First Horizon National Corp. Reports Third Quarter Net Income Available To Common Of $523 Million, EPS Of $0.95

Friday, October 23, 2020

First Horizon National Corp. on Friday reported third quarter 2020 net income available to common shareholders of $523 million, with earnings per share of $0.95. Third quarter 2020 results reflect the impact of the July 1 IBERIABANK Corporation merger and the July 17 acquisition of 30 Truist branches and include $269 million pre-tax, or $0.60 per share, from notable items largely related to the IBKC Merger. Excluding notable items, adjusted third quarter net income available to common shareholders totaled $193 million, or $0.35 per share.* Reported results prior to third quarter 2020 reflect legacy First Horizon results only.

“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.”

Mr. 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.


Greater Chattanooga Economic Partnership Releases New Tools To Promote The Region

Unemployment Rates Increase In 93 Counties

Secretary Hargett Encourages Tennesseans To Give Wisely This Holiday Season


The Greater Chattanooga Economic Partnership has unveiled Greater Chattanooga Economic Development, which will serve as the organization’s primary quality-of-life marketing program for talent ... (click for more)

Many Tennessee counties experienced changes in their unemployment rates during October, according to newly released data from the Tennessee Department of Labor and Workforce Development. Unemployment ... (click for more)

In this season of giving, Secretary of State Tre Hargett cautions Tennesseans to be wary of scams when making charitable donations. "Tennesseans are generous and support each other in times ... (click for more)



Business

Greater Chattanooga Economic Partnership Releases New Tools To Promote The Region

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Breaking News

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Opinion

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