# FIRST HORIZON CORP (FHN) Informational only - not investment advice. CIK: 0000036966 SIC: 6021 National Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=36966 Filing source: https://www.sec.gov/Archives/edgar/data/36966/000003696626000051/fhn-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0000036966-26-000051 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000036966.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 3,419,000,000 USD | 2025 | verified | | Net income | 982,000,000 USD | 2025 | verified | | Assets | 83,876,000,000 USD | 2025 | verified | | Free cash flow | 595,000,000 USD | 2025 | computed | | Net margin | 28.72% | 2025 | computed | | Revenue YoY | +7.18% | 2025 | computed | | ROE | 11.10% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | FHN | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 28.7% | 22.9% | 81 | 76 | | Revenue growth | 7.2% | 5.2% | 63 | 76 | | FCF margin | 17.4% | 22.0% | 28 | 65 | | ROE | 11.1% | 9.9% | 64 | 76 | | ROA | 1.2% | 1.1% | 64 | 76 | | Liabilities / equity | 8.45 | 8.12 | 56 | 76 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6021 National Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 3419000000 | USD | 2025 | 2026-02-26 | | Net income | 982000000 | USD | 2025 | 2026-02-26 | | Assets | 83876000000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000036966.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | 1,150,762,000 | 1,162,045,000 | 1,270,525,000 | 1,332,533,000 | 1,936,105,000 | 1,817,267,000 | | | 3,207,000,000 | 3,467,000,000 | 3,190,000,000 | 3,419,000,000 | | Net income | | | | | | 227,046,000 | 165,515,000 | 545,000,000 | 441,000,000 | 845,000,000 | 999,000,000 | 900,000,000 | 897,000,000 | 775,000,000 | 982,000,000 | | Diluted EPS | | | | | | 0.94 | 0.65 | 1.65 | 1.38 | 1.89 | 1.74 | 1.53 | 1.54 | 1.36 | 1.87 | | Operating cash flow | | | | | | 179,991,000 | -28,798,000 | 234,000,000 | 830,000,000 | 172,000,000 | 725,000,000 | 2,291,000,000 | 1,299,000,000 | 1,268,000,000 | 628,000,000 | | Capital expenditures | 35,408,000 | 21,862,000 | 41,463,000 | 38,880,000 | 43,514,000 | 62,554,000 | | | | | | 28,000,000 | 37,000,000 | 44,000,000 | 33,000,000 | | Dividends paid | | | | | | 63,504,000 | 79,904,000 | 139,000,000 | 171,000,000 | 222,000,000 | 333,000,000 | 324,000,000 | 335,000,000 | 332,000,000 | 314,000,000 | | Share buybacks | | | | | | 97,396,000 | 5,554,000 | 105,000,000 | 134,000,000 | 4,000,000 | 416,000,000 | 12,000,000 | 10,000,000 | 626,000,000 | 918,000,000 | | Assets | | | | | | 28,555,231,000 | 41,423,388,000 | 40,832,258,000 | 43,311,000,000 | 84,209,000,000 | 89,092,000,000 | 78,953,000,000 | 81,661,000,000 | 82,152,000,000 | 83,876,000,000 | | Liabilities | | | | | | 25,850,147,000 | 36,842,900,000 | 36,046,878,000 | 38,235,000,000 | 75,902,000,000 | 80,598,000,000 | 70,406,000,000 | 72,370,000,000 | 73,041,000,000 | 74,734,000,000 | | Stockholders' equity | | | | | | 2,409,653,000 | 4,285,057,000 | 4,489,949,000 | 4,781,000,000 | 8,012,000,000 | 8,199,000,000 | 8,252,000,000 | 8,996,000,000 | 8,816,000,000 | 8,847,000,000 | | Free cash flow | | | | | | 117,437,000 | | | | | | 2,263,000,000 | 1,262,000,000 | 1,224,000,000 | 595,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | 17.87% | 12.42% | 28.15% | 24.27% | | | 28.06% | 25.87% | 24.29% | 28.72% | | Return on equity | | | | | | 9.42% | 3.86% | 12.14% | 9.22% | 10.55% | 12.18% | 10.91% | 9.97% | 8.79% | 11.10% | | Return on assets | | | | | | 0.80% | 0.40% | 1.33% | 1.02% | 1.00% | 1.12% | 1.14% | 1.10% | 0.94% | 1.17% | | Liabilities / equity | | | | | | 10.73 | 8.60 | 8.03 | 8.00 | 9.47 | 9.83 | 8.53 | 8.04 | 8.29 | 8.45 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/FHN/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000036966.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2018-Q3 | 2018-09-30 | 652,672,000 | | | reported discrete quarter | | 2018-Q4 | 2018-12-31 | 406,786,000 | | | derived Q4 = FY annual - nine-month YTD | | 2019-Q1 | 2019-03-31 | 426,553,000 | | | reported discrete quarter | | 2019-Q2 | 2019-06-30 | 448,603,000 | | | reported discrete quarter | | 2019-Q3 | 2019-09-30 | 457,411,000 | | | reported discrete quarter | | 2019-Q4 | 2019-12-31 | 484,700,000 | | | derived Q4 = FY annual - nine-month YTD | | 2022-Q3 | 2022-09-30 | | | 0.45 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.43 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.56 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | | 137,000,000 | 0.23 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | | 184,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | | 192,000,000 | 0.33 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | | 199,000,000 | 0.34 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | | 218,000,000 | 0.40 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | | 166,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 812,000,000 | 218,000,000 | 0.41 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 830,000,000 | 241,000,000 | 0.45 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 889,000,000 | 262,000,000 | 0.50 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 888,000,000 | 262,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 862,000,000 | 262,000,000 | 0.53 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 887,000,000 | 270,000,000 | 0.54 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from FHN's latest 10-K: [/company/FHN/business/](/company/FHN/business/). ## Risk Factors Verbatim Item 1A Risk Factors from FHN's latest 10-K: [/company/FHN/risk-factors/](/company/FHN/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/36966/000003696626000155/fhn-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 Item 2.     Management's Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [["TABLE OF ITEM 2 TOPICS"],["Introduction","71"],["Executive Overview","71"],["Results of Operations","73"],["Analysis of Financial Condition","83"],["Capital","94"],["Risk Management","97"],["Market Uncertainties and Prospective Trends","101"],["Critical Accounting Policies and Estimates","104"],["Accounting Changes","104"],["Non-GAAP Information","106"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","70","2Q26 FORM 10-Q REPORT"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["PART I, ITEM 2. MANAGEMENT'S DISCUSSION & ANALYSIS (MD&A)"],["Table of Contents"]] [[/GREPCENT_TABLE]] Introduction First Horizon Corporation (NYSE common stock trading symbol “FHN”) is a financial holding company headquartered in Memphis, Tennessee. FHN’s principal subsidiary, and only banking subsidiary, is First Horizon Bank. Through the Bank and other subsidiaries, FHN offers commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. At June 30, 2026, FHN had over 450 business locations in 23 states, including over 400 banking centers in 12 states, and employed approximately 7,400 associates. This MD&A should be read in conjunction with the accompanying unaudited Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part I, Item 1, as well as other information contained in this document and FHN's 2025 Annual Report on Form 10-K. Executive Overview Significant Events and Transactions On May 1, 2026, FHN redeemed all outstanding shares of its Series C Preferred Stock with a carrying value of $59 million. Prior to the redemption, the Series C Preferred Stock qualified as Tier 1 capital. For more information, see Note 7 — Preferred Stock in the Consolidated Financial Statements in Part I, Item 1 of this report. Financial Performance Summary Table I.2.1 SELECTED FINANCIAL DATA [[GREPCENT_TABLE]] [["","","As of or for the three months ended","","As of or for the six months ended"],["(Dollars in millions, except per share data)","","June 30, 2026","","","","June 30, 2025","","June 30, 2026","","June 30, 2025"],["Pre-provision net revenue (a)","","$","355","","","","","$","339","","","$","713","","","$","664"],["Diluted earnings per common share","","$","0.54","","","","","$","0.45","","","$","1.07","","","$","0.86"],["Return on average assets (b)","","1.31","%","","","","1.20","%","","1.30","%","","1.16","%"],["Return on average common equity (c)","","12.33","%","","","","11.14","%","","12.30","%","","10.72","%"],["Return on average tangible common equity (a) (d)","","15.21","%","","","","13.85","%","","15.17","%","","13.33","%"],["Net interest margin (e)","","3.49","%","","","","3.40","%","","3.50","%","","3.41","%"],["Noninterest income to total revenue (f)","","23.73","%","","","","22.73","%","","23.19","%","","22.51","%"],["Efficiency ratio (g)","","59.88","%","","","","59.20","%","","59.22","%","","59.63","%"],["Allowance for loan and lease losses to total loans and leases","","1.09","%","","","","1.29","%","","1.09","%","","1.29","%"],["Net charge-offs (recoveries) to average loans and leases (annualized)","","0.20","%","","","","0.22","%","","0.19","%","","0.20","%"],["Total period-end equity to period-end assets","","11.21","%","","","","11.28","%","","11.21","%","","11.28","%"],["Tangible common equity to tangible assets (a)","","8.31","%","","","","8.58","%","","8.31","%","","8.58","%"],["Cash dividends declared per common share","","$","0.17","","","","","$","0.15","","","$","0.34","","","$","0.30"],["Book value per common share","","$","17.91","","","","","$","16.78","","","$","17.91","","","$","16.78"],["Tangible book value per common share (a)","","$","14.53","","","","","$","13.57","","","$","14.53","","","$","13.57"],["Common Equity Tier 1","","10.46","%","","","","10.99","%","","10.46","%","","10.99","%"],["Market capitalization","","$","12,151","","","","","$","10,787","","","$","12,151","","","$","10,787"]] [[/GREPCENT_TABLE]] (a)    Represents a non-GAAP measure which is reconciled in the non-GAAP to GAAP reconciliation in Table I.2.28. (b)    Calculated using annualized net income divided by average assets. (c)    Calculated using annualized net income available to common shareholders divided by average common equity. (d)    Calculated using annualized net income available to common shareholders divided by average tangible common equity. (e)    Net interest margin is computed using total net interest income adjusted to an FTE basis assuming a statutory federal income tax rate of 21% and, where applicable, state income taxes. (f)    Ratio is noninterest income excluding securities gains (losses) to total revenue excluding securities gains (losses). (g)    Ratio is noninterest expense to total revenue excluding securities gains (losses). [[GREPCENT_TABLE]] [["","71","2Q26 FORM 10-Q REPORT"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["PART I, ITEM 2. MANAGEMENT'S DISCUSSION & ANALYSIS (MD&A)"],["Table of Contents"]] [[/GREPCENT_TABLE]] Second Quarter 2026 Financial Performance Review Second Quarter 2026 Highlights FHN reported second quarter 2026 net income available to common shareholders of $260 million, or $0.54 per diluted share, compared to $233 million, or $0.45 per diluted share, in second quarter 2025. Net interest income increased $35 million compared to second quarter 2025, largely driven by lower funding costs and loan growth, partially offset by lower loan yields. Provision for credit losses was $15 million for second quarter 2026 compared to $30 million for second quarter 2025. Net charge-offs were $33 million, or 20 basis points, compared to $34 million, or 22 basis points, in second quarter 2025. Noninterest income of $211 million for second quarter 2026 increased $22 million compared to second quarter 2025, largely driven by increases in fixed income, brokerage, management fees and commissions and deferred compensation income. Compared with second quarter 2025, noninterest expense of $532 million increased $41 million, largely attributable to a $22 million increase in personnel expenses tied to higher salaries and benefits expense from increased associate headcount, along with higher incentive-based compensation and deferred compensation. Second quarter 2026 results also reflected higher computer software expense of $6 million and $5 million in Visa derivative valuation expense. Year-to-Date and Period End Highlights For the six months ended June 30, 2026, net income available to common shareholders was $518 million, or $1.07 per diluted share, compared to $446 million, or $0.86 per diluted share, for the six months ended June 30, 2025. Net interest income increased $72 million, largely driven by lower funding costs and loan growth, partially offset by lower loan yields. Provision for credit losses of $30 million decreased $40 million for the year-to-date period of 2026 compared to the same period of 2025. Net charge-offs were $61 million for the year-to-date period of 2026 compared to $63 million for the same period of 2025. Nonperforming loans of $531 million declined $73 million compared to December 31, 2025, as nonperforming loans in both the C&I and CRE portfolios declined. The ACL to total loans and leases ratio decreased 7 basis points to 1.24% as of June 30, 2026, compared to December 31, 2025, driven by improvements in certain macroeconomic factors, continued loan resolutions, and positive grade migration in the CRE portfolio. Noninterest income for the year-to-date period increased $35 million, or 9%, largely from higher fixed income revenues, brokerage, management fees and commissions, and deposit transactions and cash management fees. Noninterest expense for the year-to-date period increased $58 million, largely attributable to an increase of $32 million in personnel expense and an increase of $11 million in computer software expense. Period-end loans and leases of $65.3 billion increased $1.2 billion from December 31, 2025. Commercial loans increased $1.4 billion, driven by increases of $1.4 billion in the C&I portfolio and $32 million in the CRE portfolio. Consumer loans contracted by $249 million for the year-to-date period. Period-end deposits were $68.1 billion compared to $67.5 billion as of December 31, 2025, as interest-bearing deposits increased $425 million and noninterest-bearing deposits increased $171 million. The Common Equity Tier 1 ratio decreased 17 basis points to 10.46% at June 30, 2026, compared to 10.63% at December 31, 2025, as capital was deployed into loan growth and share repurchases. The Tier 1 risk-based capital and total risk-based capital ratios increased to 11.77% and 13.39% at June 30, 2026, respectively, compared to 11.51% and 13.35% at December 31, 2025, respectively, largely driven by the Series H Preferred Stock issuance in March 2026, partially offset by the Series C Preferred Stock redemption in May 2026. The following portions of this MD&A focus in more detail on the results of operations for the three and six months ended June 30, 2026 and June 30, 2025, and on information about FHN's financial condition, loan and lease portfolio, liquidity, funding sources, capital, and other matters. [[GREPCENT_TABLE]] [["","72","2Q26 FORM 10-Q REPORT"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["PART I, ITEM 2. MANAGEMENT'S DISCUSSION & ANALYSIS (MD&A)"],["Table of Contents"]] [[/GREPCENT_TABLE]] Results of Operations Net Interest Income Net interest income is FHN's largest source of revenue and is the difference between the interest earned on interest-earning assets (generally loans, leases and investment securities) and the interest expense incurred in connection with interest-bearing liabilities (generally deposits and borrowed funds). The level of net interest income is primarily a function of the difference between the effective yield on average interest-earning assets and the effective cost of interest-bearing liabilities. These factors are influenced by the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as economic conditions, competition for loans and deposits, the monetary policy of the FRB and market interest rates. The following tables present the major components of net interest income and net interest margin for the three and six months ended June 30, 2026 and 2025. [[GREPCENT_TABLE]] [["","73","2Q26 FORM 10-Q REPORT"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["PART I, ITEM 2. MANAGEMENT'S DISCUSSION & ANALYSIS (MD&A)"],["Table of Contents"]] [[/GREPCENT_TABLE]] Table I.2.2 QUARTER-TO-DATE AVERAGE BALANCES, NET INTEREST INCOME & YIELDS/RATES [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/36966/000003696626000051/fhn-20251231.htm Complete FY 2025 MD&A: /company/FHN/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations TABLE OF ITEM 7 TOPICS [[GREPCENT_TABLE]] [["Introduction","41"],["Financial Performance Summary","41"],["Results of Operations","42"],["Analysis of Financial Condition","48"],["Capital","63"],["Risk Management","67"],["Market Uncertainties and Prospective Trends","77"],["Critical Accounting Policies and Estimates","80"],["Accounting Changes","82"],["Non-GAAP Information","82"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","40","2025 FORM 10-K ANNUAL REPORT"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["ITEM 7. MANAGEMENT'S DISCUSSION & ANALYSIS (MD&A)"],["Table of Contents"]] [[/GREPCENT_TABLE]] Introduction First Horizon Corporation (NYSE common stock trading symbol “FHN”) is a financial holding company headquartered in Memphis, Tennessee. FHN’s principal subsidiary, and only banking subsidiary, is First Horizon Bank. Through the Bank and other subsidiaries, FHN offers commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. At December 31, 2025, FHN had over 450 business locations in 23 states, including over 400 banking centers in 12 states, and employed approximately 7,400 associates. This MD&A should be read in conjunction with the accompanying audited Consolidated Financial Statements and Notes to the Consolidated Financial Statements in Part II, Item 8 of this Form 10-K, as well as with the other information contained in this report. Financial Performance Summary Table 7.1 SELECTED FINANCIAL DATA [[GREPCENT_TABLE]] [["","For the years ended December 31,"],["(Dollars in millions, except per share data)","2025","","2024","","2023"],["Pre-provision net revenue (a)","$","1,345","","","$","1,155","","","$","1,388"],["Diluted earnings per common share","$","1.87","","","$","1.36","","","$","1.54"],["Return on average assets (b)","1.22","%","","0.97","%","","1.12","%"],["Return on average common equity (c)","11.30","%","","8.80","%","","11.01","%"],["Return on average tangible common equity (a) (d)","14.01","%","","10.99","%","","14.10","%"],["Net interest margin (e)","3.47","%","","3.35","%","","3.42","%"],["Noninterest income to total revenue (f)","23.30","%","","23.44","%","","26.83","%"],["Efficiency ratio (g)","60.66","%","","62.06","%","","59.91","%"],["Allowance for loan and lease losses to total loans and leases","1.15","%","","1.30","%","","1.26","%"],["Net charge-offs (recoveries) to average loans and leases","0.19","%","","0.18","%","","0.28","%"],["Total period-end equity to period-end assets","10.90","%","","11.09","%","","11.38","%"],["Tangible common equity to tangible assets (a)","8.37","%","","8.37","%","","8.48","%"],["Cash dividends declared per common share","$","0.60","","","$","0.60","","","$","0.60"],["Book value per common share","$","17.53","","","$","16.00","","","$","15.17"],["Tangible book value per common share (a)","$","14.20","","","$","12.85","","","$","12.13"],["Common equity Tier 1","10.63","%","","11.20","%","","11.40","%"],["Market capitalization","$","11,587","","","$","10,559","","","$","7,913"]] [[/GREPCENT_TABLE]] (a)Represents a non-GAAP measure which is reconciled in the non-GAAP to GAAP reconciliation in Table 7.33. (b)Calculated using net income divided by average assets. (c)Calculated using net income available to common shareholders divided by average common equity. (d)Calculated using net income available to common shareholders divided by average tangible common equity. (e)Net interest margin is computed using total net interest income adjusted to an FTE basis assuming a statutory federal income tax rate of 21% and, where applicable, state income taxes. (f)Ratio is noninterest income excluding securities gains (losses) to total revenue excluding securities gains (losses). (g)Ratio is noninterest expense to total revenue excluding securities gains (losses). 2025 Financial Performance Review FHN reported net income available to common shareholders of $956 million, or $1.87 per diluted share, for the year ended December 31, 2025, an increase of $218 million compared to $738 million, or $1.36 per diluted share, for the same period of 2024. Net interest income of $2.6 billion increased $111 million compared to 2024, largely driven by lower deposit pricing and higher loan balances, specifically in high-yielding loans to mortgage companies. The net interest margin increased 12 basis points to 3.47% compared to 3.35% in 2024. Provision for credit losses decreased to $65 million compared to $150 million in 2024, largely reflecting declines in criticized and classified loans and a more favorable portfolio mix. Net charge-offs were $120 million, [[GREPCENT_TABLE]] [["","41","2025 FORM 10-K ANNUAL REPORT"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["ITEM 7. MANAGEMENT'S DISCUSSION & ANALYSIS (MD&A)"],["Table of Contents"]] [[/GREPCENT_TABLE]] or 19 basis points, compared to $112 million, or 18 basis points in 2024. The ACL to loans ratio decreased to 1.31% from 1.43% in 2024, reflecting criticized and classified loan resolutions throughout the year as well as a favorable portfolio mix shift. Noninterest income of $797 million increased $118 million, or 17%, from 2024, largely driven by the prior year impact of $91 million in net securities losses from a restructuring of the securities portfolio. In addition, the countercyclical businesses improved during 2025 as fixed income increased $19 million and mortgage banking income increased $8 million. Noninterest expense of $2.1 billion increased $39 million, or 2%, from 2024, largely attributable to higher personnel expense from talent additions and increases in occupancy, software, and legal and professional fees, partially offset by lower deposit insurance expense. Period-end loans and leases of $64.2 billion increased $1.6 billion from December 31, 2024, largely driven by commercial loan growth, as loans to mortgage companies and other C&I loans each grew $1.2 billion, offset by a decline in CRE loans of $858 million. Period-end deposits of $67.5 billion increased $1.9 billion from December 31, 2024, as interest-bearing deposits increased $2.1 billion and noninterest-bearing deposits decreased $198 million. Tier 1 risk-based capital and total risk-based capital ratios at December 31, 2025 were 11.51% and 13.35%, respectively, compared to 12.22% and 14.25% at December 31, 2024. The CET1 ratio was 10.63% at December 31, 2025 compared to 11.20% at December 31, 2024. Results of Operations—2025 compared to 2024 Following is a discussion of FHN's results of operations for 2025 compared to 2024. For a description of FHN's results of operations for 2024, see Results of Operations - 2024 compared to 2023 in Item 7 in the 2024 Form 10-K which is incorporated herein by reference. Net Interest Income Net interest income is FHN's largest source of revenue and is the difference between the interest earned on interest-earning assets (generally loans, leases and investment securities) and the interest expense incurred in connection with interest-bearing liabilities (generally deposits and borrowed funds). The level of net interest income is primarily a function of the difference between the effective yield on average interest-earning assets and the effective cost of interest-bearing liabilities. These factors are influenced by the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as local economic conditions, competition for loans and deposits, the monetary policy of the FRB, and market interest rates. Net interest income of $2.6 billion in 2025 increased $111 million, or 4%, from 2024. The increase was largely attributable to lower deposit pricing, partially offset by lower loan yields. Interest income decreased $166 million, largely driven by lower interest on loans and leases of $176 million. Interest expense decreased $277 million, largely due to lower interest expense on deposits of $281 million. FHN's net interest margin increased 12 basis points to 3.47% in 2025 compared to 2024 and the net interest spread increased 31 basis points to 2.69% over the same period. The increase in the margin was attributable to a 57 basis point decrease in the cost of interest-bearing liabilities, partially offset by a 26 basis point decrease in earning asset yields. Total average earning assets increased $469 million in 2025, largely driven by average loan growth of $605 million and a $220 million increase in average trading securities, partially offset by lower average interest-bearing deposits with banks of $351 million. Total average interest-bearing liabilities increased $937 million, largely driven by an increase of $514 million in federal funds purchased and securities sold under agreements to repurchase, $206 million in term borrowings, and average interest-bearing deposit growth of $224 million. The following table presents the major components of net interest income and net interest margin. [[GREPCENT_TABLE]] [["","42","2025 FORM 10-K ANNUAL REPORT"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["ITEM 7. MANAGEMENT'S DISCUSSION & ANALYSIS (MD&A)"],["Table of Contents"]] [[/GREPCENT_TABLE]] Table 7.2 AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/FHN/mda/fy2025/ All MD&A years: /company/FHN/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/FHN/mda/fy2024/): filed 2025-02-27; accession 0000036966-25-000024 (https://www.sec.gov/Archives/edgar/data/36966/000003696625000024/fhn-20241231.htm) - [FY 2023 MD&A](/company/FHN/mda/fy2023/): filed 2024-02-23; accession 0000036966-24-000015 (https://www.sec.gov/Archives/edgar/data/36966/000003696624000015/fhn-20231231.htm) - [FY 2022 MD&A](/company/FHN/mda/fy2022/): filed 2023-03-01; accession 0000036966-23-000016 (https://www.sec.gov/Archives/edgar/data/36966/000003696623000016/fhn-20221231.htm) - [FY 2021 MD&A](/company/FHN/mda/fy2021/): filed 2022-03-01; accession 0000036966-22-000015 (https://www.sec.gov/Archives/edgar/data/36966/000003696622000015/fhn-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6021 National Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/FHN.md · JSON record: /company/FHN.json · verified financials: /company/FHN/financials.json / /company/FHN/financials.csv · machine TOC for the whole site: /llms.txt