Credit Worries Loom Large For First Horizon [Seeking Alpha]
IBERIABANK (IBKC)
Last iberiabank earnings: 4/17 07:00 am
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ir.iberiabank.com
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Source: Seeking Alpha
SummaryFirst Horizon produced a modest miss at the pre-provision line in a quarter were most banks have generated decent beats, and the growth in core C&I lending wasn't impressive.First Horizon's reserving assumptions seem sound, but I'm worried that Iberiabank is materially under-reserving at this point and First Horizon may have to make significant post-deal provisioning.These shares may very well be significantly undervalued for long-term investors, but near-term headline risk around reserves seems very high.FHNIBERIABANKIBKCFirst Horizon’s capital is not as strong as I’d like, and I expect further reserving will be necessary (particularly in the case of Iberia’s book). On the other hand, management’s economic assumptions don’t appear at all heroic, and businesses like the fixed income trading will help generate pre-provision profits through this downturn. First Horizon is definitely a higher-risk call now, and I can understand why investors may want to stay away for the time bein
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