First Horizon Corporation Reports Second Quarter Net Income Available to Common Shareholders of $295 Million, or EPS of $0.53; $321 Million, or $0.58, on an Adjusted basis*
Second quarter 2021 ROTCE of 20.4% improved from 15.9% in first quarter 2021; Adjusted ROTCE of 22.2% improved from 20.2%*
Tangible book value per share of $10.74 up 4% from first quarter 2021
MEMPHIS, Tenn., July 16, 2021 (GLOBE NEWSWIRE) — First Horizon Corporation (NYSE:FHN or “First Horizon”) today reported second quarter 2021 net income available to common shareholders (“NIAC”) of $295 million, or earnings per share of $0.53, compared with first quarter 2021 NIAC of $225 million, or earnings per share of $0.40. Second quarter 2021 results were reduced by a net $26 million after-tax, or $0.05 per share, of notable items largely related to the IBERIABANK Corporation Merger (“IBKC Merger”) compared with a net $60 million after-tax reduction, or $0.11 per share, in first quarter 2021. Excluding notable items, adjusted second quarter 2021 NIAC of $321 million, or $0.58 per share, increased from $284 million, or $0.51 per share in first quarter.
“We demonstrated solid performance in the quarter with net income available to common shareholders of $295 million reflecting the benefit of improving overall economic conditions and credit quality, our diversified business model, and strong focus on execution despite challenging conditions across the banking industry,” said President and Chief Executive Officer Bryan Jordan. “We remain focused on controlling the things we can control including expenses and deposit pricing and making investments that drive future growth. We are seeing increasing loan pipeline growth and expect demand and economic growth to pick up in the back half of the year as the economy continues to normalize.”
“It has been a little more than a year since we closed our merger with IBERIABANK,” Jordan continued, “I am extremely pleased with the progress we have made bringing two companies together and proud of our associates for their extraordinary efforts and unwavering commitment to our clients, communities and company.”
The second 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 information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on July 16 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 0216267. 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 July 16 until midnight CT on July 30 . To listen to the replay, dial 1-877-344-7529 (U.S. callers) or 412-317-0088 (international callers); the access code is 10156505. 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.
Contact: Investor Relations, Ellen Taylor (901) 523-4450
Media Relations, Beth Ardoin, (337) 278-6868
FHN-G
*ROTCE, PPNR, and “Adjusted” results (which exclude notable items) are Non-GAAP Financial Measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. Please reference the second 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.
