1st Horizon Reports 1st Quarter Results And Highlights

Tuesday, April 21, 2020

First Horizon National Corp. on Tuesday announced its first quarter 2020 financial results. The company’s loans to mortgage companies and fixed income businesses were key contributors for the first quarter. Reported earnings per share were $0.04, reflecting a significant increase in provision expense, said officials. First Horizon recorded provision for loan losses of $145 million, an increase of $135 million from 4Q19, primarily driven by a sudden, steep decline in the economic forecast in the later part of the quarter following widespread societal responses to the COVID-19 pandemic. Effective Jan. 1, First Horizon adopted Accounting Standards Update 2016-13 (CECL).

“The COVID-19 pandemic has created unprecedented challenges for our nation, our communities and companies of all sizes," said Bryan Jordan, chairman and CEO of First Horizon. "We believe our dedicated employees, diverse businesses, balance sheet capacity and ample liquidity have helped position First Horizon to help our clients and communities navigate through this difficult time. Since the beginning of the crisis, we have taken significant steps to help our employees remain safe while continuing to serve our customers and our communities. We processed over $1.6 billion in loans to assist small business customers through the Small Business Administration Payroll Protection Program. In addition, our First Horizon Foundation donated $2.5 million in support of COVID-19 emergency relief efforts to nonprofit organizations to provide meal, educational and emergency assistance to support our communities.

“Our first quarter results reflected our balanced and diversified business mix, stable credit quality metrics and capital, and our ability to use our balance sheet to support customers. Looking ahead, our merger with IBERIABANK Corporation remains on track and is expected to close in the second quarter. We have been working diligently on the integration plan to bring the two organizations together. As a combined company, we will be well positioned as a leading southern financial services firm.”

Highlights for the quarter include:

Balance sheet growth driven by loans to mortgage companies and higher utilization rates
Unique business mix provides earnings contribution in challenging environment
Pre-provision net revenue1 up 19% YOY driven by growth in countercyclical businesses and continued expense discipline
Average loans flat LQ, up 12% YOY
Average deposits flat LQ, up 1% YOY
Fixed income average daily revenue of $1.3 million, an increase of 19% LQ and 73% YOY with growth across multiple trading desks and across customer base
LQ – Linked Quarter (compared to 4Q19), YOY – Year Over Year (compared to 1Q19).



New Hamilton County Business Licenses

New Car Wash Planned At East Main And Holtzclaw

Chattanooga Chamber Calendar Of Events June 14-18


Here are the new business licenses from the County Clerk's office: 22VISIONZ TERRAN J GILBERT 1006 SHALLOWFORD RD CHATTANOOGA TN 37411 AAA DESIGNS ABIGALE CHOI 7821 LAURELTON DR CHATTANOOGA ... (click for more)

A new car wash is planned at the corner of E. Main Street and Holtzclaw Avenue. Jeffery Nation owns the 1.9-acre site. A request before the Planning Commission is for a setback deviation ... (click for more)

June 14, ONLINE: New-trepreneur Bookkeeping noon-1 p.m. New to being an entrepreneur? This information-packed class covers 10 of the most common bookkeeping mistakes and practical, efficient ... (click for more)



Business

New Hamilton County Business Licenses

Here are the new business licenses from the County Clerk's office: 22VISIONZ TERRAN J GILBERT 1006 SHALLOWFORD RD CHATTANOOGA TN 37411 AAA DESIGNS ABIGALE CHOI 7821 LAURELTON DR CHATTANOOGA TN 37421 ACCESS CONTROL SYSTEMS, LLC DAVID BRIXEY 2617 GRISSOM DR NASHVILLE TN 37204 ARIEL CURRY EDITORIAL ARIEL K CURRY 7725 ROYAL HARBOUR CIR OOLTEWAH TN 37363 ART BY ... (click for more)

New Car Wash Planned At East Main And Holtzclaw

A new car wash is planned at the corner of E. Main Street and Holtzclaw Avenue. Jeffery Nation owns the 1.9-acre site. A request before the Planning Commission is for a setback deviation to allow for the required space for cars to exit the car wash. Berry Engineers is handling the project. (click for more)

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Opinion

In The Twilight Zone At The School Board

I have a friend who used to say, “I have been to two World’s Fairs and a hog calling contest and I have never seen the beat.” That is exactly the feeling I had after last month’s four-hour marathon School Board meeting. I have been attending school board meetings for the last 20 years and I have never seen another one quite like it. This meeting had it all. For the first time ... (click for more)

Roy Exum: 'Survivor' Speaks Here

It’s one thing to tell a loudmouth in Texas he’s “all hat and no cattle.” And it’s altogether another to ask some fellow in an Abilene beer hall “where do you let you wife graze?” Throughout the history of the Lone Star State, there have been many gun fights, differences settled at the OK Corral or The Alamo, but the most heinous scoundrel of all is one who’ll kill another man’s ... (click for more)