First Horizon National Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012
January 18, 2013 at 05:30 pm IST
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First Horizon National Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net interest income of $170,598,000 against $178,877,000 for the same period last year. Total revenue was $317,041,000 against $360,073,000 for the same period last year. Income before income taxes was $30,680,000 against $38,037,000 for the same period last year. Income from continuing operations was $43,594,000 or $0.17 per diluted share against $38,563,000 or $0.13 per diluted share for the same period last year. Net income available to common shareholders was $40,681,000 or $0.17 per diluted share against $34,940,000 or $0.13 per diluted share for the same period last year. Return on average assets (annualized) was 0.69% against 0.60% for the same period last year. Return on average common equity (annualized) was 7.20% against 5.69% for the same period last year.
For the year, the company reported net interest income of $688,667,000 against $700,832,000 for the same period last year. Total revenue was $1,359,996,000 against $1,486,843,000 for the same period last year. Loss before income taxes was $101,705,000 against income before income taxes of $149,848,000 for the same period last year. Loss from continuing operations was $16,443,000 or $0.11 per diluted share against income from continuing operations of $131,196,000 or $0.47 per diluted share for the same period last year. Net loss available to common shareholders was $27,759,000 or $0.11 per diluted share against net income available to common shareholders of $131,196,000 or $0.50 per diluted share for the same period last year. Book value per common share as at December 31, 2012 was $9.09 against $9.28 as at December 31, 2011. Tangible book value per common share was $8.44 against $8.66 as at December 31, 2011.
The company reported net charge-offs of $19,781,000 for the fourth quarter of 2012 against $75,294,000 for the same period last year.
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 Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012