First Horizon Corporation (NYSE: FHN), headquartered in Memphis, TN, is a regional financial services company with assets totaling approximately $82.2 billion as of December 31, 2024. The bank operates primarily in the southern United States, offering a range of services including commercial, retail banking, and wealth management.

In the fourth quarter of 2024, First Horizon reported a decline in net income, with net income available to common shareholders of $158 million, down from $213 million in the previous quarter. Earnings per share (EPS) for the fourth quarter were $0.29, compared to $0.40 in the third quarter. On an adjusted basis, net income was $228 million, or $0.43 per share, reflecting a 2% increase from $224 million, or $0.42 per share in the prior quarter.

For the full year 2024, First Horizon’s net income available to common shareholders amounted to $738 million, translating to $1.36 per share. This represented a decrease from $865 million, or $1.54 per share, in 2023. Notable items impacted results, reducing fourth quarter earnings by $71 million after-tax, primarily due to a $91 million loss on securities portfolio restructuring.

In terms of revenue, First Horizon experienced a drop in total revenue for the fourth quarter, which came in at $729 million, down from $828 million in the third quarter. The company reported net interest income of $630 million for the fourth quarter, reflecting a two-basis-point increase quarter-over-quarter, with a net interest margin of 3.33%. This margin was supported by a reduction in interest-bearing deposit costs.

First Horizon’s adjusted return on tangible common equity was reported at 13.3% for the fourth quarter, an improvement when compared to the prior quarter. The bank’s average loans and leases for 2024 were $62.0 billion, up by $1.8 billion from 2023. Specifically, loan balances increased marginally to $62.6 billion at year-end, with notable growth in loans to mortgage companies reaching over $400 million since the third quarter.

Total deposits remained stable, with average deposits of $65.7 billion in 2024. Interest-bearing deposit costs decreased by 34 basis points to 3.10% from the previous quarter.

First Horizon’s capital ratios remained robust, with a Common Equity Tier 1 (CET1) ratio of 11.2% at year-end, unchanged from the third quarter. In 2024, $930 million was returned to shareholders through dividends and share repurchases, exhibiting strong capital management.

Looking ahead, First Horizon’s guidance for 2025 includes expectations for revenue growth between flat and 4%, while adjusted expenses are anticipated to rise by 2% to 4%. Management indicated confidence in maintaining positive operating leverage despite a complex interest rate environment.