EXHIBIT 99.1 | |||||||||||||||||||||||||||
REVISED SUMMARY QUARTERLY RESULTS | |||||||||||||||||||||||||||
Quarterly, Unaudited | |||||||||||||||||||||||||||
4Q08 Change vs. | |||||||||||||||||||||||||||
(Thousands) | 4Q08 | 3Q08 | 2Q08 | 1Q08 | 4Q07 | 3Q08 | 4Q07 | ||||||||||||||||||||
Income Statement Highlights | |||||||||||||||||||||||||||
Net interest income | $ | 204,948 | $ | 223,147 | $ | 238,895 | $ | 228,092 | $ | 225,987 | (8 | )% | (9 | )% | |||||||||||||
Noninterest income | 336,672 | 305,383 | 400,018 | 383,130 | 103,429 | 10 | % | 226 | % | ||||||||||||||||||
Securities gains/(losses), net | 1,346 | (210 | ) | (972 | ) | 65,946 | (10,442 | ) | NM | NM | |||||||||||||||||
Total revenue | 542,966 | 528,320 | 637,941 | 677,168 | 318,974 | 3 | % | 70 | % | ||||||||||||||||||
Noninterest expense | 349,658 | 402,274 | 465,843 | 438,277 | 561,559 | (13 | )% | (38 | )% | ||||||||||||||||||
Provision | 280,000 | 340,000 | 220,000 | 240,000 | 156,519 | (18 | )% | 79 | % | ||||||||||||||||||
Pre-tax income/(loss) | (86,692 | ) | (213,954 | ) | (47,902 | ) | (1,109 | ) | (399,104 | ) | 59 | % | 78 | % | |||||||||||||
Benefit for income taxes | (30,988 | ) | (88,859 | ) | (28,821 | ) | (8,146 | ) | (146,342 | ) | 65 | % | 79 | % | |||||||||||||
Income/(loss) from continuing operations | (55,704 | ) | (125,095 | ) | (19,081 | ) | 7,037 | (252,762 | ) | 55 | % | 78 | % | ||||||||||||||
Income from discontinued operations, net of tax | - | - | - | 883 | 4,137 | - | (100 | )% | |||||||||||||||||||
Net income/(loss) | (55,704 | ) | (125,095 | ) | (19,081 | ) | 7,920 | (248,625 | ) | 55 | % | 78 | % | ||||||||||||||
Preferred stock dividends | 7,413 | - | - | - | - | NM | NM | ||||||||||||||||||||
Income/(loss) from continuing operations available to common shareholders | (63,117 | ) | (125,095 | ) | (19,081 | ) | 7,920 | (248,625 | ) | 50 | % | 75 | % | ||||||||||||||
Net Income/(loss) available to common shareholders | (63,117 | ) | (125,095 | ) | (19,081 | ) | 7,920 | (248,625 | ) | 50 | % | 75 | % | ||||||||||||||
Common Stock Data | |||||||||||||||||||||||||||
Diluted EPS from continuing operations available to common shareholders (a) | $ | (0.31 | ) | $ | (0.61 | ) | $ | (0.11 | ) | $ | 0.05 | $ | (1.91 | ) | 49 | % | 84 | % | |||||||||
Diluted EPS available to common shareholders (a) | (.31 | ) | (.61 | ) | (.11 | ) | .06 | (1.88 | ) | 49 | % | 84 | % | ||||||||||||||
Diluted shares (a) | 204,882 | 204,880 | 180,186 | 132,938 | 132,336 | * | 55 | % | |||||||||||||||||||
Period-end shares outstanding (a) | 205,283 | 205,837 | 205,994 | 133,639 | 133,218 | * | 54 | % | |||||||||||||||||||
Dividends declared per share (b) | NM (c) | NM (d) | $ | 0.19 | (e) | $ | 0.19 | (e) | $ | 0.43 | (e) | NM | NM | ||||||||||||||
Balance Sheet Highlights (Period End) | |||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 21,278,190 | $ | 21,601,898 | $ | 22,225,232 | $ | 21,932,020 | $ | 22,103,516 | (1 | )% | (4 | )% | |||||||||||||
Total loans held for sale-divestiture | - | - | - | 207,672 | 289,878 | - | (100 | )% | |||||||||||||||||||
Total deposits | 14,241,814 | 13,778,235 | 15,093,947 | 16,188,542 | 17,032,285 | 3 | % | (16 | )% | ||||||||||||||||||
Total deposits-divestiture | - | - | 296,632 | 118,720 | 230,418 | - | (100 | )% | |||||||||||||||||||
Total assets | 31,021,980 | 32,804,376 | 35,549,961 | 37,267,945 | 37,015,461 | (5 | )% | (16 | )% | ||||||||||||||||||
Total assets-divestiture | - | - | 395,628 | 216,431 | 305,734 | - | (100 | )% | |||||||||||||||||||
Total liabilities | 27,447,348 | 29,931,458 | 32,557,238 | 34,860,441 | 34,584,588 | (8 | )% | (21 | )% | ||||||||||||||||||
Total liabilities-divestiture | - | - | 298,098 | 120,590 | 232,343 | - | (100 | )% | |||||||||||||||||||
Total shareholders' equity | 3,279,467 | 2,577,641 | 2,697,446 | 2,112,227 | 2,135,596 | 27 | % | 53 | % | ||||||||||||||||||
Key Ratios & Other | |||||||||||||||||||||||||||
Return on average assets | (.71 | )% | (1.49 | )% | (.21 | )% | .09 | % | (2.65 | )% | |||||||||||||||||
Return on average common equity | (9.29 | )% | (18.30 | )% | (3.02 | )% | 1.47 | % | (42.52 | )% | |||||||||||||||||
Net interest margin | 2.96 | % | 3.01 | % | 3.01 | % | 2.81 | % | 2.77 | % | |||||||||||||||||
Efficiency ratio | 64.4 | % | 76.1 | % | 73.0 | % | 64.7 | % | 176.1 | % | |||||||||||||||||
Book value per common share (a) | $ | 12.13 | $ | 12.52 | $ | 13.09 | $ | 15.81 | $ | 16.03 | |||||||||||||||||
Tangible book value per common share (a) | $ | 10.98 | $ | 11.36 | $ | 11.92 | $ | 13.98 | $ | 14.16 | |||||||||||||||||
FTE employees | 6,095 | 6,195 | 9,386 | 9,711 | 10,174 | (2 | )% | (40 | )% | ||||||||||||||||||
NM - Not meaningful | |||||||||||||||||||||||||||
* Amount is less than one percent. | |||||||||||||||||||||||||||
Certain previously reported amounts have been reclassified to agree with current presentation. | |||||||||||||||||||||||||||
(a) Shares restated for October 1, 2008 and January 1, 2009 stock dividends. | |||||||||||||||||||||||||||
(b) Third and fourth quarter 2008 dividend declared paid in shares. | |||||||||||||||||||||||||||
(c) Stock dividend rate of 1.837% per share. | |||||||||||||||||||||||||||
(d) Stock dividend rate of 3.0615% per share. | |||||||||||||||||||||||||||
(e) Cash dividends per share restated for October 1, 2008, and January 1, 2009, stock dividends. |
First Horizon (FHN) 8-KRegulation FD Disclosure
Filed: 27 Jan 09, 12:00am