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.


Supreme Court Concludes Arena Lawsuit Filed By Elvis Presley Enterprises Against Local Government

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The Tennessee Supreme Court ruled Wednesday that a lawsuit filed by Elvis Presley Enterprises, Inc. against the City of Memphis, Shelby County, and Memphis Basketball involving the construction ... (click for more)

FASTSIGNS of Chattanooga, a local sign and graphics provider, was recognized as a top performing center in the FASTSIGNS network out of more than 750 locations worldwide at the 2021 Virtual FASTSIGNS/Signwave ... (click for more)

Starting in March, Chattanooga-based nonprofit The Chattery is offering a free virtual professional development series for artists and arts organizations called the JumpstART Series. Workshops ... (click for more)



Business

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