First Horizon Corporation Reports First Quarter Net Income Available to Common Shareholders of $225 million, or EPS of $0.40...
April 21 2021 - 6:45AM
First Horizon Corporation (NYSE: FHN or “First Horizon”) today
reported first quarter 2021 net income available to common
shareholders ("NIAC") of $225 million, or earnings per share of
$0.40, compared with fourth quarter 2020 NIAC of $234 million, or
earnings per share of $0.42. First quarter 2021 results were
reduced by a net $60 million after-tax, or $0.11 per share, of
notable items largely related to the IBERIABANK Corporation Merger
("IBKC Merger") compared with a net $20 million after-tax
reduction, or $0.04 per share, in fourth quarter 2020. Excluding
notable items, adjusted first quarter 2021 NIAC of $284 million, or
$0.51 per share, increased from $255 million, or $0.46 per share in
fourth quarter 2020.*
"Our balanced business model and countercyclical
businesses continued to perform well in the first quarter," said
President and Chief Executive Officer Bryan Jordan. "Credit quality
improved, and our expense discipline resulted in incremental cost
savings. Merger integration efforts are going well, and I am proud
of our associates’ unwavering support of our clients and
communities. Annualized merger-related cost savings totaled $76
million in the first quarter, and since the inception of the most
recent phase of the Paycheck Protection Program, we have assisted
clients and their employees by funding over 15,000 loans totaling
approximately $1.5 billion."
Jordan continued, "Thank you to our associates
for their extraordinary dedication to our clients and communities
and focus on growing our business all while helping to bring our
two companies together."
The first quarter 2021 earnings materials are
available on https://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.
Conference call
informationAnalysts, investors and interested parties may
call toll-free starting at 8:15 a.m. CT on April 21 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 3384998. 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 April 21 until midnight CT on May 5. To listen to the
replay, dial 1-877-344-7529 (U.S. callers) or 412-317-0088
(international callers); the access code is 10153245. A replay of
the webcast will also be available at http://ir.fhnc.com/Event and
will be archived on the site for one year.
*References to "Adjusted" results exclude
notable items and are Non-GAAP Financial Measures. All references
to loans include leases. All references to earnings per share are
based on diluted shares. Please reference the first quarter 2021
earnings conference call materials at https://ir.fhnc.com (News
& Events | Events & Presentations) for a description of our
use of Non-GAAP measures and a reconciliation of these measures to
GAAP presentation.
FHN-G
Contact:
Investor Relations, Ellen Taylor (901)
523-4450
Media Relations, Beth Ardoin, (337) 278-6868
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