First Horizon Corporation (FHN) 10-Year Financial Performance & Capital Metrics

FHN • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingSoutheast Community Banks

AboutFirst Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments. The company also underwrites bank-eligible securities and other fixed-income securities eligible for underwriting by financial subsidiaries; sells loans and derivatives; and offers advisory services. In addition, it offers various services, such as mortgage banking; title insurance and loan-closing; brokerage; correspondent banking; nationwide check clearing and remittance processing; trust, fiduciary, and agency; equipment finance; and investment and financial advisory services. Further, the company sells mutual fund and retail insurance products; and credit cards. It operates approximately 500 banking offices in 22 states under the First Horizon Bank brand; and 400 banking centers in 12 states under the FHN Financial brand in the United States. The company was formerly known as First Horizon National Corporation and changed its name to First Horizon Corporation in November 2020. First Horizon Corporation was founded in 1864 and is headquartered in Memphis, Tennessee.Show more

Net Interest Income $2.51B -1.1%
Total Revenue $4.94B +4.7%
Net Income $775M -13.6%
Return on Equity 8.42% -16.2%
Net Interest Margin 3.06% -1.7%
Efficiency Ratio 39.32% +4.9%
ROA 0.95% -15.3%
Equity / Assets 11.09% -2.5%
Book Value per Share 16.74 +1.2%
Tangible BV/Share 13.70 +1.3%
Debt/Equity 0.50 +26.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 39.3% efficiency ratio
✓Well capitalized: 11.1% equity/assets
✓Healthy dividend yield of 2.5%
✓Share count reduced 3.1% through buybacks
✓Trading near 52-week high
✓Trading at only 1.5x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.93%

5Y17.21%

3Y16.11%

TTM-

Profit (Net Income) CAGR

10Y13.29%

5Y11.94%

3Y-8.11%

TTM11.73%

EPS CAGR

10Y4.21%

5Y-0.29%

3Y-7.89%

TTM19.57%

ROCE

10Y Avg8.52%

5Y Avg9.63%

3Y Avg8.77%

Latest7.9%

Peer Comparison

Southeast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FFINFirst Financial Bankshares, Inc.	4.68B	32.65	20.93	18.79%	30.24%	14.14%	6.26%	0.12
FHNFirst Horizon Corporation	11.85B	24.44	17.97	4.71%	15.7%	9.58%	10.33%	0.50
AUBAtlantic Union Bankshares Corporation	5.47B	38.36	17.13	28.8%	15.53%	4.22%	5.51%	0.17
UCBUnited Community Banks, Inc.	4.09B	33.91	16.62	14.65%	17.05%	8.83%	7.4%	0.13
SNVSynovus Financial Corp.	6.95B	50.05	16.52	1.16%	14.09%	13.7%	11.01%	0.35
PNFPPinnacle Financial Partners, Inc.	14.67B	97.65	16.38	15.32%	16.65%	9.1%	5.5%	0.39
CADECadence Bank	8.27B	44.40	16.03	32.37%	18.03%	9.08%	9.39%	0.01
ABCBAmeris Bancorp	5.56B	81.41	15.69	9.75%	21.97%	9.91%	2.53%	0.11

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	653.72M	729.08M	842.31M	1.22B	1.21B	1.66B	1.99B	2.39B	2.54B	2.51B
NII Growth %	0.04%	0.12%	0.16%	0.45%	-0.01%	0.37%	0.2%	0.2%	0.06%	-0.01%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	736.4M	817.91M	989.93M	1.55B	1.62B	1.9B	2.16B	2.68B	4.1B	4.35B
Interest Expense	82.69M	88.83M	147.62M	326M	414M	236M	164M	291M	1.56B	1.84B
Loan Loss Provision	9M	11M	0	8M	45M	503M	-310M	95M	260M	150M
Non-Interest Income+	472.27M	510.59M	460.73M	667M	608M	903M	996M	728M	615M	585M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	1.21B	1.33B	1.45B	2.21B	2.23B	2.8B	3.15B	3.41B	4.71B	4.94B
Revenue Growth %	-0.02%	0.1%	0.09%	0.53%	0.01%	0.25%	0.13%	0.08%	0.38%	0.05%
Non-Interest Expense	1.01B	883.35M	994.17M	1.17B	1.19B	1.13B	2.02B	1.87B	1.77B	1.94B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	108.25M	345.32M	308.87M	714M	586M	933M	1.28B	1.16B	1.13B	1B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.66%	2.19%	-0.11%	1.31%	-0.18%	0.59%	0.38%	-0.1%	-0.03%	-0.11%
Pretax Income+	108.25M	345.32M	308.87M	714M	586M	933M	1.28B	1.16B	1.13B	1B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	10.94M	106.81M	131.89M	157M	134M	76M	274M	247M	212M	211M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	85.88M	227.05M	165.51M	545M	441M	845M	999M	900M	897M	775M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.61%	1.64%	-0.27%	2.29%	-0.19%	0.92%	0.18%	-0.1%	-0%	-0.14%
Net Income (Continuing)	97.31M	238.51M	176.98M	557M	452M	857M	1.01B	912M	916M	794M
EPS (Diluted)+	0.34	0.94	0.65	1.65	1.38	1.89	1.74	1.53	1.54	1.36
EPS Growth %	-0.62%	1.76%	-0.31%	1.54%	-0.16%	0.37%	-0.08%	-0.12%	0.01%	-0.12%
EPS (Basic)	0.34	0.95	0.66	1.66	1.39	1.90	1.76	1.62	1.58	1.37
Diluted Shares Outstanding	236.27M	235.29M	244.45M	327.44M	315.66M	433.72M	551.24M	566M	561.73M	544.28M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	903.65M	1.43B	1.82B	2.06B	1.12B	9.55B	16.05B	2.44B	2.34B	2.44B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	21.65B	23.58B	33.43B	32.75B	36.08B	66.35B	64.78B	68.21B	70.73B	71.47B
Investments Growth %	0.09%	0.09%	0.42%	-0.02%	0.1%	0.84%	-0.02%	0.05%	0.04%	0.01%
Long-Term Investments	17.72B	19.63B	28.26B	28.13B	31.64B	58.3B	56.07B	59.38B	62.34B	64.97B
Accounts Receivables	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	191.31M	191.37M	1.39B	1.43B	1.43B	1.51B	1.51B	1.51B	1.51B	1.51B
Intangible Assets	26.21M	21.02M	184.39M	155.03M	131M	354M	298M	234M	186M	143M
PP&E (Net)	275.62M	289.38M	532.25M	494.04M	455M	759M	665M	612M	590M	574M
Other Assets	3.08B	2.98B	4B	3.9B	4.05B	5.68B	5.78B	5.94B	6.3B	6.01B
Total Current Assets	4.9B	5.43B	7.06B	6.72B	5.6B	17.6B	24.76B	11.28B	10.73B	8.94B
Total Non-Current Assets	21.3B	23.12B	34.36B	34.11B	37.71B	66.61B	64.33B	67.67B	70.93B	73.22B
Total Assets+	26.19B	28.56B	41.42B	40.83B	43.31B	84.21B	89.09B	78.95B	81.66B	82.15B
Asset Growth %	0.02%	0.09%	0.45%	-0.01%	0.06%	0.94%	0.06%	-0.11%	0.03%	0.01%
Return on Assets (ROA)	0%	0.01%	0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	2.21B	1.95B	4.85B	2.26B	5.57B	3.87B	3.71B	4.1B	3.7B	4.59B
Net Debt	1.3B	511.75M	3.03B	199.82M	4.46B	-5.69B	-12.34B	1.66B	1.36B	2.15B
Long-Term Debt	1.27B	994.62M	775.89M	728.92M	791M	1.67B	1.59B	1.6B	1.15B	1.2B
Short-Term Debt	940.16M	950.44M	4.08B	1.53B	4.78B	2.2B	2.12B	2.51B	2.55B	3.4B
Other Liabilities	812.68M	670.88M	729.39M	769.79M	-275.27M	1.7B	1.56B	2.48B	2.38B	2.31B
Total Current Liabilities	21.47B	24.18B	35.34B	34.55B	37.72B	72.53B	77.44B	66.33B	68.84B	69.53B
Total Non-Current Liabilities	2.08B	1.67B	1.51B	1.5B	515.73M	3.37B	3.15B	4.08B	3.53B	3.51B
Total Liabilities	23.55B	25.85B	36.84B	36.05B	38.23B	75.9B	80.6B	70.41B	72.37B	73.04B
Total Equity+	2.64B	2.71B	4.58B	4.79B	5.08B	8.31B	8.49B	8.55B	9.29B	9.11B
Equity Growth %	0.02%	0.02%	0.69%	0.04%	0.06%	0.64%	0.02%	0.01%	0.09%	-0.02%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.03%	0.08%	0.05%	0.12%	0.09%	0.13%	0.12%	0.11%	0.1%	0.08%
Book Value per Share	11.17	11.50	18.74	14.61	16.08	19.15	15.41	15.10	16.54	16.74
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	149.12M	146.01M	204.21M	199.11M	195M	347M	333M	336M	349M	328M
Additional Paid-in Capital	1.44B	1.39B	3.15B	3.03B	2.93B	5.07B	4.74B	4.84B	5.35B	4.81B
Retained Earnings	874.3M	1.03B	1.16B	1.54B	1.8B	2.26B	2.89B	3.43B	3.96B	4.38B
Accumulated OCI	-214.19M	-247.65M	-322.82M	-376.62M	-239M	-140M	-288M	-1.37B	-1.19B	-1.13B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	95.62M	95.62M	95.62M	95.62M	96M	470M	520M	1.01B	520M	426M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	367.16M	179.99M	-28.8M	234.31M	830M	172M	725M	2.29B	1.3B	1.27B
Operating CF Growth %	-0.48%	-0.51%	-1.16%	9.14%	2.54%	-0.79%	3.22%	2.16%	-0.43%	-0.02%
Net Income	97.31M	238.51M	176.98M	557M	452M	857M	1.01B	900M	916M	794M
Depreciation & Amortization	60.74M	64.67M	70.92M	59M	66M	62M	45M	85M	102M	101M
Deferred Taxes	24.2M	79.6M	121M	104M	14M	-18M	0	0	44M	-17M
Other Non-Cash Items	33.6M	-156.8M	-202.84M	-551M	-1.01B	-2.45B	-2.61B	-1.41B	-648M	-678M
Working Capital Changes	137.74M	-63.53M	-215.5M	42M	1.29B	1.69B	2.24B	2.64B	849M	1.01B
Cash from Investing+	-518.4M	-2.47B	-1.32B	480M	-2.39B	-4.97B	-4.6B	8.33B	-2.6B	-1.06B
Purchase of Investments	-1.07B	-1.24B	-1.56B	-473M	-630M	-4.74B	-4.46B	-3.48B	-261M	-1.54B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-5.09M	0	-336.63M	-46M	0	2.07B	0	0	11M	0
Other Investing	-141.16M	-2.34B	-900.64M	350M	-2.7B	-6.97B	-2.95B	10.43B	-3.23B	-1.52B
Cash from Financing+	110.67M	2.29B	1.77B	-761M	1.42B	5.18B	4.02B	-10.87B	1.49B	-404M
Dividends Paid	-60.15M	-69.7M	-86.1M	-145M	-177M	-239M	-366M	-356M	-367M	-361M
Share Repurchases	-32.65M	-97.4M	-5.55M	-105M	-134M	-11M	-416M	-12M	-10M	-626M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	-1000K	1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K	1000K
Other Financing	1.55B	2.72B	-202.46M	2.09B	-255M	7.14B	4.84B	-11.38B	2.28B	-311M
Net Change in Cash+	-40.34M	6.73M	414.25M	-47M	-138M	381M	140M	-245M	188M	-194M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	1.07B	1.03B	1.04B	1.45B	1.41B	1.27B	1.65B	1.79B	1.54B	1.73B
Cash at End	1.03B	1.04B	1.45B	1.41B	1.27B	1.65B	1.79B	1.54B	1.73B	1.54B
Interest Paid	90.72M	92.46M	140.37M	308M	411M	261M	170M	280M	1.43B	1.87B
Income Taxes Paid	14.99M	11.61M	54.42M	43M	71M	105M	258M	20M	123M	106M
Free Cash Flow+	327.22M	117.44M	-81.84M	186.32M	781M	114M	672M	2.26B	1.26B	1.22B
FCF Growth %	-0.51%	-0.64%	-1.7%	3.28%	3.19%	-0.85%	4.89%	2.37%	-0.44%	-0.03%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.29%	8.5%	4.54%	11.64%	8.94%	12.63%	11.89%	10.56%	10.06%	8.42%
Return on Assets (ROA)	0.33%	0.83%	0.47%	1.33%	1.05%	1.33%	1.15%	1.07%	1.12%	0.95%
Net Interest Margin	2.5%	2.55%	2.03%	2.99%	2.79%	1.97%	2.24%	3.03%	3.11%	3.06%
Efficiency Ratio	83.46%	66.49%	68.53%	52.64%	53.18%	40.31%	63.92%	54.71%	37.48%	39.32%
Equity / Assets	10.08%	9.47%	11.06%	11.72%	11.72%	9.86%	9.53%	10.83%	11.38%	11.09%
Book Value / Share	11.17	11.5	18.74	14.61	16.08	19.15	15.41	15.1	16.54	16.74
NII Growth	4.14%	11.53%	15.53%	44.84%	-0.82%	37.36%	19.98%	19.96%	6.19%	-1.14%
Dividend Payout	62.82%	27.97%	48.28%	25.5%	38.78%	26.27%	33.33%	36%	37.35%	42.84%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Underwriting, Portfolio Advisory, and Other Noninterest Income	28.9M	33.7M	39M	44M	43M	42M	42M
Underwriting, Portfolio Advisory, and Other Noninterest Income Growth	-	16.61%	15.73%	12.82%	-2.27%	-2.33%	0.00%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Wholesale	-	-	-	-	-	-	424M
Wholesale Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

First Horizon Corporation (FHN) has a price-to-earnings (P/E) ratio of 18.0x. This is roughly in line with market averages.

Growth & Financials

First Horizon Corporation (FHN) grew revenue by 4.7% over the past year. Growth has been modest.

Yes, First Horizon Corporation (FHN) is profitable, generating $886.0M in net income for fiscal year 2024 (15.7% net margin).

Dividend & Returns

Yes, First Horizon Corporation (FHN) pays a dividend with a yield of 2.50%. This makes it attractive for income-focused investors.

First Horizon Corporation (FHN) has a return on equity (ROE) of 8.4%. This is below average, suggesting room for improvement.

Industry Metrics

First Horizon Corporation (FHN) has a net interest margin (NIM) of 3.1%. This indicates healthy earnings from lending activities.

First Horizon Corporation (FHN) has an efficiency ratio of 39.3%. This is excellent, indicating strong cost control.

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