FIRST HORIZON CORP
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 2, 2024
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Non-GAAP Information
PART I, ITEM 2. MANAGEMENT'S DISCUSSION & ANALYSIS (MD&A)
Table of Contents
Non-GAAP Information
Table I.2.26
NON-GAAP TO GAAP RECONCILIATION
| Three Months Ended · Six Months Ended | |||||
|---|---|---|---|---|---|
| (Dollars in millions; shares in thousands) | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 |
| Pre-provision Net Revenue (Non-GAAP) | |||||
| Net interest income (GAAP) | $629 | $625 | $630 | $1,253 | $1,318 |
| Plus: Noninterest income (GAAP) | 186 | 194 | 400 | 381 | 571 |
| Total revenues (GAAP) | 815 | 819 | 1,030 | 1,634 | 1,889 |
| Less: Noninterest expense (GAAP) | 500 | 515 | 555 | 1,015 | 1,033 |
| Pre-provision net revenue (Non-GAAP) | $315 | $304 | $475 | $619 | $856 |
| Average Tangible Common Equity (Non-GAAP) | |||||
| Average total equity (GAAP) | $8,949 | $9,251 | $9,029 | $9,100 | $8,869 |
| Less: Average noncontrolling interest (a) | 295 | 295 | 295 | 295 | 295 |
| Less: Average preferred stock (a) | 426 | 520 | 986 | 473 | 1,000 |
| (A) Total average common equity | $8,228 | $8,436 | $7,748 | $8,332 | $7,574 |
| Less: Average goodwill and other intangible assets (GAAP)(b) | 1,680 | 1,691 | 1,726 | 1,685 | 1,732 |
| (B) Average tangible common equity (Non-GAAP) | $6,548 | $6,745 | $6,022 | $6,647 | $5,842 |
| Net Income Available to Common Shareholders | |||||
| (C) Net income available to common shareholders (annualized) (GAAP) | $739 | $739 | $1,270 | $739 | $1,129 |
| Tangible Common Equity (Non-GAAP) | |||||
| (D) Total equity (GAAP) | $8,955 | $9,173 | $8,960 | $8,955 | $8,960 |
| Less: Noncontrolling interest (a) | 295 | 295 | 295 | 295 | 295 |
| Less: Preferred stock (a) | 426 | 520 | 520 | 426 | 520 |
| (E) Total common equity | $8,234 | $8,358 | $8,145 | $8,234 | $8,145 |
| Less: Goodwill and other intangible assets (GAAP)(b) | 1,675 | 1,685 | 1,721 | 1,675 | 1,721 |
| (F) Tangible common equity (Non-GAAP) | 6,559 | 6,673 | 6,424 | 6,559 | 6,424 |
| Less: Unrealized gains (losses) on AFS securities, net of tax | (901) | (891) | (964) | (901) | (964) |
| (G) Adjusted tangible common equity (Non-GAAP) | $7,460 | $7,564 | $7,388 | $7,460 | $7,388 |
| Tangible Assets (Non-GAAP) | |||||
| (H) Total assets (GAAP) | $82,230 | $81,799 | $85,071 | $82,230 | $85,071 |
| Less: Goodwill and other intangible assets (GAAP) (b) | 1,675 | 1,685 | 1,721 | 1,675 | 1,721 |
| (I) Tangible assets (Non-GAAP) | $80,555 | $80,114 | $83,350 | $80,555 | $83,350 |
| Risk-Weighted Assets | |||||
| (J) Risk-weighted assets (c) | $71,913 | $71,145 | $71,517 | $71,913 | $71,517 |
| Period-end Shares Outstanding | |||||
| (K) Period-end shares outstanding | 536,876 | 548,637 | 558,659 | 536,876 | 558,659 |
| Ratios | |||||
| (C)/(A) Return on average common equity (GAAP) | 8.98% | 8.76% | 16.40% | 8.87% | 14.91% |
| (C)/(B) Return on average tangible common equity (Non-GAAP) | 11.29 | 10.95 | 21.10 | 11.12 | 19.33 |
| (D)/(H) Total period-end equity to period-end assets (GAAP) | 10.89 | 11.21 | 10.53 | 10.89 | 10.53 |
| (F)/(I) Tangible common equity to tangible assets (Non-GAAP) | 8.14 | 8.33 | 7.71 | 8.14 | 7.71 |
| (G)/(J) Adjusted tangible common equity to risk-weighted assets (Non-GAAP) | 10.37 | 10.63 | 10.33 | 10.37 | 10.33 |
| (E)/(K) Book value per common share (GAAP) | $15.34 | $15.23 | $14.58 | $15.34 | $14.58 |
| (F)/(K) Tangible book value per common share (Non-GAAP) | $12.22 | $12.16 | $11.50 | $12.22 | $11.50 |
(a) Included in total equity on the Consolidated Balance Sheets.
(b) Includes goodwill and other intangible assets, net of amortization.
(c) Defined by and calculated in conformity with bank regulations applicable to FHN.
| 110 | 2Q24 FORM 10-Q REPORT |
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