B $9.3B $9.5B ◦ Moderate total portfolio effective duration of 3.7 years ◦ Low reliance on the HTM designation at ~13% of total portfol
Slide 24: Notable items
Notable items $ in millions, except EPS 1Q26 4Q25 3Q25 2Q25 1Q25 Summary of Notable Items: Deferred compensation adjustment $— $— $— $4 $— FDIC special assessment (other noninterest expense) $— $7 $2 $1 $(1) Other notable expenses * $— $(10) $(10) $— $(5) Total notable items (pre-tax) $— $(3) $(8) $
Slide 25: Reconciliation to GAAP financials
Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions, except per share data Quarterly, Unaudited 1Q26 4Q25 3Q25
Slide 26: Reconciliation to GAAP financials
Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions, except per share data Quarterly, Unaudited 1Q26 4Q25 3Q25
Slide 27: Reconciliation to GAAP financials
Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions Quarterly, Unaudited 1Q26 4Q25 3Q25 2Q25 1Q25 Adjusted Non
Slide 28: Reconciliation to GAAP financials
Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions Period end Average 1Q26 4Q25 1Q26 vs. 4Q25 1Q26 4Q25 1Q26
Slide 29: Reconciliation to GAAP financials
Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions Quarterly, Unaudited 1Q26 4Q25 3Q25 2Q25 1Q25 Adjusted non
Slide 30: Reconciliation to GAAP financials
Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions Quarterly, Unaudited 1Q26 4Q25 3Q25 2Q25 1Q25 Adjusted Pre