First Horizon Corporation - FHN STOCK NEWS

First Horizon Corporation reported a significant increase in third quarter net income available to common shareholders, reaching $257 million or $0.45 per share, compared to $166 million or $0.29 per share in the previous quarter. Adjusted results also showed growth, with net income of $252 million or $0.44 per share. Notably, pre-provision net revenue surged by 59% quarter-over-quarter, reflecting strong loan growth and asset sensitivity amidst a robust economic backdrop.

First Horizon Foundation has pledged $500,000 for Hurricane Ian relief efforts to support affected communities. These funds will be allocated to nonprofit organizations addressing urgent needs. Following the storm, the company provided essential supplies and continues to assist its associates through the Associate Relief Fund. Most banking centers in impacted areas are now operational, and ATMs are available in Ft. Myers. The Foundation has donated over $125 million since its inception in 1993, focusing on various community needs.

First Horizon has been named a Top Team in American Banker's 2022 Most Powerful Women in Banking program, celebrating its 20th anniversary. This recognition highlights the bank's commitment to diversity, equity, and inclusion in financial services. Criteria for selection included performance of women-led business units and improvements in women's representation in leadership roles. Bryan Jordan, CEO, expressed pride in their accomplished team, which includes key female leaders like Terry Akins and Beth Ardoin. First Horizon, with $85.1 billion in assets as of June 30, 2022, operates across 12 states.

First Horizon and Operation HOPE have launched the first 'HOPE Inside' location in Louisiana to provide free financial coaching services. Situated at First Horizon's Mid-City Canal Banking Center in New Orleans, this initiative aims to enhance financial literacy and empower low- to moderate-income families. Since its inception in 2014, First Horizon has increased HOPE Inside to 30 locations across its footprint, offering workshops and one-on-one counseling to improve money management skills. The program plays a crucial role in the financial inclusion network, transitioning individuals toward better financial stability.

First Horizon Corporation (NYSE: FHN) will release its third quarter financial results on October 18, 2022, after market close. The earnings materials will be accessible on the company's website under Events and Presentations. With $85.1 billion in assets as of June 30, 2022, First Horizon is a prominent regional financial services firm, operating in 12 southern U.S. states. The firm provides various banking and financial services, including commercial and private banking.

On August 16, 2022, Turk and Company announced the acquisition of Lenders Title Group, a subsidiary of First Horizon Corporation (NYSE:FHN), by Knox-Precision Holdings, LLC. Lenders Title, one of the largest title insurance agencies in the Southeastern U.S., has over 100 years of experience. The acquisition is expected to enhance Knox-Precision's plans to expand its geographic footprint and build a leading independent title agency. Both parties expressed satisfaction with the deal, highlighting the potential for employee growth and operational synergies.

First Horizon Corporation (NYSE: FHN) reported robust results from its 2022 capital stress test, showcasing its resilience amid economic challenges. The company's common equity tier 1 capital ratio stood at 8.4%, with a pre-tax loss absorption capacity of $3.3 billion beyond regulatory minimums. Stress test results highlighted a loan portfolio stressed loss rate of 2.5%, significantly lower than the Federal Reserve's median. Additionally, First Horizon's pre-provision net revenue as a percentage of total assets was 2.3%, surpassing the peer median of 2.1%. These results affirm First Horizon's strong capital position and risk management practices.