First Horizon Q3 adjusted EPS $0.27, down 31% QoQ; $72M charge-off hits credit

FIRST HORIZON CORP

2023-Q3 EPS reported $1.23

GAAP diluted EPS $0.23; adjusted EPS $0.27 vs $0.39 in 2Q23.
Net interest income (FTE) $609M, down 4% QoQ; NIM 3.17%, -21bps.
Provision $110M includes $72M idiosyncratic C&I charge-off; ACL coverage 1.36%.
Period-end deposits $67.0B (+2% QoQ); loans $61.8B (+1% period-end).
CET1 ratio 11.1%; TBV per share $11.22.

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 3Q23 results: revenue 778, net income 129, EPS 0.23.

Period: 3Q23
Revenue: 778
Net income: 129
EPS: 0.23
Result: reported results

Exact text from the filing

Reported Results 3Q23 Change vs. 3Q23 2Q23 1Q23 4Q22 3Q22 2Q23 3Q22 Net interest income $ 605 $ 631 $ 688 $ 709 $ 662 $ (26) (4) % $ (57) (9) % Fee income 173 400 171 174 213 (227) (57) % (40) (19) % Total revenue 778 1,031 859 882 875 (253) (25) % (97) (11) % Expense 474 555 478 503 468 (81) (15) % 6 1 % Pre-provision net revenue (PPNR) 304 475 381 379 406 (171) (36) % (102) (25) % Provision for credit losses 110 50 50 45 60 60 120 % 50 83 % Pre-tax income 194 425 331 334 346 (231) (54) % (152) (44) % Income tax expense 52 96 75 64 78 (44) (46) % (26) (33) % Net income 142 329 256 270 268 (187) (57) % (126) (47) % Non-controlling interest 5 5 4 4 3 — — % 2 67 % Preferred dividends 8 8 8 8 8 — — % — — % Net income available to common shareholders (NIAC) $ 129 $ 317 $ 243 $ 258 $ 257 $ (188) (59) % $ (128) (50) % Diluted EPS $ 0.23 $ 0.56 $ 0.43 $ 0.45 $ 0.45 $ (0.33) (59) % $ (0.22) (49) % Average diluted shares outstanding2 561 561 572 572 570 — — % (9) (2) % ROCE 6.3 % 16.4 % 13.3 %

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

FIRST HORIZON CORP filing history →

Source: SEC EDGAR

accession 0000036966-23-000108

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