First Horizon Corporation Announces $500 Million Share Purchase Program

Declares Cash Dividends on Common and Preferred Stock

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 Information

The 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.