First Horizon National Corp. Reports Second Quarter EPS of $0.17 with Adjusted EPS of $0.20**
Jul. 17, 2020 6:30 AM ETGlobeNewswireFirst Horizon National Corporation (FHN)
Results reflect additional CECL-related reserve build of $93 million, or $0.23 per share driven by COVID-19 impact
Strong fee income, up 31% year over year driven by strength in fixed income
CET1 ratio of 9.3% improved 72 bps from first quarter 2020
Tangible book value per share of $9.99
MEMPHIS, Tenn., July 17, 2020 (GLOBE NEWSWIRE) -- First Horizon National Corp. (NYSE:FHN or “First Horizon”) today reported second quarter net income available to common shareholders (“NIAC”) of $52 million, or $0.17 per share, up from $12 million and $0.04 per share in first quarter 2020. Adjusted NIAC, excluding certain notable items, was $64 million, or $0.20 per share, compared with $17 million and $0.05 per share in first quarter 2020.
“In this quarter of significant pandemic-related and broad-based economic challenges, we delivered solid results as we continued to work diligently to support clients, communities and our associates while prudently managing risk,” said President and Chief Executive Officer Bryan Jordan. “Our second quarter results reflect the benefit of our diversified business model with strong pre-provision net revenue growth led by robust fee income and a modest increase in net interest income.”
Jordan continued, “We completed our merger of equals with IBERIABANK Corporation (IBKC) on July first, creating one of the largest banks in the South. With $83 billion in assets on a combined basis, the organization has significant scale with expanded capabilities and geographic reach that position us well to continue to deliver enhanced value for all our constituents. I believe our strong balance sheet, the diversification of our portfolio, expense management, as well as the experience and commitment of the combined team will deliver significant shareholder value.”
During the quarter, First Horizon secured $2 billion in loans through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) which provided aid to more than 300,000 employees of 15,000 customers.
20% of the PPP loans supported women- and minority-owned businesses or businesses in low-to-moderate income tracts.
First Horizon entered Phase 2 of reopening on June 4, 2020. Banking centers are open with occupancy limits and in-person appointments aren’t required but recommended.
First Horizon continues to prioritize health and safety and remains focused on executing the business continuity plan and proactive client outreach and communication.
The Company continues to be prudent in its focus on risk management and credit oversight.
The acquisition of 30 branches from Truist Financial Corporation is scheduled to close today, July 17, 2020.
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