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 $13.02, up $0.81 QoQ*

MEMPHIS, Tenn., Oct. 16, 2024 /PRNewswire/ -- First Horizon Corporation (NYSE:FHN, First Horizon", )) today reported third quarter net income available to common ("NIAC") shareholders of $213 million or earnings per share of $0.40, compared with second quarter 2024 net income available to common of $184 million or earnings per share of $0.34. Third quarter 2024 results were reduced by a net $11 million after-tax, or $0.02 per share, of notable items compared with $11 million, or $0.02, per share in second quarter 2024. Excluding notable items, adjusted third quarter 2024 NIAC was $224 million or $0.42 per share compared to $195 million or $0.36 per share in second quarter 2024.

"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 Bryan Jordan. "Our credit quality remains stable, with net charge-offs declining for the second consecutive quarter and modest increase in our reserve coverage."

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 First Horizon team prepared for and responded to these catastrophic events, demonstrating profound empathy and concern for our affected associates and an unwavering commitment to serve our clients and communities in extraordinary ways, especially during their greatest times of need."

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on October 16, 2024 ...