First Horizon Corporation Posts Strong Q3 2024 Results
First Horizon Corporation (NYSE: FHN) has reported an impressive third quarter for 2024, showcasing remarkable performance with a net income available to common shareholders amounting to $213 million. This translates to an earnings per share (EPS) of $0.40, reflecting a significant increase from the previous quarter's $184 million or $0.34 EPS. Notably, when adjusted for certain items, the EPS was recorded at $0.42, marking a $0.06 increment from the previous quarter.
Strong Financial Metrics Highlight Growth
The company's return on tangible common equity (ROTCE) reached 12.6%, while the adjusted ROTCE stood at 13.2%. Additionally, the tangible book value per share rose to $13.02, indicating a gain of $0.81 quarter-over-quarter. This performance underlines First Horizon's strategic focus on adopting a diversified business model that solidifies its market foundation.
Strategic Business Performance
Chairman, President, and CEO Bryan Jordan stated, "We delivered 18% growth in earnings per share compared to the prior quarter, driven by strong performance from our counter-cyclical businesses. Our results reflect the strength of our diversified business model and our continued focus on growing and deepening client relationships." This sentiment conveys the company’s proactive approach in navigating economic currents to ensure sustained profitability.
Resilience in Quality and Community Support
As credit quality remains stable, net charge-offs have declined for two consecutive quarters, supplemented by a modest rise in reserve coverage. Jordan expressed pride in First Horizon's response to recent natural disasters, emphasizing their commitment to support associates and communities affected by hurricanes. This encapsulates the company's dedication to social responsibility, particularly in times of crisis.
Engagement Through Conference Call
First Horizon Corporation will host a conference call for analysts and investors, starting at 8:30 a.m. CT. This engagement is scheduled to occur on the same date as the earnings release. Interested parties can dial in using toll-free numbers for both domestic and international participants.
Replay Availability After Conference Call
Participants who cannot attend the live broadcast will have the opportunity to access a replay, which will be available shortly after the call concludes. This ensures that stakeholders remain informed about corporate developments.
Embracing Non-GAAP Measures
First Horizon uses several non-GAAP financial measures to enhance the understanding of its financial performance. These metrics are relevant to management's strategic insights and capitalize on the company's strengths and viability.
Regulatory Framework and Capital Position
Moreover, the company adheres to regulatory measures, which play a crucial role in evaluating its capital adequacy and financial standing. These measures include common equity tier 1 capital and risk-weighted assets, ensuring a level of transparency and consistency in assessments against peers.
About First Horizon Corporation
First Horizon Corporation, with $82.6 billion in assets, is a prominent regional financial services company that aids clients and communities in unleashing their potential through effective capital and advisory services. Headquartered in Memphis, TN, the organization operates through its banking subsidiary across various southern states, offering a broad spectrum of financial solutions, including commercial and private banking.
Frequently Asked Questions
What are the key highlights from First Horizon's Q3 2024 report?
The key highlights include a net income of $213 million and an EPS of $0.40, marking significant growth from the previous quarter.
How did First Horizon perform in terms of ROTCE?
The ROTCE reached 12.6%, with an adjusted ROTCE of 13.2%, showcasing robust financial performance.
What initiatives has First Horizon taken to support communities?
The company has expressed a commitment to assisting associates and communities impacted by hurricanes, demonstrating their corporate social responsibility.
When will the conference call regarding the earnings be held?
The conference call is scheduled to begin at 8:30 a.m. CT on the day of the earnings release.
How does First Horizon utilize non-GAAP measures?
First Horizon employs non-GAAP measures to provide a clearer picture of its financial health and performance, aiding investor understanding.
