In the third quarter of 2024, First Horizon Corp reported a net income available to common shareholders of $213 million, or $0.40 per diluted share, marking a significant increase from $129 million, or $0.23 per diluted share, in the same quarter of 2023. This growth in profitability is attributed to various factors, including changes in net interest income and credit loss provisions.

Net interest income for Q3 2024 was $627 million, reflecting a slight decrease of $2 million from the previous quarter (Q2 2024) but an increase of $22 million compared to Q3 2023. The provision for credit losses also saw a notable decline, amounting to $35 million in Q3 2024, down from $110 million in Q3 2023. This reduction in provisions is indicative of improved credit quality, as evidenced by net charge-offs of $24 million in Q3 2024, significantly lower than the $95 million reported in Q3 2023, which included a substantial $72 million charge-off for a single client.

Noninterest income for the quarter reached $200 million, an increase of $14 million from Q2 2024 and $27 million from Q3 2023, contributing positively to the overall revenue. However, noninterest expenses rose to $511 million, an increase of $11 million from the previous quarter and $37 million from the same quarter last year.

As of September 30, 2024, First Horizon reported total loans and leases of $62.4 billion, an increase of $1.2 billion from December 31, 2023. Total deposits also grew, reaching $66.6 billion, up by $795 million from the end of 2023. The company's Common Equity Tier 1 ratio stood at 11.23%, a slight decrease from 11.40% at the end of the previous year. Additionally, the allowance for loan and lease losses increased to $823 million, up from $773 million at December 31, 2023, reflecting a cautious approach to potential credit risks.