文章核心观点 - 第二季度财报表现略有不佳,公司再次下调了净利息收入指引,主要受到存款定价压力和利率预期调整的影响[5] - 信贷质量尚可,但资金来源仍然是一大挑战,公司需要更积极地争取存款以应对竞争[6] - 预计未来几年公司的盈利增长将温和,但长期来看仍有望受益于东南部地区的快速增长[7] 公司概况 - 公司是一家拥有10年投资银行从业经验的资深研究分析师,专注于行业和公司研究[1] - 公司擅长解读各种新闻、事件、财报等,发现潜在的投资机会和风险[1] 财务表现 - 第二季度调整后核心收入同比增长约1%,环比略有下降,略低于预期约1%[5] - 净息差基本持平在3.38%,略低于预期的3.41%,导致净利息收入同比小幅下降,环比增长不足1%[5] - 手续费收入同比增长6%,环比下降4%,其中固定收益业务同比增长三分之一,环比下降23%[5] - 调整后经营费用同比增长1%,环比略有下降,略高于预期,效率指标也略差于预期[5] - 拨备和税收略好于预期,导致每股核心收益略低于预期约1美分[5] 业务发展 - 存款成本持续上升,导致净息差承压,公司不得不提高存款利率以吸引存款[6] - 贷款需求疲软,公司的增长表现未能跟上东南部地区的整体增长节奏[6] - 未来几年公司的盈利增长预计将温和,但长期来看仍有望受益于东南部地区的快速增长[7]

文章核心观点 - 第二季度财报低于预期,调整后每股收益36美分,低于市场预期1美分,同比下降7.7% [1] - 净利息收入下降、非利息收入下降、存款减少、拨备增加等因素对业绩产生负面影响,但支出下降和贷款余额增加提供了一些缓解 [2] 收入和支出 - 总收入同比下降21%至8.15亿美元,低于市场预期 [3] - 净利息收入小幅下降至6.29亿美元,但净利差保持稳定在3.37% [4] - 非利息收入大幅下降53.5%至1.86亿美元 [4] - 非利息支出同比下降9.9%至5亿美元 [4] - 效率比率上升至61.44%,表明盈利能力下降 [5] 资产质量 - 不良贷款和租赁余额增加42.8%至5.74亿美元 [7] - 净核销额大幅增加至3400万美元,从上年同期的2300万美元 [7] - 贷款损失准备金增加11.4%至8.21亿美元,占贷款比例从1.20%升至1.32% [8] 资本状况 - 普通股一级资本充足率下降至11%,但总资本充足率上升至13.7% [9][10] - 一级杠杆比率上升至10.6% [10]

Second Quarter 2024 Earnings July 17, 2024 Disclaimers 2 Non-GAAP Information Certain measures included in this document are "non-GAAP," meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. FHN's management believes such measures, even though not always comparable to non-GAAP measures used by other financial institutions, are relevant to understanding the financial condition, ...

财务数据和关键指标变化 - 公司交付了每股调整后收益0.36美元,较上一季度增加0.01美元,调整后净息差收入增加100万美元 [11] - 调整后的有形普通股权回报率提升至12%,这得益于向股东返还超额资本 [11] - 公司在第二季度回购了2.12亿美元的股票,年初至今回购超过3.65亿美元,季末普通股权一级资本比率为11% [11][15] 各条业务线数据和关键指标变化 - 净息差收入增加500万美元,净息差略有扩大1个基点至3.38% [16] - 贷款组合持续为净息差收入和净息差带来支撑,平均贷款较上季度增长1.4%,其中约三分之二为抵押贷款公司贷款,这是收益最高的贷款组合 [16][20] - 贷款收益继续改善,较一季度上升6个基点,受益于新增和续期浮动利率息差以及固定利率现金流重新定价 [16][21] - 非息收入(不含递延薪酬)较上季度下降300万美元,主要是固定收益业务收入下降1200万美元,抵消了银行业务费用收入的增长 [22][23] 各个市场数据和关键指标变化 - 存款余额较上季度下降1%,符合行业整体趋势,但公司成功保留了95%的客户存款 [18] - 计息存款平均利率上升2个基点至3.3%,期末利率约为3.35%,较一季度末上升7个基点 [19] 公司战略和发展方向及行业竞争 - 公司有信心在任何经济周期中都能有出色表现,将继续通过识别运营效率来抵消收入压力,保持良好的股东回报 [32][33] - 公司将保持资本、资产负债表和信贷表现的谨慎管理,以交付有吸引力的回报 [33] - 公司认为其东南部市场足迹和既有客户关系是其最大优势,尽管吸引了激烈的竞争,但公司有信心凭借员工、客户关系和维护无与伦比的银行业务的奉献精神来保持领先地位 [34] 管理层对经营环境和未来前景的评论 - 管理层认为,如果联储不进行进一步降息,存款定价竞争环境可能会持续,这将进一步压缩存款成本 [41][42][43][44][45] - 管理层表示,如果没有降息,净息差收入指引将在下限附近,但如果有一次或两次降息,这将有助于抵消存款成本压力 [27][28][29] - 管理层对公司在任何经济环境下都能保持盈利能力表示乐观,并将继续采取必要措施来应对 [31][32] 其他重要信息 - 公司已实现11%的普通股权一级资本比率目标,未来将维持在11%左右的水平,待宏观经济和监管环境更加明朗后再考虑降至10%-10.5%的长期目标 [15][30] - 公司将继续积极回购股票,认为目前股价相对估值仍有折价空间 [76][77] - 公司将加大技术投资,包括升级核心系统如财务管理和现金管理系统,以提升客户服务能力 [94][95] 问答环节重要的提问和回答 问题1 **Jon Arfstrom 提问** 询问公司面临的存款定价竞争情况 [40] **Bryan Jordan 和 Hope Dmuchowski 回答** - 公司面临来自大中小型竞争对手的存款优惠活动,导致需要提高现有客户的存款成本 [41][42] - 第二季度后期,公司有超过10亿美元的存款从低成本基准账户转移到较高成本的挽留优惠 [43][44][45] 问题2 **Michael Rose 提问** 询问公司是否能在2025年实现正的营运杠杆 [49] **Hope Dmuchowski 回答** - 公司的目标是每年都能实现正的营运杠杆,但2025年的情况很难预测,将取决于利率环境、存款成本以及资本市场业务的表现 [50][51] 问题3 **Ebrahim Poonawala 提问** 询问固定收益业务的前景 [59][60] **Bryan Jordan 回答** - 如果联储大幅降息,公司固定收益业务的平均日收入很可能会上升,但公司目前假设的是一个相对稳定的环境 [61]

Key TakeawaysFirst Horizon Corp. shares fell in intraday trading Wednesday after the company reported second-quarter results lower than analysts' projections.Revenue and profits fell year-over-year as net interest income (NII) decreased.First Horizon also lowered its full-year NII outlook. Shares of First Horizon Corp. (FHN) slipped in intraday trading Wednesday after the regional bank reported second-quarter results lower than analysts expected as lower net interest income (NII) hit its profits. The parent ...

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First Horizon National (FHN) reported $815 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 21%. EPS of $0.36 for the same period compares to $0.39 a year ago.The reported revenue represents a surprise of -0.59% over the Zacks Consensus Estimate of $819.82 million. With the consensus EPS estimate being $0.37, the EPS surprise was -2.70%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

First Horizon National (FHN) came out with quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.70%. A quarter ago, it was expected that this bank holding company would post earnings of $0.34 per share when it actually produced earnings of $0.35, delivering a surprise of 2.94%.Over the last four quar ...

First Horizon Corporation's Momentum Continues with Strong Second Quarter 2024 Results Net Income Available to Common Shareholders of $184 Million or EPS of $0.34; $195 Million or $0.36 on an Adjusted Basis, up $0.01 from prior quarter* 2Q24 ROTCE of 11.3% and Adjusted ROTCE of 12.0% with Tangible Book Value per Share of $12.22, up $0.06 QoQ* MEMPHIS, TN (July 17, 2024) – First Horizon Corporation (NYSE: FHN or "First Horizon") today reported second quarter net income available to common ("NIAC") shareholde ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering First Horizon National (FHN) , which belongs to the Zacks Banks - Southwest industry.This bank holding company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 3.08%.For the most recent quarter, First Horizon was expected to post ea ...