First Horizon Corporation's Momentum Continues with Strong Third Quarter 2024 Results; Net Income Available to Common Shareholders of $213 Million or EPS of $0.40; $224 Million or $0.42 on an Adjusted Basis, both up $0.06 from prior quarter*
3Q24
ROTCE of 12.6% and Adjusted ROTCE of 13.2% with Tangible Book Value per Share of
"We delivered 18% growth in earnings per share compared to the prior quarter, driven by strong performance from our counter-cyclical businesses. Our results reflect the strength of our diversified business model and our continued focus on growing and deepening client relationships," said Chairman, President and Chief Executive Officer
Jordan continued, "We remain intently focused on continuing to support our associates, clients and communities devastated by recent hurricanes throughout the arduous recovery process. I am incredibly proud of the way the
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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. The words "believe," "expect," "anticipate," "intend," "estimate," "should," "is likely," "will," "going forward," and other expressions that indicate future events and trends identify forward-looking statements. 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. Examples of uncertainties and contingencies 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
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
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
Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items, beginning on page 20 of FHN's complete 3Q24 earnings release available at https://ir.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 4 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 20 of FHN's complete 3Q24 earnings release available at https://ir.firsthorizon.com.
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