First Horizon reports Q4 2022 adjusted EPS $0.51 on core NII growth of 8% QoQ

FIRST HORIZON CORP

2022-FY EPS reported $1.53 revenue$3,207,000,000

GAAP diluted EPS $0.45; adjusted EPS $0.51; adjusted ROTCE 21.7%.
Core NII up 8% QoQ to $712M, core NIM +43 bps; C&I loans ex. PPP/LMC +4%.
Provision for credit losses $45M vs. $60M prior quarter; NCOs 18 bps.
TBV per share $10.23, up 5% QoQ; CET1 10.2%.
IBKC merger achieved $200M annualized cost saves; ~$94M revenue synergies identified.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST HORIZON CORP reported 4Q22 results: revenue 882, net income 270.

Period: 4Q22
Revenue: 882
Net income: 270
Result: reported results

Exact text from the filing

Reported 4Q22 Change vs. Reported 2022 vs. 2021 $s in millions except per share data 4Q22 3Q22 2Q22 1Q22 4Q21 3Q22 4Q21 2022 2021 $/bps % $/bps % $/bps % Net interest income $ 709 $ 662 $ 542 $ 479 $ 498 $ 47 7 % $ 211 42 % $ 2,392 $ 1,994 $ 398 20 % Fee income 174 213 201 229 247 (39) (18) % (73) (30) % 816 1,076 (260) (24) % Total revenue 882 875 743 707 745 7 1 % 137 18 % 3,208 3,070 138 4 % Expense 503 468 489 493 528 35 7 % (25) (5) % 1,953 2,095 (142) (7) % Pre-provision net revenue (PPNR) 379 406 255 215 217 (27) (7) % 162 75 % 1,254 975 279 29 % Provision for credit losses 45 60 30 (40) (65) (15) (25) % 110 NM 95 (310) 405 131 % Pre-tax income 334 346 225 255 282 (12) (3) % 52 18 % 1,159 1,285 (126) (10) % Income tax expense 64 78 48 57 53 (14) (18) % 11 21 % 247 274 (27) (10) % Net income 270 268 177 198 229 2 1 % 41 18 % 912 1,010 (98) (10) % Non-controlling interest 4 3 3 3 3 1 33 % 1 33 % 12 11 1 9 % Preferred dividends 8 8 8 8 8 — — % — — % 32 37 (5) (14) % Net income avai

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Source: SEC EDGAR

accession 0000036966-23-000004

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