First Horizon is a regional bank headquartered in Memphis, Tennessee, with $84B in total assets. First Horizon operates primarily through First Horizon Bank, providing commercial and consumer banking, wealth management, and capital markets services across a southern U.S. footprint of over 450 locations. The core business is lending and deposit-taking, with a $64B loan portfolio dominated by commercial lending — primarily C&I loans (~56% of total loans) and commercial real estate (~21%), with consumer real estate making up the remainder. First Horizon's commercial clients are concentrated in the southern U.S., particularly Florida, Tennessee, Texas, North Carolina, and Louisiana, served through a combination of relationship bankers and specialty lending teams (franchise finance, equipment finance, healthcare finance, energy finance, and mortgage warehouse lending) that operate nationally. Net interest income drives roughly 85%+ of revenue, with NIM in the 3.40–3.55% range. Fee income comes primarily from FHN Financial, First Horizon's fixed income sales and trading business for institutional clients, and from mortgage banking. First Horizon operates two segments: Commercial, Consumer & Wealth, which covers most lending and deposit-taking tied to its branch footprint, and Wholesale Banking, a smaller but fee-rich segment that includes FHN Financial and mortgage warehouse lending. Management views FHN Financial and mortgage warehouse lending as countercyclical to NII, providing a partial hedge when rates fall. First Horizon's capital allocation priorities are maintaining regulatory capital, funding organic loan growth, and returning capital to shareholders via buybacks and dividends.