2Q24 ROTCE of 11.3% and Adjusted
ROTCE of 12.0% with Tangible Book Value per Share of $12.22, up $0.06
QoQ*
MEMPHIS,
Tenn., July 17, 2024 /PRNewswire/ -- First
Horizon Corporation (NYSE: FHN or "First Horizon") today reported
second quarter net income available to common ("NIAC") shareholders
of $184 million or earnings per share
of $0.34, compared with first quarter
2024 net income available to common of $184
million or earnings per share of $0.33. Second quarter 2024 results were reduced
by a net $11 million after-tax or
$0.02 per share of notable items
compared with $12 million or
$0.02 per share in first quarter
2024. Excluding notable items, adjusted second quarter
2024 NIAC was $195 million or
$0.36 per share compared to
$195 million or $0.35 per share in first quarter 2024.
"We are pleased to report strong second quarter results. Our
banking franchise delivered a solid quarter with net interest
income and banking fee growth," said Chairman, President and Chief
Executive Officer Bryan Jordan. "Our
balance sheet continues to perform well, which combined with strong
earnings, enabled the return of $212
million of capital to shareholders this quarter."
Jordan continued, "We continue to make significant progress on
our strategic investments while identifying operational
efficiencies that enhance the client experience and our financial
performance. I am proud of the continued progress we have made in
strengthening our competitive position and remain confident in our
ability to continue to deliver value to our shareholders,
associates, clients, and communities."
Conference Call Information
Analysts, investors and interested parties may call toll-free
starting at 8:15 a.m. CT on
July 17, 2024 by dialing
1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if
calling from outside the U.S) and entering access code 463278. The
conference call will begin at 8:30 a.m.
CT.
Participants can also opt to listen to the live audio webcast at
https://ir.firsthorizon.com/events-and-presentations/default.aspx.
A replay of the call will be available beginning at noon CT on July 17
until midnight CT on July 31, 2024. To listen to the replay, dial
1-866-813-9403 (U.S. callers); the access code is 610953. A replay
of the webcast will also be available on our website on
July 17 and will be archived on the
site for one year.
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended (the
"Securities Act"), and Section 21E of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"). Forward-looking
statements pertain to FHN's beliefs, plans, goals, expectations,
and estimates. Forward-looking statements are not a representation
of historical information, but instead pertain to future
operations, strategies, financial results, or other developments.
Forward-looking statements can be identified by the words
"believe," "expect," "anticipate," "intend," "estimate," "should,"
"is likely," "will," "going forward," and other expressions that
indicate future events and trends.
Forward-looking statements are necessarily based upon estimates
and assumptions that are inherently subject to significant
business, operational, economic, and competitive uncertainties and
contingencies, many of which are beyond FHN's control, and many of
which, with respect to future business decisions and actions
(including acquisitions and divestitures), are subject to change
and could cause FHN's actual future results and outcomes to differ
materially from those contemplated or implied by forward-looking
statements or historical performance. Examples of uncertainties and
contingencies include those mentioned: in this document; in Items
2.02 and 7.01 of FHN's Current Report on Form 8-K to which this
document has been filed as an exhibit; in the forepart, and in
Items 1, 1A, and 7, of FHN's most recent Annual Report on Form
10-K; and in the forepart, and in Item 1A of Part II, of FHN's
Quarterly Report(s) on Form 10-Q filed after that Annual
Report.
FHN assumes no obligation to update or revise any
forward-looking statements that are made in this document or in any
other statement, release, report, or filing from time to time.
Use of Non-GAAP Measures and Regulatory Measures that are not
GAAP
Certain measures included in this report are "non-GAAP," meaning
they are not presented in accordance with generally accepted
accounting principles in the U.S. and also are not codified in U.S.
banking regulations currently applicable to FHN. Although other
entities may use calculation methods that differ from those used by
FHN for non-GAAP measures, FHN's management believes such measures
are relevant to understanding the financial condition, capital
position, and financial results of FHN and its business segments.
Non-GAAP measures are reported to FHN's management and Board of
Directors through various internal reports.
The non-GAAP measures presented in this earnings release are
fully taxable equivalent measures, pre-provision net revenue
("PPNR"), return on average tangible common equity ("ROTCE"),
tangible common equity ("TCE") to tangible assets ("TA"), tangible
book value ("TBV") per common share, and various consolidated and
segment results and performance measures and ratios adjusted for
notable items.
Presentation of regulatory measures, even those which are not
GAAP, provide a meaningful base for comparability to other
financial institutions subject to the same regulations as FHN, as
demonstrated by their use by banking regulators in reviewing
capital adequacy of financial institutions. Although not GAAP
terms, these regulatory measures are not considered "non-GAAP"
under U.S. financial reporting rules as long as their presentation
conforms to regulatory standards. Regulatory measures used in this
financial supplement include: common equity tier 1 capital
("CET1"), generally defined as common equity less goodwill, other
intangibles, and certain other required regulatory deductions; tier
1 capital, generally defined as the sum of core capital (including
common equity and instruments that cannot be redeemed at the option
of the holder) adjusted for certain items under risk based capital
regulations; and risk-weighted assets, which is a measure of total
on- and off-balance sheet assets adjusted for credit and market
risk, used to determine regulatory capital ratios.
Refer to the tabular reconciliation of non-GAAP to GAAP measures
and presentation of the most comparable GAAP items, beginning on
page 20 of FHN's complete 2Q24 earnings release available at
https://ir.firsthorizon.com.
First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of June 30, 2024,
is a leading regional financial services company, dedicated to
helping our clients, communities and associates unlock their full
potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First
Horizon Bank operates in 12 states across the southern U.S. The
Company and its subsidiaries offer commercial, private banking,
consumer, small business, wealth and trust management, retail
brokerage, capital markets, fixed income, and mortgage banking
services. First Horizon has been recognized as one of the nation's
best employers by Fortune and Forbes magazines and a Top 10 Most
Reputable U.S. Bank. More information is available at
www.FirstHorizon.com.
*References to "Adjusted" results exclude notable items and,
along with ROTCE and certain other financial measures, are Non-GAAP
Financial Measures. Please see page 4 for information on our use of
Non-GAAP measures and a reconciliation of these measures to GAAP
beginning on page 21 of FHN's complete 2Q24 earnings release
available at https://ir.firsthorizon.com. All references to loans
include leases. All references to earnings per share are based on
diluted shares.
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SOURCE First Horizon Corporation