MEMPHIS, Tenn., Oct. 26, 2021 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or the "Company") today announced that its board of directors has authorized a $500 million increase in its existing 2021 common share repurchase authorization. The existing program has approximately $227 million of remaining authorization, resulting in total repurchase capacity of approximately $727 million.
"We are pleased to report the board's approval of a significant increase in our share repurchase program," said Bryan Jordan, Chief Executive Officer and President. "Management and the board believe that, given our solid capital position and the current environment, increasing our return of capital through share repurchases is an important component of driving enhanced shareholder returns."
Additionally, the board declared a quarterly common stock dividend of $0.15 per share. The dividend is payable on January 3, 2022 to shareholders of record at the close of business on December 10, 2021.
FHN common share repurchases may be executed in the open market or through privately negotiated transactions, including under Rule 10b5-1 plans as well as accelerated share repurchase and other structured transactions. The timing and exact amount of common share repurchases will be subject to various factors including the Company's capital position, financial performance, capital impacts of strategic initiatives, market conditions and regulatory considerations. The expiration of this authorization, which is not tied to any compensation plan, has been extended from January 31, 2023 until October 31, 2023.
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 1, 2022 to shareholders of record at the close of business on January 14, 2022.
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 1, 2022 to shareholders of record at the close of business on January 14, 2022.
FHN Series E
Quarterly cash dividend of $1,625.00 per share on FHN's 6.50% Non-Cumulative Perpetual Preferred Stock, Series E ("Series E Preferred Stock"). This equates to a cash dividend of $0.40625 per Depositary Share (NYSE: FHN PRE), which each represent a 1/4,000th interest in a share of the Series E Preferred Stock. The dividend is payable on January 10, 2022 to shareholders of record at the close of business on December 23, 2021.
FHN Series F
Quarterly cash dividend of $1,175.00 per share on FHN's 4.70% Non-Cumulative Perpetual Preferred Stock, Series F ("Series F Preferred Stock"). This equates to a cash dividend of $0.29375 per Depositary Share (NYSE: FHN PRF), which each represent a 1/4,000th interest in a share of the Series F Preferred Stock. The dividend is payable on January 10, 2022 to shareholders of record at the close of business on December 23, 2021.
First Horizon Bank Class A
Quarterly cash dividend of $9.37500 per share on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock. The dividend is payable on January 10, 2022 to shareholders of record at the close of business on December 23, 2021.
About First Horizon
First Horizon Corp. (NYSE: FHN), with $88.5 billion in assets as of September 30, 2021, is a leading regional financial services company, dedicated to strengthening the lives of our associates, clients, shareholders, and communities. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.
CONTACT: Investor Relations, Ellen Taylor, (901) 523-4450
Media Relations, Beth Ardoin, (337) 278-6868
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SOURCE First Horizon Corporation