EX-99.1
| CONSOLIDATED SUMMARY RESULTS | |||||||||||||||||
| Quarterly, Unaudited | |||||||||||||||||
| 3Q15 Changes vs. | |||||||||||||||||
| (Dollars in thousands, except per share data) | 3Q15 | 2Q15 | 1Q15 | 4Q14 | 3Q14 | 2Q15 | 3Q14 | ||||||||||
| Income Statement Highlights | |||||||||||||||||
| Net interest income | $163,562 | $166,640 | $156,866 | $159,050 | $159,541 | (2) | % | 3 | % | ||||||||
| Noninterest income | 125,448 | 130,293 | 129,413 | 119,598 | 158,677 | (4) | % | (21) | % | ||||||||
| Securities gains/(losses), net | (345) | 8 | 276 | - | (862) | NM | 60 | % | |||||||||
| Total revenue | 288,665 | 296,941 | 286,555 | 278,648 | 317,356 | (3) | % | (9) | % | ||||||||
| Noninterest expense | 215,436 | 218,394 | 376,221 | 207,309 | 244,016 | (1) | % | (12) | % | ||||||||
| Provision for loan losses | 1,000 | 2,000 | 5,000 | 6,000 | 6,000 | (50) | % | (83) | % | ||||||||
| Income/(loss) before income taxes | 72,229 | 76,547 | (94,666) | 65,339 | 67,340 | (6) | % | 7 | % | ||||||||
| Provision/(benefit) for income taxes | 8,897 | 21,590 | (22,261) | 13,699 | 16,842 | (59) | % | (47) | % | ||||||||
| Net income/(loss) | 63,332 | 54,957 | (72,405) | 51,640 | 50,498 | 15 | % | 25 | % | ||||||||
| Net income attributable to noncontrolling interest | 2,977 | 2,851 | 2,758 | 2,980 | 2,875 | 4 | % | 4 | % | ||||||||
| Net income/(loss) attributable to controlling interest | 60,355 | 52,106 | (75,163) | 48,660 | 47,623 | 16 | % | 27 | % | ||||||||
| Preferred stock dividends | 1,550 | 1,550 | 1,550 | 1,550 | 1,550 | * | * | ||||||||||
| Net income/(loss) available to common shareholders | $58,805 | $50,556 | $(76,713) | $47,110 | $46,073 | 16 | % | 28 | % | ||||||||
| Common Stock Data | |||||||||||||||||
| Diluted EPS | $0.25 | $0.22 | $(0.33) | $0.20 | $0.19 | 14 | % | 32 | % | ||||||||
| Diluted shares (thousands) | 235,058 | 234,669 | 232,816 | 235,448 | 236,862 | * | (1) | % | |||||||||
| Period-end shares outstanding (thousands) | 234,237 | 234,021 | 233,499 | 234,220 | 235,249 | * | * | ||||||||||
| Cash dividends declared per share | $0.06 | $0.06 | $0.06 | $0.05 | $0.05 | * | 20 | % | |||||||||
| Balance Sheet Highlights (Period-End) | |||||||||||||||||
| Total loans, net of unearned income | $16,725,492 | $16,936,772 | $16,732,123 | $16,230,166 | $15,812,017 | (1) | % | 6 | % | ||||||||
| Total deposits | 18,865,220 | 18,674,473 | 18,638,554 | 18,068,939 | 16,144,771 | 1 | % | 17 | % | ||||||||
| Total assets | 25,387,319 | 25,239,767 | 25,715,888 | 25,668,187 | 23,982,597 | 1 | % | 6 | % | ||||||||
| Total liabilities | 22,807,074 | 22,721,862 | 23,216,631 | 23,086,597 | 21,370,783 | * | 7 | % | |||||||||
| Total equity | 2,580,245 | 2,517,905 | 2,499,257 | 2,581,590 | 2,611,814 | 2 | % | (1) | % | ||||||||
| Key Ratios & Other | |||||||||||||||||
| Return on average assets (annualized) (a) | 0.99 | % | 0.87 | % | (1.15) | % | 0.83 | % | 0.84 | % | |||||||
| Return on average common equity (annualized) (b) | 10.83 | % | 9.56 | % | (14.04) | % | 8.27 | % | 8.16 | % | |||||||
| Return on average tangible common equity (annualized) (b) (f) | 11.77 | % | 10.41 | % | (15.24) | % | 8.92 | % | 8.79 | % | |||||||
| Net interest margin (c) | 2.85 | % | 2.92 | % | 2.74 | % | 2.86 | % | 2.97 | % | |||||||
| Fee income to total revenue (d) | 43.41 | % | 43.88 | % | 45.21 | % | 42.92 | % | 49.86 | % | |||||||
| Efficiency ratio (e) | 74.54 | % | 73.55 | % | NM | 74.40 | % | 76.68 | % | ||||||||
| Book value per common share | $9.35 | $9.09 | $9.03 | $9.35 | $9.44 | ||||||||||||
| Tangible book value per common share (f) | $8.61 | $8.35 | $8.28 | $8.60 | $8.76 | ||||||||||||
| Tangible common equity to tangible assets (f) | 8.00 | % | 7.80 | % | 7.57 | % | 7.90 | % | 8.65 | % | |||||||
| Common equity tier 1 ratio (g) | 10.71 | % | 10.41 | % | 10.30 | % | N/A | N/A | |||||||||
| Tier 1 ratio (h) | 12.11 | % | 11.98 | % | 11.84 | % | 14.46 | % | 14.47 | % | |||||||
| NM - Not meaningful | |||||||||||||||||
| * Amount is less than one percent. | |||||||||||||||||
| (a) | Calculated using net income. | ||||||||||||||||
| (b) | Calculated using net income available to common shareholders. | ||||||||||||||||
| (c) | Net interest margin is computed using net interest income adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax rate of 35 percent and, where applicable, state income taxes. | ||||||||||||||||
| (d) | Ratio excludes securities gains/(losses). | ||||||||||||||||
| (e) | Noninterest expense divided by total revenue excluding securities gains/(losses). | ||||||||||||||||
| (f) | Refer to the Non-GAAP to GAAP Reconciliation. | ||||||||||||||||
| (g) | A measure of a company’s capital position under U.S. Basel III capital rules first applicable to FHN in 2015, which includes common equity less goodwill, other intangibles and certain other required regulatory deductions as defined in those rules. Common Equity Tier 1 capital under U.S. Basel III in 2015 is not the same as the non-regulatory Tier 1 Common capital commonly used prior to 2015; comparisons between the two are not meaningful. | ||||||||||||||||
| (h) | Ratio consisting of shareholders’ equity adjusted for certain unrealized gains/(losses) on available-for-sale securities, reduced by goodwill, certain other intangible assets, the disallowable portion of mortgage servicing rights and other disallowed assets divided by risk-adjusted assets. The components of Tier 1 capital, including the risk-adjustment of assets, changed significantly for FHN beginning in 2015 so that comparisons of a Tier 1 capital ratio after 2014 with a ratio prior to 2015 may not be meaningful. | ||||||||||||||||
| FHN NON-GAAP TO GAAP RECONCILIATION | ||||||||||||||||
| Quarterly, Unaudited | ||||||||||||||||
| (Dollars and shares in thousands, except per share data) | 3Q15 | 2Q15 | 1Q15 | 4Q14 | 3Q14 | |||||||||||
| Tangible Common Equity (Non-GAAP) | ||||||||||||||||
| (A) Total equity (GAAP) | $2,580,245 | $2,517,905 | $2,499,257 | $2,581,590 | $2,611,814 | |||||||||||
| Less: Noncontrolling interest (a) | 295,431 | 295,431 | 295,431 | 295,431 | 295,431 | |||||||||||
| Less: Preferred stock | 95,624 | 95,624 | 95,624 | 95,624 | 95,624 | |||||||||||
| (B) Total common equity | $2,189,190 | $2,126,850 | $2,108,202 | $2,190,535 | $2,220,759 | |||||||||||
| Less: Intangible assets (GAAP) (b) | 171,556 | 172,854 | 174,152 | 175,450 | 160,987 | |||||||||||
| (C) Tangible common equity (Non-GAAP) | $2,017,634 | $1,953,996 | $1,934,050 | $2,015,085 | $2,059,772 | |||||||||||
| Tangible Assets (Non-GAAP) | ||||||||||||||||
| (D) Total assets (GAAP) | $25,387,319 | $25,239,767 | $25,715,888 | $25,668,187 | $23,982,597 | |||||||||||
| Less: Intangible assets (GAAP) (b) | 171,556 | 172,854 | 174,152 | 175,450 | 160,987 | |||||||||||
| (E) Tangible assets (Non-GAAP) | $25,215,763 | $25,066,913 | $25,541,736 | $25,492,737 | $23,821,610 | |||||||||||
| Average Tangible Common Equity (Non-GAAP) | ||||||||||||||||
| (F) Average total equity (GAAP) | $2,545,544 | $2,511,929 | $2,607,521 | $2,651,729 | $2,631,841 | |||||||||||
| Less: Average noncontrolling interest (a) | 295,431 | 295,431 | 295,431 | 295,431 | 295,431 | |||||||||||
| Less: Average preferred stock | 95,624 | 95,624 | 95,624 | 95,624 | 95,624 | |||||||||||
| (G) Total average common equity | $2,154,489 | $2,120,874 | $2,216,466 | $2,260,674 | $2,240,786 | |||||||||||
| Less: Average intangible assets (GAAP) (b) | 172,191 | 173,486 | 174,787 | 165,769 | 161,467 | |||||||||||
| (H) Average tangible common equity (Non-GAAP) | $1,982,298 | $1,947,388 | $2,041,679 | $2,094,905 | $2,079,319 | |||||||||||
| Annualized Net Income/(Loss) Available to Common Shareholders | ||||||||||||||||
| (I) Net income/(loss) available to common shareholders (annualized) | $233,302 | $202,780 | $(311,114) | $186,904 | $182,790 | |||||||||||
| Period-end Shares Outstanding | ||||||||||||||||
| (J) Period-end shares outstanding | 234,237 | 234,021 | 233,499 | 234,220 | 235,249 | |||||||||||
| Ratios | ||||||||||||||||
| (I)/(H) Return on average tangible common equity (“ROTCE”) (Non-GAAP) | 11.77 | % | 10.41 | % | (15.24) | % | 8.92 | % | 8.79 | % | ||||||
| (I)/(G) Return on common equity (GAAP) | 10.83 | % | 9.56 | % | (14.04) | % | 8.27 | % | 8.16 | % | ||||||
| (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) | 8.00 | % | 7.80 | % | 7.57 | % | 7.90 | % | 8.65 | % | ||||||
| (A)/(D) Total equity to total assets (GAAP) | 10.16 | % | 9.98 | % | 9.72 | % | 10.06 | % | 10.89 | % | ||||||
| (C)/(J) Tangible book value per common share (Non-GAAP) | $8.61 | $8.35 | $8.28 | $8.60 | $8.76 | |||||||||||
| (B)/(J) Book value per common share (GAAP) | $9.35 | $9.09 | $9.03 | $9.35 | $9.44 | |||||||||||
| (a) | Included in Total equity on the Consolidated Balance Sheet. |
| (b) | Includes goodwill and other intangible assets, net of amortization. |