The regional bank reported $0.54 non-GAAP EPS and $887M revenue, exceeding analyst expectations for the quarter.
First Horizon Corporation posted second-quarter non-GAAP earnings per share of $0.54, beating estimates by $0.02, as revenue rose 6.9% year-over-year to $887M. The results surpassed expectations by $7.45M, driven by growth in deposits and loan activity.
Average deposits climbed to $66.8 billion, up $572 million from the prior quarter, while period-end deposits reached $68.1 billion, an increase of $1.6 billion. Return on common equity improved to 12.3%, and the CET1 ratio held steady at 10.5%.
The bank deployed capital through $100 million in share repurchases at an average price of $24.52 per share and continued loan growth. The effective tax rate fell to 19.5% from 22.2% in the previous quarter.