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The flow of Americans from the coast to the southern states has been a boon for First Horizon Bank, CEO Bryan Jordan told CNBC on Monday.
“We are seeing an influx of people in the South. It has been very, very positive, and we will continue to see it,” he said in a “Mad Money” interview with Jim Cramer.
First Horizon is a regional bank based in Memphis, Tennessee, with a presence in a dozen southern states. It had $ 87.9 billion in assets as of June 30.
Jordan said he is seeing significant demographic changes in states like Florida, Georgia and Tennessee.
Middle Tennessee, where First Horizon has a concentration of branches, has seen a high number of relocations in the past 15 months, he added.
“We think the attractive policies, particularly around the right to work, taxation, etc., are going to be really, really positive for our footprint in 12 states,” Jordan said.
The company also has a presence in three of the six states expected to gain political power, given population changes over the past decade, as recorded in the 2020 US Census. These include North Carolina and Florida, states that are expected to gain an additional seat in Congress, and the state of Texas, which will gain two seats.
Six states in the Midwest and Northeast combined will lose seats, including New York and Michigan, while California also loses one.
First Horizon released second quarter results above Wall Street estimates on Friday. The company recorded $ 784 million in revenue, up more than 53% from a year ago and 70% from the second quarter of 2019.
Shares of First Horizon closed more than 3% lower on Monday at $ 15.01. The title is down 22% since early June.
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