FHN 2Q26 - Quick Take - Puts and Takes

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FHN 2Q26 - Quick Take - Puts and Takes

Truist Securities

Equity Research Report July 15, 2026

FINANCIALS: Regional Banks First Horizon Corporation (FHN)

FHN 2Q26 - Quick Take - Puts and Takes John McDonald

212-303-4179

John.McDonald@truist.com

First Horizon printed 2Q EPS of $0.54, a ~4% beat versus consensus of $0.52. Lower

provision (reserve release) and some help on the tax line drove the beat, with PPNR coming

John Manahan in a touch below the Street on higher expenses. FHN leaves its FY'26 guidance ranges on 212-303-4158

John.Manahan@truist.com revenues, expenses, and net charge-offs all unchanged in the slides this morning,

No outlook changes: Total revenue still guided to grow +3-7% y/y and expenses ~0%.

Peter Nicolo Prior to the print, consensus had ~4% revenue growth, and was also in-line on the expense

212-303-4141 outlook. Within the revenue outlook, FHN still expects to deliver mid-single-digit balance

Peter.Nicolo@truist.com sheet growth in '26. Net charge-offs should finish the year in the 15-25bps range (vs. 20bps

in 2Q) and consensus had the midpoint before results. CET-1 in 2Q was 10.5% (flat q/q)

and in-line with the near term target along with the FY'26 outlook.

Current Price (Jul. 14, $25.72 2Q26 EPS: FHN printed EPS of $0.54, a touch ahead of consensus estimates, on a provision 2026)

driven beat and some help from the tax line. These lines offset a low-single-digit miss on

Stock Rating HOLD PPNR. NII was a touch light (by ~$3m) with in-line NIM (down -3bps q/q to 3.49%), and

Unchanged headline fees beat by ~$13m with brokerage / trust / insurance and other coming in strong.

Reported expenses of $531m was $20m high. Deferred compensation income / expense

Price Target $27.00 stepped up q/q and makes getting a read on the underlying drivers vs.