FIRST HORIZON CORP

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

FHN$23.56+0.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

ITEM 8. FINANCIAL STATEMENTS & SUPPLEMENTARY DATA
Table of Contents	CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)	2023	2022	2021
Operating Activities
Net income	$916	$912	$1,010
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision (benefit) for credit losses	260	95	(310)
Deferred income tax expense (benefit)	44	91	—
Depreciation and amortization of premises and equipment	55	59	61
Amortization of intangible assets	47	51	56
Net other amortization and accretion	—	(25)	(72)
Net decrease in trading securities	1,163	2,120	1,824
Net (increase) decrease in derivatives	(314)	524	412
Stock-based compensation expense	36	75	43
Securities (gains) losses, net	4	(18)	(13)
Loss on debt extinguishment	—	—	26
Net (gains) losses on sale/disposal of fixed assets	—	(1)	29
Gain on divestiture	(9)	—	—
(Gain) loss on BOLI	(7)	(9)	(8)
Loans held for sale:
Purchases and originations	(2,295)	(3,728)	(6,644)
Gross proceeds from settlements and sales	1,183	2,310	4,451
(Gain) loss due to fair value adjustments and other	(12)	107	(205)
Other operating activities, net	228	(272)	65
Total adjustments	383	1,379	(285)
Net cash provided by operating activities	1,299	2,291	725
Investing Activities
Proceeds from sales of securities available for sale	—	—	68
Proceeds from maturities of securities available for sale	856	1,351	2,771
Purchases of securities available for sale	(261)	(2,767)	(3,736)
Purchases of securities held to maturity	—	(712)	(720)
Proceeds from prepayments of securities held to maturity	53	55	17
Proceeds from sales of premises and equipment	1	18	42
Purchases of premises and equipment	(37)	(28)	(53)
Proceeds from BOLI	14	22	22
Net (increase) decrease in loans and leases	(3,303)	(3,204)	3,525
Net (increase) decrease in interest-bearing deposits with banks	56	13,523	(6,556)
Cash received for divestitures	11	—	—
Other investing activities, net	5	75	19
Net cash provided by (used in) investing activities	(2,605)	8,333	(4,601)
Financing Activities
Common stock:
Stock options exercised	5	36	28
Cash dividends paid	(335)	(324)	(333)
Repurchase of shares	(10)	(12)	(416)
Preferred stock issuance	—	494	145
Call of preferred stock	—	—	(100)
Cash dividends paid - preferred stock - noncontrolling interest	(17)	(11)	(11)
Cash dividends paid - preferred stock	(32)	(32)	(33)
Net increase (decrease) in deposits	2,289	(11,406)	4,919

ITEM 8. FINANCIAL STATEMENTS & SUPPLEMENTARY DATA
Table of Contents	CONSOLIDATED STATEMENTS OF CASH FLOWS

Supplemental Disclosures
Net increase (decrease) in short-term borrowings	43	382	(75)
Increases (decreases) in term borrowings	(449)	4	(108)
Net cash provided by (used in) financing activities	1,494	(10,869)	4,016
Net increase (decrease) in cash and cash equivalents	188	(245)	140
Cash and cash equivalents at beginning of period	1,543	1,788	1,648
Cash and cash equivalents at end of period	$1,731	$1,543	$1,788
Total interest paid	$1,428	$280	$170
Total taxes paid	123	20	258
Total taxes refunded	19	7	30
Transfer from loans to OREO	4	3	4
Transfer from loans HFS to trading securities	1,212	1,893	2,232
Transfer from loans to loans HFS	7	—	31
Preferred stock conversion to common stock	493	—	—

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