First Horizon Q1 GAAP EPS $0.34 vs $0.40; revenue $707M, down 5% QoQ

FIRST HORIZON CORP

2022-Q1 EPS reported $0.34

GAAP diluted EPS $0.34 vs $0.40 in Q4 2021; adjusted EPS $0.38. Revenue $707M, down 5% QoQ.
Core NII ex day count up 1%, driven by 4% C&I loan growth ex PPP/LMC; NIM 2.37%, down 5 bps.
Provision credit of $40M (negative provision) due to reduced COVID-19 impacts, partially offset by slower growth forecast.
Tangible book value fell $0.54 to $10.46, driven by $0.76 MTM loss on securities portfolio in OCI.
IBKC merger conversion complete; targeting ~$200M annualized net cost saves by 4Q22; $116M achieved.

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