First Horizon’s fourth quarter results were marked by notable revenue and profit outperformance compared to Wall Street expectations, prompting a positive market response. Management credited the quarter’s momentum to disciplined deposit cost management, expanded lending to mortgage companies, and robust performance across the commercial and industrial loan portfolio. CEO D. Bryan Jordan noted, “We delivered increased pre-provision net revenue and return on tangible common equity, hitting 15% in 2025.” Fee income also rose, supported by higher activity in equipment finance leasing. Meanwhile, the bank maintained tight control of credit quality and continued to return capital to shareholders through share repurchases and dividends.

Is now the time to buy FHN? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From First Horizon’s Q4 Earnings Call

• Casey Haire (Autonomous): Asked about key variables influencing the revenue outlook and what could drive results toward the high or low end. CFO Hope Dmuchowski explained that loan growth and the timing of interest rate changes are primary factors.
• Ryan Nash (Goldman Sachs): Queried the drivers of loan growth across product types and the sustainability of deposit betas. Dmuchowski detailed expectations for mortgage warehouse, commercial lending, and highlighted macro factors influencing deposit pricing.
• John Pancari (Evercore): Inquired about breaking down revenue guidance between net interest income and fees. Management underscored the importance of a balanced business model and countercyclical revenue streams.
• Bernard Von Gazzicchi (Deutsche Bank): Sought clarity on the sustainability of the 15% return on tangible common equity. Dmuchowski and Jordan confirmed it is sustainable on average, though quarterly fluctuations may occur.
• Jared Shaw (Barclays): Asked about capital deployment and the pace of share buybacks in 2026. CEO Jordan reiterated a disciplined approach, prioritizing organic growth and maintaining capital ratios in line with peers.

Catalysts in Upcoming Quarters

Moving forward, the StockStory team will monitor (1) sustained momentum in loan growth—particularly in commercial and mortgage-related segments, (2) the ability to maintain deposit cost advantages and expand treasury management penetration, and (3) disciplined expense management amid ongoing technology and branch investments. Progress on deepening client relationships and any shifts in credit quality or macroeconomic conditions will also be important signposts for execution.

First Horizon currently trades at $24.97, up from $24.05 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).

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