MEMPHIS, Tenn., Oct. 29, 2024 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or the "Company") today announced that its board of directors has authorized a new $1 billion common stock repurchase program to replace the Company's prior repurchase program, effective as of the close of business on October 29, 2024. This new authorization will expire on January 31, 2026. The terminated program had approximately $174 million of remaining authorization and was set to expire on January 31, 2025.

Additionally, the board of directors declared a quarterly cash dividend of $0.15 per share on FHN's common stock. The dividend is payable on January 2, 2025 to shareholders of record at the close of business on December 13, 2024.

"Our strong capital position provides the ability to continue to grow our balance sheet while returning excess capital to our shareholders," said Chairman, President and Chief Executive Officer Bryan Jordan.

FHN common share repurchases may be executed in the open market or through privately negotiated transactions, including under Rule 10b5-1 plans and accelerated share repurchase and other structured transactions. The timing and exact amount of common share repurchases will be at the discretion of senior management and subject to various factors including the Company's capital position, financial performance, capital impacts of strategic initiatives, market conditions and regulatory considerations.

Preferred Dividend Information

Cash dividends were also declared on the Company's Series B, Series C, Series E and Series F Preferred Stock, and on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock, as follows:

FHN Series B

Semi-annual cash dividend of $331.25 per share on FHN's 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B ("Series B Preferred Stock"). This equates to a cash dividend of $0.828125 per Depositary Share (NYSE: FHN PRB), which each represent a 1/400th interest in a share of the Series B Preferred Stock. The dividend is payable on February 3, 2025 to shareholders of record at the close of business on January 17, 2025.

FHN Series C

Quarterly cash dividend of $165.00 per share on FHN's 6.60% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series C ("Series C Preferred Stock"). This equates to a cash dividend of $0.4125 per Depositary Share (NYSE: FHN PRC), which each represent a 1/400th interest in a share of the Series C Preferred Stock. The dividend is payable on February 3, 2025 to shareholders of record at the close of business on January 17, 2025.