First Horizon (FHN) 2026 RBC Capital Markets Global Financial Institutions Conference summary

Strategic overview and market positioning

• Operates across 12 southern states, with a strong presence in high-growth markets from Virginia to Texas and Arkansas to Florida.

• Formed through the merger of two regional banks, leveraging complementary footprints and specialty businesses for balanced performance.

• Focused on commercial and consumer banking, with a tilt toward commercial, and specialty businesses that provide stability across rate cycles.

• Benefits from robust economic conditions, low unemployment, and significant in-migration in its markets, positioning the region as a key U.S. growth engine.

• Emphasizes deepening customer relationships and narrowing business focus to areas of differentiation and shareholder value.

Financial performance and profitability initiatives

• Simplified strategic planning, reducing lengthy documents to concise frameworks and engaging nearly the entire organization.

• Targeting $100 million in pre-tax profitability improvements, with ongoing progress and additional opportunities identified.

• Achieved significant reductions in Treasury Management discounting and expanded Private Client Wealth Management relationships.

• Loan growth is strong, with C&I lending up over 1% quarter-over-quarter and commercial real estate pipelines at their strongest since 2021.

• Net interest income and loan growth are tracking in line with internal forecasts, supporting mid-single digit annual growth expectations.

Business line updates and market dynamics

• Commercial real estate lending is rebounding as inflation moderates and interest rates stabilize, supporting future loan growth.

• Mortgage Warehouse Lending has expanded its customer base and is positioned to benefit from potential increases in refinancing activity.

• The business is countercyclical, helping to offset net interest income volatility during rate changes.

• Fixed Income business remains steady, with average daily revenue on track and consistent with expectations.