First Horizon (NYSE:FHN) today announced third quarter 2018 results with reported earnings per share (EPS) of $0.83, which includes a favorable impact from the sale of First Horizon’s Visa Class B Shares. Key highlights for the quarter include continued above-target returns, ongoing solid regional bank performance and good expense discipline. On an adjusted basis, earnings per share were $0.36.
“First Horizon’s third quarter results demonstrate our continued focus on our growth priorities,” said Bryan Jordan, First Horizon’s chairman and CEO. “We are leveraging our strong position in Tennessee and building momentum in our markets in the Carolinas and Florida. The Capital Bank transaction is delivering higher earnings accretion from cost savings and revenue synergies and has provided us with compelling opportunities. Looking ahead, we believe that First Horizon is well-positioned to deliver consistent top-quartile returns.”
Includes a $212.9 million gain from the sale of Visa Class B Shares and $11.4 million of pre-tax acquisition-related expenses primarily associated with the Capital Bank Financial Corp. ("CBF") acquisition which impact certain performance measures, and are adjusted using an incremental tax rate of approximately 24 percent.
"First Tennessee enjoyed a solid third quarter in northeast Tennessee," said Gerald Hallenbeck, First Tennessee's Northeast TN Market President. "Importantly, our integration of the Capital Bank franchise continues to go well. Our local economy is well positioned to continue the growth and expansion we have experienced throughout 2018."