First Horizon Announces $650 Million Share Repurchase Program, Declares Cash Dividends on Common and Preferred Stock

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Jan 23, 2024, 17:54 ET

MEMPHIS, Tenn., Jan. 23, 2024 /PRNewswire/ --- First Horizon Corporation (NYSE: FHN or the "Company") today announced that its board of directors has authorized the Company to repurchase up to $650 million of the Company's common stock.

Additionally, the board of directors declared a quarterly common stock dividend of $0.15 per share. The dividend is payable on April 1, 2024 to shareholders of record at the close of business on March 15, 2024.

"Our strong capital provides for more optionality to capitalize on strategic growth opportunities while continuing to operate in the context of safety and soundness and return capital to our shareholders," said Chairman, President and Chief Executive Officer Bryan Jordan.

FHN common share repurchases may be executed in the open market or through privately negotiated transactions, including under Rule 10b5-1 plans and accelerated share repurchase and other structured transactions. The timing and exact amount of common share repurchases will be subject to various factors including the Company's capital position, financial performance, capital impacts of strategic initiatives, market conditions and regulatory considerations. This authorization will expire on January 31, 2025.

Preferred Dividend Information

Cash dividends were also declared on the Company's Series C, Series D, Series E and Series F Preferred Stock, and on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock, as follows:

FHN Series C

Quarterly cash dividend of $165.00 per share on FHN's 6.60% Fixed to Floating Non-Cumulative Perpetual Preferred Stock, Series C ("Series C Preferred Stock"). This equates to a cash dividend of $0.4125 per Depositary Share (NYSE: FHN PRC), which each represent a 1/400th interest in a share of the Series C Preferred Stock. The dividend is payable on May 1, 2024 to shareholders of record at the close of business on April 16, 2024.

FHN Series D

Semi-annual cash dividend of $305.00 per share on FHN's 6.10% Fixed to Floating Non-Cumulative Perpetual Preferred Stock, Series D ("Series D Preferred Stock"). This equates to a cash dividend of $0.7625 per Depositary Share (NYSE: FHN PRD), which each represent a 1/400th interest in a share of the Series D Preferred Stock. The dividend is payable on May 1, 2024 to shareholders of record at the close of business on April 16, 2024.

FHN Series E

Quarterly cash dividend of $1,625.00 per share on FHN's 6.50% Non-Cumulative Perpetual Preferred Stock, Series E ("Series E Preferred Stock"). This equates to a cash dividend of $0.40625 per Depositary Share (NYSE: FHN PRE), which each represent a 1/4,000th interest in a share of the Series E Preferred Stock. The dividend is payable on April 10, 2024 to shareholders of record at the close of business on March 26, 2024.

FHN Series F

Quarterly cash dividend of $1,175.00 per share on FHN's 4.70% Non-Cumulative Perpetual Preferred Stock, Series F ("Series F Preferred Stock"). This equates to a cash dividend of $0.29375 per Depositary Share (NYSE: FHN PRF), which each represent a 1/4,000th interest in a share of the Series F Preferred Stock. The dividend is payable on April 10, 2024 to shareholders of record at the close of business on March 26, 2024.

First Horizon Bank Class A

Quarterly cash dividend of $16.27219 per share on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock. The dividend is payable on April 10, 2024 to shareholders of record at the close of business on March 26, 2024.

About First Horizon

First Horizon Corp. (NYSE: FHN), with $81.7 billion in assets as of December 31, 2023, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

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SOURCE First Horizon Corporation