First Horizon Corporation to Host Investor Conference Call on May 4, 2023, at 6:30 a.m. CT

Executive Leadership to Discuss the Strength and Stability of its Client-Centric Strategy and Commitment to Extend its 159-year History of Driving Value for Shareholders, Associates, Clients, and Communities

MEMPHIS, Tenn., May 4, 2023 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN) ("First Horizon" or the "Company") today announced that it will host a conference call on May 4, 2023, at 6:30 a.m. CT to discuss the mutual agreement to terminate its previously announced transaction with TD Bank Group (TSX andNYSE: TD) ("TD"), originally announced on February 28, 2022, and the continued strength of its independent franchise. The press release announcing the termination of the previously announced transaction can be viewed on our website.

First Horizon's Chairman, President and Chief Executive Officer Bryan Jordan and Chief Financial Officer Hope Dmuchowski will update the financial community regarding First Horizon's recently announced first quarter earnings results and operating strength, its strong funding base, as well as the benefits of its client-centric strategy. As an independent franchise, First Horizon is well-positioned to continue its disciplined growth strategy with a strong capital position, deep client relationships, well-diversified funding mix and asset-sensitive balance sheet.

"We look forward to talking to our valued shareholders and the broader financial community regarding First Horizon's continued strength and stability as an independent franchise," said Jordan. "Over the last 14 months, maintaining business momentum and supporting our clients have remained our top priority. We are well-positioned to extend our 159-year history of driving value for our shareholders, associates, clients, and communities well into the future."

First Horizon maintains a diversified balance sheet of stable, cost-effective deposits that is well-positioned to navigate the current rate environment. In fact, its proportion of insured deposits is at the peer median of its regional banking peer set, and First Horizon's company-run stress tests results outperform the Federal Reserve's CCAR peer median.

First Horizon's conservative risk management approach, disciplined credit culture and focus on strategic execution contribute to its strong position as an independent franchise.

The highlights reported by First Horizon in its first quarter 2023 financial results included:

• Total assets of $80.7 billion and total deposits of $61.4 billion
• 55% of deposits insured by the FDIC
• Adjusted Return on Average Tangible Common Equity (ROTCE) of 18.6%
• Common Equity Tier 1 (CET1) ratio remains strong at 10.4%; CET1 net of unrealized losses of 9.0% well above regulatory capital threshold of 7.0%
• Annualized net charge-offs at 0.11%

Conference Call Details

First Horizon will host a conference call today at 6:30 a.m. CT to discuss this announcement, recent first quarter earnings results, its strong funding base and its growth plan. Analysts, investors and interested parties may call toll-free starting at 6:15 a.m. CT by dialing +1 (877) 879-1183 (if calling from the U.S.) or +1 (412) 902-6703 (if calling from outside the U.S) and entering conference ID 7584383.

A live webcast will be available at https://event.choruscall.com/mediaframe/webcast.html?webcastid=22IF3xz9.

A replay of the call will be available until May 18, 2023. To listen to the replay, dial +1 (877) 344-7529 and enter access code 7835046. To access a replay of the call from outside the U.S., please use this link: https://services.choruscall.com/ccforms/replay.html.

Use of Non-GAAP Measures and Regulatory Measures that are not GAAP

Certain measures included in this release are "non-GAAP," meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN's management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN's management and Board of Directors through various internal reports.

The non-GAAP measures presented in, with, or by this release are:  return on average tangible common equity ("ROTCE") and adjusted ROTCE; and common equity tier 1 capital ("CET1") net of unrealized losses. Reconciliations of non-GAAP to GAAP measures and presentation of the most comparable GAAP items are presented near the end (immediately before the Glossary) of Exhibit 99.1-Earnings Release and at the end of Exhibit 99.2-Investor Slide Presentation previously furnished in FHN's Current Report on Form 8-K filed April 18, 2023. Adjusted ROTCE is adjusted to exclude certain notable items identified in those exhibits.

Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered "non-GAAP" under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Common regulatory measures include: CET1, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk weighted assets ("RWA"), which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with respect to First Horizon Corporation's (the "First Horizon") beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results or other developments. The words "believe," "expect," "anticipate," "intend," "target," "plan", "estimate," "should," "likely," "will," "going forward" and other expressions that indicate future events and trends identify forward-looking statements.

Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies, many of which are beyond the control of First Horizon, and many of which, with respect to future business decisions and actions, are subject to change and which could cause actual results to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include factors previously disclosed in First Horizon's reports filed with the U.S. Securities and Exchange Commission (the "SEC") as well as the following factors, among others: any adverse effect on First Horizon as a result of this announcement or the failure of the TD transaction to proceed; First Horizon's success in executing its business plans and strategies and managing the risks involved in the foregoing; currency and interest rate fluctuations; exchange rates; success of hedging activities; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; general competitive, economic, political and market conditions; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; other actions of the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Tennessee Department of Financial Institutions and other regulators, legislative and regulatory actions and reforms; the pandemic created by the outbreak of COVID-19 and its variants, and resulting effects on economic conditions, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains; and other factors that may affect future results of First Horizon.

First Horizon cautions readers of this release that the list above is not exhaustive as of the date of this release. Actual results could differ and First Horizon's estimates and expectations could change, possibly materially, because of one or more factors, including those factors listed above or presented elsewhere in this release or those factors listed in material incorporated by reference into this release. In evaluating forward-looking statements and assessing First Horizon's prospects, readers of this release should carefully consider the factors mentioned above along with the additional risk and uncertainty factors discussed: in the forepart, and in Items 1, 1A, and 7, of First Horizon's most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of First Horizon's Quarterly Report(s) on Form 10-Q filed this year. First Horizon assumes no obligation to update or revise any forward-looking statements that are made in this release or in any other statement, release, report, or filing from time to time.

First Horizon Corp. (NYSE: FHN), with $80.7 billion in assets as of March 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.

SOURCE First Horizon Corporation