First Horizon Corporation · NYSE:FHN
First Horizon — Goldman Sachs Financial Services Conference 2024
10 slides from First Horizon's conference presentation, Dec 10, 2024
Slide 1: Goldman Sachs Conference
Goldman Sachs Conference December 10, 2024 1
Slide 2: Disclaimer
Disclaimer 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. FHN’s management believ
Slide 3: GAAP Financial Summary
GAAP Financial Summary Reported Results $ in millions except per share data 2018 2019 2020 2021 2022 2023 3Q24 2024 YTD Net interest income $1,220 $1,210 $1,662 $1,994 $2,392 $2,540 $627 $1,881 Fee income $723 $654 $1,492 $1,076 $816 $927 $200 $581 Total revenue $1,943 $1,864 $3,155 $3,070 $3,208 $3
Slide 4: The First Horizon Message
1 Commitment to delivering 15%+ return on tangible common equity, consistent with return profile in prior years Highly attractive southeast footprint provides opportunity to deliver outperformance through a variety of economic cycles 2 3 Balanced business model includes highly diversified, asset sen
Slide 5: Targeting 15%+ ROTCE, consistent with recent years' performance
Targeting 15%+ ROTCE, consistent with recent years' performance Adjusted PPNR Adjusted ROTCE $1.4B $1.4B $1.3B 19.3% $1.2B 17.7% 17.6% 17.0% $1.1B +13% 12.2% 13.0% 13.2% $0.8B $0.6B CAGR +5% CAGR 2018 2019 2020 2021 2022 2023 2024 YTD Annualized 2018 2019 2020 2021 2022 2023 3Q24 includes CECL day 1
Slide 6: Footprint growth reflects a deepening presence in the most desirable markets
Over the last decade, First Horizon’s footprint growth reflects a deepening presence in the most desirable markets 3.2x 50+ population growth vs new producers national average1 hired in the last year top 5 market share in 11 of our top 20 MSAs2 $4.9 trillion +23% of deposits higher GDP growth in our
Slide 7: Stable earnings supported by strong, diversified business mix
Stable earnings supported by strong, diversified business mix Deposit generation built around client relationships Balanced Business Model • $67B deposit portfolio 8% FFE PPNR $1,374 $1,370 $1,400 $1,311 • >70% loan clients also have depository relationships in millions $108, 8% $26, 2% 7% $1,222 $7
Slide 8: 2025 outlook reflects PPNR growth expectations
2025 outlook reflects PPNR growth expectations FY25 vs FY24 Earnings Drivers Comments Expectations Composition of revenue will be driven by the quantity and pace of interest rate Adjusted Revenue Flat - Up 4% cuts. Current outlook assumes 25bps cuts in December 2024 and March, May, (excluding deferr
Slide 9: 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. Quarterly, Unaudited $s in millions 2024 YTD 2018 2019 2020 2021 2022 20
Slide 10: 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. $s in millions Quarterly, Unaudited 2024 YTD 2018 2019 2020 2021 2022 20
First Horizon — Goldman Sachs Financial Services Conference 2024 on 6ix