First Horizon posts higher quarterly results
First Horizon Corp. on Wednesday reported second quarter net income available to common shareholders of $317 million, or earnings per share of 56 cents, compared with first quarter 2023 results of $243 million, or earnings per share of 43 cents.
Second quarter 2023 results benefited from a net $98 million after-tax, or 17 cents per share, of notable items compared with a reduction of $16 million, or 3 cents per share, in first quarter 2023.
Bryan Jordan, chairman, president and CEO of Memphis-based First Horizon, said in a statement that the quarterly results reflect the continued strength, resilience, and momentum of its diversified business mix, the benefit of its attractive markets, and the dedication of its associates.
Jay Dale, Chattanooga market president for First Horizon, said in a statement that he is "proud of our team's dedication and efforts to grow overall bank deposits by 6% for the quarter, and increase our already strong capital position," he said. "In Chattanooga, customer sentiment remains positive and optimistic, and loan demand and growth is reflective of that."
Pinnacle reports net income rise
Nashville-based Pinnacle Financial Partners on Tuesday reported net income per diluted common share of $2.54 for the quarter ended June 30, compared to net income per diluted common share of $1.86 for the quarter ended June 30, 2022, an increase of 36.6%.
Net income per diluted common share was $4.30 for the six months ended June 30, compared to $3.51 for the six months ended June 30, 2022, an increase of about 22.5%.
"This proved to be another sound operating quarter especially given the results of several critical performance metrics such as asset quality, net interest income growth and tangible book value accretion," said M. Terry Turner, Pinnacle's president and CEO. "Second quarter results continue to reflect our longstanding and ongoing ability to leverage our award-winning work environment and market-leading net promoter scores to take market share from our large national and regional competitors."
UPS, Teamsters negotiations to resume
The Teamsters union said it is set to resume negotiations with Atlanta-based UPS next week, with less than two weeks to reach a deal before their strike deadline.
The International Brotherhood of Teamsters said Wednesday that the company reached out to the union, and dates will be set soon for the resumption of bargaining.
The breakthrough marks an end to a stalemate that had been in place since July 5, when talks broke down. The union has said one of the key sticking points was pay for part-time workers.
On Wednesday, UPS said in a written statement: "We are pleased to be back at the negotiating table next week to resolve the few remaining open issues."
"We are prepared to increase our industry-leading pay and benefits, but need to work quickly to finalize a fair deal that provides certainty for our customers, our employees and businesses across the country," the company said.