First Horizon Corporation's Momentum Continues with Strong Third Quarter 2024 Results; Net Income Available to Common Shareholders of $213 Million or EPS of $0.40; $224 Million or $0.42 on an Adjusted Basis, both up $0.06 from prior quarter*
First Horizon (NYSE: FHN) reported strong third quarter 2024 results with net income available to common shareholders of $213 million or earnings per share of $0.40. Adjusted earnings were $224 million or $0.42 per share, both up $0.06 from the prior quarter. The company achieved a 3Q24 ROTCE of 12.6% and Adjusted ROTCE of 13.2%, with Tangible Book Value per Share increasing by $0.81 to $13.02.
CEO Bryan Jordan highlighted the 18% growth in earnings per share compared to the previous quarter, attributing it to strong performance from counter-cyclical businesses and the company's diversified business model. Credit quality remained stable, with net charge-offs declining for the second consecutive quarter and a modest increase in reserve coverage. The company also emphasized its support for associates, clients, and communities affected by recent hurricanes.
First Horizon (NYSE: FHN) ha riportato risultati solidi per il terzo trimestre del 2024, con un utile netto disponibile per gli azionisti comuni di 213 milioni di dollari o utili per azione di 0,40 dollari. Gli utili adjusted sono stati di 224 milioni di dollari o 0,42 dollari per azione, entrambi in aumento di 0,06 dollari rispetto al trimestre precedente. L'azienda ha realizzato un ROTCE 3Q24 del 12,6% e un ROTCE adjusted del 13,2%, con un valore contabile tangibile per azione che è aumentato di 0,81 dollari a 13,02 dollari.
Il CEO Bryan Jordan ha sottolineato la crescita del 18% degli utili per azione rispetto al trimestre precedente, attribuendola a una performance robusta da parte delle attività controcicliche e al modello commerciale diversificato dell'azienda. La qualità del credito è rimasta stabile, con un declino delle cancellazioni nette per il secondo trimestre consecutivo e un modesto aumento nella copertura delle riserve. L'azienda ha anche enfatizzato il proprio supporto per i collaboratori, i clienti e le comunità colpite dagli uragani recenti.
First Horizon (NYSE: FHN) reportó resultados sólidos para el tercer trimestre de 2024, con un ingreso neto disponible para accionistas comunes de 213 millones de dólares o ganancias por acción de 0,40 dólares. Las ganancias ajustadas fueron de 224 millones de dólares o 0,42 dólares por acción, ambas en aumento de 0,06 dólares en comparación con el trimestre anterior. La empresa logró un ROTCE 3Q24 del 12,6% y un ROTCE ajustado del 13,2%, con el valor contable tangible por acción aumentando en 0,81 dólares a 13,02 dólares.
El CEO Bryan Jordan destacó el crecimiento del 18% en las ganancias por acción en comparación con el trimestre anterior, atribuyéndolo al sólido desempeño de negocios contracíclicos y al modelo comercial diversificado de la empresa. La calidad crediticia se mantuvo estable, con disminuciones en las cancelaciones netas por segundo trimestre consecutivo y un modesto aumento en la cobertura de reservas. La empresa también enfatizó su apoyo a los empleados, clientes y comunidades afectados por los recientes huracanes.
퍼스트 호라이즌(뉴욕증권거래소: FHN)은 2024년 3분기 강력한 실적을 보고했으며, 공통 주주를 위한 순이익 2억 1천 3백만 달러 또는 주당 수익 0.40 달러를 기록했습니다. 조정 후 수익은 2억 2천 4백만 달러 또는 주당 0.42 달러였으며, 둘 다 전 분기 대비 0.06 달러 증가했습니다. 회사는 3Q24 ROTCE 12.6%과 조정 ROTCE 13.2%를 달성하였으며, 주당 장부 가치가 0.81 달러 상승하여 13.02 달러가 되었습니다.
CEO 브라이언 조던은 전 분기 대비 주당 수익 18% 증가를 강조하며, 이는 사이클에 반하는 비즈니스와 회사의 다각화된 비즈니스 모델에서의 강력한 성과 덕분이라고 밝혔습니다. 신용 품질은 안정적으로 유지되었으며, 순 충당금이 두 번째 연속 분기 동안 감소했습니다 그리고 준비금 비율에서의 소폭 증가가 있었습니다. 회사는 recent 허리케인으로 피해를 입은 직원, 고객 및 지역 사회를 지원하는 것을 강조했습니다.
First Horizon (NYSE: FHN) a annoncé de solides résultats pour le troisième trimestre 2024, avec un revenu net disponible pour les actionnaires ordinaires de 213 millions de dollars ou un bénéfice par action de 0,40 dollar. Les bénéfices ajustés ont atteint 224 millions de dollars ou 0,42 dollar par action, soit une augmentation de 0,06 dollar par rapport au trimestre précédent. L'entreprise a réalisé un ROTCE de 12,6% pour le 3T24 et un ROTCE ajusté de 13,2%, avec la valeur comptable tangible par action augmentant de 0,81 dollar pour atteindre 13,02 dollars.
Le PDG Bryan Jordan a souligné la croissance de 18% des bénéfices par action par rapport au trimestre précédent, attribuant cela à la performance solide des activités contracycliques et au modèle commercial diversifié de l'entreprise. La qualité du crédit est restée stable, avec une diminution des pertes nettes pour le deuxième trimestre consécutif et une légère augmentation de la couverture des réserves. L'entreprise a également souligné son soutien aux employés, aux clients et aux communautés touchées par les récents ouragans.
First Horizon (NYSE: FHN) hat für das dritte Quartal 2024 starke Ergebnisse gemeldet, mit einem Nettogewinn von 213 Millionen Dollar für Stammaktionäre oder Gewinnen pro Aktie von 0,40 Dollar. Die bereinigten Gewinne betrugen 224 Millionen Dollar oder 0,42 Dollar pro Aktie, beides 0,06 Dollar höher als im Vorquartal. Das Unternehmen erzielte eine 3Q24 ROTCE von 12,6% und eine bereinigte ROTCE von 13,2%, wobei der tangibles Buchwert pro Aktie um 0,81 Dollar auf 13,02 Dollar anstieg.
CEO Bryan Jordan hob das Wachstum der Gewinne pro Aktie um 18% im Vergleich zum vorherigen Quartal hervor und führte dies auf die starke Leistung von antizyklischen Geschäften und das diversifizierte Geschäftsmodell des Unternehmens zurück. Die Kreditqualität blieb stabil, mit einem Rückgang der Nettoabschreibungen im zweiten aufeinanderfolgenden Quartal und einem moderaten Anstieg der Rückstellung. Das Unternehmen betonte auch seine Unterstützung für Mitarbeiter, Kunden und Gemeinschaften, die von den jüngsten Hurrikanen betroffen sind.
- Net income available to common shareholders increased to $213 million, up from $184 million in Q2 2024
- Earnings per share grew to $0.40, an 18% increase from $0.34 in the previous quarter
- Adjusted earnings per share rose to $0.42, up from $0.36 in Q2 2024
- Tangible Book Value per Share increased by $0.81 to $13.02
- ROTCE improved to 12.6%, with Adjusted ROTCE at 13.2%
- Net charge-offs declined for the second consecutive quarter
- Results were reduced by $11 million after-tax of notable items
Insights
First Horizon 's Q3 2024 results demonstrate strong performance with NIAC of
Key positives include:
- ROTCE of
12.6% and Adjusted ROTCE of13.2% - Tangible Book Value per Share increased by
$0.81 to$13.02 - Stable credit quality with declining net charge-offs
- Modest increase in reserve coverage
The diversified business model is proving resilient, with strong client relationship growth. However, investors should note the impact of recent hurricanes on the company's operations and potential short-term effects on financial performance in affected areas.
3Q24 ROTCE of
"We delivered
Conference Call Information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on October 16, 2024 by dialing 1-833-470-1428 (if calling from the
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 October 16 until midnight CT on October 30, 2024. To listen to the replay, dial 1-866-813-9403 (
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, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect 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. The words "believe," "expect," "anticipate," "intend," "estimate," "should," "is likely," "will," "going forward," and other expressions that indicate future events and trends identify forward-looking statements. 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 filed with the Securities and Exchange Commission on the date of this release; 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. Actual results could differ and expectations could change, possibly materially, because of one or more factors, including those factors mentioned in the reports listed above, those factors presented in the exhibits to that Form 8-K, and other factors not listed.
Throughout this document, numbers may not foot due to rounding, references to EPS are fully diluted, and capital ratios for the most recent quarter are estimates.
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
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
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 3Q24 earnings release available at https://ir.firsthorizon.com.
First Horizon Corp. (NYSE: FHN), with
*References to "Adjusted" results exclude notable items and, along with ROTCE and certain other financial measures, are Non-GAAP Financial Measures. All references to loans include leases. All references to earnings per share are based on diluted shares. Please see page 4 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 20 of FHN's complete 3Q24 earnings release available at https://ir.firsthorizon.com.
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SOURCE First Horizon Corporation
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