MEMPHIS,
Tenn., Oct. 29, 2024 /PRNewswire/ -- First
Horizon Corporation (NYSE: FHN or the "Company") today announced
that its board of directors has authorized a new $1 billion common stock repurchase program to
replace the Company's prior repurchase program, effective as of the
close of business on October 29,
2024. This new authorization will expire on January 31, 2026. The terminated program had
approximately $174 million of
remaining authorization and was set to expire on January 31, 2025.
Additionally, the board of directors declared a quarterly cash
dividend of $0.15 per share on FHN's
common stock. The dividend is payable on January 2, 2025 to shareholders of record at the
close of business on December 13,
2024.
"Our strong capital position provides the ability to continue to
grow our balance sheet while returning excess capital to our
shareholders," said Chairman, President and Chief Executive Officer
Bryan Jordan.
FHN common share repurchases may be executed in the open market
or through privately negotiated transactions, including under Rule
10b5-1 plans and accelerated share repurchase and other structured
transactions. The timing and exact amount of common share
repurchases will be at the discretion of senior management and
subject to various factors including the Company's capital
position, financial performance, capital impacts of strategic
initiatives, market conditions and regulatory considerations.
Preferred Dividend Information
Cash dividends were also declared on the Company's Series B,
Series C, Series E and Series F Preferred Stock, and on First
Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock, as
follows:
FHN Series B
Semi-annual cash dividend of $331.25 per share on FHN's 6.625%
Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series
B ("Series B Preferred Stock"). This equates to a cash dividend of
$0.828125 per Depositary Share (NYSE:
FHN PRB), which each represent a 1/400th interest in a share of the
Series B Preferred Stock. The dividend is payable on February 3, 2025 to shareholders of record at the
close of business on January 17,
2025.
FHN Series C
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 February 3,
2025 to shareholders of record at the close of business on
January 17, 2025.
FHN Series E
Quarterly cash dividend of $1,625.00 per share on FHN's 6.50% 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 January 10, 2025 to shareholders of record at the
close of business on December 26,
2024.
FHN Series F
Quarterly cash dividend of $1,175.00 per share on FHN's 4.70% Non-Cumulative
Perpetual Preferred Stock, Series F ("Series F Preferred Stock").
This equates to a cash dividend of $0.29375 per Depositary Share (NYSE: FHN PRF),
which each represent a 1/4,000th interest in a share of the Series
F Preferred Stock. The dividend is payable on January 10, 2025 to shareholders of record at the
close of business on December 26,
2024.
First Horizon Bank Class A
Quarterly cash dividend of $14.79043 per share on First Horizon Bank's Class
A Non-Cumulative Perpetual Preferred Stock. The dividend is payable
on January 10, 2025 to shareholders
of record at the close of business on December 26, 2024.
About First Horizon
First Horizon Corp. (NYSE: FHN), with $82.6 billion in assets as of September 30, 2024, 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.
FHN-G
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SOURCE First Horizon Corporation
