First Horizon National Corp. Reports Third Quarter Net Income Available to Common of $523 Million and EPS of $0.95
First Horizon National Corp. (NYSE: FHN) reported third quarter 2020 net income of $523 million, equating to earnings per share (EPS) of $0.95. This includes $269 million pre-tax, or $0.60 per share, from notable items related to the IBERIABANK merger. Adjusted net income is $193 million, or $0.35 per share. Key performance indicators include a return on common equity (ROCE) of 28.49% and a tangible book value of $9.92. Ongoing expense discipline was evident despite net interest income pressures and a $13 million CECL reserve build.
- Net income of $523 million for Q3 2020.
- Adjusted net income of $193 million, or EPS of $0.35.
- Notable items related to the IBERIABANK merger added $0.60 to EPS.
- ROCE of 28.49% indicates strong performance.
- Tangible book value remained stable at $9.92.
- Net interest income headwinds reported, impacting overall performance.
- $13 million CECL reserve build could indicate future asset quality concerns.
Results include
Adjusted net income available to common of
Reflects strong fee income and continued expense discipline partially offset by the impact of net interest income headwinds and a CECL reserve build of
ROCE of
Tangible book value per share of
MEMPHIS, Tenn., Oct. 23, 2020 (GLOBE NEWSWIRE) -- First Horizon National Corp. (NYSE: FHN or “First Horizon”) today reported third quarter 2020 net income available to common shareholders of
“We achieved major milestones in third quarter 2020 with the completion of our merger of equals with IBERIABANK and the Truist branch acquisition,” said President and Chief Executive Officer Bryan Jordan. “We also delivered strong results despite continued macroeconomic and interest rate headwinds tied to the pandemic, highlighted by strong execution in our counter-cyclical fee income businesses and continued expense discipline.”
Jordan continued, “I am incredibly proud of the hard work and dedication of our associates as they continue to focus on delivering for our clients, communities and shareholders as we bring our two companies together. Our team has been extraordinarily resilient and focused through this year of great change. The benefits of our more diversified product set, enhanced scale, expanded presence in attractive southern markets and client-centric culture provide a strong framework to continue to deliver a superior client experience with enhanced productivity and synergies. The integration is well underway, and I have even more confidence today than when we announced the merger that we are better together and well positioned to deliver for all of our stakeholders.”
The third quarter 2020 earnings materials are available on http://ir.fhnc.com. In addition, the financial results and earnings presentation will be furnished on a Form 8-K that will be available on the Securities and Exchange Commission website at www.sec.gov.
*References to “Adjusted” results exclude notable items and are Non-GAAP Financial Measures. For information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP, please see our Third Quarter 2020 Earnings Release; it is exhibit 99.1 to our Current Report on Form 8-K filed with the SEC (www.sec.gov) on Oct. 23, 2020, and is available on our website at http://ir.fhnc.com
Conference call information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on October 23 by dialing 1-888-317-6003 (if calling from the U.S.) or 412-317-6061 (if calling from outside the U.S) and entering access code 4874702. The conference call will begin at 8:30 a.m. CT. Participants can also opt to listen to the live audio webcast with the accompanying slide presentation at http://ir.fhnc.com/Event.
A replay of the call will be available beginning at noon CT on October 23 until midnight CT on November 6. To listen to the replay, dial 1-877-344-7529 (U.S. callers) or 412-317-0088 (international callers); the access code is 10148078. A replay of the webcast will also be available at http://ir.fhnc.com/Event by midnight CT on October 23 and will be archived on the site for one year.
CONTACT: | Investor Relations, Ellen Taylor (901) 523-4450 Investor Relations, Aarti Bowman, (901) 523-4017 Media Relations, Beth Ardoin, (337) 278-6868 |
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