First Horizon Corporation announced its Third Quarter 2024 financial results, reporting net income available to common shareholders (NIAC) of $213 million, or $0.40 per diluted share. On an adjusted basis, NIAC was $224 million, or $0.42 per share, marking an increase of $0.06 from the prior quarter's adjusted EPS of $0.36.
The company's net interest income (FTE) for the quarter was $631 million, a slight decrease of $2 million from the second quarter of 2024, with the net interest margin at 3.31%, down 7 basis points. Noninterest income increased by $14 million to $200 million, primarily driven by a $7 million pickup in fixed income production.
Credit quality remained stable, with net charge-offs declining to $24 million, or 15 basis points, from $34 million in the previous quarter. The allowance for credit losses (ACL) to loans ratio increased modestly to 1.44%, reflecting $8 million in qualitative reserves for Hurricane Helene and grade migration. The Common Equity Tier 1 (CET1) ratio stood at 11.2%, an increase from 11.0% in the second quarter of 2024, after returning $75 million of excess capital to shareholders through repurchases.
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