Welcome! Today we’re diving into the First Horizon National Corp net worth. With Ando Money guiding us, we’ll explore what makes this corporation stand out in the financial sector.
From growth trends to market impacts, let’s break down the figures!
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | First Horizon National Corp. |
| Full Name | First Horizon Corporation |
| Traded as | NYSE: FHN |
| ISIN | N/A |
| Founded | 1864 |
| Founders | Frank S. Davis |
| Country/Territory | United States |
| Headquarters | Memphis, Tennessee |
| Chief Executive Officer | Bryan Jordan |
| Number of Employees | 7,249 |
| Market Cap | $7.91 billion |
| Total Assets | $82 billion |
| Total Equity | N/A |
| Revenue | $819 million (Q1 2024) |
| Net Income | $184 million (Q1 2024) |
What is the Net Worth/ Market Cap Of First Horizon National Corp. in 2024?
As of 2024, the market cap of First Horizon National Corp. stands at $7.91 billion. This positions the bank competitively within the US financial sector.
For instance, Comerica has a market cap of $7.36 billion, while New York Community Bank is valued at $7.39 billion.
Comparatively, Wells Fargo towers above with a market cap of $208.41 billion, highlighting the diverse scale among financial institutions.
First Horizon Financial Performance Overview
First Horizon National Corp., known for its robust financial services, has a rich history dating back to its founding in 1864.
Based in Memphis, Tennessee, it has evolved through strategic mergers and acquisitions, enhancing its footprint across the Southeast United States.
Today, it stands as a key player in the regional banking sector.
Financial Performance and Earnings Reports
In the first quarter of 2024, First Horizon National Corp. reported a net income of $184 million, with earnings per share (EPS) at $0.33.
Adjusted net income was $195 million, reflecting a 9% increase over the previous quarter, and adjusted EPS stood at $0.35.
Revenue for the quarter reached $819 million, surpassing analyst projections of $809.19 million.
This robust performance underscores the bank’s ability to navigate a competitive and dynamic market environment.
Revenue Streams and Contributions
First Horizon’s revenue streams are diversified, ensuring a balanced financial structure. The primary sources of revenue include:
- Interest Income: Derived from loans and leases.
- Non-Interest Income: Generated from fee-based services, including wealth management and investment advisory services.
- Fee-Based Services: Contributing significantly to non-interest income, these services enhance customer relationships and loyalty.
The subsidiary, First Tennessee Bank, plays a crucial role in revenue generation, operating approximately 200 branches across the state and contributing a substantial portion of the bank’s income.
Impact of Strategic Mergers and Acquisitions
Strategic mergers and acquisitions have been pivotal to First Horizon’s growth.
The notable merger with IberiaBank Corporation in 2020 created a robust financial entity with extensive resources and market reach.
These strategic moves have not only increased the bank’s asset base but also diversified its revenue streams, enhancing its overall financial health and market position.
Capital and Liquidity Management
First Horizon maintains strong capital ratios, with a Common Equity Tier 1 (CET1) ratio of 11.3% as of Q1 2024.
Liquidity management strategies are geared towards ensuring financial stability and supporting growth initiatives.
The bank’s robust liquidity position allows it to manage economic uncertainties effectively and seize growth opportunities as they arise.
Shareholder Value and Market Position
First Horizon is committed to delivering value to its shareholders. The bank’s market position is strengthened by its strategic focus on profitability and operational efficiency.
Shareholders benefit from regular dividends and a stable stock performance, reflecting the bank’s strong financial foundation and growth prospects.
Asset Quality and Credit Management
Maintaining high asset quality is a priority for First Horizon. The provision for credit losses remained stable at $50 million in Q1 2024, indicating prudent risk management practices.
The loan and lease portfolio stood at $61.2 billion, showcasing the bank’s extensive lending capabilities and strong asset base.
Operational Efficiency and Cost Management
First Horizon employs various strategies to enhance operational efficiency and manage costs.
These include technological advancements, process improvements, and strategic workforce management.
The bank’s focus on cost reduction initiatives has led to positive operating leverage, with revenue growth outpacing expense increases.
Future Outlook and Growth Projections
Looking ahead, First Horizon is well-positioned for continued growth.
The bank’s financial outlook is positive, with strategic initiatives aimed at expanding its client base and enhancing service offerings.
Growth projections indicate a stable increase in revenue and profitability, driven by margin expansion and improved operational efficiency.
FAQs about First Horizon National Corp
What services does First Horizon Bank offer?
The financial institution provides checking and savings accounts, loans (personal, auto, mortgage, and home equity lines of credit), credit cards, online/mobile banking, wealth management, insurance, and investment services.
How long has First Horizon Bank been in operation?
The bank has been operating since 1864.
Where is First Horizon Bank headquartered?
The headquarters are located in Memphis, Tennessee.
What is the geographic reach of First Horizon Bank?
The institution operates approximately 250 locations across the Southeast United States.
What makes First Horizon Bank different from other banks?
This bank is known for its strong capital position, diversified business model, and commitment to customer service, providing comprehensive financial products and personalized support.
What types of loans does First Horizon Bank offer?
The bank offers personal loans, auto loans, mortgages, and home equity lines of credit.
How does First Horizon Bank support wealth management?
Wealth management is supported through a subsidiary, offering financial planning, investment management, trust services, and retirement planning with a team of experienced advisors.
What digital services does First Horizon Bank provide?
The bank offers online and mobile banking, along with various digital tools for managing accounts and transactions.
How does First Horizon Bank ensure financial strength and stability?
Financial strength is maintained through disciplined credit quality, diversified funding, and strong capital reserves.
What are First Horizon Bank’s core values and mission?
The institution’s core values include integrity, customer focus, and innovation. Its mission is to help clients achieve their financial goals through comprehensive and personalized services.
Conclusion
With a clearer understanding of First Horizon National Corp’s net worth, it’s evident how significant its impact is on the financial sector.
For more in-depth analyses and financial insights, visit our website at andomoney.com to stay informed and ahead in your financial journey.
