First Horizon (FHN) Q2 Earnings Miss Estimates, NII Improves
First Horizon National Corporation (NYSE: FHN ) reported second-quarter 2022 adjusted earnings per share of 34 cents. This excluded after-tax impacts of 5 cents per share from notable items related to the IBERIABANK Corporation and TD Bank merger transactions. The reported number missed the Zacks Consensus Estimate of 35 cents. Also, the figure declined 41% year over year. The results reflect strong net interest income (NII) growth, high loan and lease balances, and a decline in expenses. However, a fall in non-interest income, lower deposits and higher provisions were headwinds. Net income available to common shareholders was $166 million, down 44% year over year. Revenues Expenses Fall Total revenues were $743 million, down 5% year over year. Nonetheless, the top line surpassed the consensus estimate of $729.1 million. NII increased 9% year over year to $542 million. Also, the net interest margin (NYSE: NIM ) rose 27 basis points (bps) to 2.74%. Non-interest income was $201 million, plunging 29%.
First Horizon (FHN) Q2 Earnings Miss Estimates, NII Improves
First Horizon National Corporation (NYSE: FHN ) reported second-quarter 2022 adjusted earnings per share of 34 cents. This excluded after-tax impacts of 5 cents per share from notable items related to the IBERIABANK Corporation and TD Bank merger transactions. The reported number missed the Zacks Consensus Estimate of 35 cents. Also, the figure declined 41% year over year. The results reflect strong net interest income (NII) growth, high loan and lease balances, and a decline in expenses. However, a fall in non-interest income, lower deposits and higher provisions were headwinds. Net income available to common shareholders was $166 million, down 44% year over year. Revenues Expenses Fall Total revenues were $743 million, down 5% year over year. Nonetheless, the top line surpassed the consensus estimate of $729.1 million. NII increased 9% year over year to $542 million. Also, the net interest margin (NYSE: NIM ) rose 27 basis points (bps) to 2.74%. Non-interest income was $201 million, plunging 29%.