First Horizon Corp (NYSE:FHN) stock rose 0.56% (As on January 17, 11:16:20 AM UTC-4, Source: Google Finance) after the company reported fourth quarter earnings that beat analyst expectations. For the full year 2024, First Horizon reported net income available to common shareholders of $738 million, or $1.36 per share. This compares to $865 million, or $1.54 per share, in 2023. The 2024 results were impacted by $105 million in after-tax notable items. Jordan highlighted a two basis point expansion in net interest margin and a 6% increase in fixed income revenue during the fourth quarter. Net charge-offs remained low at 8 basis points. While revenue missed estimates, investors appeared to focus on the earnings beat and positive commentary around the bank’s performance. First Horizon ended 2024 with $82.2 billion in total assets. NIM expanded 2 basis points, as successful deposit repricing offset the impact of lower rates on loan yields Fees excluding deferred comp down $5 million due to service charge declines, partially offset by fixed income production. Expenses excluding deferred comp increased by $14 million, primarily due to charitable foundation contribution. Average loans up $1.8 billion from 2023 with broad based growth in C&I, CRE, and consumer real estate. Average deposits up $1.4 billion from 2023 with new clients funds used to pay-off wholesale funding. Fees excluding deferred comp increased $71 million, driven by the counter-cyclical lines of business. FHN Deployed excess capital via $604 million of share repurchases in 2024, while maintaining adequate levels of capital. ACL/loans ratio of 1.43% with net charge-offs down approximately $58 million to $112 million. TBVPS increased $0.72 on strong earnings performance and capital deployment strategies, supporting $0.60 of common dividends in addition to share repurchases.

FHN in the fourth quarter of FY 24 has reported the adjusted earnings per share of 43 cents, beating the analysts’ estimates for the adjusted earnings per share of 39 cents. The company had reported the adjusted revenue of $729 million in the fourth quarter of FY 24, missing the analysts’ estimates for revenue of $820.34 million. Strong earnings resulted in CET1 ratio of 11.2%, supporting $163 million of share repurchases and $69 million of after-tax losses ($91 million pre-tax) related to an opportunistic securities portfolio restructuring

For the full year 2024, First Horizon reported net income available to common shareholders of $738 million, or $1.36 per share. This compares to $865 million, or $1.54 per share, in 2023. The 2024 results were impacted by $105 million in after-tax notable items.