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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________
FORM 10-Q
_____________________________________
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
or
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-15185
____________________________________
(Exact name of registrant as specified in its charter)
______________________________________
| | | | | | | | | | | |
TN | | 62-0803242 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
165 Madison Avenue | | |
Memphis, | Tennessee | | 38103 |
(Address of principal executive offices) | | (Zip Code) |
(Registrant’s telephone number, including area code) (901) 523-4444
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of exchange on which registered |
$0.625 Par Value Common Capital Stock | FHN | New York Stock Exchange LLC |
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Depositary Shares, each representing a 1/400th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series B | FHN PR B | New York Stock Exchange LLC |
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Depositary Shares, each representing a 1/400th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C | FHN PR C | New York Stock Exchange LLC |
|
| | |
|
Depositary Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series E | FHN PR E | New York Stock Exchange LLC |
|
Depositary Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series F | FHN PR F | New York Stock Exchange LLC |
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|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☒ | | Accelerated filer | ☐ | | Non-accelerated filer | | ☐ |
Smaller reporting company | ☐ | | Emerging growth company | ☐ | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
| | | | | | | | |
Class | | Outstanding on October 31, 2024 |
Common Stock, $0.625 par value | | 530,138,241 |
| | |
10-Q REPORT TABLE OF CONTENTS |
Table of Contents
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GLOSSARY OF ACRONYMS & TERMS |
| | |
Glossary of Acronyms and Terms
The following is a list of common acronyms and terms used throughout this report:
| | | | | |
ACL | Allowance for credit losses |
AFS | Available for sale |
AIR | Accrued interest receivable |
ALCO | Asset/Liability Committee |
ALLL | Allowance for loan and lease losses |
ALM | Asset/liability management |
| |
AOCI | Accumulated other comprehensive income |
ASC | FASB Accounting Standards Codification |
Associate | Person employed by FHN |
ASU | Accounting Standards Update |
Bank | First Horizon Bank |
BOLI | Bank-owned life insurance |
| |
C&I | Commercial, financial, and industrial loan portfolio |
| |
| |
CECL | Current expected credit loss |
CEO | Chief Executive Officer |
CMO | Collateralized mortgage obligations |
CODM | Chief Operating Decision-Maker |
Company | First Horizon Corporation |
Corporation | First Horizon Corporation |
CRE | Commercial Real Estate |
CRMC | Credit Risk Management Committee |
DTA | Deferred tax asset |
DTL | Deferred tax liability |
EAD | Exposure as default |
EPS | Earnings per share |
Fannie Mae | Federal National Mortgage Association |
FASB | Financial Accounting Standards Board |
FDIC | Federal Deposit Insurance Corporation |
Federal Reserve | Federal Reserve Board |
Fed | Federal Reserve Board |
FHA | Federal Housing Administration |
FHLB | Federal Home Loan Bank |
FHN | First Horizon Corporation |
FHNF | FHN Financial; FHN's fixed income division |
FICO | Fair Isaac Corporation |
First Horizon | First Horizon Corporation |
FRB | Federal Reserve Bank or the Federal Reserve Board |
Freddie Mac | Federal Home Loan Mortgage Corporation |
FTE | Fully taxable equivalent |
| | | | | |
GAAP | Generally accepted accounting principles (U.S.) |
GHG | Greenhouse Gas |
GNMA | Government National Mortgage Association or Ginnie Mae |
GSE | Government sponsored enterprises, in this report references Fannie Mae and Freddie Mac |
HELOC | Home equity line of credit |
HFS | Held for Sale |
HTC | Historic tax credit |
HTM | Held to maturity |
IBKC | IBERIABANK Corporation |
IBKC merger | FHN's merger of equals with IBKC that closed July 2020 |
ISDA | International Swap and Derivatives Association |
IRS | Internal Revenue Service |
LGD | Loss given default |
LIBOR | London Inter-Bank Offered Rate |
LIHTC | Low Income Housing Tax Credit |
LLC | Limited Liability Company |
LMC | Loans to mortgage companies |
LOCOM | Lower of cost or market |
LRRD | Loan Rehab and Recovery Department |
LTV | Loan-to-value |
| |
MBS | Mortgage-backed securities |
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
NAICS | North American Industry Classification System |
NII | Net interest income |
NM | Not meaningful |
NMTC | New Market Tax Credit |
NPA | Nonperforming asset |
Non-PCD | Non-Purchased Credit Deteriorated Financial Assets |
NPL | Nonperforming loan |
OREO | Other Real Estate Owned |
PAM | Proportional amortization method |
PCAOB | Public Company Accounting Oversight Board |
PCD | Purchased credit deteriorated financial assets |
PCI | Purchased credit impaired |
PD | Probability of default |
PM | Portfolio managers |
| |
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GLOSSARY OF ACRONYMS & TERMS |
| | |
| | | | | |
PPP | Paycheck Protection Program |
PSU | Performance Stock Unit |
RE | Real estate |
RM | Relationship managers |
ROA | Return on assets |
RPL | Reasonably possible loss |
SBA | Small Business Administration |
SEC | Securities and Exchange Commission |
SOFR | Secure Overnight Funding Rate |
SVaR | Stressed Value-at-Risk |
TD | The Toronto-Dominion Bank |
TD Merger Agreement | Merger agreement between FHN, TD, and certain TD subsidiaries, which the parties mutually terminated on May 4, 2023 |
TD Transaction | The merger transactions contemplated by the TD Merger Agreement |
TDR | Troubled Debt Restructuring |
TRUP | Trust preferred loan |
UPB | Unpaid principal balance |
USDA | United States Department of Agriculture |
VaR | Value-at-Risk |
VIE | Variable Interest Entities |
we / us / our | First Horizon Corporation |
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FORWARD-LOOKING STATEMENTS AND NON-GAAP INFORMATION |
| | |
Forward-Looking Statements
This report, including materials incorporated into it, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results or other developments. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends identify forward-looking statements.
Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond our control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause our actual future results and outcomes to differ materially from those contemplated by forward-looking statements or historical performance. Examples of uncertainties and contingencies include, among other important factors:
•global, general and local economic and business conditions, including economic recession or depression;
•the stability or volatility of values and activity in the residential housing and commercial real estate markets;
•expectations of and actual timing and amount of interest rate movements, including the slope and shape of the yield curve, which can have a significant impact on a financial services institution;
•market and monetary fluctuations, including fluctuations in mortgage markets;
•the financial condition of borrowers and other counterparties;
•competition within and outside the financial services industry;
•the occurrence of natural or man-made disasters, global pandemics, conflicts, or terrorist attacks, or other adverse external events;
•effectiveness and cost-efficiency of FHN’s hedging practices;
•fraud, theft, or other incursions through conventional, electronic, or other means directly or
indirectly affecting FHN or its clients, business counterparties, or competitors;
•the ability to adapt products and services to changing industry standards and client preferences;
•risks inherent in originating, selling, servicing, and holding loans and loan-based assets, including prepayment risks, pricing concessions, fluctuation in U.S. housing and other real estate prices, fluctuation of collateral values, and changes in client profiles;
•changes in the regulation of the U.S. financial services industry;
•changes in laws, regulations, and administrative actions, including executive orders, whether or not specific to the financial services industry;
•potential claims alleging mortgage servicing failures, individually, on a class basis, or as master servicer of securitized loans;
•potential claims relating to participation in government programs, especially lending or other financial services programs;
•potential requirements for FHN to repurchase, or compensate for losses from, previously sold or securitized mortgages or securities based on such mortgages;
•changes in accounting policies, standards, and interpretations;
•evolving capital and liquidity standards under applicable regulatory rules;
•accounting policies and processes that require management to make estimates about matters that are uncertain;
•reputational risk and potential adverse reactions or changes to business or employee relationships; and
•other factors that may affect future results of FHN.
FHN assumes no obligation to update or revise any forward-looking statements that are made in this report or in any other statement, release, report, or filing from time to time. Actual results could differ and expectations could change, possibly materially, because of one or more factors, including those factors listed above or presented elsewhere in this report, those factors listed in material incorporated by reference into this report, and other factors not listed. In evaluating forward-looking statements and assessing our prospects, readers of this report should carefully consider the factors mentioned above along with the additional risk factors discussed in Item 2 of Part I and Item 1A of Part II of this report, and in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, among others.
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FORWARD-LOOKING STATEMENTS AND NON-GAAP INFORMATION |
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Non-GAAP Information
Certain measures included in this report are “non-GAAP,” meaning they are not presented in accordance with U.S. GAAP and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN’s management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN’s management and Board of Directors through various internal reports.
The non-GAAP measures presented in this report are: pre-provision net revenue, return on average tangible common equity, tangible common equity to tangible assets, adjusted tangible common equity to risk-weighted assets, and tangible book value per common share. Table I.2.26 appearing in the MD&A (Item 2 of Part I) of this report provides a reconciliation of non-GAAP items presented in this report to the most comparable GAAP presentation.
Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this report include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.
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PART I, ITEM 1. FINANCIAL STATEMENTS |
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PART I. FINANCIAL INFORMATION |
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PART I, ITEM 1. FINANCIAL STATEMENTS |
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CONSOLIDATED BALANCE SHEETS
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| | September 30, | | December 31, |
(Dollars in millions, except per share amounts) | | 2024 | | 2023 |
Assets | | | | |
Cash and due from banks | | $ | 1,028 | | | $ | 1,012 | |
Interest-bearing deposits with banks | | 1,286 | | | 1,328 | |
Federal funds sold and securities purchased under agreements to resell | | 1,008 | | | 719 | |
Trading securities | | 1,549 | | | 1,412 | |
Securities available for sale at fair value | | 8,248 | | | 8,391 | |
Securities held to maturity (fair value of $1,144 and $1,161, respectively) | | 1,282 | | | 1,323 | |
Loans held for sale (including $87 and $68 at fair value, respectively) | | 494 | | | 502 | |
Loans and leases | | 62,445 | | | 61,292 | |
Allowance for loan and lease losses | | (823) | | | (773) | |
Net loans and leases | | 61,622 | | | 60,519 | |
Premises and equipment | | 572 | | | 590 | |
Goodwill | | 1,510 | | | 1,510 | |
Other intangible assets | | 154 | | | 186 | |
Other assets | | 3,882 | | | 4,169 | |
Total assets | | $ | 82,635 | | | $ | 81,661 | |
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Liabilities | | | | |
Noninterest-bearing deposits | | $ | 16,212 | | | $ | 17,204 | |
Interest-bearing deposits | | 50,363 | | | 48,576 | |
Total deposits | | 66,575 | | | 65,780 | |
Trading liabilities | | 767 | | | 509 | |
Short-term borrowings | | 2,585 | | | 2,549 | |
Term borrowings | | 1,202 | | | 1,150 | |
Other liabilities | | 2,190 | | | 2,382 | |
Total liabilities | | 73,319 | | | 72,370 | |
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Equity | | | | |
Preferred stock, Non-cumulative perpetual, no par value; authorized 5,000,000 shares; issued 16,750 and 26,750 shares, respectively | | 426 | | | 520 | |
Common stock, $0.625 par value; authorized 700,000,000 shares; issued 532,180,686 and 558,838,694 shares, respectively | | 333 | | | 349 | |
Capital surplus | | 4,947 | | | 5,351 | |
Retained earnings | | 4,304 | | | 3,964 | |
Accumulated other comprehensive loss, net | | (989) | | | (1,188) | |
FHN shareholders' equity | | 9,021 | | | 8,996 | |
Noncontrolling interest | | 295 | | | 295 | |
Total equity | | 9,316 | | | 9,291 | |
Total liabilities and equity | | $ | 82,635 | | | $ | 81,661 | |
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See accompanying notes to consolidated financial statements.
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PART I, ITEM 1. FINANCIAL STATEMENTS |
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CONSOLIDATED STATEMENTS OF INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | |
(Dollars in millions, except per share data; shares in thousands) (Unaudited) | 2024 | | 2023 | | 2024 | | 2023 | | | | |
Interest income | | | | | | | | | | | |
Interest and fees on loans and leases | $ | 996 | | | $ | 941 | | | $ | 2,923 | | | $ | 2,624 | | | | | |
Interest and fees on loans held for sale | 10 | | | 15 | | | 27 | | | 40 | | | | | |
Interest on investment securities | 60 | | | 62 | | | 179 | | | 186 | | | | | |
Interest on trading securities | 22 | | | 19 | | | 64 | | | 57 | | | | | |
Interest on other earning assets | 31 | | | 43 | | | 91 | | | 107 | | | | | |
Total interest income | 1,119 | | | 1,080 | | | 3,284 | | | 3,014 | | | | | |
Interest expense | | | | | | | | | | | |
Interest on deposits | 434 | | | 409 | | | 1,231 | | | 845 | | | | | |
Interest on trading liabilities | 6 | | | 3 | | | 18 | | | 8 | | | | | |
Interest on short-term borrowings | 35 | | | 46 | | | 104 | | | 182 | | | | | |
Interest on term borrowings | 17 | | | 17 | | | 50 | | | 56 | | | | | |
Total interest expense | 492 | | | 475 | | | 1,403 | | | 1,091 | | | | | |
Net interest income | 627 | | | 605 | | | 1,881 | | | 1,923 | | | | | |
Provision for credit losses | 35 | | | 110 | | | 140 | | | 210 | | | | | |
Net interest income after provision for credit losses | 592 | | | 495 | | | 1,741 | | | 1,713 | | | | | |
Noninterest income | | | | | | | | | | | |
Fixed income | 47 | | | 28 | | | 138 | | | 97 | | | | | |
Deposit transactions and cash management | 45 | | | 46 | | | 134 | | | 133 | | | | | |
Brokerage, management fees and commissions | 27 | | | 21 | | | 76 | | | 66 | | | | | |
Card and digital banking fees | 19 | | | 20 | | | 58 | | | 61 | | | | | |
Other service charges and fees | 13 | | | 14 | | | 40 | | | 41 | | | | | |
Trust services and investment management | 12 | | | 12 | | | 36 | | | 35 | | | | | |
Mortgage banking income | 9 | | | 7 | | | 28 | | | 18 | | | | | |
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Gain on merger termination | — | | | — | | | — | | | 225 | | | | | |
Securities gains (losses), net | 1 | | | — | | | 2 | | | 1 | | | | | |
Other income | 27 | | | 25 | | | 69 | | | 68 | | | | | |
Total noninterest income | 200 | | | 173 | | | 581 | | | 745 | | | | | |
Noninterest expense | | | | | | | | | | | |
Personnel expense | 282 | | | 266 | | | 862 | | | 821 | | | | | |
Net occupancy expense | 33 | | | 30 | | | 95 | | | 92 | | | | | |
Computer software | 30 | | | 26 | | | 89 | | | 82 | | | | | |
Operations services | 25 | | | 21 | | | 69 | | | 65 | | | | | |
Legal and professional fees | 15 | | | 13 | | | 47 | | | 33 | | | | | |
Advertising and public relations | 14 | | | 16 | | | 37 | | | 47 | | | | | |
Contract employment and outsourcing | 12 | | | 12 | | | 40 | | | 36 | | | | | |
Deposit insurance expense | 11 | | | 14 | | | 51 | | | 40 | | | | | |
Amortization of intangible assets | 11 | | | 12 | | | 33 | | | 36 | | | | | |
Equipment expense | 10 | | | 11 | | | 32 | | | 32 | | | | | |
Communications and delivery | 8 | | | 8 | | | 24 | | | 27 | | | | | |
Contributions | 4 | | | 3 | | | 6 | | | 60 | | | | |
Other expense | 56 | | | 42 | | | 142 | | | 137 | | | | | |
Total noninterest expense | 511 | | | 474 | | | 1,527 | | | 1,508 | | | | | |
Income before income taxes | 281 | | | 194 | | | 795 | | | 950 | | | | | |
Income tax expense | 58 | | | 52 | | | 171 | | | 223 | | | | | |
Net income | $ | 223 | | | $ | 142 | | | $ | 624 | | | $ | 727 | | | | | |
Net income attributable to noncontrolling interest | 5 | | | 5 | | | 15 | | | 14 | | | | | |
Net income attributable to controlling interest | $ | 218 | | | $ | 137 | | | $ | 609 | | | $ | 713 | | | | | |
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Preferred stock dividends | 5 | | | 8 | | | 28 | | | 24 | | | | | |
Net income available to common shareholders | $ | 213 | | | $ | 129 | | | $ | 581 | | | $ | 689 | | | | | |
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PART I, ITEM 1. FINANCIAL STATEMENTS |
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CONSOLIDATED STATEMENTS OF INCOME (continued) |
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Basic earnings per common share | $ | 0.40 | | | $ | 0.23 | | | $ | 1.07 | | | $ | 1.26 | | | | | |
Diluted earnings per common share | $ | 0.40 | | | $ | 0.23 | | | $ | 1.06 | | | $ | 1.23 | | | | | |
Weighted average common shares | 534,222 | | | 558,559 | | | 544,356 | | | 544,952 | | | | | |
Diluted average common shares | 537,971 | | | 561,421 | | | 547,629 | | | 561,930 | | | | | |
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See accompanying notes to consolidated financial statements.
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PART I, ITEM 1. FINANCIAL STATEMENTS |
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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| Three Months Ended September 30, | | | | | | Nine Months Ended September 30, |
(Dollars in millions) (Unaudited) | 2024 | | 2023 | | | | | | 2024 | | 2023 |
Net income | $ | 223 | | | $ | 142 | | | | | | | $ | 624 | | | $ | 727 | |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | |
Net unrealized gains (losses) on securities available for sale | 232 | | | (206) | | | | | | | 167 | | | (197) | |
Net unrealized gains (losses) on cash flow hedges | 58 | | | (20) | | | | | | | 26 | | | (22) | |
Net unrealized gains (losses) on pension and other postretirement plans | 2 | | | 3 | | | | | | | 6 | | | 5 | |
Other comprehensive income (loss) | 292 | | | (223) | | | | | | | 199 | | | (214) | |
Comprehensive income (loss) | 515 | | | (81) | | | | | | | 823 | | | 513 | |
Comprehensive income attributable to noncontrolling interest | 5 | | | 5 | | | | | | | 15 | | | 14 | |
Comprehensive income (loss) attributable to controlling interest | $ | 510 | | | $ | (86) | | | | | | | $ | 808 | | | $ | 499 | |
Income tax expense (benefit) of items included in other comprehensive income: | | | | | | | | | | | |
Net unrealized gains (losses) on securities available for sale | $ | 75 | | | $ | (67) | | | | | | | $ | 53 | |