• First Horizon average price/book ratio for 2023 was 0.8, a 40.3% increase from 2022.
• First Horizon average price/book ratio for 2022 was 1.34, a 39.58% decline from 2021.
• First Horizon average price/book ratio for 2021 was 0.96, a 71.43% increase from 2020.

Price/book ratio can be defined as