First Horizon Corporation Reports Full Year 2024 Net Income Available to Common Shareholders (NIAC) of $738 Million or EPS of $1.36; Adjusted NIAC increased 5% to $843 Million or $1.55, driven by continued exemplary credit performance, increased fee income generation, and strong margin*

Rhea-AI Summary

First Horizon (NYSE: FHN) reported full year 2024 net income available to common shareholders (NIAC) of $738 million or earnings per share of $1.36, compared to $865 million or $1.54 per share in 2023. The 2024 results included $105 million after-tax of notable items impact.

Fourth quarter 2024 delivered NIAC of $158 million or $0.29 per share, with adjusted figures of $228 million or $0.43 per share, representing a 2% increase from the previous quarter. The company demonstrated strong performance with expanded net interest margin, 6% growth in fixed income revenue, and improved credit metrics with net charge-offs at 8 basis points.

Positive

• Adjusted NIAC increased 5% to $843 million ($1.55 per share)
• Q4 adjusted earnings grew 2% quarter-over-quarter
• Net interest margin expanded by 2 basis points in Q4
• Fixed income revenue increased 6% in Q4
• Net charge-offs improved to 8 basis points

Negative

• Full year NIAC declined from $865M in 2023 to $738M in 2024
• EPS decreased from $1.54 in 2023 to $1.36 in 2024
• $105M after-tax impact from notable items versus $59M benefit in 2023

News Market Reaction

-0.37%

1 alert

-0.37% News Effect

On the day this news was published, FHN declined 0.37%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Fourth Quarter 2024 Net Income Available to Common Shareholders of $158 Million or EPS of $0.29; $228 Million or $0.43 on an Adjusted Basis, up 2% from the prior quarter.*

MEMPHIS, Tenn., Jan. 16, 2025 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") today reported full year 2024 net income available to common shareholders ("NIAC") of $738 million or earnings per share of $1.36, compared with full year 2023 NIAC of $865 million or earnings per share of $1.54. 2024 results were reduced by a net $105 million after-tax or $0.19 per share of notable items compared with a net benefit of $59 million or $0.11 per share in 2023.

"Our fourth quarter and full-year 2024 results reflect focused execution of our strategic priorities," said Chairman, President and Chief Executive Officer Bryan Jordan. "Strong client relationships and our attractive business mix positioned us to deliver earnings through a complex interest rate cycle. We successfully grew the business in 2024, driven by a strong net interest margin, improved counter-cyclical revenues, and declining net charge-offs. In the fourth quarter 2024, we delivered solid results with a two basis point expansion of net interest margin, a 6% increase in fixed income revenue, and 8 basis points of net charge-offs, starting 2025 with positive momentum."

"I continue to be inspired by our team's dedication to creating value for our shareholders, clients, and communities and remain confident in our ability to continue to deliver profitable growth in 2025," Jordan concluded.

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 16, 2025 by dialing 1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if calling from outside the U.S) and entering access code 071092. The conference call will begin at 8:30 a.m. CT.

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 January 16 until midnight CT on January 30, 2025. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 634828. A replay of the webcast will also be available on our website on January 16 and will be archived on the site for one year.

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. Forward-looking statements often use words such as "believe," "expect," "anticipate," "intend," "estimate," "should," "is likely," "will," "going forward," and other similar expressions that indicate future events and trends. 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. While there is no assurance that any list of uncertainties and contingencies is complete, examples of factors which could cause actual results to differ from those contemplated by forward-looking statements or historical performance 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. Any forward-looking statements made by or on behalf of FHN speak only as of the date they are made, and 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 listed in this document or the documents mentioned above, 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 U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN's management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN's management and Board of Directors through various internal reports.

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 U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this financial supplement include: common equity tier 1 capital ("CET1"), generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items, beginning on page 22 of FHN's complete 4Q24 earnings release available at https://ir.firsthorizon.com.

First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of December 31, 2024, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

*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 6 for information on our use of non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 22 of FHN's complete 4Q24 earnings release available at https://ir.firsthorizon.com.

Contact:	Investor Relations – Tyler Craft - TCraft@firsthorizon.com
	Media Relations – Beth Ardoin - Beth.Ardoin@firsthorizon.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-horizon-corporation-reports-full-year-2024-net-income-available-to-common-shareholders-niac-of-738-million-or-eps-of-1-36-adjusted-niac-increased-5-to-843-million-or-1-55--driven-by-continued-exemplary-credit-perform-302352541.html

SOURCE First Horizon Corporation

FAQ

What was First Horizon's (FHN) full-year 2024 net income?

First Horizon reported full-year 2024 net income available to common shareholders of $738 million, or $1.36 per share.

How did FHN's Q4 2024 adjusted earnings compare to the previous quarter?

FHN's Q4 2024 adjusted earnings increased 2% from the previous quarter, reaching $228 million or $0.43 per share.

What was FHN's net interest margin performance in Q4 2024?

First Horizon's net interest margin expanded by 2 basis points in Q4 2024.

How much did First Horizon's fixed income revenue grow in Q4 2024?

First Horizon's fixed income revenue increased by 6% in Q4 2024.

What was FHN's net charge-offs level in Q4 2024?

First Horizon reported net charge-offs of 8 basis points in Q4 2024.