Our bankers delivered stable pre-provision net revenue year over year. We managed our balance sheet for safety and soundness,
including maintaining a smaller securities portfolio, relative to peers, with a focus on interest rate risk and liquidity.
Our overall credit quality remained stable reflecting our risk management processes focused on soundness, profitability and
growth.
Additional performance
highlights for the year include:
• We delivered net income available to common shareholders
of $865 million, or earnings per share of $1.54, compared to $868 million and $1.53 per share in 2022.
• 2023
results benefited from a net $59 million after-tax or $0.11 per share of notable items compared with a net reduction of $82 million
or $0.15 per share in 2022. 1
• Prudent balance sheet management enabled us to better serve our clients. We grew both
loans and deposits at significantly higher rates than the industry, supported by our exceptionally strong capital levels.
• We saw the benefit of our asset-sensitive balance sheet with net interest margin up 32 basis points versus 2022, offsetting
the decline in revenue from our countercyclical businesses.
• Our deep-rooted relationships with our clients, who have
on average more than nine years of tenure at the bank, allowed us to retain over 90% of our client base in 2023.
• We
continue to build on our strong capital levels, ending the year at 11.4%.
• Strong earnings supported 19% tangible book
value per share growth, ending the year at $12.13.
• Strong capital levels support the $650 million of share repurchase
authority our board approved in January 2024.
As a people-focused, technology enabled company, we have announced an additional
$100 million investment over three years in technology and process improvements to remain competitive with the rapid transformation
of digital banking and to assure we have the scalability needed for continued growth. New and improved ways to listen and
gain insights from our clients are shaping the ways we do business. We continue to make significant investments in safeguarding
practices to protect sensitive information as client privacy, data protection and cybersecurity remain top priorities. Incredible
momentum across the organization is driving process improvements that enhance the associates’ and clients’ experiences
and position us to continue to meet the evolving needs of our clients at every stage in their lives.
Recruiting and investing
in a talented, diverse team and inclusive work environment are critical to our success. We actively solicit associate feedback
and use it to create a performance-oriented workplace and collaborative culture that allow each associate to thrive and grow
professionally and personally.
Our commitment to lifting up and bettering the communities and people we serve is one of our
core values. In May 2023, we contributed $50 million to the First Horizon Foundation to support the long-term economic and
social health and sustainability of our communities. We remain focused on providing better access to financial capital, education,
housing, redevelopment and revitalization, and health and human services to the most vulnerable members of our communities.
We deployed approximately $18 million during the year through more than 1,600 nonprofit partners, with nearly 50 percent dedicated
to low- and moderate-income areas. As always, our associates gave generously of their time to support nonprofits and causes
they care about, dedicating more than 27,000 hours to better the communities we call home.
I am proud of the extraordinary
work our team does and the many ways they live out our Corporate Responsibility pledge to be “Here for Good.”
We look forward to sharing more about our performance
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