Page 1

FIRST HORIZON First Horizon Corporation Reports First Quarter Net Income Available to Common Shareholders of $ 225 million , or EPS of $ 0.40 ; $ 284 million , or $ 0.51 , on an Adjusted basis * First quarter 2021 ROTCE of 15.9 % ; Adjusted ROTCE of 20.2 % improved from 18.2 % in fourth quarter 2020 * Tangible book value per share of $ 10.30 up 1 % from fourth quarter 2020 MEMPHIS , TN ( April 21 , 2021 ) - First Horizon Corporation ( NYSE : FHN or " First Horizon " ) today reported first quarter 2021 net income available to common shareholders ( " NIAC " ) of $ 225 million , or earnings per share of $ 0.40 , compared with fourth quarter 2020 NIAC of $ 234 million , or earnings per share of $ 0.42 . First quarter 2021 results were reduced by a net $ 60 million after - tax , or $ 0.11 per share , of notable items largely related to the IBERIABANK Corporation Merger ( " IBKC Merger " ) compared with a net $ 20 million after - tax reduction , or $ 0.04 per share , in fourth quarter 2020. Excluding notable items , adjusted first quarter 2021 NIAC of $ 284 million , or $ 0.51 per share , increased from $ 255 million , or $ 0.46 per share in fourth quarter 2020. * " Our balanced business model and countercyclical businesses continued to perform well in the first quarter , " said President and Chief Executive Officer Bryan Jordan . " Credit quality improved , and our expense discipline resulted in incremental cost savings . Merger integration efforts are going well , and I am proud of our associates ' unwavering support of our clients and communities . Annualized merger - related cost savings totaled $ 76 million in the first quarter , and since the inception of the most recent phase of the Paycheck Protection Program , we have assisted clients and their employees by funding over 15,000 loans totaling approximately $ 1.5 billion . " Jordan continued , " Thank you to our associates for their extraordinary dedication to our clients and communities and focus on growing our business all while helping to bring our two companies together . " Notable and Unusual Items Notable Items Quarterly , Unaudited ( $ s in millions , except per share data ) Summary of Notable Items : Purchase accounting gain Merger / acquisition expense Other notable expense Total Notable items ( pre - tax ) Total Notable items ( after - tax ) EPS impact of notable items 1Q21 4Q20 1Q20 $ 1 $ 1 $ ( 70 ) ( 34 ) ( 6 ) ( 10 ) - $ ( 79 ) $ ( 60 ) ( 33 ) $ ( 20 ) ( 6 ) ( 5 ) $ ( 0.11 ) $ ( 0.04 ) $ ( 0.01 ) First quarter 2021 earnings were reduced by a net $ 60 million after - tax impact , or $ 0.11 per share , tied to notable items compared with a net $ 20 million impact , or $ 0.04 per share , in fourth quarter 2020. First quarter notable items largely related to the IBKC Merger and include : • $ 70 million of merger - related expense largely tied to IBKC merger integration costs . • $ 10 million tied to derivative valuation adjustments related to prior Visa Class - B share sales . $ 1 million purchase accounting gain adjustment related to the IBKC Merger . * References to " Adjusted " results exclude notable items and are Non - GAAP Financial Measures . All references to loans include leases . All references to earnings per share are based on diluted shares . Please see page 7 for information on our use of Non - GAAP measures and a reconciliation of these measures to GAAP beginning on page 22 . 1