First Horizon National Corporation (FHN)

[Enterprising Investor]

First Horizon Corporation Reports Second Quarter 2023 Net Income Available to Common Shareholders of $317 Million, or EPS of $0.56; $219 Million, or $0.39, on an Adjusted Basis* (7/19/23)

- Pre-provision net revenue up 86% from the prior year and up 18% on an adjusted basis*

- Period end deposits increased $4.0 billion QoQ, or 6%, up 3% year-to-date with common equity tier 1 ratio of 11.1%

- ROTCE of 21.1% and adjusted ROTCE of 14.6% with tangible book value per share of $11.50*

MEMPHIS, Tenn., July 19, 2023 /PRNewswire/ -- First Horizon Corporation (NYSE: FHN or "First Horizon") today reported second quarter net income available to common shareholders ("NIAC") of $317 million, or earnings per share of $0.56, compared with first quarter 2023 NIAC of $243 million, or earnings per share of $0.43.

Second quarter 2023 results benefited from a net $98 million after-tax, or $0.17 per share, of notable items compared with a reduction of $16 million, or $0.03 per share, in first quarter 2023. Excluding notable items, adjusted second quarter 2023 NIAC of $219 million, or $0.39 per share, decreased from $259 million, or $0.45 per share in first quarter 2023.

"Our results this quarter reflect the continued strength, resilience, and momentum of our diversified business mix, the benefit of our attractive markets, and the dedication of our associates," said, Chairman, President and Chief Executive Officer Bryan Jordan. "Despite a challenging macroeconomic environment, we continued to serve our clients, growing period end loans by $2.3 billion and period end deposits by $4.0 billion, with over 32,000 new-to-bank clients bringing $3.5 billion in deposit balances."

Jordan continued, "I thank our associates for their unwavering commitment to our clients, communities, and core values. We remain focused on delivering top quartile returns by executing on our strategic priorities, growing our core businesses, empowering our talent, and providing a best-in-class client experience."

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on July 19, 2023 by dialing 1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if calling from outside the U.S) and entering access code 887297. The conference call will begin at 8:30 a.m. CT.

Participants can also opt to listen to the live audio webcast at First Horizon Second Quarter 2023 Earnings Presentation and Earnings Release - First Horizon Corporation<https://ir.firsthorizon.com/events-and-presentations/events/event-details/2023/First-Horizon-Second-Quarter-2023-Earnings-Presentation-and-Earnings-Release/default.aspx>;

A replay of the call will be available beginning at noon CT on July 20 until midnight CT on August 2. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 795216. A replay of the webcast will also be available on our website on July 20 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $85.1 billion in assets as of June 30, 2023, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

*ROTCE, PPNR, tangible book value per share, loans and leases excluding LMC, and "Adjusted" results are Non-GAAP Financial Measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. Please reference the 2Q23 earnings materials at https://ir.firsthorizon.com for a description of our use of Non-GAAP measures and a reconciliation of these measures to GAAP presentation.

https://www.prnewswire.com/news-releases/first-horizon-corporation-reports-second-quarter-2023-net-income-available-to-common-shareholders-of-317-million-or-eps-of-0-56-219-million-or-0-39--on-an-adjusted-basis-301880287.html