Q3 2024 First Horizon Corp Earnings Call Transcript
Key Points
- First Horizon Corp (FHN) achieved an adjusted EPS of $0.42 per share, a $0.06 increase from the prior quarter.
- The company maintained strong credit performance with net charge-offs of just 15 basis points.
- First Horizon Corp (FHN) increased its common equity Tier 1 ratio to 11.2%, slightly above its near-term target.
- The company successfully grew customer deposits by 3% during the quarter, driven by client acquisition.
- First Horizon Corp (FHN) demonstrated strong performance in its fixed income business, contributing to an $11 million increase in fee income.
- The net interest margin compressed by 7 basis points to 3.31%, indicating pressure on interest income.
- There is an expectation of modest margin contraction in the fourth quarter due to the lag between loan and deposit repricing.
- The company experienced a decline in period-end loans by 1%, partly due to an opportunistic sale of a loan portfolio.
- First Horizon Corp (FHN) faces uncertainty in loan growth due to external factors such as interest rates and economic conditions.
- The company is preparing for regulatory changes as it approaches the $100 billion asset threshold, which may require additional investments.
Good morning all and thank you for joining us for the First Horizon third-quarter 2024 earnings conference call. My name is Carly, and I'll be your coordinator for today. (Operator Instructions)
I'd now like to hand over to your host, Natalie Flanders, Head of IR to begin, floor is yours.
Thank you, Carly. Good morning. Welcome to our third quarter 2024 results conference call. Thank you for joining us. Today our Chairman, President and CEO, Bryan Jordan; and Chief Financial Officer, Hope Dmuchowski will provide prepared remarks after which we'll be happy to take your questions. We're also pleased to have our Chief Credit Officer, Thomas Hung here to assist with questions as well.
Our remarks today will reference our earnings presentation which is available on our website at ir.firsthorizon.com.
As always, I need to remind you that we will make forward-looking statements that are subject to risks and uncertainties. Therefore, we ask you to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
