Q2 2024 First Horizon Corp Earnings Call Transcript
Key Points
- First Horizon Corp (FHN) delivered adjusted EPS of $0.36 per share, a $0.01 increase from the prior quarter.
- The company repurchased $212 million of stock in the second quarter and over $365 million year to date.
- Net interest income (NII) increased by $5 million, with the margin slightly expanding by 1 basis point to 3.38%.
- The loan portfolio continues to be a tailwind, with average loans up 1.4% from the prior quarter.
- Credit performance remains strong, with net charge-offs decreasing by $6 million to $34 million or 22 basis points of average loans.
- Deposit costs increased by 2 basis points due to heightened competition and promotional deposit offers.
- Non-performing loans (NPLs) increased by $69 million, driven by the commercial real estate (CRE) sector.
- The fixed income business saw a $12 million decrease in fee income due to reduced market rate cut expectations and lower portfolio restructuring activity.
- The company updated its net interest income (NII) outlook to flat to down 2% for the remainder of 2024 due to mix shift and increased deposit competition.
- Expenses related to technology investments are expected to moderately increase over the remainder of the year.
Yes, good afternoon, all, and thanks for joining us for the First Horizon second quarter 2024 our earnings conference call. My name is Carly, and I'll be coordinating your call today. (Operator Instructions) I will now hand over to Natalie Flanders, Head of Investor Relations to begin.
Thank you, Carly, and good morning. Welcome to our second quarter 2024 results conference call and thank you for joining us. Today our Chairman, President and CEO, Bryan Jordan, and Chief Financial Officer, Hope Dmuchowski will provide prepared remarks after which we'll be happy to take your questions. We're also pleased to have our Chief Credit Officer, Susan Springfield, and our Deputy Chief Credit Officer, Thomas Hung here to do have questions with you as well.
Our remarks today will reference our earnings presentation, which is available on our website at ir.firsthorizon.com. As always, I need to remind you that we will make forward-looking statements that are subject to risks
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