($s in millions) 2Q24 1Q24 2Q24 vs. 1Q24 2Q24 1Q24 2Q24 vs. 1Q24 Total Loans (GAAP) $ 62,781 $ 61,753 $ 1,028 2 % $ 62,029 $ 61,152 $ 876 1 % Total Loans excl. LMC (Non-GAAP) 59,847 59,387 460 1 % 59,589 59,305 284 — % 27 (a) Adjusted for notable items as detailed on page 24 (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding Reconciliation to GAAP financials Period-end Average 8 Deposits trending in line with the industry1 while DDA remains stable 9 ...

Key Takeaways First Horizon Corp. shares fell in intraday trading Wednesday after the company reported second-quarter results lower than analysts' projections. Revenue and profits fell year-over-year as net interest income (NII) decreased. First Horizon also lowered its full-year NII outlook. The parent of First Horizon Bank reported NII of $629 million, down slightly from the $631 million it reported last year and below the $636 million analysts had projected, according to estimates compiled by Visible Alp ...

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First Horizon National (FHN) reported $815 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 21%. EPS of $0.36 for the same period compares to $0.39 a year ago. The reported revenue represents a surprise of -0.59% over the Zacks Consensus Estimate of $819.82 million. With the consensus EPS estimate being $0.37, the EPS surprise was -2.70%. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers a ...

First Horizon National (FHN) came out with quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -2.70%. A quarter ago, it was expected that this bank holding company would post earnings of $0.34 per share when it actually produced earnings of $0.35, delivering a surprise of 2.94%. Over the last four qu ...

Financial Performance - Second quarter 2024 net income available to common shareholders was $184 million, or earnings per share of $0.34, compared to $184 million and $0.33 in the first quarter 2024[14]. - Adjusted net income for the second quarter 2024 was $195 million, or $0.36 per share, up from $195 million or $0.35 per share in the first quarter 2024[14]. - Net income for Q2 2024 was $204 million, representing a 4% increase from Q1 2024 but a 38% decrease from Q2 2023[18]. - Net income attributable to common shareholders was $184 million, a decrease of 42% from $317 million in Q2 2023[30]. - Diluted EPS for Q2 2024 was $0.34, up 2% from $0.33 in Q1 2024[30]. - Adjusted net income available to common shareholders was $195 million, unchanged from Q1 2024 but down 24% from Q2 2023[31]. - Adjusted diluted EPS for Q2 2024 was $0.36, a 2% increase from Q1 2024 and a decrease of 9% from Q2 2023[31]. - The company reported a net loss of $(71) million in Q2 2024, an improvement of $24 million (26%) from Q1 2024, and a decrease of $68 million from Q2 2023[48]. Revenue and Income Sources - Total revenue for Q2 2024 was $815 million, a decrease of 1% from Q1 2024 and a decline of 21% from Q2 2023[18]. - Noninterest income decreased by $8 million to $186 million, with a $12 million decline in fixed income production[8]. - Total noninterest income decreased by 54% to $186 million from $400 million in Q2 2023[30]. - Total revenues for Q2 2024 decreased by $39 million (9%) compared to Q1 2024, and decreased by $172 million (129%) compared to Q2 2023[48]. - Noninterest income for Q2 2024 was $13 million, down $5 million (28%) from Q1 2024, and down $231 million (95%) from Q2 2023[48]. Interest Income and Expenses - Net interest income for the second quarter 2024 was $629 million, an increase of $4 million from the previous quarter, with a net interest margin of 3.38%, up 1 basis point[7]. - Interest income for Q2 2024 was $1,097 million, an increase of 8% compared to $1,019 million in Q2 2023[30]. - Interest expense for Q2 2024 was $464 million, a 4% increase from $448 million in Q1 2024 and a 21% decrease from $475 million in Q2 2023[38]. - The yield on total loans increased to 6.34% in Q2 2024, up from 6.28% in Q1 2024 and 6.10% in Q2 2023[38]. - The cost of total funding increased to 2.66% in Q2 2024, up from 2.59% in Q1 2024 and unchanged from 2.63% in Q2 2023[38]. Asset and Loan Management - Average loans increased to $62.0 billion, up 1% from Q1 2024 and up 4% from Q2 2023[20]. - Total loans and leases, net of unearned income, rose to $62,781 million, reflecting a 2% increase from the previous quarter and a 2% increase year-over-year[36]. - Total assets increased to $82,230 million, a 1% increase from the previous quarter and a 3% decrease compared to the same quarter last year[36]. - Total deposits decreased to $64,794 million, a 1% decline from the previous quarter and a 1% decrease year-over-year[36]. - Commercial loans increased by $1,115 million, or 2%, compared to the same quarter last year, reaching a total of $48,121 million[36]. Credit Quality and Provisioning - Provision expense increased by $5 million to $55 million, with net charge-offs of $34 million, representing 22 basis points[9]. - Nonperforming loans increased by $69 million to $574 million, with the allowance for credit losses to loans ratio slightly increasing to 1.41%[9]. - Provision for credit losses increased to $55 million in Q2 2024, up 10% from Q1 2024[31]. - Total charge-offs for 2Q24 were $49 million, a 6% increase from $46 million in 1Q24 and a 50% decrease from $104 million in 3Q23[93]. - The allowance for credit losses at the end of 2Q24 was $887 million, reflecting a 2% increase from $865 million in 1Q24 and a 7% increase from $827 million in 2Q23[93]. Capital and Shareholder Returns - The CET1 ratio decreased to 11.0% from 11.3% in the first quarter 2024, as $212 million of excess capital was returned to shareholders through share repurchases[10]. - The company repurchased 13.9 million shares of common stock in the second quarter 2024 at a weighted average price of $15.26, totaling $212 million returned to shareholders[10]. - Total shareholders' equity decreased to $8,955 million, a 2% decline from the previous quarter and a 4% decrease year-over-year[36]. - Book value per common share increased to $15.34 from $15.23 in the previous quarter[64]. - Tangible common equity for Q2 2024 is $8,234 million, a decrease of 1.5% from Q1 2024's $8,358 million[100]. Operational Efficiency - The efficiency ratio improved to 61.44% from 62.92% in Q1 2024, but worsened from 53.89% in Q2 2023[18]. - The efficiency ratio (GAAP) improved to 61.44% in Q2 2024 from 62.92% in Q1 2024, indicating enhanced operational efficiency[102]. - Adjusted efficiency ratio for noninterest expense (GAAP) was $500 million in Q2 2024, down from $515 million in Q1 2024[83].

For the most recent quarter, First Horizon was expected to post earnings of $0.34 per share, but it reported $0.35 per share instead, representing a surprise of 2.94%. For the previous quarter, the consensus estimate was $0.31 per share, while it actually produced $0.32 per share, a surprise of 3.23%. Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks wit ...

Wall Street analysts forecast that First Horizon National (FHN) will report quarterly earnings of $0.37 per share in its upcoming release, pointing to a year-over-year decline of 5.1%. It is anticipated that revenues will amount to $819.82 million, exhibiting a decline of 20.5% compared to the year-ago quarter. Over the last 30 days, there has been an upward revision of 2.1% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsid ...

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. Estimate Revisions Trend Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surpri ...

MEMPHIS, Tenn., June 26, 2024 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") announced that Junior Achievement USA® (JA) has honored First Horizon Bank again with a bronze 2022-23 U.S. President's Volunteer Service Award in appreciation of their valued partnership and support. The U.S. President's Volunteer Service Award was presented to 70 organizations at the JA Volunteer Summit on June 11th in Washington, DC. Requirements of the award include volunteering a minimum of 1,500 hour ...