First Horizon (FHN) Barclays 23rd Annual Global Financial Services Conference summary

Franchise differentiation and market positioning

• Operates across 12 southern states with strong growth demographics and local decision-making focus.

• Combines large bank capabilities with local agility, aiming for growth alongside customers and communities.

• Maintains a unique business model with a strong team and geographic advantages.

Strategic priorities and technology investments

• Recently completed major merger integration and reset, investing over $100 million in technology upgrades.

• Technology deficit expected to be eliminated by early 2025, with all major projects underway.

• Focused on driving ROTCE from 12% to above 15% over the next two to three years.

• Investing in customer-facing and back-office systems, treasury management, and digital capabilities.

Market outlook and client sentiment

• Southeast markets remain strong with robust credit quality and population growth.

• No systemic issues in loan portfolios; higher rates impact some borrowers but overall performance is solid.

• Benefits from presence in no-income-tax states, attracting migration and economic growth.