First Horizon Corp: 2Q‘26 Earnings: FY‘26 Guidance Reiterated, Fine Quarter with Optimistic Lending Pipelines. Bonds Fair

Research evidence excerpt

First Horizon Corp: 2Q‘26 Earnings: FY‘26 Guidance Reiterated, Fine Quarter with Optimistic Lending Pipelines. Bonds Fair

J P M O R G A N North America Credit Research

16 July 2026

Neutral

First Horizon Corp FHN

2Q’26 Earnings: FY’26 Guidance Reiterated, Fine Moody's:S&P: Baa3NR Outlook:Outlook: POSNA

The above agency ratings are at the corporate levelQuarter with Optimistic Lending Pipelines. Bonds Fair

North America Corporate Credit -

First Horizon's 2Q'26 results were fine with both EPS and total revenue beating Banks (IG), Nonbank Financials (IG),

market expectations. Notably, the firm reiterated its FY’26 guidance with adjusted and Financials (HY)

revenues to be up 3% - 7% YoY, adjusted expenses to be flat, NCOs to be 0.15% AC Kabir Caprihan, CFA

- 0.25% and CET1 ratio to be 10.5%. FHN's 2Q'26 EPS was $0.54, ahead of market (1-212) 834-5613

expectations of $0.52. Total revenue was $890mm, a 7% increase YoY and a 3% kabir.x.caprihan@jpmorgan.com

increase QoQ, and beating market expectations of $878mm. The firm also Vincent Barretta

expanded its balance sheet and management commented on the lending (1-212) 464-0374

environment stating that loan markets remain surprisingly optimistic with strong vincent.barretta@jpmorgan.com

pipelines, despite the uncertainty, though loan pricing remains competitive. J.P. Morgan Securities LLC

Furthermore, on the consumer, they stated that they believe there is pressure on the

low-end consumer and their spending, but outside of that cohort, consumers have

been resilient. Like most banks that we've heard from this week, the resilient

consumer in the U.S. is tied to the strong employment environment.

We maintain our Neutral rating on First Horizon Corp. The firm reported