Question · Q3 2025
Nick Holowko asked if First Horizon needs to realize a significant portion of its $100 million-plus PP&R opportunity, stemming from the Iberia merger, before engaging in further M&A. He also inquired about balancing expense discipline with investment, particularly for 2026's flattish expense outlook, considering the possibility of becoming a larger institution.
Answer
Chairman, President, and CEO Bryan Jordan confirmed the focus on realizing the PP&R opportunity, stating that progress in this area increases confidence in executing on both organic growth and fill-in M&A. He and CFO Hope Dmuchowski explained that flattish expenses are achievable while continuing investments in technology, infrastructure, banker growth, and building capabilities for a larger institution, leveraging past strategic decisions for efficiency.