FIRST HORIZON CORP
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
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.
Sep 30, 2024 · Filed Nov 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Changes in Equity (unaudited)
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| Nine Months Ended September 30, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock · Common Stock | |||||||||
| (Dollars in millions, except per share data; shares in thousands) (unaudited) | Shares | Amount | Shares | Amount | CapitalSurplus | Retained Earnings | AccumulatedOtherComprehensiveIncome (Loss) (a) | Noncontrolling Interest | Total |
| Balance, December 31, 2023 | 26,750 | $520 | 558,839 | $349 | $5,351 | $3,964 | $(1,188) | $295 | $9,291 |
| Adjustment to reflect adoption of ASU 2023-02 | — | — | — | — | — | 8 | — | — | 8 |
| Net income | — | — | — | — | — | 192 | — | 5 | 197 |
| Other comprehensive income (loss) | — | — | — | — | — | — | (83) | — | (83) |
| Cash dividends declared: | |||||||||
| Preferred stock | — | — | — | — | — | (8) | — | — | (8) |
| Common stock ($0.15 per share) | — | — | — | — | — | (84) | — | — | (84) |
| Common stock repurchased (b) | — | — | (11,052) | (7) | (152) | — | — | — | (159) |
| Excise tax on common stock repurchased | — | — | — | — | (2) | — | — | — | (2) |
| Common stock issued for: | |||||||||
| Stock options exercised and restricted stock awards | — | — | 850 | — | — | — | — | — | — |
| Stock-based compensation expense | — | — | — | 1 | 17 | — | — | — | 18 |
| Dividends declared - noncontrolling interest of subsidiary preferred stock | — | — | — | — | — | — | — | (5) | (5) |
| Balance, March 31, 2024 | 26,750 | 520 | 548,637 | 343 | 5,214 | 4,072 | (1,271) | 295 | 9,173 |
| Net income | — | — | — | — | — | 199 | — | 5 | 204 |
| Other comprehensive income (loss) | — | — | — | — | — | — | (10) | — | (10) |
| Cash dividends declared: | |||||||||
| Preferred stock | — | — | — | — | — | (8) | — | — | (8) |
| Common stock ($0.15 per share) | — | — | — | — | — | (84) | — | — | (84) |
| Series D preferred stock redemption | (10,000) | (94) | — | — | — | (6) | — | — | (100) |
| Excise tax on preferred stock redemption | — | — | — | — | — | (1) | — | — | (1) |
| Common stock repurchased (b) | — | — | (14,896) | (9) | (219) | — | — | — | (228) |
| Excise tax on common stock repurchased | — | — | — | — | (1) | — | — | — | (1) |
| Common stock issued for: | |||||||||
| Stock options exercised and restricted stock awards | — | — | 3,135 | 1 | 1 | — | — | — | 2 |
| Stock-based compensation expense | — | — | — | 1 | 12 | — | — | — | 13 |
| Dividends declared - noncontrolling interest of subsidiary preferred stock | — | — | — | — | — | — | — | (5) | (5) |
| Balance, June 30, 2024 | 16,750 | 426 | 536,876 | 336 | 5,007 | 4,172 | (1,281) | 295 | 8,955 |
| Net income | — | — | — | — | — | 218 | — | 5 | 223 |
| Other comprehensive income (loss) | — | — | — | — | — | — | 292 | — | 292 |
| Cash dividends declared: | |||||||||
| Preferred stock | — | — | — | — | — | (5) | — | — | (5) |
| Common stock ($0.15 per share) | — | — | — | — | — | (81) | — | — | (81) |
| Common stock repurchased (b) | — | — | (4,743) | (3) | (72) | — | — | — | (75) |
| Excise tax on common stock repurchased | — | — | — | — | (1) | — | — | — | (1) |
| Common stock issued for: | |||||||||
| Stock options exercised and restricted stock awards | — | — | 48 | — | — | — | — | — | — |
| Stock-based compensation expense | — | — | — | — | 13 | — | — | — | 13 |
| Dividends declared - noncontrolling interest of subsidiary preferred stock | — | — | — | — | — | — | — | (5) | (5) |
| Balance, September 30, 2024 | 16,750 | $426 | 532,181 | $333 | $4,947 | $4,304 | $(989) | $295 | $9,316 |
(a)Due to the nature of the preferred stock issued by FHN and its subsidiaries, all components of other comprehensive income (loss) have been attributed solely to FHN as the controlling interest holder.
(b)Includes $154 million, $212 million, and $75 million repurchased during first, second, and third quarter, respectively, under FHN's general purchase program.
| 10 | 3Q24 FORM 10-Q REPORT |
PART I, ITEM 1. FINANCIAL STATEMENTS
Table of Contents
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued)
| Nine Months Ended September 30, 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock · Common Stock | |||||||||
| (Dollars in millions, except per share data; shares in thousands) (unaudited) | Shares | Amount | Shares | Amount | CapitalSurplus | Retained Earnings | AccumulatedOtherComprehensiveIncome (Loss) (a) | Noncontrolling Interest | Total |
| Balance, December 31, 2022 | 31,686 | $1,014 | 537,101 | $336 | $4,840 | $3,430 | $(1,368) | $295 | $8,547 |
| Adjustment to reflect adoption of ASU 2022-02 | — | — | — | — | — | 4 | — | — | 4 |
| Net income | — | — | — | — | — | 251 | — | 4 | 255 |
| Other comprehensive income | — | — | — | — | — | — | 160 | — | 160 |
| Cash dividends declared: | |||||||||
| Preferred stock | — | — | — | — | — | (8) | — | — | (8) |
| Common stock ($0.15 per share) | — | — | — | — | — | (82) | — | — | (82) |
| Common stock repurchased | — | — | (159) | — | (4) | — | — | — | (4) |
| Common stock issued for: | |||||||||
| Stock options exercised and restricted stock awards | — | — | 677 | — | 5 | — | — | — | 5 |
| Stock-based compensation expense | — | — | — | — | 22 | — | — | — | 22 |
| Dividends declared - noncontrolling interest of subsidiary preferred stock | — | — | — | — | — | — | — | (4) | (4) |
| Balance, March 31, 2023 | 31,686 | 1,014 | 537,619 | 336 | 4,863 | 3,595 | (1,208) | 295 | 8,895 |
| Net income | — | — | — | — | — | 325 | — | 4 | 329 |
| Other comprehensive income (loss) | — | — | — | — | — | — | (151) | — | (151) |
| Cash dividends declared: | |||||||||
| Preferred stock | — | — | — | — | — | (8) | — | — | (8) |
| Common stock ($0.15 per share) | — | — | — | — | — | (82) | — | — | (82) |
| Preferred stock conversion | (4,936) | (494) | — | — | — | — | — | — | (494) |
| Common stock repurchased | — | — | (575) | — | (5) | — | — | — | (5) |
| Common stock issued for: | |||||||||
| Stock options exercised and restricted stock awards | — | — | 1,872 | — | — | — | — | — | — |
| Series G preferred stock conversion | — | — | 19,743 | 12 | 481 | — | — | — | 493 |
| Stock-based compensation expense | — | — | — | 1 | (14) | — | — | — | (13) |
| Dividends declared - noncontrolling interest of subsidiary preferred stock | — | — | — | — | — | — | — | (4) | (4) |
| Balance, June 30, 2023 | 26,750 | 520 | 558,659 | 349 | 5,325 | 3,830 | (1,359) | 295 | 8,960 |
| Net income | — | — | — | — | — | 137 | — | 5 | 142 |
| Other comprehensive income (loss) | — | — | — | — | — | — | (223) | — | (223) |
| Cash dividends declared: | |||||||||
| Preferred stock | — | — | — | — | — | (8) | — | — | (8) |
| Common stock ($0.15 per share) | — | — | — | — | — | (85) | — | — | (85) |
| Common stock repurchased | — | — | (17) | — | — | — | — | — | — |
| Common stock issued for: | |||||||||
| Stock options exercised and restricted stock awards | — | — | 67 | — | — | — | — | — | — |
| Stock-based compensation expense | — | — | — | — | 12 | — | — | — | 12 |
| Dividends declared - noncontrolling interest of subsidiary preferred stock | — | — | — | — | — | — | — | (5) | (5) |
| Balance, September 30, 2023 | 26,750 | $520 | 558,709 | $349 | $5,337 | $3,874 | $(1,582) | $295 | $8,793 |
(a)Due to the nature of the preferred stock issued by FHN and its subsidiaries, all components of other comprehensive income (loss) have been attributed solely to FHN as the controlling interest holder.
| 11 | 3Q24 FORM 10-Q REPORT |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.