Financial Data and Key Metrics Changes - The company generated pre-provision net revenue of $323 million, an increase of $25 million from the prior quarter [4] - Adjusted EPS rose to $0.35 per share, up 9% from the previous quarter, with adjusted return on tangible common equity improving to 11.6% [13] - Net interest income increased by $7 million from the fourth quarter, driven by improved pricing on both deposits and loans, expanding the margin by 10 basis points [9][32] Business Line Data and Key Metrics Changes - FHN Financial experienced a stronger quarter with a $15 million increase in fixed-income fees [14] - Mortgage revenue increased by $4 million, primarily due to higher volumes, while service charges and fees decreased by $2 million due to seasonality [57] - The countercyclical businesses showed strong performance, with fixed income fees up $15 million and mortgages up $4 million from the prior quarter [53] Market Data and Key Metrics Changes - Period-end deposits remained flat quarter-to-quarter, with a 5 basis point reduction in the total deposit rate and a 9 basis point reduction in the interest-bearing rate paid [34] - Loan yields expanded by 9 basis points, benefiting from wider spreads on new and renewing loans [32] - The company maintained strong capital levels with a common equity Tier 1 ratio of 11.3% [51] Company Strategy and Development Direction - The company aims to continue delivering strong results while serving customers and communities, leveraging its competitive product set and strong credit culture [19] - The strategic focus includes operational efficiencies to offset increases in strategic investments and enhance shareholder returns [43][61] - The company plans to opportunistically deploy capital above its 11% near-term target, with a $650 million share repurchase authorization [14][51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to generate strong returns throughout the year, despite economic uncertainties [19][55] - The outlook for net interest income growth remains within the 1% to 4% range, with expectations for interest rate cuts later in the year [52] - Management noted that while loan demand is modest, there are good opportunities for growth, particularly in certain regions [88] Other Important Information - The company announced the retirement of Chief Credit Officer Susan Springfield, with Tom Hung named as her successor [65] - A non-cash charge of approximately $7 million will be included in the second quarter due to the redemption of Series D preferred stock [44] Q&A Session All Questions and Answers Question: What would lead to a change in the 11% near-term target? - Management indicated that a significant pickup in the economic environment or a substantial reduction in inflation would be necessary to consider changing the target [22][23] Question: What are the expectations for mortgage gain on sale business? - Management does not expect a significant upturn in mortgage originations, anticipating continued originations coming in [25] Question: Will the company continue to be aggressive on the $650 million buyback authorization? - Management confirmed they will be opportunistic with the buyback, viewing the stock as undervalued [26] Question: What drove the increase in non-performing loans? - The increase was largely driven by two specific credits, including a senior living facility and a consumer finance company [101] Question: What is the expected impact of interest rates on loan demand? - Management expects loan demand to remain modest but improve over the course of the year as economic conditions stabilize [89]

First Horizon National (FHN) reported $819 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 4.7%. EPS of $0.35 for the same period compares to $0.46 a year ago.The reported revenue represents a surprise of +1.37% over the Zacks Consensus Estimate of $807.94 million. With the consensus EPS estimate being $0.34, the EPS surprise was +2.94%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to de ...

First Horizon National (FHN) reported $819 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 4.7%. EPS of $0.35 for the same period compares to $0.46 a year ago.The reported revenue represents a surprise of +1.37% over the Zacks Consensus Estimate of $807.94 million. With the consensus EPS estimate being $0.34, the EPS surprise was +2.94%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to de ...

First Horizon National (FHN) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.94%. A quarter ago, it was expected that this bank holding company would post earnings of $0.31 per share when it actually produced earnings of $0.32, delivering a surprise of 3.23%.Over the last four quart ...

First Horizon Corporation's Momentum Continues with Strong First Quarter 2024 Results Net Income Available to Common Shareholders of $184 Million or EPS of $0.33; $195 Million or $0.35 on an Adjusted Basis - up 9% Over Prior Quarter* 1Q24 ROTCE of 11.0% and Adjusted ROTCE of 11.6% with Tangible Book Value per Share of $12.16, up $0.03 QoQ* MEMPHIS, TN (April 17, 2024) – First Horizon Corporation (NYSE: FHN or "First Horizon") today reported first quarter net income available to common shareholders of $184 m ...

MEMPHIS, Tenn., April 16, 2024 /PRNewswire/ -- First Horizon Corporation, (NYSE: FHN or "First Horizon") announced that two executives, Vernon Stafford and Tanya Hart, were recognized by Savoy Magazine as 2024 Most Influential Executives in Corporate America. These diverse executives were selected as role models that are making a positive impact and effectively developing our future leaders. This distinctive honor was very competitive within their organizations and within the corporate world. Vernon Staffor ...

MEMPHIS, Tenn., April 15, 2024 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") today announced that Thomas Hung, Executive Vice President, Head of Franchise Finance, will be named Senior Executive Vice President, Chief Credit Officer, effective October 1, 2024. Hung will succeed Susan Springfield, Senior Executive Vice President, Chief Credit Officer, who has served in this role since 2013. Starting April 15, 2024, Hung will serve as Deputy Chief Credit Officer to begin the successi ...

MEMPHIS, Tenn., April 11, 2024 /PRNewswire/ -- First Horizon Corporation, (NYSE: FHN or "First Horizon") is pleased to announce that Tracy Bell has been promoted to the Chief Investment Officer of First Horizon Advisors Inc., the Wealth Management subsidiary of First Horizon. Tracy Bell is named Chief Investment Officer of First Horizon Advisors Inc., the Wealth Management subsidiary of First Horizon. In this role, Bell will lead the First Horizon Advisors investment team in addition to the bank's Women ...

The market expects First Horizon National (FHN) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be r ...

MEMPHIS, Tenn., April 10, 2024 /PRNewswire/ -- First Horizon Corporation, (NYSE: FHN or "First Horizon") announced today the naming of Martin de Laureal as President of First Horizon Advisors, Inc. the Wealth Management subsidiary of First Horizon, and head of Private Banking for the company.  Martin de Laureal named as President of First Horizon Advisors, Inc. the Wealth Management subsidiary of First Horizon, and head of Private Banking for the company. In his new role, de Laureal's responsibilities i ...