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First Horizon Reported Mixed Results in 3Q15

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Nov. 20 2020, Updated 2:24 p.m. ET

First Horizon National’s price movement

First Horizon National (FHN) has a market cap of $3.23 billion. First Horizon’s YTD (year-to-date) price movement has been falling since August 2015. After the earnings report in 3Q15, it fell by 1.2% to close at $13.80 per share as of October 16, 2015. The interest and non-interest income fell by 1.8% and 3.7% in 3Q15—compared to the interest and non-interest income in 2Q15. The price movement on a weekly, monthly, and YTD basis is -3.5%, -5%, and 2.9%, respectively.

Technically, it has broken major support. It’s trading below all of the moving day averages. Currently, it’s trading at -2.3% below the 20-day moving average, -5.2% below the 50-day moving average, and -4.5% below the 200-day moving average.

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The PowerShares KBW Regional Banking Portfolio (KBWR) invests 2.0% of its holdings in First Horizon National. KBWR tracks an equal-weighted index focused exclusively on US regional banking firms. KBWR’s YTD price movement  is 3.2% as of October 15, 2015. The KBE Bank Fund (KBE) invests 1.8% of its holdings in First Horizon.

First Horizon’s competitors and their market caps are:

  • BB&T (BBT) – $28.5 billion
  • SunTrust Banks (STI) – $20.6 billion
  • Regions Financial (RF) – $12 billion
  • Zions Bancorp (ZION) – $5.8 billion

First Horizon’s performance in 3Q15

The company reported net interest income of $163.6 million in 3Q15—a fall of 1.8% compared to the net interest income of $166.6 million in 2Q15. The net interest income rose by 2.5% in 3Q15 compared to the net interest income in 3Q14. The non-interest income fell to $125.5 million in 3Q15—a fall of 3.7% on a quarterly basis. The net income and EPS (earnings per share) rose to $71.7 million and $0.29 per share in 3Q15—a rise of 30.5% and 31.8%—compared to the net income and EPS of $55 million and $0.22 per share in 2Q15. The total loans and non-performing assets fell by 1.2% and 8.9% in 3Q15—compared to the total loans and non-performing assets in 2Q15.

In 3Q15, some of First Horizon’s key activities were:

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  • The company announced a quarterly cash dividend of $0.06 per share on First Horizon’s common stock.
  • First Tennessee Bank sold its Franklin Main Office building to Charles Crews of Crew Investments Properties of Franklin.
  • The company announced the acquisition of Raleigh, North Carolina-based TrustAtlantic Bank and its parent company, TrustAtlantic Financial, following approval by the Federal Reserve Board, the Office of the Comptroller of the Currency, and state regulators. The acquisition was completed on October 5, 2015.
  • First Tennessee Bank introduced the chip-enabled technology on its credit, debit, and prepaid cards to offer customers security against fraud.

About First Horizon

First Horizon National is a financial services company. It provides the following services to it clients:

  • regional banking – First Tennessee
  • wealth management – FTB Advisors
  • fixed income – FTN Financial
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