First Horizon Corporation (NYSE:FHN) Q4 2023 Earnings Conference Call January 18, 2024 9:30 AM ET

Company Participants

Natalie Flanders - Head, Investor Relations

Bryan Jordan - Chairman, President and CEO

Hope Dmuchowski - Chief Financial Officer

Susan Springfield - Chief Credit Officer

Conference Call Participants

Jon Arfstrom - RBC Capital Markets

Michael Rose - Raymond James

Casey Haire - Jefferies

Ben Gerlinger - Citi

Brady Gailey - KBW

Timur Braziler - Wells Fargo

Christopher Marinac - Janney Montgomery Scott

Brody Preston - UBS

Operator

Hello, everyone. And welcome to the First Horizon Fourth Quarter 2023 Earnings Conference Call. My name is Bruno, and I’ll be operating your call today. [Operator Instructions]

I will now hand over to your host, Natalie Flanders, Head of Investor Relations. Please go ahead.

Natalie Flanders

Thank you, Bruno. Good morning. Welcome to our fourth quarter 2023 results conference call. Thank you for joining us. Today our Chairman, President and CEO, Bryan Jordan; and Chief Financial Officer, Hope Dmuchowski, will provide prepared remarks and then we’ll be happy to take your questions. We’re also pleased to have our Chief Credit Officer, Susan Springfield here to assist us with questions as well. Our remarks today will reference our earnings presentation, which is available on our website at ir.firsthorizon.com.

As always, I need to remind you that we will be making forward-looking statements that are subject to risk and uncertainties. Therefore, we ask you to review the factors that may cause our results to differ from our expectations on page two of our presentation and in our SEC filings.

Additionally, please be aware that our comments will refer to adjusted results, which exclude the impact of notable items. These are non-GAAP measures, so it’s important for you to review the GAAP information in our earnings release and on page three of our presentation.

And last but not least, our comments reflect our current views and you should understand that we are not obligated to update them.

And with that, I’ll turn things over to Bryan.

Bryan Jordan

Thank you, Natalie. Good morning, everyone, and thank you for joining us. I think what our company and our associates accomplished in 2023 was nothing short of extraordinary, dealing with a significant shift in the banking landscape and the termination of our plan merger.

We’ve detailed some of our highlights on slide five. Despite all the disruption this year, our 2023 provision -- pre-provision net revenue was essentially flat to the prior year. We saw the benefit from our asset-sensitive balance sheet with the margin expanding 32 basis points versus 2022. This offset the decline in revenue from our counter-cyclical businesses, demonstrating the benefit of our diversified business model.