First quarter 2021 ROTCE of 15.9%; Adjusted ROTCE of 20.2% improved from 18.2% in fourth quarter 2020*
Tangible book value per share of $10.30 up 1% from fourth quarter 2020
MEMPHIS, Tenn., April 21, 2021 (GLOBE NEWSWIRE) -- 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.
Investor Relations, Ellen Taylor (901) 523-4450
Media Relations, Beth Ardoin, (337) 278-6868