First Horizon Corporation Announces $500 Million Share Purchase Program

MEMPHIS, Tenn., Jan. 27, 2021 (GLOBE NEWSWIRE) — First Horizon Corporation (NYSE: FHN or the “Company”) today announced that its board of directors has authorized the Company to repurchase up to $500 million of the Company’s common stock.
“We are pleased to report the board’s approval of a new share repurchase program,” said Bryan Jordan, Chief Executive Officer and President. “This authorization follows the completion of our 2020 Company-run stress test which demonstrated the strength and resiliency of our capital base and the enhanced earnings power of our more diversified business model and geographic presence. As it relates to capital deployment, our first priority is to make investments to drive organic growth, but we also plan to balance this with opportunistic share repurchases to help drive enhanced shareholder returns.”Additionally, the board declared a quarterly common stock dividend of $0.15 per share. The dividend is payable on April 1, 2021 to shareholders of record at the close of business on March 12, 2021.FHN common share repurchases may be executed in the open market or through privately negotiated transactions, including under Rule 10b5-1 plans as well as 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, which is not tied to any compensation plan, will expire on January 31, 2023 and replaces the prior general authorization which was scheduled to expire on January 31, 2021.Preferred Dividend InformationThe board also approved payment of cash dividends on the Company’s Series A, Series C, Series D and Series E Preferred Stock:The board approved payment of the quarterly cash dividend of $1,550.00 per share on FHN’s Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”). This equates to a cash dividend of $0.3875 per Depositary Share (NYSE: FHN PRA), which each represent a 1/4,000th interest in a share of the Series A Preferred Stock. The dividend is payable on April 12, 2021 to shareholders of record at the close of business on March 26, 2021.The board approved payment of the 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 3, 2021 to shareholders of record at the close of business on April 16, 2021.The board approved payment of the 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 3, 2021 to shareholders of record at the close of business on April 16, 2021.The board approved payment of the quarterly cash dividend of $1,625.00 per share on FHN’s 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 12, 2021 to shareholders of record at the close of business on March 26, 2021.The board of directors of First Horizon Bank, FHN’s primary subsidiary, approved payment of the quarterly cash dividend of $9.47917 per share on First Horizon Bank’s Class A Non-Cumulative Perpetual Preferred Stock. The dividend is payable on April 12, 2021 to shareholders of record at the close of business on March 26, 2021.About First Horizon
First Horizon Corp. (NYSE: FHN), with $84 billion in assets, is a leading regional financial services company, dedicated to strengthening the lives of our associates, clients, shareholders, and communities. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates nearly 500 bank locations in 12 states across the Southeast. With more than 288 years of combined First Horizon Bank and IBERIABANK financial experience, the Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon is 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.FHN-G