First Horizon Corp adds Jeffrey R. Balser to board, amends bylaws to expand board size

First Horizon Corp (NYSE:FHN) announced Monday that its board of directors and the board of its subsidiary, First Horizon Bank, have elected Dr. Jeffrey R. Balser as a director, effective immediately. The appointment follows a board decision to amend the company’s bylaws to increase the number of directors from twelve to thirteen.

Dr. Balser, age 64, is currently the president, chief executive officer, and a board member at Vanderbilt University Medical Center in Nashville, Tennessee. He also serves as dean of Vanderbilt University School of Medicine. Dr. Balser has held various leadership roles at Vanderbilt and previously at Johns Hopkins, where he led a research program funded by the National Institutes of Health.The board expansion comes as First Horizon, with a market capitalization of $11.1 billion, trades at $23.43 per share. According to InvestingPro analysis, the stock appears undervalued relative to its Fair Value, suggesting potential upside for investors.

According to the company’s statement, there are no arrangements or understandings between Dr. Balser and any other person regarding his selection as a director. Dr. Balser has been appointed to serve on the Nominating and Corporate Governance Committee and the Information Technology Committee of the board.

First Horizon Corp stated that Dr. Balser will be eligible to participate in the company’s compensation plans for non-employee directors, as described in previously filed proxy statements and policies.

The board unanimously approved the amendment to Section 3.2 of the company’s bylaws on Monday, making the increase in board size effective immediately.

This information is based on a press release statement included in the company’s Form 8-K filing with the Securities and Exchange Commission.

In other recent news, First Horizon Financial Corp. reported its third-quarter adjusted earnings, surpassing Wall Street expectations with earnings per share of $0.53, slightly above the $0.52 estimate. However, revenue came in at $883 million, just under the $889.37 million forecast. The company announced plans to sell $4.5 billion in low-yielding mortgage loans at a 10% discount, a strategic move expected to enhance future returns by adding approximately 150 basis points to the return on tangible common equity. DA Davidson maintained its Neutral rating on the stock, setting a price target of $27.00, following this announcement. The bank also reported a rise in client deposits by more than $1 billion in the quarter. Management anticipates an improvement in net interest margin into the 350s in the fourth quarter and beyond. Additionally, First Horizon plans to resume share repurchases in the fourth quarter, with about $660 million of buyback capacity remaining. Net interest income increased by $7 million from the previous quarter, while net interest margin slightly decreased by 1 basis point to 3.48%.