First Horizon Corporation Reports 2024 Financial Success
First Horizon Corporation (NYSE: FHN) has announced its financial results for the complete year of 2024, reporting an impressive net income available to common shareholders, commonly referred to as NIAC, amounting to $738 million, which translates to earnings per share (EPS) of $1.36. These results indicate a slight decrease from the previous year's NIAC of $865 million or EPS of $1.54. The mentioned figures portray a year filled with strategic execution and focused efforts despite encountering various challenges in the financial landscape.
Fourth Quarter Highlights
In the last quarter of 2024, First Horizon reported a NIAC of $158 million or $0.29 per share. When adjusted, the figures show a rise to $228 million or $0.43 per share, which represents a 2% improvement from the prior quarter. This jump illustrates the company's resilience in a fluctuating market environment.
Key Factors Driving Performance
Chairman, President, and Chief Executive Officer Bryan Jordan attributed these results to the company's strategic initiatives aimed at boosting performance. He expressed that strong client relationships along with a diverse business model allowed First Horizon to navigate the complexities of changing interest rates efficiently.
Throughout 2024, the company experienced significant growth, mainly supported by strong net interest margins. Fixed income revenue surged by 6%, and net charge-offs dropped to just 8 basis points, showcasing the firm’s commitment to prudent financial management. The slight expansion of net interest margin by two basis points in the fourth quarter further illustrates the positive momentum as First Horizon steps into 2025.
Looking Ahead to 2025
As 2025 approaches, Bryan Jordan remains optimistic about the company's trajectory. He expressed confidence in First Horizon's capability to produce enduring growth while enhancing value for shareholders, clients, and employees alike. The commitment to innovation and expansion will likely position the company favorably as market conditions evolve.
Commitment to Stakeholders
Jordan highlighted the dedication of the First Horizon team towards creating significant value for all stakeholders. The company's focus on fostering solid relationships will play an essential role in its future endeavors. First Horizon continues to recognize its responsibilities toward the communities it serves, demonstrating an ongoing commitment to social responsibility alongside business growth.
Conference Call Information
For those interested in delving deeper into the company’s financial performance, First Horizon will hold a conference call for analysts and investors. Interested parties can join the call starting at 8:15 a.m. CT on a specified date by dialing the designated toll-free numbers. Moreover, a live audio webcast will be available for those who prefer to listen digitally, allowing a wider audience to engage with the insights shared during these discussions.
Frequently Asked Questions
What financial results did First Horizon report for 2024?
First Horizon Corporation reported a net income available to common shareholders of $738 million for 2024, which translates to an EPS of $1.36.
How did the fourth quarter of 2024 perform compared to previous quarters?
In the fourth quarter of 2024, First Horizon reported a NIAC of $158 million or $0.29 per share, with an adjusted figure rising to $228 million or $0.43 per share, reflecting a 2% increase from the last quarter.
What strategic factors contributed to First Horizon's performance in 2024?
Key factors included a strong net interest margin, increased fixed income revenue, and improved management of net charge-offs during the year.
What is the outlook for First Horizon in 2025?
First Horizon's leadership remains optimistic about the company’s growth prospects in 2025, emphasizing a dedication to enhancing shareholder value and community support.
How can investors participate in the upcoming conference call?
Investors can join the conference call by dialing the designated toll-free numbers at the specified time or tuning into the live audio webcast, which will provide further insights into the company’s performance and strategy.
