First Horizon CEOs Take Home $6.8M In 2008 Pay

The Associated Press calculations of total pay include executives salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

According to First Horizon's proxy filing, the company is committed to paying for results, and large portions of executive compensation are linked to company performance. First Horizon's compensation committee annually reviews the compensation practices of a peer group of financial institutions that includes Regions Financial Corp., Zions Bancorp, M&T Bank Corp. and PNC Financial Services Group Inc.

Company performance in 2008 did not meet threshold requirements, First Horizon said, so zero executive cash bonuses were paid.

Shares of First Horizon lost more than 64 percent of their value in 2008.

Last year was another tumultuous year for the financial services industry, as the sector struggled amid the credit crisis that mushroomed throughout the year. Credit losses across the industry were up sharply, especially on real estate loans, and First Horizon was not immune.