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First Horizon Corporation Shows Resilience in 2024 Financial Results

In a recent announcement, First Horizon Corporation (NYSE: FHN) detailed its financial performance for the year 2024, showcasing a commendable net income available to common shareholders (NIAC) of $738 million, translating to earnings per share (EPS) of $1.36. This reflects a decline compared to the $865 million (EPS of $1.54) reported in 2023. The reduction in net income was influenced by notable items that collectively deducted $105 million after-tax or $0.19 per share from the annual results. Notably, in the fourth quarter alone, the corporation achieved a NIAC of $158 million, equating to an EPS of $0.29, with an adjusted subsistence of $228 million or $0.43.

The president and CEO, Bryan Jordan, expressed satisfaction with the outcomes, emphasizing how First Horizon’s strategic priorities were successfully executed amid fluctuating interest rates. He noted, “Our robust client relationships and a favorable business composition allowed us to achieve strong earnings.” The company's significant performance drivers included an enhanced net interest margin, resilient fixed income revenue, and reduced net charge-offs. This exemplifies First Horizon's adaptability within a complex economic landscape, particularly as interest rates faced volatility.

Key Financial Takeaways

• - Adjusted NIAC rose by 5% to $843 million, indicating improved operational effectiveness despite overall NIAC decline.
• - Credit performance remained strong through 2024, contributing to minimized charge-offs, which for the fourth quarter were documented at only 8 basis points.
• - Fixed income revenue was propelled by a 6% increase, revealing continued demand and effective management strategies within the corporation's operations.
• - The net interest margin saw a slight improvement of two basis points during the quarter, revealing the efforts made to bolster income through interest-generating activities.

Jordan's reflection on the achievements of his team conveys optimism for the future as he stated, “I remain confident in our ability to deliver profitable growth in 2025.” The organization's commitment to valuing shareholders, clients, and community stakeholders underpins this confidence.

Upcoming Events

To further engage with stakeholders, a conference call is scheduled to take place on January 16, 2025, starting at 8:30 AM CT, where analysts and investors can delve deeper into the financial results. Interested parties can access the call by dialing 1-833-470-1428 from the U.S. or 404-975-4839 from international locations.

The call will also be available via live audio webcast on their official site, reflecting First Horizon's dedication to transparency.

Looking Ahead

As First Horizon Corporation marks its transition into 2025, the financial service provider's robust performance stands as a benchmark for resilience in an ever-changing economic environment. Continued focus on strong revenues, client engagement, and operational effectiveness paves a promising trajectory for the year ahead. For those interested in the detailed analysis and additional reports, more information can be accessed through their investor relations page.

With an extensive presence across 12 states in the southern USA and an asset portfolio amounting to $82.2 billion as of December 31, 2024, First Horizon remains a critical player in the financial services landscape, committed to unlocking potential for clients and communities alike.