First Horizon National Corp. (NYSE:FHN) today announced its 2018 fourth quarter and full year financial results. The company wrapped up a year of high returns and growth in deposits and loans in key markets including Tennessee, the Mid-Atlantic and South Florida. Reported earnings per share were $1.65 in 2018, compared to $0.65 in 2017; the improvement was largely driven by the merger with Capital Bank in 2017, the gain on the sale of Visa Class B shares in 2018, and tax reform. Reported earnings per share were $.30 in fourth quarter 2018; adjusted earnings per share were $.351in fourth quarter 2018.
“The growth we achieved in 2018 will allow us to continue building from a position of strength in 2019,” said Bryan Jordan, First Horizon’s chairman and CEO. “We look forward to opportunities for continued, profitable expansion in key markets across the Southeastern U.S.and remain optimistic about the economy based on the financial health of our current customers, their activity and our ability to attract new business. We are proud of the impact we’re making in our communities – from providing jobs, offering customers competitive products and services, and investing through our employees and foundation – and will continue to strengthen our efforts in the year ahead.”
Other highlights from the year include:
= Declared cash dividends of $.48 per share of common stock in 2018, up from $.36 per share of common stock in 2017
= Deployed capital through approximately $100 million share repurchases, with more than $80 million of shares in fourth quarter 2018
= Executed Capital Bank merger priorities, the largest merger in the company’s history
During 2018, First Horizon also reinforced its commitment to its communities with several new initiatives. In April 2018, First Horizon unveiled a five-year, $3.95 billion community benefit plan to increase access to financial resources within low- to moderate-income communities across the First Tennessee Bank and Capital Bank footprints. In addition, the company celebrated the 25thanniversary of the First Horizon Foundation and introduced the Capital Bank Foundation through its 25 Years of Giving Video Contest that awarded 35 nonprofits with grants totaling $275,000. First Horizon also released its inaugural Corporate Social Responsibility Reportin December 2018 that highlights the company’s environmental, social and governance initiatives.