First Horizon Corporation

Good morning all and thank you for joining us for the First Horizon Third Quarter 2024 Earnings Conference Call. My name is Carly and I'll be the call coordinator for today. If you'd like to register a question during the call, please press star followed by one on your telephone keypad and to remove yourself from that line of questioning, it is star followed by two. I'd now like to hand over to your host, Natalie Flanders, Head of IR, to begin. The floor is yours.

Thank you, Carly. Good morning. Welcome to our third quarter 2024 results conference call. Thank you for joining us. Today, our Chairman, President, and CEO, Brian Jordan, and Chief Financial Officer, Hoke Domchowski, will provide prepared remarks, after which we'll be happy to take your questions. We're also pleased to have our Chief Credit Officer, Thomas Hung, here to assist with questions 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 and uncertainties. Therefore, we ask you to review the factors that may cause our results to differ from our expectations on page two of our presentation and in our SEC filings. Additionally, please be aware that our comments will refer to adjusted results, which exclude the impact of notable items. These are non-GAAP measures, so it's important for you to review the GAAP information in our earnings release and on page three of our presentation. And last but not least, our comments reflect our current views, and you should understand that we are not obligated to update them. And with that, I'll turn things over to Brian.

Thank you, Natalie. Good morning, everyone. Thank you for joining our call. Before we get into the details of the quarter, I want to express our concern and support for those who were impacted by Hurricanes Helene and Milton. I'm incredibly proud of our team, how our team prepared for and responded to the needs of our associates, clients and communities. We were on the ground immediately providing food, water, fuel, and other essential supplies. In North Carolina and Tennessee, all but one of our banking centers are back open with mobile banking units on site there to provide continuous banking services to our clients. Florida is in the early stages of recovery, but our banking centers fared well and all are open at this time. We've also announced financial commitments to the restoration of these communities and will remain heavily engaged in the rebuilding process. On slide five, we've shared some of the financial highlights for the quarter. First Horizon delivered another strong quarter for our shareholders as we grew revenue, maintained expense discipline, improved credit coverage, and continued to generate capital. Our results this quarter reflect the strength of our diversified business model and our continued focus on growing and deepening client relationships. We achieved an adjusted EPS of 42 cents per share, which was a 6 cent increase from the prior quarter. Pre-provision net revenue increased $11 million, improving our adjusted return on tangible common equity to 13.2%. We continued to deploy capital through share repurchases, buying back $75 million of stock in the third quarter and over $440 million year-to-date. We ended the quarter with a common equity Tier 1 ratio of 11.2%. Our results continue to demonstrate the benefit of our disciplined credit culture. as we saw just 24 million or 15 basis points of net charge off this quarter. I'm proud of the dedication that our bankers display in serving our clients and communities throughout the Southeast. I believe we are well positioned to capitalize on our attractive footprint and opportunities to grow along with these markets. As we head into next year, I remain incredibly optimistic that our franchise is fully equipped to navigate any economic environment we encounter while continuing to enhance shareholder value. With that, I'll hand the call over to Hope to run through our financial results in more detail. Hope?