GlobeNewswire Inc | Dec 28, 2020 07:30AM EST

December 28, 2020

MEMPHIS, Tenn., Dec. 28, 2020 (GLOBE NEWSWIRE) -- First Horizon Corporation (NYSE: FHN or the Company) today announced the results of its 2020 Bank Holding Company-run capital stress test results which demonstrate the ability to successfully navigate periods of economic stress and maintain capital ratios well above regulatory minimums. These internal results, which utilized the 2020Severely Adverse Scenario published by the Federal Reserve on September 17, 2020, reflect continued strong risk discipline.

Our stress test results demonstrate the resiliency and enhanced earnings power of our more diversified business model, benefit of our countercyclical businesses and our expanded geographic presence, said William C. Losch, Chief Financial Officer. Our minimum common equity tier one capital ratio of 8.2% remains well above regulatory requirements, and our stressed loss rates and pre-provision net revenue significantly outperformed the CCAR bank medians.

The following table reflects the Companys ending and minimum capital ratios under stress compared to the required regulatory minimums.

Actual Projected Stressed Capital Minimum (%) Ratios (%) Regulatory% Regulatory Ratio Capital Q2 2020 Ending Minimum Ratios (%)

Common equity tier 1 9.3 8.4 8.2 4.5capital ratioTier 1 risk-based capital 10.7 9.5 9.2 6.0ratioTotal risk-based capital 12.5 11.7 11.4 8.0ratioTier 1 leverage ratio 8.6 7.7 7.3 4.0

The Companys minimum common equity tier 1 ratio under stress of 8.2% reflects an additional $3.1 billion in pre-tax loss absorption capacity above the 4.5% required regulatory minimum. These results include a $0.15 quarterly common stock dividend throughout the nine quarter forecast horizon.

Additionally First Horizons commercially-oriented portfolio stressed loss rate of 2.8% outperformed the median CCAR bank result of 6.9%. The Companys stress test utilized Current Expected Credit Loss-based models for allowance and credit losses and reflected total cumulative losses of $1.5 billion, excluding Paycheck Protection Program loans. The Companys pre-provision net revenue as a percentage of total assets of 3.5% exceeded the peer median by 150 basis points and reflects the benefit of First Horizons countercyclical businesses.

For more information, please see First Horizons 2020 stress test disclosure at https://ir.fhnc.com/investor-relations/news-and-events/stress-testing-results/default.aspx.

About First Horizon

First Horizon National Corp. (NYSE:FHN), with $83 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.

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CONTACT:

Investor Relations, Ellen Taylor, 901-523-4450

Media Relations, Beth Ardoin, (337) 521-4701