First Horizon Corporation "Management Dinner Takeaways" (Neutral) Braziler

Research evidence excerpt

First Horizon Corporation "Management Dinner Takeaways" (Neutral) Braziler

ive Q1 0.53 0.53

replacement. The strategy is to layer modern APIs and front-ends over the stable back- Q2E 0.52 0.53

end, an approach made easier today with AI, and one that nets functional parity without Q3E 0.54 0.55

the execution risk of a full conversion. Q4E 0.53 0.55

12/26E 2.13 2.15

The Cari Network partnership, led by former Comptroller of the Currency Gene 12/27E 2.25 2.35

Ludwig is a live example of this philosophy in practice: FHN is among a small group 12/28E 2.61 2.67

of peer banks (HBAN, MTB, KEY, ONB) contributing capital to a consortium

building tokenized deposit infrastructure. Deposit tokens are digital representation Timur Braziler

Analyst of bank deposits, backed 1-1 on the balance sheet, FDIC insured, and issued on a

timur.braziler@ubs.com

distributed ledger to enable instant 24-7-365 settlement. The pilot is targeted for

+1-860-275 8004

3Q26, with full commercial availability in 4Q.

Sámuel Varga

Takeaway #3: Fee Income Differentiation Associate Analyst

samuel.varga@ubs.com

Fixed-income distribution remains the flagship fee business: commission-based, capital-

+1-201-352 6887

light, and structurally countercyclical. Current ADR run-rate in the high-$500K range

given current volatility and rate uncertainty, though management sees $750K as a Andrew Gorczyca

reasonable steady-state throughput in a healthy, consistently growing economy. Wealth Associate Analyst

andrew.gorczyca@ubs.com

strategy buildout also continuing behind the scenes, w/FHN targeting the $2–$20M net

+1-212-649 8017

worth segment, using an LPL partnership expanded last August to broaden product

breadth and a team-based onboarding model — banker, trust officer, and advisor in the