First Horizon Beats Earnings Estimates Amid Mortgage Portfolio Sale

First Horizon Corporation reported third-quarter adjusted earnings per share of $0.53, surpassing analyst expectations of $0.52. However, the company missed revenue estimates, bringing in $883 million against a consensus forecast of $889.37 million. Shares declined 1.6% following the announcement.

The bank recorded a GAAP net loss of $94 million, or -$0.20 per share. This loss resulted primarily from the reclassification of $4.5 billion in lower-yielding consumer mortgages to held-for-sale status. First Horizon entered an agreement to sell these mortgages in early October, with settlement expected in the fourth quarter. The company stated the sale will provide balance sheet flexibility and be accretive to future earnings.

As of September 30, 2026, the company held $84.3 billion in assets. CEO Bryan Jordan attributed the quarterly results to the company's disciplined approach and strategic priorities.