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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
First Horizon
First Horizon (FHN) investor relations material
First Horizon The BancAnalysts Association of Boston Conference 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.The BancAnalysts Association of Boston Conference 2026 summary5 Nov, 2026
Strategy and returns
Five Flags strategy targets $100M of PPNR from the existing client book by deepening relationships and directing balance sheet capacity to higher-return clients.
15% ROTCE was framed as a baseline; management expects the mortgage transaction to add at least 150 bps to ROTCE next year, before redeployment benefits.
Through-cycle underwriting stresses credits for rate moves up 300 bps or declines; margins rank top quartile and charge-offs among the best in the peer set.
Banker retention is 90%-95%, and client retention is above 90%; hiring continues in Florida, the Carolinas and Texas, with dozens of bankers added this year.
Mortgage portfolio repositioning
Sold $4.5B of seasoned mortgages, which carried a 3.85% coupon below SOFR; the clients held $200M of deposits, which remained in place. Sale closed at end-October.
Base case assumes proceeds pay down some wholesale funding and move into securities; management cited 4% EPS accretion, or $45M, and 150 bps of ROTCE next year, with benefits building into 2027.
About half the proceeds are expected to be redeployed into commercial and specialty client relationships, with loans priced at SOFR+150-250 bps and opportunities to add swaps, wealth and treasury management.
Mortgage staffing and offices were reduced; the model now emphasizes existing clients and mortgage sales connected to private-client relationships. Management called the portfolio sale a one-time restructuring, with no further sale planned.
Net interest margin and deposits
About 56%-57% of the balance sheet is asset-sensitive; the first rate increase in late September contributed only one to two weeks of benefit in Q3, while the full-quarter 25-bp increase carries into Q4.
Mortgage warehouse balances peaked in June rather than the usual September season; Q4 wholesale funding paydowns from the mortgage sale and seasonal runoff support asset yields while deposit costs are maintained.
Deposit beta target is 60% through the cycle, with bankers asked to reprice 50%-60% rather than pass through the full rate move; commercial deposit pricing also reflects borrowers’ resetting loan costs.
Q3 deposit-cost pressure reflected seasonal consumer promotions and higher mortgage-warehouse-related wholesale funding, rather than rate competition alone.
Post-transaction loan-to-deposit ratio is 88%; the next loan growth is expected to be supported by client deposits rather than wholesale funding.
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Latest events from First Horizon
- A $473M mortgage-sale charge drove a reported loss; adjusted EPS was $0.53.FHN
Q3 2026 - Profitability and growth are driven by relationship focus, AI adoption, and strong market positioning.FHNBarclays 24th Annual Global Financial Services Conference
- Net income grew 12% year-over-year to $260M, with strong loan growth and improved asset quality.FHNQ2 2026
- Strong NII, disciplined credit, and Southeast growth drive sustainable ROTCE above 15%.FHNMorgan Stanley US Financials Conference 2026
- Net income rose 21% year-over-year to $257 million, with EPS at $0.53 and ROTCE at 15.1%.FHNQ1 2026
- Director elections, executive pay, and auditor ratification headline the 2026 annual meeting.FHNProxy Filing
- Strong loan growth, profitability focus, and disciplined capital management drive 2026 outlook.FHN2026 RBC Capital Markets Global Financial Institutions Conference
- Net income and EPS surged in 2025, with strong loan growth and disciplined capital returns.FHNQ4 2025
- Adjusted EPS up to $0.36, strong capital returns, and stable credit quality amid deposit pressures.FHNQ2 2024
Next First Horizon earnings date
Q4 202614 Jan, 2027
First Horizon
Next First Horizon earnings date
Q4 202614 Jan, 2027
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Frequently asked questions
Southeastern Regional Bank
First Horizon Corporation is an American financial services company. It operates primarily through its subsidiary, First Horizon Bank, offering a comprehensive range of banking and financial products and services. These include consumer and commercial banking, wealth management, and capital market services, catering to individual, business, and institutional clients. The company is well known for its deep regional roots and has a strong presence in the Southeastern US. It is headquartered in Memphis, Tennessee, and its shares are listed on the NYSE.
Memphis Made
First Horizon Bank, founded in 1864 as First National Bank of Memphis, is one of the oldest financial institutions in the United States. The company was founded while Memphis was under martial law by the Union Army during the Civil War. Initially serving the Memphis region, the bank played a significant role in the city's economic development. The company slowly but surely became well-established in both Memphis and Tennessee during the 1900s, and eventually shifted its name to First Horizon National Corporation in 2004. In 2020, the company merged with Iberiabank, with the resulting entity keeping the First Horizon name.
Diverse Financial Services
First Horizon offers a diverse range of banking and financial services for individual consumers, businesses, and institutions. For individuals, First Horizon provides personal banking options like checking and savings accounts, credit cards, and mortgage services. Investment and wealth management services are also available for clients seeking to grow and manage their assets. Business and commercial clients can access a suite of services including business loans, treasury management, and capital market services. Additionally, First Horizon offers specialized banking solutions for sectors such as healthcare and real estate. Their services are designed to support financial management, growth, and investment across various customer segments.
Southeastern Focus
The company primarily operates in the Southern United States, with a significant presence in Tennessee, its home state. The company's regional focus extends to neighboring states, offering banking and financial services tailored to the needs of this specific geographic area. This regional concentration allows First Horizon to specialize in local market dynamics and customer needs, providing services that are relevant to the communities they serve, while also maintaining a network of branches and ATMs for convenient customer access. This regional focus is nothing unique in the US’s competitive banking landscape and some similar institutions to First Horizon include M&T Bank and Comerica.