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Preferred Stock | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Preferred Stock | Preferred Stock The following table presents a summary of FHN's non-cumulative perpetual preferred stock.
PREFERRED STOCK
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | September 30, 2025 |  | December 31, 2024
|  | Issuance Date |  | Earliest Redemption Date (a) |  |  |  |  |  | Annual Dividend Rate |  | Dividend Payments |  | Shares Outstanding |  | Liquidation Amount |  | Carrying Amount |  | Carrying Amount
Series B |  | 7/2/2020 |  | 8/1/2025 |  |  |  |  |  | 6.625% | (b) | Semi-annually |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 77 |
Series C |  | 7/2/2020 |  | 5/1/2026 |  |  |  |  |  | 6.600% | (c) | Quarterly |  | 5,750 |  |  | 58 |  |  | 59 |  |  | 59 |
Series E |  | 5/28/2020 |  | 10/10/2025 |  |  |  |  |  | 6.500% |  | Quarterly |  | 1,500 |  |  | 150 |  |  | 145 |  |  | 145 |
Series F |  | 5/3/2021 |  | 7/10/2026 |  |  |  |  |  | 4.700% |  | Quarterly |  | 1,500 |  |  | 150 |  |  | 145 |  |  | 145 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 8,750 |  |  | $ | 358 |  |  | $ | 349 |  |  | $ | 426 |
(a) Denotes earliest optional redemption date. Earlier redemption is possible, at FHN's election, if certain regulatory capital events occur. (b) On August 1, 2025, FHN redeemed all outstanding shares of its Series B Preferred Stock. The fixed dividend rate was set to convert to three-month CME Term SOFR plus 4.52361% (0.26161% plus 4.262%) on August 1, 2025. (c) The fixed dividend rate will reset on May 1, 2026 to three-month CME Term SOFR plus 5.18161% (0.26161% plus 4.920%). FHN redeemed all outstanding shares of its Series B Preferred Stock effective August 1, 2025. The difference between the $80 million outstanding liquidation preference amount and the $77 million carrying value of the Series B Preferred Stock resulted in $3 million in deemed dividends that were included in net income available to common shareholders and EPS for the three and nine months ended September 30, 2025. The Series B redemption date was also a dividend payment date, and the regular Series B semi-annual dividend declared in second quarter 2025 was paid separately in the customary manner on August 1, 2025 to shareholders of record at the close of business on July 17, 2025. Subsidiary Preferred Stock First Horizon Bank has issued 300,000 shares of Class A Non-Cumulative Perpetual Preferred Stock ("Class A Preferred Stock") with a liquidation preference of $1,000 per share. Dividends on the Class A Preferred Stock, if declared, accrue and are payable each quarter, in arrears, at a floating rate equal to the greater of three-month CME Term SOFR plus 1.11161% (0.26161% plus 0.85%) or 3.75% per annum. These securities qualify fully as Tier 1 capital for both First Horizon Bank and FHN. On September 30, 2025 and December 31, 2024, $295 million of Class A Preferred Stock was recognized as noncontrolling interest on the Consolidated Balance Sheets. FT Real Estate Securities Company, Inc. ("FTRESC"), an indirect subsidiary of FHN, has issued 50 shares of 9.50% Cumulative Preferred Stock, Class B ("Class B Preferred Shares"), with a liquidation preference of $1 million per share; of those shares, 47 were issued to nonaffiliates. FTRESC is a real estate investment trust established for the purpose of acquiring, holding, and managing real estate mortgage assets. Dividends on the Class B Preferred Shares are cumulative and are payable semi-annually. At September 30, 2025 and December 31, 2024, the Class B Preferred Shares qualified as Tier 2 regulatory capital. For all periods presented, these securities are presented in the Consolidated Balance Sheets as term borrowings. The Class B Preferred Shares are mandatorily redeemable on March 31, 2031, and redeemable at the discretion of FTRESC in the event that the Class B Preferred Shares cannot be accounted for as Tier 2 regulatory capital or there is more than an insubstantial risk that dividends paid with respect to the Class B Preferred Shares will not be fully deductible for tax purposes.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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