FIRST HORIZON CORP

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

About 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

FHN$23.56+0.1%Stored close · as of Nov 10, 2026

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Contents

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 · Nine Months Ended
(Dollars in millions; shares in thousands)	September 30, 2024	June 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023
Pre-provision Net Revenue (Non-GAAP)
Net interest income (GAAP)	$627	$629	$605	$1,881	$1,923
Plus: Noninterest income (GAAP)	200	186	173	581	745
Total revenues (GAAP)	827	815	778	2,462	2,668
Less: Noninterest expense (GAAP)	511	500	474	1,527	1,508
Pre-provision net revenue (Non-GAAP)	$316	$315	$304	$935	$1,160
Average Tangible Common Equity (Non-GAAP)
Average total equity (GAAP)	$9,128	$8,949	$8,978	$9,109	$8,905
Less: Average noncontrolling interest (a)	295	295	295	295	295
Less: Average preferred stock (a)	426	426	520	457	838
(A) Total average common equity	$8,407	$8,228	$8,163	$8,357	$7,772
Less: Average goodwill and other intangible assets (GAAP)(b)	1,669	1,680	1,714	1,680	1,726
(B) Average tangible common equity (Non-GAAP)	$6,738	$6,548	$6,449	$6,677	$6,046
Net Income Available to Common Shareholders
(C) Net income available to common shareholders (annualized) (GAAP)	$849	$739	$513	$776	$922
Tangible Common Equity (Non-GAAP)
(D) Total equity (GAAP)	$9,316	$8,955	$8,793	$9,316	$8,793
Less: Noncontrolling interest (a)	295	295	295	295	295
Less: Preferred stock (a)	426	426	520	426	520
(E) Total common equity	$8,595	$8,234	$7,978	$8,595	$7,978
Less: Goodwill and other intangible assets (GAAP)(b)	1,664	1,675	1,709	1,664	1,709
(F) Tangible common equity (Non-GAAP)	6,931	6,559	6,269	6,931	6,269
Less: Unrealized gains (losses) on AFS securities, net of tax	(669)	(901)	(1,170)	(669)	(1,170)
(G) Adjusted tangible common equity (Non-GAAP)	$7,600	$7,460	$7,439	$7,600	$7,439
Tangible Assets (Non-GAAP)
(H) Total assets (GAAP)	$82,635	$82,230	$82,533	$82,635	$82,533
Less: Goodwill and other intangible assets (GAAP) (b)	1,664	1,675	1,709	1,664	1,709
(I) Tangible assets (Non-GAAP)	$80,971	$80,555	$80,824	$80,971	$80,824
Risk-Weighted Assets
(J) Risk-weighted assets (c)	$71,463	$71,913	$71,866	$71,463	$71,866
Period-end Shares Outstanding
(K) Period-end shares outstanding	532,181	536,876	558,709	532,181	558,709
Ratios
(C)/(A) Return on average common equity (GAAP)	10.10%	8.98%	6.28%	9.28%	11.86%
(C)/(B) Return on average tangible common equity (Non-GAAP)	12.60	11.29	7.95	11.62	15.24
(D)/(H) Total period-end equity to period-end assets (GAAP)	11.27	10.89	10.65	11.27	10.65
(F)/(I) Tangible common equity to tangible assets (Non-GAAP)	8.56	8.14	7.76	8.56	7.76
(G)/(J) Adjusted tangible common equity to risk-weighted assets (Non-GAAP)	10.63	10.37	10.35	10.63	10.35
(E)/(K) Book value per common share (GAAP)	$16.15	$15.34	$14.28	$16.15	$14.28
(F)/(K) Tangible book value per common share (Non-GAAP)	$13.02	$12.22	$11.22	$13.02	$11.22

(a) Included in total equity on the Consolidated Balance Sheets.

(b) Includes goodwill and other intangible assets, net of amortization.

110	3Q24 FORM 10-Q REPORT

ContentsView on SEC.gov

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