First Horizon National Corporation Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-offs for the Fourth Quarter of 2017
January 19, 2018 at 06:30 am
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First Horizon National Corporation announced consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenue of $375,278,000 against $319,628,000 a year ago. Income before taxes was $25,608,000 against $81,731,000 a year ago. Net loss available to common shareholders was $52,841,000 against net income of $53,294,000 a year ago. Diluted LPS was $0.20 against EPS of $0.23 a year ago. Net interest income was $242,088,000 against $195,551,000 a year ago. Return on average common equity (annualized) negative was 6.73% against positive of 9.00% a year ago. Return on average assets (annualized) negative was 0.58% against positive of 0.80% a year ago. Return on tangible common equity negative was 8.78% against positive of 9.89% a year ago. Return on average tangible common equity (non-gaap) negative was 8.78% compared to positive of 9.89% a year ago. On an adjusted basis, the EPS was at about $0.30, reflecting continued positive trends in the regional bank and stable asset quality.
For the full year, the company reported total revenue of $1,332,533,000 against $1,281,525,000 a year ago. Income before taxes was $308,872,000 against $345,321,000 a year ago. Net income available to common shareholders was $159,315,000 against $220,846,000 a year ago. Diluted EPS was $0.65 against $0.94 a year ago. Net interest income was $842,314,000 against $729,084,000 a year ago. Return on average common equity (annualized) was 6.18% against 9.60% a year ago. Return on average assets (annualized) was 0.59% against 0.87% a year ago. Return on tangible common equity was 7.23% against 10.59% a year ago. Return on average tangible common equity (non-gaap) was 7.23% compared to 10.59% a year ago. Adjusted net income (non-gaap) was $288.8 million. Adjusted net income available to common shareholders was $271.2 million or $1.11 per share. Adjusted return on average assets (non-gaap) was 0.96%.
For the quarter, the company reported net charge-offs of $8,312,000 compared to $2,390,000 a year ago.
First Horizon Corporation is a bank holding company, which provides diversified financial services primarily through its principal subsidiary, First Horizon Bank (the Bank). The Company operates through three segments: Regional Banking, Specialty Banking, and Corporate. The principal lines of business in the regional banking segment include commercial banking, business banking, consumer banking, private client, and wealth management. This segment also provides investment, wealth management, financial planning, trust and asset management services for consumer clients. The principal lines of business in the specialty banking segment include fixed income/capital markets, professional commercial real estate, mortgage warehouse lending, asset-based (secured) lending, franchise finance, equipment finance, energy finance, healthcare finance, and tax credit finance. This segment also delivers treasury management solutions, loan syndications, and international banking.
First Horizon National Corporation Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-offs for the Fourth Quarter of 2017